Document:

exv10w3

 

Exhibit 10.3

DOLLAR FINANCIAL CORP.

SUPPLEMENTAL EXECUTIVE CONDITIONAL DEFERRED AWARD PLAN FOR

U.K. PARTICIPANTS

 

 

U.K. PARTICIPANTS — IMPORTANT — SEE INFORMATION AT ARTICLE

11 BELOW

This Plan document has been approved for the purposes of section 21 of the Financial Services

and Markts Act 2000 by Blevins Franks Financial Mangement Limited (reference 179731),

Barbican House, 26-34 Old Street, London EC1V 9QQ, which is authorised and regulated by the

Financial Services Authority.

Dollar Financial Corp., a Delaware Corporation (the “Company”), hereby establishes this
Supplemental Executive Conditional Deferred Award Plan for U.K. Participants (the “Plan”),
effective as of June 28, 2007, in order to provide members of a select group of individuals in the
employ of the Company’s U.K. subsidiary, Dollar Financial UK Limited (“Dollar U.K.”) with an
opportunity to receive in a year subsequent to that in which it is awarded any or all discretionary
bonus compensation which the Company may in its sole and absolute discretion determine to award
such individuals for their contributions to the performance of the Company.

ARTICLE 1

Definitions

          1.1. Account(s) shall mean a notional conditional account established pursuant to Article 3
of the Plan, maintained on the books and records of the Company, for the Participant pursuant to
Article 3 of the Plan and any additional notional conditional sub-accounts established by the
Administrator.

          1.2. Administrator shall mean the Company. From time to time the Chief Executive Officer of
the Company shall delegate to one or more individuals employed by the Company the responsibilities
of the Administrator under the Plan.

          1.3. Beneficiary shall mean the person(s) or entity designated as such in accordance with
Article 8 of the Plan.

          1.4. Bonus shall mean a discretionary bonus declared by the Company in an amount, if any,
determined in the sole and absolute discretion of the Company.

          1.5. Cause shall mean any action, matter or thing, including but not limited to an act of
gross misconduct, which would permit Dollar U.K. to terminate the Participant’s employment with
Dollar U.K. without notice.

          1.6. Company shall have the meaning given to such term in the introductory paragraph of the
Plan.

          1.7. Crediting Rate shall mean the notional income, gains and losses notionally credited to
the Participant’s notional Account balance which are based on the Participant’s choice among the
investment alternatives made available by the Administrator pursuant to Article 3 of the Plan.

 

 

          1.8. Deferral Payment Date shall mean the date on which there is to be distributed to the
Participant or on his behalf a conditional deferred Bonus amount and any notional income, gains and
losses notionally credited thereto in accordance with the Plan.

          1.9. Disability shall mean (i) the inability to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months, or
(ii) by reason of any medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than twelve (12)
months, the Participant is receiving income replacement benefits for a period of not less than
three (3) months under any relevant insurance plan or scheme covering employees of Dollar U.K. The
Administrator may require that the Participant submit to an examination by a competent physician or
medical clinic selected by the Administrator on an annual basis to confirm Disability.

          1.10. Eligible Employee shall mean an employee of Dollar U.K. who is selected by the
Administrator to be eligible to participate in the Plan. In no event, however, shall any individual
who holds the position of Director of Dollar U.K. be an Eligible Employee.

          1.11. Election Form shall mean the written agreement to make a deferral submitted by the
Participant to the Administrator on a timely basis pursuant to Article 2 of the Plan. The
Participant Election Form may take the form of an electronic communication followed by appropriate
written confirmation according to specifications established by the Administrator.

          1.12. FSA shall mean the Financial Services Authority, the U.K. independent financial
watchdog, set up by the U.K. Parliament.

          1.13. FSMA shall mean the U.K. Financial Services and Markets Act 2000.

          1.14. Participant shall mean an Eligible Employee who has elected to participate and has
completed an Election Form pursuant to Article 2 of the Plan.

          1.15. Plan Year shall mean the calendar year.

          1.16. Termination of Employment shall mean the termination of the Participant’s employment
with Dollar U.K. for any reason whatsoever, whether voluntary or involuntary, including for Cause
or as a result of the Participant’s retirement, Disability or death.

          1.17. U.K. shall mean the United Kingdom.

          1.18. Valuation Date shall mean the date through which earnings are credited and shall be as
close to the payout or other event triggering valuation as is administratively feasible but in no
event earlier than the last day of the month preceding the month in which the payout or other event
triggering valuation occurs.

 

 

ARTICLE 2

Participation

          2.1. Bonus Awards. In each Plan Year, the Company may award a Bonus or Bonuses to the
Participant of such amount and under such circumstances as the Company shall determine. Any Bonus
awarded to the Participant under the Plan shall be notionally credited to a separate notional
sub-account of the Participant’s notional Account and shall be subject to a vesting schedule
determined by the Company at the time the Bonus is awarded. The Participant shall have no right to
the notional sub-account balance or to notional accrued income, gains and losses on such notional
sub-account balance and this amount shall not become due and payable until the applicable vesting
schedule is satisfied or the applicable Deferral Payment Date if later.

          2.2 Deferral Election. In each Plan Year the Participant may elect to defer receipt
of any Bonus which may in the discretion of the Company be awarded to the Participant in the
subsequent Plan Year to a time which is beyond the applicable vesting date(s) for such Bonus. In
order to make a deferral, an Eligible Employee must submit an Election Form to the Administrator
designating the percentage amount of any such Bonus the Participant wishes to defer, the form (lump
sum or installments) in which such Bonus and all notional earnings thereon shall be distributed and
the Deferral Payment Date(s) chosen as permitted in Article 6. All elections must provide for
distribution of the Participant’s notional conditional Account balance to be made at a time and in
a form that is consistent with Article 6, the distribution options made available under the Plan
and applicable law. All elections must be received by the Company prior to the commencement of the
Plan Year in which the Bonus may be awarded (the “Enrollment Period”). The Participant must
submit a new Election Form during the Enrollment Period for each Plan Year in order to make the
Participant’s deferral election for any Bonus which may be awarded to the Participant in a
subsequent Plan Year.

          2.3 Participant Election Irrevocable. At the expiration of the Enrollment Period, the
Participant’s election to defer receipt of Bonus compensation which may be awarded in the
subsequent Plan Year beyond the applicable vesting date and the terms and conditions of such
election shall be irrevocable.

ARTICLE 3

Notional Accounts

          3.1. Participant Notional Accounts. One notional Account shall be maintained for the
Participant. For each Bonus awarded with respect to which an Election Form has been submitted a
notional sub-account of the Participant’s notional Account shall be created which shall be
notionally credited with the all or part of any Bonus awarded to the Participant in accordance with
the Participant’s Election Form. Accounts shall be deemed to be credited with notional gains or
losses as provided in Section 3.3 from the date the deferral is credited to the notional Account
through the Valuation Date.

          3.2. Vesting of Notional Accounts. Subject always to any timely deferral election
under this Plan, amounts notionally credited to the Participant’s notional Account, including
notional earnings thereon, shall vest at such time and under such terms and conditions as may be
specified by the Administrator at the time the particular Bonus is awarded.

          3.3. Crediting Rate. The Crediting Rate on amounts in the Participant’s notional
Account shall be based on the Participant’s choice among the investment alternatives made

 

 

available from time to time by the Administrator. The Administrator shall establish a
procedure by which the Participant may elect to have the Crediting Rate based on one or more
investment alternatives and by which the Participant may change investment elections not less
frequently than quarterly. The Participant’s notional Account balance shall reflect the
investments selected by the Participant. If an investment selected by the Participant sustains a
loss, the Participant’s notional Account shall be reduced to reflect such loss. The Participant’s
choice among investments shall be solely for purposes of calculation of the Crediting Rate. The
Company shall have no obligation to set aside or invest any funds to meet its contractual
obligations to the Participant and, if the Company elects to invest funds as selected by the
Participant, the Participant shall have no right to such investments; the Participant’s rights
shall remain those of any other unsecured general creditor of the Company. During any installment
payout, the Participant’s notional Account shall continue to be notionally credited at the
Crediting Rate selected by the Participant from among the investment alternatives or rates made
available by the Administrator for such purpose. Installment payments shall be recalculated
annually by dividing the notional Account balance by the number of payments remaining without
regard to anticipated notional earnings or in any other reasonable manner as may be determined from
time to time by the Administrator.

          3.4. Statement of Notional Accounts. The Administrator shall provide each Participant
with statements at least annually setting forth the Participant’s notional Account balance as of
the end of each year.

          3.5 Forfeiture of Notional Account Balance. The Participant shall cease to be a
Participant and shall immediately forfeit the contractual right to receive the entire notional
Account balance, whether vested or unvested, should the Participant’s employment with Dollar U.K.
be terminated by Dollar U.K. for Cause or should the Participant attempt to alienate, anticipate,
commute, pledge, encumber or assign any of the benefits or payments which he may expect to receive,
contingently or otherwise, under the Plan.

ARTICLE 4

Death Benefits

          4.1. Survivor Benefit. If the Participant dies prior to complete distribution of the
Participant’s notional Account, the Company shall pay to the Participant’s Beneficiary a death
benefit equal to the total balance on death of the Participant’s notional Account credited with
notional earnings as provided in Article 3 through the Valuation Date. The death benefit shall be
paid in a single lump sum following the date the Participant’s death is established by reasonable
documentation.

ARTICLE 5

Hardship and Disability

          5.1. Hardship and Disability. In the event of an unforeseen emergency prior to the
commencement of distribution of amounts in the Participant’s notional Account or during the course
of payment of benefits by installments, the Participant or the designated Beneficiary may apply to
the Company to receive an amount not exceeding the amount the Company is then contractually
obligated to pay the Participant that is reasonably needed to satisfy the emergency needs. If such
application for withdrawal is approved by the Company, the Company shall pay to the Participant or
the Beneficiary such amount as the Company deems necessary to meet the emergency needs. An
unforeseen emergency includes only Disability and circumstances of

 

 

sudden unexpected emergency that would cause great hardship to the Participant or Beneficiary
if no payment were made before the Deferral Payment Date. The emergency must be beyond the
Participant’s or Beneficiary’s control and payment may not be made to the extent that such hardship
may be relieved by other financial resources reasonably available to the Participant or
Beneficiary, including salary and benefits from Dollar U.K., insurance reimbursement, cessation of
deferrals under the Plan or liquidation of other assets.

ARTICLE 6

Deferral Payment Dates

          6.1. Election. The Participant shall make a selection on the Election Form at the
time of making a Bonus deferral of the Deferral Payment Date(s) for that Bonus from the
Participant’s notional sub-account created for that Bonus, including any notional income, gains and
losses notionally credited thereon. The Participant may elect a Deferral Payment Date in January of
any Plan Year after the third (3rd) Plan Year (or any other later Plan Year determined
by the Company for that Bonus) beginning after the Enrollment Period in which such Deferral Payment
Date is elected and may elect to have such sub-account paid in a lump sum or in equal annual
installment payments over a period of up to four (4) years commencing on the Deferral Payment Date.

          6.2. Timing of Distributions. The distributions shall be paid by the Company to the
Participant in the form elected by the Participant beginning no later than the last day of January
of the Plan Year elected by the Participant in the Participant Election Form.

ARTICLE 7

Amendment and Termination of Plan

          7.1. Amendment or Termination of Plan. Except as otherwise provided in Section 8.1,
the Company may, at any time, without the Participant’s consent, direct the Administrator to amend
or terminate the Plan, except that no such amendment or termination may reduce the Participant’s
notional Account balances as at the date of such amendment or termination other than in conjunction
with the termination of the Participant’s employment by Dollar U.K. for Cause or in conjunction
with an attempt by the Participant to alienate benefits under the Plan. If the Company terminates
the Plan, no further amounts shall be deferred hereunder, and amounts previously deferred shall be
fully vested and shall be paid in accordance with the provisions of the Plan prior to the
termination.

ARTICLE 8

Beneficiaries

          8.1. Beneficiary Designation. The Participant shall have the right, at any time, to
designate any person or persons as Beneficiary (both primary and contingent) to whom payment under
the Plan shall be made in the event of the Participant’s death. The Beneficiary designation shall
be effective when it is submitted in writing to and acknowledged by the Administrator during the
Participant’s lifetime on a form prescribed by the Administrator.

          8.2. Revision of Designation. The submission of a new Beneficiary designation shall
cancel all prior Beneficiary designations. Any finalized divorce or marriage (other than a common
law marriage) of the Participant subsequent to the date of a Beneficiary designation shall revoke
such designation, unless in the case of divorce the previous spouse was not

 

 

designated as Beneficiary and unless in the case of marriage the Participant’s new spouse has
previously been designated as Beneficiary.

          8.3. Absence of Valid Designation. If the Participant fails to designate a
Beneficiary as provided above, or if the Beneficiary designation is revoked by marriage, divorce,
or otherwise without execution of a new designation, or if every person designated as Beneficiary
predeceases the Participant or dies prior to complete distribution of the Participant’s benefits,
then the Administrator shall direct the distribution of such benefits to the Participant’s estate.

ARTICLE 9

Administration/Claims Procedures

          9.1. Administration. The Plan shall be administered by the Administrator, which shall
have the exclusive right (i) to interpret the Plan, (ii) to decide any and all matters arising
hereunder (including the right to remedy possible ambiguities, inconsistencies, or admissions),
(iii) to make, amend and rescind such rules as it deems necessary for the proper administration of
the Plan and (iv) to make all other determinations and resolve all questions of fact necessary or
advisable for the administration of the Plan, including determinations regarding eligibility for
benefits payable under the Plan. All interpretations of the Administrator with respect to any
matter hereunder shall be final, conclusive and binding on all persons affected thereby. No member
of the Administrator shall be liable for any determination, decision, or action made in good faith
with respect to the Plan. The Company will indemnify and hold harmless the members of the
Administrator from and against any and all liabilities, costs, and expenses incurred by such
persons as a result of any act, or omission, in connection with the performance of such persons’
duties, responsibilities, and obligations under the Plan, other than such liabilities, costs, and
expenses as may result from the bad faith, willful misconduct, or criminal acts of such persons.

          9.2. Claims Procedure. Any Participant, former Participant or Beneficiary may file a
written claim with the Administrator setting forth the nature of the benefit claimed, the amount
thereof, and the basis for claiming entitlement to such benefit. The Administrator shall determine
the validity of the claim and communicate a decision to the claimant promptly and, in any event,
not later than ninety (90) days after the date of the claim. The claim may be deemed by the
claimant to have been denied for purposes of further review described below in the event a decision
is not furnished to the claimant within such ninety (90) day period. If additional information is
necessary to make a determination on a claim, the claimant shall be advised of the need for such
additional information within forty-five (45) days after the date of the claim. The claimant shall
have up to one hundred and eighty (180) days to supplement the claim information, and the claimant
shall be advised of the decision on the claim within forty-five (45) days after the earlier of the
date the supplemental information is supplied or the end of the one hundred and eighty (180) day
period. Every claim for benefits which is denied shall be denied by written notice setting forth in
a manner calculated to be understood by the claimant (i) the specific reason or reasons for the
denial, (ii) specific reference to any provisions of the Plan (including any internal rules,
guidelines, protocols, criteria, etc.) on which the denial is based, (iii) description of any
additional material or information that is necessary to process the claim, and (iv) an explanation
of the procedure for further reviewing the denial of the claim.

          9.3. Review Procedures. Within sixty (60) days after the receipt of a denial on a
claim, a claimant or his/her authorized representative may file a written request for review of

 

 

such denial. Such review shall be undertaken by the Administrator and shall be a full and fair
review. The claimant shall have the right to review all pertinent documents. The Administrator
shall issue a decision not later than sixty (60) days after receipt of a request for review from a
claimant unless special circumstances, such as the need to hold a hearing, require a longer period
of time, in which case a decision shall be rendered as soon as possible but not later than one
hundred and twenty (120) days after receipt of the claimant’s request for review. The decision on
review shall be in writing and shall include specific reasons for the decision written in a manner
calculated to be understood by the claimant with specific reference to any provisions of the Plan
on which the decision is based and shall include an explanation of the claimant’s right to submit
the claim for binding arbitration in the event of an adverse determination on review.

ARTICLE 10

Conditions Related to Benefits

          10.1. Nonassignability. The benefits provided under the Plan may not be alienated,
anticipated, commuted, encumbered, assigned, transferred, pledged or hypothecated by any person, at
any time, or to any person whatsoever. The benefits shall be exempt from the claims of creditors or
other claimants of the Participant or Beneficiary and from all orders, decrees, levies, garnishment
or executions to the fullest extent allowed by law.

          10.2. No Right to Company Assets. The benefits paid under the Plan shall be paid from
the general funds of the Company, and the Participant and any Beneficiary shall be no more than
unsecured general creditors of the Company having no special or prior right to any assets of the
Company for payment of any obligations hereunder.

          10.3. Protective Provisions. The Participant shall cooperate with the Company by
furnishing any and all information requested by the Administrator, in order to facilitate the
payment of benefits hereunder, taking such physical examinations as the Administrator may deem
necessary and taking such other actions as may be requested by the Administrator. If the
Participant refuses to so cooperate, the Company shall have no further obligation to accept or
administer additional deferrals under the Plan. In the event of the Participant’s suicide during
the first two (2) years in the Plan, or if the Participant makes any material misstatement of
information or nondisclosure of medical history, then no benefits shall be payable to the
Participant under the Plan, except that benefits may be payable in a reduced amount in the sole
discretion of the Administrator.

          10.4. Withholding. The Administrator shall procure that the Company or Dollar U.K.
shall withhold from any payments of benefits to the Participant and/or payment of other amounts
under the Plan an amount equal to the obligation of any of the Company, the Administrator or Dollar
U.K. to account for U.K. Pay As You Earn, U.K. National Insurance Contributions and any other taxes
or social security payments under applicable law to any relevant tax authority, including H. M.
Revenue & Customs, and the Participant hereby agrees that any of the Company, the Administrator or
Dollar U.K. may deduct such tax payments from benefits hereunder or other amounts payable under the
Plan.

          10.5. Assumptions and Methodology. The Administrator shall establish the assumptions
and method of calculation used in determining the present or future value of

 

 

benefits, earnings, payments, fees, expenses or any other amounts required to be calculated
under the terms of the Plan. The Administrator shall also establish reasonable procedures regarding
the form and timing of installment payments.

          10.6. Trust. The Company shall be responsible for the payment of all benefits under
the Plan. At its discretion, the Company may establish one or more grantor trusts for the purpose
of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but
the assets thereof shall be subject to the claims of the Company’s creditors. Benefits paid to the
Participant from any such trust or trusts shall be considered paid by the Company for purposes of
meeting the obligations of the Company under the Plan.

ARTICLE 11

FSMA

          11.1. U.K. Financial Promotion: This Plan document has been approved for the purposes
of section 21 of FSMA by Blevins Franks Financial Mangement Limited (FSA reference 179731),
Barbican House, 26-34 Old Street, London EC1V 9QQ, which is authorised and regulated by the FSA.
Blevins Franks has confirmed that the documentation comprising the Plan is clear, fair and not
misleading and complies with the U.K. financial promotion rules. Blevins Franks has also confirmed
that it has no reason to doubt that the Company will deal with Participants in the U.K. in an
honest and reliable way.

          11.2. Risk Warnings: The Plan involves special risks related to its specific features
and whose return depends on fluctuations in the financial markets outside of the Company’s control.
Financial markets and investment values can fall as well as rise and there is a risk that the
Participant will lose some or all of the capital invested. Past performance is no indicator of
future performance. The enclosed factsheet about capital-at-risk products is from the FSA. The
Participant acknowledges that he has carefully read this document. All payments credited to the
notional accounts will be credited in U.S. Dollars, however the benefits under the Plan will be
paid in Pounds Sterling based on an exchange rate determined by the Administrator which may not
always be favourable to the Participant. Other risks are identified, in particular, at Sections
3.5 and 10.2 above.

          11.3 Investment Advice. None of the Company, Dollar U.K. nor the Administrator shall
or will give any investment advice (as defined in FSMA) in relation to the Participant’s investment
elections or generally in relation to this Plan. It is strongly recommended that the Participant
seek specialist independent financial advice regarding the suitability of the Plan.

          11.4 Loss of Consumer Protection: Importantly, the financial regulatory rules made
under FSMA for the protection of customers do not apply. The Participant will accordingly not have
the protection of, in particular, the FSA’s client money rules, the FSA’s rules on the disclosure
of charges, remuneration/commission, any U.K. rules concerning the sale of investments and will not
have access to the UK Financial Ombudsman Service. The FSMA compensation scheme will also not be
available.

 

 

ARTICLE 12

Miscellaneous

          12.1. Successors of the Company. The rights and obligations of the Company under the
Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the
Company.

          12.2. Employment Not Guaranteed. Nothing contained in the Plan nor any action taken
hereunder shall be construed as a contract of employment or as giving any Participant any right to
continued employment with the Company, Dollar U.K. or any other subsidiary of the Company.

          12.3. Gender, Singular and Plural. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may
require. As the context may require, the singular may be read as the plural and the plural as the
singular.

          12.4. Captions. The captions of the articles, paragraphs and sections of the Plan are
for convenience only and shall not control or affect the meaning or construction of any of its
provisions.

          12.5. Validity. In the event any provision of the Plan is held invalid, void or
unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other
provisions of the Plan.

          12.6. Waiver of Breach. The waiver by the Company of any breach of any provision of
the Plan shall not operate or be construed as a waiver of any subsequent breach by that Participant
or any other Participant.

          12.7. Notice. Any notice or filing required or permitted to be given to the Company,
Dollar U.K. or the Participant under this Agreement shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, in the case of the Company or Dollar U.K.,
to the principal office of the Company, directed to the attention of the Administrator, or to the
principal office of Dollar U.K., directed to the attention of the Secretary, and in the case of the
Participant, to the last known address of the Participant indicated on the employment records of
the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration or certification.
Notices to the Company may be permitted by electronic communication according to specifications
established by the Administrator.

          12.8. Inability to Locate Participant or Beneficiary. It is the responsibility of the
Participant to apprise the Administrator of any change in address of the Participant or
Beneficiary. In the event that the Administrator is unable to locate the Participant or Beneficiary
for a period of three (3) years, the Participant’s Account shall be forfeited to the Company.

          12.9. Errors in Benefit Statement or Distributions. In the event an error is made in
a benefit statement, such error shall be corrected on the next benefit statement following the date
such error is discovered. In the event of an error in a distribution, the Participant’s notional
Account shall, immediately upon the discovery of such error, be adjusted to reflect such under or
over payment and, if possible, the next distribution shall be adjusted upward or downward to
correct such prior error. If the remaining balance of the Participant’s notional Account is
insufficient to cover an erroneous overpayment, the Company may, at its discretion, offset other

 

 

amounts payable to the Participant from the Company to recoup the amount of such
overpayment(s).

          12.10. Applicable Law. This Plan shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania and the parties hereto hereby submit to the
non-exclusive jurisdiction of the State and Federal courts thereof.

          The undersigned Participant acknowledges and accepts the terms of the Plan as specified above
and, in particular, acknowledges and accepts the information of Article 11 regarding the loss of
protection under FSMA.

	 	 	 	 	 
	Participant:

	 	
 
(Name)
	 	 
	 
	 	 	 	 
	Date:efc7-1790_ex41.htm

    
      EXHIBIT
        4.1

       

      
        	 	 	 

      

    

    
                                                    

       

       

       

       

      CWALT,
        INC.,

      Depositor

      

      COUNTRYWIDE
        HOME LOANS, INC.,

      Seller

      

      PARK
        GRANADA LLC,

      Seller

      

      PARK
        MONACO INC.,

      Seller

      

      PARK
        SIENNA LLC,

      Seller

      

      COUNTRYWIDE
        HOME LOANS SERVICING LP,

      Master
        Servicer

      

      and

      THE
        BANK
        OF NEW YORK,

      Trustee

      ___________________________________

       

      POOLING
        AND SERVICING AGREEMENT

      Dated
        as
        of May 1, 2007

      __________________________________

       

      ALTERNATIVE
        LOAN TRUST 2007-AL1

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES, SERIES 2007-AL1

       

       

       

       

      
        
           

          
            	 	 	 

          

        

        
                                                        
                                              

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Table
        of
        Contents

       Page

      

      
        	
                ARTICLE
                  I DEFINITIONS

              	 	
                9 

              
	 	 	 
	
                    SECTION
                  1.01.

              	
                Defined
                  Terms.

              	
                9 

              
	
                    SECTION
                  1.02.

              	
                Certain
                  Interpretive Principles.

              	
                41 

              
	 	 	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
                  WARRANTIES 

              	
                43 

              
	 	 	 
	
                    SECTION
                  2.01.

              	
                Conveyance
                  of Mortgage Loans

              	
                43 

              
	
                    SECTION
                  2.02.

              	
                Acceptance
                  by Trustee of the Mortgage Loans.

              	
                50 

              
	
                    SECTION
                  2.03.

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

              	
                53 

              
	
                    SECTION
                  2.04.

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

              	
                56 

              
	
                    SECTION
                  2.05.

              	
                Delivery
                  of Opinion of Counsel in Connection with Substitutions.

              	
                57 

              
	
                    SECTION
                  2.06.

              	
                Execution
                  and Delivery of Certificates.

              	
                57 

              
	
                    SECTION
                  2.07.

              	
                REMIC
                  Matters.

              	
                57 

              
	
                    SECTION
                  2.08.

              	
                Covenants
                  of the Master Servicer.

              	
                58 

              
	 	 	 
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 

              	
                59 

              
	 	 
	
                    SECTION
                  3.01.

              	
                Master
                  Servicer to Service Mortgage Loans.

              	
                59 

              
	
                    SECTION
                  3.02.

              	
                Subservicing;
                  Enforcement of the Obligations of Subservicers.

              	
                60 

              
	
                    SECTION
                  3.03.

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

              	
                60 

              
	
                    SECTION
                  3.04.

              	
                Trustee
                  to Act as Master Servicer.

              	
                61 

              
	
                    SECTION
                  3.05.

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

              	
                61 

              
	
                    SECTION
                  3.06.

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

              	
                65 

              
	
                    SECTION
                  3.07.

              	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans.

              	
                66 

              
	
                    SECTION
                  3.08.

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

              	
                66 

              
	
                    SECTION
                  3.09.

              	
                Maintenance
                  of Hazard Insurance; Maintenance of Primary Insurance
                  Policies.

              	
                68 

              
	
                    SECTION
                  3.10.

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

              	
                69 

              
	
                    SECTION
                  3.11.

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

              	
                70 

              
	
                    SECTION
                  3.12.

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              	
                74 

              
	
                    SECTION
                  3.13.

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

              	
                75 

              
	
                    SECTION
                  3.14.

              	
                Servicing
                  Compensation.

              	
                75 

              
	
                    SECTION
                  3.15.

              	
                Access
                  to Certain Documentation.

              	
                76 

              
	
                    SECTION
                  3.16.

              	
                Annual
                  Statement as to Compliance.

              	
                76 

              
	
                    SECTION
                  3.17.

              	
                Errors
                  and Omissions Insurance; Fidelity Bonds.

              	
                77 

              
	
                    SECTION
                  3.18.

              	
                Notification
                  of Adjustments.

              	
                77 

              
	
                    SECTION
                  3.19.

              	
                [Reserved].

              	
                77 

              
	
                    SECTION
                  3.20.

              	
                Prepayment
                  Charges.

              	
                77 

              
	
                    SECTION
                  3.21.

              	
                [Reserved]

              	
                78 

              
	 	 	 
	
                ARTICLE
                  IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER 

              	
                79 

              
	 	 
	
                    SECTION
                  4.01.

              	
                Advances.

              	
                79 

              
	
                    SECTION
                  4.02.

              	
                Priorities
                  of Distribution.

              	
                80 

              
	
                    SECTION
                  4.03.

              	
                Allocation
                  of Net Deferred Interest.

              	
                84 

              
	
                    SECTION
                  4.04.

              	
                Allocation
                  of Realized Losses.

              	
                84 

              
	
                    SECTION
                  4.05.

              	
                [Reserved].

              	
                85 

              
	
                    SECTION
                  4.06.

              	
                Monthly
                  Statements to Certificateholders.

              	
                85 

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
 

      
        	
                    SECTION
                  4.07.

              	
                [Reserved].

              	
                85 

              
	
                    SECTION
                  4.08.

              	
                Determination
                  of Pass-Through Rates for LIBOR Certificates.

              	
                85 

              
	
                    SECTION
                  4.09.

              	
                [Reserved]

              	
                87 

              
	 	 	 
	
                ARTICLE
                  V THE CERTIFICATES 

              	
                88 

              
	 	 
	
                    SECTION
                  5.01.

              	
                The
                  Certificates.

              	
                88 

              
	
                    SECTION
                  5.02.

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              	
                88 

              
	
                    SECTION
                  5.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	
                93 

              
	
                    SECTION
                  5.04.

              	
                Persons
                  Deemed Owners.

              	
                93 

              
	
                    SECTION
                  5.05.

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              	
                93 

              
	
                    SECTION
                  5.06.

              	
                Maintenance
                  of Office or Agency.

              	
                94 

              
	 	 	 
	
                ARTICLE
                  VI THE DEPOSITOR AND THE MASTER SERVICER 

              	
                95 

              
	 	 
	
                    SECTION
                  6.01.

              	
                Respective
                  Liabilities of the Depositor and the Master Servicer.

              	
                95 

              
	
                    SECTION
                  6.02.

              	
                Merger
                  or Consolidation of the Depositor or the Master Servicer.

              	
                95 

              
	
                    SECTION
                  6.03.

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

              	
                95 

              
	
                    SECTION
                  6.04.

              	
                Limitation
                  on Resignation of Master Servicer.

              	
                96 

              
	 	 	 
	 	 
	
                ARTICLE
                  VII DEFAULT 

              	
                97 

              
	 	 
	
                    SECTION
                  7.01.

              	
                Events
                  of Default.

              	
                97 

              
	
                    SECTION
                  7.02.

              	
                Trustee
                  to Act; Appointment of Successor.

              	
                99 

              
	
                    SECTION
                  7.03.

              	
                Notification
                  to Certificateholders.

              	
                100 

              
	  	 
	
                ARTICLE
                  VIII CONCERNING THE TRUSTEE 

              	
                101 

              
	 	 
	
                    SECTION
                  8.01.

              	
                Duties
                  of Trustee.

              	
                101 

              
	
                    SECTION
                  8.02.

              	
                Certain
                  Matters Affecting the Trustee.

              	
                102 

              
	
                    SECTION
                  8.03.

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              	
                103 

              
	
                    SECTION
                  8.04.

              	
                Trustee
                  May Own Certificates.

              	
                103 

              
	
                    SECTION
                  8.05.

              	
                Trustee’s
                  Fees and Expenses.

              	
                103 

              
	
                    SECTION
                  8.06.

              	
                Eligibility
                  Requirements for Trustee.

              	
                104 

              
	
                    SECTION
                  8.07.

              	
                Resignation
                  and Removal of Trustee.

              	
                104 

              
	
                    SECTION
                  8.08.

              	
                Successor
                  Trustee.

              	
                105 

              
	
                    SECTION
                  8.09.

              	
                Merger
                  or Consolidation of Trustee.

              	
                106 

              
	
                    SECTION
                  8.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              	
                106 

              
	
                    SECTION
                  8.11.

              	
                Tax
                  Matters.

              	
                108 

              
	
                    SECTION
                  8.12.

              	
                Monitoring
                  of Significance Percentage.

              	
                110 

              
	 	 	 
	
                ARTICLE
                  IX TERMINATION 

              	
                110 

              
	 	 
	
                    SECTION
                  9.01.

              	
                Termination
                  upon Liquidation or Purchase of all Mortgage Loans.

              	
                110 

              
	
                    SECTION
                  9.02.

              	
                Final
                  Distribution on the Certificates.

              	
                110 

              
	
                    SECTION
                  9.03.

              	
                Additional
                  Termination Requirements.

              	
                112 

              
	 	 	 
	
                ARTICLE
                  X MISCELLANEOUS PROVISIONS 

              	
                112 

              
	 	 
	
                    SECTION
                  10.01.

              	
                Amendment.

              	
                112 

              
	
                    SECTION
                  10.02.

              	
                Recordation
                  of Agreement; Counterparts.

              	
                114 

              
	
                    SECTION
                  10.03.

              	
                Governing
                  Law.

              	
                114 

              
	
                    SECTION
                  10.04.

              	
                Intention
                  of Parties.

              	
                114 

              
	
                    SECTION
                  10.05.

              	
                Notices.

              	
                116 

              
	
                    SECTION
                  10.06.

              	
                Severability
                  of Provisions.

              	
                117 

              
	
                    SECTION
                  10.07.

              	
                Assignment.

              	
                117 

              
	
                    SECTION
                  10.08.

              	
                Limitation
                  on Rights of Certificateholders.

              	
                117 

              
	
                    SECTION
                  10.09.

              	
                Inspection
                  and Audit Rights.

              	
                118 

              
	
                    SECTION
                  10.10.

              	
                Certificates
                  Nonassessable and Fully Paid.

              	
                118 

              
	
                    SECTION
                  10.11.

              	
                [Reserved].

              	
                119 

              
	
                    SECTION
                  10.12.

              	
                Protection
                  of Assets.

              	
                119 

              

      

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      
 

      
        	
                ARTICLE
                  XI EXCHANGE ACT REPORTING 

              	
                119 

              
	 	 
	
                    SECTION
                  11.01.

              	
                Filing
                  Obligations.

              	
                119 

              
	
                    SECTION
                  11.02.

              	
                Form
                  10-D Filings.

              	
                119 

              
	
                    SECTION
                  11.03.

              	
                Form
                  8-K Filings.

              	
                120 

              
	
                    SECTION
                  11.04.

              	
                Form
                  10-K Filings.

              	
                121 

              
	
                    SECTION
                  11.05.

              	
                Sarbanes-Oxley
                  Certification.

              	
                121 

              
	
                    SECTION
                  11.06.

              	
                Form
                  15 Filing.

              	
                122 

              
	
                    SECTION
                  11.07.

              	
                Report
                  on Assessment of Compliance and Attestation.

              	
                122 

              
	
                    SECTION
                  11.08.

              	
                Use
                  of Subservicers and Subcontractors.

              	
                123 

              
	
                    SECTION
                  11.09.

              	
                Amendments.

              	
                124 

              
	
                    SECTION
                  11.10.

              	
                Reconciliation
                  of Accounts.

              	
                125 

              
	 	 	  
	
                SCHEDULES   

              
	
                Schedule
                  I:

              	
                Mortgage
                  Loan Schedule

              	
                S-I-1 

              
	
                Schedule
                  II-A:

              	
                Representations
                  and Warranties of Countrywide

              	
                S-II-A-1 

              
	
                Schedule
                  II-B:

              	
                Representations
                  and Warranties of Park Granada

              	
                S-II-B-1 

              
	
                Schedule
                  II-C:

              	
                Representations
                  and Warranties of Park Monaco

              	
                S-II-C-1 

              
	
                Schedule
                  II-D

              	
                Representations
                  and Warranties of Park Sienna.

              	
                S-II-D-1 

              
	
                Schedule
                  III-A:

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

              	
                  S-III-A-1 

              
	
                Schedule
                  III-B:

              	
                Representations
                  and Warranties of Countrywide as to the Countrywide
                  Mortgage Loans

              	
                  S-III-B-1 

              
	
                Schedule
                  III-C:

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

              	
                  S-III-C-1

              
	
                Schedule
                  III-D:

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

              	
                  S-III-D-1 

              
	
                Schedule
                  III-E:

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

              	
                  S-III-E-1

              
	
                Schedule
                  IV:

              	
                Representations
                  and Warranties of the Master Servicer

              	
                S-IV-1 

              
	
                Schedule
                  V:

              	
                Principal
                  Balance Schedules [if applicable]

              	
                S-V-1 

              
	
                Schedule
                  VI:

              	
                Form
                  of Monthly Master Servicer Report

              	
                S-VI-1 

              
	 
	
                EXHIBITS   

              
	 
	
                Exhibit
                  A:

              	
                Form
                  of Senior Certificate (other than Notional Amount
                  Certificates)

              	
                  A-1

              
	
                Exhibit
                  B:

              	
                Form
                  of Subordinated Certificate

              	
                B-1 

              
	
                Exhibit
                  C-1:

              	
                Form
                  of Residual Certificate

              	
                C-1-1 

              
	
                Exhibit
                  C-2:

              	
                [Reserved]

              	
                C-2-1 

              
	
                Exhibit
                  D:

              	
                Form
                  of Notional Amount Certificate

              	
                D-1 

              
	
                Exhibit
                  E:

              	
                Form
                  of Reverse of Certificates

              	
                E-1 

              
	
                Exhibit
                  F-1:

              	
                Form
                  of Initial Certification of Trustee (Initial Mortgage
                  Loans)

              	
                F-1-1 

              
	
                Exhibit
                  F-2:

              	
                Form
                  of Initial Certification of Trustee (Supplemental Mortgage
                  Loans)

              	
                F-2-1 

              
	
                Exhibit
                  G-1:

              	
                Form
                  of Delay Delivery Certification (Initial Mortgage Loans)

              	
                G-1-1 

              
	
                Exhibit
                  G-2:

              	
                Form
                  of Delay Delivery Certification (Supplemental Mortgage
                  Loans)

              	
                G-2-1 

              

      

       

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      
 

      
        	
                Exhibit
                  H-1:

              	
                Form
                  of Final Certification of Trustee (Initial Mortgage Loans)

              	
                H-1-1 

              
	
                Exhibit
                  H-2:

              	
                Form
                  of Final Certification of Trustee (Supplemental Mortgage
                  Loans)

              	
                H-2-1 

              
	
                Exhibit
                  I:

              	
                Form
                  of Transfer Affidavit

              	
                I-1 

              
	
                Exhibit
                  J-1:

              	
                Form
                  of Transferor Certificate (Residual)

              	
                J-1-1 

              
	
                Exhibit
                  J-2:

              	
                Form
                  of Transferor Certificate (Private)

              	
                J-2-1 

              
	
                Exhibit
                  K:

              	
                Form
                  of Investment Letter [Non-Rule 144A]

              	
                K-1 

              
	
                Exhibit
                  L-1:

              	
                Form
                  of Rule 144A Letter

              	
                L-1-1 

              
	
                Exhibit
                  L-2:

              	
                Form
                  of ERISA Letter (Covered Certificates)

              	
                L-2-1 

              
	
                Exhibit
                  M:

              	
                Form
                  of Request for Release (for Trustee)

              	
                M-1 

              
	
                Exhibit
                  N:

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

              	
                  N-1

              
	
                Exhibit
                  O:

              	
                Standard
                  & Poor’s LEVELS® Version 5.7 Glossary Revised, Appendix
                  E

              	
                  O-1

              
	
                Exhibit
                  P:

              	
                Form
                  of Supplemental Transfer Agreement

              	
                P-1 

              
	
                Exhibit
                  Q:

              	
                Monthly
                  Report

              	
                Q-1 

              
	
                Exhibit
                  R-1:

              	
                Form
                  of Performance Certification (Subservicer)

              	
                R-1-1 

              
	
                Exhibit
                  R-2:

              	
                Form
                  of Performance Certification (Trustee)

              	
                R-2-1 

              
	
                Exhibit
                  S:

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

              	
                  S-1

              
	
                Exhibit
                  T:

              	
                List
                  of Item 1119 Parties

              	
                T-1 

              
	
                Exhibit
                  U:

              	
                Form
                  of Sarbanes-Oxley Certification (Replacement Master
                  Servicer)

              	
                U-1 

              

      

       

       

      
 

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

      

      THIS
        POOLING AND SERVICING AGREEMENT, dated as of May 1, 2007, among CWALT, INC.,
        a
        Delaware corporation, as depositor (the “Depositor”),
        COUNTRYWIDE HOME LOANS, INC. (“Countrywide”), a New
        York corporation, as a seller (a “Seller”), PARK
        GRANADA LLC (“Park Granada”), a Delaware limited
        liability company, as a seller (a “Seller”), PARK
        MONACO INC. (“Park Monaco”), a Delaware corporation,
        as a seller (a “Seller”), PARK SIENNA LLC
        (“Park Sienna”), a Delaware limited liability company,
        as a seller (a “Seller”), COUNTRYWIDE HOME LOANS
        SERVICING LP, a Texas limited partnership, as master servicer (the
“Master Servicer”), and THE BANK OF NEW YORK, a
        banking corporation organized under the laws of the State of New York, as
        trustee (the “Trustee”).

       

      WITNESSETH
        THAT

       

      In
        consideration of the mutual agreements contained in this Agreement, the parties
        to this Agreement agree as follows:

       

      

      The
        Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
        in return for the Certificates. As provided herein, the Trustee will elect
        that
        the Trust Fund (excluding the Carryover Shortfall Reserve Fund) be treated
        for
        federal income tax purposes as two real estate mortgage investment conduits
        (each a “REMIC,” or in the alternative, the “Master REMIC” and the “Expanding
        Strip (“ES”) REMIC” respectively).  The Master REMIC will hold as
        assets the several classes of uncertificated ES REMIC Interests (other than
        the
        Class ES-A-R Interest).  Each Certificate, other than the Class A-R
        Certificate, will represent ownership of one or more REMIC regular interests
        in
        the Master REMIC. The Class A-R Certificate will represent ownership of the
        sole
        class of REMIC residual interest in each of the ES REMIC and the Master
        REMIC.  The ES REMIC will hold as assets all the assets of the Trust
        Fund (excluding the Carryover Shortfall Reserve Fund).  The
        uncertificated ES REMIC Interests (other than the Class ES-A-R Interest)
        are
        designated as REMIC regular interests in the ES REMIC.  The ES-A-R
        Interest is designated as the sole Class of REMIC residual interest in the
        ES
        REMIC.  The “latest possible maturity date,” for federal income tax
        purposes, of all REMIC regular interests created hereby will be the Latest
        Possible Maturity Date.

       

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

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

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

       

      
        	 	
                Expanding
                  Strip REMIC Interest

              	
                Initial
                  Principal Balance

              	
                Interest
                  Rate

              	
                Corresponding
                  Master REMIC Certificate

              	 
	 	
                ES-SR-A-1

              	
                (1)

              	
                (3)

              	
                Class A-1

              	 
	 	
                ES-SR-A-2

              	
                (1)

              	
                (3)

              	
                Class A-2

              	 
	 	
                ES-SR-A-3

              	
                (1)

              	
                (3)

              	
                Class A-3

              	 
	 	
                ES-X-1-Accrual

              	
                (1)

              	
                (3)

              	
                N/A

              	 
	 	
                ES-$100

              	
                $100

              	
                (3)

              	
                Class A-R

              	 
	 	
                ES-SB-M-1

              	
                (2)

              	
                (3)

              	
                Class M-1

              	 
	 	
                ES-SB-M-2

              	
                (2)

              	
                (3)

              	
                Class M-2

              	 
	 	
                ES-SB-M-3

              	
                (2)

              	
                (3)

              	
                Class M-3

              	 
	 	
                ES-SB-M-4

              	
                (2)

              	
                (3)

              	
                Class M-4

              	 
	 	
                ES-SB-M-5

              	
                (2)

              	
                (3)

              	
                Class M-5

              	 
	 	
                ES-SB-B-1

              	
                (2)

              	
                (3)

              	
                Class B-1

              	 
	 	
                ES-SB-B-2

              	
                (2)

              	
                (3)

              	
                Class B-2

              	 
	 	
                ES-X-2-Accrual

              	
                (2)

              	
                (3)

              	
                N/A

              	 
	 	
                ES-A-R

              	
                (4)

              	
                (4)

              	
                N/A

              	 
	 	
                ES-P

              	
                N/A

              	
                (5)

              	
                Class
                  X-P

              	 

      

      
         

         
          
            

          

        

      

      
        	
                (1)

              	
                Each
                  Class ES-SR Interest has a principal balance that is initially
                  equal to
                  50% of its Corresponding Certificate Class issued by the Master
                  REMIC.  The Class ES-X-1-Accrual Interest has a principal
                  balance that is initially equal to the aggregate of the initial
                  principal
                  balances of the Class ES-SR
                  Interests.

              

      

       

      
        	
                (2)

              	
                Each
                  Class ES-SB Interest has a principal balance that is initially
                  equal to
                  50% of its Corresponding Certificate Class issued by the Master
                  REMIC.  The Class ES-X-2- Accrual Interest has a principal
                  balance that is initially equal to the aggregate of the initial
                  principal
                  balances of the Class ES-SB
                  Interests.

              

      

       

      
        	
                (3)

              	
                The
                  interest rate with respect to any Distribution Date (and the related
                  Interest Accrual Period) for this ES REMIC Interest is a per annum
                  rate
                  equal to the Net Rate Cap.

              

      

       

      
        	
                (4)

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

              

      

       

      
        	
                (5)

              	
                The
                  Class ES-P Interest is entitled all Prepayment Charges paid on
                  the
                  Mortgage Loans and all Master Servicer Prepayment Charge
                  Amounts.

              

      

       

      On
        each
        Distribution Date, the Available Funds payable with respect to the Mortgage
        Loans and all prepayment charges and any Master Servicer Prepayment Charge
        Amounts for such Distribution Date shall be distributed with respect to the
        ES
        REMIC Interests in the following manner:

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

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

       

      (2)           Principal.
        Principal payments, both scheduled and prepaid, Realized Losses, Subsequent
        Recoveries and interest accruing on the Mortgage Loans will be allocated
        (a) to
        each Class ES-SR and ES-SB Interest so as to maintain its size relative to
        its
        Corresponding Certificate Class (that is, 50%) with any excess payments of
        principal, Realized Losses, Subsequent Recoveries and interest accruing on
        the
        Mortgage Loans being allocated (b) to (i) the Class ES-X-1-Accrual Interest
        so
        as to cause the principal balance of the Class ES-X-1-Accrual Interest to
        have a
        principal balance equal to the sum of (A) the aggregate principal balance
        of the
        Class ES-SR Interests and (B) 100% of the Net Deferred Interest allocated
        to the
        Class X-P PO-1 Component of the Class X-P Certificates and (ii) the Class
        ES-X-2-Accrual Interest so as to cause the principal balance of the Class
        ES-X-2-Accrual Interest to have a principal balance equal to the sum of (A)
        the
        principal balance of the Class ES-SB Interests and (B) 100% of the Net Deferred
        Interest allocated to the Class X-P PO-2 Component of the Class X-P
        Certificates.

