Document:

EXHIBIT 4.1

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

                                 CWHEQ, INC.,
                                   Depositor

                        [COUNTRYWIDE HOME LOANS, INC.],
                                    Seller

                            [COUNTRYWIDE LFT LLC],
                                    Seller

                    [COUNTRYWIDE HOME LOANS SERVICING LP],
                                Master Servicer

                            ---------------------,
                                    Trustee

                                      and

                            ---------------------,
                                  Co-Trustee

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

                        POOLING AND SERVICING AGREEMENT

                         Dated as of __________, 200_

                   ASSET-BACKED CERTIFICATES, SERIES 200_-_

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

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                               Table of Contents
                               -----------------
<TABLE>
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<S>             <C>                                                                                          <C>

                                                                                                               Page
                                                                                                               ----

                                                ARTICLE I.
                                               DEFINITIONS

Section 1.01      Defined Terms...................................................................................8
Section 1.02      Certain Interpretive Provisions................................................................51

                                               ARTICLE II.
                       CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

Section 2.01      Conveyance of Mortgage Loans...................................................................51
Section 2.02      Acceptance by Trustee of the Mortgage Loans....................................................55
Section 2.03      Representations, Warranties and Covenants of the Master Servicer and the Sellers...............58
Section 2.04      Representations and Warranties of the Depositor................................................76
Section 2.05      Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases................77
Section 2.06      Authentication and Delivery of Certificates....................................................78
Section 2.07      Covenants of the Master Servicer...............................................................78

                                               ARTICLE III.
                              ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01      Master Servicer to Service Mortgage Loans......................................................78
Section 3.02      Subservicing; Enforcement of the Obligations of Master Servicer................................80
Section 3.03      Rights of the Depositor,  the Sellers, the  Certificateholders,  the NIM Insurer and the
                  Trustee in Respect of the Master Servicer......................................................81
Section 3.04      Trustee to Act as Master Servicer..............................................................81
Section 3.05      Collection  of  Mortgage  Loan  Payments;  Certificate  Account;  Distribution  Account;
                  Seller Shortfall Interest Requirement..........................................................82
Section 3.06      Collection of Taxes, Assessments and Similar Items; Escrow Accounts............................85
Section 3.07      Access to Certain Documentation and Information Regarding the Mortgage Loans...................85
Section 3.08      Permitted  Withdrawals from the Certificate  Account,  Distribution  Account,  Carryover
                  Reserve Fund and the Principal Reserve Fund....................................................86
Section 3.09      [Reserved].....................................................................................89
Section 3.10      Maintenance of Hazard Insurance................................................................89
Section 3.11      Enforcement of Due-On-Sale Clauses; Assumption Agreements......................................90
Section 3.12      Realization  Upon  Defaulted  Mortgage  Loans;  Determination  of  Excess  Proceeds  and
                  Realized Losses; Repurchase of Certain Mortgage Loans..........................................91
Section 3.13      Co-Trustee to Cooperate; Release of Mortgage Files.............................................94
Section 3.14      Documents,  Records  and  Funds in  Possession  of  Master  Servicer  to be Held for the
                  Trustee........................................................................................95

                                                        i
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<S>             <C>                                                                                           <C>

Section 3.15      Servicing Compensation.........................................................................96
Section 3.16      Access to Certain Documentation................................................................96
Section 3.17      Annual Statement as to Compliance..............................................................97
Section 3.18      Annual Independent Public Accountants' Servicing Statement; Financial Statements...............97
Section 3.19      The Corridor Contracts.........................................................................97
Section 3.20      Prepayment Charges.............................................................................98

                                               ARTICLE IV.
                            DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

Section 4.01      Advances; Remittance Reports...................................................................99
Section 4.02      Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls.........101
Section 4.03      [Reserved]....................................................................................101
Section 4.04      Distributions.................................................................................101
Section 4.05      Monthly Statements to Certificateholders......................................................113
Section 4.06      [Reserved]....................................................................................116
Section 4.07      [Reserved]....................................................................................116
Section 4.08      Carryover Reserve Fund........................................................................116
Section 4.09      Credit Comeback Excess Account................................................................118

                                                ARTICLE V.
                                             THE CERTIFICATES

Section 5.01      The Certificates..............................................................................118
Section 5.02      Certificate Register; Registration of Transfer and Exchange of Certificates...................120
Section 5.03      Mutilated, Destroyed, Lost or Stolen Certificates.............................................123
Section 5.04      Persons Deemed Owners.........................................................................124
Section 5.05      Access to List of Certificateholders' Names and Addresses.....................................124
Section 5.06      Book-Entry Certificates.......................................................................124
Section 5.07      Notices to Depository.........................................................................125
Section 5.08      Definitive Certificates.......................................................................125
Section 5.09      Maintenance of Office or Agency...............................................................126

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

Section 6.01      Respective Liabilities of the Depositor, the Master Servicer and the Sellers..................126
Section 6.02      Merger or Consolidation of the Depositor, the Master Servicer or the Sellers..................126
Section 6.03      Limitation on Liability of the  Depositor,  the Sellers,  the Master  Servicer,  the NIM
                  Insurer and Others............................................................................127
Section 6.04      Limitation on Resignation of Master Servicer..................................................128
Section 6.05      Errors and Omissions Insurance; Fidelity Bonds................................................128

                                                        ii
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<S>             <C>                                                                                           <C>

                                               ARTICLE VII.
                                 DEFAULT; TERMINATION OF MASTER SERVICER

Section 7.01      Events of Default.............................................................................128
Section 7.02      Trustee to Act; Appointment of Successor......................................................130
Section 7.03      Notification to Certificateholders............................................................132

                                              ARTICLE VIII.
                                CONCERNING THE TRUSTEE AND THE CO-TRUSTEE

Section 8.01      Duties of Trustee.............................................................................132
Section 8.02      Certain Matters Affecting the Trustee.........................................................133
Section 8.03      Trustee Not Liable for Mortgage Loans.........................................................134
Section 8.04      Trustee May Own Certificates..................................................................135
Section 8.05      Master Servicer to Pay Trustee's Fees and Expenses............................................135
Section 8.06      Eligibility Requirements for Trustee..........................................................135
Section 8.07      Resignation and Removal of Trustee............................................................136
Section 8.08      Successor Trustee.............................................................................137
Section 8.09      Merger or Consolidation of Trustee............................................................137
Section 8.10      Appointment of Co-Trustee or Separate Trustee.................................................137
Section 8.11      Tax Matters...................................................................................138
Section 8.12      Co-Trustee....................................................................................141
Section 8.13      Access to Records of the Trustee..............................................................144
Section 8.14      Suits for Enforcement.........................................................................144

                                               ARTICLE IX.
                                               TERMINATION

Section 9.01      Termination upon Liquidation or Repurchase of all Mortgage Loans..............................144
Section 9.02      Final Distribution on the Certificates........................................................145
Section 9.03      Additional Termination Requirements...........................................................147

                                                ARTICLE X.
                                         MISCELLANEOUS PROVISIONS

Section 10.01     Amendment.....................................................................................148
Section 10.02     Recordation of Agreement; Counterparts........................................................149
Section 10.03     Governing Law.................................................................................149
Section 10.04     Intention of Parties..........................................................................150
Section 10.05     Notices.......................................................................................150
Section 10.06     Severability of Provisions....................................................................151
Section 10.07     Assignment....................................................................................152
Section 10.08     Limitation on Rights of Certificateholders....................................................152
Section 10.09     Inspection and Audit Rights...................................................................152
Section 10.10     Certificates Nonassessable and Fully Paid.....................................................153
Section 10.11     Rights of NIM Insurer.........................................................................153

</TABLE>

                                                        iii

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Exhibits
EXHIBIT A                           Forms of Certificates
     EXHIBIT A-1                    Form of Class AF-[1A] Certificate
     EXHIBIT A-2                    Form of Class AF-[1B] Certificate
     EXHIBIT A-3                    Form of Class AF-_ Certificate
     EXHIBIT A-4                    Form of Class AF-_ Certificate
     EXHIBIT A-5                    Form of Class AF-_ Certificate
     EXHIBIT A-6                    Form of Class AF-_ Certificate
     EXHIBIT A-7                    Form of Class AF-_ Certificate
     EXHIBIT A-8                    Form of Class MF-[1] Certificate
     EXHIBIT A-9                    Form of Class MF-[2] Certificate
     EXHIBIT A-10                   Form of Class MF-[3] Certificate
     EXHIBIT A-11                   Form of Class BF Certificate
     EXHIBIT A-12                   Form of Class 1-AV-[1] Certificate
     EXHIBIT A-13                   Form of Class 1-AV-[2] Certificate
     EXHIBIT A-14                   Form of Class 2-AV-[1] Certificate
     EXHIBIT A-15                   Form of Class MV-[1] Certificate
     EXHIBIT A-16                   Form of Class MV-[2] Certificate
     EXHIBIT A-17                   Form of Class MV-[3] Certificate
     EXHIBIT A-18                   Form of Class BV Certificate
EXHIBIT B                           Forms of Class P Certificates
     EXHIBIT B-1                    Form of Exhibit [PF] Certificate
     EXHIBIT B-2                    Form of Exhibit [PV] Certificate
EXHIBIT C                           Forms of Class C Certificates
     EXHIBIT C-1                    Form of Exhibit [CF] Certificate
     EXHIBIT C-2                    Form of Exhibit [CV] Certificate
EXHIBIT D                           Form of Class A-R Certificate
EXHIBIT E                           Form of Tax Matters Person Certificate
                                        (Class A-R)
EXHIBIT F                           Mortgage Loan Schedule
     EXHIBIT F-1                    List of Mortgage Loans
     EXHIBIT F-2                    Mortgage Loans for which All or a
                                        Portion of a Related Mortgage File is
                                        not Delivered to the Trustee on or
                                        prior to the Closing Date
EXHIBIT G                           Forms of Certification of Trustee
     EXHIBIT G-1                    Form of Initial Certification of Trustee
     EXHIBIT G-2                    Form of Interim Certification of Trustee
     EXHIBIT G-3                    Form of Delay Delivery Certification
EXHIBIT H                           Form of Final Certification of Trustee
EXHIBIT I                           Transfer Affidavit for Class A-R
                                        Certificates
EXHIBIT J-1                         Form of Transferor Certificate for Class
                                        A-R Certificates
EXHIBIT J-2                         Form of Transferor Certificate for Private
                                        Certificates
EXHIBIT K                           Form of Investment Letter (Non-Rule 144A)
EXHIBIT L                           Form of Rule 144A Letter
EXHIBIT M                           Form of Request for Document Release
EXHIBIT N                           Form of Request for File Release
EXHIBIT O                           Copy of Depository Agreement

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

                                      v
<PAGE>

          POOLING AND SERVICING AGREEMENT, dated as of __________, 200_, by
and among CWHEQ, INC., a Delaware corporation, as depositor (the "Depositor"),
[COUNTRYWIDE HOME LOANS, INC.], a New York corporation, as seller ("CHL" or a
"Seller"), [COUNTRYWIDE LFT LLC] (the "Liquidity Trust" or a "Seller", and
together with CHL, the "Sellers"), [COUNTRYWIDE HOME LOANS SERVICING LP], a
Texas limited partnership, as master servicer (the "Master Servicer"),
____________________, a ____________________, as trustee (the "Trustee"), and
____________________, a California ____________________, as co-trustee (the
"Co-Trustee").

                             PRELIMINARY STATEMENT

          The Depositor is the owner of the Trust Fund that is hereby conveyed
to the Trustee in return for the Certificates. The Trust Fund (excluding each
Corridor Contract, the Carryover Reserve Fund and the Credit Comeback Excess
Account) for federal income tax purposes will consist of three REMICs ("REMIC
1", "REMIC 2", and the "Master REMIC"). REMIC 1 will consist of all of the
assets constituting the Trust Fund (other than the Corridor Contracts, the
Carryover Reserve Fund and the Credit Comeback Excess Account) and will be
evidenced by the ___ uncertificated interests set forth below in the table
titled "REMIC 1" that will be designated as REMIC regular interests (the
"REMIC 1 Regular Interests"). In addition, REMIC 1 will issue the R-1 interest
and will designate that interest as the sole residual interest.

          REMIC 2 will consist of the REMIC 1 Regular Interests and will be
evidenced by the uncertificated interests ___ uncertificated interests set
forth below in the table titled "REMIC 2" that will be designated as REMIC
regular interests that will be designated as REMIC regular interests (the
"REMIC 2 Regular Interests"). In addition, REMIC 2 will issue the R-2 interest
and willl designate that interest as the sole residual interest.

          The Master REMIC will hold as assets the REMIC 2 Regular Interests
and will be evidenced by the Certificates, each of which (other than the Class
A-R Certificate) will represent ownership of one or more "REMIC regular
interests" in the Master REMIC. In addition, the Master REMIC will issue the
R-3 interest and will designate that interest as the sole residual interest.
The Class A-R Certificate will represent ownership of the R-1, R-2 and R-3
Interests. The latest possible maturity date of all REMIC regular interests
created herein will be the Latest Possible Maturity Date.

<PAGE>

REMIC 1:

          The REMIC 1 Interests, each of which (except for the Class R-1
Interests) is hereby designated a REMIC regular interest for federal income
tax purposes, will have the principal balances, pass-through rates and
Corresponding Loan Subgroups as set forth in the following table:

                                        Initial   Pass-Through   Corresponding
REMIC 1 Interests                       Balance       Rate         Loan Group
-------------------------------------   -------   ------------   -------------

A-1 (0.9% of SCB Group 1)............      (1)        (2)            [F1]
B-1  (0.1% of SCB Group 1)...........      (1)        (2)            [F1]
C-1  (Excess of Group 1).............      (1)        (2)            [F1]
A-2 (0.9% of SCB Group 2)............      (1)        (2)            [F2]
B-2  (0.1% of SCB Group 2)...........      (1)        (2)            [F2]
C-2  (Excess of Group 2).............      (1)        (2)            [F2]
A-3 (0.9% of SCB Group 3)............      (1)        (2)            [A1]
B-3  (0.1% of SCB Group 3)...........      (1)        (2)            [A1]
C-3 (Excess of Group 3)..............      (1)        (2)            [A1]
A-4 (0.9% of SCB Group 4)............      (1)        (2)            [A2]
B-4  (0.1% of SCB Group 4)...........      (1)        (2)            [A2]
C-4  (Excess of Group 4).............      (1)        (2)            [A2]
1-$[100].............................     $100        (3)            N/A
1-[PF]...............................     $100        (3)            N/A
1-[PV]                                    $100        (3)            N/A
R-1..................................      (4)        (4)            N/A
---------------
(1)      Each Class A Interest will have a principal balance initially equal
         to 0.9% of the Subordinate Component Balance ("SCB") of its
         Corresponding Loan Subgroup. Each Class B Interest will have a
         principal balance initially equal to 0.1% of the Subordinate
         Component Balance of its Corresponding Loan Group. The initial
         principal balance of each Class C Interest will equal the excess of
         its corresponding Loan Group over the initial aggregate principal
         balances of the Class A and Class B Interests corresponding to such
         Loan Subroup.

(2)      A Rate equal to the weighted average of the Adjusted Net Mortgage
         Rates of the Mortgage Loans of the Corresponding Loan Subgroup.

(3)      The Class 1-$[100] Interest, Class 1-[PF] Interest and Class 1-[PV]
         Interest do not pay any interest. All Prepayment Charges collected in
         respect of Loan Subgroups [F1] and [F2] will be allocated to the
         Class 1-[PF] Interest, and all Prepayment Charges collected in
         respect of Loan Subgroups [A1] and [A2] will be allocated to the
         Class 1-[PV] Interest.

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

                                      2
<PAGE>

On any Distribution Date:

         (1) If no Cross-Over Situation exists with respect to any Class of
Interests, then Principal Reductions arising with respect to each Loan
Subgroup will be allocated first to cause the Loan Subgroup's corresponding
Class A and Class B Interests to equal, respectively, 0.9% of the Subordinate
Component Balance ("SCB"), 0.1% of the SCB as of such Distribution Date, and
second to the Loan Subgroup's corresponding Class C Interest;

         (2) If a Cross-Over Situation exists with respect to the Class A1,
Class B1, Class A2, Class B2 Interests then:

         (a) if the Calculation Rate in respect of the outstanding Class A1,
Class B1, Class A2 and Class B2 Interests is less than the Class AF-[1B] Net
Rate Cap, Principal Relocation Payments will be made proportionately to the
outstanding Class A-1 and Class A-2 Interests prior to any other Principal
Distributions from each such Loan Subgroup; and

         (b) if the Calculation Rate in respect of the outstanding Class A1,
Class B1, Class A2 and Class B2 Interests is greater than the Class AF-[1B]
Net Rate Cap, Principal Relocation Payments will be made proportionately to
the outstanding Class B-1 and Class B-2 Interests prior to any other Principal
Distributions from each such Loan Subgroup.

         In each case, Principal Relocation Payments will be made so as to
cause the Calculation Rate in respect of the outstanding Class A1, Class B1,
Class A2 and Class B2 Interests to equal the Class AF-[1B] Net Rate Cap. With
respect to each Loan Subgroup, if (and to the extent that) the sum of (a) the
principal payments comprising the Principal Remittance Amount received during
the Due Period and (b) the Realized Losses, are insufficient to make the
necessary reductions of principal on the Class A1, Class B1, Class A2 and
Class B2 Interests, then interest will be added to the Loan Subgroup's other
Interests that are not receiving Principal Relocation Payments, in proportion
to their principal balances.

         (c) The outstanding aggregate Class A1, Class B1, Class A2 and Class
B2 Interests for Loan Subgroups [F1] and [F2] will not be reduced below 1
percent of the excess of (i) the aggregate outstanding Principal Balances of
such Loan Subgroups as of the end of any Due Period over (ii) the Class
AF-[1A] Certificates as of the related Distribution Date (after taking into
account distributions of principal on such Distribution Date).

         If (and to the extent that) the limitation in paragraph (c) prevents
the distribution of principal to any of the Class A1, Class B1, Class A2 and
Class B2 Interests, and if the Loan Subgroup's Class C Interest has already
been reduced to zero, then the excess principal from that Loan Subgroup will
be paid to the Class C Interests of the other Loan Subgroup if the aggregate
Class A and Class B Interests such Loan Subgroup are less than one percent of
the Subordinate Component Balance. Such payment will be made in proportion to
the principal balances of such Class C Interests. If the Loan Subgroup of the
Class C Interest that receives such payment has a weighted average Adjusted
Net Mortgage Rate below the weighted average Adjusted Net Mortgage Rate of the
Loan Subgroup making the payment, then the payment will be treated by REMIC 1
as a Realized Loss. Conversely, if the Loan Subgroup of the Class C Interest
that receives such payment has a weighted average Adjusted Net Mortgage Rate
above the weighted

                                      3
<PAGE>

average Adjusted Net Mortgage Rate of the Loan Subgroup making the payment,
then the payment will be treated by REMIC 1 as a reimbursement for prior
Realized Losses;

         (3) If a Cross-Over Situation exists with respect to the Class A3,
Class B3, Class A4 and Class B4 Interests then:

          (a) if the Calculation Rate in respect of the outstanding Class A3,
Class B3, Class A4 and Class B4 Interests is less than the Adjustable Rate
Subordinate Net Rate Cap, Principal Relocation Payments will be made
proportionately to the outstanding Class A3 and Class A-4 Interests prior to
any other Principal Distributions from each such Loan Subgroup; and

         (b) if the Calculation Rate in respect of the outstanding Class A3,
Class B3, Class A4 and Class B4 Interests is greater than the Adjustable Rate
Subordinate Net Rate Cap, Principal Relocation Payments will be made
proportionately to the outstanding Class B-3 and Class B-4 Interests prior to
any other Principal Distributions from each such Loan Subgroup.

         In each case, Principal Relocation Payments will be made so as to
cause the Calculation Rate in respect of the outstanding Class A3, Class B3,
Class A4 and Class B4 Interests to equal the Adjustable Rate Subordinate Net
Rate Cap. With respect to each Loan Subgroup, if (and to the extent that) the
sum of (a) the principal payments comprising the Principal Remittance Amount
received during the Due Period and (b) the Realized Losses, are insufficient
to make the necessary reductions of principal on the Class A3, Class B3, Class
A4 and Class B4 Interests, then interest will be added to the Loan Subgroup's
other Interests that are not receiving Principal Relocation Payments, in
proportion to their principal balances.

         (c) The outstanding aggregate Class A3, Class B3, Class A4 and Class
B4 Interests for Loan Subgroups [A1] and [A2] will not be reduced below 1
percent of the excess of (i) the aggregate outstanding Principal Balances of
such Loan Subroups as of the end of any Due Period over (ii) the aggregate
outstanding Certificate Balances of the corresponding Classes of Senior
Certificates as of the related Distribution Date (after taking into account
distributions of principal on such Distribution Date).

         If (and to the extent that) the limitation in paragraph (c) prevents
the distribution of principal to any of the Class A3, Class B3, Class A4 and
Class B4 Interests, and if the Loan Subgroup's Class C Interest has already
been reduced to zero, then the excess principal from that Loan Subgroup will
be paid to the Class C Interests of the other Loan Subgroup if the aggregate
Class A and Class B Interests such Loan Subgroup are less than one percent of
the Subordinate Component Balance. Such payment will be made in proportion to
the principal balances of such Class C Interests. If the Loan Subgroup of the
Class C Interest that receives such payment has a weighted average Adjusted
Net Mortgage Rate below the weighted average Adjusted Net Mortgage Rate of the
Loan Subgroup making the payment, then the payment will be treated by REMIC 1
as a Realized Loss. Conversely, if the Loan Subgroup of the Class C Interest
that receives such payment has a weighted average Adjusted Net Mortgage Rate
above the weighted average Adjusted Net Mortgage Rate of the Loan Subgroup
making the payment, then the payment will be treated by REMIC 1 as a
reimbursement for prior Realized Losses;

                                      4
<PAGE>

REMIC 2:

         The following table specifies the class designation, interest rate,
and principal amount for each class of REMIC 2 Interest:

<TABLE>
<CAPTION>

                           Uncertificated     Uncertificated            Allocation of
                             Principal          Lower REMIC                Principal           Allocation of Interest
REMIC 2 Interests             Balance        Pass-Through Rate               (11)                     (9),(11)
-----------------          --------------    -----------------        ------------------   ----------------------------
<S>                          <C>                  <C>                <C>                  <C>
2-AF-[1A].............         (1)                  (2)               AF-[1A]..........    AF-[1A], [CF]...............
2-AF-[1B].............         (1)                  (3)               AF-[1B]..........    AF-[1B],[CF] ...............
2-AF-_................         (1)                  (3)               AF-_.............    AF-_,[CF] ..................
2-AF-_................         (1)                  (3)               AF-_.............    AF-_,[CF]...................
2-AF-_................         (1)                  (3)               AF-_.............    AF-_, [CF]..................
2-AF-_................         (1)                  (3)               AF-_.............    AF-_, [CF]..................
2-AF-_................         (1)                  (3)               AF-_.............    AF-_, [CF]..................
2-MF-[1]..............         (1)                  (3)               MF-[1]...........    MF-[1], [CF]................
2-MF-[2]..............         (1)                  (3)               MF-[2]...........    MF-[2], [CF]................
2-MF-[3]..............         (1)                  (3)               MF-[3]...........    MF-[3], [CF]................
2-BF..................         (1)                  (3)               BF...............    BF, [CF]....................
2-[PF]                        $100                  (8)               [PF]                 N/A
2-[CF]                        (11)                  (3)               [CF]                 [CF]
2-1-AV-[1]............         (1)                  (4)               1-AV-[1].........    1-AV-[1], [CV]..............
2-1-AV-[2]............         (1)                  (4)               1-AV-[2].........    1-AV-[2], [CV]..............
2-2-AV-[1]............         (1)                  (5)               2-AV-[1].........    2-AV-[1], [CV]..............
2-MF-[1]..............         (1)                  (7)               MF-[1]...........    MF-[1], [CV]................
2-MF-[2]..............         (1)                  (7)               MF-[2]...........    MF-[2], [CV]................
2-MF-[3]..............         (1)                  (7)               MF-[3]...........    MF-[3], [CV]................
2-BF..................         (1)                  (7)               BF...............    BF, [CV]....................
2-$100................        $100                  (8)               $100.............    A-R.........................
2-[PV]................        $100                  (8)               P-2..............    N/A.........................
2-[CV]                        (11)                  (7)               [CV]                 [CV]
R-2...................        (10)                 (10)               N/A                  N/A

</TABLE>

---------------
(1)      Each such Class will have a principal balance that is initially equal
         to that the Class designated in the column titled "Allocation of
         Principal". Principal payments, both scheduled and prepaid, Realized
         Losses, Subsequent Recoveries and interest accruing on each such
         Class will be allocated to each such Class in such a manner that the
         Class will have a principal balance equal to that of the Class
         designated in the column titled "Allocation of Principal" for such
         Distribution Date.
(2)      The Class AF-[1A] Net Rate Cap.
(3)      The Class AF-[1B] Net Rate Cap.
(4)      The Class 1-AV-[1] Net Rate Cap.
(5)      The Class 2-AV-[1] Net Rate Cap.
(6)      The Adjustable Rate Subordinate Net Rate Cap.
(7)      The 2-$100 Interest, 2-[PF] Interest and 2-P-2 Interest do not pay
         any interest. All Prepayment Charges collected in respect of Loan
         Subgroups [F1] and [F2] will be allocated to the Class 2-[PF]
         Interest, and all Prepayment Charges collected in respect of Loan
         Subgroups [A1] and [A2] will be allocated to the Class 2-[PV]
         Interest.

                                      5
<PAGE>

(8)      The Class [CF] and [CV] Certificates will accrue all interest in
         excess of the Pass Through Rate for the Class of Certificates
         designated for the REMIC 2 Interest in the column titled "Allocation
         of Principal".

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

(10)     Initially and for any Distribution Date, the principal balances of
         the Class 2-[CF] and Class 2-[CV] Interests will equal: (i) the
         excess of the sum of the principal balances of the Loan Subgroup [F1]
         and Loan Subgroup [F2] Mortgage Loans over the sum of the principal
         balances of the Class AF, Class MF and Class BF Certificates in the
         case of the Class [CF] Interests and (ii) the excess of the sum of
         the principal balances of the Loan Subgroup [A1] and Loan Subgroup
         [A2] over the sum of the principal balances of the Class 1-AV and
         2-AV-[1] and Adjustable Rate Subordinate Certificates in the case of
         the Class [CV] Interests. For any Distribution Date, the sum of any
         monies allocated to the Class [CF] and Class [CV] Interests under the
         columns titled "Allocation of Principal" and "Allocation of Interest"
         will constitute the "Class [CF] Distributable Amount" and the "Class
         [CV] Distributable Amount", respectively.

                                      6
<PAGE>

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

                                        Original Certificate    Pass-Through
Class                                     Principal Balance         Rate
-----------------------------------     --------------------    ------------
Class AF-[1A]......................          $__________             (1)
Class AF-[1B]......................                                  (1)
Class AF-_.........................                                  (1)
Class AF-_.........................                                  (1)
Class AF-_.........................                                  (1)
Class AF-_.........................                                  (1)
Class AF-_.........................                                  (1)
Class MF-[1].......................                                  (1)
Class MF-[2].......................                                  (1)
Class MF-[3].......................                                  (1)
Class BF...........................                                  (1)
Class 1-AV-[1].....................                                  (1)
Class 1-AV-[2].....................                                  (1)
Class 2-AV-[1].....................                                  (1)
Class MV-[1].......................                                  (1)
Class MV-[2].......................                                  (1)
Class MV-[3].......................                                  (1)
Class BV...........................                                  (1)
Class [CF].........................                (2)               (3)
Class [CV].........................                (2)               (3)
Class [PF].........................             $[100]               (4)
Class [PV].........................             $[100]               (4)
Class A-R..........................             $[100]               (5)

(1)      The Certificates will accrue interest at the related Pass-Through
         Rates identified in this Agreement. Any entitlement of any class of
         Certificates to Net Rate Carryover will be treated as paid by the
         Master REMIC to the Class [CF] Certificates, in the case of the Class
         AF Certificates, the Class MF Certificates and the Class BF
         Certificates, and to the Class [CV] Certificates, in the case of the
         Class AV Certificates, the Class MV Certificates and the Class BV
         Certificates, and then paid to such Class of Certificates pursuant to
         a limited recourse cap contract as described in Section 8.11 herein.
(2)      The Class [CF] and Class [CV] Certificates will have Certificate
         Principal Balances equal to the Fixed Rate Overcollateralized Amount
         and Adjustable Rate Overcollateralized Amount, respectively.
(3)      For each Interest Accrual Period the Class [CF] and Class [CV]
         Certificates are entitled to a specified portion of the interest on
         the REMIC C2 Interests as provided in the column titled "Allocation
         of Interest" in the chart titled "REMIC 2 Interests".
(4)      For each Distribution Date the Class [PF] and Class [PV] Certificates
         are entitled to all Prepayment Charges distributed with respect to
         the Class 2-[PF]1 and Class 2-[PV] Interests.
(5)      The Class A-R Certificates represent the sole class of residual
         interest in each REMIC created hereunder. The Class A-R Certificates
         are not entitled to distributions of interest.

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

                                      7
<PAGE>

intention the Trustee will resolve ambiguities to accomplish such result and
will to the extent necessary rectify any drafting errors or seek clarification
to the structure without Certificateholder approval (but with guidance of
counsel selected by it with due care and which has substantial experience with
similar REMIC structures) to accomplish such intention.

                                  ARTICLE I.
                                 DEFINITIONS

          Section 1.01 Defined Terms.

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

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

          Adjustable Rate Certificates: The Class AF-[1A], Class AF-[1B],
Class AV Certificates and the Adjustable Rate Subordinate Certificates.