       

      (3)
        Prepayment Charges.  Any Prepayment Charges paid on the
        Mortgage Loans and any Master Servicer Prepayment Charge Amounts will be
        allocated to the Class ES-P Interest.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                Class
                  Designation

              	
                Initial
                  Class

                Certificate

                Balance/Notional
                  Amount

              	
                Pass-Through

                Rate

                (per
                  annum)

              	
                Minimum

                Denomination

              	
                Integral

                Multiples

                in
                  Excess of

                Minimum

              
	
                Class
                  A-1

              	
                $

              	
                 125,851,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  A-2

              	
                $

              	
                 41,951,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  A-3

              	
                $

              	
                 41,951,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class A-R

              	
                $

              	
                 100 243,473,496

              	 	
                (2)

              	
                (3)

              	
                (3)

              
	
                Class
                  X-P

              	
                $

              	
                 243,473,496

              	 (4)	
                (5)(6)(7)

              	
                $100,000.00(8)

              	
                $1.00(8)

              
	
                Class
                  M-1

              	
                $

              	
                 4,991,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  M-2

              	
                $

              	
                 4,504,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  M-3

              	
                $

              	
                 2,800,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  M-4

              	
                $

              	
                  2,313,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  M-5

              	
                $

              	
                 4,261,000

              	 	
                (1)

              	
                $  25,000.00

              	
                $1.00

              
	
                Class
                  B-1

              	
                $

              	
                 7,060,000

              	 	
                (1)

              	
                $100,000.00

              	
                $1.00

              
	
                Class
                  B-2

              	
                $

              	
                 7,791,496

              	 	
                (1)

              	
                $100,000.00

              	
                $1.00

              

      

      
        

         
          
            

          

        

      

      
        	
                (1)  

              	
                The
                  Pass-Through Rate for this Class for each Interest Accrual Period
                  related
                  to each Distribution Date will be a per annum rate equal to the
                  lesser of
                  (a) LIBOR plus the applicable Pass-Through Margin for such Class
                  and (b)
                  the Net Rate Cap.  The Pass-Through Rates for the LIBOR
                  Certificates for the Interest Accrual Period related to the first
                  Distribution Date, without giving effect to the Net Rate Cap, will
                  be as
                  set forth in the following table:

              

      

      
      

       

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      
        	 	
                
                  Class
                    of Certificates

                

              	 	
                
                  Initial
                    Pass-Through Rate (%) (1)

                

              	 
	 	
                Class
                  A-1

              	 	
                                  5.5700%

              	 
	 	
                Class
                  A-2

              	 	
                                  5.6700%

              	 
	 	
                Class
                  A-3

              	 	
                                  5.7700%

              	 
	 	
                Class
                  M-1

              	 	
                                  6.3200%

              	 
	 	
                Class
                  M-2

              	 	
                                  6.8200%

              	 
	 	
                Class
                  M-3

              	 	
                                  7.0700%

              	 
	 	
                Class
                  M-4

              	 	
                                  7.0700%

              	 
	 	
                Class
                  M-5

              	 	
                                  7.0700%

              	 
	 	
                Class
                  B-1

              	 	
                                  7.0700%

              	 
	 	
                Class
                  B-2

              	 	
                                  7.0700%

              	 

      
        __________

      
        	
                 

              	
                (1)

              	
                Without
                  giving effect to the Net Rate Cap.

              

      

       

      
        	
                (2)  

              	
                For
                  each Interest Accrual Period for any Distribution Date, the Pass-Through
                  Rate for the Class A-R Certificates will be the Net Rate
                  Cap.  The Pass-Through Rate for the Class A-R Certificates for
                  the Interest Accrual Period for the first Distribution Date will
                  be
                  8.695154% per annum.

              

      

      
        	
                (3)  

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

              

      

      
        	
                (4)  

              	
                The
                  Class X-P Certificates initially will have no Class Certificate
                  Balance
                  and will have a notional amount equal to the aggregate Component
                  Notional
                  Amount of the Class X-P IO-1 and Class X-P IO-2
                  Components.

              

      

      
        	
                (5)  

              	
                Interest
                  will accrue with respect to the Class X-P Certificates for the
                  Interest
                  Accrual Period related to each Distribution Date in an amount equal
                  to the
                  sum of the interest accrued on the Class X-P IO-1 and Class X-P
                  IO-2
                  Components at their respective Pass-Through Rates for that Interest
                  Accrual Period.

              

      

      
        	
                (6)  

              	
                For
                  federal income tax purposes, for each Interest Accrual Period for
                  any
                  Distribution Date, the Class X-P Certificates are entitled to the
                  sum
                  of:

              

      

      

      
        	
                 

              	
                A.

              	
                The
                  interest on the Class ES-SR and Class ES-X-1 Accrual Interests
                  equal to
                  the excess of (a) the Net Rate Cap over (b) the product of two
                  and the
                  weighted average interest rate of the Class ES-SR and Class ES-X-1
                  Accrual
                  Interests with each Interest (other than the Class ES-X-1 Accrual
                  Interest) subject to a cap equal to the Pass-Through Rate of the
                  corresponding Certificate Class and the Class ES-X-1 Accrual Interest
                  subject to a cap of 0.00%.  The amounts so calculated shall be a
                  rate sufficient to entitle the Class X-P Certificates to all interest
                  accrued on the Class ES-SR and Class ES-X-1 Accrual Interests less
                  the
                  interest accrued on the Class A
                  Certificates.

              

      

       

      
        	
                 

              	
                B.

              	
                The
                  interest on the Class ES-SB and Class ES-X-2-Accrual Interests
                  equal to
                  the excess of (a) the Net Rate Cap over (b) the product of two
                  and the
                  weighted average interest rate of the Class ES-SB and Class ES-X-2-Accrual
                  Interests with each Interest (other than the Class ES-X-2-Accrual
                  Interest) subject to a cap equal to the Pass-Through Rate of the
                  corresponding Certificate Class and the ES-X-2-Accrual Interest
                  subject to
                  a cap of 0.00%.  The amounts so calculated shall be a rate
                  sufficient to entitle the Class X-P Certificates to all interest
                  accrued
                  on the Class ES-SB and Class ES-X-2 Accrual Interests less the
                  interest
                  accrued on the Class M and Class B
                  Certificates.

              

      

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
 

      
        	
                (7)  

              	
                The
                  Class X-P Certificates will also be entitled to receive on each
                  Distribution Date the amounts payable with respect to the Class
                  ES-P ES REMIC regular interest. On each Distribution Date,
                  the Class ES-P ES REMIC regular interest is entitled to the sum
                  of (i) the Prepayment Charges received with respect to the Mortgage
                  Loans
                  during the related Prepayment Period and (ii) the Master Servicer
                  Prepayment Charge Amount for such Distribution
                  Date.

              

      

      

      
        	
                (8)  

              	
                Based
                  on the Notional Amount.

              

      

      

      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 flow pursuant to this
        Agreement except as provided in Section 4.02(a)(1) hereunder.

       

      For
        any
        purpose for which the Pass-Through Rates is calculated, the interest rate
        on the
        Mortgage Loans shall be appropriately adjusted to account for the difference
        between the monthly day count convention of the Mortgage Loans and the monthly
        day count convention of the regular interests issued by each of the
        REMICs.  For purposes of calculating the Pass-Through Rates for each
        of the interests issued by REMIC, such rates shall be adjusted to equal a
        monthly day count convention based on a 30 day month for each Due Period
        and a
        360-day year so that the Mortgage Loans and all regular interests will be
        using
        the same monthly day count convention.

       

      No
        monies
        will be remitted by Countrywide to the Trustee for deposit in the Pre-Funding
        Account. Consequently, all references to or provisions herein regarding the
        Funding Period, Funding Period Distribution Date, Pre-Funded Amount, Pre-Funding
        Account, Capitalized Interest Account, Capitalized Interest Requirement,
        Supplemental Cut-off Date, Supplemental Mortgage Loan, Supplemental Transfer
        Agreement, Supplemental Transfer Date, Aggregate Supplemental Purchase Amount
        and Aggregate Supplemental Transfer Amount are inapplicable.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

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

    

     

     

     

     

     

    
      Accretion
        Directed

      
        	
                Certificates

              	
                None.

              

      

       

      
        	
                Accretion
                  Directed Components

              	
                None.

              

      

       

      
        	
                Accrual
                  Certificates

              	
                None.

              

      

       

      
        	
                Accrual
                  Components

              	
                None.

              

      

       

      
        	
                Book-Entry
                  Certificates.

              	
                All
                  Classes of Certificates other than the Physical
                  Certificates.

              

      

       

      
        	
                Class
                  A Certificates

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

              

      

       

      
        	
                Class
                  B Certificates

              	
                The
                  Class B-1 and Class B-2
                  Certificates.

              

      

       

      
        	
                Class
                  M Certificates

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

              

      

       

      
        	
                COFI
                  Certificates.

              	
                None.

              

      

       

      
        	
                Combined
                  Certificates

              	
                None.

              

      

       

      
        	
                Component
                  Certificates.........

              	
                The
                  Class X-P Certificates.

              

      

       

       

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

       

      
        	 	
                
                  Designation

                

              	 	
                
                  Initial
                    Component

                  Principal
                    Balance

                

              	 	
                
                  Closing
                    Date Component

                  Notional
                    Amount

                

              	 	
                
                  Pass-Through
                    Rate

                

              
	 	
                Class
                  X-P IO-1

              	 	
                N/A

              	 	
                $209,753,000

              	 	
                (1)

              
	 	
                Class
                  X-P IO-2

              	 	
                N/A

              	 	
                $  33,720,496

              	 	
                (2)

              
	 	
                Class
                  X-P PO-1

              	 	
                $0

              	 	
                N/A

              	 	
                0%

              
	 	
                Class
                  X-P PO-2

              	 	
                $0

              	 	
                N/A

              	 	
                0%

              
	 	 	 	 	 	 	 	 

      

      
        	
                 

              	
                (1)

              	
                For
                  the Interest Accrual Period
                  for each Distribution Date, a per annum rate equal to the excess,
                  if any,
                  of (i) the Net Rate Cap (adjusted to a rate calculated on the basis
                  of a
                  360-day year comprised of twelve 30-day months) over (ii) the weighted
                  average of the Pass-Through Rates of the Class A Certificates and
                  the
                  Class X-P PO-1 Component for that Distribution Date (weighted on
                  the basis
                  of the  respective Class Certificate Balances of the Class A
                  Certificates and the Component Principal Balance of the Class X-P
                  PO-1
                  Component and adjusted to a rate calculated on the basis of a 360-day
                  year
                  comprised of twelve 30-day
                  months).

              

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	
                (2)

              	
                For
                  the Interest Accrual Period related to each Distribution Date,
                  a per annum
                  rate equal to the excess, if any, of (i) the Net Rate Cap (adjusted
                  to a
                  rate calculated on the basis of a 360-day year comprised of twelve
                  30-day
                  months) over (ii) the weighted average of the Pass-Through Rates
                  of the
                  Subordinated Certificates and the Class X-P PO-2 Component for
                  that
                  Distribution Date (weighted on the basis of the respective Class
                  Certificate Balances of the Subordinated Certificates and the Component
                  Principal Balance of the Class X-P PO-2 Component and adjusted
                  to a rate
                  calculated on the basis of a 360-day year comprised of twelve 30-day
                  months).

              

      

       

      

       

      
        	
                Components

              	
                The
                  Notional Amount Components and Principal Only Components.  The
                  Components are not separately transferable from the related Class
                  of
                  Certificates.

              

      

       

       

      
        	
                Delay
                  Certificates.

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

              

      

       

      ERISA-Restricted

      
        	
                Certificates.

              	
                The
                  Residual Certificates, the Private Certificates and any Certificate
                  of a
                  Class that does not have or no longer has a rating of at least
                  BBB- or its
                  equivalent from at least one Rating
                  Agency.

              

      

       

      
        	
                Floating
                  Rate Certificates

              	
                The
                  LIBOR Certificates.

              

      

       

      
        	
                LIBOR
                  Certificates

              	
                Class
                  A, Class M and Class B
                  Certificates.

              

      

       

      
        	
                Non-Delay
                  Certificates

              	
                The
                  LIBOR Certificates.

              

      

       

      Notional
        Amount

      
        	
                Certificates.

              	
                None.

              

      

       

      Notional
        Amount

      
        	
                Components.

              	
                Class
                  X-P IO-1 and Class X-P IO-2
                  Components.

              

      

       

      
        	
                Offered
                  Certificates..

              	
                All
                  Classes of Certificates other than the Private
                  Certificates.

              

      

       

      
        	
                Physical
                  Certificates..

              	
                The
                  Private Certificates and the Residual
                  Certificates.

              

      

       

      
        	
                Planned
                  Principal Classes

              	
                None.

              

      

       

      Planned
        Principal

      
        	
                Components

              	
                None.

              

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                Principal
                  Only Components

              	
                Class
                  X-P PO-1 and Class X-P PO-2
                  Components.

              

      

       

      
        	
                Private
                  Certificates..

              	
                Class B-1
                  and Class B-2 Certificates.

              

      

       

      
        	
                Rating
                  Agencies.

              	
                Moody’s
                  and Fitch.

              

      

       

      
        	
                Regular
                  Certificates.

              	
                All
                  Classes of Certificates, other than the Residual
                  Certificates.

              

      

       

      
        	
                Residual
                  Certificates..

              	
                The
                  Class A-R Certificates.

              

      

       

      
        	
                Senior
                  Certificates

              	
                Class
                  A, Class X-P and Class A-R
                  Certificates.

              

      

       

      
        	
                Subordinated
                  Certificates .

              	
                Class
                  M and Class B Certificates.

              

      

       

      
        	
                Targeted
                  Principal Classes

              	
                None.

              

      

       

      
        	
                Underwriter

              	
                Countrywide
                  Securities Corporation.

              

      

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

      SECTION
        1.01.    Defined
        Terms.

       

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

       

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

       

      Accretion
        Directed Certificates:  As specified in the Preliminary
        Statement.

       

      Accretion
        Direction Rule:  Not applicable.

       

      Accrual
        Amount:  Not applicable.

       

      Accrual
        Certificates:  As specified in the Preliminary
        Statement.

       

      Accrual
        Components:  As specified in the Preliminary
        Statement.

       

      Accrual
        Termination Date:  Not applicable.

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      Additional
        Designated Information:  As defined in Section 11.02.

       

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

       

      Adjusted
        Net Mortgage Rate:  As to each Mortgage Loan, and at any time, the
        per annum rate equal to the Mortgage Rate (as of the first day of the related
        Due Period) less the Expense Fee Rate.

       

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

       

      With
        respect to the Class X-P IO-1 and Class X-P IO-2 Components for any Distribution
        Date, the Pass-Through Rate for such Component computed for this purpose
        by (A)
        subtracting from the numerator of the Net Rate Cap calculation for such
        Distribution Date the product of (a) the Net Deferred Interest for such
        Distribution Date and (b) 12 and (B) computing the Pass-Through Rates of
        the
        Senior Certificates (other than the Class A-R and Class X-P Certificates)
        and
        the Subordinated Certificates by substituting “Adjusted Rate Cap” for “Net Rate
        Cap” in the calculation thereof.

       

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

       

      Advance:  The
        payment required to be made by the Master Servicer with respect to any
        Distribution Date pursuant to Section 4.01, the amount of any such payment
        being
        equal to the aggregate of payments of principal and interest (net of the
        Master
        Servicing Fee) on the Mortgage Loans that were due in the related Due Period
        and
        not received by the Master Servicer as of the close of business on the related
        Determination Date, together with an amount equivalent to interest on each
        Mortgage Loan as to which the related Mortgaged Property is an REO Property
        (net
        of any net income on such REO Property), less the aggregate amount of any
        such
        delinquent payments that the Master Servicer has determined would constitute
        a
        Nonrecoverable Advance, if advanced.

       

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

       

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

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

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

       

      Allocable
        Share:  As to any Distribution Date, any Class of Certificates or
        any interest-bearing Component thereof, the ratio that the amount calculated
        with respect to such Distribution Date pursuant to clause (i) of the definition
        of Class Optimal Interest Distribution Amount (without giving effect to any
        reduction of such amount pursuant to Section 4.02(d)) bears to the aggregate
        amount calculated with respect to such Distribution Date for each such Class
        of
        Certificates pursuant to clause (i) of the definition of Class Optimal Interest
        Distribution Amount (without giving effect to any reduction of such amounts
        pursuant to Section 4.02(d)).

       

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

       

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

       

      Appraised
        Value:  With respect to a Mortgage Loan other than a Refinancing
        Mortgage Loan, the lesser of (a) the value of the Mortgaged Property based
        upon
        the appraisal made at the time of the origination of such Mortgage Loan and
        (b)
        the sales price of the Mortgaged Property at the time of the origination
        of such
        Mortgage Loan. With respect to a Refinancing Mortgage Loan other than a
        Streamlined Documentation Mortgage Loan, the value of the Mortgaged Property
        based upon the appraisal made-at the time of the origination of such Refinancing
        Mortgage Loan.  With respect to a Streamlined Documentation Mortgage
        Loan, (a) if the loan-to-value ratio with respect to the Original Mortgage
        Loan
        at the time of the origination thereof was 80% or less and the loan amount
        of
        the new mortgage loan is $650,000 or less, the value of the Mortgaged Property
        based upon the appraisal made at the time of the origination of the Original
        Mortgage Loan and (b) if the loan-to-value ratio with respect to the Original
        Mortgage Loan at the time of the origination thereof was greater than 80%
        or the
        loan amount of the new mortgage loan being originated is greater than $650,000,
        the value of the Mortgaged Property based upon the appraisal (which may be
        a
        drive-by appraisal) made at the time of the origination of such Streamlined
        Documentation Mortgage Loan.

       

      Available
        Funds:  As to any Distribution Date, the sum of (a) the aggregate
        amount held in the Certificate Account at the close of business on the related
        Determination Date in respect of the Mortgage Loans pursuant to Section 3.05(b)
        net of the Amount Held for Future Distribution, net of any Prepayment Charges
        and net of amounts permitted to be withdrawn from the Certificate Account
        pursuant to clauses (i) – (viii), inclusive, of Section 3.08(a) and amounts
        permitted to be withdrawn from the Distribution Account pursuant to clauses
        (i)
        - (v), inclusive, of Section 3.08(b), (b) the amount of the related Advance
        and
        (c) in connection with Defective Mortgage Loans, as applicable, the aggregate
        of
        the Purchase Prices and Substitution Adjustment Amounts deposited on the
        related
        Distribution Account Deposit Date, (d) on each Funding Period Distribution
        Date,
        the amount, if any, transferred from the Capitalized Interest Account in
        respect
        of the applicable Capitalized Interest Requirement and (e) with respect to
        the
        first Distribution Date after the end of the Funding Period, amounts remaining
        on deposit in the Pre-Funding Account as of the end of the Funding Period.
        The
        Holders of the Class X-P Certificates will be entitled to all Prepayment
        Charges
        received on the Mortgage Loans, and such amounts will not be available for
        distribution to the Holders of any other Class of Certificates.

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      Bankruptcy
        Code:  Title 11 of the United States Code, as
        amended.

       

      Benefit
        Plan Opinion:  As defined in Section 5.02(b).

       

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

       

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

       

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

       

      Capitalized
        Interest Requirement: With respect to each Funding Period Distribution Date,
        the excess, if any, of (a) the sum of (1) the amount calculated pursuant
        to
        clause (i) of the definition of Class Optimal Interest Distribution Amount
        for
        each Class of Certificates for such Distribution Date (without giving effect
        to
        the Net Rate Cap in the calculation of the Pass-Through Rate for each Class
        of
        Certificates), plus (2) the Trustee Fee, over (b) with respect to each Mortgage
        Loan, (1) 1/12 of the product of the related Adjusted Mortgage Rate and the
        related Stated Principal Balance as of the related Due Date (prior to giving
        effect to any Scheduled Payment due on such Mortgage Loan on such Due Date)
        minus (2) any related reductions required by Section 4.02(d)
        hereof.

       

      Carryover
        Shortfall Amount: For any Class of LIBOR Certificates and any Distribution
        Date, the sum of (a) the excess, if any, of (i) the amount of interest such
        Class of Certificates would have been entitled to receive on such Distribution
        Date pursuant to clause (i) of the definition of Class Optimal Interest
        Distribution Amount (prior to any reductions pursuant to Section 4.02(d)
        and any
        reduction due to the allocation of Net Deferred Interest) had the applicable
        Pass-Through Rate not been limited to the Net Rate Cap, over (ii) the amount
        of
        interest such Class of Certificates is entitled to receive on such Distribution
        Date pursuant to clause (i) of the definition of Class Optimal Interest
        Distribution Amount (prior to any reductions pursuant to Section 4.02(d)
        and any
        reduction due to the allocation of Net Deferred Interest) and (b) with respect
        to each Class of LIBOR Certificates (other than the Class B Certificates),
        the
        unpaid portion of any such excess from prior Distribution Dates (and interest
        accrued thereon at the then applicable Pass-Through Rate on such Class of
        Certificates, without giving effect to the Net Rate Cap).

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      Carryover
        Shortfall Reserve Fund: The separate fund created and initially maintained
        by the Trustee pursuant to Section 3.05(g) in the name of the Trustee for
        the
        benefit of the Holders of the LIBOR Certificates and the Class X-P Certificates
        and designated “The Bank of New York in trust for registered holders of CWALT,
        Inc., Alternative Loan Trust 2007-AL1, Mortgage Pass-Through Certificates,
        Series 2007-AL1.”  Funds in the Carryover Shortfall Reserve Fund shall
        be held in trust for the Holders of the LIBOR Certificates and the Class
        X-P
        Certificates for the uses and purposes set forth in this Agreement.

       

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

       

      Certificate
        Account:  The separate Eligible Account or Accounts created and
        maintained by the Master Servicer pursuant to Section 3.05 with a
        depository institution, initially Countrywide Bank, N.A., in the name of
        the
        Master Servicer for the benefit of the Trustee on behalf of Certificateholders
        and designated “Countrywide Home Loans Servicing LP in trust for the registered
        holders of Alternative Loan Trust 2007-AL1, Mortgage Pass-Through Certificates
        Series 2007-AL1.”

       

      Certificate
        Balance:  With respect to any Certificate (other than the Notional
        Amount Certificates) at any date, the maximum dollar amount of principal
        to
        which the Holder thereof is then entitled under this Agreement, such amount
        being equal to the Denomination of that Certificate (A) plus any increase
        in the
        Certificate Balance of such Certificate pursuant to Section 4.02 due to the
        receipt of Subsequent Recoveries (B) minus the sum of (i) all
        distributions of principal previously made with respect to that Certificate
        and
        (ii) all Realized Losses allocated to that Certificate and, in the case of
        any Subordinated Certificates, all other reductions in Certificate Balance
        previously allocated to that Certificate pursuant to Section 4.04 without
        duplication, and (C) increased by the amount of Net Deferred Interest
        allocated to the applicable Class or Component pursuant to Section 4.03.
        With
        respect to the Component Certificates at any date, the maximum dollar amount
        of
        principal to which the Holder thereof is entitled under this Agreement, such
        amount being equal to the Component Principal Balances of the related Principal
        Only Components as of such date.

       

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

       

      Certificate
        Register:  The register maintained pursuant to
        Section 5.02.

       

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

       

       

      
        
          
          

        

        
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      Certification
        Party:  As defined in Section 11.05.

       

      Certifying
        Person:  As defined in Section 11.05.

       

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

       

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

       

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

       

      Class
        LT-A-R Interest:  The sole class of “residual interest” in the
        Lower Tier REMIC.

       

      Class
        Optimal Interest Distribution Amount:  With respect to any
        Distribution Date and any interest-bearing Class or Component, the sum of
        (i) interest accrued during the related Interest Accrual Period at the
        Pass-Through Rate for such Class or Component on the related Class Certificate
        Balance, Component Principal Balance, Notional Amount or Component Notional
        Amount, as applicable, as of the last day of such Interest Accrual Period,
        subject to reduction as provided in Section 4.02(d) and reduced by any Net
        Deferred Interest for such Distribution Date allocated to their respective
        Class
        Certificate Balances or Component Principal Balances, as applicable, as
        described in Section 4.03 and (ii) any Class Unpaid Interest Amounts for
        such Class or Component.

       

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

       

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

       

      Class
        X-P Principal Distribution Date:  The first Distribution Date that
        occurs after the end of the last Prepayment Charge Period for all Mortgage
        Loans.

       

      Closing
        Date:  June 19, 2007.

       

       

      
        
          
          

        

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

       

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

       

      COFI
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

      Compensating
        Interest:  As to any Distribution Date, an amount equal to
        one-half of the Master Servicing Fee for the related Due Period.

       

      Component:  As
        specified in the Preliminary Statement.

       

      Component
        Certificates:  As specified in the Preliminary
        Statement.

       

      Component
        Notional Amount:  With respect to the Interest Accrual Period for
        any Distribution Date and the Class X-P IO-1 Component, the sum of (x) the
        aggregate Class Certificate Balance of the Class A Certificates immediately
        prior to such Distribution Date and (y) the Component Principal Balance of
        the
        Class X-P PO-1 Component immediately prior to such Distribution
        Date.

       

      With
        respect to the Interest Accrual Period for any Distribution Date and the
        Class
        X-P IO-2 Component, the sum of (x) the excess, if any, of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the first day of the related
        Due
        Period (after giving effect to Principal Prepayments received in the Prepayment
        Period related to the prior Distribution Date) and amounts on deposit in
        the
        Pre-Funding Account over the aggregate Class Certificate Balance of the Senior
        Certificates immediately prior to such Distribution Date and (y) the Component
        Principal Balance of the Class X-P PO-2 Component immediately prior to such
        Distribution Date.

       

      Component
        Principal Balance:  With respect to any date and any Principal
        Only Component, an amount equal to (i) the aggregate Net Deferred Interest
        allocated to the related Notional Amount Component pursuant to Section 4.03
        on
        all prior Distribution Dates minus (ii) all amounts actually distributed
        as
        principal of such Principal Only Component and all Realized Losses applied
        in
        reduction of principal of such Principal Only Component on all prior
        Distribution Dates plus (iii) any increase in the Component Principal Balance
        of
        such Principal Only Component pursuant to Section 4.02 on all prior Distribution
        Dates due to the receipt of Subsequent Recoveries.

       

      Coop
        Shares: Shares issued by a Cooperative Corporation.

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

      Corporate
        Trust Office:  The designated office of the Trustee in the State
        of New York at which at any particular time its corporate trust business
        with
        respect to this Agreement shall be administered, which office at the date
        of the
        execution of this Agreement is located at 101 Barclay Street, 4 West, New
        York,
        New York 10286, Attn:  Mortgage-Backed Securities Group, CWALT, Inc.
        Series 2007-AL1, facsimile no. (212) 815-3986, and which is the address to
        which
        notices to and correspondence with the Trustee should be directed.

       

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

       

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

       

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

       

      Covered
        Certificates:  Not applicable.

       

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

       

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

       

      Cut-off
        Date Principal Balance:  As to any Mortgage Loan, the Stated
        Principal Balance thereof as of the close of business on the applicable Cut-off
        Date.

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

      Delay
        Certificates: As specified in the Preliminary Statement.

       

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

       

      Delay
        Delivery Mortgage Loans:  The Mortgage Loans for which all or a
        portion of a related Mortgage File is not delivered to the Trustee on the
        Closing Date or Supplemental Transfer Date, as applicable.  The number
        of Delay Delivery Mortgage Loans shall not exceed 50% of the aggregate number
        of
        Initial Mortgage Loans as of the Closing Date and 90% of the Supplemental
        Mortgage Loans conveyed on a Supplemental Transfer Date.  To the
        extent that Countrywide Servicing shall be in possession of any Mortgage
        Files
        with respect to any Delay Delivery Mortgage Loan, until delivery of such
        Mortgage File to the Trustee as provided in Section 2.01, Countrywide
        Servicing shall hold such files as Master Servicer hereunder, as agent and
        in
        trust for the Trustee.

       

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

       

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

       

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

       

      Depository:  The
        initial Depository shall be The Depository Trust Company, the nominee of
        which
        is CEDE & Co., as the registered Holder of the Book-Entry
        Certificates.  The Depository shall at all times be a “clearing
        corporation” as defined in Section 8-102(a)(5) of the Uniform Commercial
        Code of the State of New York.

       

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

       

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

       

       

      
        
          
          

        

        
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      Distribution
        Account:  The separate Eligible Account created and maintained by
        the Trustee pursuant to Section 3.05(d) in the name of the Trustee for the
        benefit of the Certificateholders and designated “The Bank of New York in trust
        for registered holders of Alternative Loan Trust 2007-AL1 Mortgage Pass-Through
        Certificates, Series 2007-AL1.”  Funds in the Distribution Account
        shall be held in trust for the Certificateholders for the uses and purposes
        set
        forth in this Agreement.

       

      Distribution
        Account Deposit Date:  As to any Distribution Date, 12:30 p.m.
        Pacific time on the Business Day immediately preceding such Distribution
        Date.

       

      Distribution
        Date:  The 25th day
        of each
        calendar month after the initial issuance of the Certificates, or if such
        25th day is
        not
        a Business Day, the next succeeding Business Day commencing in June
        2007.

       

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

       

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

       

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

       

      Eligible
        Account:  Any of (i) an account or accounts maintained with a
        federal or state chartered depository institution or trust company the
        short-term unsecured debt obligations of which (or, in the case of a depository
        institution or trust company that is the principal subsidiary of a holding
        company, the debt obligations of such holding company) have the highest
        short-term ratings of Moody’s or Fitch and one of the two highest short-term
        ratings of S&P, if S&P is a Rating Agency 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 (a) the trust department of a federal or state chartered depository
        institution or (b) a trust company, acting in its fiduciary capacity or
        (iv) any other account acceptable to each Rating
        Agency.  Eligible Accounts may bear interest, and may include, if
        otherwise qualified under this definition, accounts maintained with the
        Trustee.

       

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

       

       

      
        
          
          

        

        
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      Eligible
        Repurchase Month:  As defined in Section 3.11.

       

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

       

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

       

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

       

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

       

      Event
        of Default:  As defined in Section 7.01.

       

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

       

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

       

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

       

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

       

      Expense
        Fee Rate:  As to each Mortgage Loan and any date of determination,
        the sum of (a) the Master Servicing Fee Rate, (b) the Trustee Fee Rate and
        (c)
        the per annum rate of the related lender paid mortgage insurance premium,
        if
        any.

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      Funding
        Period:  Not applicable.

       

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

       

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

       

      Indirect
        Participant:  A broker, dealer, bank or other financial
        institution or other Person that clears through or maintains a custodial
        relationship with a Depository Participant.

       

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

       

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

       

      Initial
        Cut-off Date Pool Principal Balance:  $243,473,596.

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

      Interest
        Accrual Period:  With respect to any Delay Certificates and any
        Distribution Date, the calendar month prior to the month of such Distribution
        Date.  With respect to any Non-Delay Certificates and any Distribution
        Date, the period commencing on the Distribution Date in the month preceding
        the
        month in which such Distribution Date occurs (other than the first Distribution
        Date, for which it is the Closing Date) and ending on the day immediately
        preceding that Distribution Date.  Interest on any Delay Certificates
        shall be calculated on the basis of a 360-day year consisting of twelve 30-day
        months.  Interest on any Non-Delay Certificates shall be calculated on
        the basis of a 360-day year and the actual number of days elapsed in the
        applicable Interest Accrual Period.

       

      Interest
        Determination Date:  With respect to the LIBOR Certificates, the
        second Business Day preceding the commencement of each Interest Accrual
        Period.

       

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

       

      Last
        Scheduled Distribution Date:  With respect to each Class of
        Certificates, the Distribution Date occurring in June 2037, which is the
        Distribution Date in month following the scheduled maturity date for the
        latest
        maturing Initial Mortgage Loan.

       

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

       

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

       

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

       

      LIBOR
        Certificates:  As specified in the Preliminary
        Statement.

       

      Limited
        Exchange Act Reporting Obligations:  The obligations of the Master
        Servicer under Section 3.16(b), Section 6.02 and Section 6.04 with respect
        to
        notice and information to be provided to the Depositor and Article XI (except
        Section 11.07(a)(1) and (2)).

       

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

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      Liquidation
        Proceeds:  Amounts, including Insurance Proceeds, received in
        connection with the partial or complete liquidation of defaulted Mortgage
        Loans,
        whether through trustee’s sale, foreclosure sale or otherwise or amounts
        received in connection with any condemnation or partial release of a Mortgaged
        Property and any other proceeds received in connection with an REO Property,
        less the sum of related unreimbursed Master Servicing Fees, Servicing Advances
        and Advances.

       

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

       

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

       

      Lower
        Tier REMIC: As described in the Preliminary Statement.

       

      Lower
        Tier REMIC Regular Interest:  As described in the Preliminary
        Statement.

       

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

       

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

       

      Master
        REMIC:  As described in the Preliminary Statement.

       

      Master
        Servicer:  Countrywide Servicing, a Texas limited partnership, and
        its successors and assigns, in its capacity as master servicer hereunder
        and, if
        a successor master servicer is appointed under this Agreement, such
        successor.

       

      Master
        Servicer Advance Date:  As to any Distribution Date, 12:30 p.m.
        Pacific time on the Business Day immediately preceding such Distribution
        Date.

       

      Master
        Servicer Prepayment Charge 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 Countrywide in respect of a remedy for the breach
        of the
        representation made by Countrywide set forth in Section 3.20(c).

       

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

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      Master
        Servicing Fee Rate:  0.375% per annum.

       

      Maximum
        Mortgage Rate:  With respect to each Mortgage Loan, the percentage
        set forth in the related Mortgage Note as the maximum Mortgage Rate
        thereunder.

       

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

       

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

       

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

       

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

       

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

       

      Minimum
        Mortgage Rate:  With respect to each Mortgage Loan, the greater of
        (a) the Gross Margin set forth in the related Mortgage Note and (b) the
        percentage set forth in the related Mortgage Note as the minimum Mortgage
        Rate
        thereunder.

       

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

       

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

       

      Moody’s:  Moody’s
        Investors Service, Inc., or any successor thereto.  If Moody’s is
        designated as a Rating Agency in the Preliminary Statement, for purposes
        of
        Section 10.05(b) the address for notices to Moody’s shall be Moody’s
        Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:
        Residential Pass-Through Monitoring, or such other address as Moody’s may
        hereafter furnish to the Depositor or the Master Servicer.

       

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

       

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

       

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      (i)           the
        loan number;

       

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

       

      (iii)           the
        maturity date;

       

      (iv)           the
        original principal balance;

       

      (v)           the
        Cut-off Date Principal Balance;

       

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

       

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

       

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

       

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

       

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

       

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

       

      (xii)           [reserved];

       

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

       

      (xiv)                      the
        purpose for the Mortgage Loan;

       

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

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

      (xxi)                      the
        term of the related Prepayment Charge.

       

      Such
        schedule shall also set forth the total of the amounts described under (iv)
        and
        (v) above for all of the Mortgage Loans.  Countrywide shall update the
        Mortgage Loan Schedule in connection with each Supplemental Transfer Agreement
        within a reasonable period of time after delivery to it of the Schedule of
        Supplemental Mortgage Loans attached to the related Supplemental Transfer
        Agreement as Schedule A thereto.  The Mortgage Loan Schedule shall be
        amended from time to time by the Master Servicer in accordance with the
        provisions of this Agreement and a copy of each amendment to the Mortgage
        Loan
        Schedule related to clauses (xix), (xx) and (xxi) thereof shall be furnished
        by
        the Master Servicer to the Class X-P Certificateholders.

       

      Mortgage
        Loans:  Such of the mortgage loans transferred and assigned to the
        Trustee pursuant to the provisions of this Agreement as from time to time
        are
        held as a part of the Trust Fund (including any REO Property), the mortgage
        loans so held being identified in the Mortgage Loan Schedule, notwithstanding
        foreclosure or other acquisition of title of the related Mortgaged
        Property.

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      MTA
        Certificates:  None.

       

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

       

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

       

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

       

      Net
        Prepayments:  As to any Distribution Date, the excess, if any, of
        (i) the Principal Prepayment Amount for that Distribution Date over (ii)
        the
        aggregate amount of Deferred Interest accrued on the Mortgage Loans during
        the
        related Due Period.

       

      Net
        Rate Cap:  As to any Distribution Date, the per annum rate
        (subject to adjustment based on the actual number of days elapsed in the
        related
        Interest Accrual Period) equal to a fraction, expressed as a percentage,
        (1) the
        numerator of which is equal to the product of (A) 12 and (B) the sum of (i)
        the
        amount of interest which accrued on the Mortgage Loans in the prior calendar
        month (after giving effect to Principal Prepayments) at their Adjusted Net
        Mortgage Rates and (ii) any amounts withdrawn from the Capitalized Interest
        Account for such Distribution Date and (2) the denominator of which is equal
        to
        the aggregate Stated Principal Balance of the Mortgage Loans as of the first
        day
        of the related Due Period (after giving effect to Principal Prepayments received
        during the Prepayment Period related to the prior Distribution
        Date).

       

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

       

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

       

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

       

      Notional
        Amount:  With respect to the Class X-P Certificates, an amount
        equal to the aggregate Component Notional Amount of its IO
        Components.

       

      Notional
        Amount Certificates:  Not applicable.

       

      Offered
        Certificates:  As specified in the Preliminary
        Statement.

       

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      Optional
        Termination:  The termination of the trust created under this
        Agreement in connection with the purchase of the Mortgage Loans pursuant
        to
        Section 9.01.

       

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

       

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

       

      
        	 	
                
                  Subordinated
                    Certificates

                

              	 
	 	
                Class
                  M-1

              	
                13.85%

              	 
	 	
                Class
                  M-2

              	
                11.80%

              	 
	 	
                Class
                  M-3

              	
                9.95%

              	 
	 	
                Class
                  M-4

              	
                8.80%

              	 
	 	
                Class
                  M-5

              	
                7.85%

              	 
	 	
                Class
                  B-1

              	
                6.10%

              	 
	 	
                Class
                  B-2

              	
                3.20%

              	 

      

       

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

       

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

       

      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:

       

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	 	
                Class

              	 	
                Pass-Through
                  Margin (1)

              	 	
                Pass-Through
                  Margin (2)

              	 
	 	
                Class
                  A-1

              	 	
                    0.250%

              	 	
                0.500%

              	 
	 	
                Class
                  A-2

              	 	
                    0.350%

              	 	
                0.700%

              	 
	 	
                Class
                  A-3

              	 	
                    0.450%

              	 	
                0.900%

              	 
	 	
                Class
                  M-1

              	 	
                    1.000%

              	 	
                1.500%

              	 
	 	
                Class
                  M-2

              	 	
                    1.500%

              	 	
                2.250%

              	 
	 	
                Class
                  M-3

              	 	
                    1.750%

              	 	
                2.625%

              	 
	 	
                Class
                  M-4

              	 	
                    1.750%

              	 	
                2.625%

              	 
	 	
                Class
                  M-5

              	 	
                    1.750%

              	 	
                2.625%

              	 
	 	
                Class
                  B-1

              	 	
                    1.750%

              	 	
                1.750%

              	 
	 	
                Class
                  B-2

              	 	
                    1.750%

              	 	
                1.750%

              	 

      

       

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

      
 

      
        	 	 	 

      

      
        	
                 

              	
                (1)

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

              

      

      
        	
                 

              	
                (2)

              	
                For
                  each other Interest Accrual Period.

              

      

       

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

       

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

       

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

       

      Performance
        Certification:  As defined in Section 11.05.

       

      Permitted
        Investments:  At any time, any one or more of the following
        obligations and securities, each of which shall mature no later than 90 days
        after acquisition:

       

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

       

      (ii)           general
        obligations of or obligations guaranteed by any state of the United States
        or
        the District of Columbia receiving the highest long-term debt rating of each
        Rating Agency, or such lower rating as will not result in the downgrading
        or
        withdrawal of the ratings then assigned to the Certificates by each Rating
        Agency;

       

      (iii)           commercial
        or finance company paper which is then receiving the highest commercial or
        finance company paper rating of each Rating Agency, or such lower rating
        as will
        not result in the downgrading or withdrawal of the ratings then assigned
        to the
        Certificates by each Rating Agency;

       

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

       

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      (vii)           such
        other relatively risk free investments bearing interest or sold at a discount
        acceptable to each Rating Agency as will not result in the downgrading or
        withdrawal of the rating then assigned to the Certificates by either Rating
        Agency, as evidenced by a signed writing delivered by each Rating
        Agency

       

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

       

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

       

       

      
        
          
          

        

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

       

      Physical
        Certificate:  As specified in the Preliminary
        Statement.

       

      Planned
        Balance:  With respect to any Planned Principal Class or Component
        and any Distribution Date appearing in Schedule V, the amount appearing opposite
        such Distribution Date for such Class or Component.

       

      Planned
        Principal Classes:  As specified in the Preliminary
        Statement.

       

      Planned
        Principal Components:  As specified in the Preliminary
        Statement.

       

      Pool
        Stated Principal Balance:  As to any Distribution Date, the
        aggregate of the Stated Principal Balances of the Mortgage Loans that were
        Outstanding Mortgage Loans on the Due Date in the month preceding the month
        of
        such Distribution Date and, as to any other date of determination, the aggregate
        of the Stated Principal Balances of the Outstanding Mortgage Loans as of
        such
        date plus the amount on deposit in the Pre-Funding Account, exclusive of
        any
        investment income included therein.

       

      Pre-Funded
        Amount:  Not applicable.

       

      Pre-Funding
        Account:  Not applicable.

       

      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
        Amount).

       

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

       

      Prepayment
        Interest Shortfall:  As to any Distribution Date, any Mortgage
        Loan and any Principal Prepayment received during the portion of the related
        Prepayment Period occurring in the calendar month preceding the month of
        such
        Distribution Date, the amount, if any, by which one month’s interest at the
        related Adjusted Mortgage Rate on such Principal Prepayment exceeds the amount
        of interest paid in connection with such Principal Prepayment.

       

      Prepayment
        Period: As to any Distribution Date and the related Due Date, the period
        from the 16th day of the calendar month immediately preceding the month in
        which
        the Distribution Date occurs (or, in the case of the first Distribution Date,
        from May 1, 2007) through the 15th day of the calendar month in which the
        Distribution Date occurs.

       

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

       

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

       

       

      
        
          
          

        

        
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      Principal
        Amount:  As to any Distribution Date, the sum of (a) the principal
        portion of each Scheduled Payment (without giving effect to any reductions
        thereof caused by any Debt Service Reductions or Deficient Valuations) due
        on
        each Mortgage Loan (other than a Liquidated Mortgage Loan) during the related
        Due Period,  (b) the principal portion of the Purchase Price of each
        Mortgage Loan that was repurchased by a Seller or purchased by the Master
        Servicer pursuant to this Agreement as of such Distribution Date, (c) the
        Substitution Adjustment Amount in connection with any Deleted Mortgage Loan
        received with respect to such Distribution Date, (d) any Insurance Proceeds
        or
        Liquidation Proceeds allocable to recoveries of principal of Mortgage Loans
        that
        are not yet Liquidated Mortgage Loans received during the calendar month
        preceding the month of such Distribution Date, (e) with respect to each Mortgage
        Loan that became a Liquidated Mortgage Loan during the calendar month preceding
        the month of such Distribution Date, the amount of the Net Liquidation Proceeds
        allocable to principal received during the calendar month preceding the month
        of
        such Distribution Date with respect to such Mortgage Loan and (f) the Net
        Prepayments for such Distribution Date.

       

      Principal
        Prepayment:  Any payment of principal by a Mortgagor on a Mortgage
        Loan that is received in advance of its scheduled Due Date and is not
        accompanied by an amount representing scheduled interest due on any date
        or
        dates in any month or months subsequent to the month of
        prepayment.  Partial Principal Prepayments shall be applied by the
        Master Servicer in accordance with the terms of the related Mortgage
        Note.

       

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

       

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

       

      Private
        Certificate:  As specified in the Preliminary
        Statement.

       

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

       

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

       

      Prospectus:  The
        prospectus dated April 26, 2007 generally relating to mortgage-pass through
        certificates to be sold by the Depositor.

       

       

      
        
          
          

        

        
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      Prospectus
        Supplement:  The prospectus supplement dated June 18, 2007
        relating to the Offered Certificates.

       

      PUD:  Planned
        Unit Development.

       

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

       

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

       

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

       

      Realized
        Loss:  With respect to each Liquidated Mortgage Loan, an amount
        (not less than zero or more than the Stated Principal Balance of the Mortgage
        Loan) as of the date of such liquidation, equal to (i) the Stated Principal
        Balance of the Liquidated Mortgage Loan as of the date of such liquidation,
        plus
        (ii) interest at the Adjusted Net Mortgage Rate from the Due Date as to
        which interest was last paid or advanced (and not reimbursed) to
        Certificateholders up to the Due Date in the month in which Liquidation Proceeds
        are required to be distributed on the Stated Principal Balance of such
        Liquidated Mortgage Loan from time to time, minus (iii) the Liquidation
        Proceeds, if any, received during the month in which such liquidation occurred,
        to the extent applied as recoveries of interest at the Adjusted Net Mortgage
        Rate and to principal of the Liquidated Mortgage Loan.  With respect
        to each Mortgage Loan that has become the subject of a Deficient Valuation,
        if
        the principal amount due under the related Mortgage Note has been reduced,
        the
        difference between the principal balance of the Mortgage Loan outstanding
        immediately prior to such Deficient Valuation and the principal balance of
        the
        Mortgage Loan as reduced by the Deficient Valuation.

       

       

      
        
          
          

        

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

       

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

       

      Record
        Date:  With respect to any Distribution Date, (i) in the case of
        the LIBOR Certificates represented by Book-Entry Certificates, the Business
        Day
        immediately preceding such Distribution Date and (ii) in the case of LIBOR
        Certificates represented by Definitive Certificates and in the case of all
        other
        Certificates, the close of business on the last Business Day of the month
        preceding the month in which such Distribution Date occurs.