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

          Distribution Date      Percentage

          ________ 200_ --       ____% with respect to ________ 200_, plus an
          ________ 200_          additional 1/12th of ____% for each month
                                 thereafter
          ________ 200_ --       ____% with respect to ________ 200_, plus an
          ________ 200_          additional 1/12th of ____% for each month
                                 thereafter
          ________ 200_ --       ____% with respect to ________ 200_, plus an
          ________ 200_          additional 1/12th of ____% for each month
                                 thereafter
          ________ 200_          ____%
          and thereafter

                                      8
<PAGE>

          Adjustable Rate Delinquency Trigger Event: With respect to any
Distribution Date on or after the Adjustable Rate Stepdown Date, an Adjustable
Rate Delinquency Trigger Event exists if the Rolling Sixty-Day Delinquency
Rate for Outstanding Adjustable Rate Mortgage Loans, equals or exceeds the
product of _____% and the Adjustable Rate Senior Enhancement Percentage for
such Distribution Date.

          Adjustable Rate Loan Group: Loan Subgroup [A1] and Loan Subgroup
[A2] collectively.

          Adjustable Rate Loan Group Excess Cashflow: With respect to any
Distribution Date the sum of (i) the amount remaining after the distribution
of interest to Certificateholders for such Distribution Date pursuant to
Section 4.04(b)(iii)(f), and (ii) the amount remaining after the distribution
of principal to Certificateholders for such Distribution Date pursuant to
Section 4.04[(e)(1)(B)(vi)] or 4.04[(e)(2)(G)].

          Adjustable Rate Mortgage Loans: The Subgroup [A1] Mortgage Loans and
the Subgroup [A2] Mortgage Loans.

          Adjustable Rate OC Floor: For any Distribution Date, an amount equal
to [ ]% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans
in the Adjustable Rate Loan Group.

          Adjustable Rate Overcollateralization Deficiency Amount: With
respect to any Distribution Date, the amount, if any, by which the Adjustable
Rate Overcollateralization Target Amount exceeds the Adjustable Rate
Overcollateralized Amount on such Distribution Date (after giving effect to
distributions in respect of the Principal Remittance Amounts for Loan Subgroup
[A1] and Loan Subgroup [A2] on such Distribution Date).

          Adjustable Rate Overcollateralization Target Amount: With respect to
(a) each Distribution Date prior to the Adjustable Rate Stepdown Date, an
amount equal to ____% of the aggregate Cut-off Date Principal Balance of the
Adjustable Rate Mortgage Loans and (b) for any Distribution Date on or after
the Adjustable Rate Stepdown Date, ____% of the aggregate Stated Principal
Balance of the Adjustable Rate Mortgage Loans for the current Distribution
Date, subject to a minimum amount equal to the Adjustable Rate OC Floor;
provided that if a Adjustable Rate Trigger Event is in effect on any
Distribution Date, the Adjustable Rate Overcollateralization Target Amount
will be the Adjustable Rate Overcollateralization Target Amount as in effect
for the prior Distribution Date.

          Adjustable Rate Overcollateralized Amount: With respect to any
Distribution Date the amount, if any, by which (x) the aggregate Stated
Principal Balance of the Adjustable Rate Mortgage Loans for such Distribution
Date exceeds (y) the sum of the aggregate Certificate Principal Balance of the
Class AV Certificates and the Adjustable Rate Subordinate Certificates as of
such Distribution Date (after giving effect to distributions of the Principal
Remittance Amounts for Loan Subgroup [A1] and Loan Subgroup [A2] to be made on
such Distribution Date).

                                      9
<PAGE>

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

          Adjustable Rate Stepdown Date: The earlier to occur of (i) the
Distribution Date on which the aggregate Certificate Principal Balance of the
Class AV Certificates is reduced to zero, and (ii) the later to occur of (x)
the Distribution Date in ___________ 200_ and (y) the first Distribution Date
on which the aggregate Certificate Principal Balance of the Class AV
Certificates (after calculating anticipated distributions on such Distribution
Date) is less than or equal to _____% of the aggregate Stated Principal
Balance of the Adjustable Rate Mortgage Loans for such Distribution Date.

          Adjustable Rate Subordinate Certificates: The Class MV-[1], Class
MV-[2], Class MV-[3] and Class BV Certificates.

          Adjustable Rate Subordinate Net Rate Cap: For any Distribution Date
for any Class of Adjustable Rate Subordinate Certificates, the weighted
average of the Net Rate Caps of the Class 1-AV-[1], Class 1-AV-[2] and Class
2-AV-[1] Certificates for such Distribution Date, in each case, weighted on
the basis of the excess of the principal balance of the related Mortgage Loans
over the Certificate Principal Balance of the applicable class or classes of
Adjustable Rate Senior Certificates, adjusted to an effective rate reflecting
the calculation of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year

          Adjustable Rate Subordinate Corridor Contract: The transaction
evidenced by the related Confirmation (as assigned to the Trustee pursuant to
the related Corridor Contract Assignment Agreement), a form of which is
attached hereto as Exhibit Q-5.

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

          Adjusted Maximum Mortgage Rate: With respect to each Adjustable Rate
Mortgage Loan, the Maximum Mortgage Rate for such Mortgage Loan less the
related Expense Fee Rate.

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

                                      10
<PAGE>

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

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

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

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

          Applied Realized Loss Amount: With respect to any Distribution Date
and any Loan Group, the sum of the Realized Losses with respect to the
Mortgage Loans in such Loan Group which are to be applied in reduction of the
Certificate Principal Balances of the applicable Subordinate Certificates
pursuant to this Agreement, which shall equal (i) in the case of the Fixed
Rate Subordinate Certificates, the amount, if any, by which, the aggregate
Certificate Principal Balance of the Class AF Certificates and the Fixed Rate
Subordinate Certificates (after all distributions of principal on such
Distribution Date) exceeds the Stated Principal Balance of the Fixed Rate
Mortgage Loans for such Distribution Date and (ii) in the case of the
Adjustable Rate Subordinate Certificates, the amount, if any, by which, the
aggregate Certificate Principal Balance of the Class AV Certificates and the
Adjustable Rate Subordinate Certificates (after all distributions of principal
on such Distribution Date) exceeds the Stated Principal Balance of the
Adjustable Rate Mortgage Loans.

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

                                      11
<PAGE>

          Bankruptcy Code: Title 11 of the United States Code.

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

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

          Calculation Rate: For each Distribution Date, in the case of the
Class A1, Class B1, Class A2 and Class B2 Interests, the product of (i) 10 and
(ii) the weighted average rate of the outstanding Class A and Class B
Interests, treating each Class A Interest as capped at zero or reduced by a
fixed percentage of 100% of the interest accruing on such Class. For each
Distribution Date, in the case of the Class A3, Class B3, Class A4 and Class
B4 Interests, the product of (i) 10 and (ii) the weighted average rate of the
outstanding Class A and Class B Interests, treating each Class A Interest as
capped at zero or reduced by a fixed percentage of 100% of the interest
accruing on such Class.

          Carryover Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 4.08 in the name of
the Trustee for the benefit of the Certificateholders and designated
"______________ in trust for registered holders of CWHEQ, Inc., Asset-Backed
Certificates, Series 200_-_". Funds in the Carryover Reserve Fund shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

          Certificate: Any one of the certificates of any Class executed and
authenticated by the Trustee in substantially the forms attached hereto as
Exhibits A-1 through A-18, Exhibits B-1 and B-1, Exhibits C-1 and C-2, Exhibit
D and Exhibit E.

          Certificate Account: The separate Eligible Account created and
initially maintained by the Master Servicer pursuant to Section 3.05(b) with a
depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of the Certificateholders and designated "[Countrywide
Home Loans Servicing LP] in trust for registered holders of CWHEQ, Inc.,
Asset-Backed Certificates, Series 200_-_". Funds in the Certificate Account
shall be held in trust for the Certificateholders for the uses and purposes
set forth in this Agreement.

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

          Certificate Principal Balance: As to any Certificate (other than the
Class C Certificates) and as of any Distribution Date, the Initial Certificate
Principal Balance of such Certificate (A) less the sum of (i) all amounts
distributed with respect to such Certificate in reduction of the Certificate
Principal Balance thereof on previous Distribution Dates pursuant to Section
4.04, and (ii) with respect to any Subordinate Certificates, any Applied
Realized Loss

                                      12
<PAGE>

Amounts allocated to such Certificate on previous Distribution Dates pursuant
to Section 4.04, and (B) increased by, with respect to the Subordinate
Certificates, any Subsequent Recoveries allocated to such Subordinate
Certificate pursuant to Section 4.04 on such Distribution Date. References
herein to the Certificate Principal Balance of a Class of Certificates shall
mean the Certificate Principal Balances of all Certificates in such Class. The
Class C Certificates do not have a Certificate Principal Balance. With respect
to any Certificate (other than the Class C Certificates) of a Class and any
Distribution Date, the portion of the Certificate Principal Balance of such
Class represented by such Certificate equal to the product of the Percentage
Interest evidenced by such Certificate and the Certificate Principal Balance
of such Class.

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

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

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

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

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

          Class 1-AV-[1] Certificate: Any Certificate designated as a "Class
1-AV-[1] Certificate" on the face thereof, in the form of Exhibit A-14 hereto,
representing the right to distributions as set forth herein. Class 1-AV-[1]
Corridor Contract: The transaction evidenced by the related Confirmation (as
assigned to the Trustee pursuant to the related Corridor Contract Assignment
Agreement), a form of which is attached hereto as Exhibit Q-1.

          Class 1-AV-[1] Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Subgroup [A1]
on such Distribution Date, adjusted to an effective rate reflecting the
calculation of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year.

                                      13
<PAGE>

          Class 1-AV-[2] Certificate: Any Certificate designated as a "Class
1-AV-[2] Certificate" on the face thereof, in the form of Exhibit A-15 hereto,
representing the right to distributions as set forth herein.

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

          Class 1-AV-[2] Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Subgroup [A1]
on such Distribution Date, adjusted to an effective rate reflecting the
calculation of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year.

          Class 1-AV Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the Certificate Principal Balances of the
Class 1-AV-[1] and Class 1-AV-[2] Certificates immediately prior to such
Distribution Date, over (ii) the lesser of (x) ____% of the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Subgroup [A1] for such
Distribution Date and (y) the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Subgroup [A1] for such Distribution Date minus ____% of
the aggregate Stated Principal Balance of the Mortgage Loans in Loan Subgroup
[A1] as of the Cut-Off Date.

          Class 2-AV-[1] Certificate: Any Certificate designated as a "Class
2-AV-[1] Certificate" on the face thereof, in the form of Exhibit A-16 hereto,
representing the right to distributions as set forth herein.

          Class 2-AV-[1] Corridor Contract: The transaction evidenced by the
related Confirmation (as assigned to the Trustee pursuant to the related
Corridor Contract Assignment Agreement), a form of which is attached hereto as
Exhibit Q-3.

          Class 2-AV-[1] Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Subgroup [A2]
on such Distribution Date, adjusted to an effective rate reflecting the
calculation of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year.

          Class 2-AV-[1] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the Certificate Principal Balances of the
Class 2-AV-[1] Certificates immediately prior to such Distribution Date, over
(ii) the lesser of (x) ____% of the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Subgroup [A2] for such Distribution Date and (y) the
aggregate Stated Principal Balance of the Mortgage Loans in Loan Subgroup [A2]
for such Distribution Date minus____% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Subgroup [A2] as of the Cut-Off Date.

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

          Class AF-[1A] Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate on the Mortgage Loans in Loan Subgroup [F1]
on such Distribution

                                      14
<PAGE>

Date, adjusted to an effective rate reflecting the calculation of interest on
the basis of the actual number of days elapsed during the related Accrual
Period and a 360-day year.

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

          Class AF-[1B] and Fixed Rate Subordinate Corridor Contract: The
transaction evidenced by the related Confirmation (as assigned to the Trustee
pursuant to the related Corridor Contract Assignment Agreement), a form of
which is attached hereto as Exhibit Q-5.

          Class AF-[1B] Net Rate Cap: For any Distribution Date, the weighted
average (as described below) of (a) the weighted average of the Adjusted Net
Mortgage Rate of the Mortgage Loans in Loan Subgroup [F1] on such Distribution
Date and (b) the weighted average of the Adjusted Net Mortgage Rate of the
Mortgage Loans in Loan Subgroup [F2] on such Distribution Date, weighted by
the excess of the unpaid principal balance of the Subgroup [F1] Mortgage Loans
over the Certificate Principal Balance of the Class AF-[1A] Certificates and
by the unpaid principal balance of the Subgroup [F2] Mortgage Loans (in the
case of the Class AF-[1B] Certificates only, adjusted to an effective rate
reflecting the calculation of interest on the basis of the actual number of
days elapsed during the related Accrual Period and a 360-day year).

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

          Class AF-_ Net Rate Cap: For any Distribution Date, the weighted
average (as described below) of (a) the weighted average of the Adjusted Net
Mortgage Rate of the Mortgage Loans in Loan Subgroup [F1] on such Distribution
Date and (b) the weighted average of the Adjusted Net Mortgage Rate of the
Mortgage Loans in Loan Subgroup [F2] on such Distribution Date, weighted by
the excess of the unpaid principal balance of the Subgroup [F1] Mortgage Loans
over the Certificate Principal Balance of the Class AF-[1A] Certificates and
by the unpaid principal balance of the Subgroup [F2] Mortgage Loans (in the
case of the Class AF-[1B] Certificates only, adjusted to an effective rate
reflecting the calculation of interest on the basis of the actual number of
days elapsed during the related Accrual Period and a 360-day year).

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

          Class AF Certificates: The Class AF-[1A], Class AF-[1B] and Class
AF-_ Certificates.

          Class AF Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the aggregate Certificate Principal
Balance of the Class AF Certificates immediately prior to such Distribution
Date, over (ii) the lesser of (i) ____% of the aggregate Stated Principal
Balance of the Fixed Rate Mortgage Loans for such Distribution Date and (ii)

                                      15
<PAGE>

the aggregate Stated Principal Balance of the Fixed Rate Mortgage Loans for
such Distribution Date minus the Fixed Rate OC Floor; provided, however, that
(i) if no class of Fixed Rate Subordinate Certificates is outstanding on such
Distribution Date (but multiple classes of Class AF Certificates are
outstanding on such Distribution Date), the Class AF Principal Distribution
Amount shall equal the aggregate of the Principal Distribution Amounts for
Loan Subgroup [F1] and Loan Subgroup [F2] and will be distributed in
accordance with Section 4.04, (ii) if no class of Class AF or Fixed Rate
Subordinate Certificates is outstanding other than the Class AF-[1A]
Certificates on such Distribution Date, the Class AF-[1A] Certificates will be
entitled to receive the entire remaining Principal Distribution Amount for
Loan Subgroup [F1] until the Certificate Principal Balance thereof is reduced
to zero, and (ii) if the no class of Class AF or Fixed Rate Subordinate
Certificates is outstanding other than a single Class of Class AF Certificates
(other than the Class AF-[1A] Certificates) on such Distribution Date, they
will be entitled to receive the entire remaining Principal Distribution
Amounts for both Loan Subgroup [F1] and Loan Subgroup [F2] until the
Certificate Principal Balance thereof is reduced to zero.

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

          Class AV Certificates: The Class 1-AV-[1], Class 1-AV-[2] and Class
2-AV-[1] Certificates.

          Class AV Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the aggregate Certificate Principal
Balance of the Class AV Certificates immediately prior to such Distribution
Date, over (ii) the lesser of (a) ____% of the aggregate Stated Principal
Balance of the Adjustable Rate Mortgage Loans for such Distribution Date and
(b) the aggregate Stated Principal Balance of the Adjustable Rate Mortgage
Loans for such Distribution Date minus the Adjustable Rate OC Floor; provided,
however, that if no class of Adjustable Rate Subordinate Certificates is
outstanding, the Class AV Certificates will be entitled to receive the entire
remaining Principal Distribution Amounts for Loan Subgroup [A1] and Loan
Subgroup [A2], pro rata based on the Certificate Principal Balances thereof,
until the Certificate Principal Balances thereof are reduced to zero.

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

          Class BF Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the Certificate Principal
Balances of the Class AF Certificates (after taking into account distribution
of the Class AF Principal Distribution Amount for such Distribution Date), (b)
the Certificate Principal Balance of the Class MF-[1] Certificates (after
taking into account distribution of the Class MF-[1] Principal Distribution
Amount for such Distribution Date), (c) the Certificate Principal Balance of
the Class MF-[2] Certificates (after taking into account distribution of the
Class MF-[2] Principal Distribution Amount for such Distribution Date), (d)
the Certificate Principal Balance of the Class MF-[3] Certificates (after
taking into account distribution of the Class MF-[3] Principal Distribution
Amount for such

                                      16
<PAGE>

Distribution Date) and (e) the Certificate Principal Balance of the Class BF
Certificates immediately prior to such Distribution Date over (ii) the lesser
of (x) ____% of the aggregate Stated Principal Balance of the Fixed Rate
Mortgage Loans for such Distribution Date and (y) the aggregate Stated
Principal Balance of the Fixed Rate Mortgage Loans for such Distribution Date
minus the Fixed Rate OC Floor; provided, however, that if no class of Class AF
or Fixed Rate Subordinate Certificates is outstanding other than the Class BF
Certificates on such Distribution Date, the Class BF Certificates will be
entitled to receive the entire remaining Principal Distribution Amounts for
Loan Subgroup [F1] and Loan Subgroup [F2] until the Certificate Principal
Balance thereof is reduced to zero.

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

          Class BV Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the aggregate Certificate
Principal Balance of the Class AV Certificates (after taking into account
distribution of the Class 1-AV and Class 2-AV-[1] Principal Distribution
Amounts for such Distribution Date), (b) the Certificate Principal Balance of
the Class MV-[1] Certificates (after taking into account distribution of the
Class MV-[1] Principal Distribution Amount for such Distribution Date), (c)
the Certificate Principal Balance of the Class MV-[2] Certificates (after
taking into account distribution of the Class MV-[2] Principal Distribution
Amount for such Distribution Date), (d) the Certificate Principal Balance of
the Class MV-[3] Certificates (after taking into account distribution of the
Class MV-[3] Principal Distribution Amount for such Distribution Date) and (e)
the Certificate Principal Balance of the Class BV Certificates immediately
prior to such Distribution Date over (ii) the lesser of (x) ____% of the
aggregate Stated Principal Balance of the Adjustable Rate Mortgage Loans for
such Distribution Date and (y) the aggregate Stated Principal Balance of the
Adjustable Rate Mortgage Loans for such Distribution Date minus the Adjustable
Rate OC Floor; provided, however, that if the Class BV Certificates are the
only class of Class AV or Adjustable Rate Subordinate Certificates outstanding
on such Distribution Date, the Class BV Certificates will be entitled to
receive the entire remaining Principal Distribution Amounts for Loan Subgroup
[A1] and Loan Subgroup [A2] until the Certificate Principal Balance thereof is
reduced to zero.

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

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

          Class C Certificate: The Class [CF] Certificates and the Class [CV]
Certificates

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

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

                                      17
<PAGE>

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

          Class MF-[1] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the Certificate Principal
Balances of the Class AF Certificates (after taking into account distribution
of the Class AF Principal Distribution Amount for such Distribution Date), and
(b) the Certificate Principal Balance of the Class MF-[1] Certificates
immediately prior to such Distribution Date, over (ii) the lesser of (x) ____%
of the aggregate Stated Principal Balance of the Fixed Rate Mortgage Loans for
such Distribution Date and (y) the aggregate Stated Principal Balance of the
Fixed Rate Mortgage Loans for such Distribution Date minus the Fixed Rate OC
Floor; provided, however, that if no class of Class AF or Fixed Rate
Subordinate Certificates is outstanding other than the Class MF-[1]
Certificates on such Distribution Date, the Class MF-[1] Certificates will be
entitled to receive the entire remaining Principal Distribution Amounts for
Loan Subgroup [F1] and Loan Subgroup [F2] until the Certificate Principal
Balance thereof is reduced to zero.

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

          Class MF-[2] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the Certificate Principal
Balances of the Class AF Certificates (after taking into account distribution
of the Class AF Principal Distribution Amount for such Distribution Date), (b)
the Certificate Principal Balance of the Class MF-[1] Certificates (after
taking into account distribution of the Class MF-[1] Principal Distribution
Amount for such Distribution Date) and (c) the Certificate Principal Balance
of the Class MF-[2] Certificates immediately prior to such Distribution Date
over (ii) the lesser of (x) ____% of the aggregate Stated Principal Balance of
the Fixed Rate Mortgage Loans for such Distribution Date and (y) the aggregate
Stated Principal Balance of the Fixed Rate Mortgage Loans for such
Distribution Date minus the Fixed Rate OC Floor; provided, however, that if no
class of Class AF or Fixed Rate Subordinate Certificates is outstanding other
than the Class MF-[2] Certificates on such Distribution Date, the Class MF-[2]
Certificates will be entitled to receive the entire remaining Principal
Distribution Amounts for Loan Subgroup [F1] and Loan Subgroup [F2] until the
Certificate Principal Balance thereof is reduced to zero.

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

          Class MF-[3] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the Certificate Principal
Balances of the Class AF Certificates (after taking into account distribution
of the Class AF Principal Distribution Amount for such Distribution Date), (b)
the Certificate Principal Balance of the Class MF-[1] Certificates (after
taking into account distribution of the Class MF-[1] Principal Distribution
Amount for such Distribution Date), (c) the Certificate Principal Balance of
the Class MF-[2] Certificates (after taking into account distribution of the
Class MF-[2] Principal Distribution Amount for

                                      18
<PAGE>

such Distribution Date) (d) the Certificate Principal Balance of the Class
MF-[3] Certificates immediately prior to such Distribution Date over (ii) the
lesser of (x) ____% of the aggregate Stated Principal Balance of the Fixed
Rate Mortgage Loans for such Distribution Date and (y) the aggregate Stated
Principal Balance of the Fixed Rate Mortgage Loans for such Distribution Date
minus the Fixed Rate OC Floor; provided, however, that if no class of Class AF
or Fixed Rate Subordinate Certificates is outstanding other than the Class
MF-[3] Certificates on such Distribution Date, the Class MF-[3] Certificates
will be entitled to receive the entire remaining Principal Distribution
Amounts for Loan Subgroup [F1] and Loan Subgroup [F2] until the Certificate
Principal Balance thereof is reduced to zero.

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

          Class MV-[1] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the aggregate Certificate
Principal Balance of the Class AV Certificates (after taking into account
distribution of the Class 1-AV-[1] and Class 2-AV-[1] Principal Distribution
Amounts for such Distribution Date), and (b) the Certificate Principal Balance
of the Class MV-[1] Certificates immediately prior to such Distribution Date,
over (ii) the lesser of (x) ____% of the aggregate Stated Principal Balance of
the Adjustable Rate Mortgage Loans for such Distribution Date and (y) the
aggregate Stated Principal Balance of the Adjustable Rate Mortgage Loans for
such Distribution Date minus the Adjustable Rate OC Floor; provided, however,
that if the Class MV-[1] Certificates are the only class of Class AV or
Adjustable Rate Subordinate Certificates outstanding on such Distribution
Date, the Class MV-[1] Certificates will be entitled to receive the entire
remaining Principal Distribution Amounts for Loan Subgroup [A1] and Loan
Subgroup [A2] until the Certificate Principal Balance thereof is reduced to
zero.

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

          Class MV-[2] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the aggregate Certificate
Principal Balance of the Class AV Certificates (after taking into account
distribution of the Class 1-AV-[1] and Class 2-AV-[1] Principal Distribution
Amounts for such Distribution Date), (b) the Certificate Principal Balance of
the Class MV-[1] Certificates (after taking into account distribution of the
Class MV-[1] Principal Distribution Amount for such Distribution Date) and (c)
the Certificate Principal Balance of the Class MV-[2] Certificates immediately
prior to such Distribution Date over (ii) the lesser of (x) ____% of the
aggregate Stated Principal Balance of the Adjustable Rate Mortgage Loans for
such Distribution Date and (y) the aggregate Stated Principal Balance of the
Adjustable Rate Mortgage Loans for such Distribution Date minus the Adjustable
Rate OC Floor; provided, however, that if the Class MV-[2] Certificates are
the only class of Class AV or Adjustable Rate Subordinate Certificates
outstanding on such Distribution Date, the Class MV-[2] Certificates will be
entitled to receive the entire remaining Principal Distribution Amounts for
Loan Subgroup [A1] and Loan Subgroup [A2] until the Certificate Principal
Balance thereof is reduced to zero.

                                      19
<PAGE>

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

          Class MV-[3] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (a) the aggregate Certificate
Principal Balance of the Class AV Certificates (after taking into account
distribution of the Class 1-AV-[1] and Class 2-AV-[1 Principal Distribution
Amounts for such Distribution Date), (b) the Certificate Principal Balance of
the Class MV-[1] Certificates (after taking into account distribution of the
Class MV-[1] Principal Distribution Amount for such Distribution Date), (c)
the Certificate Principal Balance of the Class MV-[2] Certificates (after
taking into account distribution of the Class MV-[2] Principal Distribution
Amount for such Distribution Date) and (d) the Certificate Principal Balance
of the Class MV-[3] Certificates immediately prior to such Distribution Date
over (ii) the lesser of (x) ____% of the aggregate Stated Principal Balance of
the Adjustable Rate Mortgage Loans for such Distribution Date and (y) the
aggregate Stated Principal Balance of the Adjustable Rate Mortgage Loans for
such Distribution Date minus the Adjustable Rate OC Floor; provided, however,
that if the Class MV-[3] Certificates are the only class of Class AV or
Adjustable Rate Subordinate Certificates outstanding on such Distribution
Date, the Class MV-[3] Certificates will be entitled to receive the entire
remaining Principal Distribution Amounts for Loan Subgroup [A1] and Loan
Subgroup [A2] until the Certificate Principal Balance thereof is reduced to
zero.

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

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

          Class P Certificates: The Class [PF] Certificates and the Class [PV]
Certificates.

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

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

          Closing Date: __________, 200_.

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

          Collateral Schedule: Schedule II hereto.

                                      20
<PAGE>

          [Combined Loan-to-Value Ratio: The fraction, expressed as a
percentage, the numerator of which is the sum of (x) the original principal
balance of the related Mortgage Loan and (y) the outstanding principal balance
at the date of origination of the Mortgage Loan of any senior mortgage loan
or, in the case of any open-ended senior Mortgage Loan, the maximum available
line of credit with respect to such Mortgage Loan, regardless of any lesser
amount actually outstanding at the date of origination of the Mortgage Loan,
and the denominator of which is the Appraised Value of the related Mortgaged
Property.]

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

          Confirmation: Any of the Confirmations dated __________, 200_
evidencing a transaction between the Corridor Contract Counterparty and CHL.

          Corporate Trust Office: The designated office of the Trustee in the
State of New York where at any particular time its corporate trust business
with respect to this Agreement shall be administered, which office at the date
of the execution of this Agreement is located at
______________________________ (Attention: _____________), telephone: (___)
___-____, facsimile: (___) ___-____.

          Corridor Contract: The Class AF-[1B] and Fixed Rate Subordinate
Corridor Contract, the Class 1-AV-[1] Corridor Contract, The Class 1-AV-[2]
Corridor Contract, the Class 2-AV-[1] Corridor Contract or the Adjustable Rate
Subordinate Corridor Contract, as applicable.

          Corridor Contract Assignment Agreement: Each Assignment Agreement
dated as of the Closing Date among CHL, the Trustee and the Corridor Contract
Counterparty, the form of which is attached hereto as Exhibit S.

          Corridor Contract Counterparty: ________________, and its
successors.

          Corridor Contract Termination Date: With respect to each Corridor
Contract, the Distribution Date in ______________ 200_.

          Co-Trustee: _________________________, a ________________________,
not in its individual capacity, but solely in its capacity as co-trustee for
the benefit of the Certificateholders under this Agreement, and any successor
thereto, and any corporation or national banking association resulting from or
surviving any consolidation or merger to which it or its successors may be a
party.

          Credit Comeback Excess Account: The separate Eligible Account
created and initially maintained by the Trustee pursuant to Section 4.09 in
the name of the Trustee for the benefit of the Certificateholders and
designated "______________ in trust for registered holders of CWHEQ, Inc.,
Asset-Backed Certificates, Series 200_-_". Funds in the Credit Comeback Excess
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement.

                                      21
<PAGE>

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

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

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

          Cross-Over Situation: For any Distribution Date and for each Loan
Subgroup (after taking into account principal distributions on such
Distribution Date) with respect to the Class A and Class B Interests, the
Class A and Class B Interests corresponding to any Loan Subgroup are in the
aggregate less than 1% of the Subordinate Component Balance of the Loan
Subgroup to which they correspond

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

          Cut-off Date: In the case of any Mortgage Loan, the later of (x)
__________, 200_ and (y) the date of origination of such Mortgage Loan.

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

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

          Deficient Valuation: With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount
less than the then outstanding indebtedness under such Mortgage Loan, or any
reduction in the amount of principal to be paid

                                      22
<PAGE>

in connection with any Scheduled Payment that results in a permanent
forgiveness of principal, which valuation or reduction results from an order
of such court that is final and non-appealable in a proceeding under the
Bankruptcy Code.

          Definitive Certificates: As defined in Section 5.06.

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

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

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

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

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

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

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

                                      23
<PAGE>

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

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

          Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05(c) in the name of the
Trustee for the benefit of the Certificateholders and designated
"_____________________, in trust for registered holders of CWHEQ, Inc.,
Asset-Backed Certificates, Series 200_-_". 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,
______ p.m. Pacific time on the Business Day immediately preceding such
Distribution Date.

          Distribution Date: The __th day of each month, or if such day is not
a Business Day, on the first Business Day thereafter, commencing in __________
200_.

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

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

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

                                      24
<PAGE>

letter from each Rating Agency to the Trustee. Eligible Accounts may bear
interest, and may include, if otherwise qualified under this definition,
accounts maintained with the Trustee.

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

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

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

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

          Escrow Account: As defined in Section 3.06.

          Event of Default: As defined in Section 7.01 hereof.

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

          Expense Fee Rate: With respect to any Mortgage Loan, the sum of (i)
the Servicing Fee Rate, (ii) the Trustee Fee Rate and (iii) any lender-paid
primary mortgage insurance premium for such Mortgage Loan (if applicable).

          Extra Principal Distribution Amount: With respect to any
Distribution Date and (A) any Loan Subgroup in the Fixed Rate Loan Group the
product of (a), the lesser of (1) the Fixed Rate Overcollateralization
Deficiency Amount and (2) the Fixed Rate Loan Group Excess Cashflow for such
Distribution Date and (b) a fraction, the numerator of which is the Principal
Remittance Amount for such Loan Subgroup and the denominator of which is the
sum of the Principal Remittance Amounts for all Loan Subgroups in the Fixed
Rate Loan Group and (B) any Loan Subgroup in the Adjustable Rate Loan Group,
the product of (a) the lesser of (1) the Adjustable Rate Overcollateralization
Deficiency Amount and (2) the Adjustable Rate Loan Group Excess Cashflow for
such Distribution Date and (b) a fraction, the numerator of which is the
Principal Remittance Amount for such Loan Subgroup and the denominator of
which is the sum of the Principal Remittance Amounts for all Loan Subgroups in
the Adjustable Rate Loan Group.

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

                                      25
<PAGE>

          Fitch: Fitch Ratings.

          Fixed Rate Certificates: The Class AF-_, Class MF-[1], Class MF-[2],
Class MF-[3] and Class BF Certificates.

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

<TABLE>
<CAPTION>

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

<S>       <C>                                          <C>
           _________ 200_ --_________ 200_ ...........  ____% with respect to __________ 200_, plus
                                                       an additional 1/12th of ____% for each
                                                       month thereafter
           _________ 200_ --_________ 200_ ...........  ____% with respect to __________ 200_, plus
                                                       an additional 1/12th of ____% for each
                                                       month thereafter
           _________ 200_ --_________ 200_ ...........  ____% with respect to __________ 200_, plus
                                                       an additional 1/12th of ____% for each
                                                       month thereafter
           _________ 200_ --_________ 200_ ...........  ____% with respect to __________ 200_, plus
                                                       an additional 1/12th of ____% for each
                                                       month thereafter
           _________ 200_  and thereafter ............ ____%

</TABLE>

          Fixed Rate Delinquency Trigger Event: With respect to a Distribution
Date on and after the Fixed Rate Stepdown Date, a Fixed Rate Delinquency
Trigger Event exists if (x) the Rolling Sixty-Day Delinquency Rate for
Outstanding Fixed Rate Mortgage Loans equals or exceeds (y) the product of
_____% and the Fixed Rate Senior Enhancement Percentage for such Distribution
Date.

          Fixed Rate Loan Group: Loan Subgroup [F1] and Loan Subgroup [F2].

          Fixed Rate Loan Group Excess Cashflow: With respect to any
Distribution Date the sum of (i) the amount remaining after the distribution
of interest to Certificateholders for such Distribution Date pursuant to
Section 4.04(a)(iii)(f), and (ii) the amount remaining after the distribution
of principal to Certificateholders for such Distribution Date pursuant to
Section 4.04(c)(1)(H) or 4.04(c)(2)(G).

          Fixed Rate Mortgage Loans: The Subgroup [F1] Mortgage Loans and the
Subgroup [F2] Mortgage Loans.

                                      26
<PAGE>

          Fixed Rate OC Floor: For any Distribution Date, ____% of the
aggregate Cut-off Date Principal Balance of the Mortgage Loans in the Fixed
Rate Loan Group.

          Fixed Rate Overcollateralization Deficiency Amount: With respect to
any Distribution Date, the amount, if any, by which the Fixed Rate
Overcollateralization Target Amount exceeds the Fixed Rate Overcollateralized
Amount on such Distribution Date (after giving effect to distributions in
respect of the Principal Remittance Amounts for Loan Subgroup [F1] and Loan
Subgroup [F2] on such Distribution Date).

          Fixed Rate Overcollateralization Target Amount: With respect to (a)
each Distribution Date prior to the Fixed Rate Step Down Date, an amount equal
to ____% of the aggregate Cut-off Date Principal Balance of the Fixed Rate
Mortgage Loans and (b) each Distribution Date on or after the Fixed Rate
Stepdown Date, ____% of the aggregate Stated Principal Balances of the Fixed
Rate Mortgage Loans for the current Distribution Date subject to a minimum
amount equal to the Fixed Rate OC Floor; provided that if a Fixed Rate Trigger
Event is in effect on any Distribution Date, the Fixed Rate
Overcollateralization Target Amount will be the Fixed Rate
Overcollateralization Target Amount as in effect for the prior Distribution
Date.

          Fixed Rate Overcollateralized Amount: With respect to any
Distribution Date the amount, if any, by which (x) the aggregate Stated
Principal Balance of the Fixed Rate Mortgage Loans for such Distribution Date
exceeds (y) the aggregate Certificate Principal Balance of the Class AF
Certificates and the Fixed Rate Subordinate Certificates as of such
Distribution Date (after giving effect to distributions of the Principal
Remittance Amounts from Loan Subgroup [F1] and Loan Subgroup [F2] to be made
on such Distribution Date).

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

          Fixed Rate Stepdown Date: The earlier to occur of (i) the
Distribution Date on which the aggregate Certificate Principal Balance of the
Class AF Certificates is reduced to zero, and (ii) the later to occur of (x)
the Distribution Date in _____________200_ and (y) the first Distribution Date
on which the aggregate Certificate Principal Balance of the Class AF
Certificates (after calculating anticipated distributions on such Distribution
Date) is less than or equal to ____% of the aggregate Stated Principal
Balances of the Fixed Rate Mortgage Loans for such Distribution Date.

          Fixed Rate Subordinate Certificates: The Class MF-[1], Class MF-[2],
Class MF-[3] and Class BF Certificates.

                                      27
<PAGE>

          Fixed Rate Subordinate Net Rate Cap: For any Distribution Date for
any Class of Fixed Rate Subordinate Certificates, the weighted average (as
described below) of (a) the weighted average of the Adjusted Net Mortgage Rate
of the Mortgage Loans in Loan Subgroup [F1] on such Distribution Date and (b)
the weighted average of the Adjusted Net Mortgage Rate of the Mortgage Loans
in Loan Subgroup [F2] on such Distribution Date, weighted by the excess of the
unpaid principal balance of the Subgroup [F1] Mortgage Loans over the
Certificate Principal Balance of the Class AF-[1A] Certificates and by the
unpaid principal balance of the Subgroup [F2] Mortgage Loans (in the case of
the Class AF-[1B] Certificates only, adjusted to an effective rate reflecting
the calculation of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year).

          Fixed Rate Trigger Event: A Fixed Rate Trigger Event shall be in
effect with respect to any Distribution Date on or after the Fixed Rate
Stepdown Date if either a Fixed Rate Delinquency Trigger Event or a Fixed Rate
Cumulative Loss Trigger Event exists as of such Distribution Date.

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

          Guaranty: The guaranty made by the Prepayment Charge Guarantor in
favor of the Trust covering the collection and remittance of certain
Prepayment Charges, a form of which is attached hereto as Exhibit T.

          Gross Margin: The percentage set forth in the related Mortgage Note
for the Adjustable Rate Mortgage Loans to be added to the Index for use in
determining the Mortgage Rate on each Adjustment Date, and which is set forth
in the Mortgage Loan Schedule for the Adjustable Rate Mortgage Loans.

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

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

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

                                      28
<PAGE>

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

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

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

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

          Insured Expenses: Expenses covered by an Insurance Policy or any
other insurance policy with respect to the Mortgage Loans and received prior
to such Mortgage Loan becoming a Liquidated Mortgage Loan.

          Interest Bearing Certificates: The Fixed Rate Certificates and the
Adjustable Rate Certificates.

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

          Interest Determination Date: With respect to the first Accrual
Period for the Adjustable Rate Certificates, __________, 200_. With respect to
any Accrual Period for the Adjustable Rate Certificates thereafter, the second
LIBOR Business Day preceding the commencement of such Accrual Period.

          Interest Funds: With respect to any Distribution Date and Loan
Subgroup, the Interest Remittance Amount for such Loan Subgroup and
Distribution Date, less the portion of the Trustee Fee for such Distribution
Date allocable to such Loan Subgroup.

          Interest Remittance Amount: With respect to the Mortgage Loans in
each Loan Subgroup and any Master Servicer Advance Date, (x) the sum, without
duplication, of (i) all scheduled interest collected during the related Due
Period (for the avoidance of doubt, other than Credit Comeback Excess Amounts)
with respect to the related Mortgage Loans less the related Servicing Fee,
(ii) all interest on prepayments, other than Prepayment Interest Excess, (iii)
all related Advances relating to interest with respect to such Mortgage Loans,
(iv) all related Compensating Interest with respect to such Mortgage Loans,
(v) Liquidation Proceeds with respect to such Mortgage Loans collected during
the related Due Period (to the extent such

                                      29
<PAGE>

Liquidation Proceeds relate to interest) and (vi) the related Seller Shortfall
Interest Requirement, less (y) (i) all reimbursements to the Master Servicer
during the related Due Period for Advances of interest previously made and
(ii) the portion of and any lender-paid primary mortgage insurance premiums
for such Distribution Date allocable to such Loan Subgroup.

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

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

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

          Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan that has been liquidated through deed-in-lieu of
foreclosure, foreclosure sale, trustee's sale or other realization as provided
by applicable law governing the real property subject to the related Mortgage
and any security agreements and as to which the Master Servicer has certified
(in accordance with Section 3.12) in the related Prepayment Period that it has
received all amounts it expects to receive in connection with such
liquidation.

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

          Liquidity Trust: [Countrywide LFT LLC a Delaware limited liability
company], and its successors and assigns.

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

          Loan Group: Any of the Fixed Rate Loan Group or the Adjustable Rate
Loan Group.

          Loan Subgroup [A1]: The Subgroup [A1] Mortgage Loans.

          Loan Subgroup [A2]: The Subgroup [A2] Mortgage Loans.

          Loan Subgroup [F1]: The Subgroup [F1] Mortgage Loans.

          Loan Subgroup [F2]: The Subgroup [F2] Mortgage Loans.

                                      30
<PAGE>

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

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

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

          ------------------------------------------------------------------
                   Class                 Margin (1)         Margin (2)
          ------------------------------------------------------------------
          Class AF-[1A]...........         _____%             _____%
          ------------------------------------------------------------------
          Class AF-[1B]...........
          ------------------------------------------------------------------
          Class 1-AV-[1]..........
          ------------------------------------------------------------------
          Class 1-AV-[2]..........
          ------------------------------------------------------------------
          Class 2-AV-[1]..........
          ------------------------------------------------------------------
          Class MV-[1]............
          ------------------------------------------------------------------
          Class MV-[2]............
          ------------------------------------------------------------------
          Class MV-[3]............
          ------------------------------------------------------------------
          Class BV................
          ------------------------------------------------------------------

(1)      For any Accrual Period relating to any Distribution Date occurring on
         or prior to the Optional Termination Date.
(2)      For any Accrual Period relating to any Distribution Date occurring
         after the Optional Termination Date.

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

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

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

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

          Maximum Rate: (a) With respect to the Class AF-[1A] Certificates,
the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan
Subgroup [F1], (b) with respect to the Class AF-[1B] Certificates, ____%, (c)
with respect to the Class 1-AV-[1] and Class 1-AV-[2] Certificates, the
weighted average Adjusted Maximum Mortgage Rate of the Mortgage Loans in Loan
Subgroup [A1], (d) with respect to the Class 2-AV-[1] Certificates, the
weighted average Adjusted Maximum Mortgage Rate of the Mortgage Loans in Loan
Subgroup [A2] and (with respect to the Adjustable Rate Subordinate
Certificates, the weighted average Adjusted Maximum Mortgage Rate of the
Adjustable Rate Mortgage Loans, weighted on the basis of, in the case of (i)
the Subgroup [A1] Mortgage Loans, the excess of the outstanding

                                      31
<PAGE>

Principal Balance of the Subgroup [A1] Mortgage Loans over the then
outstanding Certificate Principal Balances of the Class 1-AV-[1] and Class
1-AV-[2] Certificates and (ii) the Subgroup [A2] Mortgage Loans, the excess of
the outstanding Principal Balance of the Subgroup [A2] Mortgage Loans over the
then outstanding Certificate Principal Balances of the Class 2-AV-[1]
Certificates adjusted, in the case of the rate calculated by each of clause
(a), (c), (d) and (e) above to an effective rate reflecting the calculation of
interest on the basis of the actual number of days elapsed during the related
Accrual Period and a 360-day year.

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

          MERS Mortgage Loan: Any Mortgage Loan registered with MERS on the
MERS(R) System.

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

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

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

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

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

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

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

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

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

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

                                      32
<PAGE>

          Mortgage Loan Schedule: The list of Mortgage Loans (as from time to
time amended by the Master Servicer to reflect the deletion of Deleted
Mortgage Loans and the addition of Replacement 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 hereto as
Exhibit F-1, setting forth in the following information with respect to each
Mortgage Loan:

               (i) the loan number;

               (ii) the Loan Subgroup;

               (iii) the Appraised Value;

               (iv) the Initial Mortgage Rate;

               (v) the maturity date;

               (vi) the original principal balance;

               (vii) the Cut-off Date Principal Balance;

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

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

               (x) the Loan-to-Value Ratio or Combined Loan-to-Value Ratio, as
          applicable, at origination;

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

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

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

               (xiv) the rate for the Mortgage Insurance Premium, if
          applicable;

               (xv) [reserved];

               (xvi) the purpose of the Mortgage Loan; and

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

               (a) the frequency of each Adjustment Date;

                                      33
<PAGE>

               (b) the next Adjustment Date;

               (c) the Maximum Mortgage Rate

               (d) the Minimum Mortgage Rate;

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

               (f) the related Periodic Rate Cap;

               (g) the Gross Margin; and

               (xviii) a code indicating whether the Mortgage Loan is a CHL
          Mortgage Loan or a Liquidity Trust Mortgage Loan;

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

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

Such schedule shall also set forth the total of the amounts described under
(vii) above for all of the Mortgage Loans and for each Loan Subgroup.

          Mortgage Loans: Such of the Subgroup [F1] Mortgage Loans, Subgroup
[F2] Mortgage Loans, Subgroup [A1] Mortgage Loans and Subgroup [A2] Mortgage
Loans transferred and assigned to the Trustee pursuant to the provisions
hereof as from time to time are held as part of the Trust Fund (including any
REO Property), the mortgage loans so held being identified in the Mortgage
Loan Schedule, notwithstanding foreclosure or other acquisition of title of
the related Mortgaged Property. Any mortgage loan that was intended by the
parties hereto to be transferred to the Trust Fund as indicated by such
Mortgage Loan Schedule which is in fact not so transferred for any reason,
including a breach of the representation contained in Section 2.02 hereof,
shall continue to be a Mortgage Loan hereunder until the Purchase Price with
respect thereto has been paid to the Trust Fund.

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

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

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

                                      34
<PAGE>

          Mortgaged Property: The underlying property securing a Mortgage
Loan.

          Mortgagor: The obligors on a Mortgage Note.

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

          Distribution Date                                       Percentage
          -----------------------------------------------       --------------
          __________ 200_ -- __________ 200_.............            ___%
          __________ 200_ -- __________ 200_.............            ___%
          __________ 200_ -- __________ 200_.............            ___%
          __________ 200_ -- __________ 200_.............            ___%
          __________ 200_ and thereafter.................            ___%

          NAS Principal Distribution Amount: For any Distribution Date, an
amount equal to the product of (i) the Class AF-_ Portion for such
Distribution Date, (ii) the Principal Distribution Amounts for the Fixed Rate
Mortgage Loans or the Class AF Principal Distribution Amount, as applicable,
for such Distribution Date and (iii) the NAS Factor for such Distribution
Date.

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

          Net Rate Cap: (i) With respect to the Class AF-[1A] Certificates,
the Class AF-[1A] Net Rate Cap, (ii) with respect to the Class AF-[1B]
Certificates, the Class AF-[1B] Net Rate Cap, (iii) with respect to the Class
AF-_ Certificates, the Class AF-_ Net Rate Cap, (iv) with respect to the Class
1-AV-[1] Certificates, the Class 1-AV-[1] Net Rate Cap, (v) with respect to
the Class 1-AV-[2] Certificates, the Class 1-AV-[2] Net Rate Cap, (vi) with
respect to the Class 2-AV-[1] Certificates, the Class 2-AV-[1] Net Rate Cap,
(vii) with respect to the Fixed Rate Subordinate Certificates, the Fixed Rate
Subordinate Net Rate Cap and (viii) with respect to the Adjustable Rate
Subordinate Certificates, the Adjustable Rate Subordinate Net Rate Cap.

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

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

          Non-Book-Entry Certificate: Any Certificate other than a Book-Entry
Certificate.

                                      35
<PAGE>

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

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

          One-Month LIBOR: With respect to any Accrual Period for the
Adjustable Rate Certificates, the rate determined by the Trustee on the
related Interest Determination Date on the basis of the rate for U.S. dollar
deposits for one month that appears on Telerate Screen Page 3750 as of 11:00
a.m. (London time) on such Interest Determination Date; provided that the
parties hereto acknowledge that One-Month LIBOR calculated for the first
Accrual Period for the Adjustable Rate Certificates shall equal ________% per
annum. If such rate does not appear on such page (or such other page as may
replace that page on that service, or if such service is no longer offered,
such other service for displaying One-Month LIBOR or comparable rates as may
be reasonably selected by the Trustee), One-Month LIBOR for the applicable
Accrual Period for the Adjustable Rate Certificates will be the Reference Bank
Rate. If no such quotations can be obtained by the Trustee and no Reference
Bank Rate is available, One-Month LIBOR will be One-Month LIBOR applicable to
the preceding Accrual Period for the Adjustable Rate Certificates.

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

          Optional Termination: The termination of the Trust Fund provided
hereunder pursuant to the purchase of the Mortgage Loans pursuant to the last
sentence of Section 9.01 hereof.

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

                                      36
<PAGE>

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

          OTS: The Office of Thrift Supervision.

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

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

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

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

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

                                      37
<PAGE>

          Pass-Through Rate: With respect to any Accrual Period and each Class
of Adjustable Rate Certificates the lesser of (x) One-Month LIBOR for such
Accrual Period plus the Margin for such Class and Accrual Period and (y) the
applicable Net Rate Cap for such Class and the related Distribution Date. With
respect to any Accrual Period and each Class of Fixed Rate Certificates, the
lesser of (x) the per annum rate set forth in the following table for such
Class and Accrual Period and (y) the applicable Net Rate Cap for such Class
and the related Distribution Date.

          -------------------------------------------------------------------
                                     Pass-Through         Pass-Through
                  Class                Rate (1)             Rate (2)
          -------------------------------------------------------------------
                   AF-_                 ____%                   ____%
          -------------------------------------------------------------------
                   AF-_                 ____%                   ____%
          -------------------------------------------------------------------
                   AF-_                 ____%                   ____%
          -------------------------------------------------------------------
                   AF-_                 ____%                   ____%
          -------------------------------------------------------------------
                   AF-_                 ____%                   ____%
          -------------------------------------------------------------------
                  MF-[1]                ____%                   ____%
          -------------------------------------------------------------------
                  MF-[2]                ____%                   ____%
          -------------------------------------------------------------------
                  MF-[3]                ____%                   ____%
          -------------------------------------------------------------------
                    BF                  ____%                   ____%
          -------------------------------------------------------------------

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

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

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

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

          Periodic Rate Cap: As to substantially all Adjustable Rate Mortgage
Loans and the related Mortgage Notes, the provision therein that limits
permissible increases and decreases in the Mortgage Rate on any Adjustment
Date to not more than two percentage points.

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

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

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

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<PAGE>

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

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

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

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

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

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

               (ix) such other relatively risk free investments having a
          specified stated maturity and bearing interest or sold at a discount
          acceptable to each Rating

                                      39
<PAGE>

          Agency as will not result in the downgrading or withdrawal of the
          rating then assigned to the Certificates by any Rating Agency, as
          evidenced by a signed writing delivered by each Rating Agency;

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

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

                                      40
<PAGE>

Federal Home Loan Mortgage Corporation, a majority of its board of directors
is not selected by such government unit.

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

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

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

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

          Prepayment Charge Guarantor: [Countrywide Home Loans, Inc.], as
guarantor under the Guaranty.

          Prepayment Charge Guaranty Payment Amount: The amount due under the
Guaranty which the Prepayment Charge Guarantor is required to remit pursuant
to the terms of the Guaranty.

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

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

               (i) the Mortgage Loan identifying number;

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

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

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

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

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

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<PAGE>

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

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

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

          Prepayment Period: As to any Distribution Date and related Due Date,
the period beginning with the opening of business on the ____________ day of
the calendar month preceding the month in which such Distribution Date occurs
(or, with respect to the first Distribution Date, the period from __________,
200_) and ending on the close of business on the __________ day of the month
in which such Distribution Date occurs.

          Prime Rate: The prime commercial lending rate of _______________, 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
_______________'s lowest rate of interest.

          Principal Distribution Amount: With respect to each Distribution
Date and a Loan Subgroup, the sum of (i) the Principal Remittance Amount for
such Loan Subgroup for such Distribution Date and (ii) the Extra Principal
Distribution Amount for such Loan Subgroup for such Distribution Date.

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

                                      42
<PAGE>

          Principal Reduction: For any Distribution Date and for each Loan
Subgroup, the sum of the Principal Remittance Amount and any Realized Losses
from the Mortgage Loans in the related Loan Subgroup, less any Subsequent
Recoveries from the Mortgage Loans in the related Loan Subgroup. Principal
Reductions shall consist proportionately of principal allocations comprising
the Principal Remittance Amount and Realized Losses, and the REMIC 1 Interest
allocated a principal payment shall receive such payment on such Distribution
Date and shall have its principal balance reduced by an allocation of Realized
Losses.

          Principal Relocation Payment: A payment from any Loan Subgroup to a
REMIC 1 Regular Interest other than a Regular Interest corresponding to that
Loan Subgroup as provided in the Preliminary Statement. Principal Relocation
Payments shall be made of principal allocations comprising the Principal
Remittance Amount from a Loan Subgroup and shall include a proportionate
allocation of Realized Losses from the Mortgage Loans of such Loan Subgroup.

          Principal Remittance Amount: With respect to the Mortgage Loans in
each Loan Subgroup and any Distribution Date, (a) the sum, without
duplication, of: (i) the scheduled principal collected with respect to the
Mortgage Loans during the related Due Period or advanced on or before _____
p.m. Pacific time on the related Master Servicer Advance Date, (ii) Principal
Prepayments collected in the related Prepayment Period, with respect to the
Mortgage Loans, (iii) the Stated Principal Balance of each Mortgage Loan that
was repurchased by a Seller or purchased by the Master Servicer with respect
to such Distribution Date, (iv) the amount, if any, by which the aggregate
unpaid principal balance of any Replacement Mortgage Loans is less than the
aggregate unpaid principal balance of any Deleted Mortgage Loans delivered by
the Sellers in connection with a substitution of a Mortgage Loan and (v) all
Liquidation Proceeds (to the extent such Liquidation Proceeds related to
principal) and Subsequent Recoveries collected during the related Due Period;
less (b) all Nonrecoverable Advances relating to principal and certain
expenses reimbursable pursuant to Section 6.03 and reimbursed during the
related Due Period.

          Principal Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.08 in the name of
the Trustee for the benefit of the Certificateholders and designated
"__________________ in trust for registered holders of CWHEQ, Inc.,
Asset-Backed Certificates, Series 200_-_". Funds in the Principal Reserve Fund
shall be held in trust for the Certificateholders for the uses and purposes
set forth in this Agreement.

          Private Certificates: The Class C and Class P Certificates.

          Prospectus: The prospectus dated _____________, 200_, relating to
mortgage pass-through certificates to be sold by the Depositor.

          Prospectus Supplement: The prospectus supplement dated __________,
200_, relating to the public offering of the certain Classes of Certificates
offered thereby.

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

          PUD: A Planned Unit Development.

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<PAGE>

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

          Rating Agency: _____, ____ and ____. If any such organization or its
successor is no longer in existence, "Rating Agency" shall be a nationally
recognized statistical rating organization, or other comparable Person,
designated by the Depositor, notice of which designation shall be given to the
Trustee. References herein to a given rating category of a Rating Agency shall
mean such rating category without giving effect to any modifiers.

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

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

          Reference Bank Rate: With respect to any Accrual Period, the
arithmetic mean (rounded upwards, if necessary, to the nearest whole multiple
of 0.03125%) of the offered rates

                                      44
<PAGE>

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

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

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

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

          Relief Act: The Servicemembers Civil Relief Act.

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

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

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

          Replacement Mortgage Loan: A Mortgage Loan substituted by a Seller
for a Deleted Mortgage Loan which must, on the date of such substitution, as
confirmed in a Request for File Release, (i) have a Stated Principal Balance,
after deduction of the principal portion of the Scheduled Payment due in the
month of substitution, not in excess of, and not less than 90% of the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) with respect to any Fixed
Rate Mortgage Loan, have a Mortgage Rate not less than or no more than 1% per
annum higher than the Mortgage Rate of the Deleted Mortgage Loan and, with
respect to any Adjustable Rate Mortgage Loan: (a) have a Maximum Mortgage Rate
no more than 1% per annum higher or lower than the Maximum Mortgage Rate of
the Deleted Mortgage Loan; (b) have a Minimum Mortgage Rate no more than 1%
per annum higher or lower than the Minimum Mortgage Rate of the Deleted
Mortgage Loan; (c) have the same Index, Periodic Rate Cap and intervals
between

                                      45
<PAGE>

Adjustment Dates as that of the Deleted Mortgage Loan; and (d) have a Gross
Margin not more than 1% per annum higher or lower than that of the Deleted
Mortgage Loan; (iii) have the same or higher credit quality characteristics
than that of the Deleted Mortgage Loan; (iv) be accruing interest at a rate
not more than 1% per annum higher or lower than that of the Deleted Mortgage
Loan; (v) have a Loan-to-Value Ratio or Combined Loan-to-Value Ratio, as
applicable, no higher than that of the Deleted Mortgage Loan; (vi) have a
remaining term to maturity not greater than (and not more than one year less
than) that of the Deleted Mortgage Loan; (vii) not permit conversion of the
Mortgage Rate from a fixed rate to a variable rate or vice versa; (viii)
provide for a Prepayment Charge on terms substantially similar to those of the
Prepayment Charge, if any, of the Deleted Mortgage Loan; (ix) constitute the
same lien priority as the Deleted Mortgage Loan; (x) constitute the same
occupancy type as the Deleted Mortgage Loan; and (xi) comply with each
representation and warranty set forth in Section 2.03.

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

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

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

          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.

          Required Secondary Carryover Reserve Fund Deposit: With respect to
any Distribution Date, an amount equal to the excess of (i) $[10,000] over
(ii) the amount of funds on deposit in the Carryover Reserve Fund.

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

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

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

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

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

                                      46
<PAGE>

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

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

          Sellers: CHL, in its capacity as seller of the CHL Mortgage Loans to
the Depositor, and the Liquidity Trust, in its capacity as seller of the
Liquidity Trust Mortgage Loans to the Depositor.

          Seller Shortfall Interest Requirement: With respect to the Master
Servicer Advance Date in ___________ 200_, the product of: (1) the excess of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off
Date, over the aggregate Stated Principal Balance of the Mortgage Loans as of
the Cut-Off Date that have a scheduled payment of interest due in the related
Due Period, and (2) a fraction, the numerator of which is the weighted average
Net Mortgage Rate of the Mortgage Loans (weighted on the basis of the Stated
Principal Balances thereof for such Distribution Date) and the denominator of
which is 12.

          Senior Certificates: The Class AF-[1A], Class AF-[1B], Class
1-AV-[1], Class 1-AV-[2], Class 2-AV-[1] and Class A-R Certificates.

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

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

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

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

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<PAGE>

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

          Stated Principal Balance: With respect to any Mortgage Loan or
related REO Property (i) as of the Cut-off Date, the unpaid principal balance
of the Mortgage Loan as of such date (before any adjustment to the
amortization schedule for any moratorium or similar waiver or grace period),
after giving effect to any partial prepayments or Liquidation Proceeds
received prior to such date and to the payment of principal due on or prior to
such date and irrespective any delinquency in payment by the related
Mortgagor, and (ii) as of any other Distribution Date, the Stated Principal
Balance of the Mortgage Loan as of its Cut-off Date, minus the sum of (a) the
principal portion of the Scheduled Payments (x) due with respect to such
Mortgage Loan during each Due Period ending prior to such Distribution Date
and (y) that were received by the Master Servicer as of the close of business
on the Determination Date related to such Distribution Date or with respect to
which Advances were made as of the Master Servicer Advance Date related to
such Distribution Date, (b) all Principal Prepayments with respect to such
Mortgage Loan received by the Master Servicer during each Prepayment Period
ending prior to such Distribution Date, and (c) all Liquidation Proceeds
collected with respect to such Mortgage Loan during each Due Period ending
prior to such Distribution Date, to the extent applied by the Master Servicer
as recoveries of principal in accordance with Section 3.12. The Stated
Principal Balance of any Mortgage Loan that becomes a Liquidated Mortgage Loan
will be zero on each date following the Due Period in which such Mortgage Loan
becomes a Liquidated Mortgage Loan. References herein to the Stated Principal
Balance of the Mortgage Loans at any time shall mean the aggregate Stated
Principal Balance of all Mortgage Loans in the Trust Fund as of such time, and
references herein to the Stated Principal Balance of a Loan Subgroup at any
time shall mean the aggregate Stated Principal Balance of all Mortgage Loans
in such Loan Subgroup at such time.

          Subgroup [A1] Mortgage Loans: The group of Mortgage Loans identified
in the related Mortgage Loan Schedule as "Subgroup [A1] Mortgage Loans",
including in each case any Mortgage Loans delivered in replacement thereof.

          Subgroup [A2] Mortgage Loans: The group of Mortgage Loans identified
in the related Mortgage Loan Schedule as "Subgroup [A2] Mortgage Loans",
including in each case any Mortgage Loans delivered in replacement thereof.

          Subgroup [F1] Mortgage Loans: The group of Mortgage Loans identified
in the related Mortgage Loan Schedule as "Subgroup [F1] Mortgage Loans",
including in each case any Mortgage Loans delivered in replacement thereof.

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

                                      48
<PAGE>

          Subordinate Component Balance: For any Distribution Date and for
each Loan Subgroup, the excess of the principal balance of such Loan Subgroup
as of the [first] day of the related Due Period (after giving effect to
Principal Prepayments received in the related Prepayment Period) over the
Certificate Principal Balance of the Class AF-[1A] Certificates in the case of
Loan Subgroup [F1], the Class 1-AV Certificates in the case of Loan Subgroup
[A1] and the Class 2-AV-[1] Certificates in the case of Loan Subgroup [A2].