       

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

       

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

       

      Regular
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

      Relief
        Act:  The Servicemembers’ Civil Relief Act.

       

      Relief
        Act Reductions:  With respect to any Distribution Date and any
        Mortgage Loan as to which there has been a reduction in the amount of interest
        collectible thereon for the most recently ended calendar month as a result
        of
        the application of the Relief Act or any similar law, the amount, if any,
        by
        which (i) interest collectible on such Mortgage Loan for the most recently
        ended calendar month is less than (ii) interest accrued thereon for such
        month pursuant to the Mortgage Note.

       

      REMIC:  A
        “real estate mortgage investment conduit” within the meaning of
        section 860D of the Code.

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

      Request
        for Release:  The Request for Release submitted by the Master
        Servicer to the Trustee, substantially in the form of Exhibits M and N to
        this
        Agreement, as appropriate.

       

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

       

      Residual
        Certificates:  As specified in the Preliminary
        Statement.

       

      Responsible
        Officer:  When used with respect to the Trustee, any Vice
        President, any Assistant Vice President, the Secretary, any Assistant Secretary,
        any Trust Officer or any other officer of the Trustee customarily performing
        functions similar to those performed by any of the above designated officers
        and
        also to whom, with respect to a particular matter, such matter is referred
        because of such officer’s knowledge of and familiarity with the particular
        subject.

       

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

       

      Sarbanes-Oxley
        Certification:  As defined in Section 11.05.

       

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

       

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

       

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

       

      Senior
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

      Senior
        Percentage: As to any Distribution Date, the percentage equivalent of a
        fraction, the numerator of which is the aggregate Class Certificate Balance
        of
        the Senior Certificates  immediately prior to such Distribution Date
        and the denominator of which is the aggregate of the Class Certificate Balances
        of all Classes of Certificates immediately prior to such Distribution
        Date.  In no event will the Senior Percentage be greater than
        100%.

       

       

      
        
          
          

        

        
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      Senior
        Prepayment Percentage: As to any Distribution Date during the ten years
        beginning on the first Distribution Date, 100%. The Senior Prepayment Percentage
        for any Distribution Date occurring on or after the tenth anniversary of
        the
        first Distribution Date will, except as provided in this Agreement, be as
        follows: for any Distribution Date in the first year thereafter, the Senior
        Percentage plus 70% of the Subordinated Percentage for such Distribution
        Date;
        for any Distribution Date in the second year thereafter, the Senior Percentage
        plus 60% of the Subordinated Percentage for such Distribution Date; for any
        Distribution Date in the third year thereafter, the Senior Percentage plus
        40%
        of the Subordinated Percentage for such Distribution Date; for any Distribution
        Date in the fourth year thereafter, the Senior Percentage plus 20% of the
        Subordinated Percentage for such Distribution Date; and for any Distribution
        Date thereafter, the Senior Percentage for such Distribution Date; provided,
        however, that if on any Distribution Date the Senior Percentage exceeds the
        Senior Percentage as of the Closing Date, then the Senior Prepayment Percentage
        for such Distribution Date will equal 100%).  Notwithstanding the
        foregoing, no decrease in the Senior Prepayment Percentage will occur unless
        both of the Senior Step Down Conditions are
        satisfied.  Notwithstanding the foregoing, if the Two Times Test is
        satisfied on a Distribution Date, the Senior Prepayment Percentage will equal
        (x) if such Distribution Date is on or prior to the Distribution Date in
        May
        2010, the Senior Percentage plus 50% of the Subordinated Percentage for the
        Distribution Date and (y) if such Distribution Date is after the Distribution
        Date in May 2010, the Senior Percentage.

       

      Senior
        Principal Distribution Amount:  As to any Distribution Date, the
        sum of (i) the Senior Percentage of all amounts described in
        clauses (a) through (d) of the definition of “Principal Amount” for such
        Distribution Date, (ii) with respect to any Mortgage Loan that became a
        Liquidated Mortgage Loan during the calendar month preceding the month of
        such
        Distribution Date, the lesser of (x) the Senior Percentage of the Stated
        Principal Balance of such Mortgage Loan as of the first day of the related
        Due
        Period (after giving effect to Principal Prepayments received in the Prepayment
        Period related to the prior Distribution Date) and (y) the Senior
        Prepayment Percentage of the amount of the Net Liquidation Proceeds allocable
        to
        principal received on the Mortgage Loan and (iii) the Senior Prepayment
        Percentage of the Net Prepayments for that Distribution Date.

       

      Senior
        Step Down Conditions: With respect to all of the Mortgage Loans: (i) the
        outstanding principal balance of Mortgage Loans delinquent 60 days or more
        (including Mortgage Loans in foreclosure, REO Property and Mortgage Loans
        the
        Mortgagors of which are in bankruptcy) (averaged over the preceding six month
        period), does not exceed 50% of the aggregate Class Certificate Balance of
        the
        Subordinated Certificates for such Distribution Date, and (ii) cumulative
        Realized Losses on the Mortgage Loans do not exceed: (a) commencing with
        the
        Distribution Date on the tenth anniversary of the first Distribution Date,
        30%
        of the Original Subordinate Principal Balance, (b) commencing with the
        Distribution Date on the eleventh anniversary of the first Distribution Date,
        35% of the Original Subordinate Principal Balance, (c) commencing with the
        Distribution Date on the twelfth anniversary of the first Distribution Date,
        40%
        of the Original Subordinate Principal Balance, (d) commencing with the
        Distribution Date on the thirteenth anniversary of the first Distribution
        Date,
        45% of the Original Subordinate Principal Balance and (e) commencing with
        the
        Distribution Date on the fourteenth anniversary of the first Distribution
        Date,
        50% of the Original Subordinate Principal Balance.

       

      Servicing
        Advances:  All customary, reasonable and necessary “out of pocket”
costs and expenses incurred in the performance by the Master Servicer
        of its
        servicing obligations, including, but not limited to, the cost of (i) the
        preservation, restoration and protection of a Mortgaged Property, (ii) any
        expenses reimbursable to the Master Servicer pursuant to Section 3.11 and
        any enforcement or judicial proceedings, including foreclosures, (iii) the
        management and liquidation of any REO Property and (iv) compliance with the
        obligations under Section 3.09.

       

       

      
        
          
          

        

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

       

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

       

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

       

      Startup
        Day:  The Closing Date.

       

      Stated
        Principal Balance:  As to any Mortgage Loan and Due Date, the
        unpaid principal balance of such Mortgage Loan as of such Due Date as specified
        in the amortization schedule at the time relating thereto (before any adjustment
        to such amortization schedule by reason of any moratorium or similar waiver
        or
        grace period), plus any Deferred Interest added to the principal balance
        of that
        Mortgage Loan pursuant to the terms of the related Mortgage Note on or prior
        to
        that Due Date, minus the sum of: (i) any previous partial Principal Prepayments
        and the payment of principal due on such Due Date, irrespective of any
        delinquency in payment by the related Mortgagor, (ii) Liquidation Proceeds
        allocable to principal (other than with respect to any Liquidated Mortgage
        Loan)
        received in the prior calendar month with respect to that Mortgage Loan;
        (iii)
        Principal Prepayments received through the last day of the related Prepayment
        Period with respect to that Mortgage Loan, and (iv) any Realized Loss previously
        incurred in connection with a Deficient Valuation. The Stated Principal Balance
        of any Mortgage Loan that becomes a Liquidated Mortgage Loan will be zero
        on
        each date following the Due Period in which such Mortgage Loan becomes a
        Liquidated Mortgage Loan.

       

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

       

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

       

      Subordinated
        Certificates:  As specified in the Preliminary
        Statement.

       

       

      
        
          
          

        

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

       

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

       

      Subordinated
        Principal Distribution Amount:  With respect to any Distribution
        Date and the Subordinated Certificates, an amount equal to the sum, not less
        than zero, of (i) the Subordinated Percentage of all amounts described in
        clauses (a) through (d) of the definition of “Principal Amount” for that
        Distribution Date, (ii) with respect to each Mortgage Loan that became a
        Liquidated Mortgage Loan during the calendar month preceding the month of
        such
        Distribution Date, the Liquidation Proceeds allocated to principal received
        with
        respect thereto remaining after application thereof pursuant to
        clause (ii) of the definition of “Senior Principal Distribution
        Amount”, up to the Subordinated Percentage of the Stated Principal Balance of
        that Mortgage Loan as of the first day of the related Due Period, and
        (iii) the Subordinated Prepayment Percentage of the Net Prepayments for
        such Distribution Date.

       

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

       

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

       

      Substitute
        Mortgage Loan:  A Mortgage Loan substituted by the applicable
        Seller for a Deleted Mortgage Loan which must, on the date of such substitution,
        as confirmed in a Request for Release, substantially in the form of
        Exhibit M, (i) have a Stated Principal Balance, after deduction of the
        principal portion of the Scheduled Payment due in the month of substitution,
        not
        in excess of, and not more than 10% less than the Stated Principal Balance
        of
        the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower
        than and not more than 1% per annum higher than, that of the Deleted Mortgage
        Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted
        Mortgage Loan; (iv) have a remaining term to maturity no greater than (and
        not more than one year less than that of) the Deleted Mortgage Loan; (v)
        have a
        Maximum Mortgage Rate not more than 1% per annum higher or lower than, that
        of
        the Deleted Mortgage Loan; (vi) have a Minimum Mortgage Rate specified in
        its
        related mortgage note not more than 1% per annum higher or lower than the
        Minimum Mortgage Rate of the Deleted Mortgage Loan; (vii) have the same Mortgage
        Index and Mortgage Index reset period as the Deleted Mortgage Loan and a
        Gross
        Margin not more than 1% per annum higher or lower than that of the Deleted
        Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage
        Loan was a Cooperative Loan; (ix) have the same Maximum Negative Amortization,
        payment cap and recast provisions as the Deleted Mortgage Loan; (x) comply
        with each representation and warranty set forth in Section 2.03; and (xi)
        provide for a Prepayment Charge on terms substantially similar to those of
        the
        Prepayment Charge, if any, of the Deleted Mortgage Loan.

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Trust
        Fund:  The corpus of the trust created under this Agreement
        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 of the Mortgage Loans;
        (ii) the Certificate Account, the Carryover Shortfall Reserve Fund, the
        Pre-Funding Account, the Capitalized Interest Account, the Distribution Account
        and all amounts deposited therein pursuant to the applicable provisions of
        this
        Agreement; (iii) property that secured a Mortgage Loan and has been
        acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; and
        (iv) all proceeds of the conversion, voluntary or involuntary, of any of
        the foregoing.

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

      Two
        Times Test: As to any Distribution Date and the Subordinated Certificates,
        if (i) the Subordinated Percentage is at least 200% of the Subordinated
        Percentage as of the Closing Date, (ii) clause (i) of the Senior Step Down
        Conditions is satisfied and (iii) the cumulative Realized Losses on all the
        Mortgage Loans do not exceed (x) with respect to any Distribution Date on
        or
        prior to May 2010, 20% of the aggregate Class Certificate Balance of the
        Subordinated Certificates as of the Closing Date or (y) with respect to any
        Distribution Date after May 2010, 30% of the aggregate Class Certificate
        Balance
        of the Subordinated Certificates as of the Closing Date.

       

      Underwriter:  As
        specified in the Preliminary Statement.

       

      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.

       

      Voting
        Rights:  The portion of the voting rights of all of the
        Certificates which is allocated to any Certificate.  As of any date of
        determination, (a) 1% of all Voting Rights shall be allocated to each Class
        of Component Certificates (such Voting Rights to be allocated among the holders
        of Certificates of each such Class in accordance with their respective
        Percentage Interests), and (b) the remaining Voting Rights shall be allocated
        among Holders of the remaining Classes of Certificates in proportion to the
        Certificate Balances of their respective Certificates on such date.

       

      Weighted
        Average Adjusted Net Mortgage Rate:  As to any Distribution Date,
        the average of the Adjusted Net Mortgage Rate of each Mortgage Loan, weighted
        on
        the basis of its Stated Principal Balance as of the first day of the related
        Due
        Period (after giving effect to Principal Prepayments received in the Prepayment
        Period related to the prior Distribution Date).

       

       

      
        
          
          

        

        
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      SECTION
        1.02.     Certain
        Interpretive Principles.

       

      All
        terms
        defined in this Agreement shall have the defined meanings when used in any
        certificate, agreement or other document delivered pursuant hereto unless
        otherwise defined therein.  For purposes of this Agreement and all
        such certificates and other documents, unless the context otherwise requires:
        (a) accounting terms not otherwise defined in this Agreement, and accounting
        terms partly defined in this Agreement to the extent not defined, shall have
        the
        respective meanings given to them under generally accepted accounting
        principles; (b) the words “hereof,” “herein” and “hereunder” and words of
        similar import refer to this Agreement (or the certificate, agreement or
        other
        document in which they are used) as a whole and not to any particular provision
        of this Agreement (or such certificate, agreement or document); (c) references
        to any Section, Schedule or Exhibit are references to Sections, Schedules
        and
        Exhibits in or to this Agreement, and references to any paragraph, subsection,
        clause or other subdivision within any Section or definition refer to such
        paragraph, subsection, clause or other subdivision of such Section or
        definition; (d) the term “including” means “including without limitation”; (e)
        references to any law or regulation refer to that law or regulation as amended
        from time to time and include any successor law or regulation; (f) references
        to
        any agreement refer to that agreement as amended from time to time; (g)
        references to any Person include that Person’s permitted successors and assigns;
        and (h) a Mortgage Loan is “30 days delinquent” if any Scheduled Payment has not
        been received by the close of business on the day immediately preceding the
        Due
        Date on which the next Scheduled Payment is due.  Similarly for “60
        days delinquent,” “90 days delinquent” and so on.  Unless otherwise
        provided in this Agreement, the determination as to whether a Mortgage Loan
        falls into a delinquency category shall be made as of the close of business
        on
        the last day of each month prior to the date of determining the
        delinquency.

       

       

      
        
          
          

        

        
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      ARTICLE
        II

      CONVEYANCE
        OF MORTGAGE LOANS;

      REPRESENTATIONS
        AND WARRANTIES

       

      SECTION
        2.01.     Conveyance of
        Mortgage Loans

       

      (a)  Each
        Seller, concurrently with the execution and delivery hereof, hereby sells,
        transfers, assigns, sets over and otherwise conveys to the Depositor, without
        recourse, all its respective right, title and interest in and to the related
        Initial Mortgage Loans, including all interest and principal received or
        receivable by such Seller, on or with respect to the applicable Initial Mortgage
        Loans after the Initial Cut-off Date and all interest and principal payments
        on
        the related Initial Mortgage Loans received prior to the Initial Cut-off
        Date in
        respect of installments of interest and principal due thereafter, but not
        including payments of principal and interest due and payable on such Initial
        Mortgage Loans, on or before the Initial Cut-off Date.  On or prior to
        the Closing Date, Countrywide shall deliver to the Depositor or, at the
        Depositor’s direction, to the Trustee or other designee of the Depositor, the
        Mortgage File for each Mortgage Loan listed in the Mortgage Loan Schedule
        (except that, in the case of the Delay Delivery Mortgage Loans (which may
        include Countrywide Mortgage Loans, Park Granada Mortgage Loans, Park Monaco
        Mortgage Loans and Park Sienna Mortgage Loans), such delivery may take place
        within thirty (30) days following the Closing Date or twenty (20) days following
        the applicable Supplemental Transfer Date, as applicable).  Such
        delivery of the Mortgage Files shall be made against payment by the Depositor
        of
        the purchase price, previously agreed to by the Sellers and Depositor, for
        the
        Mortgage Loans.  With respect to any Initial Mortgage Loan that does
        not have a first payment date on or before the Due Date in the month of the
        first Distribution Date or any Supplemental Mortgage Loan that does not have
        a
        first payment date on or before the Due Date in the month after the related
        Supplemental Transfer Date, Countrywide shall deposit into the Distribution
        Account on or before the Distribution Account Deposit Date relating to the
        first
        applicable Distribution Date, an amount equal to one month’s interest at the
        related Adjusted Mortgage Rate on the Cut-off Date Principal Balance of such
        Mortgage Loan.

       

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

       

      (c)  In
        connection with the transfer and assignment set forth in clause (b) above,
        the
        Depositor has delivered or caused to be delivered to the Trustee (or, in
        the
        case of the Delay Delivery Mortgage Loans that are Initial Mortgage Loans,
        will
        deliver or cause to be delivered to the Trustee within thirty (30) days
        following the Closing Date and in the case of the Delay Delivery Mortgage
        Loans
        that are Supplemental Mortgage Loans, will deliver or cause to be delivered
        to
        the Trustee within twenty (20) days following the applicable Supplemental
        Transfer Date) for the benefit of the Certificateholders the following documents
        or instruments with respect to each Mortgage Loan so assigned:

       

      
        
          
          

        

        
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      (i)         (A) the
        original Mortgage Note endorsed by manual or facsimile signature in blank
        in the
        following form: “Pay to the order of ____________ without recourse,” with all
        intervening endorsements showing a complete chain of endorsement from the
        originator to the Person endorsing the Mortgage Note (each such endorsement
        being sufficient to transfer all right, title and interest of the party so
        endorsing, as noteholder or assignee thereof, in and to that Mortgage Note);
        or

       

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

       

      (ii) except
        as provided below and for each Mortgage Loan that is not a MERS Mortgage
        Loan,
        the original recorded Mortgage or a copy of such Mortgage, with recording
        information, (or, in the case of a Mortgage for which the related Mortgaged
        Property is located in the Commonwealth of Puerto Rico, a true copy of the
        Mortgage certified as such by the applicable notary) and in the case of each
        MERS Mortgage Loan, the original Mortgage or a copy of such mortgage, with
        recording information, noting the presence of the MIN of the Mortgage Loans
        and
        either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
        Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan at origination,
        the original Mortgage and the assignment thereof to MERS, with evidence of
        recording indicated thereon, or a copy of the Mortgage certified by the public
        recording office in which such Mortgage has been recorded;

       

      (iii)  in
        the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed
        assignment of the Mortgage or a copy of such assignment, with recording
        information, (which may be included in a blanket assignment or assignments),
        together with, except as provided below, all interim recorded assignments
        of
        such mortgage or a copy of such assignment, with recording information, (each
        such assignment, when duly and validly completed, to be in recordable form
        and
        sufficient to effect the assignment of and transfer to the assignee thereof,
        under the Mortgage to which the assignment relates); provided that, if the
        related Mortgage has not been returned from the applicable public recording
        office, such assignment of the Mortgage may exclude the information to be
        provided by the recording office; provided, further, that such assignment
        of
        Mortgage need not be delivered in the case of a Mortgage for which the related
        Mortgaged Property is located in the Commonwealth of Puerto Rico;

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (B)                   The
        executed Security Agreement;

       

      (C)                   The
        executed Proprietary Lease;

       

      (D)                   The
        executed Recognition Agreement;

       

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

       

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

       

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, each
        Seller agrees that it will cause, at the Trustee’s expense, the MERS® System to
        indicate that the Mortgage Loans sold by such Seller to the Depositor have
        been
        assigned by that Seller to the Trustee in accordance with this Agreement
        (and
        any Supplemental Transfer Agreement, as applicable) for the benefit of the
        Certificateholders by including (or deleting, in the case of Mortgage Loans
        which are repurchased in accordance with this Agreement) in such computer
        files
        the information required by the MERS® System to identify the series of the
        Certificates issued in connection with such Mortgage Loans.  Each
        Seller further agrees that it will not, and will not permit the Master Servicer
        to, and the Master Servicer agrees that it will not, alter the information
        referenced in this paragraph with respect to any Mortgage Loan sold by such
        Seller to the Depositor during the term of this Agreement unless and until
        such
        Mortgage Loan is repurchased in accordance with the terms of this
        Agreement.

       

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

       

       

      
        
          
          

        

        
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      As
        promptly as practicable subsequent to such transfer and assignment, and in
        any
        event, within one hundred twenty (120) days thereafter, the Trustee shall
        (A) as
        the assignee thereof, affix the following language to each assignment of
        Mortgage:  “CWALT Series 2007-AL1, The Bank of New York, as trustee”,
        (B) cause such assignment to be in proper form for recording in the appropriate
        public office for real property records and (C) cause to be delivered for
        recording in the appropriate public office for real property records the
        assignments of the Mortgages to the Trustee, except that (i) with respect
        to any
        assignments of Mortgage as to which the Trustee has not received the information
        required to prepare such assignment in recordable form, the Trustee’s obligation
        to do so and to deliver the same for such recording shall be as soon as
        practicable after receipt of such information and in any event within thirty
        (30) days after receipt thereof and (ii) the Trustee need not cause to be
        recorded any assignment which relates to a Mortgage Loan the Mortgaged Property
        and Mortgage File relating to which are located in any jurisdiction (including
        Puerto Rico) under the laws of which the recordation of such assignment is
        not
        necessary to protect the Trustee’s and the Certificateholders’ interest in the
        related Mortgage Loan as evidenced by an opinion of counsel delivered by
        Countrywide to the Trustee within 90 days of the Closing Date (which opinion
        may
        be in the form of a “survey” opinion and is not required to be delivered by
        counsel admitted to practice law in the jurisdiction as to which such legal
        opinion applies).

       

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

       

      Notwithstanding
        anything to the contrary in this Agreement, within thirty (30) days after
        the
        Closing Date with respect to the Initial Mortgage Loans, Countrywide (on
        its own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna) shall
        either
        (i) deliver to the Depositor, or at the Depositor’s direction, to the Trustee or
        other designee of the Depositor the Mortgage File as required pursuant to
        this
        Section 2.01 for each Delay Delivery Mortgage Loan or (ii) either (A) substitute
        a Substitute Mortgage Loan for the Delay Delivery Mortgage Loan or (B)
        repurchase the Delay Delivery Mortgage Loan, which substitution or repurchase
        shall be accomplished in the manner and subject to the conditions set forth
        in
        Section 2.03 (treating each Delay Delivery Mortgage Loan as a Deleted Mortgage
        Loan for purposes of such Section 2.03); provided, however, that if Countrywide
        fails to deliver a Mortgage File for any Delay Delivery Mortgage Loan within
        the
        thirty (30) day period provided in the prior sentence, Countrywide (on its
        own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna) shall
        use its
        best reasonable efforts to effect a substitution, rather than a repurchase
        of,
        such Deleted Mortgage Loan and provided further that the cure period provided
        for in Section 2.02 or in Section 2.03 shall not apply to the initial delivery
        of the Mortgage File for such Delay Delivery Mortgage Loan, but rather
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) shall have five (5) Business Days to cure such failure to
        deliver.  At the end of such thirty (30) day period the Trustee shall
        send a Delay Delivery Certification for the Delay Delivery Mortgage Loans
        delivered during such thirty (30) day period in accordance with the provisions
        of Section 2.02.

       

       

      
        
          
          

        

        
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      Notwithstanding
        anything to the contrary in this Agreement, within twenty (20) days after
        a
        Supplemental Transfer Date with respect to all of the Supplemental Mortgage
        Loans sold to the Depositor on such Supplemental Transfer Date, Countrywide
        (on
        its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
        shall
        either (i) deliver to the Depositor, or at the Depositor’s direction, to the
        Trustee or other designee of the Depositor the Mortgage File as required
        pursuant to this Section 2.01 for each Delay Delivery Mortgage Loan or (ii)
        (A)
        substitute a Substitute Mortgage Loan for the Delay Delivery Mortgage Loan
        or
        (B) repurchase the Delay Delivery Mortgage Loan, which substitution or
        repurchase shall be accomplished in the manner and subject to the conditions
        set
        forth in Section 2.03 (treating each Delay Delivery Mortgage Loan as a Deleted
        Mortgage Loan for purposes of such Section 2.03); provided, however, that
        if Countrywide fails to deliver a Mortgage File for any Delay Delivery Mortgage
        Loan within the twenty (20) day period provided in the prior sentence,
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) shall use its best reasonable efforts to effect a substitution,
        rather than a repurchase of, such Deleted Mortgage Loan and provided further
        that the cure period provided for in Section 2.02 or in Section 2.03 shall
        not
        apply to the initial delivery of the Mortgage File for such Delay Delivery
        Mortgage Loan, but rather Countrywide (on its own behalf and on behalf of
        Park
        Granada, Park Monaco and Park Sienna) shall have five (5) Business Days to
        cure
        such failure to deliver.  At the end of such twenty (20) day period
        the Trustee shall send a Delay Delivery Certification for the Delay Delivery
        Mortgage Loans delivered during such twenty (20) day period in accordance
        with
        the provisions of Section 2.02.

       

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

       

       

      
        
          
          

        

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

       

      Each
        Seller has entered into this Agreement in consideration for the purchase
        of the
        Mortgage Loans sold by such Seller to the Depositor and has agreed to take
        the
        actions specified herein.  The Depositor, concurrently with the
        execution and delivery of this Agreement, hereby sells, transfers, assigns
        and
        otherwise conveys to the Trustee for the use and benefit of the
        Certificateholders, without recourse, all right title and interest in the
        portion of the Trust Fund not otherwise conveyed to the Trust Fund pursuant
        to
        Sections 2.01(a) or (b).

       

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

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

       

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

       

      (vi)           as
        of such Supplemental Transfer Date, all payments with respect to each
        Supplemental Mortgage Loan conveyed on such Supplemental Transfer Date due
        prior
        to the related Supplemental Cut-off Date have been made;

       

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

       

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

       

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

       

      (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.

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

       

      (i)  Neither
        the Depositor nor the Trust will acquire or hold any Mortgage Loan that would
        violate the representations made by Countrywide set forth in clauses (50)
        and
        (51) of Schedule III-A hereto.

       

      SECTION
        2.02.     Acceptance by
        Trustee of the Mortgage Loans.

       

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

       

      The
        Trustee agrees to execute and deliver on the Closing Date to the Depositor,
        the
        Master Servicer and Countrywide (on its own behalf and on behalf of Park
        Granada, Park Monaco and Park Sienna) an Initial Certification in the form
        annexed hereto as Exhibit F-1.  Based on its review and examination,
        and only as to the documents identified in such Initial Certification, the
        Trustee acknowledges that such documents appear regular on their face and
        relate
        to such Initial Mortgage Loan.  The Trustee shall be under no duty or
        obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine, enforceable
        or appropriate for the represented purpose or that they have actually been
        recorded in the real estate records or that they are other than what they
        purport to be on their face.

       

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

       

      Not
        later
        than 90 days after the Closing Date, the Trustee shall deliver to the Depositor,
        the Master Servicer and Countrywide (on its own behalf and on behalf of Park
        Granada, Park Monaco and Park Sienna) a Final Certification with respect
        to the
        Initial Mortgage Loans in the form annexed hereto as Exhibit H-1 (a
“Final Certification”), with any applicable exceptions noted
        thereon.

       

       

       

      If,
        in
        the course of such review, the Trustee finds any document constituting a
        part of
        a Mortgage File that does not meet the requirements of Section 2.01, the
        Trustee
        shall list such as an exception in the Final Certification; provided, however
        that the Trustee shall not make any determination as to whether (i) any
        endorsement is sufficient to transfer all right, title and interest of the
        party
        so endorsing, as noteholder or assignee thereof, in and to that Mortgage
        Note or
        (ii) any assignment is in recordable form or is sufficient to effect the
        assignment of and transfer to the assignee thereof under the mortgage to
        which
        the assignment relates.  Countrywide (on its own behalf and on behalf
        of Park Granada, Park Monaco and Park Sienna) shall promptly correct or cure
        such defect within 90 days from the date it was so notified of such defect
        and,
        if Countrywide does not correct or cure such defect within such period,
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) shall either (a) substitute for the related Mortgage Loan a
        Substitute Mortgage Loan, which substitution shall be accomplished in the
        manner
        and subject to the conditions set forth in Section 2.03, or (b) purchase
        such
        Mortgage Loan from the Trustee within 90 days from the date Countrywide (on
        its
        own behalf and on behalf of Park Granada, Park Monaco and Park Sienna) was
        notified of such defect in writing at the Purchase Price of such Mortgage
        Loan;
        provided, however, that in no event shall such substitution or purchase occur
        more than 540 days from the Closing Date, except that if the substitution
        or
        purchase of a Mortgage Loan pursuant to this provision is required by reason
        of
        a delay in delivery of any documents by the appropriate recording office,
        and
        there is a dispute between either the Master Servicer or Countrywide (on
        its own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna) and the
        Trustee over the location or status of the recorded document, then such
        substitution or purchase shall occur within 720 days from the Closing
        Date.  The Trustee shall deliver written notice to each Rating Agency
        within 270 days from the Closing Date indicating each Mortgage Loan (a) that
        has
        not been returned by the appropriate recording office or (b) as to which
        there
        is a dispute as to location or status of such Mortgage Loan.  Such
        notice shall be delivered every 90 days thereafter until the related Mortgage
        Loan is returned to the Trustee.  Any such substitution pursuant to
        (a) above or purchase pursuant to (b) above shall not be effected prior to
        the
        delivery to the Trustee of the Opinion of Counsel required by Section 2.05,
        if
        any, and any substitution pursuant to (a) above shall not be effected prior
        to
        the additional delivery to the Trustee of a Request for Release substantially
        in
        the form of Exhibit N.  No substitution is permitted to be made in any
        calendar month after the Determination Date for such month.  The
        Purchase Price for any such Mortgage Loan shall be deposited by Countrywide
        (on
        its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
        in
        the Certificate Account on or prior to the Distribution Account Deposit Date
        for
        the Distribution Date in the month following the month of repurchase and,
        upon
        receipt of such deposit and certification with respect thereto in the form
        of
        Exhibit N hereto, the Trustee shall release the related Mortgage File to
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) and shall execute and deliver at Countrywide’s (on its own behalf
        and on behalf of Park Granada, Park Monaco and Park Sienna) request such
        instruments of transfer or assignment prepared by Countrywide, in each case
        without recourse, as shall be necessary to vest in Countrywide (on its own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna), or its
        designee, the Trustee’s interest in any Mortgage Loan released pursuant hereto.
        If pursuant to the foregoing provisions Countrywide (on its own behalf and
        on
        behalf of Park Granada, Park Monaco and Park Sienna) repurchases a Mortgage
        Loan
        that is a MERS Mortgage Loan, the Master Servicer shall either (i) cause
        MERS to
        execute and deliver an assignment of the Mortgage in recordable form to transfer
        the Mortgage from MERS to Countrywide (on its own behalf and on behalf of
        Park
        Granada, Park Monaco and Park Sienna) or its designee and shall cause such
        Mortgage to be removed from registration on the MERS® System in accordance with
        MERS’ rules and regulations or (ii) cause MERS to designate on the MERS® System
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) or its designee as the beneficial holder of such Mortgage
        Loan.

       

      (b)           Upon
        delivery of the Supplemental Mortgage Loans pursuant to a Supplemental Transfer
        Agreement, the Trustee shall acknowledge receipt of the documents identified
        in
        any Supplemental Certification in the form annexed hereto as Exhibit F-2
        and
        declare that it will hold such documents and the other documents delivered
        to it
        constituting the Mortgage Files, and that it will hold such other assets
        as are
        included in the Trust Fund, in trust for the exclusive use and benefit of
        all
        present and future Certificateholders.  The Trustee acknowledges that
        it will maintain possession of the Mortgage Notes in the State of California,
        unless otherwise permitted by the Rating Agencies.

       

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

       

      The
        Trustee agrees to execute and deliver on the Supplemental Transfer Date to
        the
        Depositor, the Master Servicer and Countrywide (on its own behalf and on
        behalf
        of Park Granada, Park Monaco and Park Sienna) a Supplemental Certification
        in
        the form annexed hereto as Exhibit F-2.  Based on its review and
        examination, and only as to the documents identified in such Supplemental
        Certification, the Trustee shall acknowledge that such documents appear regular
        on their face and relate to such Supplemental Mortgage Loan.  The
        Trustee shall be under no duty or obligation to inspect, review or examine
        said
        documents, instruments, certificates or other papers to determine that the
        same
        are genuine, enforceable or appropriate for the represented purpose or that
        they
        have actually been recorded in the real estate records or that they are other
        than what they purport to be on their face.

       

      On
        or
        about the twentieth (20th) day after the Supplemental Transfer Date, the
        Trustee
        shall deliver to the Depositor, the Master Servicer and Countrywide (on its
        own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna) a Delay
        Delivery Certification with respect to the Supplemental Mortgage Loans in
        the
        form annexed hereto as Exhibit G-2, with any applicable exceptions noted
        thereon.

       

      Not
        later
        than 90 days after the final Supplemental Transfer Date, the Trustee shall
        deliver to the Depositor, the Master Servicer and Countrywide (on its own
        behalf
        and on behalf of Park Granada, Park Monaco and Park Sienna) a Final
        Certification with respect to the Supplemental Mortgage Loans in the form
        annexed hereto as Exhibit H-2, with any applicable exceptions noted
        thereon.

       

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

       

      (c)  If,
        in the course of such review of the Mortgage Files relating to the Supplemental
        Mortgage Loans, the Trustee finds any document constituting a part of a Mortgage
        File which does not meet the requirements of Section 2.01, the Trustee shall
        list such as an exception in the Final Certification; provided, however that
        the
        Trustee shall not make any determination as to whether (i) any endorsement
        is
        sufficient to transfer all right, title and interest of the party so endorsing,
        as noteholder or assignee thereof, in and to that Mortgage Note or (ii) any
        assignment is in recordable form or is sufficient to effect the assignment
        of
        and transfer to the assignee thereof under the mortgage to which the assignment
        relates.  Countrywide (on its own behalf and on behalf of Park
        Granada, Park Monaco and Park Sienna) shall promptly correct or cure such
        defect
        within 90 days from the date it was so notified of such defect and, if
        Countrywide does not correct or cure such defect within such period, Countrywide
        (on its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
        shall either (a) substitute for the related Mortgage Loan a Substitute Mortgage
        Loan, which substitution shall be accomplished in the manner and subject
        to the
        conditions set forth in Section 2.03, or (b) purchase such Mortgage Loan
        from
        the Trustee within 90 days from the date Countrywide (on its own behalf and
        on
        behalf of Park Granada, Park Monaco and Park Sienna) was notified of such
        defect
        in writing at the Purchase Price of such Mortgage Loan; provided, however,
        that
        in no event shall such substitution or purchase occur more than 540 days
        from
        the Closing Date, except that if the substitution or purchase of a Mortgage
        Loan
        pursuant to this provision is required by reason of a delay in delivery of
        any
        documents by the appropriate recording office, and there is a dispute between
        either the Master Servicer or Countrywide (on its own behalf and on behalf
        of
        Park Granada, Park Monaco and Park Sienna) and the Trustee over the location
        or
        status of the recorded document, then such substitution or purchase shall
        occur
        within 720 days from the Closing Date.  The Trustee shall deliver
        written notice to each Rating Agency within 270 days from the Closing Date
        indicating each Mortgage Loan (a) which has not been returned by the appropriate
        recording office or (b) as to which there is a dispute as to location or
        status
        of such Mortgage Loan.  Such notice shall be delivered every 90 days
        thereafter until the related Mortgage Loan is returned to the
        Trustee.  Any such substitution pursuant to (a) above or purchase
        pursuant to (b) above shall not be effected prior to the delivery to the
        Trustee
        of the Opinion of Counsel required by Section 2.05 hereof, if any, and any
        substitution pursuant to (a) above shall not be effected prior to the additional
        delivery to the Trustee of a Request for Release substantially in the form
        of
        Exhibit N.  No substitution is permitted to be made in any calendar
        month after the Determination Date for such month.  The Purchase Price
        for any such Mortgage Loan shall be deposited by Countrywide (on its own
        behalf
        and on behalf of Park Granada, Park Monaco and Park Sienna) in the Certificate
        Account on or prior to the Distribution Account Deposit Date for the
        Distribution Date in the month following the month of repurchase and, upon
        receipt of such deposit and certification with respect thereto in the form
        of
        Exhibit N hereto, the Trustee shall release the related Mortgage File to
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) and shall execute and deliver at Countrywide’s (on its own behalf
        and on behalf of Park Granada, Park Monaco and Park Sienna) request such
        instruments of transfer or assignment prepared by Countrywide, in each case
        without recourse, as shall be necessary to vest in Countrywide (on its own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna), or a
        designee, the Trustee’s interest in any Mortgage Loan released pursuant hereto.
        If pursuant to the foregoing provisions Countrywide (on its own behalf and
        on
        behalf of Park Granada, Park Monaco and Park Sienna) repurchases a Supplemental
        Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer shall either
        (i)
        cause MERS to execute and deliver an assignment of the Mortgage in recordable
        form to transfer the Mortgage from MERS to Countrywide (on its own behalf and on
        behalf of Park Granada, Park Monaco and Park Sienna) and shall cause such
        Mortgage to be removed from registration on the MERS® System in accordance with
        MERS’ rules and regulations or (ii) cause MERS to designate on the MERS® System
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) or its designee as the beneficial holder of such Mortgage
        Loan.

       

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

       

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

       

       

      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

       

      (c)  Upon
        discovery by any of the parties hereto of a breach of a representation or
        warranty with respect to a Mortgage Loan made pursuant to Section 2.03(a)
        or a
        breach of a representation or warranty with respect to a Supplemental Mortgage
        Loan under Section 2.01(e)(i) that materially and adversely affects the
        interests of the Certificateholders in that Mortgage Loan, the party discovering
        such breach shall give prompt notice thereof to the other
        parties.  Each Seller hereby covenants that within 90 days of the
        earlier of its discovery or its receipt of written notice from any party
        of a
        breach of any representation or warranty with respect to a Mortgage Loan
        sold by
        it pursuant to Section 2.03(a) and with respect to a breach of a representation
        and warranty with respect to a Supplemental Mortgage Loan sold by it under
        Section 2.01(e)(i) which materially and adversely affects the interests of
        the
        Certificateholders in that Mortgage Loan, it shall cure such breach in all
        material respects, and if such breach is not so cured, shall, (i) if such
        90-day
        period expires prior to the second anniversary of the Closing Date, remove
        such
        Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund and substitute in
        its place a Substitute Mortgage Loan, in the manner and subject to the
        conditions set forth in this Section; or (ii) repurchase the affected Mortgage
        Loan or Mortgage Loans from the Trustee at the Purchase Price in the manner
        set
        forth below; provided, however, that any such substitution pursuant to (i)
        above
        shall not be effected prior to the delivery to the Trustee of the Opinion
        of
        Counsel required by Section 2.05 hereof, if any, and any such substitution
        pursuant to (i) above shall not be effected prior to the additional delivery
        to
        the Trustee of a Request for Release substantially in the form of Exhibit
        N and
        the Mortgage File for any such Substitute Mortgage Loan.  The Seller
        repurchasing a Mortgage Loan pursuant  to this Section 2.03(c) shall
        promptly reimburse the Master Servicer and the Trustee for any expenses
        reasonably incurred by the Master Servicer or the Trustee in respect of
        enforcing the remedies for such breach.  With respect to the
        representations and warranties described in this Section which are made to
        the
        best of a Seller’s knowledge, if it is discovered by either the Depositor, a
        Seller or the Trustee that the substance of such representation and warranty
        is
        inaccurate and such inaccuracy materially and adversely affects the value
        of the
        related Mortgage Loan or the interests of the Certificateholders therein,
        notwithstanding that Seller’s lack of knowledge with respect to the substance of
        such representation or warranty, such inaccuracy shall be deemed a breach
        of the
        applicable representation or warranty.

       

      With
        respect to any Substitute Mortgage Loan or Loans sold to the Depositor by
        a
        Seller, Countrywide (on its own behalf and on behalf of Park Granada, Park
        Monaco and Park Sienna) shall deliver to the Trustee for the benefit of the
        Certificateholders the Mortgage Note, the Mortgage, the related assignment
        of
        the Mortgage, and such other documents and agreements as are required by
        Section
        2.01, with the Mortgage Note endorsed and the Mortgage assigned as required
        by
        Section 2.01.  No substitution is permitted to be made in any calendar
        month after the Determination Date for such month.  Scheduled Payments
        due with respect to Substitute Mortgage Loans in the month of substitution
        shall
        not be part of the Trust Fund and will be retained by the related Seller
        on the
        next succeeding Distribution Date.  For the month of substitution,
        distributions to Certificateholders will include the monthly payment due
        on any
        Deleted Mortgage Loan for such month and thereafter that Seller shall be
        entitled to retain all amounts received in respect of such Deleted Mortgage
        Loan.  The Master Servicer shall amend the Mortgage Loan Schedule for
        the benefit of the Certificateholders to reflect the removal of such Deleted
        Mortgage Loan and the substitution of the Substitute Mortgage Loan or Loans
        and
        the Master Servicer shall deliver the amended Mortgage Loan Schedule to the
        Trustee.  Upon such substitution, the Substitute Mortgage Loan or
        Loans shall be subject to the terms of this Agreement in all respects, and
        the
        related Seller shall be deemed to have made with respect to such Substitute
        Mortgage Loan or Loans, as of the date of substitution, the representations
        and
        warranties made pursuant to Section 2.03(a) with respect to such Mortgage
        Loan.  Upon any such substitution and the deposit to the Certificate
        Account of the amount required to be deposited therein in connection with
        such
        substitution as described in the following paragraph, the Trustee shall release
        the Mortgage File held for the benefit of the Certificateholders relating
        to
        such Deleted Mortgage Loan to the related Seller and shall execute and deliver
        at such Seller’s direction such instruments of transfer or assignment prepared
        by Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna), in each case without recourse, as shall be necessary to vest
        title
        in that Seller, or its designee, the Trustee’s interest in any Deleted Mortgage
        Loan substituted for pursuant to this Section 2.03.

       

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
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      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 2.04 shall survive delivery of the Mortgage Files to the
        Trustee.  Upon discovery by the Depositor or the Trustee of a breach
        of any of the foregoing representations and warranties set forth in this
        Section 2.04 (referred to herein as a “breach”), which breach materially
        and adversely affects the interest of the Certificateholders, the party
        discovering such breach shall give prompt written notice to the others and
        to
        each Rating Agency.

       

      SECTION
        2.05.     Delivery of
        Opinion of Counsel in Connection with Substitutions.

       

      (a)  Notwithstanding
        any contrary provision of this Agreement, no substitution pursuant to
        Section 2.02 or Section 2.03 shall be made more than 90 days after the
        Closing Date unless Countrywide delivers to the Trustee an Opinion of Counsel,
        which Opinion of Counsel shall not be at the expense of either the Trustee
        or
        the Trust Fund, addressed to the Trustee, to the effect that such substitution
        will not (i) result in the imposition of the tax on “prohibited
        transactions” on the Trust Fund or contributions after the Startup Date, as
        defined in sections 860F(a)(2) and 860G(d) of the Code, respectively, or
        (ii) cause any REMIC created under this Agreement to fail to qualify as a
        REMIC at any time that any Certificates are outstanding.

       

      (b)  Upon
        discovery by the Depositor, a Seller, the Master Servicer, or the Trustee
        that
        any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
        of section 860G(a)(3) of the Code, the party discovering such fact shall
        promptly (and in any event within five (5) Business Days of discovery) give
        written notice thereof to the other parties.  In connection therewith,
        the Trustee shall require Countrywide (on its own behalf and on behalf of
        Park
        Granada, Park Monaco and Park Sienna) at its option, to either
        (i) substitute, if the conditions in Section 2.03(c) with respect to
        substitutions are satisfied, a Substitute Mortgage Loan for the affected
        Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within 90 days
        of such discovery in the same manner as it would a Mortgage Loan for a breach
        of
        representation or warranty made pursuant to Section 2.03.  The
        Trustee shall reconvey to Countrywide the Mortgage Loan to be released pursuant
        to this Section in the same manner, and on the same terms and conditions,
        as it
        would a Mortgage Loan repurchased for breach of a representation or warranty
        contained in Section 2.03.

       

      SECTION
        2.06.     Execution
        and Delivery of Certificates.

       

      The
        Trustee acknowledges the transfer and assignment to it of the Trust Fund
        and,
        concurrently with such transfer and assignment, has executed and delivered
        to or
        upon the order of the Depositor, the Certificates in authorized denominations
        evidencing directly or indirectly the entire ownership of the Trust
        Fund.  The Trustee agrees to hold the Trust Fund and exercise the
        rights referred to above for the benefit of all present and future Holders
        of
        the Certificates and to perform the duties set forth in this
        Agreement.

       

      SECTION
        2.07.     REMIC
        Matters.

       

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

       

       

      
        
          
          

        

        
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      SECTION
        2.08.     Covenants of the
        Master Servicer.

       

      The
        Master Servicer covenants to the Depositor and the Trustee as
        follows:

       

      (a)  the
        Master Servicer shall comply in the performance of its obligations under
        this
        Agreement with all reasonable rules and requirements of the insurer under
        each
        Required Insurance Policy; and

       

      (b)  no
        written information, certificate of an officer, statement furnished in writing
        or written report delivered to the Depositor, any affiliate of the Depositor
        or
        the Trustee and prepared by the Master Servicer pursuant to this Agreement
        will
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make such information, certificate, statement or report not
        misleading.

       

       

      
        
          
          

        

        
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      ARTICLE
        III

      ADMINISTRATION
        AND SERVICING

      OF
        MORTGAGE LOANS

       

      SECTION
        3.01.     Master Servicer to
        Service Mortgage Loans.