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

          Subservicer: As defined in Section 3.02(a).

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

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

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

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

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

          Terminator: As defined in Section 9.01.

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

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

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

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

          Trust Fund: The corpus of the trust created hereunder consisting of
(i) the Mortgage Loans and all interest and principal received on or with
respect thereto after the Cut-off Date to the extent not applied in computing
the Cut-

                                      49
<PAGE>

off Date Principal Balance thereof, exclusive of interest not required to be
deposited in the Certificate Account pursuant to Section 3.05(b)(2); (ii) the
Certificate Account, the Distribution Account, the Principal Reserve Fund, the
Carryover Reserve Fund, the Credit Comeback Excess Account and all amounts
deposited therein pursuant to the applicable provisions of this Agreement;
(iii) each Corridor Contract, (iv) property that secured a Mortgage Loan and
has been acquired by foreclosure, deed in lieu of foreclosure or otherwise;
(v) the mortgagee's rights under the Insurance Policies with respect to the
Mortgage Loan; (vi) the Guaranty; and (vii) all proceeds of the conversion,
voluntary or involuntary, of any of the foregoing into cash or other liquid
property.

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

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

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

          Trustee Fee: As to any Distribution Date, an amount equal to
one-twelfth of the Trustee Fee Rate multiplied by the Pool Stated Principal
Balance.

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

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

          Underwriter's Exemption: Prohibited Transaction Exemption 2002-41,
67 Fed. Reg. 54487 (2002), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department
of Labor.

          Underwriters: ________ and __________.

          Unpaid Realized Loss Amount: For any Class of Subordinate
Certificates and any Distribution Date, (x) the portion of the aggregate
Applied Realized Loss Amount previously allocated to that Class remaining
unpaid from prior Distribution Dates minus (y) any increase in the Certificate
Principal Balance of that Class due to the allocation of Subsequent Recoveries
to the Certificate Principal Balance of that Class pursuant to Section 4.04.

          Voting Rights: The voting rights of all the Certificates that are
allocated to any Certificates for purposes of the voting provisions hereunder.
Voting Rights allocated to each

                                      50
<PAGE>

Class of Certificates shall be allocated [95]% to the Certificates other than
the Class A-R, Class [CF], Class [CV], Class [PF] and Class [PV] Certificates
(with the allocation among the Certificates to be in proportion to the
Certificate Principal Balance of each Class relative to the Certificate
Principal Balance of all other such Classes), and [5]% to each of the Class
A-R, Class [CF], Class [CV], Class [PF] and Class [PV] Certificates. Voting
Rights will be allocated among the Certificates of each such Class in
accordance with their respective Percentage Interests.

          Section 1.02 Certain Interpretive Provisions.

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

                                 ARTICLE II.
                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

          Section 2.01 Conveyance of Mortgage Loans.

          (a) Each Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Depositor, without recourse, all the right, title and
interest of such Seller in and to the applicable Mortgage Loans, including all
interest and principal received and receivable by such Seller on or with
respect to applicable Mortgage Loans after the Cut-off Date (to the extent not
applied in computing the Cut-off Date Principal Balance thereof) or deposited
into the Certificate Account by the Master Servicer on behalf of such Seller
as part of the Initial Certificate Account Deposit as provided in this
Agreement, other than principal due on the applicable Mortgage Loans on or
prior to the Cut-off Date and interest accruing prior to the Cut-off Date.

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

                                      51
<PAGE>

          CHL further agrees to assign all of its right, title and interest in
and to the interest rate corridor transaction evidenced by each Confirmation,
and to cause all of its obligations in respect of such transaction to be
assumed by, the Trustee on behalf of the Trust Fund, on the terms and
conditions set forth in each Corridor Contract Assignment Agreement.

          (b) [Reserved]

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

          (d) [Reserved]

          (e) [Reserved]

          (f) [Reserved]

          (g) In connection with the transfer and assignment of each Mortgage
Loan, the Depositor has delivered to, and deposited with, the Co-Trustee (or,
in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit
with, the Co-Trustee within the time periods specified in the definition of
Delay Delivery Mortgage Loans) (except as provided in clause (vi) below) for
the benefit of the Certificateholders, the following documents or instruments
with respect to each such Mortgage Loan so assigned (with respect to each
Mortgage Loan, clause (i) through (vi) below, together, the "Mortgage File"
for each such Mortgage Loan):

               (i) the original Mortgage Note, endorsed by the applicable
          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 applicable Seller,
          or, if the original Mortgage Note has been lost or destroyed and not
          replaced, an original lost note affidavit from the applicable
          Seller, stating that the original Mortgage Note was lost or
          destroyed, together with a copy of the related Mortgage Note;

               (ii) in the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, the original recorded Mortgage, and in the case of
          each MERS Mortgage Loan, the original Mortgage, noting the presence
          of the MIN of the Mortgage Loan and language indicating that the
          Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with
          evidence of recording indicated thereon, or a copy of the Mortgage
          certified by the public recording office in which such Mortgage has
          been recorded;

               (iii) in the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, a duly executed assignment of the Mortgage to
          "Asset-Backed Certificates, Series 200_-_, CWHEQ, Inc., by
          ______________________, a

                                      52
<PAGE>

          ______________________, as trustee under the Pooling and Servicing
          Agreement dated as of ___________, 200_, without recourse" (each
          such assignment, when duly and validly completed, to be in
          recordable form and sufficient to effect the assignment of and
          transfer to the assignee thereof, under the Mortgage to which such
          assignment relates);

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

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

               (vi) the original or duplicate original lender's title policy
          or a printout of the electronic equivalent and all riders thereto
          or, in the event such original title policy has not been received
          from the insurer, such original or duplicate original lender's title
          policy and all riders thereto shall be delivered within one year of
          the Closing Date.

          In addition, in connection with the assignment of any MERS Mortgage
Loan, each Seller agrees that it will cause, at such Seller's own expense, the
MERS(R) System to indicate (and provide evidence to the Trustee that it has
done so) that such Mortgage Loans have been assigned by such Seller to the
Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer
files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY
THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code
"[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which
identifies the series of the Certificates issued in connection with such
Mortgage Loans. The Sellers further agree that they will not, and will not
permit the Master Servicer to, and the Master Servicer agrees that it will
not, alter the codes referenced in this paragraph with respect to any Mortgage
Loan during the term of this Agreement unless and until such Mortgage Loan is
repurchased in accordance with the terms of this Agreement.

          In the event that in connection with any Mortgage Loan that is not a
MERS Mortgage Loan a Seller cannot deliver the original recorded Mortgage or
all interim recorded assignments of the Mortgage satisfying the requirements
of clause (ii), (iii) or (iv) concurrently with the execution and delivery
hereof, such Seller shall deliver or cause to be delivered to the Co-Trustee a
true copy of such Mortgage and of each such undelivered interim assignment of
the Mortgage each certified by such Seller, the applicable title company,
escrow agent or attorney, or the originator of such Mortgage, as the case may
be, to be a true and complete copy of the original Mortgage or assignment of
Mortgage submitted for recording. For any such Mortgage Loan that is not a
MERS Mortgage Loan each Seller shall promptly deliver or cause to be delivered
to the Co-Trustee such original Mortgage and such assignment or assignments
with evidence of recording indicated thereon upon receipt thereof from the
public recording official, or a copy thereof, certified, if appropriate, by
the relevant recording office, but in no event shall any such delivery be made
later than 270 days following the Closing Date; provided that in the

                                      53
<PAGE>

event that by such date such Seller is unable to deliver or cause to be
delivered each such Mortgage and each interim assignment by reason of the fact
that any such documents have not been returned by the appropriate recording
office, or, in the case of each interim assignment, because the related
Mortgage has not been returned by the appropriate recording office, such
Seller shall deliver or cause to be delivered such documents to the Co-Trustee
as promptly as possible upon receipt thereof. If the public recording office
in which a Mortgage or interim assignment thereof is recorded retains the
original of such Mortgage or assignment, a copy of the original Mortgage or
assignment so retained, with evidence of recording thereon, certified to be
true and complete by such recording office, shall satisfy a Seller's
obligations in Section 2.01. If any document submitted for recording pursuant
to this Agreement is (x) lost prior to recording or rejected by the applicable
recording office, the applicable Seller shall immediately prepare or cause to
be prepared a substitute and submit it for recording, and shall deliver copies
and originals thereof in accordance with the foregoing or (y) lost after
recording, the applicable Seller shall deliver to the Co-Trustee a copy of
such document certified by the applicable public recording office to be a true
and complete copy of the original recorded document. Each Seller shall
promptly forward or cause to be forwarded to the Co-Trustee (x) from time to
time additional original documents evidencing an assumption or modification of
a Mortgage Loan and (y) any other documents required to be delivered by the
Depositor or the Master Servicer to the Co-Trustee within the time periods
specified in this Section 2.01.

          With respect to each Mortgage Loan other than a MERS Mortgage Loan
as to which the related Mortgaged Property and Mortgage File are located in
(a) the [State of California] or (b) any other jurisdiction under the laws of
which the recordation of the assignment specified in clause (iii) above is not
necessary to protect the Trustee's and the Certificateholders' interest in the
related Mortgage Loan, as evidenced by an Opinion of Counsel delivered by CHL
to the Trustee, and a copy to the Rating Agencies, in lieu of recording the
assignment specified in clause (iii) above, the applicable Seller may deliver
an unrecorded assignment in blank, in form otherwise suitable for recording to
the Co-Trustee; provided that if the related Mortgage has not been returned
from the applicable public recording office, such assignment, or any copy
thereof, of the Mortgage may exclude the information to be provided by the
recording office. As to any Mortgage Loan other than a MERS Mortgage Loan, the
procedures of the preceding sentence shall be applicable only so long as the
related Mortgage File is maintained in the possession of the Co-Trustee in the
State or jurisdiction described in such sentence. In the event that with
respect to Mortgage Loans other than MERS Mortgage Loans (i) either Seller,
the Depositor or the Master Servicer gives written notice to the Trustee that
recording is required to protect the right, title and interest of the Trustee
on behalf of the Certificateholders in and to any Mortgage Loan, (ii) a court
recharacterizes the sale of the Mortgage Loans as a financing, or (iii) as a
result of any change in or amendment to the laws of the State or jurisdiction
described in the first sentence of this paragraph or any applicable political
subdivision thereof, or any change in official position regarding application
or interpretation of such laws, including a holding by a court of competent
jurisdiction, such recording is so required, the Co-Trustee shall complete the
assignment in the manner specified in clause (iii) of the second paragraph of
this Section 2.01(g) and CHL shall submit or cause to be submitted for
recording as specified above or, should CHL fail to perform such obligations,
the Trustee shall cause the Master Servicer, at the Master Servicer's expense,
to cause each such previously unrecorded assignment to be submitted for
recording as specified above. In the event a Mortgage File is released to the
Master Servicer as a result of the Master Servicer's having

                                      54
<PAGE>

completed a Request for Document Release, the Trustee shall complete the
assignment of the related Mortgage in the manner specified in clause (iii) of
the second paragraph of this Section 2.01(g).

          So long as the Co-Trustee or its agent maintains an office in the
[State of California], the Co-Trustee or its agent shall maintain possession
of and not remove or attempt to remove from the [State of California] any of
the Mortgage Files as to which the related Mortgaged Property is located in
such State. In the event that a Seller fails to record an assignment of a
Mortgage Loan as herein provided within 90 days of notice of an event set
forth in clause (i), (ii) or (iii) of the above paragraph, the Master Servicer
shall prepare and, if required hereunder, file such assignments for
recordation in the appropriate real property or other records office. Each
Seller hereby appoints the Master Servicer (and any successor servicer
hereunder) as its attorney-in-fact with full power and authority acting in its
stead for the purpose of such preparation, execution and filing.

          In the case of Mortgage Loans that become the subject of a Principal
Prepayment between the Closing Date and the Cut-off Date, CHL shall deposit or
cause to be deposited in the Certificate Account the amount required to be
deposited therein with respect to such payment pursuant to Section 3.05
hereof.

          Notwithstanding anything to the contrary in this Agreement, within
thirty days after the Closing Date, CHL (on behalf of each Seller) shall
either (i) deliver to the Co-Trustee the Mortgage File as required pursuant to
this Section 2.01 for each Delay Delivery Mortgage Loan or (ii) (A) repurchase
the Delay Delivery Mortgage Loan or (B) substitute the Delay Delivery Mortgage
Loan for a Replacement Mortgage Loan, which repurchase or substitution shall
be accomplished in the manner and subject to the conditions set forth in
Section 2.03, provided that if CHL fails to deliver a Mortgage File for any
Delay Delivery Mortgage Loan within the period provided in the prior sentence,
the cure period provided for in Section 2.02 or in Section 2.03 shall not
apply to the initial delivery of the Mortgage File for such Delay Delivery
Mortgage Loan, but rather CHL shall have five (5) Business Days to cure such
failure to deliver. CHL shall promptly provide each Rating Agency with written
notice of any cure, repurchase or substitution made pursuant to the proviso of
the preceding sentence. On or before the thirtieth (30th) day (or if such
thirtieth day is not a Business Day, the succeeding Business Day) after the
Closing Date, the Trustee shall, in accordance with the provisions of Section
2.02, send a Delay Delivery Certification substantially in the form annexed
hereto as Exhibit G-3 (with any applicable exceptions noted thereon) for all
Delay Delivery Mortgage Loans delivered within thirty (30) days after such
date. The Trustee will promptly send a copy of such Delay Delivery
Certification to each Rating Agency.

          Section 2.02 Acceptance by Trustee of the Mortgage Loans.

          (a) The Co-Trustee acknowledges receipt, subject to the limitations
contained in and any exceptions noted in the Initial Certification in the form
annexed hereto as Exhibit G-1 and in the list of exceptions attached thereto,
of the documents referred to in clauses (i) and (iii) of Section 2.01(g) above
with respect to the Mortgage Loans and all other assets included in the Trust
Fund and declares that it holds and will hold such documents and the other
documents delivered to it constituting the Mortgage Files, and that it holds
or will hold such other assets

                                      55
<PAGE>

included in the Trust Fund, in trust for the exclusive use and benefit of all
present and future Certificateholders.

          The Trustee agrees to execute and deliver on the Closing Date to the
Depositor, the Master Servicer and CHL (on behalf of each Seller) an Initial
Certification substantially in the form annexed hereto as Exhibit G-1 to the
effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
(other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), the
documents described in Section 2.01(g)(i) and, in the case of each Mortgage
Loan that is not a MERS Mortgage Loan, the documents described in Section
2.01(g)(iii) with respect to such Mortgage Loans as are in the Co-Trustee's
possession and based on its review and examination and only as to the
foregoing documents, such documents appear regular on their face and relate to
such Mortgage Loan. The Trustee agrees to execute and deliver within 30 days
after the Closing Date to the Depositor, the Master Servicer and CHL (on
behalf of each Seller) an Interim Certification substantially in the form
annexed hereto as Exhibit G-2 to the effect that, as to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or any Mortgage Loan specifically identified in such certification as not
covered by such certification) all documents required to be delivered to the
Co-Trustee pursuant to the Agreement with respect to such Mortgage Loans are
in its possession (except those documents described in Section 2.01(g)(vi))
and based on its review and examination and only as to the foregoing
documents, (i) such documents appear regular on their face and relate to such
Mortgage Loan, and (ii) the information set forth in items (i), (iv), (v),
(vi), (viii), (ix) and (xvii) of the definition of the "Mortgage Loan
Schedule" accurately reflects information set forth in the Mortgage File. On
or before the thirtieth (30th) day after the Closing Date (or if such
thirtieth day is not a Business Day, the succeeding Business Day), the Trustee
shall deliver to the Depositor, the Master Servicer and CHL (on behalf of each
Seller) a Delay Delivery Certification with respect to the Mortgage Loans
substantially in the form annexed hereto as Exhibit G-3, with any applicable
exceptions noted thereon. The Co-Trustee or the Trustee, as applicable, shall
be under no duty or obligation to inspect, review or examine such documents,
instruments, certificates or other papers to determine that the same are
genuine, enforceable or appropriate for the represented purpose or that they
have actually been recorded in the real estate records or that they are other
than what they purport to be on their face.

          Not later than 180 days after the Closing Date, the Trustee shall
deliver to the Depositor, the Master Servicer and CHL (on behalf of each
Seller), and to any Certificateholder that so requests, a Final Certification
with respect to the Mortgage Loans substantially in the form annexed hereto as
Exhibit H, with any applicable exceptions noted thereon.

          In connection with the Trustee's completion and delivery of such
Final Certification, the Co-Trustee, at the Trustee's direction, shall review
each Mortgage File with respect to the Mortgage Loans to determine that such
Mortgage File contains the following documents:

               (i) the original Mortgage Note, endorsed by the applicable
          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

                                      56
<PAGE>

          such Seller, or, if the original Mortgage Note has been lost or
          destroyed and not replaced, an original lost note affidavit from
          such Seller, stating that the original Mortgage Note was lost or
          destroyed, together with a copy of the related Mortgage Note;

               (ii) in the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, the original recorded Mortgage, and in the case of
          each Mortgage Loan that is a MERS Mortgage Loan, the original
          Mortgage, noting the presence of the MIN of the Mortgage Loan and
          language indicating that the Mortgage Loan is a MOM Loan if the
          Mortgage Loan is a MOM Loan, with evidence of recording indicated
          thereon, or a copy of the Mortgage certified by the public recording
          office in which 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 in the
          form permitted by Section 2.01;

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

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

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

          If, in the course of such review, the Co-Trustee finds any document
or documents constituting a part of such Mortgage File that do not meet the
requirements of clauses (i)-(iv) and (vi) above, the Trustee shall include
such exceptions in such Final Certification (and the Trustee shall state in
such Final Certification whether any Mortgage File does not then include the
original or duplicate original lender's title policy or a printout of the
electronic equivalent and all riders thereto). If the public recording office
in which a Mortgage or assignment thereof is recorded retains the original of
such Mortgage or assignment, a copy of the original Mortgage or assignment so
retained, with evidence of recording thereon, certified to be true and
complete by such recording office, shall be deemed to satisfy the requirements
of clause (ii), (iii) or (iv) above, as applicable. CHL shall promptly correct
or cure such defect referred to above within 90 days from the date it was so
notified of such defect and, if CHL does not correct or cure such defect
within such period, CHL shall either (A) if the time to cure such defect
expires prior to the end of the second anniversary of the Closing Date,
substitute for the related Mortgage Loan a Replacement Mortgage Loan, which
substitution shall be accomplished in the manner and subject to the conditions
set forth in Section 2.03, or (B) purchase such Mortgage Loan from the Trust
Fund within 90 days from the date CHL was notified of such defect in writing
at the Purchase Price of such Mortgage Loan; provided that any such
substitution pursuant to (A) above or repurchase pursuant to (B) above shall
not be effected prior to the delivery to the Trustee of the Opinion of Counsel
required by Section 2.05 hereof and any substitution pursuant to (A) above
shall not be effected prior to the additional delivery to the Co-Trustee of a
Request

                                      57
<PAGE>

for File Release. No substitution will be made in any calendar month after the
Determination Date for such month. The Purchase Price for any such Mortgage
Loan shall be deposited by CHL in the Certificate Account and, upon receipt of
such deposit and Request for File Release with respect thereto, the Co-Trustee
shall release the related Mortgage File to CHL and shall execute and deliver
at CHL's request such instruments of transfer or assignment as CHL has
prepared, in each case without recourse, as shall be necessary to vest in CHL,
or a designee, the Trustee's interest in any Mortgage Loan released pursuant
hereto. If pursuant to the foregoing provisions CHL repurchases a Mortgage
Loan that is a MERS Mortgage Loan, the Master Servicer shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to
transfer the Mortgage from MERS to CHL and shall cause such Mortgage to be
removed from registration on the MERS(R) System in accordance with MERS' rules
and regulations.

          The Co-Trustee shall retain possession and custody of each Mortgage
File in accordance with and subject to the terms and conditions set forth
herein. Each Seller shall promptly deliver to the Co-Trustee, upon the
execution or receipt thereof, the originals of such other documents or
instruments constituting the Mortgage File that come into the possession of
such Seller from time to time.

          It is understood and agreed that the obligation of the Sellers to
substitute for or to purchase any Mortgage Loan that does not meet the
requirements of Section 2.02(a) above shall constitute the sole remedy
respecting such defect available to the Trustee, the Co-Trustee, the Depositor
and any Certificateholder against the Sellers.

          It is understood and agreed that the obligation of a Seller to
substitute for or to purchase, pursuant to Section 2.02(a), any Mortgage Loan
whose Mortgage File contains any document or documents that does not meet the
requirements of clauses (i)-(iv) and (vi) above and which defect is not
corrected or cured by such Seller within 90 days from the date it was notified
of such defect, shall constitute the sole remedy respecting such defect
available to the Trustee, the Co-Trustee, the Depositor and any
Certificateholder against the Sellers.

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

          (a) The Master Servicer hereby represents and warrants to the
Depositor and the Trustee as follows, as of the date hereof with respect to
the Mortgage Loans:

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

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

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

               (4) The Master Servicer is an approved servicer of conventional
          mortgage loans for Fannie Mae and Freddie Mac and is a mortgagee
          approved by the Secretary of Housing and Urban Development pursuant
          to sections 203 and 211 of the National Housing Act.

               (5) No litigation is pending or, to the best of the Master
          Servicer's knowledge, threatened, against the Master Servicer that
          would materially and adversely affect the execution, delivery or
          enforceability of this Agreement or the ability of the Master
          Servicer to service the Mortgage Loans or to perform any of its
          other obligations under this Agreement in accordance with the terms
          hereof.

               (6) No consent, approval, authorization or order of any court
          or governmental agency or body is required for the execution,
          delivery and performance by the Master Servicer of, or compliance by
          the Master Servicer with, this Agreement or the

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<PAGE>

          consummation of the transactions contemplated hereby, or if any such
          consent, approval, authorization or order is required, the Master
          Servicer has obtained the same.

               (7) The Master Servicer is a member of MERS in good standing,
          and will comply in all material respects with the rules and
          procedures of MERS in connection with the servicing of the Mortgage
          Loans for as long as such Mortgage Loans are registered with MERS.

          (b) [CHL] hereby represents and warrants to the Depositor and the
Trustee as follows, as of the Cut-off Date (unless otherwise indicated or the
context otherwise requires, percentages with respect to the Mortgage Loans in
the Trust Fund or in a Loan Group or Loan Subgroup are measured by the Cut-off
Date Principal Balance of the Mortgage Loans in the Trust Fund or of the
Mortgage Loans in the related Loan Group or Loan Subgroup, as applicable):

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

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

               (3) The execution and delivery of this Agreement by CHL, the
          sale of the CHL Mortgage Loans by CHL under this Agreement, the
          consummation of any other of the transactions contemplated by this
          Agreement, and the fulfillment of or compliance with the terms
          hereof are in the ordinary course of business of CHL and will not
          (A) result in a material breach of any term or provision of the
          charter or by-laws of CHL or (B) materially conflict with, result in
          a material breach, violation or acceleration of, or result in a
          material default under, the terms of any other material agreement or
          instrument to which CHL is a party or by which it may be bound, or
          (C) constitute a material violation of any statute, order or
          regulation applicable to CHL of any court, regulatory

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<PAGE>

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

               (4) CHL is an approved seller of conventional mortgage loans
          for Fannie Mae and Freddie Mac and is a mortgagee approved by the
          Secretary of Housing and Urban Development pursuant to sections 203
          and 211 of the National Housing Act.

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

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

               (7) The information set forth on Exhibit F-1 hereto with
          respect to each Mortgage Loan is true and correct in all material
          respects as of the Closing Date.

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

               (9) None of the Mortgage Loans are delinquent in payment of
          principal and interest.

               (10) No Mortgage Loan that is secured by a first lien on the
          related Mortgaged Property had a Loan-to-Value Ratio at origination
          in excess of 100.00% and no Mortgage Loan that is secured by a
          second lien on the related Mortgaged Property had a Combined
          Loan-to-Value Ratio at origination in excess of 100%.

               (11) Each Subgroup [A1] Mortgage Loan and Subgroup [A2]
          Mortgage Loan is secured by a valid and enforceable first lien on
          the related Mortgaged Property and each Subgroup [F1] Mortgage Loan
          and Subgroup [F2] Mortgage Loan is secured by a valid and
          enforceable first or second lien on the related Mortgaged Property,
          in each case subject only to (1) the lien of non-delinquent current
          real property taxes and assessments, (2) covenants, conditions and
          restrictions, rights of way, easements and other matters of public
          record as of the date of recording of such Mortgage, such exceptions
          appearing of record being acceptable to mortgage lending
          institutions generally or specifically reflected in the appraisal
          made in connection with the origination of the related Mortgage
          Loan, and (3) other matters to which like properties are

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<PAGE>

          commonly subject that do not materially interfere with the benefits
          of the security intended to be provided by such Mortgage.
          Approximately the respective percentages of the Subgroup [F1]
          Mortgage Loans and the Subgroup [F2] Mortgage Loans are secured by
          second liens on the related Mortgaged Properties.

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

               (13) There is no delinquent tax or assessment lien against any
          Mortgaged Property.

               (14) There is no valid offset, claim, defense or counterclaim
          to any Mortgage Note or Mortgage, including the obligation of the
          Mortgagor to pay the unpaid principal of or interest on such
          Mortgage Note.

               (15) There are no mechanics' liens or claims for work, labor or
          material affecting any Mortgaged Property that are or may be a lien
          prior to, or equal with, the lien of such Mortgage, except those
          that are insured against by the title insurance policy referred to
          in item (18) below.

               (16) As of the Closing Date, to the best of CHL's knowledge,
          each Mortgaged Property is free of material damage and is in good
          repair.

               (17) As of the Closing Date, neither CHL nor any prior holder
          of any Mortgage has modified the Mortgage in any material respect
          (except that a Mortgage Loan may have been modified by a written
          instrument that has been recorded or submitted for recordation, if
          necessary, to protect the interests of the Certificateholders and
          the original or a copy of which has been delivered to the Trustee);
          satisfied, cancelled or subordinated such Mortgage in whole or in
          part; released the related Mortgaged Property in whole or in part
          from the lien of such Mortgage; or executed any instrument of
          release, cancellation, modification (except as expressly permitted
          above) or satisfaction with respect thereto.

               (18) A lender's policy of title insurance together with a
          condominium endorsement and extended coverage endorsement, if
          applicable, in an amount at least equal to the Cut-off Date
          Principal Balance of each such Mortgage Loan or a commitment
          (binder) to issue the same was effective on the date of the
          origination of each Mortgage Loan, each such policy is valid and
          remains in full force and effect, and each such policy was issued by
          a title insurer qualified to do business in the jurisdiction where
          the Mortgaged Property is located and acceptable to Fannie Mae and
          Freddie Mac and is in a form acceptable to Fannie Mae and Freddie
          Mac, which policy insures the Sellers and successor owners of
          indebtedness secured by the insured Mortgage, as to the first
          priority lien, of the Mortgage subject to the exceptions set forth
          in paragraph (11) above; to the best of CHL's knowledge, no claims
          have been made under such mortgage

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<PAGE>

          title insurance policy and no prior holder of the related Mortgage,
          including either Seller, has done, by act or omission, anything that
          would impair the coverage of such mortgage title insurance policy.

               (19) No Mortgage Loan was the subject of a Principal Prepayment
          in full between the Closing Date and the Cut-off Date.

               (20) To the best of CHL's knowledge, all of the improvements
          that were included for the purpose of determining the Appraised
          Value of the Mortgaged Property lie wholly within the boundaries and
          building restriction lines of such property, and no improvements on
          adjoining properties encroach upon the Mortgaged Property.

               (21) To the best of CHL's knowledge, no improvement located on
          or being part of the Mortgaged Property is in violation of any
          applicable zoning law or regulation. To the best of CHL's knowledge,
          all inspections, licenses and certificates required to be made or
          issued with respect to all occupied portions of the Mortgaged
          Property and, with respect to the use and occupancy of the same,
          including but not limited to certificates of occupancy and fire
          underwriting certificates, have been made or obtained from the
          appropriate authorities, unless the lack thereof would not have a
          material adverse effect on the value of such Mortgaged Property, and
          the Mortgaged Property is lawfully occupied under applicable law.

               (22) The Mortgage Note and the related Mortgage are genuine,
          and each is the legal, valid and binding obligation of the maker
          thereof, enforceable in accordance with its terms and under
          applicable law, except that (a) the enforceability thereof may be
          limited by bankruptcy, insolvency, moratorium, receivership and
          other similar laws relating to creditors' rights generally and (b)
          the remedy of specific performance and injunctive and other forms of
          equitable relief may be subject to equitable defenses and to the
          discretion of the court before which any proceeding therefor may be
          brought. To the best of CHL's knowledge, all parties to the Mortgage
          Note and the Mortgage had legal capacity to execute the Mortgage
          Note and the Mortgage and each Mortgage Note and Mortgage have been
          duly and properly executed by such parties.

               (23) The proceeds of the Mortgage Loan have been fully
          disbursed, there is no requirement for future advances thereunder,
          and any and all requirements as to completion of any on-site or
          off-site improvements and as to disbursements of any escrow funds
          therefor have been complied with. All costs, fees and expenses
          incurred in making, or closing or recording the Mortgage Loans were
          paid.

               (24) The related Mortgage contains customary and enforceable
          provisions that render the rights and remedies of the holder thereof
          adequate for the realization against the Mortgaged Property of the
          benefits of the security, including, (i) in the case of a Mortgage
          designated as a deed of trust, by trustee's sale, and (ii) otherwise
          by judicial foreclosure.

               (25) With respect to each Mortgage constituting a deed of
          trust, a trustee, duly qualified under applicable law to serve as
          such, has been properly

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<PAGE>

          designated and currently so serves and is named in such Mortgage,
          and no fees or expenses are or will become payable by the
          Certificateholders to the trustee under the deed of trust, except in
          connection with a trustee's sale after default by the Mortgagor.

               (26) Each Mortgage Note and each Mortgage is acceptable in form
          to Fannie Mae and Freddie Mac.

               (27) There exist no deficiencies with respect to escrow
          deposits and payments, if such are required, for which customary
          arrangements for repayment thereof have not been made, and no escrow
          deposits or payments of other charges or payments due the Sellers
          have been capitalized under the Mortgage or the related Mortgage
          Note

               (28) The origination, underwriting, servicing and collection
          practices with respect to each Mortgage Loan have been in all
          respects legal, proper, prudent and customary in the mortgage
          lending and servicing business, as conducted by prudent lending
          institutions which service mortgage loans of the same type in the
          jurisdiction in which the Mortgaged Property is located.

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

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

               (31) Each Mortgage Loan contains a customary "due on sale"
          clause.

               (32) No less than approximately the respective percentages
          specified in the Collateral Schedule of the Mortgage Loans in Loan
          Subgroup [F1], Loan Subgroup [F2], Loan Subgroup [A1] and Loan
          Subgroup [A2] are secured by single family detached dwellings. No
          more than approximately the respective percentages specified in the
          Collateral Schedule of the Mortgage Loans in Loan Subgroup [F1],
          Loan Subgroup [F2], Loan Subgroup [A1] and Loan Subgroup [A2] are
          secured by two- to four-family dwellings. No more than approximately
          the respective percentages specified in the Collateral Schedule of
          the Mortgage Loans in Loan Subgroup [F1], Loan Subgroup [F2], Loan
          Subgroup [A1] and Loan Subgroup [A2] are secured by condominium
          units. No more than the respective percentages specified in the
          Collateral Schedule of the Mortgage Loans in Loan Subgroup [F1],
          Loan Subgroup [F2], Loan Subgroup [A1] and Loan Subgroup [A2] are
          secured by manufactured housing. No more than approximately the
          respective percentages specified in the Collateral Schedule of the
          Mortgage Loans in Loan Subgroup [F1], Loan Subgroup [F2], Loan
          Subgroup [A1] and Loan Subgroup [A2] are secured by PUDs.

               (33) Each Mortgage Loan in Loan Subgroup [F1], Loan Subgroup
          [F2], Loan Subgroup [A1] and Loan Subgroup [A2] was originated on or
          after the applicable date specified in the Collateral Schedule.

               (34) Each Mortgage Loan that is an Adjustable Rate Mortgage
          Loan, other than a Two-Year Hybrid Mortgage Loan or a Three-Year
          Hybrid Mortgage Loan,

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<PAGE>

          had an initial Adjustment Date no later than the applicable date
          specified on the Collateral Schedule; each Two-Year Hybrid Mortgage
          Loan had an initial Adjustment Date no later than the applicable
          date specified on the Collateral Schedule; and each Three-Year
          Hybrid Mortgage Loan had an initial Adjustment Date no later than
          the applicable date specified on the Collateral Schedule.

               (35) Approximately the percentage specified on the Collateral
          Schedule of the Mortgage Loans in Loan Subgroup [F1], Loan Subgroup
          [F2], Loan Subgroup [A1] and Loan Subgroup [A2] provide for a
          prepayment penalty.

               (36) On the basis of representations made by the Mortgagors in
          their loan applications, no more than approximately the percentage
          specified on the Collateral Schedule of the Mortgage Loans in Loan
          Subgroup [F1], Loan Subgroup [F2], Loan Subgroup [A1] and Loan
          Subgroup [A2], respectively, are secured by investor properties, and
          no less than approximately the percentage specified on the
          Collateral Schedule of the Mortgage Loans in Loan Subgroup [F1],
          Loan Subgroup [F2], Loan Subgroup [A1] and Loan Subgroup [A2]
          respectively, are secured by owner-occupied Mortgaged Properties
          that are primary residences.

               (37) At the Cut-off Date, the improvements upon each Mortgaged
          Property are covered by a valid and existing hazard insurance policy
          with a generally acceptable carrier that provides for fire and
          extended coverage and coverage for such other hazards as are
          customary in the area where the Mortgaged Property is located in an
          amount that is at least equal to the lesser of (i) the maximum
          insurable value of the improvements securing such Mortgage Loan or
          (ii) the greater of (a) the outstanding principal balance of the
          Mortgage Loan and (b) an amount such that the proceeds of such
          policy shall be sufficient to prevent the Mortgagor and/or the
          mortgagee from becoming a co-insurer. If the Mortgaged Property is a
          condominium unit, it is included under the coverage afforded by a
          blanket policy for the condominium unit. All such individual
          insurance policies and all flood policies referred to in item (38)
          below contain a standard mortgagee clause naming the applicable
          Seller or the original mortgagee, and its successors in interest, as
          mortgagee, and the applicable Seller has received no notice that any
          premiums due and payable thereon have not been paid; the Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance,
          including flood insurance, at the Mortgagor's cost and expense, and
          upon the Mortgagor's failure to do so, authorizes the holder of the
          Mortgage to obtain and maintain such insurance at the Mortgagor's
          cost and expense and to seek reimbursement therefor from the
          Mortgagor.

               (38) If the Mortgaged Property is in an area identified in the
          Federal Register by the Federal Emergency Management Agency as
          having special flood hazards, a flood insurance policy in a form
          meeting the requirements of the current guidelines of the Flood
          Insurance Administration is in effect with respect to such Mortgaged
          Property with a generally acceptable carrier in an amount
          representing coverage not less than the least of (A) the original
          outstanding principal balance of the Mortgage Loan, (B) the minimum
          amount required to compensate for damage or loss on a replacement
          cost basis, or (C) the maximum amount of insurance that is available
          under the Flood Disaster Protection Act of 1973, as amended.

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               (39) To the best of CHL's knowledge, there is no proceeding
          occurring, pending or threatened for the total or partial
          condemnation of the Mortgaged Property.

               (40) There is no material monetary default existing under any
          Mortgage or the related Mortgage Note and, to the best of CHL's
          knowledge, there is no material event that, with the passage of time
          or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event of acceleration
          under the Mortgage or the related Mortgage Note; and neither Seller
          has waived any default, breach, violation or event of acceleration.

               (41) Each Mortgaged Property is improved by a one- to
          four-family residential dwelling, including condominium units and
          dwelling units in PUDs. To the best of CHL's knowledge, no
          improvement to a Mortgaged Property includes a cooperative or a
          mobile home or constitutes other than real property under state law.

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

               (43) Any future advances made prior to the Cut-off Date have
          been consolidated with the outstanding principal amount secured by
          the Mortgage, and the secured principal amount, as consolidated,
          bears a single interest rate and single repayment term reflected on
          the Mortgage Loan Schedule. The consolidated principal amount does
          not exceed the original principal amount of the Mortgage Loan. The
          Mortgage Note does not permit or obligate the Master Servicer to
          make future advances to the Mortgagor at the option of the
          Mortgagor.

               (44) All taxes, governmental assessments, insurance premiums,
          water, sewer and municipal charges, leasehold payments or ground
          rents that previously became due and owing have been paid, or an
          escrow of funds has been established in an amount sufficient to pay
          for every such item that remains unpaid and that has been assessed,
          but is not yet due and payable. Except for (A) payments in the
          nature of escrow payments, and (B) interest accruing from the date
          of the Mortgage Note or date of disbursement of the Mortgage
          proceeds, whichever is later, to the day that precedes by one month
          the Due Date of the first installment of principal and interest,
          including without limitation, taxes and insurance payments, the
          Master Servicer has not advanced funds, or induced, solicited or
          knowingly received any advance of funds by a party other than the
          Mortgagor, directly or indirectly, for the payment of any amount
          required by the Mortgage.

               (45) The Mortgage Loans originated by CHL were underwritten in
          all material respects in accordance with CHL's underwriting
          guidelines for credit blemished quality mortgage loans or, with
          respect to Mortgage Loans purchased by CHL were underwritten in all
          material respects in accordance with customary and prudent
          underwriting guidelines generally used by originators of credit
          blemished quality mortgage loans.

               (46) Prior to the approval of the Mortgage Loan application, an
          appraisal of the related Mortgaged Property was obtained from a
          qualified appraiser, duly

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          appointed by the originator, who had no interest, direct or
          indirect, in the Mortgaged Property or in any loan made on the
          security thereof, and whose compensation is not affected by the
          approval or disapproval of the Mortgage Loan; such appraisal is in a
          form acceptable to Fannie Mae and Freddie Mac.

               (47) None of the Mortgage Loans is a graduated payment mortgage
          loan or a growing equity mortgage loan, and no Mortgage Loan is
          subject to a buydown or similar arrangement.

               (48) The Mortgage Rates borne by the Mortgage Loans in Loan
          Subgroup [F1], Loan Subgroup [F2], Loan Subgroup [A1] and Loan
          Subgroup [A2] as of the Cut-off Date ranged between the approximate
          per annum percentages specified on the Collateral Schedule and the
          weighted average Mortgage Rate as of the Cut-off Date was
          approximately the per annum rate specified on the Collateral
          Schedule.

               (49) [Reserved].

               (50) The Mortgage Loans were selected from among the
          outstanding one- to four-family mortgage loans in the applicable
          Seller's portfolio at the Closing Date as to which the
          representations and warranties made as to the Mortgage Loans set
          forth in this Section 2.03(b) can be made. No selection was made in
          a manner that would adversely affect the interests of
          Certificateholders.

               (51) The Gross Margins on the Mortgage Loans in Loan Subgroup
          [F1], Loan Subgroup [F2], Loan Subgroup [A1] and Loan Subgroup [A2]
          range between the approximate percentages specified on the
          Collateral Schedule, and the weighted average Gross Margin was
          approximately the percentage specified in the Collateral Schedule.

               (52) Each of the Mortgage Loans in the Mortgage Pool has a Due
          Date on or before the date specified in the Collateral Schedule.

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

               (54) There is no obligation on the part of either Seller under
          the terms of the Mortgage or related Mortgage Note to make payments
          in addition to those made by the Mortgagor.

               (55) 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.

               (56) Each Mortgage Loan represents a "qualified mortgage"
          within the meaning of Section 860(a)(3) of the Code (but without
          regard to the rule in Treasury Regulation ss. 1.860G-2(f)(2) that
          treats a defective obligation as a qualified mortgage, or any
          substantially similar successor provision) and applicable Treasury
          regulations promulgated thereunder.

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               (57) No Mortgage Loan was either a "consumer credit contract"
          or a "purchase money loan" as such terms are defined in 16 C.F.R.
          ss. 433 nor is any Mortgage Loan a "mortgage" as defined in 15
          U.S.C. ss. 1602(aa).

               (58) To the extent required under applicable law, each
          originator and subsequent mortgagee or servicer of the Mortgage Loan
          complied with all licensing requirements and was authorized to
          transact and do business in the jurisdiction in which the related
          Mortgaged Property is located at all times when it held or serviced
          the Mortgage Loan. Any and all requirements of any federal, state or
          local laws or regulations, including, without limitation, usury,
          truth-in-lending, real estate settlement procedures, consumer credit
          protection, anti-predatory lending, fair credit reporting, unfair
          collection practice, equal credit opportunity, fair housing and
          disclosure laws and regulations, applicable to the solicitation,
          origination, collection and servicing of such Mortgage Loan have
          been complied with in all material respects; and any obligations of
          the holder of the Mortgage Note, Mortgage and other loan documents
          have been complied with in all material respects; servicing of each
          Mortgage Loan has been in accordance with prudent mortgage servicing
          standards, any applicable laws, rules and regulations and in
          accordance with the terms of the Mortgage Notes, Mortgage and other
          loan documents, whether such origination and servicing was done by
          the applicable Seller, its affiliates, or any third party which
          originated the Mortgage Loan on behalf of, or sold the Mortgage Loan
          to, any of them, or any servicing agent of any of the foregoing;

               (59) The methodology used in underwriting the extension of
          credit for the Mortgage Loan employs objective mathematical
          principles which relate the borrower's income, assets and
          liabilities to the proposed payment and such underwriting
          methodology does not rely on the extent of the borrower's equity in
          the collateral as the principal determining factor in approving such
          credit extension. Such underwriting methodology confirmed that at
          the time of origination (application/approval) the borrower had a
          reasonable ability to make timely payments on the Mortgage Loan;

               (60) No borrower was required to purchase any credit life,
          disability, accident or health insurance product as a condition of
          obtaining the extension of credit. No borrower obtained a prepaid
          single-premium credit life, disability, accident or health insurance
          policy in connection with the origination of the Mortgage Loan;

               (61) If the Mortgage Loan provides that the interest rate on
          the principal balance of the related Mortgage Loan may be adjusted,
          all of the terms of the related Mortgage pertaining to interest rate
          adjustments, payment adjustments and adjustments of the outstanding
          principal balance have been made in accordance with the terms of the
          related Mortgage Note and applicable law and are enforceable and
          such adjustments will not affect the priority of the Mortgage lien;

               (62) The Mortgaged Property complies with all applicable laws,
          rules and regulations relating to environmental matters, including
          but not limited to those relating to radon, asbestos and lead paint
          and neither Seller nor, to the best of CHL's

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          knowledge, the Mortgagor, has received any notice of any violation
          or potential violation of such law;

               (63) There is no action, suit or proceeding pending, or to the
          best of CHL's knowledge, threatened or likely to be asserted with
          respect to the Mortgage Loan against or affecting either Seller
          before or by any court, administrative agency, arbitrator or
          governmental body;

               (64) No action, inaction, or event has occurred and no state of
          fact exists or has existed that has resulted or will result in the
          exclusion from, denial of, or defense to coverage under any
          applicable hazard insurance policy, irrespective of the cause of
          such failure of coverage. In connection with the placement of any
          such insurance, no commission, fee, or other compensation has been
          or will be received by CHL or any designee of CHL or any corporation
          in which CHL or any officer, director, or employee had a financial
          interest at the time of placement of such insurance;

               (65) Each Mortgage Loan has a fully assignable life of loan tax
          service contract which may be assigned without the payment of any
          fee;

               (66) No Mortgagor has notified CHL or the Master Servicer on
          CHL's behalf, and CHL has no knowledge, of any relief requested or
          allowed to a Mortgagor under the Relief Act;

               (67) Each Mortgage Loan in the Adjustable Rate Loan Group was
          originated by a savings and loan association, savings bank,
          commercial bank, credit union, insurance company, or mortgage
          banking company which is supervised and examined by a federal or
          state authority, or by a mortgagee approved by the Secretary of
          Housing and Urban Development pursuant to Sections 2.03 and 2.11 of
          the National Housing Act;

               (68) Each Mortgage Loan in the Adjustable Rate Loan Group was
          (A) originated no earlier than six months prior to the time the
          applicable Seller purchased such Mortgage Loan pursuant to a
          mortgage loan purchase agreement or other similar agreement and (B)
          underwritten or reunderwritten by the applicable Seller in
          accordance with the applicable Seller's underwriting guidelines in
          effect at the time the loan was underwritten or reunderwritten, as
          applicable;

               (69) Each Mortgage Loan, at the time it was originated and as
          of the Closing Date, complied in all material respects with
          applicable local, state and federal laws, including, but not limited
          to, all predatory and abusive lending laws;

               (70) None of the Mortgage Loans in the Fixed Rate Loan Group or
          the Adjustable Rate Loan Group are "high cost mortgages" or "high
          cost mortgage loans" under applicable state law;

               (71) Each Prepayment Charge is enforceable and was originated
          in compliance with all applicable federal, state and local laws;

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               (72) None of the Mortgage Loans that are secured by property
          located in the State of Illinois are in violation of the provisions
          of the Illinois Interest Act (815 Ill. Comp. Stat. 205/0.01 (2004));

               (73) There is no Mortgage Loan in the Trust Fund that was
          originated on or after March 7, 2003, which is a "high cost home
          loan" as defined under the Georgia Fair Lending Act;

               (74) [No Mortgage Loan in the Trust Fund is a High Cost Loan or
          Covered Loan, as applicable (as such terms are defined in the
          then-current Standard & Poor's LEVELS(R) Glossary which is now
          Version 5.6 Revised, Appendix E) and no Mortgage Loan originated on
          or after October 1, 2002 through March 6, 2003 is governed by the
          Georgia Fair Lending Act;]

               (75) Each Mortgage Loan is secured by a "single family
          residence" within the meaning of Section 25(e)(10) of the Internal
          Revenue Code of 1986 (as amended) (the "Code"). The fair market
          value of the manufactured home securing each Mortgage Loan was at
          least equal to 80% of the adjusted issue price of the contract at
          either (i) the time the contract was originated (determined pursuant
          to the REMIC Provisions) or (ii) the time the contract is
          transferred to the purchaser. Each Mortgage Loan is a "qualified
          mortgage" under Section 860G(a)(3) of the Code; and

               (76) [Representations and Warraties relating to the Subgroup
          [A1] Mortgage Loans:

                    (i) Each Subgroup [A1] Mortgage Loan is in compliance with
               the anti-predatory lending eligibility for purchase
               requirements of Fannie Mae's Selling Guide.

                    (ii) No Subgroup [A1] Mortgage Loan is subject to the
               requirements of the Home Ownership and Equity Protection Act of
               1994.

                    (iii) No Subgroup [A1] Mortgage Loan is a "High-Cost Home
               Loan" as defined in the Georgia Fair Lending Act, as amended
               (the "Georgia Act"). No Subgroup [A1] Mortgage Loan subject to
               the Georgia Act and secured by owner occupied real property or
               an owner occupied manufactured home located in the State of
               Georgia was originated (or modified) on or after October 1,
               2002 through and including March 6, 2003.

                    (iv) No Subgroup [A1] Mortgage Loan is a "High-Cost Home
               Loan" as defined in New York Banking Law 6-1.

                    (v) No Subgroup [A1] Mortgage Loan is a "High-Cost Home
               Loan" as defined in the Arkansas Home Loan Protection Act
               effective July 16, 2003 (Act 1340 of 2003).

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                    (vi) No Subgroup [A1] Mortgage Loan is a "High-Cost Home
               Loan" as defined in the Kentucky high-cost home loan statute
               effective June 24, 2003 (Ky. Rev. Stat. Section 360.100).

                    (vii) No Subgroup [A1] 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.).

                    (viii) No Subgroup [A1] 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. ss.ss. 58-21A-1 et
               seq.).

                    (ix) No Subgroup [A1] Mortgage Loan is a "High-Risk Home
               Loan" as defined in the Illinois High-Risk Home Loan Act
               effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.).

                    (x) No borrower was encouraged or required to select a
               Subgroup [A1] Mortgage Loan product offered by the Mortgage
               Loan's originator which is a higher cost product designed for
               less creditworthy borrowers, unless at the time of such
               Mortgage Loan's origination, such borrower did not qualify
               taking into account credit history and debt-to-income ratios
               for a lower-cost credit product then offered by such Mortgage
               Loan's originator or any affiliate of such Mortgage Loan's
               originator. If, at the time of loan application, the borrower
               may have qualified for a for a lower-cost credit product then
               offered by any mortgage lending affiliate of such Mortgage
               Loan's originator, such Mortgage Loan's originator referred the
               borrower's application to such affiliate for underwriting
               consideration.

                    (xi) With respect to any Subgroup [A1] Mortgage Loan that
               contains a provision permitting imposition of a premium upon a
               prepayment prior to maturity: (i) prior to the loan's
               origination, the borrower agreed to such premium in exchange
               for a monetary benefit, including but not limited to a rate or
               fee reduction, (ii) prior to the loan's origination, the
               borrower was offered the option of obtaining a mortgage loan
               that did not require payment of such a premium, (iii) the
               prepayment premium is disclosed to the borrower in the loan
               documents pursuant to applicable state and federal law, and
               (iv) notwithstanding any state or federal law to the contrary,
               the Servicer shall not impose such prepayment premium in any
               instance when the mortgage debt is accelerated as the result of
               the borrower's default in making the loan payments.

                    (xii) No proceeds from any Subgroup [A1] Mortgage Loan
               were used to purchase single premium credit insurance policies
               as part of the origination of, or as a condition to closing,
               such Mortgage Loan.

                    (xiii) All points and fees related to each Subgroup [A1]
               Mortgage Loan were disclosed in writing to the borrower in
               accordance with applicable state and federal law and
               regulation. Except in the case of a Subgroup [A1] Mortgage Loan

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               in an original principal amount of less than $60,000 which
               would have resulted in an unprofitable origination, no borrower
               in respect of a Subgroup [A1] Mortgage Loan was charged "points
               and fees" (whether or not financed) in an amount greater than
               5% of the principal amount of such loan, such 5% limitation is
               calculated in accordance with Fannie Mae's anti-predatory
               lending requirements as set forth in the Fannie Mae Selling
               Guide.

                    (xiv) All fees and charges (including finance charges) and
               whether or not financed, assessed, collected or to be collected
               in connection with the origination and servicing of each
               Subgroup [A1] Mortgage Loan has been disclosed in writing to
               the borrower in accordance with applicable state and federal
               law and regulation; and

                    (xv) The Servicer will transmit full-file credit reporting
               data for each Subgroup [A1] Mortgage Loan pursuant to Fannie
               Mae Guide Announcement 95-19 and that for each Subgroup [A1]
               Mortgage Loan, Servicer agrees it shall report one of the
               following statuses each month as follows: new origination,
               current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
               charged-off.]

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

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

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

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

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

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

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

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

          (d) Upon discovery by any of the parties hereto of a breach of a
representation or warranty set forth in Section 2.03(a) or (b) that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, the party discovering such breach shall give prompt notice thereof to
the other parties and the NIM Insurer. Each of the Master Servicer and the
Sellers (each, a "Representing Party") hereby covenants with respect to the
representations and warranties set forth in Sections 2.03(a) and (b) that
within 90 days of the earlier of the discovery

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by such Representing Party or receipt of written notice by such Representing
Party from any party of a breach of any representation or warranty set forth
herein made that materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan, it shall cure such breach in all
material respects and, if such breach is not so cured, shall, (i) if such
90-day period expires prior to the second anniversary of the Closing Date,
remove such Mortgage Loan (a "Deleted Mortgage Loan") from the Trust Fund and
substitute in its place a Replacement Mortgage Loan, in the manner and subject
to the conditions set forth in this Section; or (ii) repurchase the affected
Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price in the
manner set forth below; provided that any such substitution pursuant to (i)
above or repurchase pursuant to (ii) above shall not be effected prior to the
delivery to the Trustee of the Opinion of Counsel required by Section 2.05
hereof 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 M. Any Representing Party liable for a
breach under this Section 2.03 shall promptly reimburse the Master Servicer or
the Trustee for any expenses reasonably incurred by the Master Servicer or the
Trustee in respect of enforcing the remedies for such breach. To enable the
Master Servicer to amend the Mortgage Loan Schedule, any Representing Party
liable for a breach under this Section 2.03 shall, unless it cures such breach
in a timely fashion pursuant to this Section 2.03, promptly notify the Master
Servicer whether such Representing Party intends either to repurchase, or to
substitute for, the Mortgage Loan affected by such breach. With respect to the
representations and warranties described in this Section that are made to the
best of the Representing Party's knowledge, if it is discovered by any of the
Depositor, the Master Servicer, the Sellers or the Trustee that the substance
of such representation and warranty is inaccurate and such inaccuracy
materially and adversely affects the value of the related Mortgage Loan,
notwithstanding the Representing Party's lack of knowledge with respect to the
substance of such representation or warranty, such inaccuracy shall be deemed
a breach of the applicable representation or warranty.

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

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

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

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

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

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          Section 2.04 Representations and Warranties of the Depositor.

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

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

               (2) The Depositor has the full corporate power and authority to
          execute, deliver and perform, and to enter into and consummate the
          transactions contemplated by, this Agreement and has duly
          authorized, by all necessary corporate action on its part, the
          execution, delivery and performance of this Agreement; and this
          Agreement, assuming the due authorization, execution and delivery
          hereof by the other parties hereto, constitutes a legal, valid and
          binding obligation of the Depositor, enforceable against the
          Depositor in accordance with its terms, subject, as to
          enforceability, to (i) bankruptcy, insolvency, reorganization,
          moratorium and other similar laws affecting creditors' rights
          generally and (ii) general principles of equity, regardless of
          whether enforcement is sought in a proceeding in equity or at law.

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

               (4) No litigation is pending, or, to the best of the
          Depositor's knowledge, threatened, against the Depositor that would
          materially and adversely affect the execution, delivery or
          enforceability of this Agreement or the ability of the Depositor to
          perform its obligations under this Agreement in accordance with the
          terms hereof.

               (5) No consent, approval, authorization or order of any court
          or governmental agency or body is required for the execution,
          delivery and performance by the Depositor of, or compliance by the
          Depositor with, this Agreement or the

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<PAGE>

          consummation of the transactions contemplated hereby, or if any such
          consent, approval, authorization or order is required, the Depositor
          has obtained the same.

          The Depositor hereby represents and warrants to the Trustee with
respect to each Mortgage Loan as of the Closing Date, as applicable, and
following the transfer of the Mortgage Loans to it by the Sellers, the
Depositor had good title to the Mortgage Loans, and the related Mortgage Notes
were subject to no offsets, claims, defenses or counterclaims.

          It is understood and agreed that the representations and warranties
set forth in the two immediately preceding paragraphs shall survive delivery
of the Mortgage Files to the Co-Trustee. Upon discovery by the Depositor or
the Trustee, of a breach of any of the foregoing representations and
warranties set forth in the immediately preceding paragraph (referred to
herein as a "breach"), which breach materially and adversely affects the
interest of the Certificateholders, the party discovering such breach shall
give prompt written notice to the others and to each Rating Agency and the NIM
Insurer. The Depositor hereby covenants with respect to the representations
and warranties made by it in this Section 2.04 that within 90 days of the
earlier of the discovery it or receipt of written notice by it from any party
of a breach of any representation or warranty set forth herein made that
materially and adversely affects the interests of the Certificateholders in
any Mortgage Loan, it shall cure such breach in all material respects and, if
such breach is not so cured, shall repurchase or replace the affected Mortgage
Loan or Loans in accordance with the procedure set forth in Section 2.03(d).

          Section 2.05 Delivery of Opinion of Counsel in Connection with
                  Substitutions and Repurchases.

          (a) Notwithstanding any contrary provision of this Agreement, with
respect to any Mortgage Loan that is not in default or as to which default is
not imminent, no repurchase or substitution pursuant to Sections 2.02, 2.03 or
2.04 shall be made unless the Representing Party making such repurchase or
substitution delivers to the Trustee an Opinion of Counsel, addressed to the
Trustee to the effect that such repurchase or substitution would not (i)
result in the imposition of the tax on "prohibited transactions" of the Trust
Fund or contributions after the Closing Date, as defined in sections
860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause the any REMIC
formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding. Any Mortgage Loan as to which repurchase or
substitution was delayed pursuant to this paragraph shall be repurchased or
the substitution therefor shall occur (subject to compliance with Sections
2.02, 2.03 or 2.04) upon the earlier of (a) the occurrence of a default or
imminent default with respect to such loan and (b) receipt by the Trustee of
an Opinion of Counsel to the effect that such repurchase or substitution, as
applicable, will not result in the events described in clause (i) or clause
(ii) of the preceding sentence.

          (b) Upon discovery by the Depositor, either 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 5 Business
Days of discovery) give written notice thereof to the other parties and the
NIM Insurer. In connection therewith, the Trustee shall require CHL, at CHL's
option, to either (i) substitute, if the conditions in Section 2.03(d) with
respect to substitutions are satisfied, a Replacement Mortgage Loan for the
affected Mortgage Loan, or (ii) repurchase the affected

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Mortgage Loan within 90 days of such discovery in the same manner as it would
a Mortgage Loan for a breach of representation or warranty contained in
Section 2.03. The Trustee shall reconvey to CHL the Mortgage Loan to be
released pursuant hereto in the same manner, and on the same terms and
conditions, as it would a Mortgage Loan repurchased for breach of a
representation or warranty contained in Section 2.03.

          Section 2.06 Authentication and Delivery of Certificates.

          The Trustee acknowledges the transfer and assignment to it of the
Trust Fund and, concurrently with such transfer and assignment, has executed,
authenticated and delivered, to or upon the order of the Depositor, the
Certificates in authorized denominations evidencing the entire ownership of
the Trust Fund. The Trustee agrees to hold the Trust Fund and exercise the
rights referred to above for the benefit of all present and future Holders of
the Certificates and to perform the duties set forth in this Agreement to the
best of its ability, to the end that the interests of the Holders of the
Certificates may be adequately and effectively protected.

          Section 2.07 Covenants of the Master Servicer.

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

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

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

                                 ARTICLE III.
                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

          Section 3.01 Master Servicer to Service Mortgage Loans.

          For and on behalf of the Certificateholders, the Master Servicer
shall service and administer the Mortgage Loans in accordance with customary
and usual standards of practice of prudent mortgage loan lenders in the
respective states in which the Mortgaged Properties are located, including
taking all required and appropriate actions under each Required Insurance
Policy. In connection with such servicing and administration, the Master
Servicer shall have full power and authority, acting alone and/or through
subservicers as provided in Section 3.02 hereof, subject to the terms hereof
(i) to execute and deliver, on behalf of the Certificateholders and the
Trustee, customary consents or waivers and other instruments and documents,
(ii) to consent to transfers of any Mortgaged Property and assumptions of the
Mortgage Notes and related Mortgages (but only in the manner provided in this
Agreement), (iii) to collect any Insurance Proceeds, other Liquidation
Proceeds and Subsequent Recoveries, and (iv) subject to Section 3.12(a), to
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property

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securing any Mortgage Loan; provided that the Master Servicer shall take no
action that is inconsistent with or prejudices the interests of the Trustee or
the Certificateholders in any Mortgage Loan or the rights and interests of the
Depositor and the Trustee under this Agreement. The Master Servicer shall
represent and protect the interest of the Trustee in the same manner as it
currently protects its own interest in mortgage loans in its own portfolio in
any claim, proceeding or litigation regarding a Mortgage Loan and shall not
make or permit any modification, waiver or amendment of any term of any
Mortgage Loan which would (i) cause any REMIC formed hereunder to fail to
qualify as a REMIC or (ii) result in the imposition of any tax under section
860(a) or 860(d) of the Code, but in any case the Master Servicer shall not
act in any manner that is a lesser standard than that provided in the first
sentence of this Section 3.01. Without limiting the generality of the
foregoing, the Master Servicer, in its own name or in the name of the
Depositor and the Trustee, is hereby authorized and empowered by the Depositor
and the Trustee, when the Master Servicer believes it appropriate in its
reasonable judgment, to execute and deliver, on behalf of the Trustee, the
Depositor, the Certificateholders or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge and
all other comparable instruments, with respect to the Mortgage Loans, and with
respect to the Mortgaged Properties held for the benefit of the
Certificateholders. The Master Servicer shall prepare and deliver to the
Depositor and/or the Trustee such documents requiring execution and delivery
by any or all of them as are necessary or appropriate to enable the Master
Servicer to service and administer the Mortgage Loans. Upon receipt of such
documents, the Depositor and/or the Trustee shall execute such documents and
deliver them to the Master Servicer. The Master Servicer further is authorized
and empowered by the Trustee, on behalf of the Certificateholders and the
Trustee, in its own name or in the name of the Subservicer, when the Master
Servicer or the Subservicer, as the case may be, believes it appropriate in
its best judgment to register any Mortgage Loan on the MERS(R) System, or
cause the removal from the registration of any Mortgage Loan on the MERS(R)
System, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording
of a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns.