       

      For
        and
        on behalf of the Certificateholders, the Master Servicer shall service and
        administer the Mortgage Loans in accordance with the terms of this Agreement
        and
        customary and usual standards of practice of prudent mortgage loan
        servicers.  In connection with such servicing and administration, the
        Master Servicer shall have full power and authority, acting alone and/or
        through
        Subservicers as provided in Section 3.02, subject to the terms of this
        Agreement (i) to execute and deliver, on behalf of the Certificateholders
        and the Trustee, customary consents or waivers and other instruments and
        documents, (ii) to consent to transfers of any Mortgaged Property and
        assumptions of the Mortgage Notes and related Mortgages (but only in the
        manner
        provided in this Agreement), (iii) to collect any Insurance Proceeds and
        other Liquidation Proceeds (which for the purpose of this Section 3.01 includes
        any Subsequent Recoveries), and (iv) to effectuate foreclosure or other
        conversion of the ownership of the Mortgaged Property securing any Mortgage
        Loan; provided that the Master Servicer shall not take any action that is
        inconsistent with or prejudices the interests of the Trust Fund or the
        Certificateholders in any Mortgage Loan or the rights and interests of the
        Depositor, the Trustee and the Certificateholders under this
        Agreement.  The Master Servicer shall represent and protect the
        interests of the Trust Fund in the same manner as it protects its own interests
        in mortgage loans in its own portfolio in any claim, proceeding or litigation
        regarding a Mortgage Loan, and shall not make or permit any modification,
        waiver
        or amendment of any Mortgage Loan which would cause any REMIC created under
        this
        Agreement to fail to qualify as a REMIC or result in the imposition of any
        tax
        under section 860F(a) or section 860G(d) of the
        Code.  Without limiting the generality of the foregoing, the Master
        Servicer, in its own name or in the name of the Depositor and the Trustee,
        is
        hereby authorized and empowered by the Depositor and the Trustee, when the
        Master Servicer believes it appropriate in its reasonable judgment, to execute
        and deliver, on behalf of the Trustee, the Depositor, the Certificateholders
        or
        any of them, any and all instruments of satisfaction or cancellation, or
        of
        partial or full release or discharge and all other comparable instruments,
        with
        respect to the Mortgage Loans, and with respect to the Mortgaged Properties
        held
        for the benefit of the Certificateholders.  The Master Servicer shall
        prepare and deliver to the Depositor and/or the Trustee such documents requiring
        execution and delivery by either or both of them as are necessary or appropriate
        to enable the Master Servicer to service and administer the Mortgage Loans
        to
        the extent that the Master Servicer is not permitted to execute and deliver
        such
        documents pursuant to the preceding sentence.  Upon receipt of such
        documents, the Depositor and/or the Trustee shall execute such documents
        and
        deliver them to the Master Servicer.  The Master Servicer further is
        authorized and empowered by the Trustee, on behalf of the Certificateholders
        and
        the Trustee, in its own name or in the name of the Subservicer, when the
        Master
        Servicer or the Subservicer, as the case may be, believes it appropriate
        in its
        best judgment to register any Mortgage Loan on the MERS® System, or cause the
        removal from the registration of any Mortgage Loan on the MERS® System, to
        execute and deliver, on behalf of the Trustee and the Certificateholders
        or any
        of them, any and all instruments of assignment and other comparable instruments
        with respect to such assignment or re-recording of a Mortgage in the name
        of
        MERS, solely as nominee for the Trustee and its successors and
        assigns.

       

       

      
        
          
          

        

        
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      In
        accordance with the standards of the preceding paragraph, the Master Servicer
        shall advance or cause to be advanced funds as necessary for the purpose
        of
        effecting the payment of taxes and assessments on the Mortgaged Properties,
        which advances shall be reimbursable in the first instance from related
        collections from the Mortgagors pursuant to Section 3.06, and further as
        provided in Section 3.08.  The costs incurred by the Master
        Servicer, if any, in effecting the timely payments of taxes and assessments
        on
        the Mortgaged Properties and related insurance premiums shall not, for the
        purpose of calculating monthly distributions to the Certificateholders, be
        added
        to the Stated Principal Balances of the related Mortgage Loans, notwithstanding
        that the terms of such Mortgage Loans so permit.

       

      SECTION
        3.02.     Subservicing;
        Enforcement of the Obligations of Subservicers.

       

      (a)  The
        Master Servicer may arrange for the subservicing of any Mortgage Loan by
        a
        Subservicer pursuant to a subservicing agreement; provided,
however, that such subservicing arrangement and the terms of the
        related
        subservicing agreement must provide for the servicing of such Mortgage Loans
        in
        a manner consistent with the servicing arrangements contemplated under this
        Agreement.  Unless the context otherwise requires, references in this
        Agreement to actions taken or to be taken by the Master Servicer in servicing
        the Mortgage Loans include actions taken or to be taken by a Subservicer
        on
        behalf of the Master Servicer.  Notwithstanding the provisions of any
        subservicing agreement, any of the provisions of this Agreement relating
        to
        agreements or arrangements between the Master Servicer and a Subservicer
        or
        reference to actions taken through a Subservicer or otherwise, the Master
        Servicer shall remain obligated and liable to the Depositor, the Trustee
        and the
        Certificateholders for the servicing and administration of the Mortgage Loans
        in
        accordance with the provisions of this Agreement without diminution of such
        obligation or liability by virtue of such subservicing agreements or
        arrangements or by virtue of indemnification from the Subservicer and to
        the
        same extent and under the same terms and conditions as if the Master Servicer
        alone were servicing and administering the Mortgage Loans.  All
        actions of each Subservicer performed pursuant to the related subservicing
        agreement shall be performed as an agent of the Master Servicer with the
        same
        force and effect as if performed directly by the Master Servicer.

       

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

       

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

       

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

       

       

      
        
          
          

        

        
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      SECTION
        3.04.     Trustee to Act as
        Master Servicer.

       

      In
        the
        event that the Master Servicer shall for any reason no longer be the Master
        Servicer under this Agreement (including by reason of an Event of Default
        or
        termination by the Depositor), the Trustee or its successor shall then assume
        all of the rights and obligations of the Master Servicer under this Agreement
        arising thereafter (except that the Trustee shall not be (i) liable for
        losses of the Master Servicer pursuant to Section 3.09 or any acts or
        omissions of the predecessor Master Servicer under this Agreement),
        (ii) obligated to make Advances if it is prohibited from doing so by
        applicable law, (iii) obligated to effectuate repurchases or substitutions
        of Mortgage Loans under this Agreement including, but not limited to,
        repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or
        2.03, (iv) responsible for expenses of the Master Servicer pursuant to
        Section 2.03 or (v) deemed to have made any representations and
        warranties of the Master Servicer under this Agreement).  Any such
        assumption shall be subject to Section 7.02.  If the Master
        Servicer shall for any reason no longer be the Master Servicer (including
        by
        reason of any Event of Default or termination by the Depositor), the Trustee
        or
        its successor shall succeed to any rights and obligations of the Master Servicer
        under each subservicing agreement.

       

      The
        Master Servicer shall, upon request of the Trustee, but at the expense of
        the
        Master Servicer, deliver to the assuming party all documents and records
        relating to each subservicing agreement or substitute subservicing agreement
        and
        the Mortgage Loans then being serviced thereunder and an accounting of amounts
        collected or held by it and otherwise use its best efforts to effect the
        orderly
        and efficient transfer of the substitute subservicing agreement to the assuming
        party.

       

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

       

      (a)  The
        Master Servicer shall make reasonable efforts in accordance with the customary
        and usual standards of practice of prudent mortgage servicers to collect
        all
        payments called for under the terms and provisions of the Mortgage Loans
        to the
        extent such procedures shall be consistent with this Agreement and the terms
        and
        provisions of any related Required Insurance Policy.  Consistent with
        the foregoing, the Master Servicer may in its discretion (i) waive any late
        payment charge or, subject to Section 3.20, any Prepayment Charge or penalty
        interest in connection with the prepayment of a Mortgage Loan and (ii) extend
        the due dates for payments due on a Mortgage Note for a period not greater
        than
        180 days; provided, however, that the Master Servicer cannot
        extend the maturity of any such Mortgage Loan past the date on which the
        final
        payment is due on the latest maturing Mortgage Loan as of the Cut-off
        Date.  In the event of any such arrangement, the Master Servicer shall
        make Advances on the related Mortgage Loan in accordance with the provisions
        of
        Section 4.01 during the scheduled period in accordance with the
        amortization schedule of such Mortgage Loan without modification thereof
        by
        reason of such arrangements.  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.

       

       

      
        
          
          

        

        
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      (b)  The
        Master Servicer shall establish and maintain a Certificate Account into which
        the Master Servicer shall deposit or cause to be deposited no later than
        two
        Business Days after receipt (or, if the current long-term credit rating of
        Countrywide is reduced below “A-” by S&P or Fitch or
“A3” by Moody’s, the Master Servicer shall deposit or cause to be deposited
        on a
        daily basis within one Business Day of receipt), except as otherwise
        specifically provided in this Agreement, the following payments and collections
        remitted by Subservicers or received by it in respect of Mortgage Loans
        subsequent to the Cut-off Date (other than in respect of principal and interest
        due on the Mortgage Loans on or before the Cut-off Date) and the following
        amounts required to be deposited under this Agreement:

       

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

       

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

       

      (iii)         all
        Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds, other
        than
        proceeds to be applied to the restoration or repair of a Mortgaged Property
        or
        released to the Mortgagor in accordance with the Master Servicer’s normal
        servicing procedures;

       

      (iv)         any
        amount required to be deposited by the Master Servicer pursuant to
        Section 3.05(e) in connection with any losses on Permitted
        Investments;

       

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

       

      (vi)         all
        Substitution Adjustment Amounts;

       

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

       

      (viii)       all
        Prepayment Charges and Master Servicer Prepayment Charge Amounts;
        and

       

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

       

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

       

       

      
        
          
          

        

        
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      The
        foregoing requirements for remittance by the Master Servicer shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature late payment charges or assumption fees,
        if
        collected, need not be remitted by the Master Servicer.  In the event
        that the Master Servicer shall remit any amount not required to be remitted,
        it
        may at any time withdraw or direct the institution maintaining the Certificate
        Account to withdraw such amount from the Certificate Account, any provision
        in
        this Agreement to the contrary notwithstanding.  Such withdrawal or
        direction may be accomplished by delivering written notice thereof to the
        Trustee or such other institution maintaining the Certificate Account which
        describes the amounts deposited in error in the Certificate
        Account.  The Master Servicer shall maintain adequate records with
        respect to all withdrawals made pursuant to this Section.  All funds
        deposited in the Certificate Account shall be held in trust for the
        Certificateholders until withdrawn in accordance with
        Section 3.08.

       

      (c)  [Reserved].

       

      (d)  The
        Trustee shall establish and maintain, on behalf of the Certificateholders,
        the
        Distribution Account.  The Trustee shall, promptly upon receipt,
        deposit in the Distribution Account and retain in the Distribution Account
        the
        following:

       

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

       

      (ii)           any
        amount deposited by the Master Servicer pursuant to Section 3.05(e) in
        connection with any losses on Permitted Investments; and

       

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

       

      In
        the
        event that the Master Servicer shall remit any amount not required to be
        remitted, it may at any time direct the Trustee to withdraw such amount from
        the
        Distribution Account, any provision in this Agreement to the contrary
        notwithstanding.  Such direction may be accomplished by delivering an
        Officer’s Certificate to the Trustee which describes the amounts deposited in
        error in the Distribution Account.  All funds deposited in the
        Distribution Account shall be held by the Trustee in trust for the
        Certificateholders until disbursed in accordance with this Agreement or
        withdrawn in accordance with Section 3.08.  In no event shall the
        Trustee incur liability for withdrawals from the Distribution Account at
        the
        direction of the Master Servicer.

       

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

       

       

      
        
          
          

        

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

       

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

       

      If
        any
        funds remain in the Pre-Funding Account at the end of the Funding Period,
        to the
        extent that they represent earnings on the amounts originally deposited into
        the
        Pre-Funding Account, the Trustee shall distribute them to the order of the
        Depositor.

       

      (h)           If
        applicable, the Trustee shall establish and maintain, on behalf of the
        Certificateholders, the Capitalized Interest Account.  On the Closing
        Date, Countrywide shall remit the aggregate Capitalized Interest Requirement
        to
        the Trustee for deposit in the Capitalized Interest Account. On each
        Distribution Account Deposit Date related to a Funding Period Distribution
        Date,
        upon satisfaction of the conditions for such Supplemental Transfer Date set
        forth in Section 2.01(e), with respect to the related Supplemental Transfer
        Agreement, the Trustee shall transfer from the Capitalized Interest Account
        to
        the Distribution Account an amount equal to the Capitalized Interest Requirement
        (which, to the extent required, may include investment earnings on amounts
        on
        deposit therein) with respect to the amount remaining in the Pre-Funding
        Account
        for the related Distribution Date as identified by Countrywide in the
        Supplemental Transfer Agreement.

       

       

      
        
          
          

        

        
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      (i)  If
        any funds remain in the Capitalized Interest Account at the end of the Funding
        Period, the Trustee shall make the transfer described in the preceding paragraph
        if necessary for the remaining Funding Period Distribution Date and the Trustee
        shall distribute any remaining funds in the Capitalized Interest Account
        to the
        order of the Depositor.

       

      On
        each
        Distribution Date, the Trustee shall deposit into the Carryover Shortfall
        Reserve Fund all amounts otherwise distributable to the Class X-P IO-1 and
        Class
        X-P IO-2 Components on such Distribution Date.

       

      The
        Trustee shall make withdrawals from the Carryover Shortfall Reserve Fund
        to make
        distributions pursuant to Section 4.02(a)(4).  Upon the earlier of (i)
        the retirement of the LIBOR Certificates and (ii) the termination of the
        Trust
        Fund in accordance with Section 9.01, the Trustee shall distribute to the
        Depositor all monies remaining on deposit in the Carryover Shortfall Reserve
        Fund after making the distributions specified in Section
        4.02(a)(4).

       

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

       

      (a)  To
        the extent required by the related Mortgage Note and not violative of current
        law, the Master Servicer shall establish and maintain one or more accounts
        (each, an “Escrow Account”) and deposit and retain therein all collections from
        the Mortgagors (or advances by the Master Servicer) for the payment of taxes,
        assessments, hazard insurance premiums or comparable items for the account
        of
        the Mortgagors.  Nothing in this Agreement shall require the Master
        Servicer to compel a Mortgagor to establish an Escrow Account in violation
        of
        applicable law.

       

      (b)  Withdrawals
        of amounts so collected from the Escrow Accounts may be made only to effect
        timely payment of taxes, assessments, hazard insurance premiums, condominium
        or
        PUD association dues, or comparable items, to reimburse the Master Servicer
        out
        of related collections for any payments made pursuant to Sections 3.01
        (with respect to taxes and assessments and insurance premiums) and 3.09 (with
        respect to hazard insurance), to refund to any Mortgagors any sums determined
        to
        be overages, to pay interest, if required by law or the terms of the related
        Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow Account
        or to
        clear and terminate the Escrow Account at the termination of this Agreement
        in
        accordance with Section 9.01.  The Escrow Accounts shall not be a
        part of the Trust Fund.

       

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

       

       

      
        
          
          

        

        
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      SECTION
        3.07.     Access to Certain
        Documentation and Information Regarding the Mortgage Loans.

       

      The
        Master Servicer shall afford each Seller, the Depositor and the Trustee
        reasonable access to all records and documentation regarding the Mortgage
        Loans
        and all accounts, insurance information and other matters relating to this
        Agreement, such access being afforded without charge, but only upon reasonable
        request and during normal business hours at the office designated by the
        Master
        Servicer.

       

      Upon
        reasonable advance notice in writing, the Master Servicer will provide to
        each
        Certificateholder and/or Certificate Owner 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 and/or Certificate Owner to comply with applicable
        regulations of the OTS or other regulatory authorities with respect to
        investment in the Certificates; provided that the Master Servicer shall be
        entitled to be reimbursed by each such Certificateholder and/or Certificate
        Owner for actual expenses incurred by the Master Servicer in providing such
        reports and access.

       

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

       

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

       

      (i)           to
        pay to the Master Servicer (to the extent not previously retained by the
        Master
        Servicer) the servicing compensation to which it is entitled pursuant to
        Section 3.14 and to pay to the Master Servicer, as additional servicing
        compensation, earnings on or investment income with respect to funds in or
        credited to the Certificate Account;

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

      (ix)           on
        or prior to the Distribution Account Deposit Date, to withdraw an amount
        equal
        to the related Available Funds, the Prepayment Charges, the Master Servicer
        Prepayment Charge Amount, and the Trustee Fee for such Distribution Date
        and
        remit such amount to the Trustee for deposit in the Distribution
        Account;  and

       

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

       

      The
        Master Servicer shall keep and maintain separate accounting, on a Mortgage
        Loan
        by Mortgage Loan basis, for the purpose of justifying any withdrawal from
        the
        Certificate Account pursuant to such subclauses (i), (ii), (iv), (v) and
        (vi).  Prior to making any withdrawal from the Certificate Account
        pursuant to subclause (iii), the Master Servicer shall deliver to the
        Trustee an Officer’s Certificate of a Servicing Officer indicating the amount of
        any previous Advance determined by the Master Servicer to be a Nonrecoverable
        Advance and identifying the related Mortgage Loans(s), and their respective
        portions of such Nonrecoverable Advance.

       

      (b)  The
        Trustee shall withdraw funds from the Distribution Account for distributions
        to
        Certificateholders in the manner specified in this Agreement (and to withhold
        from the amounts so withdrawn, the amount of any taxes that it is authorized
        to
        withhold pursuant to the third paragraph of Section 8.11).  In
        addition, the Trustee may from time to time make withdrawals from the
        Distribution Account for the following purposes:

       

      (i)           to
        pay to itself the Trustee Fee for the related Distribution Date;

       

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

       

      (iii)           to
        withdraw and return to the Master Servicer any amount deposited in the
        Distribution Account and not required to be deposited therein;

       

      (iv)           to
        reimburse the Trustee for any unreimbursed Advances made by it pursuant to
        Section 4.01(b) hereof, such right of reimbursement pursuant to this subclause
        (iv) being limited to (x) amounts received on the related Mortgage Loan(s)
        in
        respect of which any such Advance was made and (y) amounts not otherwise
        reimbursed to the Trustee pursuant to Section 3.08(a)(ii) hereof;

       

      (v)           to
        reimburse the Trustee for any Nonrecoverable Advance previously made by the
        Trustee pursuant to Section 4.01(b) hereof, such right of reimbursement pursuant
        to this subclause (v) being limited to amounts not otherwise reimbursed to
        the
        Trustee pursuant to Section 3.08(a)(iii) hereof; and

       

       

      
        
          
          

        

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

       

      (c)  The
        Trustee shall withdraw funds from the Carryover Shortfall Reserve Fund for
        distribution to the LIBOR Certificates and the Class X-P Certificates in
        the
        manner specified in Section 4.02(a)(4) (and to withhold from the amounts
        so
        withdrawn the amount of any taxes that it is authorized to retain pursuant
        to
        the third paragraph of Section 8.11).  In addition, the Trustee may
        from time to time make withdrawals from the Carryover Shortfall Reserve Fund
        for
        the following purposes:

       

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

       

      (ii)           to
        clear and terminate the Carryover Shortfall Reserve Fund upon the retirement
        of
        the LIBOR Certificates and the Class X-P Certificates pursuant to Section
        9.01.

       

      (d)   [Reserved].

       

      SECTION
        3.09.     Maintenance of
        Hazard Insurance; Maintenance of Primary Insurance Policies.

       

      (a)  The
        Master Servicer shall cause to be maintained, for each Mortgage Loan, hazard
        insurance with extended coverage in an amount that is at least equal to the
        lesser of (i) the maximum insurable value of the improvements securing such
        Mortgage Loan or (ii) the greater of (y) the outstanding principal
        balance of the Mortgage Loan, including any Deferred Interest, and (z) an
        amount such that the proceeds of such policy shall be sufficient to prevent
        the
        Mortgagor and/or the mortgagee from becoming a co-insurer.  Each such
        policy of standard hazard insurance shall contain, or have an accompanying
        endorsement that contains, a standard mortgagee clause.  Any amounts
        collected by the Master Servicer under any such policies (other than the
        amounts
        to be applied to the restoration or repair of the related Mortgaged Property
        or
        amounts released to the Mortgagor in accordance with the Master Servicer’s
        normal servicing procedures) shall be deposited in the Certificate
        Account.  Any cost incurred by the Master Servicer in maintaining any
        such insurance shall not, for the purpose of calculating monthly distributions
        to the Certificateholders or remittances to the Trustee for their benefit,
        be
        added to the principal balance of the Mortgage Loan, notwithstanding that
        the
        terms of the Mortgage Loan so permit.  Such costs shall be recoverable
        by the Master Servicer out of late payments by the related Mortgagor or out
        of
        the proceeds of liquidation of the Mortgage Loan or Subsequent Recoveries
        to the
        extent permitted by Section 3.08.  It is understood and agreed
        that no earthquake or other additional insurance is to be required of any
        Mortgagor or maintained on property acquired in respect of a Mortgage other
        than
        pursuant to such applicable laws and regulations as shall at any time be
        in
        force and as shall require such additional insurance.  If the
        Mortgaged Property is located at the time of origination of the Mortgage
        Loan in
        a federally designated special flood hazard area and such area is participating
        in the national flood insurance program, the Master Servicer shall cause
        flood
        insurance to be maintained with respect to such Mortgage Loan.  Such
        flood insurance shall be in an amount equal to the least of (i) the
        outstanding principal balance of the related Mortgage Loan, (ii) the
        replacement value of the improvements which are part of such Mortgaged Property,
        and (iii) the maximum amount of such insurance available for the related
        Mortgaged Property under the national flood insurance program.

       

       

      
        
          
          

        

        
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      (b)  The
        Master Servicer shall not take any action which would result in non-coverage
        under any applicable Primary Insurance Policy of any loss which, but for
        the
        actions of the Master Servicer, would have been covered
        thereunder.  The Master Servicer shall not cancel or refuse to renew
        any such Primary Insurance Policy that is in effect at the date of the initial
        issuance of the Certificates and is required to be kept in force hereunder
        unless the replacement Primary Insurance Policy for such canceled or non-renewed
        policy is maintained with a Qualified Insurer.

       

      Except
        with respect to any Lender PMI Mortgage Loans, the Master Servicer shall
        not be
        required to maintain any Primary Insurance Policy (i) with respect to any
        Mortgage Loan with a Loan-to-Value Ratio less than or equal to 80% as of
        any
        date of determination or, based on a new appraisal, the principal balance
        of
        such Mortgage Loan represents 80% or less of the new appraised value or
        (ii) if maintaining such Primary Insurance Policy is prohibited by
        applicable law.  With respect to the Lender PMI Mortgage Loans, the
        Master Servicer shall maintain the Primary Insurance Policy for the life
        of such
        Mortgage Loans, unless otherwise provided for in the related Mortgage Note
        or
        prohibited by law.

       

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

       

      (c)  In
        connection with its activities as Master Servicer of the Mortgage Loans,
        the
        Master Servicer agrees to present on behalf of itself, the Trustee and
        Certificateholders, claims to the insurer under any Primary Insurance Policies
        and, in this regard, to take such reasonable action as shall be necessary
        to
        permit recovery under any Primary Insurance Policies respecting defaulted
        Mortgage Loans.  Any amounts collected by the Master Servicer under
        any Primary Insurance Policies shall be deposited in the Certificate
        Account.

       

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

       

      (a)  Except
        as otherwise provided in this Section, when any property subject to a Mortgage
        has been conveyed by the Mortgagor, the Master Servicer shall to the extent
        that
        it has knowledge of such conveyance, enforce any due-on-sale clause contained
        in
        any Mortgage Note or Mortgage, to the extent permitted under applicable law
        and
        governmental regulations, but only to the extent that such enforcement will
        not
        adversely affect or jeopardize coverage under any Required Insurance
        Policy.  Notwithstanding the foregoing, the Master Servicer is not
        required to exercise such rights with respect to a Mortgage Loan if the Person
        to whom the related Mortgaged Property has been conveyed or is proposed to
        be
        conveyed satisfies the terms and conditions contained in the Mortgage Note
        and
        Mortgage related thereto and the consent of the mortgagee under such Mortgage
        Note or Mortgage is not otherwise so required under such Mortgage Note or
        Mortgage as a condition to such transfer.  In the event that the
        Master Servicer is prohibited by law from enforcing any such due-on-sale
        clause,
        or if coverage under any Required Insurance Policy would be adversely affected,
        or if nonenforcement is otherwise permitted hereunder, the Master Servicer
        is
        authorized, subject to Section 3.10(b), to take or enter into an assumption
        and modification agreement from or with the person to whom such property
        has
        been or is about to be conveyed, pursuant to which such person becomes liable
        under the Mortgage Note and, unless prohibited by applicable state law, the
        Mortgagor remains liable thereon, provided that the Mortgage Loan shall continue
        to be covered (if so covered before the Master Servicer enters such agreement)
        by the applicable Required Insurance Policies.  The Master Servicer,
        subject to Section 3.10(b), is also authorized with the prior approval of
        the insurers under any Required Insurance Policies to enter into a substitution
        of liability agreement with such Person, pursuant to which the original
        Mortgagor is released from liability and such Person is substituted as Mortgagor
        and becomes liable under the Mortgage Note.  Notwithstanding the
        foregoing, the Master Servicer shall not be deemed to be in default under
        this
        Section by reason of any transfer or assumption which the Master Servicer
        reasonably believes it is restricted by law from preventing, for any reason
        whatsoever.

       

       

      
        
          
          

        

        
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      (b)  Subject
        to the Master Servicer’s duty to enforce any due-on-sale clause to the extent
        set forth in Section 3.10(a), in any case in which a Mortgaged Property has
        been conveyed to a Person by a Mortgagor, and such Person is to enter into
        an
        assumption agreement or modification agreement or supplement to the Mortgage
        Note or Mortgage that requires the signature of the Trustee, or if an instrument
        of release signed by the Trustee is required releasing the Mortgagor from
        liability on the Mortgage Loan, the Master Servicer shall prepare and deliver
        or
        cause to be prepared and delivered to the Trustee for signature and shall
        direct, in writing, the Trustee to execute the assumption agreement with
        the
        Person to whom the Mortgaged Property is to be conveyed and such modification
        agreement or supplement to the Mortgage Note or Mortgage or other instruments
        as
        are reasonable or necessary to carry out the terms of the Mortgage Note or
        Mortgage or otherwise to comply with any applicable laws regarding assumptions
        or the transfer of the Mortgaged Property to such Person.  In
        connection with any such assumption, no material term of the Mortgage Note
        may
        be changed.  In addition, the substitute Mortgagor and the Mortgaged
        Property must be acceptable to the Master Servicer in accordance with its
        underwriting standards as then in effect.  Together with each such
        substitution, assumption or other agreement or instrument delivered to the
        Trustee for execution by it, the Master Servicer shall deliver an Officer’s
        Certificate signed by a Servicing Officer stating that the requirements of
        this
        subsection have been met in connection therewith.  The Master Servicer
        shall notify the Trustee that any such substitution or assumption agreement
        has
        been completed by forwarding to the Trustee the original of such substitution
        or
        assumption agreement, which in the case of the original shall be added to
        the
        related Mortgage File and shall, for all purposes, be considered a part of
        such
        Mortgage File to the same extent as all other documents and instruments
        constituting a part thereof.  Any fee collected by the Master Servicer
        for entering into an assumption or substitution of liability agreement will
        be
        retained by the Master Servicer as additional servicing
        compensation.

       

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

       

      (a)  The
        Master Servicer shall use reasonable efforts to foreclose upon or otherwise
        comparably convert the ownership of properties securing such of the Mortgage
        Loans as come into and continue in default and as to which no satisfactory
        arrangements can be made for collection of delinquent payments.  In
        connection with such foreclosure or other conversion, the Master Servicer
        shall
        follow such practices and procedures as it shall deem necessary or advisable
        and
        as shall be normal and usual in its general mortgage servicing activities
        and
        meet the requirements of the insurer under any Required Insurance Policy;
        provided, however, that the Master Servicer shall not be required
        to expend its own funds in connection with any foreclosure or towards the
        restoration of any property unless it shall determine (i) that such
        restoration and/or foreclosure will increase the proceeds of liquidation
        of the
        Mortgage Loan after reimbursement to itself of such expenses and (ii) that
        such expenses will be recoverable to it through the proceeds of liquidation
        of
        the Mortgage Loan and Subsequent Recoveries (respecting which it shall have
        priority for purposes of withdrawals from the Certificate
        Account).  The Master Servicer shall be responsible for all other
        costs and expenses incurred by it in any such proceedings; provided,
however, that it shall be entitled to reimbursement of such costs
        and
        expenses from the proceeds of liquidation of the Mortgage Loan and Subsequent
        Recoveries with respect to the related Mortgaged Property, as provided in
        the
        definition of Liquidation Proceeds.  If the Master Servicer has
        knowledge that a Mortgaged Property which the Master Servicer is contemplating
        acquiring in foreclosure or by deed in lieu of foreclosure is located within
        a
        one-mile radius of any site listed in the Expenditure Plan for the Hazardous
        Substance Clean Up Bond Act of 1984 or other site with environmental or
        hazardous waste risks known to the Master Servicer, the Master Servicer will,
        prior to acquiring the Mortgaged Property, consider such risks and only take
        action in accordance with its established environmental review
        procedures.

       

       

      
        
          
          

        

        
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      With
        respect to any REO Property, the deed or certificate of sale shall be taken
        in
        the name of the Trustee for the benefit of the Certificateholders, or its
        nominee, on behalf of the Certificateholders.  The Trustee’s name
        shall be placed on the title to such REO Property solely as the Trustee
        hereunder and not in its individual capacity.  The Master Servicer
        shall ensure that the title to such REO Property references the Pooling and
        Servicing Agreement and the Trustee’s capacity thereunder.  The Master
        Servicer shall allow any REO Property that was subject to a lease at the
        time of
        acquisition through foreclosure or deed-in-lieu of foreclosure to continue
        to be
        rented pursuant to such lease, but upon the expiration of such lease, the
        Master
        Servicer shall not take any action to rent the related REO
        Property.  Pursuant to its efforts to sell such REO Property, the
        Master Servicer shall either itself or through an agent selected by the Master
        Servicer protect and conserve such REO Property in the same manner and to
        such
        extent as is customary in the locality where such REO Property is
        located.  The Master Servicer shall prepare for and deliver to the
        Trustee a statement with respect to each REO Property that has been rented
        showing the aggregate rental income received and all expenses incurred in
        connection with the maintenance of such REO Property at such times as is
        necessary to enable the Trustee to comply with the reporting requirements
        of the
        REMIC Provisions.  Any net monthly income from such REO Property shall
        be deposited in the Certificate Account no later than the close of business
        on
        each Determination Date.  The Master Servicer shall perform the tax
        reporting and withholding required by Sections 1445 and 6050J of the Code
        with
        respect to foreclosures and abandonments, the tax reporting required by Section
        6050H of the Code with respect to the receipt of mortgage interest from
        individuals and any tax reporting required by Section 6050P of the Code with
        respect to the cancellation of indebtedness by certain financial entities,
        by
        preparing such tax and information returns as may be required, in the form
        required, and delivering the same to the Trustee for filing.

       

       

      
        
          
          

        

        
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      In
        the
        event that the Trust Fund acquires any Mortgaged Property as aforesaid or
        otherwise in connection with a default or imminent default on a Mortgage
        Loan,
        the Master Servicer shall dispose of such Mortgaged Property as soon as
        practicable in a manner that maximizes the Liquidation Proceeds thereof,
        but in
        no event later than three years after its acquisition by the Trust
        Fund.  In the event that the Trustee shall have been supplied with an
        Opinion of Counsel to the effect that the holding by the Trust Fund of such
        Mortgaged Property subsequent to a three-year period, if applicable, will
        not
        result in the imposition of taxes on “prohibited transactions” of any REMIC
        hereunder as defined in section 860F of the Code or cause any REMIC
        hereunder to fail to qualify as a REMIC at any time that any Certificates
        are
        outstanding, then the Trust Fund may continue to hold such Mortgaged Property
        (subject to any conditions contained in such Opinion of Counsel) after the
        expiration of such three-year period.  Notwithstanding any other
        provision of this Agreement, no Mortgaged Property acquired by the Trust
        Fund
        shall be allowed to continue to be rented or otherwise used for the production
        of income by or on behalf of the Trust Fund in such a manner or pursuant
        to any
        terms that would (i) cause such Mortgaged Property to fail to qualify as
“foreclosure property” within the meaning of section 860G(a)(8) of the Code
        or (ii) subject any REMIC hereunder to the imposition of any federal, state
        or local income taxes on the income earned from such Mortgaged Property under
        section 860G(c) of the Code or otherwise, unless the Master Servicer has
        agreed to indemnify and hold harmless the Trust Fund with respect to the
        imposition of any such taxes.

       

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

       

      The
        decision of the Master Servicer to foreclose on a defaulted Mortgage Loan
        shall
        be subject to a determination by the Master Servicer that the proceeds of
        such
        foreclosure would exceed the costs and expenses of bringing such a
        proceeding.  The income earned from the rental of any REO Properties,
        net of reimbursement to the Master Servicer for expenses incurred (including
        any
        property or other taxes) in connection with such management and net of
        unreimbursed Master Servicing Fees, Advances and Servicing Advances, shall
        be
        applied to the payment of principal of and interest on the related defaulted
        Mortgage Loans (with interest accruing as though such Mortgage Loans were
        still
        current) and all such income shall be deemed, for all purposes in this
        Agreement, to be payments on account of principal and interest on the related
        Mortgage Notes and shall be deposited into the Certificate
        Account.  To the extent the net income received during any calendar
        month is in excess of the amount attributable to amortizing principal and
        accrued interest at the related Mortgage Rate on the related Mortgage Loan
        for
        such calendar month, such excess shall be considered to be a partial prepayment
        of principal of the related Mortgage Loan.

       

       

      
        
          
          

        

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

       

      The
        Master Servicer, in its sole discretion, shall have the right to purchase
        for
        its own account from the Trust Fund any Mortgage Loan that is 151 days or
        more
        delinquent, at a price equal to the Purchase Price; provided, however, that
        the
        Master Servicer may only exercise this right on or before the next to the
        last
        day of the calendar month in which such Mortgage Loan became 151 days delinquent
        (such month, the “Eligible Repurchase Month”); provided
        further, that any such Mortgage Loan that becomes current but thereafter
        becomes
        delinquent may be purchased by the Master Servicer pursuant to this Section
        in
        any ensuing Eligible Repurchase Month.  The Master Servicer, in its
        sole discretion, shall also have the right to purchase for its own account
        from
        the Trust Fund at a price equal to the Purchase Price any Eligible EPD Protected
        Mortgage Loan.  The Master Servicer’s right to purchase any such
        Eligible EPD Protected Mortgage Loan shall expire on the 270th day following
        the
        date on which the related Mortgage Loan became an Eligible EPD Protected
        Mortgage Loan. The Purchase Price for any Mortgage Loan purchased under this
        Section 3.11 shall be deposited in the Certificate Account and the Trustee,
        upon
        receipt of a certificate from the Master Servicer in the form of Exhibit N
        to this Agreement, shall release or cause to be released to the purchaser
        of
        such Mortgage Loan the related Mortgage File and shall execute and deliver
        such
        instruments of transfer or assignment prepared by the purchaser of such Mortgage
        Loan, in each case without recourse, as shall be necessary to vest in the
        purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto
        and
        the purchaser of such Mortgage Loan shall succeed to all the Trustee’s right,
        title and interest in and to such Mortgage Loan and all security and documents
        related thereto.  Such assignment shall be an assignment outright and
        not for security.  The purchaser of such Mortgage Loan shall thereupon
        own such Mortgage Loan, and all security and documents, free of any further
        obligation to the Trustee or the Certificateholders with respect
        thereto.

       

      (b)  Countrywide
        is permitted to solicit Mortgagors for reductions to the Mortgage Rates of
        their
        respective Mortgage Loans so long as the Mortgagors are not selected for
        solicitation based on the inclusion of the related Mortgage Loans in the
        Trust
        Fund.  If a Mortgagor requests a reduction to the Mortgage Rate for
        the related Mortgage Loan, the Master Servicer shall agree to a reduction
        in the
        Mortgage Rate of that Mortgage Loan (the “Modified Mortgage
        Loan”) if (i) no monetary default exists with respect to such Mortgage
        Loan and (ii) Countrywide, in its corporate capacity, agrees to purchase
        the
        Modified Mortgage Loan from the Trust Fund immediately following the
        modification as described below.  Effective immediately after the
        modification, and, in any event, on the same Business Day on which the
        modification occurs, all interest of the Trustee in the Modified Mortgage
        Loan
        shall automatically be deemed transferred and assigned to Countrywide and
        all
        benefits and burdens of ownership thereof, including the right to accrued
        interest thereon from the date of modification and the risk of default thereon,
        shall pass to Countrywide.  The Master Servicer shall promptly deliver
        to the Trustee a certification of a Servicing Officer to the effect that
        all
        requirements of this paragraph have been satisfied with respect to the Modified
        Mortgage Loan.  For federal income tax purposes, the Trustee shall
        account for such purchase as a prepayment in full of the Modified Mortgage
        Loan.

       

       

      
        
          
          

        

        
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      Countrywide
        shall remit the Purchase Price for any Modified Mortgage Loan to the Master
        Servicer for deposit into the Certificate Account pursuant to Section 3.05
        within one Business Day after the purchase of the Modified Mortgage
        Loan.  Upon receipt by the Trustee of written notification of any such
        deposit signed by a Servicing Officer, the Trustee shall release to Countrywide
        the related Mortgage File and shall execute and deliver such instruments
        of
        transfer or assignment, in each case without recourse, as shall be necessary
        to
        vest in Countrywide any Modified Mortgage Loan previously transferred and
        assigned pursuant hereto.  Countrywide covenants and agrees to
        indemnify the Trust Fund against any liability for any “prohibited transaction”
taxes and any related interest, additions, and penalties imposed on the Trust
        Fund established hereunder as a result of any modification of a Mortgage
        Loan
        effected pursuant to this subsection (b), any holding of a Modified Mortgage
        Loan by the Trust Fund or any purchase of a Modified Mortgage Loan by
        Countrywide (but such obligation shall not prevent Countrywide or any other
        appropriate Person from in good faith contesting any such tax in appropriate
        proceedings and shall not prevent Countrywide from withholding payment of
        such
        tax, if permitted by law, pending the outcome of such
        proceedings).  Countrywide shall have no right of reimbursement for
        any amount paid pursuant to the foregoing indemnification, except to the
        extent
        that the amount of any tax, interest, and penalties, together with interest
        thereon, is refunded to the Trust Fund or Countrywide.  Nothing in
        this Section 3.11(b) restricts the ability of the Master Servicer to modify
        a
        Mortgage Loan in a manner that is consistent with the servicing standard
        set
        forth in Section 3.01; provided, however, that Countrywide shall have no
        obligation to purchase any such modified Mortgage Loan.

       

      SECTION
        3.12.     Trustee to
        Cooperate; Release of Mortgage Files.

       

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Master Servicer
        of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Master Servicer will immediately notify the Trustee by
        delivering, or causing to be delivered a “Request for Release” substantially in
        the form of Exhibit N of this Agreement.  Upon receipt of such
        request, the Trustee shall promptly release the related Mortgage File to
        the
        Master Servicer, and the Trustee shall at the Master Servicer’s direction
        execute and deliver to the Master Servicer the request for reconveyance,
        deed of
        reconveyance or release or satisfaction of mortgage or such instrument releasing
        the lien of the Mortgage in each case provided by the Master Servicer, together
        with the Mortgage Note with written evidence of cancellation on the Mortgage
        Note.  The Master Servicer is authorized to cause the removal from the
        registration on the MERS® System of such Mortgage and to execute and deliver, on
        behalf of the Trustee and the Certificateholders or any of them, any and
        all
        instruments of satisfaction or cancellation or of partial or full
        release.  Expenses incurred in connection with any instrument of
        satisfaction or deed of reconveyance shall be chargeable to the related
        Mortgagor.  From time to time and as shall be appropriate for the
        servicing or foreclosure of any Mortgage Loan, including for such purpose,
        collection under any policy of flood insurance, any fidelity bond or errors
        or
        omissions policy, or for the purposes of effecting a partial release of any
        Mortgaged Property from the lien of the Mortgage or the making of any
        corrections to the Mortgage Note or the Mortgage or any of the other documents
        included in the Mortgage File, the Trustee shall, upon delivery to the Trustee
        of a Request for Release in the form of Exhibit M signed by a Servicing
        Officer, release the Mortgage File to the Master Servicer.  Subject to
        the further limitations set forth below, the Master Servicer shall cause
        the
        Mortgage File or documents so released to be returned to the Trustee when
        the
        need therefor by the Master Servicer no longer exists, unless the Mortgage
        Loan
        is liquidated and the proceeds thereof are deposited in the Certificate Account,
        in which case the Master Servicer shall deliver to the Trustee a Request
        for
        Release in the form of Exhibit N, signed by a Servicing
        Officer.

       

       

      
        
          
          

        

        
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      If
        the
        Master Servicer at any time seeks to initiate a foreclosure proceeding in
        respect of any Mortgaged Property as authorized by this Agreement, the Master
        Servicer shall deliver or cause to be delivered to the Trustee, for signature,
        as appropriate, any court pleadings, requests for trustee’s sale or other
        documents necessary to effectuate such foreclosure or any legal action brought
        to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage
        or
        to obtain a deficiency judgment or to enforce any other remedies or rights
        provided by the Mortgage Note or the Mortgage or otherwise available at law
        or
        in equity.

       

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

       

      Notwithstanding
        any other provisions of this Agreement, the Master Servicer shall transmit
        to
        the Trustee as required by this Agreement all documents and instruments in
        respect of a Mortgage Loan coming into the possession of the Master Servicer
        from time to time and shall account fully to the Trustee for any funds received
        by the Master Servicer or which otherwise are collected by the Master Servicer
        as Liquidation Proceeds, Insurance Proceeds or Subsequent Recoveries in respect
        of any Mortgage Loan.  All Mortgage Files and funds collected or held
        by, or under the control of, the Master Servicer in respect of any Mortgage
        Loans, whether from the collection of principal and interest payments or
        from
        Liquidation Proceeds and any Subsequent Recoveries, including but not limited
        to, any funds on deposit in the Certificate Account, shall be held by the
        Master
        Servicer for and on behalf of the Trustee and shall be and remain the sole
        and
        exclusive property of the Trustee, subject to the applicable provisions of
        this
        Agreement.  The Master Servicer also agrees that it shall not create,
        incur or subject any Mortgage File or any funds that are deposited in the
        Certificate Account, Distribution Account or any Escrow Account, or any funds
        that otherwise are or may become due or payable to the Trustee for the benefit
        of the Certificateholders, to any claim, lien, security interest, judgment,
        levy, writ of attachment or other encumbrance, or assert by legal action
        or
        otherwise any claim or right of setoff against any Mortgage File or any funds
        collected on, or in connection with, a Mortgage Loan, except, however, that
        the
        Master Servicer shall be entitled to set off against and deduct from any
        such
        funds any amounts that are properly due and payable to the Master Servicer
        under
        this Agreement.

       

      SECTION
        3.14.     Servicing
        Compensation.

       

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

       

       

      
        
          
          

        

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

       

      SECTION
        3.15.     Access to Certain
        Documentation.

       

      The
        Master Servicer shall provide to the OTS and the FDIC and to comparable
        regulatory authorities supervising Certificateholders and/or Certificate
        Owners
        and the examiners and supervisory agents of the OTS, the FDIC and such other
        authorities, access to the documentation regarding the Mortgage Loans required
        by applicable regulations of the OTS and the FDIC.  Such access shall
        be afforded without charge, but only upon reasonable and prior written request
        and during normal business hours at the offices designated by the Master
        Servicer.  Nothing in this Section shall limit the obligation of the
        Master Servicer to observe any applicable law prohibiting disclosure of
        information regarding the Mortgagors and the failure of the Master Servicer
        to
        provide access as provided in this Section as a result of such obligation
        shall
        not constitute a breach of this Section.

       

      SECTION
        3.16.     Annual Statement
        as to Compliance.

       

      (a)           The
        Master Servicer shall deliver to the Depositor and the Trustee on or before
        March 15 of each year, commencing with its 2008 fiscal year, an Officer’s
        Certificate stating, as to the signer thereof, that (i) a review of the
        activities of the Master Servicer during the preceding calendar year (or
        applicable portion thereof) and of the performance of the Master Servicer
        under
        this Agreement has been made under such officer’s supervision and (ii) to
        the best of such officer’s knowledge, based on such review, the Master Servicer
        has fulfilled all its obligations under this Agreement in all material respects
        throughout such year (or applicable portion thereof), or, if there has been
        a
        failure to fulfill any such obligation in any material respect, specifying
        each
        such failure known to such officer and the nature and status
        thereof.

       

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

       

       

      
        
          
          

        

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

       

      SECTION
        3.17.     Errors and
        Omissions Insurance; Fidelity Bonds.

       

      The
        Master Servicer shall for so long as it acts as master servicer under this
        Agreement, obtain and maintain in force (a) a policy or policies of
        insurance covering errors and omissions in the performance of its obligations
        as
        Master Servicer hereunder and (b) a fidelity bond in respect of its
        officers, employees and agents.  Each such policy or policies and bond
        shall, together, comply with the requirements from time to time of FNMA or
        FHLMC
        for persons performing servicing for mortgage loans purchased by FNMA or
        FHLMC.  In the event that any such policy or bond ceases to be in
        effect, the Master Servicer shall obtain a comparable replacement policy
        or bond
        from an insurer or issuer, meeting the requirements set forth above as of
        the
        date of such replacement.

       

      SECTION
        3.18.    Notification of
        Adjustments.

       

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

       

      SECTION
        3.19.     [Reserved].

       

      
        	
              	
                SECTION
                  3.20.

              	
                Prepayment
                  Charges.

              

      

       

      (a)  Notwithstanding
        anything in this Agreement to the contrary, in the event of a Principal
        Prepayment in full or in part of a Mortgage Loan, the Master Servicer may
        not
        waive any Prepayment Charge or portion thereof required by the terms of the
        related Mortgage Note unless (i) such Mortgage Loan is in default or the
        Master
        Servicer believes that such a default is imminent and the Master Servicer
        determines that such waiver would maximize recovery of Liquidation Proceeds
        for
        such Mortgage Loan, taking into account the value of such Prepayment Charge,
        or
        (ii) (A) the enforceability thereof is limited (1) by bankruptcy, insolvency,
        moratorium, receivership, or other similar law relating to creditors’ rights
        generally or (2) due to acceleration in connection with a foreclosure or
        other
        involuntary payment, or (B) the enforceability is otherwise limited or
        prohibited by applicable law.  In the event of a Principal Prepayment
        in full or in part with respect to any Mortgage Loan, the Master Servicer
        shall
        deliver to the Trustee an Officer’s Certificate no later than the third Business
        Day following the immediately succeeding Determination Date with a copy to
        the
        Class X-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.