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

          The Master Servicer shall deliver a list of Servicing Officers to
the Trustee by the Closing Date.

          In connection with its activities as Master Servicer of the Mortgage
Loans, the Master Servicer agrees to present, on behalf of itself, the Trustee
and the Certificateholders, claims to the insurer under any primary insurance
policies and, in this regard, to take any reasonable action necessary to
permit recovery under any primary insurance policies respecting

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defaulted Mortgage Loans. Any amounts collected by the Master Servicer under
any primary insurance policies shall be deposited in the Certificate Account.

          In the event that a shortfall in any collection on or liability with
respect to any Mortgage Loan results from or is attributable to adjustments to
Mortgage Rates, Scheduled Payments or Stated Principal Balances that were made
by the Master Servicer in a manner not consistent with the terms of the
related Mortgage Note and this Agreement, the Master Servicer, upon discovery
or receipt of notice thereof, immediately shall deliver to the Trustee for
deposit in the Distribution Account from its own funds the amount of any such
shortfall and shall indemnify and hold harmless the Trust Fund, the Trustee,
the Depositor and any successor master servicer in respect of any such
liability. Such indemnities shall survive the termination or discharge of this
Agreement. Notwithstanding the foregoing, this Section 3.01 shall not limit
the ability of the Master Servicer to seek recovery of any such amounts from
the related Mortgagor under the terms of the related Mortgage Note, as
permitted by law and shall not be an expense of the Trust.

          Section 3.02 Subservicing; Enforcement of the Obligations of Master
                       Servicer.

          (a) The Master Servicer may arrange for the subservicing of any
Mortgage Loan by a subservicer (each, a "Subservicer") pursuant to a
subservicing agreement (each, a "Subservicing Agreement"); provided that (i)
such subservicing arrangement and the terms of the related subservicing
agreement must provide for the servicing of such Mortgage Loans in a manner
consistent with the servicing arrangements contemplated hereunder, (ii) that
such subservicing agreements would not result in a withdrawal or a downgrading
by any Rating Agency of the ratings on any Class of Certificates, as evidenced
by a letter to that effect delivered by each Rating Agency to the Depositor
and the NIM Insurer and (iii) the NIM Insurer shall have consented to such
subservicing agreements (which consent shall not be unreasonably withheld)
with Subservicers, for the servicing and administration of the Mortgage Loans.
The Master Servicer shall deliver to the Trustee copies of all Sub-Servicing
Agreements, and any amendments or modifications thereof, promptly upon the
Master Servicer's execution and delivery of such instruments. The Master
Servicer shall be entitled to terminate any Subservicing Agreement and the
rights and obligations of any Subservicer pursuant to any Subservicing
Agreement in accordance with the terms and conditions of such Subservicing
Agreement. Notwithstanding the provisions of any subservicing agreement, any
of the provisions of this Agreement relating to agreements or arrangements
between the Master Servicer or a subservicer or reference to actions taken
through a Master Servicer or otherwise, the Master Servicer shall remain
obligated and liable to the Depositor, the Trustee and the Certificateholders
for the servicing and administration of the Mortgage Loans in accordance with
the provisions of this Agreement without diminution of such obligation or
liability by virtue of such subservicing agreements or arrangements or by
virtue of indemnification from the subservicer and to the same extent and
under the same terms and conditions as if the Master Servicer alone were
servicing and administering the Mortgage Loans. Every subservicing agreement
entered into by the Master Servicer shall contain a provision giving the
successor Master Servicer the option to terminate such agreement in the event
a successor Master Servicer is appointed. All actions of each subservicer
performed pursuant to the related subservicing agreement shall be performed as
an agent of the Master Servicer with the same force and effect as if performed
directly by the Master Servicer.

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

          Section 3.03 Rights of the Depositor, the Sellers, the
                       Certificateholders, the NIM Insurer and the Trustee
                       in Respect of the Master Servicer.

          None of the Trustee, the Sellers, the Certificateholders, the NIM
Insurer or the Depositor shall have any responsibility or liability for any
action or failure to act by the Master Servicer, and none of them is obligated
to supervise the performance of the Master Servicer hereunder or otherwise.
The Master Servicer shall afford (and any Subservicing Agreement shall provide
that each Subservicer shall afford) the Depositor, the NIM Insurer and the
Trustee, upon reasonable notice, during normal business hours, access to all
records maintained by the Master Servicer (and any such Subservicer) in
respect of the Master Servicer's rights and obligations hereunder and access
to officers of the Master Servicer (and those of any such Subservicer)
responsible for such obligations. Upon request, the Master Servicer shall
furnish to the Depositor, the NIM Insurer and the Trustee its (and any such
Subservicer's) most recent financial statements and such other information
relating to the Master Servicer's capacity to perform its obligations under
this Agreement that it possesses. To the extent such information is not
otherwise available to the public, the Depositor, the NIM Insurer and the
Trustee shall not disseminate any information obtained pursuant to the
preceding two sentences without the Masters Servicer's (or any such
Subservicer's) written consent, except as required pursuant to this Agreement
or to the extent that it is necessary to do so (i) in working with legal
counsel, auditors, taxing authorities or other governmental agencies, rating
agencies or reinsurers or (ii) pursuant to any law, rule, regulation, order,
judgment, writ, injunction or decree of any court or governmental authority
having jurisdiction over the Depositor, the Trustee, the NIM Insurer or the
Trust Fund, and in either case, the Depositor, the NIM Insurer or the Trustee,
as the case may be, shall use its reasonable best efforts to assure the
confidentiality of any such disseminated non-public information. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer
under this Agreement and may, but is not obligated to, perform, or cause a
designee to perform, any defaulted obligation of the Master Servicer under
this Agreement or exercise the rights of the Master Servicer under this
Agreement; provided by virtue of such performance by the Depositor of its
designee. The Depositor shall not have any responsibility or liability for any
action or failure to act by the Master Servicer and is not obligated to
supervise the performance of the Master Servicer under this Agreement or
otherwise.

          Section 3.04 Trustee to Act as Master Servicer.

          In the event that the Master Servicer shall for any reason no longer
be the Master Servicer hereunder (including by reason of an Event of Default),
the Trustee or its designee shall thereupon assume all of the rights and
obligations of the Master Servicer hereunder arising thereafter (except that
the Trustee shall not be (i) liable for losses of the Master Servicer pursuant
to Section 3.10 hereof or any acts or omissions of the predecessor Master
Servicer hereunder, (ii) obligated to make Advances if it is prohibited from
doing so by applicable law, (iii) obligated to effectuate repurchases or
substitutions of Mortgage Loans hereunder, including pursuant to Section 2.02
or 2.03 hereof, (iv) responsible for expenses of the Master Servicer pursuant
to

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Section 2.03 or (v) deemed to have made any representations and warranties
hereunder, including pursuant to Section 2.03 or the first paragraph of
Section 6.02 hereof). If the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default), the Trustee
(or any other successor servicer) may, at its option, succeed to any rights
and obligations of the Master Servicer under any subservicing agreement in
accordance with the terms thereof; provided that the Trustee (or any other
successor servicer) shall not incur any liability or have any obligations in
its capacity as servicer under a subservicing agreement arising prior to the
date of such succession unless it expressly elects to succeed to the rights
and obligations of the Master Servicer thereunder; and the Master Servicer
shall not thereby be relieved of any liability or obligations under the
subservicing agreement arising prior to the date of such succession.

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

          Section 3.05 Collection of Mortgage Loan Payments; Certificate
                       Account; Distribution Account; Seller Shortfall
                       Interest Requirement.

          (a) The Master Servicer shall make reasonable efforts in accordance
with customary and usual standards of practice of prudent mortgage lenders in
the respective states in which the Mortgaged Properties are located to collect
all payments called for under the terms and provisions of the Mortgage Loans
to the extent such procedures shall be consistent with this Agreement and the
terms and provisions of any related Required Insurance Policy. Consistent with
the foregoing, the Master Servicer may in its discretion (i) waive any late
payment charge or, subject to Section 3.20, any Prepayment Charge or penalty
interest in connection with the prepayment of a Mortgage Loan and (ii) extend
the due dates for payments due on a Mortgage Note for a period not greater
than 270 days. In the event of any such arrangement, the Master Servicer shall
make Advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements. In addition, the NIM
Insurer's prior written consent shall be required for any waiver of Prepayment
Charges or for the extension of the due dates for payments due on a Mortgage
Note, if the aggregate number of outstanding Mortgage Loans that have been
granted such waivers or extensions exceeds 5% of the aggregate number of
Mortgage Loans. The Master Servicer shall not be required to institute or join
in litigation with respect to collection of any payment (whether under a
Mortgage, Mortgage Note or otherwise or against any public or governmental
authority with respect to a taking or condemnation) if it reasonably believes
that enforcing the provision of the Mortgage or other instrument pursuant to
which such payment is required is prohibited by applicable law.

          (b) The Master Servicer shall establish and maintain a Certificate
Account into which the Master Servicer shall deposit or cause to be deposited
on a daily basis within two Business Days of receipt, except as otherwise
specifically provided herein, the following payments and collections remitted
by Subservicers or received by it in respect of Mortgage Loans subsequent to
the Cut-off Date (other than in respect of principal and interest due on the

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Mortgage Loans before the Cut-off Date) and the following amounts required to
be deposited hereunder:

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

               (2) all payments on account of interest on the Mortgage Loans
          (net of the related Servicing Fee permitted under Section 3.15 to
          the extent not previously paid to or withheld by the Master
          Servicer);

               (3) all Insurance Proceeds;

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

               (5) all Compensating Interest;

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

               (7) any amounts required to be deposited by the Master Servicer
          pursuant to Section 3.10 hereof;

               (8) the Purchase Price and any Substitution Adjustment Amount;

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

               (10) all Prepayment Charges and Master Servicer Prepayment
          Charge Payment Amounts;

               (11) all Prepayment Charge Guaranty Payment Amounts; and

               (12) any other amounts required to be deposited hereunder.

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

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          No later than ____ p.m. Pacific time on the Business Day prior to
the Master Servicer Advance Date in ____________ 200_, CHL shall remit to the
Master Servicer, and the Master Servicer shall deposit in the Certificate
Account, the Seller Shortfall Interest Requirement (if any) for such Master
Servicer Advance Date.

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

               (1) the aggregate amount remitted by the Master Servicer
          pursuant to the second paragraph of Section 3.08(a); and

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

          The foregoing requirements for remittance by the Master Servicer and
deposit by the Trustee into the Distribution Account shall be exclusive. In
the event that the Master Servicer shall remit any amount not required to be
remitted and not otherwise subject to withdrawal pursuant to Section 3.08
hereof, it may at any time direct the Trustee to withdraw such amount from the
Distribution Account, any provision herein to the contrary notwithstanding.
Such direction may be accomplished by delivering a written notice to the
Trustee that describes the amounts deposited in error in the Distribution
Account. All funds deposited in the Distribution Account shall be held by the
Trustee in trust for the Certificateholders until disbursed in accordance with
this Agreement or withdrawn in accordance with Section 3.08. In no event shall
the Trustee incur liability for withdrawals from the Distribution Account at
the direction of the Master Servicer.

          (d) [Reserved].

          (e) Each institution that maintains the Certificate Account or the
Distribution Account shall invest the funds in each such account, as directed
by the Master Servicer, in Permitted Investments, which shall mature not later
than (x) in the case of the Certificate Account, the second Business Day next
preceding the related Distribution Account Deposit Date (except that if such
Permitted Investment is an obligation of the institution that maintains such
Certificate Account, then such Permitted Investment shall mature not later
than the Business Day next preceding such Distribution Account Deposit Date)
and (y) in the case of the Distribution Account, the Business Day immediately
preceding the first Distribution Date that follows the date of such investment
(except that if such Permitted Investment is an obligation of the institution
that maintains such Distribution Account, then such Permitted Investment shall
mature not later than such Distribution Date), in each case, shall not be sold
or disposed of prior to its maturity. All such Permitted Investments shall be
made in the name of the Trustee, for the benefit of the Certificateholders. In
the case of the Certificate Account and the Distribution Account, all income
and gain net of any losses realized from any such investment shall be for the
benefit of the Master Servicer as servicing compensation and shall be remitted
to it monthly as provided herein. The amount of any losses incurred in the
Certificate Account or the Distribution Account in respect of any such
investments shall be deposited by the Master Servicer in the Certificate
Account or paid to the Trustee for deposit into the Distribution

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Account out of the Master Servicer's own funds immediately as realized. The
Trustee shall not be liable for the amount of any loss incurred in respect of
any investment or lack of investment of funds held in the Certificate Account
or the Distribution Account and made in accordance with this Section 3.05.

          (f) The Master Servicer shall give at least 30 days advance notice
to the Trustee, each Seller, each Rating Agency and the Depositor of any
proposed change of location of the Certificate Account prior to any change
thereof. The Trustee shall give at least 30 days advance notice to the Master
Servicer, each Seller, each Rating Agency and the Depositor of any proposed
change of the location of the Distribution Account or the Carryover Reserve
Fund prior to any change thereof.

          (g) Except as otherwise expressly provided in this Agreement, if any
default occurs under any Permitted Investment, the Trustee may and, subject to
Section 8.01 and 8.02(4), at the request of the Holders of Certificates
representing more than 50% of the Voting Rights or the NIM Insurer, shall take
any action appropriate to enforce payment or performance, including the
institution and prosecution of appropriate proceedings.

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

          To the extent required by the related Mortgage Note, the Master
Servicer shall establish and maintain one or more accounts (each, an "Escrow
Account") and deposit and retain therein all collections from the Mortgagors
(or advances by the Master Servicer) for the payment of taxes, assessments,
hazard insurance premiums or comparable items for the account of the
Mortgagors. Nothing herein shall require the Master Servicer to compel a
Mortgagor to establish an Escrow Account in violation of applicable law.

          Withdrawals of amounts so collected from the Escrow Accounts may be
made only to effect timely payment of taxes, assessments, hazard insurance
premiums, condominium or PUD association dues, or comparable items, to
reimburse the Master Servicer out of related collections for any payments made
pursuant to Sections 3.01 hereof (with respect to taxes and assessments and
insurance premiums) and 3.10 hereof (with respect to hazard insurance), to
refund to any Mortgagors any sums as may be determined to be overages, to pay
interest, if required by law or the terms of the related Mortgage or Mortgage
Note, to Mortgagors on balances in the Escrow Account or to clear and
terminate the Escrow Account at the termination of this Agreement in
accordance with Section 9.01 hereof. The Escrow Accounts shall not be a part
of the Trust Fund.

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

          The Master Servicer shall afford the Depositor, the NIM Insurer and
the Trustee reasonable access to all records and documentation regarding the
Mortgage Loans and all accounts, insurance policies and other matters relating
to this Agreement, such access being afforded without charge, but only upon
reasonable request and during normal business hours at the offices of the
Master Servicer designated by it. Upon request, the Master Servicer shall

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furnish to the Trustee and the NIM Insurer its most recent publicly available
financial statements and any other information relating to its capacity to
perform its obligations under this Agreement reasonably requested by the NIM
Insurer.

          Upon reasonable advance notice in writing if required by federal
regulation, the Master Servicer will provide to each Certificateholder or
Certificate Owner that is a savings and loan association, bank or insurance
company certain reports and reasonable access to information and documentation
regarding the Mortgage Loans sufficient to permit such Certificateholder or
Certificate Owner to comply with applicable regulations of the OTS or other
regulatory authorities with respect to investment in the Certificates;
provided that the Master Servicer shall be entitled to be reimbursed by each
such Certificateholder or Certificate Owner for actual expenses incurred by
the Master Servicer in providing such reports and access.

          Section 3.08 Permitted Withdrawals from the Certificate Account,
                       Distribution Account, Carryover Reserve Fund and the
                       Principal Reserve Fund.

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

               (i) to pay to the Master Servicer (to the extent not previously
          paid to or withheld by the Master Servicer), as servicing
          compensation in accordance with Section 3.15, that portion of any
          payment of interest that equals the Servicing Fee for the period
          with respect to which such interest payment was made, and, as
          additional servicing compensation to the Master Servicer, those
          other amounts set forth in Section 3.15;

               (ii) to reimburse each of the Master Servicer and the Trustee
          for Advances made by it with respect to the Mortgage Loans, such
          right of reimbursement pursuant to this subclause (ii) being limited
          to amounts received on particular Mortgage Loan(s) (including, for
          this purpose, Liquidation Proceeds, Insurance Proceeds and
          Subsequent Recoveries) that represent late recoveries of payments of
          principal and/or interest on such particular Mortgage Loan(s) in
          respect of which any such Advance was made;

               (iii) [Reserved];

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

               (v) to reimburse the Master Servicer from Insurance Proceeds
          for Insured Expenses covered by the related Insurance Policy;

               (vi) to pay the Master Servicer any unpaid Servicing Fees and
          to reimburse it for any unreimbursed Servicing Advances, the Master
          Servicer's right to reimbursement of Servicing Advances pursuant to
          this subclause (vi) with respect to any Mortgage Loan being limited
          to amounts received on particular Mortgage Loan(s) (including, for
          this purpose, Liquidation Proceeds, Insurance Proceeds and
          Subsequent Recoveries and purchase and repurchase proceeds) that

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          represent late recoveries of the payments for which such advances
          were made pursuant to Section 3.01 or Section 3.06;

               (vii) to pay to the applicable Seller, the Depositor or the
          Master Servicer, as applicable, with respect to each Mortgage Loan
          or property acquired in respect thereof that has been purchased
          pursuant to Section 2.02, 2.03, 2.04 or 3.12, all amounts received
          thereon and not taken into account in determining the related Stated
          Principal Balance of such repurchased Mortgage Loan;

               (viii) to reimburse the applicable Seller, the Master Servicer,
          the NIM Insurer or the Depositor for expenses incurred by any of
          them in connection with the Mortgage Loans or Certificates and
          reimbursable pursuant to Section 6.03 hereof; provided that such
          amount shall only be withdrawn following the withdrawal from the
          Certificate Account for deposit into the Distribution Account
          pursuant to the following paragraph;

               (ix) to pay any lender-paid primary mortgage insurance
          premiums;

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

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

          In addition, no later than ____ p.m. Pacific time on the
Distribution Account Deposit Date, the Master Servicer shall withdraw from the
Certificate Account and remit to the Trustee the Interest Remittance Amount
and Principal Remittance Amount for each Loan Subgroup, and the Trustee shall
deposit such amount in the Distribution Account

          The Trustee shall establish and maintain, on behalf of the
Certificateholders, a Principal Reserve Fund in the name of the Trustee. On
the Closing Date, CHL shall deposit into the Principal Reserve Fund
$_________. Funds on deposit in the Principal Reserve Fund shall not be
invested. The Principal Reserve Fund shall be treated as an "outside reserve
fund" under applicable Treasury regulations and shall not be part of any REMIC
created under this Agreement. Amounts on deposit in the Principal Reserve Fund
shall not be invested.

          On the Business Day before the _________ 200_ Distribution Date, the
Trustee shall transfer $_________ from the Principal Reserve Fund to the
Distribution Account the funds on deposit in the Principal Reserve Fund and
shall distribute such amount to the Certificates on the Distribution Date
pursuant to Section 4.04(b).

          On the Business Day before the Class [PF] Principal Distribution
Date, the Trustee shall transfer from the Principal Reserve Fund to the
Distribution Account $100.00 and shall distribute such amount to the Class
[PF] Certificates on the Class [PF] Principal Distribution Date. On the
Business Day before the Class [PV] Principal Distribution Date, the Trustee
shall transfer from the Principal Reserve Fund to the Distribution Account
$100.00 and shall distribute such amount to the Class [PV] Certificates on the
Class [PV] Principal

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Distribution Date. Following the distributions to be made in accordance with
the two preceding sentences, the Trustee shall then terminate the Principal
Reserve Fund.

          The Master Servicer shall keep and maintain separate accounting, on
a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Certificate Account pursuant to subclauses (i), (ii),
(iv), (v), (vi), (vii) and (viii) above. 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
Loan(s), and their respective portions of such Nonrecoverable Advance.

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

               (i) to pay the Trustee the Trustee Fee on each Distribution
          Date;

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

               (iii) to withdraw pursuant to Section 3.05 any amount deposited
          in the Distribution Account and not required to be deposited
          therein;

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

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

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

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          (c) The Trustee shall withdraw funds from the Carryover Reserve Fund
for distribution to the Certificateholders in the manner specified in this
Agreement (and to withhold from the amounts so withdrawn, the amount of any
taxes that it is authorized to retain pursuant to the penultimate paragraph of
Section 8.11). In addition, the Trustee may from time to time make withdrawals
from the Carryover Reserve Fund for the following purposes:

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

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

          Section 3.09 [Reserved]

          Section 3.10 Maintenance of Hazard Insurance.

          The Master Servicer shall cause to be maintained, for each Mortgage
Loan, hazard insurance with extended coverage in an amount that is at least
equal to the lesser of (i) the maximum insurable value of the improvements
securing such Mortgage Loan and (ii) the greater of (a) the outstanding
principal balance of the Mortgage Loan and (b) an amount such that the
proceeds of such policy shall be sufficient to prevent the related Mortgagor
and/or mortgagee from becoming a co-insurer. Each such policy of standard
hazard insurance shall contain, or have an accompanying endorsement that
contains, a standard mortgagee clause. The Master Servicer shall also cause
flood insurance to be maintained on property acquired upon foreclosure or deed
in lieu of foreclosure of any Mortgage Loan, to the extent described below.
Pursuant to Section 3.05 hereof, any amounts collected by the Master Servicer
under any such policies (other than the amounts to be applied to the
restoration or repair of the related Mortgaged Property or property thus
acquired or amounts released to the Mortgagor in accordance with the Master
Servicer's normal servicing procedures) shall be deposited in the Certificate
Account. Any cost incurred by the Master Servicer in maintaining any such
insurance shall not, for the purpose of calculating monthly distributions to
the Certificateholders or remittances to the Trustee for their benefit, be
added to the principal balance of the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan so permit. Such costs shall be recoverable by the
Master Servicer out of late payments by the related Mortgagor or out of
Liquidation Proceeds or Subsequent Recoveries to the extent permitted by
Section 3.08 hereof. It is understood and agreed that no earthquake or other
additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. If the Mortgaged Property is located at the
time of origination of the Mortgage Loan in a federally designated special
flood hazard area and such area is participating in the national flood
insurance program, the Master Servicer shall cause flood insurance to be
maintained with respect to such Mortgage Loan. Such flood insurance shall be
in an amount equal to the lesser of (i) the original principal balance of the
related Mortgage Loan, (ii) the replacement value of the improvements that are
part of such Mortgaged Property, or (iii) the maximum amount of such insurance
available for the related Mortgaged Property under the Flood Disaster
Protection Act of 1973, as amended.

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          Section 3.11 Enforcement of Due-On-Sale Clauses; Assumption
                       Agreements.

          (a) Except as otherwise provided in this Section 3.11(a), when any
property subject to a Mortgage has been or is about to be conveyed by the
Mortgagor, the Master Servicer shall to the extent that it has knowledge of
such conveyance, enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing, the Master Servicer is not required to exercise
such rights with respect to a Mortgage Loan if the Person to whom the related
Mortgaged Property has been conveyed or is proposed to be conveyed satisfies
the terms and conditions contained in the Mortgage Note and Mortgage related
thereto and the consent of the mortgagee under such Mortgage Note or Mortgage
is not otherwise so required under such Mortgage Note or Mortgage as a
condition to such transfer. In the event that the Master Servicer is
prohibited by law from enforcing any such due-on-sale clause, or if coverage
under any Required Insurance Policy would be adversely affected, or if
nonenforcement is otherwise permitted hereunder, the Master Servicer is
authorized, subject to Section 3.11(b), to take or enter into an assumption
and modification agreement from or with the person to whom such property has
been or is about to be conveyed, pursuant to which such person becomes liable
under the Mortgage Note and, unless prohibited by applicable state law, the
Mortgagor remains liable thereon, provided that the Mortgage Loan shall
continue to be covered (if so covered before the Master Servicer enters such
agreement) by the applicable Required Insurance Policies. The Master Servicer,
subject to Section 3.11(b), is also authorized with the prior approval of the
insurers under any Required Insurance Policies to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Mortgage Note. The Master Servicer shall notify the
Trustee that any such substitution, modification or assumption agreement has
been completed by forwarding to the Co-Trustee the executed original of such
substitution or assumption agreement, which document shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of
such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof.

          (b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.11(a) hereof, in any case in which
a Mortgaged Property has been conveyed to a Person by a Mortgagor, and such
Person is to enter into an assumption agreement or modification agreement or
supplement to the Mortgage Note or Mortgage that requires the signature of the
Trustee, or if an instrument of release signed by the Trustee is required
releasing the Mortgagor from liability on the Mortgage Loan, the Master
Servicer shall prepare and deliver or cause to be prepared and delivered to
the Trustee for signature and shall direct, in writing, the Trustee to execute
the assumption agreement with the Person to whom the Mortgaged Property is to
be conveyed and such modification agreement or supplement to the Mortgage Note
or Mortgage or other instruments as are reasonable or necessary to carry out
the terms of the Mortgage Note or Mortgage or otherwise to comply with any
applicable laws regarding assumptions or the transfer of the Mortgaged
Property to such Person. In connection with any such assumption, no material
term of the Mortgage Note (including, but not limited to, the Mortgage Rate,
the amount of the Scheduled Payment, the Maximum Mortgage Rate, the Minimum
Mortgage Rate, the Gross Margin, the Periodic Rate Cap, the Adjustment Date
and any other term affecting the amount or timing of payment on the Mortgage
Loan) may be

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changed. In addition, the substitute Mortgagor and the Mortgaged Property must
be acceptable to the Master Servicer in accordance with its underwriting
standards as then in effect. The Master Servicer shall notify the Trustee that
any such substitution or assumption agreement has been completed by forwarding
to the Trustee the original of such substitution or assumption agreement,
which in the case of the original shall be added to the related Mortgage File
and shall, for all purposes, be considered a part of such Mortgage File to the
same extent as all other documents and instruments constituting a part
thereof. Any fee collected by the Master Servicer for entering into an
assumption or substitution of liability agreement will be retained by the
Master Servicer as additional servicing compensation.

          Section 3.12 Realization Upon Defaulted Mortgage Loans;
                       Determination of Excess Proceeds and Realized Losses;
                       Repurchase of Certain Mortgage Loans.

          (a) The Master Servicer may agree to a modification of any Mortgage
Loan (the "Modified Mortgage Loan") if (i) the modification is in lieu of a
refinancing and (ii) the Mortgage Rate on the Modified Mortgage Loan is
approximately a prevailing market rate for newly-originated mortgage loans
having similar terms and (iii) the Master Servicer purchases the Modified
Mortgage Loan from the Trust Fund as described below. Effective immediately
after the modification, and, in any event, on the same Business Day on which
the modification occurs, all interest of the Trustee in the Modified Mortgage
Loan shall automatically be deemed transferred and assigned to the Master
Servicer and all benefits and burdens of ownership thereof, including the
right to accrued interest thereon from the date of modification and the risk
of default thereon, shall pass to the Master Servicer. The Master Servicer
shall promptly deliver to the Trustee a certification of a Servicing Officer
to the effect that all requirements of this paragraph have been satisfied with
respect to the Modified Mortgage Loan. For federal income tax purposes, the
Trustee shall account for such purchase as a prepayment in full of the
Modified Mortgage Loan. The Master Servicer shall deposit the Purchase Price
for any Modified Mortgage Loan in the Certificate Account pursuant to Section
3.05 within one Business Day after the purchase of the Modified Mortgage Loan.
Upon receipt by the Trustee of written notification of any such deposit signed
by a Servicing Officer, the Trustee shall release to the Master Servicer the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary
to vest in the Master Servicer any Modified Mortgage Loan previously
transferred and assigned pursuant hereto. The Master Servicer covenants and
agrees to indemnify the Trust Fund against any liability for any "prohibited
transaction" taxes and any related interest, additions, and penalties imposed
on the Trust Fund established hereunder as a result of any modification of a
Mortgage Loan effected pursuant to this subsection (b), any holding of a
Modified Mortgage Loan by the Trust Fund or any purchase of a Modified
Mortgage Loan by the Master Servicer (but such obligation shall not prevent
the Master Servicer or any other appropriate Person from in good faith
contesting any such tax in appropriate proceedings and shall not prevent the
Master Servicer from withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The Master Servicer shall have no
right of reimbursement for any amount paid pursuant to the foregoing
indemnification, except to the extent that the amount of any tax, interest,
and penalties, together with interest thereon, is refunded to the Trust Fund
or the Master Servicer. If the Master Servicer agrees to a modification of any
Mortgage Loan pursuant to this Section 3.12(a), and if such Mortgage Loan
carries a Prepayment Charge provision, the Master Servicer will deliver to

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the Trustee the amount of the Prepayment Charge, if any, that would have been
due had such Mortgage Loan been prepaid at the time of such modification, for
deposit into the Certificate Account (not later than ____ p.m. Pacific time on
the Master Servicer Advance Date immediately succeeding the date of such
modification) for distribution in accordance with the terms of this Agreement.

          (b) The Master Servicer shall use reasonable efforts to foreclose
upon or otherwise comparably convert the ownership of properties securing such
of the Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments.
In connection with such foreclosure or other conversion, the Master Servicer
shall follow such practices and procedures as it shall deem necessary or
advisable and as shall be normal and usual in its general mortgage servicing
activities and the requirements of the insurer under any Required Insurance
Policy; provided that the Master Servicer shall not be required to expend its
own funds in connection with any foreclosure or towards the restoration of any
property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan
after reimbursement to itself of such expenses and (ii) that such expenses
will be recoverable to it through Liquidation Proceeds (respecting which it
shall have priority for purposes of withdrawals from the Certificate Account
pursuant to Section 3.08 hereof). The Master Servicer shall be responsible for
all other costs and expenses incurred by it in any such proceedings; provided
that it shall be entitled to reimbursement thereof from the proceeds of
liquidation of the related Mortgaged Property and any related Subsequent
Recoveries, as contemplated in Section 3.08 hereof. If the Master Servicer has
knowledge that a Mortgaged Property that the Master Servicer is contemplating
acquiring in foreclosure or by deed-in-lieu of foreclosure is located within a
one-mile radius of any site with environmental or hazardous waste risks known
to the Master Servicer, the Master Servicer will, prior to acquiring the
Mortgaged Property, consider such risks and only take action in accordance
with its established environmental review procedures.

          With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee for the benefit of the
Certificateholders (or the Trustee's nominee on behalf of the
Certificateholders). The Trustee's name shall be placed on the title to such
REO Property solely as the Trustee hereunder and not in its individual
capacity. The Master Servicer shall ensure that the title to such REO Property
references this Agreement and the Trustee's capacity thereunder. Pursuant to
its efforts to sell such REO Property, the Master Servicer shall either itself
or through an agent selected by the Master Servicer protect and conserve such
REO Property in the same manner and to such extent as is customary in the
locality where such REO Property is located and may, incident to its
conservation and protection of the interests of the Certificateholders, rent
the same, or any part thereof, as the Master Servicer deems to be in the best
interest of the Master Servicer and the Certificateholders for the period
prior to the sale of such REO Property. The Master Servicer shall prepare for
and deliver to the Trustee a statement with respect to each REO Property that
has been rented showing the aggregate rental income received and all expenses
incurred in connection with the management and maintenance of such REO
Property at such times as is necessary to enable the Trustee to comply with
the reporting requirements of the REMIC Provisions. The net monthly rental
income, if any, from such REO Property shall be deposited in the Certificate
Account no later than the close of business on each Determination Date. The
Master Servicer shall perform the tax reporting and withholding related to
foreclosures, abandonments and cancellation of indebtedness income as
specified by

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Sections 1445, 6050J and 6050P of the Code by preparing and filing such tax
and information returns, as may be required.

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

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

          The Liquidation Proceeds from any liquidation of a Mortgage Loan and
any Subsequent Recoveries, net of any payment to the Master Servicer as
provided above, shall be deposited in the Certificate Account as provided in
Section 3.05 for distribution on the related Distribution Date, except that
any Excess Proceeds shall be retained by the Master Servicer as additional
servicing compensation.

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          The proceeds of any Liquidated Mortgage Loan, as well as any
recovery resulting from a partial collection of Liquidation Proceeds or any
income from an REO Property, will be applied in the following order of
priority: first, to reimburse the Master Servicer for any related unreimbursed
Servicing Advances and Servicing Fees, pursuant to Section 3.08(a)(vi) or this
Section 3.12; second, to reimburse the Master Servicer for any unreimbursed
Advances, pursuant to Section 3.08(a)(ii) or this Section 3.12; third, to
accrued and unpaid interest (to the extent no Advance has been made for such
amount) on the Mortgage Loan or related REO Property, at the Net Mortgage Rate
to the Due Date occurring in the month in which such amounts are required to
be distributed; and fourth, as a recovery of principal of the Mortgage Loan.

          (c) [Reserved]

          (d) The Master Servicer, in its sole discretion, shall have the
right to elect (by written notice sent to the Trustee) to purchase for its own
account from the Trust Fund any Mortgage Loan that is 150 days or more
delinquent at a price equal to the Purchase Price; provided, however, that the
Master Servicer may only exercise this right on or before the last day of the
calendar month in which such Mortgage Loan became 150 days delinquent (such
month, the "Eligible Repurchase Month"); provided further, that any such
Mortgage Loan which becomes current but thereafter becomes delinquent may be
purchased by the Master Servicer pursuant to this Section in any ensuing
Eligible Repurchase Month. The Purchase Price for any Mortgage Loan purchased
hereunder shall be deposited in the Certificate Account. Any purchase of a
Mortgage Loan pursuant to this Section 3.12(d) shall be accomplished by
remittance to the Master Servicer for deposit in the Certificate Account of
the Purchase Price. The Trustee, upon receipt of certification from the Master
Servicer of such deposit and a Request for File Release from the Master
Servicer, shall release or cause to be released to the purchaser of such
Mortgage Loan the related Mortgage File and shall execute and deliver such
instruments of transfer or assignment prepared by the purchaser of such
Mortgage Loan, in each case without recourse, as shall be necessary to vest in
the purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto
and the purchaser of such Mortgage Loan shall succeed to all the Trustee's
right, title and interest in and to such Mortgage Loan and all security and
documents related thereto. Such assignment shall be an assignment outright and
not for security. The purchaser of such Mortgage Loan shall thereupon own such
Mortgage Loan, and all security and documents, free of any further obligation
to the Trustee or the Certificateholders with respect thereto.

          Section 3.13 Co-Trustee to Cooperate; Release of Mortgage Files.

          Upon the payment in full of any Mortgage Loan, or the receipt by the
Master Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Master Servicer will promptly notify
the Co-Trustee by delivering a Request for File Release. Upon receipt of such
request, the Co-Trustee shall promptly release the related Mortgage File to
the Master Servicer, and the Co-Trustee shall at the Master Servicer's
direction execute and deliver to the Master Servicer the request for
reconveyance, deed of reconveyance or release or satisfaction of mortgage or
such instrument releasing the lien of the Mortgage in each case provided by
the Master Servicer, together with the Mortgage Note with written evidence of
cancellation thereon. The Master Servicer is authorized to cause the removal
from the registration on the MERS(R) System of such Mortgage and to execute
and deliver, on behalf of

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the Trust Fund and the Certificateholders or any of them, any and all
instruments of satisfaction or cancellation or of partial or full release. No
expenses incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Certificate Account, the Distribution
Account, the Carryover Reserve Fund or the related subservicing account. From
time to time and as shall be appropriate for the servicing or foreclosure of
any Mortgage Loan, including for such purpose, collection under any policy of
flood insurance any fidelity bond or errors or omissions policy, or for the
purposes of effecting a partial release of any Mortgaged Property from the
lien of the Mortgage or the making of any corrections to the Mortgage Note or
the Mortgage or any of the other documents included in the Mortgage File, the
Co-Trustee shall, upon delivery to the Co-Trustee of a Request for Document
Release or a Request for File Release, as applicable, release the document
specified in such request or the Mortgage File, as the case may be, to the
Master Servicer. Subject to the further limitations set forth below, the
Master Servicer shall cause the Mortgage File or documents so released to be
returned to the Co-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 Co-Trustee a Request for File Release for any remaining
documents in the Mortgage File not in the possession of the Master Servicer.

          If the Master Servicer at any time seeks to initiate a foreclosure
proceeding in respect of any Mortgaged Property as authorized by this
Agreement, the Master Servicer shall deliver or cause to be delivered to the
Trustee, for signature, as appropriate, any court pleadings, requests for
trustee's sale or other documents necessary to effectuate such foreclosure or
any legal action brought to obtain judgment against the Mortgagor on the
Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce
any other remedies or rights provided by the Mortgage Note or the Mortgage or
otherwise available at law or in equity. Notwithstanding the foregoing, the
Master Servicer shall cause possession of any Mortgage File or of the
documents therein that shall have been released by the Co-Trustee to be
returned to the Co-Trustee within 21 calendar days after possession thereof
shall have been released by the Co-Trustee unless (i) the Mortgage Loan has
been liquidated and the Liquidation Proceeds relating to the Mortgage Loan
have been deposited in the Certificate Account, and the Master Servicer shall
have delivered to the Co-Trustee a Request for File Release or (ii) the
Mortgage File or document shall have been delivered to an attorney or to a
public trustee or other public official as required by law for purposes of
initiating or pursuing legal action or other proceedings for the foreclosure
of the Mortgaged Property and the Master Servicer shall have delivered to the
Trustee an Officer's Certificate of a Servicing Officer certifying as to the
name and address of the Person to which the Mortgage File or the documents
therein were delivered and the purpose or purposes of such delivery.

          Section 3.14 Documents, Records and Funds in Possession of Master
                       Servicer to be Held for the Trustee.

          Notwithstanding any other provisions of this Agreement, the Master
Servicer shall transmit to the Co-Trustee as required by this Agreement all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the Master Servicer from time to time and shall account fully to
the Trustee for any funds received by the Master Servicer or that otherwise
are collected by the Master Servicer as Liquidation Proceeds, Insurance
Proceeds or Subsequent Recoveries in respect of any Mortgage Loan. All
Mortgage Files and funds

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<PAGE>

collected or held by, or under the control of, the Master Servicer in respect
of any Mortgage Loans, whether from the collection of principal and interest
payments or from Liquidation Proceeds or Subsequent Recoveries including but
not limited to, any funds on deposit in the Certificate Account, shall be held
by the Master Servicer for and on behalf of the Trust Fund and shall be and
remain the sole and exclusive property of the Trust Fund, subject to the
applicable provisions of this Agreement. The Master Servicer also agrees that
it shall not create, incur or subject any Mortgage File or any funds that are
deposited in the Certificate Account, the Distribution Account, the Carryover
Reserve Fund or in any Escrow Account (as defined in Section 3.06), or any
funds that otherwise are or may become due or payable to the Trustee for the
benefit of the Certificateholders, to any claim, lien, security interest,
judgment, levy, writ of attachment or other encumbrance, or assert by legal
action or otherwise any claim or right of set off against any Mortgage File or
any funds collected on, or in connection with, a Mortgage Loan, except,
however, that the Master Servicer shall be entitled to set off against and
deduct from any such funds any amounts that are properly due and payable to
the Master Servicer under this Agreement.

          Section 3.15 Servicing Compensation.

          As compensation for its activities hereunder, the Master Servicer
shall be entitled to retain or withdraw from the Certificate Account out of
each payment of interest on a Mortgage Loan included in the Trust Fund an
amount equal to interest at the applicable Servicing Fee Rate on the Stated
Principal Balance of the related Mortgage Loan for the period covered by such
interest payment.

          Additional servicing compensation in the form of any Excess
Proceeds, assumption fees, late payment charges, Prepayment Interest Excess,
and all income and gain net of any losses realized from Permitted Investments
shall be retained by the Master Servicer to the extent not required to be
deposited in the Certificate Account pursuant to Section 3.05 or 3.12(b)
hereof. The Master Servicer shall be required to pay all expenses incurred by
it in connection with its servicing activities hereunder (including payment of
any premiums for hazard insurance, as required by Section 3.10 hereof and
maintenance of the other forms of insurance coverage required by Section 3.10
hereof) and shall not be entitled to reimbursement therefor except as
specifically provided in Sections 3.08 and 3.12 hereof.

          Section 3.16 Access to Certain Documentation.

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

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          Section 3.17 Annual Statement as to Compliance.

          The Master Servicer shall deliver to the Depositor and the Trustee
on or before the 80th day after the end of the Master Servicer's fiscal year,
commencing with its 200_ fiscal year, an Officer's Certificate stating, as to
the signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year and of the performance of the Master
Servicer under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status thereof and (iii) to the best of such officer's
knowledge, each Subservicer has fulfilled all its obligations under its
Subservicing Agreement throughout such year, or, if there has been a default
in the fulfillment of any such obligation specifying each such default known
to such officer and the nature and status thereof. The Trustee shall forward a
copy of each such statement to each Rating Agency. Copies of such statement
shall be provided by the Trustee to any Certificateholder or Certificate Owner
upon request at the Master Servicer's expense, provided such statement is
delivered by the Master Servicer to the Trustee.

          Section 3.18 Annual Independent Public Accountants' Servicing
                       Statement; Financial Statements.

          On or before the later of (i) the 80th day after the end of the
Master Servicer's fiscal year, commencing with its 200_ fiscal year or (ii)
within 30 days of the issuance of the annual audited financial statements
beginning with the audit for the period ending in 200_, the Master Servicer at
its expense shall cause a nationally recognized firm of independent public
accountants (who may also render other services to the Master Servicer, CHL or
any affiliate thereof) that is a member of the American Institute of Certified
Public Accountants to furnish a report to the Trustee, the Depositor and CHL
in compliance with the Uniform Single Attestation Program for Mortgage
Bankers. Copies of such report shall be provided by the Trustee to any
Certificateholder or Certificate Owner upon request at the Master Servicer's
expense, provided such report is delivered by the Master Servicer to the
Trustee. Upon written request, the Master Servicer shall provide to the
Certificateholders or Certificate Owners its publicly available annual
financial statements (or the Master Servicer's parent company's publicly
available annual financial statements, as applicable), if any, promptly after
they become available.

          Section 3.19 The Corridor Contracts.

          CHL shall assign all of its right, title and interest in and to the
interest rate corridor transactions evidenced by the Corridor Contracts to,
and shall cause all of its obligations in respect of such transactions to be
assumed by, the Trustee on behalf of the Trust Fund, on the terms and
conditions set forth in each Corridor Contract Assignment Agreement. The
Corridor Contracts will be assets of the Trust Fund but will not be an asset
of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any
amounts received from time to time with respect to any Corridor Contract into
the Carryover Reserve Fund.

          The Master Servicer, on behalf of the Trustee, shall prepare and
deliver any notices required to be delivered under a Corridor Contract.

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

          Section 3.20 Prepayment Charges.

          (a) Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment in full or in part of a Mortgage Loan, the
Master Servicer may not waive any Prepayment Charge or portion thereof
required by the terms of the related Mortgage Note unless (i) such Mortgage
Loan is in default or the Master Servicer believes that such a default is
imminent, and the Master Servicer determines that such waiver would maximize
recovery of Liquidation Proceeds for such Mortgage Loan, taking into account
the value of such Prepayment Charge, or (ii) (A) the enforceability thereof is
limited (1) by bankruptcy, insolvency, moratorium, receivership, or other
similar law relating to creditors' rights generally or (2) due to acceleration
in connection with a foreclosure or other involuntary payment, or (B) the
enforceability is otherwise limited or prohibited by applicable law. In the
event of a Principal Prepayment in full or in part with respect to any
Mortgage Loan, the Master Servicer shall deliver to the Trustee an Officer's
Certificate substantially in the form of Exhibit T no later than the third
Business Day following the immediately succeeding Determination Date with a
copy to the Class P Certificateholders. If the Master Servicer has waived or
does not collect all or a portion of a Prepayment Charge relating to a
Principal Prepayment in full or in part due to any action or omission of the
Master Servicer, other than as provided above, the Master Servicer shall
deliver to the Trustee, together with the Principal Prepayment in full or in
part, the amount of such Prepayment Charge (or such portion thereof as had
been waived) for deposit into the Certificate Account (not later than ____
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) CHL represents and warrants to the Depositor and the Trustee, as
of the Closing Date, that the information in the Prepayment Charge Schedule
(including the attached prepayment charge summary) is complete and accurate in
all material respects at the dates as of which the information is furnished
and each Prepayment Charge is permissible and enforceable in accordance with
its terms under applicable state law, except as the enforceability thereof is
limited due to acceleration in connection with a foreclosure or other
involuntary payment.

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

                                 ARTICLE IV.
               DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

          Section 4.01 Advances; Remittance Reports.

          (a) Within two Business Days after each Determination Date, the
Master Servicer shall deliver to the Trustee by facsimile or electronic mail
(or by such other means as the Master Servicer and the Trustee, as the case
may be, may agree from time to time) a Remittance Report with respect to the
related Distribution Date. The Trustee shall not be responsible to recompute,
recalculate or verify any information provided to it by the Master Servicer.

          (b) Subject to the conditions of this Article IV, the Master
Servicer, as required below, shall make an Advance and deposit such Advance in
the Certificate Account. Each such Advance shall be remitted to the
Certificate Account no later than ___ p.m. Pacific time on the Master Servicer
Advance Date in immediately available funds. The Trustee will provide notice
to the Master Servicer by facsimile by the close of business on any Master
Servicer Advance Date in the event that the amount remitted by the Master
Servicer to the Trustee on the Distribution Account Deposit Date is less than
the Advances required to be made by the Master Servicer for such Distribution
Date. The Master Servicer shall be obligated to make any such Advance only to
the extent that such advance would not be a Nonrecoverable Advance. If the
Master Servicer shall have determined that it has made a Nonrecoverable
Advance or that a proposed Advance or a lesser portion of such Advance would
constitute a Nonrecoverable Advance, the Master Servicer shall deliver (i) to
the Trustee for the benefit of the Certificateholders funds constituting the
remaining portion of such Advance, if applicable,

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and (ii) to the Depositor, each Rating Agency and the Trustee an Officer's
Certificate setting forth the basis for such determination.

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

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

          (e) The Master Servicer shall, not later than the close of business
on the second Business Day immediately preceding each Distribution Date,
deliver to the Trustee a

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report (in form and substance reasonably satisfactory to the Trustee) that
indicates (i) the Mortgage Loans with respect to which the Master Servicer has
determined that the related Scheduled Payments should be advanced and (ii) the
amount of the related Scheduled Payments. The Master Servicer shall deliver to
the Trustee on the related Master Servicer Advance Date an Officer's
Certificate of a Servicing Officer indicating the amount of any proposed
Advance determined by the Master Servicer to be a Nonrecoverable Advance.

          Section 4.02 Reduction of Servicing Compensation in Connection with
                       Prepayment Interest Shortfalls.

          In the event that any Mortgage Loan is the subject of a Prepayment
Interest Shortfall, the Master Servicer shall remit any related Compensating
Interest as part of the related Interest Remittance Amount as provided in this
Agreement. The Master Servicer shall not be entitled to any recovery or
reimbursement for Compensating Interest from the Depositor, the Trustee,
either Seller, the Trust Fund or the Certificateholders.

          Section 4.03 [Reserved]

          Section 4.04 Distributions.

          (a) Distributions of Interest Funds For Loan Subgroup [F1] and Loan
Subgroup [F2]. On each Distribution Date, the Interest Funds for such
Distribution Date for each Loan Subgroup in the Fixed Rate Loan Group shall be
allocated from the Distribution Account in the following order of priority:

               (i) from Interest Funds for Loan Subgroup [F1] only, to the
          Class AF-[1A] Certificates, the Current Interest and Interest Carry
          Forward Amount for such Class and such Distribution Date,

               (ii) from Interest Funds for Loan Subgroup [F2] and the
          remaining Interest Funds from Loan Subgroup [F1], concurrently to
          each class of Class AF Certificates (other than the Class AF-[1A]
          Certificates), the Current Interest and Interest Carry Forward
          Amount for each such Class and such Distribution Date, pro rata,
          based on their respective entitlements,

               (iii) from remaining Interest Funds for both Loan Subgroup [F1]
          and Loan Subgroup [F2], sequentially:

                    (a) to the Class MF-[1] Certificates, the Current Interest
               for such Class and such Distribution Date,

                    (b) to the Class MF-[2] Certificates, the Current Interest
               for such Class and such Distribution Date,

                    (c) to the Class MF-[3] Certificates, the Current Interest
               for such Class and such Distribution Date,

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                    (d) to the Class BF Certificates, the Current Interest for
               such Class and such Distribution Date, and

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

          (b) Distributions of Interest Funds for the Loan Subgroups in the
Adjustable Rate Loan Group. On each Distribution Date, the Interest Funds for
such Distribution Date with respect to each Loan Subgroup in the Adjustable
Rate Loan Group shall be allocated by the Trustee from the Distribution
Account in the following order of priority:

               (i) concurrently:

                    (1) from Interest Funds from Loan Subgroup [A1],
               concurrently to the Class 1-AV-[1] and Class 1-AV-[2]
               Certificates, the Current Interest and Interest Carry Forward
               Amount for each such Class and such Distribution Date, pro
               rata, based on their respective entitlements,

                    (2) from Interest Funds from Loan Subgroup [A2] to the
               Class 2-AV-[1] Certificates, the Current Interest and Interest
               Carry Forward Amount for such Class and such Distribution Date,
               and

               (ii) from remaining interest funds for Loan Subgroup [A1] and
          Loan Subgroup [A2], sequentially:

                    (a) to the Class MV-[1] Certificates, the Current Interest
               for such Class and such Distribution Date

                    (b) to the Class MV-[2] Certificates, the Current Interest
               for such Class and such Distribution Date,

                    (c) to the Class MV-[3] Certificates, the Current Interest
               for such Class and such Distribution Date,

                    (d) to the Class BV Certificates, the Current Interest for
               such Class and such Distribution Date, and

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

          (c) On each Distribution Date, the Principal Distribution Amounts
for such Distribution Date with respect to Loan Subgroups in the Fixed Rate
Loan Group shall be allocated by the Trustee from the Distribution Account in
the following order of priority:

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

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

                    (B) to the Class AF Certificates in the order and
               priorities set forth in Section 4.04(d) below, until the
               Certificate Principal Balances thereof are reduced to zero,

                    (C) to the Class MF-[1] Certificates, until the
               Certificate Principal Balance thereof is reduced to zero,

                    (D) to the Class MF-[2] Certificates, until the
               Certificate Principal Balance thereof is reduced to zero,

                    (E) to the Class MF-[3] Certificates, until the
               Certificate Principal Balance thereof is reduced to zero,

                    (F) to the Class BF Certificates, until the Certificate
               Principal Balance thereof is reduced to zero, and

                    (G) any remainder, as part of Fixed Rate Loan Group Excess
               Cash Flow.

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

                    (A) to the Class AF Certificates in an amount up to the
               Class AF Principal Distribution Amount from each such Loan
               Subgroup, pro rata, based on the Principal Remittance Amount
               for each such Loan Subgroup in the order and priorities set
               forth in Section 4.04(d) below, until the Certificate Principal
               Balances thereof are reduced to zero,

                    (B) to the Class MF-[1] Certificates, the Class MF-[1]
               Principal Distribution Amount until the Certificate Principal
               Balance thereof is reduced to zero,

                    (C) to the Class MF-[2] Certificates, the Class MF-[2]
               Principal Distribution Amount until the Certificate Principal
               Balance thereof is reduced to zero,

                    (D) to the Class MF-[3] Certificates, the Class MF-[3]
               Principal Distribution Amount until the Certificate Principal
               Balance thereof is reduced to zero,

                    (E) to the Class BF Certificates, the Class BF Principal
               Distribution Amount until the Certificate Principal Balance
               thereof is reduced to zero, and

                    (F) any remainder, as part of Fixed Rate Loan Group Excess
               Cash Flow.

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          (d) On each Distribution Date, the Principal Distribution Amount or
the Class AF Principal Distribution Amount, as applicable, allocated under
Section 4.04(c) to the Class AF Certificates is required to be further
allocated by the Trustee to the Class AF Certificates in the following order
and priority:

                    (A) from the Principal Distribution Amount for Loan
               Subgroup [F1] and Loan Subgroup [F2], pro rata, based on the
               Principal Remittance Amount for each such Loan Subgroup, the
               NAS Principal Distribution Amount to the Class AF-_
               Certificates, until the Certificate Principal Balance thereof
               has been reduced to zero,

                    (B) from the remaining Principal Distribution Amounts for
               Loan Subgroup [F1] only, to the Class AF-[1A] Certificates
               until the Certificate Principal Balance thereof is reduced to
               zero, and

                    (C) from the remaining Principal Distribution Amounts from
               Loan Subgroup [F1] and Loan Subgroup [F2], sequentially in the
               following order:

                                    (i) to the Class AF-[1B] Certificates
                           until the Certificate Principal Balance thereof is
                           reduced to zero,

                                    (ii) to the Class AF-_ Certificates, until
                           the Certificate Principal Balance thereof has been
                           reduced to zero,

provided that, on any Distribution Date on which the aggregate Certificate
Principal Balance of the Class AF Certificates is greater than the Stated
Principal Balances of all Fixed Rate Mortgage Loans any Principal Distribution
Amount for Loan Subgroup [F1] and Loan Subgroup [F2] that is to be distributed
to the Class AF Certificates will be distributed concurrently on a pro rata
basis (based on Certificate Principal Balances thereof) and not sequentially.

          (e) On each Distribution Date, the Principal Distribution Amounts
for such Distribution Date with respect to the Loan Subgroups in the
Adjustable Rate Loan Group shall be allocated by the Trustee from the
Distribution Account in the following order of priority:

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

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                         (A) concurrently:

                         (i) from the Principal Distribution Amount for Loan
                    Subgroup [A1], pro rata based on the Certificate Principal
                    Balances thereof, concurrently to (I) the Class 1-AV-[1]
                    Certificates and (II) the Class 1-AV-[2] Certificates,
                    until the Certificate Principal Balances thereof are
                    reduced to zero,

                         (ii) from the Principal Distribution Amount for Loan
                    Subgroup [A2], to the Class 2-AV-[1] Certificates until
                    the Certificate Principal Balance thereof is reduced to
                    zero,

                         (B) from the Principal Distribution Amounts for Loan
                    Subgroup [A1] and Loan Subgroup [A2], sequentially:

                         (i) concurrently, pro rata based on the Certificate
                    Principal Balances after giving effect to payments
                    pursuant to clause (1)(A) above, to (I) the Class 1-AV-[1]
                    Certificates until the Certificate Principal Balance
                    thereof is reduced to zero, (II) the Class 1-AV-[2]
                    Certificates, until the Certificate Principal Balance
                    thereof is reduced to zero and (III) the Class 2-AV-[1]
                    Certificates, until the Certificate Principal Balance
                    thereof is reduced to zero.

                         (ii) to the Class MV-[1] Certificates, until the
                    Certificate Principal Balance thereof is reduced to zero,

                         (iii) to the Class MV-[2] Certificates, until the
                    Certificate Principal Balance thereof is reduced to zero,

                         (iv) to the Class MV-[3] Certificates, until the
                    Certificate Principal Balance thereof is reduced to zero,

                         (v)  to the Class BV Certificates, until the
                    Certificate Principal Balance thereof is reduced to zero,
                    and

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

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

                         (A) in an amount up to the Class AV Principal
                    Distribution Amount, pro rata based on the related Class
                    AV Principal Distribution Allocation Amount, concurrently,
                    to (I) the Class 1-AV-[1] Certificates and Class 1-AV-[2]
                    Certificates, pro rata based on the Certificate Principal
                    Balances thereof, up to the Class 1-AV Principal
                    Distribution Amount until the Certificate Principal
                    Balances thereof are reduced to zero and (II) the Class
                    2-AV-[1] Certificates in an amount up to the Class
                    2-AV-[1] Principal Distribution Amount until the
                    Certificate Principal Balance thereof is reduced to zero,

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<PAGE>

                    (B) to the Class MV-[1] Certificates, the Class MV-[1]
               Principal Distribution Amount until the Certificate Principal
               Balance thereof is reduced to zero,

                    (C) to the Class MV-[2] Certificates, the Class MV-[2]
               Principal Distribution Amount until the Certificate Principal
               Balance thereof is reduced to zero,

                    (D) to the Class MV-[3] Certificates, the Class MV-[3]
               Principal Distribution Amount until the Certificate Principal
               Balance thereof is reduced to zero,

                    (G) to the Class BV Certificates, the Class BV Principal
               Distribution Amount until the Certificate Principal Balance
               thereof is reduced to zero, and

                    (H) any remainder, as part of Adjustable Rate Loan Group
               Excess Cash Flow.

          (f) With respect to any Distribution Date, any Fixed Rate Loan Group
Excess Cashflow and, in the case of clauses 1, 3, 5, 7 and 9 below, any
amounts in the Credit Comeback Excess Account available for such Distribution
Date, shall be paid to the Classes of Certificates in the following order of
priority, in each case first to the extent of the remaining Credit Comeback
Excess Cashflow, if applicable, and second to the extent of the remaining
Fixed Rate Loan Group Excess Cashflow:

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

               (2) to the Class MF-[1] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

               (3) to the Class MF-[1] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (4) to the Class MF-[2] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

               (5) to the Class MF-[2] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (6) to the Class MF-[3] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

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<PAGE>

               (7) to the Class MF-[3] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (8) to the Class BF Certificateholders, in an amount equal to
          the Interest Carry Forward Amount for such Class and Distribution
          Date;

               (9) to the Class BF Certificateholders, in an amount equal to
          the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (10) to the Carryover Reserve Fund and from the Carryover
          Reserve Fund to each Class of Class AF Certificates and each Class
          of Fixed Rate Subordinate Certificates (in the case of the Class
          AF-[1B] Certificates and the Fixed Rate Subordinate Certificates,
          after application of amounts received under any applicable Corridor
          Contract to cover Net Rate Carryover), pro rata based on the
          Certificate Principal Balances thereof, to the extent needed to pay
          any Net Rate Carryover for each such Class; provided that any Excess
          Cashflow remaining after such allocation to pay Net Rate Carryover
          based on the Certificate Principal Balances of the Certificates will
          be distributed to each Class of Class AF Certificates and each Class
          of Fixed Rate Subordinate Certificates with respect to which there
          remains any unpaid Net Rate Carryover (after the distribution based
          on Certificate Principal Balances), pro rata, based on the amount of
          such unpaid Net Rate Carryover;

               (11) to the Certificateholders of the Class AV and the
          Adjustable Rate Subordinate Certificates then entitled to receive
          distributions in respect of principal, in an aggregate amount equal
          to the Extra Principal Distribution Amounts for Loan Subgroup [A1]
          and Loan Subgroup [A2] not otherwise paid to such Certificateholders
          from Adjustable Rate Loan Group Excess Cashflow pursuant to Section
          4.04(g)(1) below, payable to such holders as part of the Principal
          Distribution Amount pursuant to Section 4.04(e) above (and, for
          avoidance of doubt, if such Adjustable Rate Loan Group Excess
          Cashflow was not sufficient to pay such Extra Principal Distribution
          Amounts for Loan Subgroup [A1] and Loan Subgroup [A2] pursuant to
          Section 4.04(g)(1) below, measuring such Extra Principal
          Distribution Amounts for purposes of this clause (15) without giving
          effect the limitations in the definition of the Extra Principal
          Distribution Amount pursuant to clause (B)(a)(2) of the definition
          thereof),

               (12) to the Class MV-[1] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date remaining undistributed after application of the Adjustable
          Rate Loan Group Excess Cashflow for such Distribution Date;

               (13) to the Class MV-[2] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date remaining undistributed after application of the Adjustable
          Rate Loan Group Excess Cashflow for such Distribution Date;

               (14) to the Class MV-[3] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date remaining

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<PAGE>

          undistributed after application of the Adjustable Rate Loan Group
          Excess Cashflow for such Distribution Date;

               (15) to the Class BV Certificateholders, in an amount equal to
          the Unpaid Realized Loss Amount for such Class and Distribution Date
          remaining undistributed after application of the Adjustable Rate
          Loan Group Excess Cashflow for such Distribution Date;

               (16) to the to the Carryover Reserve Fund, in an amount equal
          to the Required Secondary Carryover Reserve Fund Deposit (after
          giving effect to other deposits and withdrawals therefrom on such
          Distribution Date without regard to any excess Corridor Contract
          proceeds);

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

               (18) to the Class A-R Certificates.