       

       

      
        
          
          

        

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

       

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

       

      (d)  Upon
        discovery by the Master Servicer or a Responsible Officer of the Trustee
        of a
        breach of the foregoing clause (c) that materially and adversely affects
        the
        right of the Holders of the Class X-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 Countrywide or
        receipt of notice by Countrywide of breach, Countrywide shall cure the breach
        in
        all material respects or shall pay to the Master Servicer which shall deposit
        such amount into the Certificate Account the amount of the Prepayment Charge
        that would otherwise be due from the Mortgagor, less any amount representing
        such Prepayment Charge previously collected and paid by the Master Servicer
        into
        the Certificate Account.

       

      
        	
              	
                SECTION
                  3.21.

              	
                [Reserved]

              

      

       

       

      
        
          
          

        

        
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      ARTICLE
        IV

      DISTRIBUTIONS
        AND

      ADVANCES
        BY THE MASTER SERVICER

       

      SECTION
        4.01.    Advances.

       

      (a)  The
        Master Servicer shall determine on or before each Master Servicer Advance
        Date
        whether it is required to make an Advance pursuant to the definition
        thereof.  If the Master Servicer determines it is required to make an
        Advance, it shall, on or before the Master Servicer Advance Date, either
        (i) deposit into the Certificate Account an amount equal to the Advance or
        (ii) make an appropriate entry in its records relating to the Certificate
        Account that any Amount Held for Future Distribution has been used by the
        Master
        Servicer in discharge of its obligation to make any such Advance.  Any
        funds so applied shall be replaced by the Master Servicer by deposit in the
        Certificate Account no later than the close of business on the next Master
        Servicer Advance Date.  The Master Servicer shall be entitled to be
        reimbursed from the Certificate Account for all Advances of its own funds
        made
        pursuant to this Section as provided in Section 3.08.  The
        obligation to make Advances with respect to any Mortgage Loan shall continue
        if
        such Mortgage Loan has been foreclosed or otherwise terminated and the related
        Mortgaged Property has not been liquidated.

       

      (b)  If
        the Master Servicer determines that it will be unable to comply with its
        obligation to make the Advances as and when described in the second sentence
        of
        Section 4.01(a), the Master Servicer shall use its best efforts to give written
        notice thereof to the Trustee (each such notice a “Trustee Advance
        Notice”; and such notice may be given by telecopy), not later than 3:00
        P.M., New York time, on the Business Day immediately preceding the related
        Master Servicer Advance Date, specifying the amount that will not be deposited
        by the Master Servicer (each such amount an “Advance
        Deficiency”) and certifying that such Advance Deficiency constitutes an
        Advance hereunder and is not a Nonrecoverable Advance.  If the Trustee
        receives a Trustee Advance Notice on or before 3:30 P.M., New York time on
        a
        Master Servicer Advance Date, the Trustee shall, not later than 3:00 P.M.,
        New
        York time, on the related Distribution Date, deposit in the Distribution
        Account
        an amount equal to the Advance Deficiency identified in such Trustee Advance
        Notice unless it is prohibited from so doing by applicable
        law.  Notwithstanding the foregoing, the Trustee shall not be required
        to make such deposit if the Trustee shall have received written notification
        from the Master Servicer that the Master Servicer has deposited or caused
        to be
        deposited in the Certificate Account an amount equal to such Advance
        Deficiency.  All Advances made by the Trustee pursuant to this Section
        4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance
        Rate from and including the date such Advances are made to but excluding
        the
        date of repayment, with such interest being an obligation of the Master Servicer
        and not the Trust Fund.  The Master Servicer shall reimburse the
        Trustee for the amount of any Advance made by the Trustee pursuant to this
        Section 4.01(b) together with accrued interest, not later than the fifth
        day
        following the related Master Servicer Advance Date.  In the event that
        the Master Servicer does not reimburse the Trustee in accordance with the
        requirements of the preceding sentence, the Trustee shall have the right,
        but
        not the obligation, to immediately (a) terminate all of the rights and
        obligations of the Master Servicer under this Agreement in accordance with
        Section 7.01 and (b) subject to the limitations set forth in Section 3.04,
        assume all of the rights and obligations of the Master Servicer
        hereunder.

       

       

      
        
          
          

        

        
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      (c)  The
        Master Servicer shall, not later than the close of business on the second
        Business Day immediately preceding each Distribution Date, deliver to the
        Trustee a report (in form and substance reasonably satisfactory to the Trustee)
        that indicates (i) the Mortgage Loans with respect to which the Master Servicer
        has determined that the related Scheduled Payments should be advanced and
        (ii)
        the amount of the related Scheduled Payments.  The Master Servicer
        shall deliver to the Trustee on the related Master Servicer Advance Date
        an
        Officer’s Certificate of a Servicing Officer indicating the amount of any
        proposed Advance determined by the Master Servicer to be a Nonrecoverable
        Advance.

       

      SECTION
        4.02.    Priorities of
        Distribution.

       

      (a)  (1)
        On each Distribution Date, the Trustee shall withdraw the Available Funds
        from
        the Distribution Account and apply such funds to distributions on the specified
        Classes and Components of Certificates in the following order, in each case,
        to
        the extent of such funds remaining:

       

      (i)           [Reserved];

       

      (ii)           concurrently,
        to each interest-bearing Class and Component of Senior Certificates (including
        the Class X-P IO-1 and Class X-P IO-2 Components), an amount allocable to
        interest equal to the Class Optimal Interest Distribution Amount for such
        Distribution Date, any shortfall being allocated among such Classes and
        Components in proportion to the amount of the Class Optimal Interest
        Distribution Amount that would have been distributed in the absence of such
        shortfall; provided, however, that the amount of interest otherwise
        distributable to the Class X-P IO-1 and Class X-P IO-2 Components shall be
        deposited into the Carryover Shortfall Reserve Fund and shall be distributed
        in
        accordance with Section 4.02(a)(4);

       

      (iii)           [Reserved];

       

      (iv)           to
        each Class of Senior Certificates and the Class X-P PO-1 and Class X-P PO-2
        Components, concurrently as follows:

       

      (x)  [Reserved];
        and

       

      (y)
        the
        Principal Amount, up to the amount of the Senior Principal Distribution Amount
        for such Distribution Date will be distributed, sequentially as
        follows:

       

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

       

      (B)           concurrently,
        to the Class A-1, Class A-2 and Class A-3 Certificates and each PO Component,
        pro rata, until their respective Class Certificate Balances or Component
        Principal Balances, as applicable, are reduced to zero.

       

      (2)           [Reserved].

       

       

      
        
          
          

        

        
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      (3)           On
        each Distribution Date, Available Funds remaining after making the distributions
        described in Section 4.02(a)(1) above, shall be distributed to the Subordinated
        Certificates and the Class A-R Certificates in the following order, in each
        case, to the extent of such funds remaining:

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      (4)           On
        each Distribution Date, any amounts deposited in the Carryover Shortfall
        Reserve
        Fund shall be distributed by the Trustee as follows:

       

      (i)
        [Reserved].

       

      (ii)
        from
        amounts otherwise distributable to the Class X-P IO-1 Component on such
        Distribution Date, sequentially, as follows:

       

      (A)           concurrently,
        to the Classes of LIBOR Certificates that are Senior Certificates, pro rata,
        based on their respective Class Certificate Balances, in an amount up to
        such
        Class’ Carryover Shortfall Amounts remaining unpaid for such Distribution
        Date;

       

      (B)           concurrently,
        to the Classes of LIBOR Certificates that are Senior Certificates, pro rata,
        based on their respective Carryover Shortfall Amounts for such Distribution
        Date
        not paid pursuant to clause (A) above, in an amount up to such Class’ Carryover
        Shortfall Amounts remaining unpaid for such Distribution Date; and

       

      (C)           to
        the Class X-P Certificates;

       

      (iii)
        from amounts otherwise distributable to the Class X-P IO-2 Component on such
        Distribution Date, sequentially, as follows:

       

      (A)           concurrently,
        to the Classes of Subordinated Certificates, pro rata, based on their respective
        Class Certificate Balances, in an amount up to such Class’ Carryover Shortfall
        Amounts remaining unpaid for such Distribution Date;

       

      (B)           concurrently,
        to the Classes of Subordinated Certificates, pro rata, based on their respective
        Carryover Shortfall Amounts for such Distribution Date not paid pursuant
        to
        clause (A) above, in an amount up to such Class’ Carryover Shortfall Amounts
        remaining unpaid for such Distribution Date; and

       

       

      
        
          
          

        

        
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      (C)           to
        the Class X-P Certificates.

       

      (5)           On
        each Distribution Date, all amounts representing Prepayment Charges received
        during the related Prepayment Period with respect to the Mortgage Loans
        (including all related Master Servicer Prepayment Charge Amounts deposited
        pursuant to Section 3.20) will be distributed to the Holders of the Class
        X-P
        Certificates.

       

      (b)  [Reserved]

       

      (c)  [Reserved]

       

      (d)  On
        each Distribution Date, the amount referred to in clause (i) of the definition
        of Class Optimal Interest Distribution Amount for each Class of Certificates
        or
        Component thereof for such Distribution Date shall be reduced for each Class
        of
        Certificates or Component thereof by the Class’ Allocable Share of (A) the Net
        Prepayment Interest Shortfalls, (B) with respect to each Mortgage Loan that
        became subject to a Debt Service Reduction during the calendar month preceding
        the month of such Distribution Date, the interest portion of the related
        Debt
        Service Reduction and (C) each Relief Act Reduction for the Mortgage Loans
        incurred during the calendar month preceding the month of such Distribution
        Date.

       

      (e)  Notwithstanding
        the priority and allocation contained in Section 4.02(a)(3), if, on any
        Distribution Date, with respect to any Class of Subordinated Certificates
        (other
        than the Class of Subordinated Certificates then outstanding with the highest
        priority of distribution), the sum of the related Class Subordination
        Percentages of such Class and of all Classes of Subordinated Certificates
        which
        have a lower distribution priority than such Class (the “Applicable
        Credit Support Percentage”) is less than the Original Applicable Credit
        Support Percentage for such Class, no distribution of Net Prepayments will
        be
        made to any such Classes (the “Restricted Classes”) and the
        amount of such Net Prepayments otherwise distributable to the Restricted
        Classes
        shall be distributed to any Classes of Subordinated Certificates having higher
        distribution priorities than such Class, pro rata, based on their respective
        Class Certificate Balances immediately prior to such Distribution Date and
        shall
        be distributed in the sequential order provided in Section
        4.02(a)(3).  Notwithstanding anything in this Agreement to the
        contrary, the Class of Subordinated Certificates then outstanding with the
        highest distribution priority shall not be a Restricted Class.

       

      (f)  If
        Subsequent Recoveries have been received with respect to a Liquidated Mortgage
        Loan, the amount of such Subsequent Recoveries will be applied sequentially,
        in
        the order of payment priority, to increase the Class Certificate Balance
        or
        Component Principal Balance of each Class of Certificates or Component thereof
        to which Realized Losses have been allocated, but in each case by not more
        than
        the amount of Realized Losses previously allocated to that Class of Certificates
        or Component pursuant to Section 4.04. Holders of such Certificates will
        not be
        entitled to any payment in respect of the Class Optimal Interest Distribution
        Amount on the amount of such increases for any Interest Accrual Period preceding
        the Distribution Date on which such increase occurs.  Any such
        increases shall be applied pro rata to the Certificate Balance or Component
        Principal Balance of each Certificate of such Class or Component
        thereof.

       

       

      
        
          
          

        

        
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      SECTION
        4.03.    Allocation of Net
        Deferred Interest.

       

      (a)  For
        any Distribution Date, the Senior Percentage of the Net Deferred Interest
        will
        be allocated among the Senior Certificates and the Subordinated Percentage
        of
        the Net Deferred Interest will be allocated to the Subordinated
        Certificates.  Among the Senior Certificates or the Subordinated
        Certificates, as applicable, the Net Deferred Interest allocated to a Class
        of
        Certificates shall be an amount equal to the excess, if any, of (i) the amount
        of interest that accrued on such Class of Certificates or its related Notional
        Amount Components at its respective Pass-Through Rate during the Interest
        Accrual Period related to that Distribution Date over (ii) the amount of
        interest that accrued on such Class of Certificates or its related Notional
        Amount Components at the related Adjusted Rate Cap during the Interest Accrual
        Period related to that Distribution Date.

       

      (b)  Any
        Net Deferred Interest allocated to a Class of Certificates will be added
        to the
        Class Certificate Balance of such Class of Certificates, except that the
        amount
        of Net Deferred Interest allocated to a Notional Amount Component shall be
        added
        to the Component Principal Balance of the related PO Component.

       

      SECTION
        4.04.    Allocation of
        Realized Losses.

       

      (a)  On
        or prior to each Determination Date, the Trustee shall determine the total
        amount of Realized Losses, with respect to the related Distribution
        Date.

       

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

       

      (i)           [Reserved];

       

      (ii)           Any
        Realized Loss on the Mortgage Loans shall be allocated first, to the
        Subordinated Certificates, in reverse order of their respective distribution
        priorities (beginning with the Subordinated Certificates then outstanding
        with
        the lowest distribution priority) until the respective Class Certificate
        Balance
        of each such Class is reduced to zero, second, to the Classes of Senior
        Certificates or the PO Components thereof in the case of a Class of Component
        Certificates, pro rata, on the basis of their respective Class Certificate
        Balances or Component Principal Balances, as applicable, immediately prior
        to
        the related Distribution Date until the respective Class Certificate Balance
        or
        Component Principal Balance, as applicable, of each such Class is reduced
        to
        zero; provided, however, that any Realized Losses otherwise allocable to
        the Class A-1, Class A-2 and A-3 Certificates shall be allocated sequentially,
        first, to the Class A-3 Certificates until its Class Certificate Balance
        is
        reduced to zero, second, to the Class A-2 Certificates, until its Class
        Certificate Balance is reduced to zero and third, to the Class A-1 Certificates,
        until its Class Certificate Balance is reduced to zero.

       

      For
        the
        avoidance of doubt, the Class M-1 Certificates have a higher distribution
        priority than each other Class of Subordinated Certificates.

       

      (b)  The
        Class Certificate Balance of the Class of Subordinated Certificates then
        outstanding with the lowest distribution priority shall be reduced on each
        Distribution Date by the amount, if any, by which the aggregate Class
        Certificate Balance of all outstanding Classes of Certificates (after giving
        effect to the distribution of principal and the allocation of Net Deferred
        Interest and Realized Losses on such Distribution Date) exceeds the Pool
        Stated
        Principal Balance as of the last day of the Due Period related to such
        Distribution Date.

       

       

      
        
          
          

        

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

       

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

       

      SECTION
        4.05.    [Reserved].

       

      SECTION
        4.06.    Monthly Statements
        to Certificateholders.

       

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

       

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

       

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

       

      (d)  Within
        a reasonable period of time after the end of each calendar year, the Trustee
        shall cause to be furnished to each Person who at any time during the calendar
        year was a Certificateholder, a statement containing the aggregate principal
        distributions, aggregate interest distributions and aggregate Master Servicing
        Fees paid to or retained by the Master Servicer for such calendar year or
        applicable portion thereof during which such Person was a
        Certificateholder.  Such obligation of the Trustee shall be deemed to
        have been satisfied to the extent that substantially comparable information
        shall be provided by the Trustee pursuant to any requirements of the Code
        as
        from time to time in effect.

       

      SECTION
        4.07.     [Reserved].

       

      SECTION
        4.08.    Determination of
        Pass-Through Rates for LIBOR Certificates.

       

      (a)  On
        each Interest Determination Date so long as any LIBOR Certificates are
        outstanding, the Trustee will determine LIBOR on the basis of the rate for
        one-month deposits in U.S. dollars quoted on the Bloomberg Terminal for such
        LIBOR Determination Date.

       

       

      
        
          
          

        

        
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      (b)  If
        on any Interest Determination Date, LIBOR cannot be determined as provided
        in
        paragraph (a) of this Section 4.08, the Trustee shall determine LIBOR on
        the
        basis of the British Bankers’ Association (“BBA”) “Interest Settlement Rate” for
        one-month deposits in U.S. dollars as found on Telerate page 3750 as of 11:00
        a.m. London time on each LIBOR Determination Date.  “Telerate Page
        3750” means the display page currently so designated on the Bloomberg Terminal
        (or such other page as may replace that page on that service for the purpose
        of
        displaying comparable rates or prices).

       

      (c)  If
        on any Interest Determination Date, LIBOR cannot be determined as provided
        in
        paragraph (a) or (b) of this Section 4.08, the Trustee shall either (i) request
        each Reference Bank to inform the Trustee of the quotation offered by its
        principal London office for making one-month United States dollar deposits
        in
        leading banks in the London interbank market, as of 11:00 a.m. (London time)
        on
        such Interest Determination Date or (ii) in lieu of making any such request,
        rely on such Reference Bank quotations that appear at such time on Telerate
        Page
        3750.  LIBOR for the next Interest Accrual Period will be established
        by the Trustee on each Interest Determination Date as follows:

       

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

       

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

       

      (iii)           If
        on any Interest Determination Date the Trustee is required but is unable
        to
        determine the Reserve Interest Rate in the manner provided in paragraph (b)
        above, LIBOR for the related Classes of Certificates shall be LIBOR as
        determined on the preceding applicable Interest Determination Date or, in
        the
        case of the first Interest Determination Date, 5.320%.

       

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

       

       

      
        
          
          

        

        
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      (d)  The
        Pass-Through Rate for each Class of LIBOR Certificates for each Interest
        Accrual
        Period shall be determined by the Trustee on each Interest Determination
        Date so
        long as the LIBOR Certificates are outstanding on the basis of LIBOR and
        the
        respective formulae appearing in footnotes corresponding to the LIBOR
        Certificates in the table relating to the Certificates in the Preliminary
        Statement.

       

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

       

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

       

      SECTION
        4.09.    [Reserved]

       

       

      
        
          
          

        

        
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      ARTICLE
        V

      THE
        CERTIFICATES

       

      SECTION
        5.01.    The
        Certificates.

       

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

       

      Subject
        to Section 9.02 respecting the final distribution on the Certificates, on
        each Distribution Date the Trustee shall make distributions to each
        Certificateholder of record on the preceding Record Date either (x) by wire
        transfer in immediately available funds to the account of such holder at
        a bank
        or other entity having appropriate facilities therefor, if (i) such Holder
        has so notified the Trustee at least five Business Days prior to the related
        Record Date and (ii) such Holder shall hold (A) a Class of Component
        Certificates, (B) 100% of the Class Certificate Balance of any Class of
        Certificates, (C) Certificates of any Class with aggregate principal
        Denominations of not less than $1,000,000, or (D) a Class X-P Certificate,
        or
        (y) by check mailed by first class mail to such Certificateholder at
        the address of such holder appearing in the Certificate Register.

       

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

       

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

       

      SECTION
        5.02.     Certificate
        Register; Registration of Transfer and Exchange of
        Certificates.

       

      (a)  The
        Trustee shall maintain, or cause to be maintained in accordance with the
        provisions of Section 5.06, a Certificate Register for the Trust Fund in
        which, subject to the provisions of subsections (b) and (c) below and to
        such reasonable regulations as it may prescribe, the Trustee shall provide
        for
        the registration of Certificates and of transfers and exchanges of Certificates
        as provided in this Agreement.  Upon surrender for registration of
        transfer of any Certificate, the Trustee shall execute and deliver, in the
        name
        of the designated transferee or transferees, one or more new Certificates
        of the
        same Class and aggregate Percentage Interest.

       

       

      
        
          
          

        

        
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      At
        the
        option of a Certificateholder, Certificates may be exchanged for other
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest upon surrender of the Certificates to
        be
        exchanged at the office or agency of the Trustee.  Whenever any
        Certificates are so surrendered for exchange, the Trustee shall execute,
        authenticate, and deliver the Certificates which the Certificateholder making
        the exchange is entitled to receive.  Every Certificate presented or
        surrendered for registration of transfer or exchange shall be accompanied
        by a
        written instrument of transfer in form satisfactory to the Trustee duly executed
        by the holder thereof or his attorney duly authorized in writing.

       

      No
        service charge to the Certificateholders shall be made for any registration
        of
        transfer or exchange of Certificates, but payment of a sum sufficient to
        cover
        any tax or governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates may be required.

       

      All
        Certificates surrendered for registration of transfer or exchange shall be
        cancelled and subsequently destroyed by the Trustee in accordance with the
        Trustee’s customary procedures.

       

      (b)  No
        transfer of a Private Certificate shall be made unless such transfer is made
        pursuant to an effective registration statement under the Securities Act
        and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such state securities laws.  In the event that a
        transfer is to be made in reliance upon an exemption from the Securities
        Act and
        such laws, in order to assure compliance with the Securities Act and such
        laws,
        the Certificateholder desiring to effect such transfer and such
        Certificateholder’s prospective transferee shall each certify to the Trustee in
        writing the facts surrounding the transfer in substantially the form set
        forth
        in the applicable Exhibit J (the “Transferor Certificate”)
        and (i) deliver a letter in substantially the form of either Exhibit K
        (the “Investment Letter”) or Exhibit L-1 (the
“Rule 144A Letter”) or (ii) there shall be delivered
        to the Trustee at the expense of the transferor an Opinion of Counsel that
        such
        transfer may be made pursuant to an exemption from the Securities
        Act.  The Depositor shall provide to any Holder of a Private
        Certificate and any prospective transferee designated by any such Holder,
        information regarding the related Certificates and the Mortgage Loans and
        such
        other information as shall be necessary to satisfy the condition to eligibility
        set forth in Rule 144A(d)(4) for transfer of any such Certificate without
        registration thereof under the Securities Act pursuant to the registration
        exemption provided by Rule 144A.  The Trustee and the Master
        Servicer shall cooperate with the Depositor in providing the Rule 144A
        information referenced in the preceding sentence, including providing to
        the
        Depositor such information regarding the Certificates, the Mortgage Loans
        and
        other matters regarding the Trust Fund as the Depositor shall reasonably
        request
        to meet its obligation under the preceding sentence.  Each Holder of a
        Private Certificate desiring to effect such transfer shall, and does hereby
        agree to, indemnify the Trustee and the Depositor, the Sellers and the Master
        Servicer against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

       

      
        
          
          

        

        
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      No
        transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
        shall have received either (i) a representation from the transferee of such
        Certificate acceptable to and in form and substance satisfactory to the Trustee
        (in the event such Certificate is a Private Certificate, such requirement
        is
        satisfied only by the Trustee’s receipt of a representation letter from the
        transferee substantially in the form of Exhibit K or Exhibit L-1, or in the
        event such Certificate is a Residual Certificate, such requirement is satisfied
        only by the Trustee’s receipt of a representation letter from the transferee
        substantially in the form of Exhibit I), to the effect that (x) such transferee
        is not an employee benefit plan or arrangement subject to Section 406 of
        ERISA
        or a plan or arrangement subject to Section 4975 of the Code, nor a person
        acting on behalf of any such plan or arrangement, or using the assets of
        any
        such plan or arrangement to effect such transfer or (y) in the case of a
        Certificate that is an ERISA-Restricted Certificate and that has been the
        subject of an ERISA-Qualifying Underwriting, a representation that the purchaser
        is an insurance company which is purchasing such Certificate with funds
        contained in an “insurance company general account” (as such term is defined in
        Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE
        95-60”)) and that the purchase and holding of such Certificate satisfy
        the requirements for exemptive relief under Sections I and III of PTCE 95-60
        or
        (ii) in the case of any ERISA-Restricted Certificate presented for registration
        in the name of an employee benefit plan or arrangement subject to ERISA,
        or a
        plan or arrangement subject to Section 4975 of the Code (or comparable
        provisions of any subsequent enactments), or a trustee or any other person
        acting on behalf of any such plan or arrangement or using such plan’s or
        arrangement’s assets, an Opinion of Counsel satisfactory to the Trustee, which
        Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer
        or the Trust Fund, addressed to the Trustee and the Master Servicer, to the
        effect that the purchase and holding of such ERISA-Restricted Certificate
        will
        not result in a non-exempt prohibited transaction under Section 406 of ERISA
        or
        Section 4975 of the Code, and will not subject the Trustee or the Master
        Servicer to any obligation in addition to those expressly undertaken in this
        Agreement or to any liability (such Opinion of Counsel, a “Benefit Plan
        Opinion”).  For purposes of the preceding sentence, with
        respect to an ERISA-Restricted Certificate that is not a Residual Certificate,
        in the event the representation letter or Benefit Plan Opinion referred to
        in
        the preceding sentence is not so furnished, one of the representations in
        clause
        (i), as appropriate, shall be deemed to have been made to the Trustee by
        the
        transferee’s (including an initial acquirer’s) acceptance of the
        ERISA-Restricted Certificates.  Notwithstanding anything else to the
        contrary in this Agreement, any purported transfer of an ERISA-Restricted
        Certificate to or on behalf of an employee benefit plan or arrangement subject
        to ERISA or to Section 4975 of the Code without the delivery to the Trustee
        of a
        Benefit Plan Opinion satisfactory to the Trustee as described above shall
        be
        void and of no effect.

       

      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        the Trustee shall be under no liability to any Person for any registration
        of
        transfer of any ERISA-Restricted Certificate that is in fact not permitted
        by
        this Section 5.02(b) or for making any payments due on such Certificate to
        the
        Holder thereof or taking any other action with respect to such Holder under
        the
        provisions of this Agreement so long as the transfer was registered by the
        Trustee in accordance with the foregoing requirements.

       

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

       

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

      (d)  The
        preparation and delivery of all certificates and opinions referred to above
        in
        this Section 5.02 in connection with transfer shall be at the expense of
        the parties to such transfers.

       

      (e)  Except
        as provided below, the Book-Entry Certificates shall at all times remain
        registered in the name of the Depository or its nominee and at all times:
        (i) registration of the Certificates may not be transferred by the Trustee
        except to another Depository; (ii) the Depository shall maintain book-entry
        records with respect to the Certificate Owners and with respect to ownership
        and
        transfers of such Book-Entry Certificates; (iii) ownership and transfers of
        registration of the Book-Entry Certificates on the books of the Depository
        shall
        be governed by applicable rules established by the Depository; (iv) the
        Depository may collect its usual and customary fees, charges and expenses
        from
        its Depository Participants; (v) the Trustee shall deal with the
        Depository, Depository Participants and indirect participating firms as
        representatives of the Certificate Owners of the Book-Entry Certificates
        for
        purposes of exercising the rights of holders under this Agreement, and requests
        and directions for and votes of such representatives shall not be deemed
        to be
        inconsistent if they are made with respect to different Certificate Owners;
        and
        (vi) the Trustee may rely and shall be fully protected in relying upon
        information furnished by the Depository with respect to its Depository
        Participants and furnished by the Depository Participants with respect to
        indirect participating firms and persons shown on the books of such indirect
        participating firms as direct or indirect Certificate Owners.

       

      All
        transfers by Certificate Owners of Book-Entry Certificates shall be made
        in
        accordance with the procedures established by the Depository Participant
        or
        brokerage firm representing such Certificate Owner.  Each Depository
        Participant shall only transfer Book-Entry Certificates of Certificate Owners
        it
        represents or of brokerage firms for which it acts as agent in accordance
        with
        the Depository’s normal procedures.

       

       

      
        
          
          

        

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

       

      SECTION
        5.03.    Mutilated,
        Destroyed, Lost or Stolen Certificates.

       

      If
        (a) any mutilated Certificate is surrendered to the Trustee, or the Trustee
        receives evidence to its satisfaction of the destruction, loss or theft of
        any
        Certificate and (b) there is delivered to the Master Servicer and the
        Trustee such security or indemnity as may be required by them to save each
        of
        them harmless, then, in the absence of notice to the Trustee that such
        Certificate has been acquired by a bona fide purchaser, the Trustee shall
        execute, countersign and deliver, in exchange for or in lieu of any such
        mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
        Class, tenor and Percentage Interest.  In connection with the issuance
        of any new Certificate under this Section 5.03, the Trustee may require the
        payment of a sum sufficient to cover any tax or other governmental charge
        that
        may be imposed in relation thereto and any other expenses (including the
        fees
        and expenses of the Trustee) connected therewith.  Any replacement
        Certificate issued pursuant to this Section 5.03 shall constitute complete
        and indefeasible evidence of ownership, as if originally issued, whether
        or not
        the lost, stolen or destroyed Certificate shall be found at any
        time.

       

      SECTION
        5.04.    Persons Deemed
        Owners.

       

      The
        Master Servicer, the Trustee and any agent of the Master Servicer or the
        Trustee
        may treat the Person in whose name any Certificate is registered as the owner
        of
        such Certificate for the purpose of receiving distributions as provided in
        this
        Agreement and for all other purposes whatsoever, and neither the Master
        Servicer, the Trustee nor any agent of the Master Servicer or the Trustee
        shall
        be affected by any notice to the contrary.

       

      SECTION
        5.05.    Access to List of
        Certificateholders’ Names and Addresses.

       

      If
        three
        or more Certificateholders and/or Certificate Owners (a) request such
        information in writing from the Trustee, (b) state that such Certificateholders
        and/or Certificate Owners desire to communicate with other Certificateholders
        and/or Certificate Owners with respect to their rights under this Agreement
        or
        under the Certificates, and (c) provide a copy of the communication which
        such
        Certificateholders and/or Certificate Owners propose to transmit, or if the
        Depositor or Master Servicer shall request such information in writing from
        the
        Trustee, then the Trustee shall, within ten Business Days after the receipt
        of
        such request, (x) provide the Depositor, the Master Servicer or such
        Certificateholders and/or Certificate Owners at such recipients’ expense the
        most recent list of the Certificateholders of such Trust Fund held by the
        Trustee, if any, and (y) assist the Depositor, the Master Servicer or such
        Certificateholders and/or Certificate Owners at such recipients’ expense with
        obtaining from the Depository a list of the related Depository Participants
        acting on behalf of Certificate Owners of Book Entry
        Certificates.  The Depositor and every Certificateholder and
        Certificate Owner, by receiving and holding a Certificate or beneficial interest
        therein, agree that the Trustee shall not be held accountable by reason of
        the
        disclosure of any such information as to the list of the Certificateholders
        and/or Depository Participants hereunder, regardless of the source from which
        such information was derived.

       

       

      
        
          
          

        

        
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      SECTION
        5.06.     Maintenance of
        Office or Agency.

       

      The
        Trustee will maintain or cause to be maintained at its expense an office
        or
        offices or agency or agencies in New York City where Certificates may be
        surrendered for registration of transfer or exchange.  The Trustee
        initially designates its Corporate Trust Office for such
        purposes.  The Trustee will give prompt written notice to the
        Certificateholders of any change in such location of any such office or
        agency.

       

       

      
        
          
          

        

        
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      ARTICLE
        VI

      THE
        DEPOSITOR AND THE MASTER SERVICER

       

      SECTION
        6.01.    Respective
        Liabilities of the Depositor and the Master Servicer.

       

      The
        Depositor and the Master Servicer shall each be liable in accordance with
        this
        Agreement only to the extent of the obligations specifically and respectively
        imposed upon and undertaken by them in this Agreement.

       

      SECTION
        6.02.    Merger or
        Consolidation of the Depositor or the Master Servicer.

       

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

       

      Any
        Person into which the Depositor or the Master Servicer may be merged or
        consolidated, or any Person resulting from any merger or consolidation to
        which
        the Depositor or the Master Servicer shall be a party, or any person succeeding
        to the business of the Depositor or the Master Servicer, shall be the successor
        of the Depositor or the Master Servicer, as the case may be, hereunder, without
        the execution or filing of any paper or any further act on the part of any
        of
        the parties hereto, anything in this Agreement to the contrary notwithstanding;
        provided, however, that the successor or surviving Person to the
        Master Servicer shall be qualified to service mortgage loans on behalf of,
        FNMA
        or FHLMC.

       

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

       

       

      
        
          
          

        

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

       

      None
        of
        the Depositor, the Master Servicer or any Seller or any of the directors,
        officers, employees or agents of the Depositor, the Master Servicer or any
        Seller shall be under any liability to the Certificateholders for any action
        taken or for refraining from the taking of any action in good faith pursuant
        to
        this Agreement, or for errors in judgment; provided, however, that this
        provision shall not protect the Depositor, the Master Servicer, any Seller
        or
        any such Person against any breach of representations or warranties made
        by it
        in this Agreement or protect the Depositor, the Master Servicer, any Seller
        or
        any such Person from any liability which would otherwise be imposed by reasons
        of willful misfeasance, bad faith or gross negligence in the performance
        of
        duties or by reason of reckless disregard of obligations and duties
        hereunder.  The Depositor, the Master Servicer, each Seller and any
        director, officer, employee or agent of the Depositor, the Master Servicer
        or
        each Seller may rely in good faith on any document of any kind prima facie
        properly executed and submitted by any Person respecting any matters arising
        under this Agreement.  The Depositor, the Master Servicer, each Seller
        and any director, officer, employee or agent of the Depositor, the Master
        Servicer or any Seller shall be indemnified by the Trust Fund and held harmless
        against any loss, liability or expense incurred in connection with any audit,
        controversy or judicial proceeding relating to a governmental taxing authority
        or any legal action relating to this Agreement or the Certificates, other
        than
        any loss, liability or expense related to any specific Mortgage Loan or Mortgage
        Loans (except as any such loss, liability or expense shall be otherwise
        reimbursable pursuant to this Agreement) and any loss, liability or expense
        incurred by reason of willful misfeasance, bad faith or gross negligence
        in the
        performance of duties hereunder or by reason of reckless disregard of
        obligations and duties hereunder.  None of the Depositor, the Master
        Servicer or any Seller shall be under any obligation to appear in, prosecute
        or
        defend any legal action that is not incidental to its respective duties
        hereunder and which in its opinion may involve it in any expense or liability;
        provided, however, that any of the Depositor, the Master Servicer or any
        Seller
        may in its discretion undertake any such action that it may deem necessary
        or
        desirable in respect of this Agreement and the rights and duties of the parties
        hereto and interests of the Trustee and the Certificateholders
        hereunder.  In such event, the legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        of the Trust Fund, and the Depositor, the Master Servicer and each Seller
        shall
        be entitled to be reimbursed therefor out of the Certificate
        Account.

       

      SECTION
        6.04.    Limitation on
        Resignation of Master Servicer.

       

      The
        Master Servicer shall not resign from the obligations and duties hereby imposed
        on it except (a) upon appointment of a successor servicer and receipt by
        the Trustee of a letter from each Rating Agency that such a resignation and
        appointment will not result in a downgrade or withdrawal of the rating of
        any of
        the Certificates or (b) upon determination that its duties hereunder are no
        longer permissible under applicable law.  Any such determination under
        clause (b) permitting the resignation of the Master Servicer shall be
        evidenced by an Opinion of Counsel to such effect delivered to the
        Trustee.  No such resignation shall become effective until the Trustee
        or a successor master servicer shall have assumed the Master Servicer’s
        responsibilities, duties, liabilities and obligations under this Agreement
        and
        the Depositor shall have received the information described in the following
        sentence.  As a condition to the effectiveness of any such
        resignation, at least 15 calendar days prior to the effective date of any
        such
        resignation, the Master Servicer shall provide (x) written notice to the
        Depositor of any successor pursuant to this Section and (y) in writing and
        in
        form and substance reasonably satisfactory to the Depositor, all information
        reasonably requested by the Depositor in order to comply with its reporting
        obligation under Item 6.02 of Form 8-K with respect to the resignation of
        the
        Master Servicer.

       

       

      
        
          
          

        

        
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      ARTICLE
        VII

      DEFAULT

       

      SECTION
        7.01.    Events of
        Default.

       

      “Event
        of Default,” wherever used in this Agreement, means any one of the
        following events:

       

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

       

      (ii)           any
        failure by the Master Servicer to observe or perform in any material respect
        any
        other of the covenants or agreements on the part of the Master Servicer
        contained in this Agreement (except with respect to a failure related to
        a
        Limited Exchange Act Reporting Obligation), which failure materially affects
        the
        rights of Certificateholders, that failure continues unremedied for a period
        of
        60 days after the date on which written notice of such failure shall have
        been
        given to the Master Servicer by the Trustee or the Depositor, or to the Master
        Servicer and the Trustee by the Holders of Certificates evidencing not less
        than
        25% of the Voting Rights evidenced by the Certificates;  provided,
        however, that the sixty day cure period shall not apply to the initial delivery
        of the Mortgage File for Delay Delivery Mortgage Loans or the failure to
        substitute or repurchase in lieu of delivery; or

       

      (iii)           a
        decree or order of a court or agency or supervisory authority having
        jurisdiction in the premises for the appointment of a receiver or liquidator
        in
        any insolvency, readjustment of debt, marshalling of assets and liabilities
        or
        similar proceedings, or for the winding-up or liquidation of its affairs,
        shall
        have been entered against the Master Servicer and such decree or order shall
        have remained in force undischarged or unstayed for a period of 60 consecutive
        days; or

       

      (iv)           the
        Master Servicer shall consent to the appointment of a receiver or liquidator
        in
        any insolvency, readjustment of debt, marshalling of assets and liabilities
        or
        similar proceedings of or relating to the Master Servicer or all or
        substantially all of the property of the Master Servicer; or

       

      (v)           the
        Master Servicer shall admit in writing its inability to pay its debts generally
        as they become due, file a petition to take advantage of, or commence a
        voluntary case under, any applicable insolvency or reorganization statute,
        make
        an assignment for the benefit of its creditors, or voluntarily suspend payment
        of its obligations; or

       

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

       

       

      
        
          
          

        

        
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      If
        (a) an
        Event of Default described in clauses (i) to (vi) of this Section shall
        occur, then, and in each and every such case, so long as such Event of Default
        shall not have been remedied, the Trustee may, or (b) an Event of Default
        described in clauses (i) to (v) of this Section shall occur, then, and in
        each and every such case, so long as such Event of Default shall not have
        been
        remedied, at the direction of the Holders of Certificates evidencing not
        less
        than 66 2/3% of the Voting Rights evidenced by such Certificates, the Trustee
        shall by notice in writing to the Master Servicer (with a copy to each Rating
        Agency and the Depositor), terminate all of the rights and obligations of
        the
        Master Servicer under this Agreement and in and to the Mortgage Loans and
        the
        proceeds thereof, other than its rights as a Certificateholder
        hereunder.

       

      In
        addition, if during the period that the Depositor is required to file Exchange
        Act Reports with respect to the Trust Fund, the Master Servicer shall fail
        to
        observe or perform any of the obligations that constitute a Limited Exchange
        Act
        Reporting Obligation or the obligations set forth in Section 3.16(a) or Section
        11.07(a)(1) and (2), and such failure continues for the lesser of 10 calendar
        days or such period in which the applicable Exchange Act Report can be filed
        timely (without taking into account any extensions), so long as such failure
        shall not have been remedied, the Trustee shall, but only at the direction
        of
        the Depositor, terminate all of the rights and obligations of the Master
        Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof, other than its rights as a Certificateholder hereunder.  The
        Depositor shall not be entitled to terminate the rights and obligations of
        the
        Master Servicer if a failure of the Master Servicer to identify a Subcontractor
        “participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB was attributable solely to the role or functions of such
        Subcontractor with respect to mortgage loans other than the Mortgage
        Loans.

       

      On
        and
        after the receipt by the Master Servicer of such written notice, all authority
        and power of the Master Servicer hereunder, whether with respect to the related
        Mortgage Loans or otherwise, shall pass to and be vested in the
        Trustee.  The Trustee shall thereupon make any Advance which the
        Master Servicer failed to make subject to Section 4.01 whether or not the
        obligations of the Master Servicer have been terminated pursuant to this
        Section.  The Trustee is hereby authorized and empowered to execute
        and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
        any and all documents and other instruments, and to do or accomplish all
        other
        acts or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise.  Unless
        expressly provided in such written notice, no such termination shall affect
        any
        obligation of the Master Servicer to pay amounts owed pursuant to Article
        VIII.  The Master Servicer agrees to cooperate with the Trustee in
        effecting the termination of the Master Servicer’s responsibilities and rights
        hereunder, including, without limitation, the transfer to the Trustee of
        all
        cash amounts which shall at the time be credited to the Certificate Account,
        or
        thereafter be received with respect to the Mortgage Loans.

       

      Notwithstanding
        any termination of the activities of the Master Servicer hereunder, the Master
        Servicer shall be entitled to receive, out of any late collection of a Scheduled
        Payment on a Mortgage Loan which was due prior to the notice terminating
        such
        Master Servicer’s rights and obligations as Master Servicer hereunder and
        received after such notice, that portion thereof to which such Master Servicer
        would have been entitled pursuant to Sections 3.08(a)(i) through (viii),
        and any
        other amounts payable to such Master Servicer hereunder the entitlement to
        which
        arose prior to the termination of its activities under this
        Agreement.

       

       

      
        
          
          

        

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

       

      SECTION
        7.02.    Trustee to Act;
        Appointment of Successor.

       

      On
        and
        after the time the Master Servicer receives a notice of termination pursuant
        to
        Section 7.01, the Trustee shall, subject to and to the extent provided in
        Section 3.04, be the successor to the Master Servicer in its capacity as
        master
        servicer under this Agreement and the transactions set forth or provided
        for in
        this Agreement and shall be subject to all the responsibilities, duties and
        liabilities relating thereto placed on the Master Servicer by the terms and
        provisions of this Agreement and applicable law including the obligation
        to make
        Advances pursuant to Section 4.01.  As compensation therefor, the
        Trustee shall be entitled to all funds relating to the Mortgage Loans that
        the
        Master Servicer would have been entitled to charge to the Certificate Account
        or
        Distribution Account if the Master Servicer had continued to act
        hereunder.  Notwithstanding the foregoing, if the Trustee has become
        the successor to the Master Servicer in accordance with Section 7.01, the
        Trustee may, if it shall be unwilling to so act, or shall, if it is prohibited
        by applicable law from making Advances pursuant to Section 4.01 or if it
        is
        otherwise unable to so act, appoint, or petition a court of competent
        jurisdiction to appoint, any established mortgage loan servicing institution
        the
        appointment of which does not adversely affect the then current rating of
        the
        Certificates by each Rating Agency as the successor to the Master Servicer
        hereunder in the assumption of all or any part of the responsibilities, duties
        or liabilities of the Master Servicer hereunder.  Any successor to the
        Master Servicer shall be an institution which is a FNMA and FHLMC approved
        seller/servicer in good standing, which has a net worth of at least $15,000,000,
        and which is willing to service the Mortgage Loans and (i) executes and delivers
        to the Depositor and the Trustee an agreement accepting such delegation and
        assignment, which contains an assumption by such Person of the rights, powers,
        duties, responsibilities, obligations and liabilities of the Master Servicer
        (other than liabilities of the Master Servicer under Section 6.03 incurred
        prior
        to termination of the Master Servicer under Section 7.01), with like effect
        as
        if originally named as a party to this Agreement; and provided further that
        each
        Rating Agency acknowledges that its rating of the Certificates in effect
        immediately prior to such assignment and delegation will not be qualified
        or
        reduced as a result of such assignment and delegation and (ii) provides to
        the
        Depositor in writing fifteen days prior to the effective date of such
        appointment and in form and substance reasonably satisfactory to the Depositor,
        all information reasonably requested by the Depositor in order to comply
        with
        its reporting obligation under Item 6.02 of Form 8-K with respect to a
        replacement master servicer.  The Trustee shall provide written notice
        to the Depositor of such successor pursuant to this Section.  Pending
        appointment of a successor to the Master Servicer hereunder, the Trustee,
        unless
        the Trustee is prohibited by law from so acting, shall, subject to Section
        3.04,
        act in such capacity as hereinabove provided.  In connection with such
        appointment and assumption, the Trustee may make such arrangements for the
        compensation of such successor out of payments on the Mortgage Loans as it
        and
        such successor shall agree; provided, however, that no such compensation
        shall
        be in excess of the Master Servicing Fee permitted to be paid to the Master
        Servicer hereunder.  The Trustee and such successor shall take such
        action, consistent with this Agreement, as shall be necessary to effectuate
        any
        such succession.  Neither the Trustee nor any other successor master
        servicer shall be deemed to be in default hereunder by reason of any failure
        to
        make, or any delay in making, any distribution hereunder or any portion thereof
        or any failure to perform, or any delay in performing, any duties or
        responsibilities hereunder, in either case caused by the failure of the Master
        Servicer to deliver or provide, or any delay in delivering or providing,
        any
        cash, information, documents or records to it.

       

       

      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

       

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

       

      In
        connection with the termination or resignation of the Master Servicer hereunder,
        either (i) the successor Master Servicer, including the Trustee if the Trustee
        is acting as successor Master Servicer, shall represent and warrant that
        it is a
        member of MERS in good standing and shall agree to comply in all material
        respects with the rules and procedures of MERS in connection with the servicing
        of the Mortgage Loans that are registered with MERS, or (ii) the predecessor
        Master Servicer shall cooperate with the successor Master Servicer either
        (x) in
        causing MERS to execute and deliver an assignment of Mortgage in recordable
        form
        to transfer the Mortgage from MERS to the Trustee and to execute and deliver
        such other notices, documents and other instruments as may be necessary or
        desirable to effect a transfer of such Mortgage Loan or servicing of such
        Mortgage Loan on the MERS® System to the successor Master Servicer or (y) in
        causing MERS to designate on the MERS® System the successor Master Servicer as
        the servicer of such Mortgage Loan.  The predecessor Master Servicer
        shall file or cause to be filed any such assignment in the appropriate recording
        office.  The successor Master Servicer shall cause such assignment to
        be delivered to the Trustee promptly upon receipt of the original with evidence
        of recording thereon or a copy certified by the public recording office in
        which
        such assignment was recorded.

       

      SECTION
        7.03.     Notification to
        Certificateholders.

       

      (a)           Upon
        any termination of or appointment of a successor to the Master Servicer,
        the
        Trustee shall give prompt written notice thereof to the Certificateholders
        and
        to each Rating Agency.

       

      (b)           Within
        60 days after the occurrence of any Event of Default, the Trustee shall transmit
        by mail to all Certificateholders notice of each such Event of Default hereunder
        known to the Trustee, unless such Event of Default shall have been cured
        or
        waived.

       

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        VIII

      CONCERNING
        THE TRUSTEE

       

      SECTION
        8.01.    Duties of
        Trustee.

       

      The
        Trustee, prior to the occurrence of an Event of Default and after the curing
        of
        all Events of Default that may have occurred, shall undertake to perform
        such
        duties and only such duties as are specifically set forth in this
        Agreement.  In case an Event of Default has occurred and remains
        uncured, the Trustee shall exercise such of the rights and powers vested
        in it
        by this Agreement, and use the same degree of care and skill in their exercise
        as a prudent person would exercise or use under the circumstances in the
        conduct
        of such person’s own affairs.

       

      The
        Trustee, upon receipt of all resolutions, certificates, statements, opinions,
        reports, documents, orders or other instruments furnished to the Trustee
        that
        are specifically required to be furnished pursuant to any provision of this
        Agreement shall examine them to determine whether they are in the form required
        by this Agreement; provided, however, that the Trustee shall not
        be responsible for the accuracy or content of any such resolution, certificate,
        statement, opinion, report, document, order or other instrument.

       

      No
        provision of this Agreement shall be construed to relieve the Trustee from
        liability for its own negligent action, its own negligent failure to act
        or its
        own willful misconduct; provided, however, that:

       

      (i)           unless
        an Event of Default known to the Trustee shall have occurred and be continuing,
        the duties and obligations of the Trustee shall be determined solely by the
        express provisions of this Agreement, the Trustee shall not be liable except
        for
        the performance of such duties and obligations as are specifically set forth
        in
        this Agreement, no implied covenants or obligations shall be read into this
        Agreement against the Trustee and the Trustee may conclusively rely, as to
        the
        truth of the statements and the correctness of the opinions expressed therein,
        upon any certificates or opinions furnished to the Trustee and conforming
        to the
        requirements of this Agreement which it believed in good faith to be genuine
        and
        to have been duly executed by the proper authorities respecting any matters
        arising hereunder;

       

      (ii)           the
        Trustee shall not be liable for an error of judgment made in good faith by
        a
        Responsible Officer or Responsible Officers of the Trustee, unless it shall
        be
        finally proven that the Trustee was negligent in ascertaining the pertinent
        facts;

       

      (iii)           the
        Trustee shall not be liable with respect to any action taken, suffered or
        omitted to be taken by it in good faith in accordance with the direction
        of
        Holders of Certificates evidencing not less than 25% of the Voting Rights
        of
        Certificates relating to the time, method and place of conducting any proceeding
        for any remedy available to the Trustee, or exercising any trust or power
        conferred upon the Trustee under this Agreement; and

       

       

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

       

      (iv)           without
        in any way limiting the provisions of this Section 8.01 or Section 8.02,
        the
        Trustee shall be entitled to rely conclusively on the information delivered
        to
        it by the Master Servicer in a Trustee Advance Notice in determining whether
        it
        is required to make an Advance under Section 4.01(b), shall have no
        responsibility to ascertain or confirm any information contained in any Trustee
        Advance Notice, and shall have no obligation to make any Advance under Section
        4.01(b) in the absence of a Trustee Advance Notice or actual knowledge of
        a
        Responsible Officer of the Trustee that (A) such Advance was not made by
        the
        Master Servicer and (B) such Advance is not a Nonrecoverable
        Advance.

       

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

       

      SECTION
        8.02.    Certain Matters
        Affecting the Trustee.

       

      Except
        as
        otherwise provided in Section 8.01:

       

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

       

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

       

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

       

      (iv)           the
        Trustee shall not be bound to make any investigation into the facts or matters
        stated in any resolution, certificate, statement, instrument, opinion, report,
        notice, request, consent, order, approval, bond or other paper or document,
        unless requested in writing so to do by Holders of Certificates evidencing
        not
        less than 25% of the Voting Rights allocated to each Class of
        Certificates;

       

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

       

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

       

       

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

       

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

       

      (viii)          the
        Trustee shall not be deemed to have knowledge of an Event of Default until
        a
        Responsible Officer of the Trustee shall have received written notice thereof;
        and

       

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

       

      SECTION
        8.03.    Trustee Not Liable
        for Certificates or Mortgage Loans.

       

      The
        recitals contained in this Agreement and in the Certificates shall be taken
        as
        the statements of the Depositor or a Seller, as the case may be, and the
        Trustee
        assumes no responsibility for their correctness.  The Trustee makes no
        representations as to the validity or sufficiency of this Agreement or of
        the
        Certificates or of any Mortgage Loan or related document or of MERS or the
        MERS®
System other than with respect to the Trustee’s execution and counter-signature
        of the Certificates.  The Trustee shall not be accountable for the use
        or application by the Depositor or the Master Servicer of any funds paid
        to the
        Depositor or the Master Servicer in respect of the Mortgage Loans or deposited
        in or withdrawn from the Certificate Account by the Depositor or the Master
        Servicer.

       

      SECTION
        8.04.    Trustee May Own
        Certificates.

       

      The
        Trustee in its individual or any other capacity may become the owner or pledgee
        of Certificates with the same rights as it would have if it were not the
        Trustee.

       

      SECTION
        8.05.    Trustee’s Fees and
        Expenses.

       

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

       

       

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

       

      SECTION
        8.06.     Eligibility
        Requirements for Trustee.

       

      The
        Trustee hereunder shall at all times be a corporation or association organized
        and doing business under the laws of a state or the United States of America,
        authorized under such laws to exercise corporate trust powers, having a combined
        capital and surplus of at least $50,000,000, subject to supervision or
        examination by federal or state authority and with a credit rating which
        would
        not cause either of the Rating Agencies to reduce or withdraw their respective
        then current ratings of the Certificates (or having provided such security
        from
        time to time as is sufficient to avoid such reduction) as evidenced in writing
        by each Rating Agency.  If such corporation or association publishes
        reports of condition at least annually, pursuant to law or to the requirements
        of the aforesaid supervising or examining authority, then for the purposes
        of
        this Section 8.06 the combined capital and surplus of such corporation or
        association shall be deemed to be its combined capital and surplus as set
        forth
        in its most recent report of condition so published.  In case at any
        time the Trustee shall cease to be eligible in accordance with the provisions
        of
        this Section 8.06, the Trustee shall resign immediately in the manner and
        with the effect specified in Section 8.07.  The entity serving as
        Trustee may have normal banking and trust relationships with the Depositor
        and
        its affiliates or the Master Servicer and its affiliates; provided,
however, that such entity cannot be an affiliate of the Master Servicer
        other than the Trustee in its role as successor to the Master
        Servicer.

       

      SECTION
        8.07.            Resignation
        and Removal of Trustee.

       

      The
        Trustee may at any time resign and be discharged from the trusts hereby created
        by giving written notice of resignation to the Depositor, the Master Servicer
        and each Rating Agency not less than 60 days before the date specified in
        such
        notice when, subject to Section 8.08, such resignation is to take effect,
        and acceptance by a successor trustee in accordance with Section 8.08
        meeting the qualifications set forth in Section 8.06.  If no
        successor trustee meeting such qualifications shall have been so appointed
        and
        have accepted appointment within 30 days after the giving of such notice
        or
        resignation, the resigning Trustee may petition any court of competent
        jurisdiction for the appointment of a successor trustee.

       

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

       

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

       

      If
        at any
        time (i) the Trustee shall cease to be eligible in accordance with the
        provisions of Section 8.06 and shall fail to resign after written request
        thereto by the Depositor, (ii) the Trustee shall become incapable of acting,
        or
        shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee
        or of
        its property shall be appointed, or any public officer shall take charge
        or
        control of the Trustee or of its property or affairs for the purpose of
        rehabilitation, conservation or liquidation, (iii) a tax is imposed with
        respect
        to the Trust Fund by any state in which the Trustee or the Trust Fund is
        located
        and the imposition of such tax would be avoided by the appointment of a
        different trustee, or (iv) during the period that the Depositor is required
        to
        file Exchange Act Reports with respect to the Trust Fund, the Trustee fails
        to
        comply with its obligations under the last sentence of Section 7.01, the
        preceding paragraph, Section 8.09 or Article XI and such failure is not remedied
        within the lesser of 10 calendar days or such period in which the applicable
        Exchange Act Report can be filed timely (without taking into account any
        extensions), then, in the case of clauses (i) through (iii), the Depositor
        or
        the Master Servicer, or in the case of clause (iv), the Depositor, may remove
        the Trustee and appoint a successor trustee by written instrument, in
        triplicate, one copy of which instrument shall be delivered to the Trustee,
        one
        copy of which shall be delivered to the Master Servicer and one copy to the
        successor trustee.

       

      The
        Holders of Certificates entitled to at least 51% of the Voting Rights may
        at any
        time remove the Trustee and appoint a successor trustee by written instrument
        or
        instruments, in triplicate, signed by such Holders or their attorneys-in-fact
        duly authorized, one complete set of which instruments shall be delivered
        by the
        successor Trustee to the Master Servicer, one complete set to the Trustee
        so
        removed, one complete set to the successor so appointed and one complete
        set to
        the Depositor, together with a written description of the basis for such
        removal.  Notice of any removal of the Trustee shall be given to each
        Rating Agency by the successor trustee.

       

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

       

      SECTION
        8.08.    Successor
        Trustee.

       

      Any
        successor trustee appointed as provided in Section 8.07 shall execute,
        acknowledge and deliver to the Depositor and to its predecessor trustee and
        the
        Master Servicer an instrument accepting such appointment hereunder and thereupon
        the resignation or removal of the predecessor trustee shall become effective
        and
        such successor trustee, without any further act, deed or conveyance, shall
        become fully vested with all the rights, powers, duties and obligations of
        its
        predecessor hereunder, with the like effect as if originally named as trustee
        in
        this Agreement. The Depositor, the Master Servicer and the predecessor trustee
        shall execute and deliver such instruments and do such other things as may
        reasonably be required for more fully and certainly vesting and confirming
        in
        the successor trustee all such rights, powers, duties, and
        obligations.

       

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

       

      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 and its appointment shall not
        adversely affect the then current rating of the Certificates and has provided
        to
        the Depositor in writing and in form and substance reasonably satisfactory
        to
        the Depositor, all information reasonably requested by the Depositor in order
        to
        comply with its reporting obligation under Item 6.02 of Form 8-K with respect
        to
        a replacement Trustee.

       

      Upon
        acceptance of appointment by a successor trustee as provided in this
        Section 8.08, the Depositor shall mail notice of the succession of such
        trustee hereunder to all Holders of Certificates.  If the Depositor
        fails to mail such notice within 10 days after acceptance of appointment
        by the
        successor trustee, the successor trustee shall cause such notice to be mailed
        at
        the expense of the Depositor.

       

      SECTION
        8.09.    Merger or
        Consolidation of Trustee.

       

      Any
        corporation into which the Trustee may be merged or converted or with which
        it
        may be consolidated or any corporation resulting from any merger, conversion
        or
        consolidation to which the Trustee shall be a party, or any corporation
        succeeding to the business of the Trustee, shall be the successor of the
        Trustee
        hereunder, provided that such corporation shall be eligible under the provisions
        of Section 8.06 without the execution or filing of any paper or further act
        on the part of any of the parties hereto, anything in this Agreement to the
        contrary notwithstanding.

       

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

       

      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 to act as co-trustee or co-trustees jointly with the Trustee, or
        separate trustee or separate trustees, of all or any part of the Trust Fund,
        and
        to vest in such Person or Persons, in such capacity and for the benefit of
        the
        Certificateholders, such title to the Trust Fund or any part thereof, whichever
        is applicable, and, subject to the other provisions of this Section 8.10,
        such powers, duties, obligations, rights and trusts as the Master Servicer
        and
        the Trustee may consider necessary or desirable.  If the Master
        Servicer shall not have joined in such appointment within 15 days after the
        receipt by it of a request to do so, or in the case an Event of Default shall
        have occurred and be continuing, the Trustee alone shall have the power to
        make
        such appointment.  No co-trustee or separate trustee hereunder shall
        be required to meet the terms of eligibility as a successor trustee under
        Section 8.06 and no notice to Certificateholders of the appointment of any
        co-trustee or separate trustee shall be required under
        Section 8.08.

       

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

       

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

       

      (i)           To
        the extent necessary to effectuate the purposes of this Section 8.10, all
        rights, powers, duties and obligations conferred or imposed upon the Trustee,
        except for the obligation of the Trustee under this Agreement to advance
        funds
        on behalf of the Master Servicer, shall be conferred or imposed upon and
        exercised or performed by the Trustee and such separate trustee or co-trustee
        jointly (it being understood that such separate trustee or co-trustee is
        not
        authorized to act separately without the Trustee joining in such act), except
        to
        the extent that under any law of any jurisdiction in which any particular
        act or
        acts are to be performed (whether as Trustee hereunder or as successor to
        the
        Master Servicer hereunder), the Trustee shall be incompetent or unqualified
        to
        perform such act or acts, in which event such rights, powers, duties and
        obligations (including the holding of title to the applicable Trust Fund
        or any
        portion thereof in any such jurisdiction) shall be exercised and performed
        singly by such separate trustee or co-trustee, but solely at the direction
        of
        the Trustee;

       

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

       

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

       

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

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the separate trustees and co-trustees, when and as
        effectively as if given to each of them.  Every instrument appointing
        any separate trustee or co-trustee shall refer to this Agreement and the
        conditions of this Article VIII.  Each separate trustee and
        co-trustee, upon its acceptance of the trusts conferred, shall be vested
        with
        the estates or property specified in its instrument of appointment, either
        jointly with the Trustee or separately, as may be provided therein, subject
        to
        all the provisions of this Agreement, specifically including every provision
        of
        this Agreement relating to the conduct of, affecting the liability of, or
        affording protection to, the Trustee.  Every such instrument shall be
        filed with the Trustee and a copy thereof given to the Master Servicer and
        the
        Depositor.

       

      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.

       

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

       

      SECTION
        8.11.    Tax
        Matters.

       

      It
        is
        intended that the assets with respect to which any REMIC election is to be
        made,
        as set forth in the Preliminary Statement, shall constitute, and that the
        conduct of matters relating to such assets shall be such as to qualify such
        assets as, a “real estate mortgage investment conduit” as defined in and in
        accordance with the REMIC Provisions.  In furtherance of such
        intention, the Trustee covenants and agrees that it shall act as agent (and
        the
        Trustee is hereby appointed to act as agent) on behalf of any such REMIC
        and
        that in such capacity it shall:  (a) prepare and file, or cause to be
        prepared and filed, in a timely manner, a U.S. Real Estate Mortgage Investment
        Conduit Income Tax Return (Form 1066 or any successor form adopted by the
        Internal Revenue Service) and prepare and file or cause to be prepared and
        filed
        with the Internal Revenue Service and applicable state or local tax authorities
        income tax or information returns for each taxable year with respect to any
        such
        REMIC, containing such information and at the times and in the manner as
        may be
        required by the Code or state or local tax laws, regulations, or rules, and
        furnish or cause to be furnished to Certificateholders the schedules, statements
        or information at such times and in such manner as may be required thereby;
        (b)
        within thirty days of the Closing Date, furnish or cause to be furnished
        to the
        Internal Revenue Service, on Forms 8811 or as otherwise may be required by
        the
        Code, the name, title, address, and telephone number of the person that the
        holders of the Certificates may contact for tax information relating thereto,
        together with such additional information as may be required by such Form,
        and
        update such information at the time or times in the manner required by the
        Code;
        (c) make or cause to be made elections that such assets be treated as a REMIC
        on
        the federal tax return for its first taxable year (and, if necessary, under
        applicable state law); (d) prepare and forward, or cause to be prepared and
        forwarded, to the Certificateholders and to the Internal Revenue Service
        and, if
        necessary, state tax authorities, all information returns and reports as
        and
        when required to be provided to them in accordance with the REMIC Provisions,
        including without limitation, the calculation of any original issue discount
        using the Prepayment Assumption; (e) provide information necessary for the
        computation of tax imposed on the transfer of a Residual Certificate to a
        Person
        that is not a Permitted Transferee, or an agent (including a broker, nominee
        or
        other middleman) of a Non-Permitted Transferee, or a pass-through entity
        in
        which a Non-Permitted Transferee is the record holder of an interest (the
        reasonable cost of computing and furnishing such information may be charged
        to
        the Person liable for such tax); (f) to the extent that they are under its
        control conduct matters relating to such assets at all times that any
        Certificates are outstanding so as to maintain the status as a REMIC under
        the
        REMIC Provisions; (g) not knowingly or intentionally take any action or omit
        to
        take any action that would cause the termination of the tax status of any
        REMIC;
        (h) pay, from the sources specified in the third paragraph of this Section
        8.11,
        the amount of any federal or state tax, including prohibited transaction
        taxes
        as described below, imposed on any such REMIC prior to its termination when
        and
        as the same shall be due and payable (but such obligation shall not prevent
        the
        Trustee or any other appropriate Person from contesting any such tax in
        appropriate proceedings and shall not prevent the Trustee from withholding
        payment of such tax, if permitted by law, pending the outcome of such
        proceedings); (i) ensure that federal, state or local income tax or information
        returns shall be signed by the Trustee or such other person as may be required
        to sign such returns by the Code or state or local laws, regulations or rules;
        (j) maintain records relating to any such REMIC, including but not limited
        to
        the income, expenses, assets and liabilities thereof and the fair market
        value
        and adjusted basis of the assets determined at such intervals as may be required
        by the Code, as may be necessary to prepare the foregoing returns, schedules,
        statements or information; and (k) as and when necessary and appropriate,
        represent any such REMIC in any administrative or judicial proceedings relating
        to an examination or audit by any governmental taxing authority, request
        an
        administrative adjustment as to any taxable year of any such REMIC, enter
        into
        settlement agreements with any governmental taxing agency, extend any statute
        of
        limitations relating to any tax item of any such REMIC, and otherwise act
        on
        behalf of any such REMIC in relation to any tax matter or controversy involving
        it.

       

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

       

      In
        order
        to enable the Trustee to perform its duties as set forth in this Agreement,
        the
        Depositor shall provide, or cause to be provided, to the Trustee within ten
        (10)
        days after the Closing Date all information or data that the Trustee requests
        in
        writing and determines to be relevant for tax purposes to the valuations
        and
        offering prices of the Certificates, including, without limitation, the price,
        yield, prepayment assumption and projected cash flows of the Certificates
        and
        the Mortgage Loans.  Thereafter, the Depositor shall provide to the
        Trustee promptly upon written request therefor, any such additional information
        or data that the Trustee may, from time to time, reasonably request in order
        to
        enable the Trustee to perform its duties as set forth in this
        Agreement.  The Depositor hereby indemnifies the Trustee for any
        losses, liabilities, damages, claims or expenses of the Trustee arising from
        any
        errors or miscalculations of the Trustee that result from any failure of
        the
        Depositor to provide, or to cause to be provided, accurate information or
        data
        to the Trustee on a timely basis.

       

      In
        the
        event that any tax is imposed on “prohibited transactions” of any REMIC
        hereunder as defined in section 860F(a)(2) of the Code, on the “net income from
        foreclosure property” of such REMIC as defined in section 860G(c) of the Code,
        on any contribution to any REMIC hereunder after the Startup Day pursuant
        to
        section 860G(d) of the Code, or any other tax is imposed, including, without
        limitation, any minimum tax imposed upon any REMIC hereunder pursuant to
        sections 23153 and 24874 of the California Revenue and Taxation Code, if
        not
        paid as otherwise provided for herein, such tax shall be paid by (i) the
        Trustee, if any such other tax arises out of or results from a breach by
        the
        Trustee of any of its obligations under this Agreement, (ii) the Master
        Servicer, in the case of any such minimum tax, or if such tax arises out
        of or
        results from a breach by the Master Servicer or a Seller of any of their
        obligations under this Agreement, (iii) any Seller, if any such tax arises
        out
        of or results from that Seller’s obligation to repurchase a Mortgage Loan
        pursuant to Section 2.02 or 2.03 or (iv) in all other cases, or in the event
        that the Trustee, the Master Servicer or any Seller fails to honor its
        obligations under the preceding clauses (i), (ii) or (iii), any such tax
        will be
        paid with amounts otherwise to be distributed to the Certificateholders,
        as
        provided in Section 3.08(b).

       

      For
        federal income tax purposes, the Trustee shall treat the following items
        as
        specified.  The Trustee shall treat the Carryover Shortfall Reserve
        Fund as an outside reserve fund within the meaning of Treasury Regulation
        1.860G-2(h), which is not an asset of any REMIC created
        hereunder.  The Carryover Shortfall Reserve Fund shall be treated as
        owned by the Holders of the Component Certificates.  The Trustee shall
        treat the rights and deemed obligations of the Holders of the LIBOR Certificates
        and the Component Certificates with respect to the Carryover Shortfall Reserve
        Fund as rights and obligations with respect to a notional principal contract
        written by the Holders of the Component Certificates in respect of any Carryover
        Shortfall Amounts distributed pursuant to Section 4.02(a)(4)
        herein.  Thus, the LIBOR Certificates and the Component Certificates
        shall be treated as representing ownership of Master REMIC regular interests
        coupled with contractual rights and obligations within the meaning of Treasury
        Regulation 1.860G-2(i).  For purposes of determining the issue price
        of the LIBOR Certificates, the Trustee shall assume that the position of
        the
        Component Certificates in such notional principal contract has a value of
        $1,000.

       

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

       

      SECTION
        8.12.    Monitoring of
        Significance Percentage.

       

      [Reserved].

       

      ARTICLE
        IX

      TERMINATION

       

      SECTION
        9.01.    Termination upon
        Liquidation or Purchase of all Mortgage Loans.

       

      Subject
        to Section 9.03, the obligations and responsibilities of the Depositor, the
        Sellers, the Master Servicer and the Trustee created hereby with respect
        to the
        Trust Fund shall terminate upon the earlier of: (a) the purchase by the Master
        Servicer of all Mortgage Loans (and REO Properties) remaining in the Trust
        Fund
        at the price equal to the sum of (i) 100% of the Stated Principal Balance
        of
        each Mortgage Loan plus one month’s accrued interest thereon at the applicable
        Adjusted Mortgage Rate, (ii) the lesser of (x) the appraised value of any
        REO
        Property as determined by the higher of two appraisals completed by two
        independent appraisers selected by the Master Servicer at the expense of
        the
        Master Servicer and (y) the Stated Principal Balance of each Mortgage Loan
        related to any REO Property, and (iii) any remaining unpaid costs and damages
        incurred by the Trust Fund that arise out of an actual violation of any
        predatory or abusive lending law that also constitutes an actual breach of
        clause (46) on Schedule III-A, in all cases plus accrued and unpaid interest
        thereon at the applicable Adjusted Mortgage Rate; and (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 in and (ii) the distribution to the Certificateholders of all amounts
        required to be distributed to them pursuant to this Agreement.  In no
        event shall the trusts created hereby continue beyond the earlier of (i)
        the
        expiration of 21 years from the death of the survivor of the descendants
        of
        Joseph P. Kennedy, the late Ambassador of the United States to the Court
        of St.
        James’s, living on the date hereof and (ii) the Latest Possible Maturity
        Date.

       

      The
        Master Servicer shall have the right to purchase all Mortgage Loans and REO
        Properties in the Trust Fund pursuant to clause (a) in the preceding
        paragraph of this Section 9.01 only on or after the Optional Termination
        Date.

       

      SECTION
        9.02.    Final Distribution
        on the Certificates.

       

      If
        on any
        Determination Date, the Master Servicer determines that there are no Outstanding
        Mortgage Loans and no other funds or assets in the Trust Fund other than
        the
        funds in the Certificate Account, the Master Servicer shall direct the Trustee
        promptly to send a final distribution notice to each
        Certificateholder.  If the Master Servicer elects to terminate the
        Trust Fund pursuant to Section 9.01, at least 20 days prior to the date
        notice is to be mailed to the Certificateholders, the Master Servicer shall
        notify the Depositor and the Trustee of the date the Master Servicer intends
        to
        cause a termination pursuant to Section 9.01 and of the applicable repurchase
        price of the Mortgage Loans and REO Properties.

       

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

       

      Notice
        of
        any termination of the Trust Fund, specifying the Distribution Date on which
        Certificateholders may surrender their Certificates for payment of the final
        distribution and cancellation, shall be given promptly by the Trustee by
        letter
        to Certificateholders mailed not earlier than the 10th day and no later than
        the
        15th day of the month next preceding the month of such final
        distribution.  Any such notice shall specify (a) the Distribution
        Date upon which final distribution on the Certificates will be made upon
        presentation and surrender of Certificates at the office therein designated,
        (b) the amount of such final distribution, (c) the location of the
        office or agency at which such presentation and surrender must be made, and
        (d) that the Record Date otherwise applicable to such Distribution Date is
        not applicable, distributions being made only upon presentation and surrender
        of
        the Certificates at the office therein specified.  The Master Servicer
        will give such notice to each Rating Agency at the time such notice is given
        to
        the Certificateholders.

       

      In
        the
        event such notice is given, the Master Servicer shall cause all related funds
        in
        the Certificate Account to be remitted to the Trustee for deposit in the
        Distribution Account on or before the Business Day prior to the applicable
        Distribution Date in an amount equal to the final distribution in respect
        of the
        Certificates.  Upon such final deposit with respect to the Mortgage
        Loans and REO Properties and the receipt by the Trustee of a Request for
        Release
        therefor, the Trustee shall promptly release to the Master Servicer the Mortgage
        Files for the Mortgage Loans.

       

      Upon
        presentation and surrender of the Certificates, the Trustee shall cause to
        be
        distributed to the Certificateholders of each Class, in each case on the
        final
        Distribution Date and in the order set forth in Section 4.02, in proportion
        to
        their respective Percentage Interests, with respect to Certificateholders
        of the
        same Class, an amount equal to (i) as to each Class of Regular Certificates,
        the
        Certificate Balance thereof plus accrued interest thereon (or on their Notional
        Amount, if applicable) in the case of an interest -bearing Certificate and
        (ii)
        as to the Residual Certificates, the amount, if any, which remains on deposit
        in
        the Distribution Account (other than the amounts retained to meet claims)
        after
        application pursuant to clause (i) above.  Notwithstanding the
        reduction of the Class Certificate Balance of any Class of Certificates to
        zero,
        such Class will be outstanding hereunder (solely for the purpose of receiving
        distributions and not for any other purpose) until the termination of the
        respective obligations and responsibilities of the Depositor, each Seller,
        the
        Master Servicer and the Trustee hereunder in accordance with Article
        IX.

       

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

       

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

       

      SECTION
        9.03.    Additional
        Termination Requirements.

       

      (a)  In
        the event the Master Servicer exercises its purchase option or options as
        provided in Section 9.01, the Mortgage Loans and REO Properties then
        remaining in the Trust Fund shall be terminated in accordance with the following
        additional requirements, unless the Trustee has been supplied with an Opinion
        of
        Counsel, at the expense of the Master Servicer to the effect that the failure
        to
        comply with the requirements of this Section 9.03 will not (i) result
        in the imposition of taxes on “prohibited transactions” on any REMIC as defined
        in section 860F of the Code, or (ii) cause any REMIC to fail to
        qualify as a REMIC at any time that any Certificates are
        outstanding:

       

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

       

      (2)           Within
        90 days after the time of adoption of such a plan of complete liquidation,
        the
        Trustee shall sell all of the assets of the Trust Fund to the Master Servicer
        for cash in accordance with Section 9.01.

       

      (b)  The
        Trustee as agent for any REMIC created under this Agreement hereby agrees
        to
        adopt and sign such a plan of complete liquidation upon the written request
        of
        the Master Servicer and the receipt of the Opinion of Counsel referred to
        in
        Section 9.03(a)(1) and to take such other action in connection therewith as
        may be reasonably requested by the Master Servicer.

       

      (c)  By
        their acceptance of the Certificates, the Holders thereof hereby authorize
        the
        Master Servicer to prepare and the Trustee to adopt and sign a plan of complete
        liquidation.

       

      ARTICLE
        X

      MISCELLANEOUS
        PROVISIONS

       

      SECTION
        10.01.    Amendment.

       

      This
        Agreement may be amended from time to time by the Depositor, each Seller,
        the
        Master Servicer and the Trustee without the consent of any of the
        Certificateholders (i) to cure any ambiguity or mistake, (ii) to
        correct any defective provision in this Agreement or to supplement any provision
        in this Agreement which may be inconsistent with any other provision in this
        Agreement, (iii) to conform this Agreement to the Prospectus and Prospectus
        Supplement provided to investors in connection with the initial offering
        of the
        Certificates, (iv) to add to the duties of the Depositor, any Seller or the
        Master Servicer, (v) to modify, alter, amend, add to or rescind any of the
        terms
        or provisions contained in this Agreement to comply with any rules or
        regulations promulgated by the Securities and Exchange Commission from time
        to
        time, (vi) to add any other provisions with respect to matters or questions
        arising hereunder or (vii) to modify, alter, amend, add to or rescind any
        of the terms or provisions contained in this Agreement; provided that any
        action
        pursuant to clauses (vi) or (vii) above shall not, as evidenced by an
        Opinion of Counsel (which Opinion of Counsel shall not be an expense of the
        Trustee or the Trust Fund), adversely affect in any material respect the
        interests of any Certificateholder; provided, however, that the
        amendment shall be deemed not to adversely affect in any material respect
        the
        interests of the Certificateholders if the Person requesting the amendment
        obtains a letter from each Rating Agency stating that the amendment would
        not
        result in the downgrading or withdrawal of the respective ratings then assigned
        to the Certificates; it being understood and agreed that any such letter
        in and
        of itself will not represent a determination as to the materiality of any
        such
        amendment and will represent a determination only as to the credit issues
        affecting any such rating.  Notwithstanding the foregoing, no
        amendment that significantly changes the permitted activities of the trust
        created by this Agreement may be made without the consent of a Majority in
        Interest of each Class of Certificates affected by such
        amendment.  Each party to this Agreement hereby agrees that it will
        cooperate with each other party in amending this Agreement pursuant to clause
        (v) above.  The Trustee, each Seller, the Depositor and the Master
        Servicer also may at any time and from time to time amend this Agreement
        without
        the consent of the Certificateholders to modify, eliminate or add to any
        of its
        provisions to such extent as shall be necessary or helpful to (i) maintain
        the qualification of any REMIC as a REMIC under the Code, (ii) avoid or
        minimize the risk of the imposition of any tax on any REMIC pursuant to the
        Code
        that would be a claim at any time prior to the final redemption of the
        Certificates or (iii) comply with any other requirements of the Code,
        provided that the Trustee has been provided an Opinion of Counsel, which
        opinion
        shall be an expense of the party requesting such opinion but in any case
        shall
        not be an expense of the Trustee or the Trust Fund, to the effect that such
        action is necessary or helpful to, as applicable, (i) maintain such
        qualification, (ii) avoid or minimize the risk of the imposition of such a
        tax or (iii) comply with any such requirements of the Code.

       

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

       

      This
        Agreement may also be amended from time to time by the Depositor, each Seller,
        the Master Servicer and the Trustee with the consent of the Holders of a
        Majority in Interest of each Class of Certificates affected thereby for the
        purpose of adding any provisions to or changing in any manner or eliminating
        any
        of the provisions of this Agreement or of modifying in any manner the rights
        of
        the Holders of such Certificates; provided, however, that no such
        amendment shall (i) reduce in any manner the amount of, or delay the timing
        of, payments required to be distributed on any Certificate without the consent
        of the Holder of such Certificate, (ii) adversely affect in any material
        respect the interests of the Holders of any Class of Certificates in a manner
        other than as described in (i), without the consent of the Holders of
        Certificates of such Class evidencing, as to such Class, Percentage Interests
        aggregating 66-2/3%, or (iii) reduce the aforesaid percentages of
        Certificates the Holders of which are required to consent to any such amendment,
        without the consent of the Holders of all such Certificates then
        outstanding.

       

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

       

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

       

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

       

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

       

      Nothing
        in this Agreement shall require the Trustee to enter into an amendment without
        receiving an Opinion of Counsel (which Opinion shall not be an expense of
        the
        Trustee or the Trust Fund), satisfactory to the Trustee that (i) such
        amendment is permitted and is not prohibited by this Agreement and that all
        requirements for amending this Agreement have been complied with; and
        (ii) either (A) the amendment does not adversely affect in any
        material respect the interests of any Certificateholder or (B) the
        conclusion set forth in the immediately preceding clause (A) is not
        required to be reached pursuant to this Section 10.01.

       

      SECTION
        10.02.    Recordation of
        Agreement; Counterparts.

       

      This
        Agreement is subject to recordation in all appropriate public offices for
        real
        property records in all the counties or other comparable jurisdictions in
        which
        any or all of the properties subject to the Mortgages are situated, and in
        any
        other appropriate public recording office or elsewhere, such recordation
        to be
        effected by the Master Servicer at its expense, but only upon direction by
        the
        Trustee accompanied by an Opinion of Counsel to the effect that such recordation
        materially and beneficially affects the interests of the
        Certificateholders.

       

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

       

      SECTION
        10.03.    Governing
        Law.

       

      THIS
        AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
        LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
        IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
        PARTIES
        HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH
        LAWS.

       

      SECTION
        10.04.    Intention of
        Parties.

       

      (a)  It
        is the express intent of the parties hereto that the conveyance of the (i)
        Mortgage Loans by the Sellers to the Depositor and (ii) Trust Fund by the
        Depositor to the Trustee  each be, and be construed as, an absolute
        sale thereof to the Trustee.  It is, further, not the intention of the
        parties that such conveyances be deemed a pledge thereof.  However, in
        the event that, notwithstanding the intent of the parties, such assets are
        held
        to be the property of any Seller or the Depositor, as the case may be, or
        if for
        any other reason this Agreement or any Supplemental Transfer Agreement is
        held
        or deemed to create a security interest in either such assets, then
        (i)  this Agreement or any Supplemental Transfer Agreement shall be
        deemed to be a security agreement (within the meaning of the Uniform Commercial
        Code of the State of New York) with respect to all such assets and security
        interests and (ii)  the conveyances provided for in this Agreement or
        any Supplemental Transfer Agreement shall be deemed to be an assignment and
        a
        grant pursuant to the terms of this Agreement (a) by each Seller to the
        Depositor or (b) by the Depositor to the Trustee, for the benefit of the
        Certificateholders, of a security interest in all of the assets that constitute
        the Trust Fund, whether now owned or hereafter acquired.

       

       

      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

       

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

       

      (b)  The
        Depositor hereby represents that:

       

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

       

      (ii)           The
        Mortgage Notes constitutes “instruments” within the meaning of the NY
        UCC.

       

      (iii)           Immediately
        prior to the assignment of each Mortgage Loan to the Trustee, the Depositor
        owns
        and has good and marketable title to such Mortgage Loan free and clear of
        any
        lien, claim or encumbrance of any Person.

       

      (iv)           The
        Depositor has received all consents and approvals required by the terms of
        the
        Mortgage Loans to the sale of the Mortgage Loans hereunder to the
        Trustee.

       

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

       

      (vi)           Other
        than the security interest granted to the Trustee pursuant to this Agreement,
        the Depositor has not pledged, assigned, sold, granted a security interest
        in,
        or otherwise conveyed any of the Mortgage Loans.  The Depositor has
        not authorized the filing of and is not aware of any financing statements
        against the Depositor that include a description of collateral covering the
        Mortgage Loans other than any financing statement relating to the security
        interest granted to the Trustee hereunder or that has been
        terminated.  The Depositor is not aware of any judgment or tax lien
        filings against the Depositor.

       

      The
        parties to this Agreement shall not
        waive any of the representations set forth in this Section 10.04(b) without
        obtaining a confirmation of the then-current ratings of the
        Certificates.

       

       

      
        
          
          

        

        
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      (c)  The
        Master Servicer shall take such action as is reasonably necessary to maintain
        the perfection and priority of the security interest of the Trustee in the
        Mortgage Loans; provided, however, that the obligation to deliver the Mortgage
        File to the Trustee pursuant to Section 2.01 shall be solely the Depositor’s
        obligation and the Master Servicer shall not be responsible for the safekeeping
        of the Mortgage Files by the Trustee.

       

      (d)  It
        is understood and agreed that the representations and warranties set forth
        in
        subsection (b) above shall survive delivery of the Mortgage Files to the
        Trustee.  Upon discovery by the Depositor or the Trustee of a breach
        of any of the foregoing representations and warranties set forth in subsection
        (b) above, which breach materially and adversely affects the interest of
        the
        Certificateholders, the party discovering such breach shall give prompt written
        notice to the others and to each Rating Agency.

       

      SECTION
        10.05.                                           Notices.

       

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

       

      1.           Any
        material change or amendment to this Agreement;

       

      2.           The
        occurrence of any Event of Default that has not been cured;

       

      3.           The
        resignation or termination of the Master Servicer or the Trustee and the
        appointment of any successor;

       

      4.           The
        repurchase or substitution of Mortgage Loans pursuant to
        Section 2.03;

       

      5.           The
        final payment to Certificateholders; and

       

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

       

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

       

      1.  Each
        report to Certificateholders described in Section 4.06;

       

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

       

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

       

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

       

       

      
        
          
          

        

        
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      All
        directions, demands and notices under this Agreement shall be in writing
        and
        shall be deemed to have been duly given when delivered by first class mail,
        by
        courier or by facsimile transmission to (1) in the case of the Depositor,
        CWALT,
        Inc., 4500 Park Granada, Calabasas, California 91302, facsimile
        number:  (818) 225-4016, Attention:  Josh Adler, (2) in the
        case of Countrywide, Countrywide Home Loans, Inc., 4500 Park Granada, Calabasas,
        California 91302, facsimile number:  (818) 225-4016,
        Attention:  Josh Adler or such other address as may be hereafter
        furnished to the Depositor and the Trustee by Countrywide in writing, (3)
        in the
        case of Park Granada, Park Granada LLC, c/o Countrywide Financial Corporation,
        4500 Park Granada, Calabasas, California 91302, facsimile
        number:  (818) 225-4016, Attention:  Josh Adler or such
        other address as may be hereafter furnished to the Depositor and the Trustee
        by
        Park Granada in writing, (4) in the case of Park Monaco Inc., c/o Countrywide
        Financial Corporation, 4500 Park Granada, Calabasas, California 91302, facsimile
        number:  (818) 225-4016, Attention:  Josh Adler or such
        other address as may be hereafter furnished to the Depositor and the Trustee
        by
        Park Monaco in writing, (5) in the case of Park Sienna LLC, c/o Countrywide
        Financial Corporation, 4500 Park Granada, Calabasas, California 91302, facsimile
        number:  (818) 225-4016, Attention:  Josh Adler or such
        other address as may be hereafter furnished to the Depositor and the Trustee
        by
        Park Sienna in writing, (6) in the case of the Master Servicer, Countrywide
        Home
        Loans Servicing LP, 400 Countrywide Way, Simi Valley, California 93065,
        facsimile number (805) 520-5623, Attention:  Mark Wong, or such other
        address as may be hereafter furnished to the Depositor and the Trustee by
        the
        Master Servicer in writing, (7) in the case of the Trustee, The Bank of New
        York, 101 Barclay Street, 4 West, New York, New York 10286, facsimile
        number:  (212) 815-3986, Attention: Mortgage-Backed Securities Group,
        CWALT, Inc. Series 2007-AL1, or such other address as the Trustee may hereafter
        furnish to the Depositor or Master Servicer, and (8) in the case of the Rating
        Agencies, the address specified therefor in the definition corresponding
        to the
        name of such Rating Agency.  Notices to Certificateholders shall be
        deemed given when mailed, first class postage prepaid, to their respective
        addresses appearing in the Certificate Register.

       

      SECTION
        10.06.    Severability of
        Provisions.

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders of the
        Certificates.

       

      SECTION
        10.07.    Assignment.

       

      Notwithstanding
        anything to the contrary contained in this Agreement, except as provided
        in
        Section 6.02, this Agreement may not be assigned by the Master Servicer
        without the prior written consent of the Trustee and the Depositor.

       

      SECTION
        10.08.    Limitation on
        Rights of Certificateholders.

       

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

       

       

      
        
          
          

        

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

       

      No
        Certificateholder shall have any right by virtue or by availing itself of
        any
        provisions of this Agreement to institute any suit, action or proceeding
        in
        equity or at law upon or under or with respect to this Agreement, unless
        such
        Holder previously shall have given to the Trustee a written notice of an
        Event
        of Default and of the continuance thereof, as provided in this Agreement,
        and
        unless the Holders of Certificates evidencing not less than 25% of the Voting
        Rights evidenced by the Certificates shall also have made written request
        to the
        Trustee to institute such action, suit or proceeding in its own name as Trustee
        hereunder and shall have offered to the Trustee such reasonable indemnity
        as it
        may require against the costs, expenses, and liabilities to be incurred therein
        or thereby, and the Trustee, for 60 days after its receipt of such notice,
        request and offer of indemnity shall have neglected or refused to institute
        any
        such action, suit or proceeding; it being understood and intended, and being
        expressly covenanted by each Certificateholder with every other
        Certificateholder and the Trustee, that no one or more Holders of Certificates
        shall have any right in any manner whatever by virtue or by availing itself
        or
        themselves of any provisions of this Agreement to affect, disturb or prejudice
        the rights of the Holders of any other of the Certificates, or to obtain
        or seek
        to obtain priority over or preference to any other such Holder or to enforce
        any
        right under this Agreement, except in the manner provided in this Agreement
        and
        for the common benefit of all Certificateholders.  For the protection
        and enforcement of the provisions of this Section 10.08, each and every
        Certificateholder and the Trustee shall be entitled to such relief as can
        be
        given either at law or in equity.

       

      SECTION
        10.09.    Inspection and
        Audit Rights.

       

      The
        Master Servicer agrees that, on reasonable prior notice, it will permit and
        will
        cause each Subservicer to permit any representative of the Depositor or the
        Trustee during the Master Servicer’s normal business hours, to examine all the
        books of account, records, reports and other papers of the Master Servicer
        relating to the Mortgage Loans, to make copies and extracts therefrom, to
        cause
        such books to be audited by independent certified public accountants selected
        by
        the Depositor or the Trustee and to discuss its affairs, finances and accounts
        relating to the Mortgage Loans with its officers, employees and independent
        public accountants (and by this provision the Master Servicer hereby authorizes
        said accountants to discuss with such representative such affairs, finances
        and
        accounts), all at such reasonable times and as often as may be reasonably
        requested.  Any out-of-pocket expense incident to the exercise by the
        Depositor or the Trustee of any right under this Section 10.09 shall be
        borne by the party requesting such inspection; all other such expenses shall
        be
        borne by the Master Servicer or the related Subservicer.

       

      SECTION
        10.10.    Certificates
        Nonassessable and Fully Paid.

       

      It
        is the
        intention of the Depositor that Certificateholders shall not be personally
        liable for obligations of the Trust Fund, that the interests in the Trust
        Fund
        represented by the Certificates shall be nonassessable for any reason
        whatsoever, and that the Certificates, upon due authentication thereof by
        the
        Trustee pursuant to this Agreement, are and shall be deemed fully
        paid.

       

       

      
        
          
          

        

        
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      SECTION
        10.11.    [Reserved].

       

      SECTION
        10.12.    Protection of
        Assets.

       

      (a)  Except
        for transactions and activities entered into in connection with the
        securitization that is the subject of this Agreement, the Trust Fund created
        by
        this Agreement is not authorized and has no power to:

       

      (i)           borrow
        money or issue debt;

       

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

       

      (iii)           engage
        in any business or activities.

       

      (b)  Each
        party to this Agreement agrees that it will not file an involuntary bankruptcy
        petition against the Trustee or the Trust Fund or initiate any other form
        of
        insolvency proceeding until the date that is one year and one day after the
        Certificates have been paid.

       

      ARTICLE
        XI

      EXCHANGE
        ACT REPORTING

       

      SECTION
        11.01.    Filing
        Obligations.

       

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

       

      SECTION
        11.02.    Form 10-D
        Filings.

       

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

       

       

      
        
          
          

        

        
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      (b)           No
        later than each Distribution Date, each of the Master Servicer and the Trustee
        shall notify (and the Master Servicer shall cause any Subservicer to notify)
        the
        Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
        with a description of any such Form 10-D Disclosure Item in form and substance
        reasonably acceptable to the Depositor.  In addition to such
        information as the Master Servicer and the Trustee are obligated to provide
        pursuant to other provisions of this Agreement, if so requested by the
        Depositor, each of the Master Servicer and the Trustee shall provide such
        information which is available to the Master Servicer and the Trustee, as
        applicable, without unreasonable effort or expense regarding the performance
        or
        servicing of the Mortgage Loans (in the case of the Trustee, based on the
        information provided by the Master Servicer) as is reasonably required to
        facilitate preparation of distribution reports in accordance with Item 1121
        of
        Regulation AB.  Such information shall be provided concurrently with
        the delivery of the reports specified in Section 4.06(c) in the case of the
        Master Servicer and the Monthly Statement in the case of the Trustee, commencing
        with the first such report due not less than five Business Days following
        such
        request.

       

      (c)           The
        Trustee shall not have any responsibility to file any items (other than those
        generated by it) that have not been received in a format suitable (or readily
        convertible into a format suitable) for electronic filing via the EDGAR system
        and shall not have any responsibility to convert any such items to such format
        (other than those items generated by it or that are readily convertible to
        such
        format).  The Trustee shall have no liability to the
        Certificateholders, the Trust Fund, the Master Servicer or the Depositor
        with
        respect to any failure to properly prepare or file any of Form 10-D to the
        extent that such failure is not the result of any negligence, bad faith or
        willful misconduct on its part.

       

      SECTION
        11.03.    Form 8-K
        Filings.

       

      The
        Master Servicer shall prepare and file on behalf of the Trust Fund any Form
        8-K
        required by the Exchange Act.  Each Form 8-K must be signed by the
        Master Servicer.  Each of the Master Servicer (and the Master Servicer
        shall cause any Subservicer to promptly notify), and the Trustee shall promptly
        notify the Depositor and the Master Servicer (if the notifying party is not
        the
        Master Servicer), but in no event later than one (1) Business Day after its
        occurrence, of any Reportable Event of which it has actual
        knowledge.  Each Person shall be deemed to have actual knowledge of
        any such event to the extent that it relates to such Person or any action
        or
        failure to act by such Person.  Concurrently with any transfer of
        Supplemental Mortgage Loans, if any, Countrywide shall notify the Depositor
        and
        the Master Servicer, if any material pool characteristic of the actual asset
        pool at the time of issuance of the Certificates differs by 5% or more (other
        than as a result of the pool assets converting into cash in accordance with
        their terms) from the description of the asset pool in the Prospectus
        Supplement.

       

      SECTION
        11.04.    Form 10-K
        Filings.

       

      Prior
        to
        March 30th of each year, commencing in 2008 (or such earlier date as may
        be
        required by the Exchange Act), the Depositor shall prepare and file on behalf
        of
        the Trust Fund a Form 10-K, in form and substance as required by the Exchange
        Act.  A senior officer in charge of the servicing function of the
        Master Servicer shall sign each Form 10-K filed on behalf of the Trust
        Fund.  Such Form 10-K shall include as exhibits each (i) annual
        compliance statement described under Section 3.16, (ii) annual report on
        assessments of compliance with servicing criteria described under Section
        11.07
        and (iii) accountant’s report described under Section 11.07.  Each
        Form 10-K shall also include any Sarbanes-Oxley Certification required to
        be
        included therewith, as described in Section 11.05.

       

       

      
        
          
          

        

        
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      If
        the
        Item 1119 Parties listed on Exhibit T have changed since the Closing Date,
        no
        later than March 1 of each year, the Master Servicer shall provide each of
        the
        Master Servicer (and the Master Servicer shall provide any Subservicer) and
        the
        Trustee with an updated Exhibit T setting forth the Item 1119
        Parties.  No later than March 15 of each year, commencing in 2008, the
        Master Servicer and the Trustee shall notify (and the Master Servicer shall
        cause any Subservicer to notify) the Depositor and the Master Servicer of
        any
        Form 10-K Disclosure Item, together with a description of any such Form 10-K
        Disclosure Item in form and substance reasonably acceptable to the
        Depositor.  Additionally, each of the Master Servicer and the Trustee
        shall provide, and shall cause each Reporting Subcontractor retained by the
        Master Servicer or the Trustee, as applicable, and in the case of the Master
        Servicer shall cause each Subservicer, to provide, the following information
        no
        later than March 15 of each year in which a Form 10-K is required to be filed
        on
        behalf of the Trust Fund: (i) if such Person’s report on assessment of
        compliance with servicing criteria described under Section 11.07 or related
        registered public accounting firm attestation report described under Section
        11.07 identifies any material instance of noncompliance, notification of
        such
        instance of noncompliance and (ii) if any such Person’s report on assessment of
        compliance with servicing criteria or related registered public accounting
        firm
        attestation report is not provided to be filed as an exhibit to such Form
        10-K,
        information detailing the explanation why such report is not
        included.

       

      SECTION
        11.05.    Sarbanes-Oxley
        Certification.

       

      Each
        Form
        10-K shall include a certification (the “Sarbanes-Oxley Certification”)
        required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
        to
        Section 302 of the Sarbanes-Oxley Act of 2002 and the rules and regulations
        of the Commission promulgated thereunder (including any interpretations thereof
        by the Commission’s staff)).  No later than March 15 of each year,
        beginning in 2008, the Master Servicer and the Trustee shall (unless such
        person
        is the Certifying Person), and the Master Servicer shall cause each Subservicer
        and each Reporting Subcontractor and the Trustee shall cause each Reporting
        Subcontractor to, provide to the Person who signs the Sarbanes-Oxley
        Certification (the “Certifying Person”) a certification (each, a
“Performance Certification”), in the form attached hereto as Exhibit R-1
        (in the case of a Subservicer or any Reporting Subcontractor of the Master
        Servicer or a Subservicer) and Exhibit R-2 (in the case of the Trustee or
        any
        Reporting Subcontractor of the Trustee), on which the Certifying Person,
        the
        entity for which the Certifying Person acts as an officer, and such entity’s
        officers, directors and Affiliates (collectively with the Certifying Person,
        “Certification Parties”) can reasonably rely.  The senior
        officer in charge of the servicing function of the Master Servicer shall
        serve
        as the Certifying Person on behalf of the Trust Fund.  Neither the
        Master Servicer nor the Depositor will request delivery of a certification
        under
        this clause unless the Depositor is required under the Exchange Act to file
        an
        annual report on Form 10-K with respect to the Trust Fund.  In the
        event that prior to the filing date of the Form 10-K in March of each year,
        the
        Trustee or the Depositor has actual knowledge of information material to
        the
        Sarbanes-Oxley Certification, the Trustee or the Depositor, as the case may
        be,
        shall promptly notify the Master Servicer and the Depositor.  The
        respective parties hereto agree to cooperate with all reasonable requests
        made
        by any Certifying Person or Certification Party in connection with such Person’s
        attempt to conduct any due diligence that such Person reasonably believes
        to be
        appropriate in order to allow it to deliver any Sarbanes-Oxley Certification
        or
        portion thereof with respect to the Trust Fund.

       

       

      
        
          
          

        

        
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      SECTION
        11.06.    Form 15
        Filing.

       

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

       

      SECTION
        11.07.    Report on
        Assessment of Compliance and Attestation.

       

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

       

      (i)           Each
        of the Master Servicer and the Trustee shall deliver to the Depositor and
        the
        Master Servicer a report (in form and substance reasonably satisfactory to
        the
        Depositor) regarding the Master Servicer’s or the Trustee’s, as applicable,
        assessment of compliance with the Servicing Criteria during the immediately
        preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
        Exchange Act and Item 1122 of Regulation AB.  Such report shall be
        signed by an authorized officer of such Person and shall address each of
        the
        Servicing Criteria specified on a certification substantially in the form
        of
        Exhibit S hereto delivered to the Depositor concurrently with the execution
        of
        this Agreement.  To the extent any of the Servicing Criteria are not
        applicable to such Person, with respect to asset-backed securities transactions
        taken as a whole involving such Person and that are backed by the same asset
        type backing the Certificates, such report shall include such a statement
        to
        that effect.  The Depositor and the Master Servicer, and each of their
        respective officers and directors shall be entitled to rely on upon each
        such
        servicing criteria assessment.

       

      (ii)           Each
        of the Master Servicer and the Trustee shall deliver to the Depositor and
        the
        Master Servicer a report of a registered public accounting firm reasonably
        acceptable to the Depositor that attests to, and reports on, the assessment
        of
        compliance made by Master Servicer or the Trustee, as applicable, and delivered
        pursuant to the preceding paragraphs.  Such attestation shall be in
        accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
        Securities Act and the Exchange Act, including, without limitation that in
        the
        event that an overall opinion cannot be expressed, such registered public
        accounting firm shall state in such report why it was unable to express such
        an
        opinion.  Such report must be available for general use and not
        contain restricted use language.  To the extent any of the Servicing
        Criteria are not applicable to such Person, with respect to asset-backed
        securities transactions taken as a whole involving such Person and that are
        backed by the same asset type backing the Certificates, such report shall
        include such a statement to that effect.

       

       

      
        
          
          

        

        
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      (iii)           The
        Master Servicer shall cause each Subservicer and each Reporting Subcontractor
        to
        deliver to the Depositor an assessment of compliance and accountant’s
        attestation as and when provided in paragraphs (a) and (b) of this Section
        11.07.

       

      (iv)           The
        Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
        and
        the Master Servicer an assessment of compliance and accountant’s attestation as
        and when provided in paragraphs (a) and (b) of this Section.

       

      (v)           The
        Master Servicer and the Trustee shall execute (and the Master Servicer shall
        cause each Subservicer to execute, and the Master Servicer and the Trustee
        shall
        cause each Reporting Subcontractor to execute) a reliance certificate to
        enable
        the Certification Parties to rely upon each (i) annual compliance statement
        provided pursuant to Section 3.16, (ii) annual report on assessments of
        compliance with servicing criteria provided pursuant to this Section 11.07
        and
        (iii) accountant’s report provided pursuant to this Section 11.07 and shall
        include a certification that each such annual compliance statement or report
        discloses any deficiencies or defaults described to the registered public
        accountants of such Person to enable such accountants to render the certificates
        provided for in this Section 11.07. In the event the Master Servicer, any
        Subservicer, the Trustee or Reporting Subcontractor is terminated or resigns
        during the term of this Agreement, such Person shall provide a certification
        to
        the Certifying Person pursuant to this Section 11.07 with respect to the
        period
        of time it was subject to this Agreement or provided services with respect
        to
        the Trust Fund, the Certificates or the Mortgage Loans.

       

      (b)  In
        the event the Master Servicer, any Subservicer, the Trustee or Reporting
        Subcontractor is terminated or resigns during the term of this Agreement,
        such
        Person shall provide documents and information required by this Section 11.07
        with respect to the period of time it was subject to this Agreement or provided
        services with respect to the Trust Fund, the Certificates or the Mortgage
        Loans.

       

      (c)  Each
        assessment of compliance provided by a Subservicer pursuant to Section
        11.07(a)(3) shall address each of the Servicing Criteria specified on a
        certification substantially in the form of Exhibit S hereto delivered to
        the
        Depositor concurrently with the execution of this Agreement or, in the case
        of a
        Subservicer subsequently appointed as such, on or prior to the date of such
        appointment.  An assessment of compliance provided by a Subcontractor
        pursuant to Section 11.07(a)(3) or (4) need not address any elements of the
        Servicing Criteria other than those specified by the Master Servicer or the
        Trustee, as applicable, pursuant to Section 11.07(a)(1).

       

      SECTION
        11.08.Use of Subservicers and Subcontractors.

       

      (a)  The
        Master Servicer shall cause any Subservicer used by the Master Servicer (or
        by
        any Subservicer) for the benefit of the Depositor to comply with the provisions
        of Section 3.16 and this Article XI to the same extent as if such Subservicer
        were the Master Servicer (except with respect to the Master Servicer’s duties
        with respect to preparing and filing any Exchange Act Reports or as the
        Certifying Person).  The Master Servicer shall be responsible for
        obtaining from each Subservicer and delivering to the Depositor any servicer
        compliance statement required to be delivered by such Subservicer under Section
        3.16, any assessment of compliance and attestation required to be delivered
        by
        such Subservicer under Section 11.07 and any certification required to be
        delivered to the Certifying Person under Section 11.05 as and when required
        to
        be delivered.  As a condition to the succession to any Subservicer as
        subservicer under this Agreement by any Person (i) into which such Subservicer
        may be merged or consolidated, or (ii) which may be appointed as a successor
        to
        any Subservicer, the Master Servicer shall provide to the Depositor, at least
        15
        calendar days prior to the effective date of such succession or appointment,
        (x)
        written notice to the Depositor of such succession or appointment and (y)
        in
        writing and in form and substance reasonably satisfactory to the Depositor,
        all
        information reasonably requested by the Depositor in order to comply with
        its
        reporting obligation under Item 6.02 of Form 8-K.

       

       

      
        
          
          

        

        
          122

          
            

          

        

        
          
          

        

      

       

      (b)  It
        shall not be necessary for the Master Servicer, any Subservicer or the Trustee
        to seek the consent of the Depositor or any other party hereto to the
        utilization of any Subcontractor.  The Master Servicer or the Trustee,
        as applicable, shall promptly upon request provide to the Depositor (or any
        designee of the Depositor, such as the Master Servicer or administrator)
        a
        written description (in form and substance satisfactory to the Depositor)
        of the
        role and function of each Subcontractor utilized by such Person (or in the
        case
        of the Master Servicer, any Subservicer), specifying (i) the identity of
        each
        such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, and (iii) which elements of the Servicing Criteria will be
        addressed in assessments of compliance provided by each Subcontractor identified
        pursuant to clause (ii) of this paragraph.

       

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

       

      SECTION
        11.09.    Amendments.

       

      In
        the
        event the parties to this Agreement desire to further clarify or amend any
        provision of this Article XI, this Agreement shall be amended to reflect
        the new
        agreement between the parties covering matters in this Article XI pursuant
        to
        Section 10.01, which amendment shall not require any Opinion of Counsel or
        Rating Agency confirmations or the consent of any
        Certificateholder.  If, during the period that the Depositor is
        required to file Exchange Act Reports with respect to the Trust Fund, the
        Master
        Servicer is no longer an Affiliate of the Depositor, the Depositor shall
        assume
        the obligations and responsibilities of the Master Servicer in this Article
        XI
        with respect to the preparation and filing of the Exchange Act Reports and/or
        acting as the Certifying Person, if the Depositor has received indemnity
        from
        such successor Master Servicer satisfactory to the Depositor, and such Master
        Servicer has agreed to provide a Sarbanes-Oxley Certification to the Depositor
        substantially in the form of Exhibit U, and the certifications referred to
        in
        Section 11.07.

       

       

      
        
          
          

        

        
          123

          
            

          

        

        
          
          

        

      

       

      SECTION
        11.10.    Reconciliation of
        Accounts.

       

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

       

      *           *           *           *           *           *

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

       

       

      
        
          
          

        

        
          124

          
            

          

        

        
          
          

        

      

       

      
        	 	
                CWALT,
                  INC.,

                 
as
                  Depositor

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Schloessmann	 
	 	
                 Name: 
                  Michael Schloessmann

              	 
	 	 Title:   
                Managing Director	 
	 	 	 	 

      

       

      
         

        
          	 	
                  THE
                    BANK OF NEW YORK

                   
as
                    Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/ Michelle
                  Penson	 
	 	
                   Name: 
                    Michelle Penson

                	 
	 	 Title:   
                  Vice President	 
	 	 	 	 

        

         

        
           

          
            	 	
                    COUNTRYWIDE
                      HOME LOANS, INC.,

                     
as
                      a Seller

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	/s/ Michael
                    Schloessmann	 
	 	
                     Name: 
                      Michael Schloessmann

                  	 
	 	 Title:   
                    Managing Director	 
	 	 	 	 

          

           

          
             

            
              	 	
                      PARK
                        GRANADA LLC,

                       
as
                        a Seller

                    	 
	 	 	 	 
	
                       

                    	
                      By:
                        

                    	/s/ Michael
                      Schloessmann	 
	 	
                       Name: 
                        Michael Schloessmann

                    	 
	 	 Title:   
                      Managing Director	 
	 	 	 	 

            

             

            
               

              
                	 	
                        PARK SIENNA LLC,

                         
as
                          a Seller

                      	 
	 	 	 	 
	
                         

                      	
                        By:
                          

                      	/s/ Michael
                        Schloessmann	 
	 	
                         Name: 
                          Michael Schloessmann

                      	 
	 	 Title:   
                        Managing Director	 
	 	 	 	 

              

               

            

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
               

              
                	 	
                        PARK MONACO
                          INC.,

                         
as
                          a Seller

                      	 
	 	 	 	 
	
                         

                      	
                        By:
                          

                      	/s/ Michael
                        Schloessmann	 
	 	
                         Name: 
                          Michael Schloessmann

                      	 
	 	 Title:   
                        Managing Director	 
	 	 	 	 

              

               

              
                 

                
                  	 	
                          COUNTRYWIDE
                            HOME LOANS SERVICING LP,

                           
as
                            Master Servicer

                        	 
	 	 	 	 
	
                           

                        	
                          By:
                            

                        	/s/ Michael
                          Schloessmann	 
	 	
                           Name: 
                            Michael Schloessmann

                        	 
	 	 Title:   
                          Managing Director	 
	 	 	 	 

                

                 

              

               

            

          

        

      

      
        
          	 	
                  
                    Acknowledged
                      solely with respect to its obligations under Section
                      4.01(b)

                  

                	 
	 	 	 
	 	 THE
                  BANK OF NEW YORK, in its individual capacity	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/ Paul
                  Connolly	 
	 	
                   Name: 
                    Paul Connolly

                	 
	 	 Title:   
                  Vice President	 
	 	 	 	 

        

         

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      SCHEDULE
        I

      Mortgage
        Loan Schedule

      [Delivered
        at Closing to Trustee]

       

       

      
        
          
          

        

        
          S-I-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-A

      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        2007-AL1

      Representations
        and Warranties of Countrywide

       

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

       

      (1)  Countrywide
        is duly organized as a New York corporation and is validly existing and in
        good
        standing under the laws of the State of New York and is duly authorized and
        qualified to transact any and all business contemplated by the Pooling and
        Servicing Agreement to be conducted by Countrywide in any state in which
        a
        Mortgaged Property is located or is otherwise not required under applicable
        law
        to effect such qualification and, in any event, is in compliance with the
        doing
        business laws of any such state, to the extent necessary to perform any of
        its
        obligations under the Pooling and Servicing Agreement and each Supplemental
        Transfer Agreement in accordance with the terms thereof.

       

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

       

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

       

      
        
          
          

        

        
          S-II-A-1

          
            

          

        

        
          
          

        

      

      (4)  Countrywide
        is an approved servicer of conventional mortgage loans for FNMA or FHLMC
        and is
        a mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to sections 203 and 211 of the National Housing Act.

       

      (5)  No
        litigation is pending or, to the best of Countrywide’s knowledge, threatened,
        against Countrywide that would materially and adversely affect the execution,
        delivery or enforceability of the Pooling and Servicing Agreement or the
        ability
        of Countrywide to sell the Countrywide Mortgage Loans or to perform any of
        its
        other obligations under the Pooling and Servicing Agreement in accordance
        with
        the terms thereof.

       

      (6)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by Countrywide
        of,
        or compliance by Countrywide with, the Pooling and Servicing Agreement or
        the
        consummation of the transactions contemplated thereby, or if any such consent,
        approval, authorization or order is required, Countrywide has obtained the
        same.

       

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

       

      (8)  Countrywide
        is a member of MERS in good standing, and will comply in all material respects
        with the rules and procedures of MERS in connection with the servicing of
        the
        MERS Mortgage Loans in the Trust Fund for as long as such Mortgage Loans
        are
        registered with MERS.

       

       

      
        
          
          

        

        
          S-II-A-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-B

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

      Representations
        and Warranties of Park Granada

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          S-II-B-1

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-II-B-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-C

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

      Representations
        and Warranties of Park Monaco

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          S-II-C-1

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-II-C-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-D

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

      Representations
        and Warranties of Park Sienna

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-II-D-1

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-II-D-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-A

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

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

       

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

       

      (1)  The
        information set forth on Schedule I to the Pooling and Servicing Agreement
        with
        respect to each Initial Mortgage Loan is true and correct in all material
        respects as of the Closing Date and with respect to each Supplemental Mortgage
        Loan is true and correct in all material respects as of the related Supplemental
        Transfer Date (in each case, other than the information contained in clauses
        (xix), (xx) and (xxi) of the Mortgage Loan Schedule).

       

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

       

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

       

      (4)  Each
        Mortgage is a valid and enforceable first lien on the Mortgaged Property
        subject
        only to (a) the lien of non delinquent current real property taxes and
        assessments, (b) covenants, conditions and restrictions, rights of way,
        easements and other matters of public record as of the date of recording
        of such
        Mortgage, such exceptions appearing of record being acceptable to mortgage
        lending institutions generally or specifically reflected in the appraisal
        made
        in connection with the origination of the related Mortgage Loan, and (c)
        other
        matters to which like properties are commonly subject which do not materially
        interfere with the benefits of the security intended to be provided by such
        Mortgage.

       

      (5)  [Reserved].

       

       

      
        
          
          

        

        
          S-III-A-1

          
            

          

        

        
          
          

        

      

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

       

      (7)  There
        is
        no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal of
        or
        interest on such Mortgage Note.

       

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

       

      (9)  As
        of the
        Closing Date, to the best of Countrywide’s knowledge, each Mortgaged Property is
        free of material damage and in good repair.

       

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

       

      (11)  As
        of the
        Closing Date with respect to the Initial Mortgage Loans and as of the related
        Supplemental Transfer Date with respect to the Supplemental Mortgage Loans,
        neither the Sellers, neither Countrywide nor any prior holder of any Mortgage
        has modified the Mortgage in any material respect (except that a Mortgage
        Loan
        may have been modified by a written instrument which has been recorded or
        submitted for recordation, if necessary, to protect the interests of the
        Certificateholders and the original or a copy of which has been delivered
        to the
        Trustee); satisfied, cancelled or subordinated such Mortgage in whole or
        in
        part; released the related Mortgaged Property in whole or in part from the
        lien
        of such Mortgage; or executed any instrument of release, cancellation,
        modification or satisfaction with respect thereto.

       

      (12)  A
        lender’s policy of title insurance together with a condominium endorsement,
        adjustable rate rider, negative amortization endorsement and extended coverage
        endorsement, if applicable, in an amount at least equal to the Cut-off Date
        Stated Principal Balance of each such Mortgage Loan or a commitment (binder)
        to
        issue the same was effective on the date of the origination of each Mortgage
        Loan, each such policy is valid and remains in full force and effect, and
        each
        such policy was issued by a title insurer qualified to do business in the
        jurisdiction where the Mortgaged Property is located and acceptable to FNMA
        or
        FHLMC and is in a form acceptable to FNMA or FHLMC, which policy insures
        Countrywide and successor owners of indebtedness secured by the insured
        Mortgage, as to the first priority lien of the Mortgage subject to the
        exceptions set forth in paragraph (4) above and against any loss by reason
        of
        the invalidity or the unenforceability of the lien resulting from the provisions
        of the Mortgage providing for adjustment of the mortgage interest rate and/or
        the monthly payment including any negative amortization
        thereunder.  To the best of Countrywide’s knowledge, no claims have
        been made under such mortgage title insurance policy and no prior holder
        of the
        related Mortgage, including Countrywide, has done, by act or omission, anything
        which would impair the coverage of such mortgage title insurance
        policy.

       

       

      
        
          
          

        

        
          S-III-A-2

          
            

          

        

        
          
          

        

      

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

       

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

       

      (15)  To
        the
        best of Countrywide’s knowledge, all of the improvements which were included for
        the purpose of determining the Appraised Value of the Mortgaged Property
        lie
        wholly within the boundaries and building restriction lines of such property,
        and no improvements on adjoining properties encroach upon the Mortgaged
        Property.

       

      (16)  To
        the
        best of Countrywide’s knowledge, no improvement located on or being part of the
        Mortgaged Property is in violation of any applicable zoning law or
        regulation.  To the best of Countrywide’s knowledge, all inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy
        and fire underwriting certificates, have been made or obtained from the
        appropriate authorities, unless the lack thereof would not have a material
        adverse effect on the value of such Mortgaged Property, and the Mortgaged
        Property is lawfully occupied under applicable law.

       

      (17)  Each
        Mortgage Note and the related Mortgage are genuine, and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms and under applicable law.  To the best of Countrywide’s
        knowledge, all parties to the Mortgage Note and the Mortgage had legal capacity
        to execute the Mortgage Note and the Mortgage and each Mortgage Note and
        Mortgage have been duly and properly executed by such parties.

       

      (18)  The
        proceeds of the Mortgage Loans have been fully disbursed, there is no
        requirement for future advances thereunder and any and all requirements as
        to
        completion of any on-site or off-site improvements and as to disbursements
        of
        any escrow funds therefor have been complied with.  All costs, fees
        and expenses incurred in making, or closing or recording the Mortgage Loans
        were
        paid.

       

      (19)  The
        related Mortgage contains customary and enforceable provisions which render
        the
        rights and remedies of the holder thereof adequate for the realization against
        the Mortgaged Property of the benefits of the security, including, (i) in
        the
        case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
        otherwise by judicial foreclosure.

       

      (20)  With
        respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
        under applicable law to serve as such, has been properly designated and
        currently so serves and is named in such Mortgage, and no fees or expenses
        are
        or will become payable by the Certificateholders to the trustee under the
        deed
        of trust, except in connection with a trustee’s sale after default by the
        Mortgagor.

       

       

      
        
          
          

        

        
          S-III-A-3

          
            

          

        

        
          
          

        

      

       

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

       

      (22)  There
        exist no deficiencies with respect to escrow deposits and payments, if such
        are
        required, for which customary arrangements for repayment thereof have not
        been
        made, and no escrow deposits or payments of other charges or payments due
        Countrywide have been capitalized under the Mortgage or the related Mortgage
        Note.

       

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

       

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

       

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

       

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

       

      (27)  As
        of the
        Closing Date, 99.80% of the Initial Mortgage Loans by aggregate Stated Principal
        Balance of the Initial Mortgage Loans as of the Cut-off Date, provide for
        a
        Prepayment Charge.

       

      (28)  Generally,
        each Mortgage Loan
        that had a Loan-to-Value Ratio at origination in excess of 80% is the subject
        of
        a Primary Insurance Policy that insures that portion of the principal balance
        equal to a specified percentage times the sum of the remaining principal
        balance
        of the related Mortgage Loan, the accrued interest thereon and the related
        foreclosure expenses.  The specified coverage percentage for mortgage
        loans with terms to maturity between 25 and 30 years is 12% for Loan-to-Value
        Ratios between 80.01% and 85.00%, 25% for Loan-to-Value Ratios between 85.01%
        and 90.00%, 30% for Loan-to-Value Ratios between 90.01% and 95.00% and 35%
        for
        Loan-to-Value Ratios between 95.01% and 100%.  The specified coverage
        percentage for mortgage loans with terms to maturity of up to 20 years ranges
        from 6% to 12% for Loan-to-Value Ratios between 80.01% and 85.00%, from 12%
        to
        20% for Loan-to-Value Ratios between 85.01% and 90.00% and 20% to 25% for
        Loan-to-Value Ratios between 90.01% and 95.00%.  Each such Primary
        Insurance Policy is issued by a Qualified Insurer.  All provisions of
        any such Primary Insurance Policy have been and are being complied with,
        any
        such policy is in full force and effect, and all premiums due thereunder
        have
        been paid.  Any Mortgage subject to any such Primary Insurance Policy
        obligates either the Mortgagor or the mortgagee thereunder to maintain such
        insurance and to pay all premiums and charges in connection therewith, subject,
        in each case, to the provisions of Section 3.09(b) of the Pooling and Servicing
        Agreement.  The Mortgage Rate for each Mortgage Loan is net of any
        such insurance premium.

       

      (29)  As
        of the
        Closing Date or the related Supplemental Transfer Date, as applicable, the
        improvements upon each Mortgaged Property are covered by a valid and existing
        hazard insurance policy with a generally acceptable carrier that provides
        for
        fire and extended coverage and coverage for such other hazards as are customary
        in the area where the Mortgaged Property is located in an amount which is
        at
        least equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan and (b) an amount such that the proceeds of
        such
        policy shall be sufficient to prevent the Mortgagor and/or the mortgagee
        from
        becoming a co-insurer.  If the Mortgaged Property is a condominium
        unit, it is included under the coverage afforded by a blanket policy for
        the
        condominium unit.  All such individual insurance policies and all
        flood policies referred to in item (30) below contain a standard mortgagee
        clause naming Countrywide or the original mortgagee, and its successors in
        interest, as mortgagee, and Countrywide has received no notice that any premiums
        due and payable thereon have not been paid; the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance including flood insurance at the
        Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to obtain and maintain such insurance
        at
        the Mortgagor’s cost and expense and to seek reimbursement therefor from the
        Mortgagor.

       

      
        
          
          

        

        
          S-III-A-4

          
            

          

        

        
          
          

        

      

       

      (30)  If
        the
        Mortgaged Property is in an area identified in the Federal Register by the
        Federal Emergency Management Agency as having special flood hazards, a flood
        insurance policy in a form meeting the requirements of the current guidelines
        of
        the Flood Insurance Administration is in effect with respect to such Mortgaged
        Property with a generally acceptable carrier in an amount representing coverage
        not less than the least of (A) the original outstanding principal balance
        of the
        Mortgage Loan, (B) the minimum amount required to compensate for damage or
        loss
        on a replacement cost basis, or (C) the maximum amount of insurance that
        is
        available under the Flood Disaster Protection Act of 1973, as
        amended.

       

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

       

      (32)  There
        is
        no material monetary default existing under any Mortgage or the related Mortgage
        Note and, to the best of Countrywide’s knowledge, there is no material event
        which, with the passage of time or with notice and the expiration of any
        grace
        or cure period, would constitute a default, breach, violation or event of
        acceleration under the Mortgage or the related Mortgage Note; and Countrywide
        has not waived any default, breach, violation or event of
        acceleration.

       

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

       

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

       

      (35)  Any
        future advances made prior to the Cut-off Date have been consolidated with
        the
        outstanding principal amount secured by the Mortgage, and the secured principal
        amount, as consolidated, bears a single interest rate and single repayment
        term
        reflected on the Mortgage Loan Schedule.  The consolidated principal
        amount does not exceed the original principal amount of the Mortgage
        Loan.  The Mortgage Note does not permit or obligate the Master
        Servicer to make future advances to the Mortgagor at the option of the
        Mortgagor.

       

       

      
        
          
          

        

        
          S-III-A-5

          
            

          

        

        
          
          

        

      

       

      (36)  All
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or an escrow of funds has been established in an amount
        sufficient to pay for every such item which remains unpaid and which has
        been
        assessed, but is not yet due and payable.  Except for (A) payments in
        the nature of escrow payments, and (B) interest accruing from the date of
        the
        Mortgage Note or date of disbursement of the Mortgage proceeds, whichever
        is
        later, to the day which precedes by one month the Due Period of the first
        installment of principal and interest, including without limitation, taxes
        and
        insurance payments, the Master Servicer has not advanced funds, or induced,
        solicited or knowingly received any advance of funds by a party other than
        the
        Mortgagor, directly or indirectly, for the payment of any amount required
        by the
        Mortgage.

       

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

       

      (38)  Other
        than with respect to any Streamlined Documentation Mortgage Loan as to which
        the
        loan-to-value ratio of the related Original Mortgage Loan was less than 90%
        at
        the time of the origination of such Original Mortgage Loan, prior to the
        approval of the Mortgage Loan application, an appraisal of the related Mortgaged
        Property was obtained from a qualified appraiser, duly appointed by the
        originator, who had no interest, direct or indirect, in the Mortgaged Property
        or in any loan made on the security thereof, and whose compensation is not
        affected by the approval or disapproval of the Mortgage Loan; such appraisal
        is
        in a form acceptable to FNMA and FHLMC.

       

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

       

      (40)  Any
        leasehold estate securing a Mortgage Loan has a term of not less than five
        years
        in excess of the term of the related Mortgage Loan.

       

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

       

      (42)  Except
        for 0.00% of the Initial Mortgage Loans, by aggregate Stated Principal Balance
        of the Initial Mortgage Loans as of the Cut-off Date, each Mortgage Loan
        transferred and assigned to the Trustee on the Closing Date has a payment
        date
        on or before June 1, 2007.

       

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

       

       

      
        
          
          

        

        
          S-III-A-6

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (51)  No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable, and with
        respect to the foregoing, the terms “High Cost Loan” and “Covered Loan” have the
        meaning assigned to them in Standard & Poor’s LEVELS®  Version 5.7
        Glossary Revised, Appendix E which is attached hereto as Exhibit O (the
“Glossary”) where (x) a “High Cost Loan” is each loan identified in the column
“Category under applicable anti-predatory lending law” of the table entitled
“Standard & Poor’s High Cost Loan Categorization” in the Glossary as each
        such loan is defined in the applicable anti-predatory lending law of the
        State
        or jurisdiction specified in such table and (y) a “Covered Loan” is each loan
        identified in the column “Category under applicable anti-predatory lending law”
of the table entitled “Standard & Poor’s Covered Loan Categorization” in the
        Glossary as each such loan is defined in the applicable anti-predatory lending
        law of the State or jurisdiction specified in such table.

       

       

      
        
          
          

        

        
          S-III-A-7

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-B

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

      Representations
        and Warranties of Countrywide as to the Countrywide Mortgage
        Loans

       

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

       

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

       

       

      
        
          
          

        

        
          S-III-B-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-C

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-III-C-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-D

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-III-D-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-E

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

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

       

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

       

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

       

       

       

      
        
          
          

        

        
          S-III-E-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        IV

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-AL1

       

      Representations
        and Warranties of the Master Servicer

       

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

       

      (1)  Countrywide
        Servicing is duly organized as a limited partnership and is validly existing
        and
        in good standing under the laws of the State of Texas and is duly authorized
        and
        qualified to transact any and all business contemplated by the Pooling and
        Servicing Agreement to be conducted by Countrywide Servicing in any state
        in
        which a Mortgaged Property is located or is otherwise not required under
        applicable law to effect such qualification and, in any event, is in compliance
        with the doing business laws of any such state, to the extent necessary to
        perform any of its obligations under the Pooling and Servicing Agreement
        in
        accordance with the terms thereof.

       

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

       

      (3)  The
        execution and delivery of the Pooling and Servicing Agreement by Countrywide
        Servicing, the servicing of the Mortgage Loans by Countrywide Servicing under
        the Pooling and Servicing Agreement, the consummation of any other of the
        transactions contemplated by the Pooling and Servicing Agreement, and the
        fulfillment of or compliance with the terms thereof are in the ordinary course
        of business of Countrywide Servicing and will not (A) result in a material
        breach of any term or provision of the certificate of limited partnership,
        partnership agreement or other organizational document of Countrywide Servicing
        or (B) materially conflict with, result in a material breach, violation or
        acceleration of, or result in a material default under, the terms of any
        other
        material agreement or instrument to which Countrywide Servicing is a party
        or by
        which it may be bound, or (C) constitute a material violation of any statute,
        order or regulation applicable to Countrywide Servicing of any court, regulatory
        body, administrative agency or governmental body having jurisdiction over
        Countrywide Servicing; and Countrywide Servicing is not in breach or violation
        of any material indenture or other material agreement or instrument, or in
        violation of any statute, order or regulation of any court, regulatory body,
        administrative agency or governmental body having jurisdiction over it which
        breach or violation may materially impair the ability of Countrywide Servicing
        to perform or meet any of its obligations under the Pooling and Servicing
        Agreement.

       

       

      
        
          
          

        

        
          S-IV-1

          
            

          

        

        
          
          

        

      

       

      (4)  Countrywide
        Servicing is an approved servicer of conventional mortgage loans for FNMA
        or
        FHLMC and is a mortgagee approved by the Secretary of Housing and Urban
        Development pursuant to sections 203 and 211 of the National Housing
        Act.

       

      (5)  No
        litigation is pending or, to the best of Countrywide Servicing’s knowledge,
        threatened, against Countrywide Servicing that would materially and adversely
        affect the execution, delivery or enforceability of the Pooling and Servicing
        Agreement or the ability of Countrywide Servicing to service the Mortgage
        Loans
        or to perform any of its other obligations under the Pooling and Servicing
        Agreement in accordance with the terms thereof.

       

      (6)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by Countrywide
        Servicing of, or compliance by Countrywide Servicing with, the Pooling and
        Servicing Agreement or the consummation of the transactions contemplated
        thereby, or if any such consent, approval, authorization or order is required,
        Countrywide Servicing has obtained the same.

       

      (7)  Countrywide
        Servicing is a member of MERS in good standing, and will comply in all material
        respects with the rules and procedures of MERS in connection with the servicing
        of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
        with MERS.

       

       

      
        
          
          

        

        
          S-IV-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        V

       

      Principal
        Balance Schedules

       

      

      *[Attached
        to Prospectus Supplement, if applicable.]

       

       

       

      
        
          
          

        

        
          S-V-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        VI

      Form
        of
        Monthly Master Servicer Report

      
        	
                LOAN
                  LEVEL REPORTING SYSTEM

              
	
                DATABASE
                  STRUCTURE

              
	
                [MONTH,
                  YEAR]

              
	
                Field
                  Number

              	
                Field
                  Name

              	
                Field
                  Type

              	
                Field
                  Width

              	
                Dec

              
	
                1

              	
                INVNUM

              	
                Numeric

              	
                4

              	 
	
                2

              	
                INVBLK

              	
                Numeric

              	
                4

              	 
	
                3

              	
                INACNU

              	
                Character

              	
                8

              	 
	
                4

              	
                BEGSCH

              	
                Numeric

              	
                15

              	
                2

              
	
                5

              	
                SCHPRN

              	
                Numeric

              	
                13

              	
                2

              
	
                6

              	
                TADPRN

              	
                Numeric

              	
                11

              	
                2

              
	
                7

              	
                LIQEPB

              	
                Numeric

              	
                11

              	
                2

              
	
                8

              	
                ACTCOD

              	
                Numeric

              	
                11

              	 
	
                9

              	
                ACTDAT

              	
                Numeric

              	
                4

              	 
	
                10

              	
                INTPMT

              	
                Numeric

              	
                8

              	 
	
                11

              	
                PRNPMT

              	
                Numeric

              	
                13

              	
                2

              
	
                12

              	
                ENDSCH

              	
                Numeric

              	
                13

              	
                2

              
	
                13

              	
                SCHNOT

              	
                Numeric

              	
                13

              	
                2

              
	
                14

              	
                SCHPAS

              	
                Numeric

              	
                7

              	
                3

              
	
                15

              	
                PRINPT

              	
                Numeric

              	
                7

              	
                3

              
	
                16

              	
                PRIBAL

              	
                Numeric

              	
                11

              	
                2

              
	
                17

              	
                LPIDTE

              	
                Numeric

              	
                13

              	
                2

              
	
                18

              	
                DELPRN

              	
                Numeric

              	
                7

              	 
	
                19

              	
                PPDPRN

              	
                Numeric

              	
                11

              	
                2

              
	
                20

              	
                DELPRN

              	
                Numeric

              	
                11

              	
                2

              
	
                21

              	
                NXTCHG

              	
                Numeric

              	
                8

              	 
	
                22

              	
                ARMNOT

              	
                Numeric

              	
                7

              	
                3

              
	
                23

              	
                ARMPAS

              	
                Numeric

              	
                7

              	
                3

              
	
                24

              	
                ARMPMT

              	
                Numeric

              	
                11

              	
                2

              
	
                25

              	
                ZZTYPE

              	
                Character

              	
                2

              	 
	
                26

              	
                ISSUID

              	
                Character

              	
                1

              	 
	
                27

              	
                KEYNAME

              	
                Character

              	
                8

              	 
	
                TOTAL

              	 	 	
                240

              	 
	
                Suggested
                  Format:

              	
                DBASE
                  file

                Modem
                  transmission

              	 	 	 

      

      

      

      
        
          
          

        

        
          S-VI-1

          
            

          

        

        
          
          

        

      

    

     

     

    EXHIBIT
      A

     

    [FORM
      OF
      SENIOR CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    [SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).]

     

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

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance

            	 	 
	
              of
                this Certificate

            	 	 
	
              (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance

            	 	 
	
              of
                all Certificates of

            	 	 
	
              this
                Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [   ]

     

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

     

    CWALT,
      Inc., as Depositor

     

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

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    This
      certifies that
                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Certificate Balance of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc. (the
      “Depositor”).  The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

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

     

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

     

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

     

    *               *              *

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

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

     

    Dated:  ____________,
      20__

     

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By
      ______________________

     

    Countersigned:

     

    By                                                               
        

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [FORM
      OF
      SUBORDINATED CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

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

     

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

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance

            	 	 
	
              of
                this Certificate

            	 	 
	
              (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance

            	 	 
	
              of
                all Certificates of

            	 	 
	
              this
                Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [  ]

     

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

     

    CWALT,
      Inc., as Depositor

     

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

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    This
      certifies that
                                
is the registered owner of the Percentage Interest evidenced by this
      Certificate (obtained by dividing the denomination of this Certificate by the
      aggregate Initial Certificate Balance of all Certificates of the Class to which
      this Certificate belongs) in certain monthly distributions with respect to
      a
      Trust Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc.
      (the “Depositor”).  The Trust Fund was created pursuant to a Pooling
      and Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

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

     

    [No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Certificate of this Class to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.]

     

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

     

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

     

    *           *          *

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

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

     

    Dated:  ____________,
      20__

     

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By
      ______________________

     

    Countersigned:

     

    By                                                                            
      

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-1

     

    [FORM
      OF
      RESIDUAL CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

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

     

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

     

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

     

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off  Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance

            	 	 
	
              of
                this Certificate

            	 	 
	
              (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance

            	 	 
	
              of
                all Certificates of

            	 	 
	
              this
                Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

     

    Class
      A-R

     

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

     

    CWALT,
      Inc., as Depositor

     

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

     

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

    This
      certifies that
                   
      is the registered owner of the Percentage Interest (obtained by dividing the
      Denomination of this Certificate by the aggregate Initial Certificate Balance
      of
      all Certificates of the Class to which this Certificate belongs) in certain
      monthly distributions with respect to a Trust Fund consisting of the Mortgage
      Loans deposited by CWALT, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, Countrywide Home
      Loans, Inc., as a seller (“CHL”), Park Granada LLC, as a seller (“Park
      Granada”), Park Monaco, Inc., as a seller (“Park Monaco”), and Park Sienna LLC,
      as a seller (“Park Sienna” and, together with CHL, Park Granada and Park Monaco,
      the “Sellers”), Countrywide Home Loans Servicing LP, as master servicer (the
“Master Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

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

     

    No
      transfer of a Class A-R Certificate shall be made unless the Trustee shall
      have
      received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Class A-R Certificate to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.

     

    
      
        
        

      

      
        C-1-3

        
          

        

      

      
        
        

      

    

    Each
      Holder of this Class A-R Certificate will be deemed to have agreed to be bound
      by the restrictions of the Agreement, including but not limited to the
      restrictions that (i) each person holding or acquiring any Ownership Interest
      in
      this Class A-R Certificate must be a Permitted Transferee, (ii) no Ownership
      Interest in this Class A-R Certificate may be transferred without delivery
      to
      the Trustee of (a) a transfer affidavit of the proposed transferee and (b)
      a
      transfer certificate of the transferor, each of such documents to be in the
      form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Class A-R Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Class A-R Certificate must agree not to transfer an Ownership
      Interest in this Class A-R Certificate if it has actual knowledge that the
      proposed transferee is not a Permitted Transferee and (v) any attempted or
      purported transfer of any Ownership Interest in this Class A-R Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee.

     

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

     

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

     

    *         *        *

     

    
      
        
        

      

      
        C-1-4

        
          

        

      

      
        
        

      

    

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

     

    Dated:  ____________,
      20__

     

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By
      ______________________

     

    Countersigned:

     

    By
      ___________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        C-1-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-2

     

    [RESERVED]

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    [FORM
      OF
      NOTIONAL AMOUNT CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

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

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

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

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Notional Amount

            	 	 
	
              of
                this Certificate

            	 	 
	
              (“Denomination”)

            	
              :
                

            	
              $

            
	 	 	 
	
              Initial
                Notional Amount

            	 	 
	
              of
                all Certificates

            	 	 
	
              of
                this Class

            	
              :
                

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Interest
                Only

            
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [  ]

     

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

     

    CWALT,
      Inc., as Depositor

     

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

     

    This
      certifies that
                                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Notional Amount of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc. (the
      “Depositor”).  The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    *       *       *

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

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

     

    Dated:  ____________,
      20__

     

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By                                              

     

    Countersigned:

     

    By                                                                      
      

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    [FORM
      OF]
      REVERSE OF CERTIFICATES

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 20th day
      of
      each month or, if such day is not a Business Day, the Business Day immediately
      following (the “Distribution Date”), commencing on the first Distribution Date
      specified on the face hereof, to the Person in whose name this Certificate
      is
      registered at the close of business on the applicable Record Date in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to Holders of Certificates of the
      Class to which this Certificate belongs on such Distribution Date pursuant
      to
      the Agreement.  The Record Date applicable to each Distribution Date
      is the last Business Day of the month next preceding the month of such
      Distribution Date.

     

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

     

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

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    On
      any
      Distribution Date on which the Pool Stated Principal Balance is less than or
      equal to 10% of the Cut-off Date Pool Principal Balance,
      the Master Servicer will have the option, subject to the limitations set forth
      in the Agreement, to repurchase, in whole, from the Trust Fund all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement.  In the event
      that no such optional termination occurs, the obligations and responsibilities
      created by the Agreement will terminate upon the later of the maturity or other
      liquidation (or any advance with respect thereto) of the last Mortgage Loan
      remaining in the Trust Fund or the disposition of all property in respect
      thereof and the distribution to Certificateholders of all amounts required
      to be
      distributed pursuant to the Agreement.  In no event, however, will the
      trust created by the Agreement continue beyond the expiration of 21 years from
      the death of the last survivor of the descendants living at the date of the
      Agreement of a certain person named in the Agreement.

     

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

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

    ____________________________________________________________________________________________________

    ____________________________________________________________________________________________________

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

     

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

     

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

     

                                                                    ___________________________________________________________                                                     

     

    Dated:

     

     

    
      	 	 	 _____________________________
	 	 	 Signature
              by or on behalf of assignor

    

                                                                          

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to,
      ________________________________,
      for
      the
      account of ___________, account
      number ________________________, or, if mailed by check,
      to _________________________________________. Applicable
      statements should be mailed to ,
      _________________________________.

     

    This
      information is provided by ________________________________________,
the
      assignee named above, or ____________________________, as
      its
      agent.

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )  ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    

     

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

     

     

    
      	 	 	
               _____________________

            
	 	 	
               Notary
                Public

            

    

                                                                          

     

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-1

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

     

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _______________

    _______________

    

     

    
      	
               

            	
              Re:

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

            

    

     

    Gentlemen:

     

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

     

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

     

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

     

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

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement.  The Trustee makes no representations as
      to:  (i) the validity, legality, sufficiency, enforceability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Initial 

     

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

     

    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:
                

            	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

    

     

     

    
      
        
        

      

      
        F-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-2

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

     

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    __________________

    __________________

    

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco,
                Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,
                Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                Transfer Agreement dated as of [month] ____, 200_ among CWALT, Inc.,
                as
                Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada
                LLC, as
                a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller,
                and The Bank of New York, as
                Trustee

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”) and the Supplemental Transfer
      Agreement, dated as of [month] ____, 200_, the undersigned, as Trustee, hereby
      certifies that, as to each Supplemental Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Supplemental Mortgage Loan paid in full or listed
      on the attached schedule) it has received:

     

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

     

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

     

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

     

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

     

    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:
                  

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

    

    

    
      
        
        

      

      
        F-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

     

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

    _____________________

     

    
      	
               

            	
              Re:

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

            

    

    

    Gentlemen:

     

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

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by Countrywide or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to Countrywide, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                Countrywide, stating that the original Mortgage Note was lost or
                destroyed, together with a copy of the related Mortgage
                Note;

            

    

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    

     

    
      	
               

            	
              (ii)

            	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan,
                the original recorded Mortgage, [and in the case of each Initial
                Mortgage
                Loan that is a MERS Mortgage Loan, the original Mortgage, noting
                thereon
                the presence of the MIN of the Initial Mortgage Loan and language
                indicating that the Initial Mortgage Loan is a MOM Loan if the Initial
                Mortgage Loan is a MOM Loan, with evidence of recording indicated
                thereon,
                or a copy of the Mortgage certified by the public recording office
                in
                which such Mortgage has been
                recorded];

            

    

     

    
      	
               

            	
              (iii)

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

            

    

     

    
      	
               

            	
              (iv)

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

            

    

     

    
      	
               

            	
              (v)

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

            

    

     

    
      	
               

            	
              (vi)

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

            

    

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      Countrywide cannot deliver the original recorded Mortgage or all interim
      recorded assignments of the Mortgage satisfying the requirements of clause
      (ii),
      (iii) or (iv), as applicable, the Trustee has received, in lieu thereof, a
      true
      and complete copy of such Mortgage and/or such assignment or assignments of
      the
      Mortgage, as applicable, each certified by Countrywide, the applicable title
      company, escrow agent or attorney, or the originator of such Initial Mortgage
      Loan, as the case may be, to be a true and complete copy of the original
      Mortgage or assignment of Mortgage submitted for recording

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Initial Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Article I of the Pooling and Servicing Agreement accurately reflects information
      set forth in the Mortgage File.

     

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

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

    

     

    
      
        
        

      

      
        G-1-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

     

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco,
                Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,
                Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                Transfer Agreement dated as of [month] ____, 200_ among CWALT, Inc.,
                as
                Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada
                LLC, as
                a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller,
                and The Bank of New York, as Trustee

            	 

    

     

    Gentlemen:

     

    Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto (the “Schedule A”),
      delivered by the undersigned, as Trustee, on [month] __, 200_ (such date being
      the related “Supplemental Transfer Date” in accordance with Section 2.02 of the
      above-captioned Pooling and Servicing Agreement (the “Pooling and Servicing
      Agreement”).  The undersigned hereby certifies that, as to each Delay
      Delivery Supplemental Mortgage Loan listed on Schedule A attached hereto (other
      than any Supplemental Mortgage Loan paid in full or listed on Schedule B
      attached hereto) it has received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                the
                Seller, stating that the original Mortgage Note was lost or destroyed,
                together with a copy of the related Mortgage Note;
                

            

    

     

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    
      	
               

            	
               

            

    

     

    
      	
               

            	
              (ii)

            	
              in
                the case of each Supplemental Mortgage Loan that is not a MERS Mortgage
                Loan, the original recorded Mortgage, [and in the case of each
                Supplemental Mortgage Loan that is a MERS Mortgage Loan, the original
                Mortgage, noting thereon the presence of the MIN of the Supplemental
                Mortgage Loan and language indicating that the Supplemental Mortgage
                Loan
                is a MOM Loan if the Supplemental Mortgage Loan is a MOM Loan, with
                evidence of recording indicated thereon, or a copy of the Mortgage
                certified by the public recording office in which such Mortgage has
                been
                recorded]; 

            

    

     

    
      	
               

            	
              (iii)

            	
              in
                the case of each Supplemental Mortgage Loan that is not a MERS Mortgage
                Loan, a duly executed assignment of the Mortgage to “The Bank of New York,
                as trustee under the Pooling and Servicing Agreement dated as of
                [month]
                1, 2004, without recourse”, or, in the case of each Supplemental Mortgage
                Loan with respect to property located in the State of California
                that is
                not a MERS Mortgage Loan, a duly executed assignment of the Mortgage
                in
                blank (each such assignment, when duly and validly completed, to
                be in
                recordable form and sufficient to effect the assignment of and transfer
                to
                the assignee thereof, under the Mortgage to which such assignment
                relates); 

            

    

     

    
      	
               

            	
              (iv)

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

            

    

     

    
      	
               

            	
              (v)

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

            

    

     

    
      	
               

            	
              (vi)

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

            

    

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      the Seller cannot deliver the original recorded Mortgage or all interim recorded
      assignments of the Mortgage satisfying the requirements of clause (ii), (iii)
      or
      (iv), as applicable, the Trustee has received, in lieu thereof, a true and
      complete copy of such Mortgage and/or such assignment or assignments of the
      Mortgage, as applicable, each certified by the Seller, the applicable title
      company, escrow agent or attorney, or the originator of such
      Supplemental

     

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

    Mortgage
      Loan, as the case may be, to be a true and complete copy of the original
      Mortgage or assignment of Mortgage submitted for recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Supplemental Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Section 1.01 of the Pooling and Servicing Agreement accurately reflects
      information set forth in the Mortgage File. 

     

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

     

    

     

    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:
                  

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

    

     

    
      
        
        

      

      
        G-2-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H-1

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

     

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _______________

    _______________                                    

    
      	
               

            	
              Re:

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

            

    

     

    Gentlemen:

     

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

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by Countrywide or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to Countrywide, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                Countrywide, stating that the original Mortgage Note was lost or
                destroyed, together with a copy of the related Mortgage
                Note;

            

    

     

    
      	
               

            	
              (ii)

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

            

    

     

    
      
        
        

      

      
        H-1-1

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              (iii)

            	
              a
                MERS Mortgage Loan, the original Mortgage, noting thereon the presence
                of
                the MIN of the Mortgage Loan and language indicating that the Mortgage
                Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence
                of
                recording indicated thereon, or a copy of the Mortgage certified
                by the
                public recording office in which such Mortgage has been
                recorded];

            

    

     

    
      	
               

            	
              (iv)

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

            

    

     

    
      	
               

            	
              (v)

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

            

    

     

    
      	
               

            	
              (vi)

            	
              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

            

    

     

    
      	
               

            	
              (vii)

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

            

    

     

    In
      the
      event that in connection with any Initial Mortgage Loan that is not a MERS
      Mortgage Loan Countrywide cannot deliver the original recorded Mortgage or
      all
      interim recorded assignments of the Mortgage satisfying the requirements of
      clause (ii), (iii) or (iv), as applicable, the Trustee has received, in lieu
      thereof, a true and complete copy of such Mortgage and/or such assignment or
      assignments of the Mortgage, as applicable, each certified by Countrywide,
      the
      applicable title company, escrow agent or attorney, or the originator of such
      Initial Mortgage Loan, as the case may be, to be a true and complete copy of
      the
      original Mortgage or assignment of Mortgage submitted for
      recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Initial Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Article I of the Pooling and Servicing Agreement accurately reflects information
      set forth in the Mortgage File.

     

    
      
        
        

      

      
        H-1-2

        
          

        

      

      
        
        

      

    

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

     

    

     

    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:
                  

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          H-1-3

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      H-2

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

     

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    ________________

    ________________

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco,
                Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,
                Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                Transfer Agreement dated as of [month] ____, 200_ among CWALT, Inc.,
                as
                Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada
                LLC, as
                a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller,
                and The Bank of New York, as Trustee

            	 

    

     

    Gentlemen:

     

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

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost
                note affidavit from the Seller, stating that the original Mortgage
                Note
                was lost or destroyed, together with a copy of the related Mortgage
                Note;
                

            

    

     

    
      
        
        

      

      
        H-2-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              (ii)

            	
              in
                the case of each Supplemental Mortgage Loan that is not a MERS Mortgage
                Loan, the original recorded Mortgage, [and in the case of each
                Supplemental Mortgage Loan that is a MERS Mortgage Loan, the original
                Mortgage, noting thereon the presence of the MIN of the Mortgage
                Loan and
                language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
                Loan is a MOM Loan, with evidence of recording indicated thereon,
                or a
                copy of the Mortgage certified by the public recording office in
                which
                such Mortgage has been recorded]; 

            

    

     

    
      	
               

            	
              (iii)

            	
              in
                the case of each Supplemental Mortgage Loan that is not a MERS Mortgage
                Loan, a duly executed assignment of the Mortgage to “The Bank of New York,
                as trustee under the Pooling and Servicing Agreement dated as of
                [month]
                1, 2004, without recourse”, or, in the case of each Supplemental Mortgage
                Loan with respect to property located in the State of California
                that is
                not a MERS Mortgage Loan, a duly executed assignment of the Mortgage
                in
                blank (each such assignment, when duly and validly completed, to
                be in
                recordable form and sufficient to effect the assignment of and transfer
                to
                the assignee thereof, under the Mortgage to which such assignment
                relates); 

            

    

     

    
      	
               

            	
              (iv)

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

            

    

     

    
      	
               

            	
              (v)

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

            

    

     

    
      	
               

            	
              (vi)

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

            

    

     

    In
      the
      event that in connection with any Supplemental Mortgage Loan that is not a
      MERS
      Mortgage Loan the Seller cannot deliver the original recorded Mortgage or all
      interim recorded assignments of the Mortgage satisfying the requirements of
      clause (ii), (iii) or (iv), as applicable, the Trustee has received, in lieu
      thereof, a true and complete copy of such Mortgage and/or such assignment or
      assignments of the Mortgage, as applicable, each certified by the Seller, the
      applicable title company, escrow agent or attorney, or the originator of such
      Supplemental Mortgage Loan, as the case may be, to be a true and complete copy
      of the original Mortgage or assignment of Mortgage submitted for
      recording.

     

    
      
        
        

      

      
        H-2-2

        
          

        

      

      
        
        

      

    

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Supplemental Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Section 1.01 of the Pooling and Servicing Agreement accurately reflects
      information set forth in the Mortgage File. 

     

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

     

    

     

    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:
                  

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

    

     

     

    
      
        
        

      

      
        H-2-3

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        I

       

      [FORM
        OF]
        TRANSFER AFFIDAVIT

       

      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        200_-_

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

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

       

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

       

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

       

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

          
            

          

        

        
          
          

        

      

    

     

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

       

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

         

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

           

          
            8.           The
              Transferee’s taxpayer identification number is ______________.

             

            9.           The
              Transferee is a U.S. Person as defined in Code section
              7701(a)(30) and, unless the Transferor (or any subsequent
              transferor) expressly waives such requirement, will not cause income
              from the
              Certificate to be attributable to a foreign permanent establishment
              or fixed
              base (within the meaning of an applicable income tax treaty) of the
              Transferee
              or another U.S. taxpayer.

          

           

          10.          The
            Transferee is aware that the Class A-R Certificates may be "noneconomic
            residual
            interests" within meaning of Treasury Regulation Section 1.860E-1(c)
            and that
            the transferor of a noneconomic residual interest will remain liable
            for any
            taxes due with respect to the income on such residual interest, unless
            no
            significant purpose of the transfer was to impede the assesment or collection
            of
            tax. In addition, as the Holder of a noneconomic residual interest, the
            Transferee may incur tax liabilities in excess of any cash flows generated
            by
            the interest and the Transferee hereby represents that it intends to
            pay taxes
            associated with holding the residual interest as they become due.

           

          
            11.           The
              Transferee has provided financial statements or other financial information
              requested by the Transferor in connection with the transfer of the
              Certificate
              to permit the Transferor to assess the financial capability of the
              Transferee to
              pay such taxes.  The Transferee historically has paid its debts as
              they have come due and intends to pay its debts as they come due in
              the
              future.

            

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

            

            *           *           *

             

          

        

         

        
          
            
            

          

          
            I-2

            
              

            

          

          
            
            

          

        

      

    

     

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

       

       

      
        	 	 __________________________________
	 	 PRINT
                NAME OF TRANSFEREE
	 	 
	 	 
	 	 By:  
	 	 Name:
	 	 Title:

      

       

      [Corporate
        Seal]

       

      ATTEST:

       

                                                            

      [Assistant]
        Secretary

       

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

       

      Subscribed
        and sworn before me this      day of
         ,
        20  .

       

       

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

      

                                                                    

       

      
        
          
          

        

        
          I-3

          
            

          

        

        
          
          

        

      

       

       

       

       

       

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

       

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

       

      
        	 	CWALT,
                INC.	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          I-4

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        1
        to

      EXHIBIT
        I

       

      Certain
        Definitions

       

      “Asset
        Test”: A transfer satisfies the Asset Test if: (i) At
        the time of the transfer, and
        at the close of each of the transferee's two fiscal years preceding the
        transferee's fiscal year of transfer, the transferee's gross assets for
        financial reporting purposes exceed $100 million and its net assets for
        financial reporting purposes exceed $10 million. The gross assets and net
        assets
        of a transferee do not include any obligation of any “related person” or any
        other asset if a principal purpose for holding or acquiring the other asset
        is
        to permit the transferee to satisfy such monetary conditions; (ii) The
        transferee must be
        an “eligible corporation” and must agree in writing that any subsequent transfer
        of the interest will be to another eligible corporation in a transaction
        that
        satisfies paragraphs 9 through 11 of this Transfer Affidavit and the Asset
        Test.
        A transfer fails to meet the Asset Test if the transferor knows, or has reason
        to know, that the transferee will not honor the restrictions on subsequent
        transfers of the Certificate; and (iii)
A
        reasonable person would not conclude, based on the facts
        and circumstances known to the transferor on or before the date of the transfer,
        that the taxes associated with the Certificate will not be paid. The
        consideration given to the transferee to acquire the Certificate is only
        one
        factor to be considered, but the transferor will be deemed to know that the
        transferee cannot or will not pay if the amount of consideration is so low
        compared to the liabilities assumed that a reasonable person would conclude
        that
        the taxes associated with holding the Certificate will not be
        paid.  For purposes of applying the Asset Test, (i) an “eligible
        corporation” means any
        domestic C corporation (as defined in section 1361(a)(2) of the Code) other
        than (A) a
        corporation which is exempt from, or is not subject to, tax under section
        11 of
        the Code, (B) an
        entity described in section 851(a) or 856(a) of the Code, (C) A
        REMIC, or (D) an
        organization to
        which part I of subchapter T of chapter 1 of subtitle A of the Code applies;
        (ii) a
“related
        person” is any person that (A)
bears
        a relationship to the transferee enumerated in section
        267(b) or 707(b)(1) of the Code, using “20 percent” instead of “50 percent”
where it appears under the provisions, or (B) is
        under common
        control (within the meaning of section 52(a) and (b)) with the transferee.
        

       

      “Formula
        Test”: A transfer satisfies the formula test if the present value of the
        anticipated tax liabilities associated with holding the Certificate does
        not
        exceed the sum of
        (i) the present value of any
        consideration given to the
        transferee to acquire the Certificate; (ii)
the
        present value of the expected future distributions
        on the Certificate; and (iii) the
        present value of the anticipated tax savings associated
        with holding the Certificate as the issuing REMIC generates
        losses.  For
        purposes of applying the Formula Test: (i) The
        transferee is assumed to pay tax at a rate equal to the
        highest rate of tax specified in section 11(b)(1) of the Code. If the transferee
        has been subject to the alternative minimum tax under section 55 of the Code
        in
        the preceding two years and will compute its taxable income in the current
        taxable year using the alternative minimum tax rate, then the tax rate specified
        in section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in section 11(b)(1) of the Code; (ii)
The
        transfer must satisfy paragraph 9 of the Transfer
        Affidavit; and (iii) Present
        values are computed using a discount rate equal to
        the Federal short-term rate prescribed by section 1274(d) of the Code for
        the
        month of the transfer and the compounding period used by the
        taxpayer.

       

      
        
          
          

        

        
          I-5

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          I-6

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2
        to

      EXHIBIT
        I

       

      Section
        5.02(c) of the Agreement

       

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

       

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

       

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

       

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

       

      (4)           Any
        attempted or purported Transfer of any Ownership Interest in a Class A-R
        Certificate in violation of the provisions of this Section 5.02(c) shall
        be
        absolutely null and void and shall vest no rights in the purported
        Transferee.  If any purported transferee shall become a Holder of a
        Class A-R Certificate in violation of the provisions of this Section 5.02(c),
        then the last preceding Permitted Transferee shall be restored to all rights
        as
        Holder thereof retroactive to the date of registration of Transfer of such
        Class
        A-R Certificate.  The Trustee shall be under no liability to any
        Person for any registration of Transfer of a Class A-R Certificate that is
        in
        fact not permitted by Section 5.02(b) and this Section 5.02(c) or for making
        any
        payments due on such Certificate to the Holder thereof or taking any other
        action with respect to such Holder under the provisions of this Agreement
        so
        long as the Transfer was registered after receipt of the related Transfer
        Affidavit and Transferor Certificate.  The Trustee shall be entitled
        but not obligated to recover from any Holder of a Class A-R Certificate that
        was
        in fact not a Permitted Transferee at the time it became a Holder or, at
        such
        subsequent time as it became other than a Permitted Transferee, all payments
        made on such Class A-R Certificate at and after 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-7

          
            

          

        

        
          
          

        

      

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

       

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

       

      
        
          
          

        

        
          I-8

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J-1

       

      [FORM
        OF]
        TRANSFEROR CERTIFICATE

       

      (RESIDUAL)

       

      
        	 	 	 _____________________
	 	 	 Date

      

       

       

       

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:    Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:          Mortgage-Backed
        Securities Group

      Series
        200_-_

       

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

      Series
        200_-_,
        Class                                          

       

      Ladies
        and Gentlemen:

       

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

       

       

      
        	 	 Very
                truly yours,
	 	 
	 	 
	 	 ________________________
	 	 Print
                Name of Transferor
	 	 
	 	 
	 	 By:  ______________________________
	 	
                 Authorized
                  Officer

              
	 	 

      

       

       

      
        
          
          

        

        
          J-1-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J-2

       

      [FORM
        OF]
        TRANSFEROR CERTIFICATE

       

      (PRIVATE)

      
         

        
          	 	 	 _____________________
	 	 	 Date

        

         

      

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:                                Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:          Mortgage-Backed
        Securities Group

      Series
        200_-_

       

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

      Series
        200_-_,
        Class                                          

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the
        Act.

       

      
         

        
          	 	 Very
                  truly yours,
	 	 
	 	 
	 	 ________________________
	 	 Print
                  Name of Transferor
	 	 
	 	 
	 	 By:  ______________________________
	 	
                   Authorized
                    Officer

                
	 	 

        

         

        
          
            
            

          

          
            J-2-1

            
              

            

          

          
            
            

          

        

         
EXHIBIT
        K

       

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

      
        
           

          
            	 	 	 _____________________
	 	 	 Date

          

           

        

      

       

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:                                Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:          Mortgage-Backed
        Securities Group

      Series
        200_-_

       

      
        	
                 

              	
                Re:

              	
                CWALT,
                  Inc. Mortgage Pass-Through
                  Certificates,

              

      

      Series
        200_-_,
        Class                                          

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Regulation D under the Act, and have such knowledge and experience
        in financial and business matters that we are capable of evaluating the merits
        and risks of investments in the Certificates, (c) we have had the opportunity
        to
        ask questions of and receive answers from the Depositor concerning the purchase
        of the Certificates and all matters relating thereto or any additional
        information deemed necessary to our decision to purchase the Certificates,
        (d)
        either (i) we are not an employee benefit plan that is subject to the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan or
        arrangement that is subject to Section 4975 of the Internal Revenue Code
        of
        1986, as amended, nor are we acting on behalf of or investing the assets
        of any
        such benefit plan or arrangement to effect such acquisition or (ii) if the
        Certificates have been the subject of an ERISA-Qualifying Underwriting and
        we
        are an insurance company, we are purchasing such Certificates with funds
        contained in an “insurance company general account” (as such term is defined in
        Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and
        the purchase and holding of such Certificates satisfy the requirements for
        exemptive relief under Sections I and III of PTCE 95-60, (e) we are acquiring
        the Certificates for investment for our own account and not with a view to
        any
        distribution of such Certificates (but without prejudice to our right at
        all
        times to sell or otherwise dispose of the Certificates in accordance with
        clause
        (g) below), (f) we have not offered or sold any Certificates to, or solicited
        offers to buy any Certificates from, any person, or otherwise approached
        or
        negotiated with any person with respect thereto, or taken any other action
        which
        would result in a violation of Section 5 of the Act, and (g) we will not
        sell,
        transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
        or other disposition is made pursuant to an effective registration statement
        under the Act or is exempt from such registration requirements, and if
        requested, we will at our expense provide an opinion of counsel satisfactory
        to
        the addressees of this Certificate that such sale, transfer or other disposition
        may be made pursuant to an exemption from the Act, (2) the purchaser or
        transferee of such Certificate has executed and delivered to you a certificate
        to substantially the same effect as this certificate, and (3) the purchaser
        or
        transferee has otherwise complied with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement.

       

       
         

        
          	 	 Very
                  truly yours,
	 	 
	 	 
	 	 ________________________
	 	 Print
                  Name of Transferor
	 	 
	 	 
	 	 By:  ______________________________
	 	
                   Authorized
                    Officer

                
	 	 

        

         

         

        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

      

      EXHIBIT
        L-1

       

      [FORM
        OF]
        RULE 144A LETTER

      
         

        
          	 	 	 _____________________
	 	 	 Date

        

      

                                            

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:                                Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:          Mortgage-Backed
        Securities Group

      Series
        200_-_

       

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

      Series
        200_-_,
        Class                                          

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we have such knowledge and
        experience in financial and business matters that we are capable of evaluating
        the merits and risks of investments in the Certificates, (c) we have had
        the
        opportunity to ask questions of and receive answers from the Depositor
        concerning the purchase of the Certificates and all matters relating thereto
        or
        any additional information deemed necessary to our decision to purchase the
        Certificates, (d) either (i) we are not an employee benefit plan that is
        subject
        to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
        a plan or arrangement that is subject to Section 4975 of the Internal Revenue
        Code of 1986, as amended, nor are we acting on behalf of or investing the
        assets
        of any such benefit plan or arrangement to effect such acquisition or (ii)
        if
        the Certificates have been the subject of an ERISA-Qualifying Underwriting
        and
        we are an insurance company, we are purchasing such Certificates with funds
        contained in an “insurance company general account” (as such term is defined in
        Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and
        the purchase and holding of such Certificates satisfy the requirements for
        exemptive relief under Sections I and III of PTCE 95-60, (e) we have not,
        nor
        has anyone acting on our behalf offered, transferred, pledged, sold or otherwise
        disposed of the Certificates, any interest in the Certificates or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge
        or other disposition of the Certificates, any interest in the Certificates
        or
        any other similar security from, or otherwise approached or negotiated with
        respect to the Certificates, any interest in the Certificates or any other
        similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Certificates
        under
        the Securities Act or that would render the disposition of the Certificates
        a
        violation of Section 5 of the Securities Act or require registration pursuant
        thereto, nor will act, nor has authorized or will authorize any person to
        act,
        in such manner with respect to the Certificates, (f) we are a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act and have completed either of the forms of certification to that effect
        attached hereto as Annex 1 or Annex 2.  We are aware that the sale to
        us is being made in reliance on Rule 144A.  We are acquiring the
        Certificates for our own account or for resale pursuant to Rule 144A and
        further, understand that such Certificates may be resold, pledged or transferred
        only (i) to a person reasonably believed to be a qualified institutional
        buyer
        that purchases for its own account or for the account of a qualified
        institutional buyer to whom notice is given that the resale, pledge or transfer
        is being made in reliance on Rule 144A, or (ii) pursuant to another exemption
        from registration under the Securities Act.

       

      
         

        
          	 	 Very
                  truly yours,
	 	 
	 	 
	 	 ________________________
	 	 Print
                  Name of Transferor
	 	 
	 	 
	 	 By:  ______________________________
	 	
                   Authorized
                    Officer

                
	 	 

        

         

      

      
        
          
          

        

        
          L-1-1

          
            

          

        

        
          
          

        

      

       

      ANNEX
        1 TO EXHIBIT L-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.           As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2.           In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis either at least $100,000 in securities or, if Buyer is
        a
        dealer, Buyer must own and/or invest on a discretionary basis at least
        $10,000,000 in securities (except for the excluded securities referred to
        below)
        as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A and (ii) the Buyer satisfies the
        criteria in the category marked below.

       

      
        	
                 

              	
                ___

              	
                Corporation,
                  etc.  The Buyer is a corporation (other than a bank, savings
                  and loan association or similar institution), Massachusetts or
                  similar
                  business trust, partnership, or charitable organization described
                  in
                  Section 501(c)(3) of the Internal Revenue Code of 1986, as
                  amended.

              

      

       

      
        	
                 

              	
                ___

              	
                Bank.  The
                  Buyer (a) is a national bank or banking institution organized under
                  the
                  laws of any State, territory or the District of Columbia, the business
                  of
                  which is substantially confined to banking and is supervised by
                  the State
                  or territorial banking commission or similar official or is a foreign
                  bank
                  or equivalent institution, and (b) has an audited net worth of
                  at least
                  $25,000,000 as demonstrated in its latest annual financial statements,
                  a copy of which is attached
                  hereto.

              

      

       

      
        	
                 

              	
                ___

              	
                Savings
                  and Loan.  The Buyer (a) is a savings and loan association,
                  building and loan association, cooperative bank, homestead association
                  or
                  similar institution, which is supervised and examined by a State
                  or
                  Federal authority having supervision over any such institutions
                  or is a
                  foreign savings and loan association or equivalent institution
                  and (b) has
                  an audited net worth of at least $25,000,000 as demonstrated in
                  its latest
                  annual financial statements, a copy of which is attached
                  hereto.

              

      

       

      
        
          
          

        

        
          L-1-2

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	
                ___

              	
                Broker-dealer.  The
                  Buyer is a dealer registered pursuant to Section 15 of the Securities
                  Exchange Act of 1934.

              

      

       

      
        	
                 

              	
                ___

              	
                Insurance
                  Company.  The Buyer is an insurance company whose primary
                  and predominant business activity is the writing of insurance or
                  the
                  reinsuring of risks underwritten by insurance companies and which
                  is
                  subject to supervision by the insurance commissioner or a similar
                  official
                  or agency of a State, territory or the District of
                  Columbia.

              

      

       

      
        	
                 

              	
                ___

              	
                State
                  or Local Plan.  The Buyer is a plan established and
                  maintained by a State, its political subdivisions, or any agency
                  or
                  instrumentality of the State or its political subdivisions, for
                  the
                  benefit of its employees.

              

      

       

      
        	
                 

              	
                ___

              	
                ERISA
                  Plan.  The Buyer is an employee benefit plan within the
                  meaning of Title I of the Employee Retirement Income Security Act
                  of
                  1974.

              

      

       

      
        	
                 

              	
                ___

              	
                Investment
                  Advisor.  The Buyer is an investment advisor registered
                  under the Investment Advisors Act of
                  1940.

              

      

       

      
        	
                 

              	
                ___

              	
                Small
                  Business Investment Company.  Buyer is a small business
                  investment company licensed by the U.S. Small Business Administration
                  under Section 301(c) or (d) of the Small Business Investment Act
                  of
                  1958.

              

      

       

      
        	
                 

              	
                ___

              	
                Business
                  Development Company.  Buyer is a business development
                  company as defined in Section 202(a)(22) of the Investment Advisors
                  Act of
                  1940.

              

      

       

      3.           The
        term “securities” as used herein does not include (i) securities
        of issuers that are affiliated with the Buyer, (ii) securities that are part
        of
        an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
        (iii) securities issued or guaranteed by the U.S. or any instrumentality
        thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
        participations, (vi) repurchase agreements, (vii) securities owned but subject
        to a repurchase agreement and (viii) currency, interest rate and commodity
        swaps.

       

      4.           For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published.  If clause (ii) in the preceding sentence applies, the
        securities may be valued at market.  Further, in determining such
        aggregate amount, the Buyer may have included securities owned by subsidiaries
        of the Buyer, but only if such subsidiaries are consolidated with the Buyer
        in
        its financial statements prepared in accordance with generally accepted
        accounting principles and if the investments of such subsidiaries are managed
        under the Buyer’s direction.  However, such securities were not
        included if the Buyer is a majority-owned, consolidated subsidiary of another
        enterprise and the Buyer is not itself a reporting company under the Securities
        Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          L-1-3

          
            

          

        

        
          
          

        

      

      5.           The
        Buyer acknowledges that it is familiar with Rule 144A and understands that
        the
        seller to it and other parties related to the Certificates are relying and
        will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6.           Until
        the date of purchase of the Rule 144A Securities, the Buyer will notify each
        of
        the parties to which this certification is made of any changes in the
        information and conclusions herein.  Until such notice is given, the
        Buyer’s purchase of the Certificates will constitute a reaffirmation of this
        certification as of the date of such purchase.  In addition, if the
        Buyer is a bank or savings and loan is provided above, the Buyer agrees that
        it
        will furnish to such parties updated annual financial statements promptly
        after
        they become available.

       

       

      
        	 	
                 _______________________________

              
	 	
                 Print
                  Name of Buyer

              
	 	 
	 	 By:
                _______________________
	 	 Name:
	 	 Title:
	 	 
	 	 Date: ______________________

      

                                                                            

       

      
        
          
          

        

        
          L-1-4

          
            

          

        

        
          
          

        

      

                                                                           

      ANNEX
        2 TO EXHIBIT L-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.           As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2.           In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal
        year.  For purposes of determining the amount of securities owned by
        the Buyer or the Buyer’s Family of Investment Companies, the cost of such
        securities was used, except (i) where the Buyer or the Buyer’s Family of
        Investment Companies reports its securities holdings in its financial statements
        on the basis of their market value, and (ii) no current information with
        respect
        to the cost of those securities has been published.  If clause (ii) in
        the preceding sentence applies, the securities may be valued at
        market.

       

      
        	
                 

              	
                ___

              	
                The
                  Buyer owned
                  $            
                  in securities (other than the excluded securities referred to below)
                  as of
                  the end of the Buyer’s most recent fiscal year (such amount being
                  calculated in accordance with Rule
                  144A).

              

      

       

      
        	
                 

              	
                ___

              	
                The
                  Buyer is part of a Family of Investment Companies which owned in
                  the
                  aggregate $         in
                  securities (other than the excluded securities referred to below)
                  as of
                  the end of the Buyer’s most recent fiscal year (such amount being
                  calculated in accordance with Rule
                  144A).

              

      

       

      3.           The
        term “Family of Investment Companies” as used herein means two or more
        registered investment companies (or series thereof) that have the same
        investment adviser or investment advisers that are affiliated (by virtue
        of
        being majority owned subsidiaries of the same parent or because one investment
        adviser is a majority owned subsidiary of the other).

       

      
        
          
          

        

        
          L-1-5

          
            

          

        

        
          
          

        

      

      4.           The
        term “securities” as used herein does not include (i) securities of
        issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
        Investment Companies, (ii) securities issued or guaranteed by the U.S. or
        any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5.           The
        Buyer is familiar with Rule 144A and understands that the parties listed
        in the
        Rule 144A Transferee Certificate to which this certification relates are
        relying
        and will continue to rely on the statements made herein because one or more
        sales to the Buyer will be in reliance on Rule 144A.  In addition, the
        Buyer will only purchase for the Buyer’s own account.

       

      6.           Until
        the date of purchase of the Certificates, the undersigned will notify the
        parties listed in the Rule 144A Transferee Certificate to which this
        certification relates of any changes in the information and conclusions
        herein.  Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification by the
        undersigned as of the date of such purchase.

       

      
         

        
          	 	
                   _______________________________

                
	 	
                   Print
                    Name of Buyer

                
	 	 
	 	 By:
                  _______________________
	 	 Name:
	 	 Title:
	 	 
	 	 
	 	 
	 	 IF
                  AN ADVISER:
	 	 
	 	
                   _______________________________

                
	 	
                   Print
                    Name of Buyer

                
	 	 
	 	 Date: ______________________
	 	 

        

         

                

        
          
            
            

          

          
            L-1-6

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L-2

       

      [FORM
        OF]
        ERISA LETTER (COVERED CERTIFICATES)

       

      
        
           

          
            	 	 	 _____________________
	 	 	 Date

          

           

        

      

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:                                Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:          Mortgage-Backed
        Securities Group

      Series
        200_-_

       

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

      Series
        200_-_,
        Class                                          

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates, we certify that
        we
        are not, and are not acquiring the Certificates on behalf of or with plan
        assets
        of an “employee benefit plan” as defined in section 3(3) of ERISA that is
        subject to Title I of ERISA, a “plan” as defined in section 4975 of the Code
        that is subject to section 4975 of the Code, or any person investing on behalf
        of or with plan assets (as defined in 29 CFR §2510.3-101 or otherwise under
        ERISA) of such an employee benefit plan or plan, or (ii) the purchase and
        holding of the Certificates satisfy the requirements for exemptive relief
        under
        PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar
        exemption.  We understand that, in the event that such representation
        is violated, such transfer or acquisition shall be void and of no
        effect.

       

      
         

        
          	 	 Very
                  truly yours,
	 	 
	 	 
	 	 ________________________
	 	 Print
                  Name of Transferor
	 	 
	 	 
	 	 By:  ______________________________
	 	
                   Authorized
                    Officer

                
	 	 

        

         

      

       

      
        
          
          

        

        
          L-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

       

      [FORM
        OF]
        REQUEST FOR RELEASE

      (for
        Trustee)

       

      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        200_-_

       

      
        	
                Loan
                  Information

              	 	 
	 	 	 
	
                Name
                  of Mortgagor:

              	 	 
	 	 	 
	
                Servicer
                  Loan No.:

              	 	 
	 	 	 
	
                Trustee

              	 	 
	 	 	 
	
                Name:

              	 	 
	 	 	 
	
                Address:

              	 	 
	 	 	 
	 	 	 
	
                Trustee

              	 	 
	
                Mortgage
                  File No.:

              	 	 

      

       

       

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

       

      
        	
                ( )

              	
                Mortgage
                  Note dated _______________, 20__, in the original principal sum
                  of
                  $___________, made by ____________________________, payable to, or
                  endorsed to the order of, the
                  Trustee.

              

      

       

      
        	
                ( )

              	
                Mortgage
                  recorded on __________________ as instrument no.
                  ______________________ in the County Recorder’s Office of the County
                  of _________________________, State of
                  _______________________ in book/reel/docket
                  _________________________ of official records at page/image
                  _______________________________.

              

      

       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ( )

              	
                Deed
                  of Trust recorded on ______________________ as instrument no. ___________
                  in the County Recorder’s Office of the County of
                  __________________________, State of _____________________
                  in book/reel/docket _________________________ of official records
                  at page/image
                  ____________________________.

              

      

       

      
        	
                ( )

              	
                Assignment
                  of Mortgage or Deed of Trust to the Trustee, recorded on
                  _____________________ as instrument no. __________________ in the
                  County Recorder’s Office of the County of _____________________,
                  State of ___________________ in book/reel/docket ________________
                  of
                  official records at page/image
                  ______________________.

              

      

       

      
        	
                ( )

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

              

      

       

      (   )                                                                                                                                

       

      (   )                                                                                                                                

       

      (   )                                                                                                                                

       

      (   )                                                                                                                                

       

      The
        undersigned Master Servicer hereby acknowledges and agrees as
        follows:

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          M-2

          
            

          

        

        
          
          

        

      

      

       

      
        	 	 	 COUNTRYWIDE
                HOME LOANS
	 	 	 SERVICING
                LP
	 	 	 
	 	 	 By  ____________________________
	 	 	 
	 	 	 Its  ____________________________

      

       

            

      Date:_________________,
        20__

       

      
        
          
          

        

        
          M-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N

       

      [FORM
        OF]
        REQUEST FOR RELEASE OF DOCUMENTS

       

       

      
        	 To:          The
                Bank of New York  	 Attn:  Mortgage
                Custody ervices
	 	 

      

               

      
        	
                 

              	
                Re:

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

              	 

      

       

      Ladies
        and Gentlemen:

       

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

       

      FT
        Account
        #:                                                                                   Pool
        #:

       

      Mortgagor’s
        Name, Address and Zip Code:

       

      Mortgage
        Loan Number:

       

      Reason
        for Requesting Documents (check one)

       

      
        	
                 

              	
                1.

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

              

      

       

      
        	
                 

              	
                2.

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

              

      

       

      
        	
                 

              	
                3.

              	
                Mortgage
                  Loan in Foreclosure.

              

      

       

      
        	
                 

              	
                4.

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

              

      

       

      
        	
                 

              	
                5.

              	
                Other
                  (explain):

              

      

       

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

       

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

       

      COUNTRYWIDE
        HOME LOANS, INC.

      4500
        Park
        Granada

      Calabasas,
        California  91302

       

      By:                                                                 
        

      Name:                                                            

      Title:                                                              

      Date:                                                              

       

      [COUNTRYWIDE
        HOME LOANS SERVICING LP]

       

      
        By:                                                                 
          

        Name:                                                            

        Title:                                                              

        Date:                                                              

         

      

      TRUSTEE
        CONSENT TO RELEASE AND

      ACKNOWLEDGEMENT
        OF RECEIPT

       

      
        By:                                                                 
          

        Name:                                                            

        Title:                                                              

        Date:                                                              

         

        
          
            
            

          

          
            N-2

            
              

            

          

          
            
            

          

        

         
EXHIBIT
        O

      

      GLOSSARY
        OF TERMS FOR STANDARD & POOR’S LEVELS®

      VERSION
        5.7 FILE FORMAT

      

      APPENDIX  E
        – Standard & Poor’s Predatory Lending Categories

      

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

      

      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

                 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas

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

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

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

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

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

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

              	
                Covered
                  Loan

              
	
                Connecticut

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

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

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

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq.

                Effective
                  October 2, 2002

              	
                High
                  Cost Home Loan

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

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

                Effective
                  October 1, 2002 – March 6, 2003

              	
                High
                  Cost Home Loan

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

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

                Effective
                  for loans closed on or after March 7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

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

                Effective
                  October 1, 1995, amendments October 1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

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

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

              	
                High
                  Risk Home Loan

              
	
                Kansas

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

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

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

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

              
	
                Kentucky

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

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

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

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

              	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

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

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

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

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

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

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

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

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 etseq.

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W. Va. Code
                  Ann. §§ 31-17-1 etseq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

       

      

       

      Standard
        & Poor’s Covered Loan Categorization

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

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

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

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

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

                Effective
                  November 27, 2003 – July 5, 2004

              	
                Covered
                  Home Loan

              

      

       

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

      

      
        	
                Standard
                  & Poor’s Home Loan Categorization

                 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

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

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

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

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

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

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

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

       

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        P

      

      

      [FORM
        OF]
        SUPPLEMENTAL TRANSFER AGREEMENT

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (d)           [Reserved]

       

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

       

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

       

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

       

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

       

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

       

      
        	 	
                CWALT,
                  INC.,

                  as
                  Depositor

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

      
         

        
          	 	
                  COUNTRYWIDE
                    HOME LOANS, INC.,

                  
                      as
                      Seller

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

        

         

        
           

          
            	 	
                    PARK
                      GRANADA LLC,

                    
                        as
                        a Seller

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

          

           

        

      

      
         

        
          	 	
                  PARK
                    MONACO, INC.,

                  
                      as
                      a Seller

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

        

         

        
          
            
            

          

          
            P-1

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  PARK
                    SIENNA LLC,

                  
                      as
                      a Seller

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

        

         

        
           

          
            	 	
                    THE
                      BANK OF NEW YORK,

                    
                        not
                        in its individual capacity,

                        but
                        solely as Trustee

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

          

           

          Acknowledged
            and Agreed:

        

      

       

      COUNTRYWIDE
        HOME LOANS SERVICING LP,

       

        as
        Master Servicer

       

      By:  COUNTRYWIDE
        GP, INC.

       

      By:  _____________________________

              Name:

              Title:

       

      
        
          
          

        

        
          P-2

          
            

          

        

        
          
          

        

      

      

      

      

      EXHIBIT
        Q

       

      MONTHLY
        REPORT

       

      [On
        file
        with Trustee]

      

      

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-1

       

      FORM
        OF
        PERFORMANCE CERTIFICATION

       

      (Subservicer)

       

      
        	
                 

              	
                Re:

              	
                The
                  Pooling and Servicing Agreement dated as of [________] (the “Pooling and
                  Servicing Agreement”) among CWALT, 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,
                  the
                  undersigned, as Trustee and [Subservicing Agreement] dated as of
                  [           ] (the
                  “Agreement”)

              

      

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
        their officers, with the knowledge and intent that they will rely upon this
        certification, that:

       

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

       

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

       

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

       

      (4)           I
        am responsible for reviewing the activities performed by the Company as a
        servicer under the Agreement, and based on my knowledge and the compliance
        review conducted in preparing the Compliance Statement and except as disclosed
        in the Compliance Statement, the Servicing Assessment or the Attestation
        Report,
        the Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      
        
          
          

        

        
          R-1-1

          
            

          

        

        
          
          

        

      

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

       

      

      
        	 	 Date: _________________________
	 	 
	 	 
	 	 By: ________________________________
	 	 Name:
	 	 Title:
	 	 
	 	 

      

       

       

      
        
          
          

        

        
          R-1-2

          
            

          

        

        
          
          

        

      

       

      

       

       

       

      EXHIBIT
        R-2

       

      FORM
        OF
        PERFORMANCE CERTIFICATION

       

      (Trustee)

       

      
        	
                 

              	
                Re:

              	
                The
                  Pooling and Servicing Agreement dated as of [________], (the “Pooling and
                  Servicing Agreement”) among CWALT, 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,
                  the
                  undersigned, as Trustee

              

      

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
        their officers, with the knowledge and intent that they will rely upon this
        certification, that:

       

      (1)           I
        have reviewed the report on assessment of the Company’s compliance with the
        servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing
        Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities
        Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of
        Regulation AB (the “Servicing Assessment”), the registered public accounting
        firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18
        under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
        Report”), [all reports on Form 10-D containing statements to certificateholders
        filed in respect of the period included in the year covered by the annual
        report
        of the Trust Fund] (collectively, the “Distribution Date
        Statements”);

       

      (2)           Assuming
        the accuracy and completeness of the information delivered to the Company
        by the
        Master Servicer as provided in the Pooling and Servicing Agreement and subject
        to paragraph (4) below, the distribution information determined by the Company
        and set forth in the Distribution Date Statements contained in all Form 10-D’s
        included in the year covered by the annual report of such Trust on Form 10-K
        for
        the calendar year 200[  ], is complete and does not contain any
        material misstatement of fact as of the last day of the period covered by
        such
        annual report;

       

      (3)           Based
        solely on the information delivered to the Company by the Master Servicer
        as
        provided in the Pooling and Servicing Agreement, (i) the distribution
        information required under the Pooling and Servicing Agreement to be contained
        in the Trust Fund’s Distribution Date Statements and (ii) the servicing
        information required to be provided by the Master Servicer to the trustee
        for
        inclusion in the Trust Fund’s Distribution Date Statements, to the extent
        received by the Trustee from the Master Servicer in accordance with the Pooling
        and Servicing Agreement, is included in such Distribution Date
        Statements;

       

      (4)           The
        Company is not certifying as to the accuracy, completeness or correctness
        of the
        information which it received from the Master Servicer and did not independently
        verify or confirm the accuracy, completeness or correctness of the information
        provided by the Master Servicer;

       

      
        
          
          

        

        
          R-2-1

          
            

          

        

        
          
          

        

      

      (5)           I
        am responsible for reviewing the activities performed by the Company as a
        person
“performing a servicing function” under the Pooling and Servicing Agreement, and
        based on my knowledge and the compliance review conducted in preparing the
        Servicing Assessment and except as disclosed in the Servicing Assessment
        or the
        Attestation Report, the Company has fulfilled its obligations under the Pooling
        and Servicing Agreement; and

       

      (6)           The
        Servicing Assessment and Attestation Report required to be provided by the
        Company and by Subcontractor pursuant to the Pooling and Servicing Agreement,
        have been provided to the Master Servicer and the Depositor.  Any
        material instances of noncompliance described in such reports have been
        disclosed to the Master Servicer and the Depositor.  Any material
        instance of noncompliance with the Servicing Criteria has been disclosed
        in such
        reports.

      
        

        
          	 	 Date: _________________________
	 	 
	 	 
	 	 By: ________________________________
	 	 Name:
	 	 Title:
	 	 
	 	 

        

         

         

        
          
            
            

          

          
            R-2-2

            
              

            

          

          
            
            

          

        

         

      

      EXHIBIT
        S

      

      [FORM
        OF]

      SERVICING
        CRITERIA TO BE ADDRESSED IN

      ASSESSMENT
        OF COMPLIANCE STATEMENT

      

      The
        assessment of compliance to be delivered by [the Master Servicer] [Trustee]
        [Name of Subservicer] shall address, at a minimum, the criteria identified
        as
        below as “Applicable Servicing Criteria”:

       

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

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

              	 
	
                1122(d)(2)(iv)

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

              	 
	
                1122(d)(2)(v)

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

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

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

              	 
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

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

              	 
	
                1122(d)(3)(ii)

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

              	 
	
                1122(d)(3)(iii)

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

              	 
	
                1122(d)(3)(iv)

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

              	 
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

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

              	 
	
                1122(d)(4)(ii)

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

              	 
	
                1122(d)(4)(iii)

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

              	 
	
                1122(d)(4)(iv)

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

              	 
	
                1122(d)(4)(v)

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

              	 
	
                1122(d)(4)(vi)

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

              	 
	
                1122(d)(4)(vii)

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

              	 
	
                1122(d)(4)(viii)

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

              	 
	
                1122(d)(4)(ix)

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

              	 
	
                1122(d)(4)(x)

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

              	 
	
                1122(d)(4)(xi)

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

              	 
	
                1122(d)(4)(xii)

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

              	 
	
                1122(d)(4)(xiii)

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

              	 
	
                1122(d)(4)(xiv)

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

              	 
	
                1122(d)(4)(xv)

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

              	 
	 	 	 

      

       

       

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

      

       

       

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        T

      

       

      [FORM
        OF]
        LIST OF ITEM 1119 PARTIES

       

      ALTERNATIVE
        LOAN TRUST 200_-__

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES,

      Series
        200_-__

       

      [Date]

      

      
        	
                Party

              	
                Contact
                  Information

              
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

      

       

       

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        U

      

      FORM
        OF
        SARBANES-OXLEY CERTIFICATION

      (REPLACEMENT
        OF MASTER SERVICER)

      

      

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

      

      

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

      

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

      

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

      

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

      

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

      

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

       

       

      
        	 	 [MASTER
                SERVICER]
	 	 
	 	 By:________________________________
	 	
                 Name:

              
	 	
                 Title:

              
	 	 Date: _________________________
	 	 
	 	 

      

      
 

       

      
        U-1

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