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

               (1) to the Certificateholders of the Class AV and the
          Adjustable Rate Subordinate Certificates then entitled to receive
          distributions in respect of principal, in an aggregate amount equal
          to the Extra Principal Distribution Amounts for the Loan Subgroups
          in the Adjustable Rate Loan Group, payable to such holders as part
          of the Principal Distribution Amount pursuant to Section 4.04(e)
          above;

               (2) to the Class MV-[1] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

               (3) to the Class MV-[1] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (4) to the Class MV-[2] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

               (5) to the Class MV-[2] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (6) to the Class MV-[3] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

               (7) to the Class MV-[3] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (8) to the Class BV Certificateholders, in an amount equal to
          the Interest Carry Forward Amount for such Class and Distribution
          Date;

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               (9) to the Class BV Certificateholders, in an amount equal to
          the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

               (10) to the Carryover Reserve Fund and from the Carryover
          Reserve Fund to each Class of Class AV Certificates and each Class
          of Adjustable Rate Subordinate Certificates (after application of
          amounts received under any applicable Corridor Contract to cover Net
          Rate Carryover), pro rata based on the Certificate Principal
          Balances thereof, to the extent needed to pay any Net Rate Carryover
          for each such Class; provided that any Excess Cashflow remaining
          after such allocation to pay Net Rate Carryover based on the
          Certificate Principal Balances of the Certificates will be
          distributed to each Class of Class AV Certificates and each Class of
          Adjustable Rate Subordinate Certificates with respect to which there
          remains any unpaid Net Rate Carryover (after the distribution based
          on Certificate Principal Balances), pro rata, based on the amount of
          such unpaid Net Rate Carryover;

               (11) to the Certificateholders of the Class AF and the Fixed
          Rate Subordinate Certificates then entitled to receive distributions
          in respect of principal, in an aggregate amount equal to the Extra
          Principal Distribution Amounts for Loan Subgroup [F1], and Loan
          Subgroup [F2], not otherwise paid to such Certificateholders from
          Fixed Rate Loan Group Excess Cashflow pursuant to Section 4.04(f)(1)
          above, payable to such holders as part of the Principal Distribution
          Amount pursuant to Section 4.04(c) above,

               (12) to the Class MF-[1] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date remaining undistributed after application of the Fixed Rate
          Loan Group Excess Cashflow for such Distribution Date;

               (13) to the Class MF-[2] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date remaining undistributed after application of the Fixed Rate
          Loan Group Excess Cashflow for such Distribution Date;

               (14) to the Class MF-[3] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date remaining undistributed after application of the Fixed Rate
          Loan Group Excess Cashflow for such Distribution Date;

               (15) to the Class BF Certificateholders, in an amount equal to
          the Unpaid Realized Loss Amount for such Class and Distribution Date
          remaining undistributed after application of the Fixed Rate Loan
          Group Excess Cashflow for such Distribution Date;

               (16) to the to the Carryover Reserve Fund, in an amount equal
          to the Required Secondary Carryover Reserve Fund Deposit (after
          giving effect to other deposits and withdrawals therefrom on such
          Distribution Date without regard to any excess Corridor Contract
          proceeds);

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<PAGE>

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

               (18) to the Class A-R Certificates

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

               (1) in the case of any such amounts received on the Class
          AF-[1B] and Fixed Rate Subordinate Corridor Contract, in the
          following order of priority: first, to the Class AF-[1B]
          Certificates, to the extent needed to pay any Net Rate Carryover for
          the Class AF-[1B] Certificates and, second, concurrently to each
          Class of Fixed Rate Subordinate Certificates, to the extent needed
          to pay any Net Rate Carryover, pro rata, based on the amount of such
          Net Rate Carryover for each such Class;

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

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

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

               (5) in the case of any such amounts received on the Adjustable
          Rate Subordinate Corridor Contract, sequentially to the Class
          MV-[1], Class MV-[2] and Class MV-[3] and Class BV Certificates to
          the extent needed to pay any Net Rate Carryover with respect to such
          Classes;

               (6) any remaining amounts to make any Required Secondary
          Carryover Reserve Fund Deposit (after all other deposits and
          withdrawals from the Carryover Reserve Fund on such Distribution
          Date, including the use of any available Fixed Rate Loan Group
          Excess Cashflow and Adjustable Rate Loan Group Excess Cashflow to
          make such Required Secondary Carryover Reserve Fund Deposit); and

               (7) any remaining amounts to (i) the holders of the Class [CF]
          Certificates, in the case of amounts received in respect of the
          Class AF-[1B] and Fixed Rate Subordinate Corridor Contract and (ii)
          the Class [CV] Certificates, in the case of amounts received in
          respect of the Class 1-AV-[1] Corridor Contract, the Class 1-AV-[2]
          Corridor Contract, the Class 2-AV-[1] Corridor Contract and the
          Adjustable Rate Subordinate Corridor Contract, unless a Corridor
          Contract is subject to early termination, in which case any early
          termination payments received on such Corridor Contract shall be
          deposited by the Trustee in the Carryover Reserve Fund to cover any
          Net Rate Carryover

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<PAGE>

          on the Certificates entitled thereto on future Distribution Dates
          until the applicable Corridor Contract Termination Date.

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

          (j) On each Distribution Date, all Prepayment Charges (including
amounts deposited in connection with the full or partial waiver of such
Prepayment Charges pursuant to Section 3.20) with respect to the Fixed Rate
Loan Group shall be allocated to the Class [PF] Certificates. On each
Distribution Date, all Prepayment Charges (including amounts deposited in
connection with the full or partial waiver of such Prepayment Charges pursuant
to Section 3.20) with respect to the Adjustable Rate Loan Group and all
Prepayment Charge Guaranty Payment Amounts shall be allocated to the Class
[PV] Certificates. On the Class [PF] Principal Distribution Date, the Trustee
shall make the $100.00 distribution to the Class [PF] Certificates as
specified in Section 3.08. On the Class [PV] Principal Distribution Date, the
Trustee shall make the $100.00 distribution to the Class [PV] Certificates as
specified in Section 3.08.

          (k) On each Distribution Date, the Trustee shall allocate the
Applied Realized Loss Amount for the Fixed Rate Loan Group to reduce the
Certificate Principal Balances of the Fixed Rate Subordinate Certificates in
the following order of priority:

               (1) to the Class BF Certificates until the Certificate
          Principal Balance thereof is reduced to zero;

               (2) to the Class MF-[3] Certificates until the Certificate
          Principal Balance thereof is reduced to zero;

               (3) to the Class MF-[2] Certificates until the Certificate
          Principal Balance thereof is reduced to zero; and

               (4) to the Class MF-[1] Certificates until the Certificate
          Principal Balance thereof is reduced to zero.

          (l) On each Distribution Date, the Trustee shall allocate the
Applied Realized Loss Amount for the Adjustable Rate Loan Group to reduce the
Certificate Principal Balances of the Adjustable Rate Subordinate Certificates
in the following order of priority:

               (1) to the Class BV Certificates until the Certificate
          Principal Balance thereof is reduced to zero;

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<PAGE>

               (2) to the Class MV-[3] Certificates until the Certificate
          Principal Balance thereof is reduced to zero;

               (3) to the Class MV-[2] Certificates until the Certificate
          Principal Balance thereof is reduced to zero; and

               (4) to the Class MV-[1] Certificates until the Certificate
          Principal Balance thereof is reduced to zero.

          (m) On each Distribution Date, the Trustee shall allocate the amount
of the Subsequent Recoveries for the Fixed Rate Loan Group, if any, to
increase the Certificate Principal Balances of the Fixed Rate Subordinate
Certificates to which Applied Realized Loss Amounts have been previously
allocated in the following order of priority:

               (1) to the Class MF-[1] Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class MF-[1]
          Certificates;

               (2) to the Class MF-[2] Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class MF-[2]
          Certificates;

               (3) to the Class MF-[3] Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class MF-[3]
          Certificates; and

               (4) to the Class BF Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class BF
          Certificates.

          (n) On each Distribution Date, the Trustee shall allocate the amount
of the Subsequent Recoveries for the Adjustable Rate Loan Group, if any, to
increase the Certificate Principal Balances of the Adjustable Rate Subordinate
Certificates to which Applied Realized Loss Amounts have been previously
allocated in the following order of priority:

               (1) to the Class MV-[1] Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class MV-[1]
          Certificates;

               (2) to the Class MV-[2] Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class MV-[2]
          Certificates;

               (3) to the Class MV-[3] Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class MV-[3]
          Certificates;

               (4) to the Class BV Certificates, but not by more than the
          amount of the Unpaid Realized Loss Amount of the Class BV
          Certificates;

          Holders of Certificates to which any Subsequent Recoveries have been
allocated shall not be entitled to any payment in respect of Current Interest
on the amount of such increases for any Accrual Period preceding the
Distribution Date on which such increase occurs.

                                     112
<PAGE>

          Subject to Section 9.02 hereof respecting the final distribution, on
each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire
transfer in immediately available funds to the account of such holder at a
bank or other entity having appropriate facilities therefor, if (i) such
Holder has so notified the Trustee at least 5 Business Days prior to the
related Record Date and (ii) such Holder shall hold Regular Certificates with
an aggregate initial Certificate Principal Balance of not less than
$[1,000,000] or evidencing a Percentage Interest aggregating [10]% or more
with respect to such Class or, if not, by check mailed by first class mail to
such Certificateholder at the address of such holder appearing in the
Certificate Register. Notwithstanding the foregoing, but subject to Section
9.02 hereof respecting the final distribution, distributions with respect to
Certificates registered in the name of a Depository shall be made to such
Depository in immediately available funds.

          On or before _____ p.m. Pacific time on the second Business Day
following each Determination Date, the Master Servicer shall deliver a report
to the Trustee (in the form of a computer readable magnetic tape or by such
other means as the Master Servicer and the Trustee may agree from time to
time) containing such data and information as agreed to by the Master Servicer
and the Trustee (including, without limitation, the actual mortgage rate for
each Credit Comeback Loan) such as to permit the Trustee to prepare the
Monthly Statement to Certificateholders and make the required distributions
for the related Distribution Date (the "Remittance Report"). The Trustee shall
not be responsible to recompute, recalculate or verify information provided to
it by the Master Servicer and shall be permitted to conclusively rely on any
information provided to it by the Master Servicer.

          Section 4.05 Monthly Statements to Certificateholders.

          (a) Not later than each Distribution Date, the Trustee shall prepare
and cause to be forwarded by first class mail to each Holder of a Class of
Certificates of the Trust Fund, the Master Servicer, each Seller and the
Depositor a statement setting forth for the Certificates:

               (1) the amount of the related distribution to Holders of each
          Class allocable to principal, separately identifying (A) the
          aggregate amount of any Principal Prepayments included therein and
          (B) the aggregate of all scheduled payments of principal included
          therein;

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

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

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

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

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<PAGE>

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

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

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

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

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

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

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

               (13) the total number and Stated Principal Balance of all
          Liquidated Mortgage Loans;

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

               (15) whether a Fixed Rate Trigger Event or an Adjustable Rate
          Trigger Event has occurred;

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

               (17) the aggregate amount of Mortgage Loans in which respect of
          which the Master Servicer has submitted claims under the Mortgage
          Insurance Policies and the aggregate amount of such claims;

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

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<PAGE>

               (19) the amount, if any, received under each Corridor Contract
          for such Distribution Date;

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

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

               (22) the amount claimed under the Guaranty immediately prior to
          such Distribution Date.

          (b) The Trustee's responsibility for disbursing the above
information to the Certificateholders is limited to the availability,
timeliness and accuracy of the information derived from the Master Servicer.
The Trustee shall send a copy of each statement provided pursuant to this
Section 4.05 to each Rating Agency and the NIM Insurer. The Trustee may make
the above information available to Certificateholders via the Trustee's
website at _______________________.

          (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at
any time during the calendar year was a Certificateholder, a statement
containing the information set forth in clauses (a)(1), (a)(2) and (a)(6) of
this Section 4.05 aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of
the Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trustee pursuant
to any requirements of the Code as from time to time in effect.

          (d) Upon filing with the Internal Revenue Service, the Trustee shall
furnish to the Holders of the Class A-R Certificates the Form 1066 and each
Form 1066Q and shall respond promptly to written requests made not more
frequently than quarterly by any Holder of Class A-R Certificates with respect
to the following matters:

               (1) The original projected principal and interest cash flows on
          the Closing Date on each related Class of regular and residual
          interests created hereunder and on the Mortgage Loans, based on the
          Prepayment Assumption;

               (2) The projected remaining principal and interest cash flows
          as of the end of any calendar quarter with respect to each related
          Class of regular and residual interests created hereunder and the
          Mortgage Loans, based on the Prepayment Assumption;

               (3) The applicable Prepayment Assumption and any interest rate
          assumptions used in determining the projected principal and interest
          cash flows described above;

               (4) The original issue discount (or, in the case of the
          Mortgage Loans, market discount) or premium accrued or amortized
          through the end of such calendar quarter with respect to each
          related Class of regular or residual interests created hereunder and
          to the Mortgage Loans, together with each constant yield to maturity
          used in computing the same;

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<PAGE>

               (5) The treatment of losses realized with respect to the
          Mortgage Loans or the regular interests created hereunder, including
          the timing and amount of any cancellation of indebtedness income of
          the related REMIC with respect to such regular interests or bad debt
          deductions claimed with respect to the Mortgage Loans;

               (6) The amount and timing of any non-interest expenses of the
          related REMIC; and

               (7) Any taxes (including penalties and interest) imposed on the
          related REMIC, including, without limitation, taxes on "prohibited
          transactions," "contributions" or "net income from foreclosure
          property" or state or local income or franchise taxes.

          The information pursuant to clauses (1), (2), (3) and (4) above
shall be provided by the Depositor pursuant to Section 8.11.

          Section 4.06 [Reserved]

          Section 4.07 [Reserved]

          Section 4.08 Carryover Reserve Fund.

          (a) On the Closing Date, the Trustee shall establish and maintain in
its name, in trust for the benefit of the Holders of the Certificates, the
Carryover Reserve Fund and shall deposit $[10,000] therein. The Carryover
Reserve Fund shall be an Eligible Account, and funds on deposit therein shall
be held separate and apart from, and shall not be commingled with, any other
moneys, including without limitation, other moneys held by the Trustee
pursuant to this Agreement.

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

          (c) Any amounts received on the Class AF-[1B] and Fixed Rate
Subordinate Corridor Contract, the Class 1-AV-[1] Corridor Contract, the Class
1-AV-[2] Corridor Contract, the Class 2-AV-[1] Corridor Contract and the
Adjustable Rate Subordinate Corridor Contract with respect to a Distribution
Date and remaining after the distributions required pursuant to Section
4.04(h)(1) through (6) and (ii), first, shall be used to make any Required
Secondary Carryover Reserve Fund Deposit (after all other deposits and
withdrawals from the Carryover Reserve Fund on such Distribution Date,
including the use of any available Excess Cashflow to make such Required
Secondary Carryover Reserve Fund Deposit), and second, shall be distributed
(i) in the case of any such amounts relating to the Class AF-[1B] and Fixed
Rate Subordinate Corridor Contract, to the Class [CF] Certificates, and (ii)
in the case of any such amounts relating to the Class 1-AV-[1] Corridor
Contract, the Class 1-AV-[2] Corridor Contract, the Class 2-AV-[1] Corridor
Contract and the Adjustable Rate Subordinate Corridor Contract, to the [CV]
Certificates; provided, however, that if the Class AF-[1B] and Fixed Rate
Subordinate Corridor Contract, the Class 1-AV-[1] Corridor Contract, the Class
1-AV-[2] Corridor Contract, the Class 2-AV-[1] Corridor Contract and the
Adjustable Rate Subordinate Corridor Contract is

                                     116
<PAGE>

subject to early termination, early termination payments received on such
Corridor Contract shall be deposited by the Trustee in the Carryover Reserve
Fund and withdrawn from the Carryover Reserve Fund to pay any Net Rate
Carryover for the applicable Classes of Certificates as provided in Section
4.04(h)(1) through (6) on the Distribution Dates following such termination to
and including the applicable Corridor Contract Termination Date, but such
early termination payments shall not be available for distribution to the
Class C Certificates on future Distribution Dates until the applicable
Corridor Contract Termination Date.

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

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

                                     117
<PAGE>

               (3) The Trustee shall not be liable for the amount of any loss
          incurred in respect of any investment or lack of investment of funds
          held in the Carryover Reserve Fund and made in accordance with this
          Section 4.08. The Carryover Reserve Fund will not constitute an
          asset of any REMIC created hereunder. The Class C Certificates shall
          evidence ownership of the Carryover Reserve Fund for federal tax
          purposes.

          Section 4.09 Credit Comeback Excess Account

          (a) On the Closing Date, the Trustee shall establish and maintain in
its name, in trust for the benefit of the Holders of the Certificates, the
Credit Comeback Excess Account. The Credit Comeback Excess Account shall be an
Eligible Account, and funds on deposit therein shall be held separate and
apart from, and shall not be commingled with, any other moneys, including
without limitation, other moneys held by the Trustee pursuant to this
Agreement.

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

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

          (d) The Trustee shall not be liable for the amount of any loss
incurred in respect of any investment or lack of investment of funds held in
the Credit Comeback Excess Account and made in accordance with this Section
4.09. The Credit Comeback Excess Account shall not constitute an asset of any
REMIC created hereunder. The Class CF Certificates shall evidence ownership of
the Credit Comeback Excess Account for federal tax purposes.

                                  ARTICLE V.
                               THE CERTIFICATES

          Section 5.01 The Certificates.

          The Certificates shall be substantially in the forms attached hereto
as Exhibits A-1 through A-18, Exhibits B-1 and B-2, Exhibits C-1 and C-2,
Exhibit D and Exhibit E. The Certificates shall be issuable in registered
form, in the minimum dollar denominations, integral

                                     118
<PAGE>

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

<TABLE>
<CAPTION>

                                          Minimum               Integral Multiples in           Original Certificate
            Class                       Denomination              Excess of Minimum               Principal Balance
-----------------------------------------------------------------------------------------------------------------------
<S>      <C>                            <C>                          <C>                           <C>
           AF-[1A]                       $[20,000]                    $[1,000]                      $___________
           AF-[1B]                       $[20,000]                    $[1,000]                      $___________
             AF-_                        $[20,000]                    $[1,000]                      $___________
             AF-_                        $[20,000]                    $[1,000]                      $___________
             AF-_                        $[20,000]                    $[1,000]                      $___________
             AF-_                        $[20,000]                    $[1,000]                      $___________
             AF-_                        $[20,000]                    $[1,000]                      $___________
            MF-[1]                       $[20,000]                    $[1,000]                      $___________
            MF-[2]                       $[20,000]                    $[1,000]                      $___________
            MF-[3]                       $[20,000]                    $[1,000]                      $___________
              BF                         $[20,000]                    $[1,000]                      $___________
           1-AV-[1]                      $[20,000]                    $[1,000]                      $___________
           1-AV-[2]                      $[20,000]                    $[1,000]                      $___________
           2-AV-[1]                      $[20,000]                    $[1,000]                      $___________
            MV-[1]                       $[20,000]                    $[1,000]                      $___________
            MV-[2]                       $[20,000]                    $[1,000]                      $___________
            MV-[3]                       $[20,000]                    $[1,000]                      $___________
             A-R                         $99.95(1)                       N/A                                $100
             [CF]                           N/A                          N/A                                 N/A
             [CV]                           N/A                          N/A                                 N/A
             [PF]                           N/A                          N/A                                $100
             [PV]                           N/A                          N/A                                $100

</TABLE>

(1)     The Tax Matters Person Certificate may be issued in a denomination of
        $0.05.

          The Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee by an authorized officer. Certificates bearing the
manual or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall
bind the Trustee, notwithstanding that such individuals or any of them have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such authentication
and delivery. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form set
forth as attached hereto executed by the Trustee by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication. On the Closing Date, the Trustee shall
authenticate the Certificates to be issued at the written direction of the
Depositor, or any affiliate thereof.

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

                                     119
<PAGE>

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

          (a) The Trustee shall maintain a Certificate Register for the Trust
Fund in which, subject to the provisions of subsections (b) and (c) below and
to such reasonable regulations as it may prescribe, the Trustee shall provide
for the registration of Certificates and of Transfers and exchanges of
Certificates as herein provided. Upon surrender for registration of Transfer
of any Certificate, the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates of the
same Class and of like aggregate Percentage Interest.

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

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

          All Certificates surrendered for registration of Transfer or
exchange shall be canceled and subsequently destroyed by the Trustee in
accordance with the Trustee's customary procedures.

          (b) No Transfer of a Private Certificate shall be made unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a transfer is to be made in reliance upon an exemption
from the Securities Act and such state securities laws, in order to assure
compliance with the Securities Act and such state securities laws, the
Certificateholder desiring to effect such Transfer and such
Certificateholder's prospective transferee shall each certify to the Trustee
in writing the facts surrounding the Transfer in substantially the forms set
forth in Exhibit J (the "Transferor Certificate") and (i) deliver a letter in
substantially the form of either Exhibit K (the "Investment Letter") or
Exhibit L (the "Rule 144A Letter") or (ii) there shall be delivered to the
Trustee at the expense of the Certificateholder desiring to effect such
transfer an Opinion of Counsel that such Transfer may be made pursuant to an
exemption from the Securities Act; provided, however, that in the case of the
delivery of an Investment Letter in connection with the transfer of any Class
C or Class P Certificate to a transferee that is formed with the purpose of
issuing notes backed by such Class C or Class P Certificate, as the case may
be, clause (b) and (c) of the form of Investment Letter shall not be
applicable and shall be deleted by such transferee. The Depositor shall
provide to any Holder of a Private Certificate and any prospective transferee
designated by any such Holder, information regarding the related

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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, the Co-Trustee and the Master Servicer shall cooperate with the
Depositor in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Depositor such information regarding the
Certificates, the Mortgage Loans and other matters regarding the Trust Fund as
the Depositor shall reasonably request to meet its obligation under the
preceding sentence. Each Holder of a Private Certificate desiring to effect
such Transfer shall, and does hereby agree to, indemnify the Trustee, the
Co-Trustee, the Depositor, the Trust Fund, each Seller, the Master Servicer
and the NIM Insurer against any liability that may result if the Transfer is
not so exempt or is not made in accordance with such federal and state laws.

          No Transfer of an ERISA-Restricted Certificate shall be made unless
the Trustee shall have received either (i) a representation from the
transferee of such Certificate acceptable to and in form and substance
satisfactory to the Trustee (in the event such Certificate is a Private
Certificate, such requirement is satisfied only by the Trustee's receipt of a
representation letter from the transferee substantially in the form of Exhibit
K or Exhibit L, or in the event such Certificate is a Residual Certificate,
such requirement is satisfied only by the Trustee's receipt of a
representation letter from the transferee substantially in the form of Exhibit
I), to the effect that (x) such transferee is not an employee benefit plan or
arrangement subject to Section 406 of ERISA or a plan or arrangement subject
to Section 4975 of the Code, or a Person acting on behalf of any such plan or
arrangement or using the assets of any such plan or arrangement, or (ii) in
the case of an ERISA-Restricted Certificate 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 of any such plan or arrangement or
any other person acting on behalf of any such plan or arrangement, an Opinion
of Counsel satisfactory to the Trustee to the effect that the purchase or
holding of such ERISA-Restricted Certificate will not result in a non-exempt
prohibited transaction under ERISA or the Code and will not subject the
Trustee to any obligation in addition to those expressly undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee.
For purposes of the preceding sentence, one of such representations, as
appropriate, shall be deemed to have been made to the Trustee by the
transferee's acceptance of an ERISA-Restricted Certificate (or the acceptance
by a Certificate Owner of the beneficial interest in any such Class of
ERISA-Restricted Certificates) unless the Trustee shall have received from the
transferee an Opinion of Counsel as described in clause (ii) or a
representation acceptable in form and substance to the Trustee.
Notwithstanding anything else to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate to or on behalf of an employee benefit plan
subject to Section 406 of ERISA or a plan subject to Section 4975 of the Code
without the delivery to the Trustee of an Opinion of Counsel satisfactory to
the Trustee meeting the requirements of clause (i) of the first sentence of
this paragraph as described above shall be void and of no effect. The

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Trustee shall be under no liability to any Person for any registration of
transfer of any ERISA-Restricted Certificate that is in fact not permitted by
this Section 5.02(b) or for making any payments due on such Certificate to the
Holder thereof or taking any other action with respect to such Holder under
the provisions of this Agreement so long as the Trustee, with respect to the
transfer of such Classes of Certificates, required delivery of such
certificates and other documentation or evidence as are expressly required by
the terms of this Agreement and examined such certificates and other
documentation or evidence to determine compliance as to form with the express
requirements hereof. The Trustee shall be entitled, but not obligated, to
recover from any Holder of any ERISA-Restricted Certificate that was in fact
an employee benefit plan or arrangement subject to Section 406 of ERISA or a
plan or arrangement subject to Section 4975 of the Code or a Person acting on
behalf of any such plan or arrangement at the time it became a Holder or, at
such subsequent time as it became such a plan or arrangement or Person acting
on behalf of such a plan or arrangement, all payments made on such
ERISA-Restricted Certificate at and after either such time. Any such payments
so recovered by the Trustee shall be paid and delivered by the Trustee to the
last preceding Holder of such Certificate that is not such a plan or
arrangement or Person acting on behalf of a plan or arrangement.

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

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

               (2) 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 or that such Transfer Affidavit is false.

               (4) Any attempted or purported Transfer of any Ownership
          Interest in a Class A-R Certificate in violation of the provisions
          of this Section 5.02(c) shall be absolutely null and void and shall
          vest no rights in the purported Transferee. If any purported
          transferee shall become a Holder of a Class A-R Certificate in
          violation of the provisions of this Section 5.02(c), then the last
          preceding Permitted Transferee shall be

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

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

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

          (d) The preparation and delivery of all affidavits, certifications
and opinions referred to above in this section 5.02 shall not be an expense of
the Trust Fund, the Trustee, the Depositor, either Seller or the Master
Servicer.

          Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

          If (a) any mutilated Certificate is surrendered to the Trustee, or
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate and of the ownership thereof and (b) there is
delivered to the Master Servicer and the Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of
notice to the Trustee that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like Class, tenor and Percentage Interest.

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In connection with the issuance of any new Certificate under this Section
5.03, the Trustee may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee) connected
therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership in the Trust
Fund, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time. All Certificates surrendered to the
Trustee under the terms of this Section 5.03 shall be canceled and destroyed
by the Trustee in accordance with its standard procedures without liability on
its part.

          Section 5.04 Persons Deemed Owners.

          The Master Servicer, the Trustee, the NIM Insurer and any agent of
the Master Servicer, the NIM Insurer or the Trustee may treat the person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions as provided in this Agreement and for
all other purposes whatsoever, and none of the Master Servicer, the Trustee or
the NIM Insurer or any agent of the Master Servicer, the Trustee or the NIM
Insurer shall be affected by any notice to the contrary.

          Section 5.05 Access to List of Certificateholders' Names and
Addresses.

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

          Section 5.06 Book-Entry Certificates.

          The Book-Entry Certificates, upon original issuance, shall be issued
in the form of one typewritten Certificate (or more than one, if required by
the Depository) for each Class of such Certificates, to be delivered to the
Depository by or on behalf of the Depositor. Such Certificates shall initially
be registered on the Certificate Register in the name of the Depository or its
nominee, and no Certificate Owner of such Certificates will receive a
definitive certificate representing such Certificate Owner's interest in such
Certificates, except as provided in Section 5.08. Unless and until definitive,
fully registered Certificates ("Definitive Certificates") have been issued to
the Certificate Owners of such Certificates pursuant to Section 5.08:

          (a) the provisions of this Section shall be in full force and
effect;

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          (b) the Depositor, the Sellers, the Master Servicer and the Trustee
may deal with the Depository and the Depository Participants for all purposes
(including the making of distributions) as the authorized representative of
the respective Certificate Owners of such Certificates;

          (c) registration of the Book-Entry Certificates may not be
transferred by the Trustee except to another Depository;

          (d) the rights of the respective Certificate Owners of such
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of such Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and
until Definitive Certificates are issued pursuant to Section 5.08, the
Depository will make book-entry transfers among the Depository Participants
and receive and transmit distributions of principal and interest on the
related Certificates to such Depository Participants;

          (e) the Depository may collect its usual and customary fees, charges
and expenses from its Depository Participants;

          (f) the Trustee may rely and shall be fully protected in relying
upon information furnished by the Depository with respect to its Depository
Participants; and

          (g) to the extent the provisions of this Section conflict with any
other provisions of this Agreement, the provisions of this Section shall
control.

          For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of,
Certificateholders evidencing a specified percentage of the aggregate unpaid
principal amount of any Class of Certificates, such direction or consent may
be given by Certificate Owners (acting through the Depository and the
Depository Participants) owning Book-Entry Certificates evidencing the
requisite percentage of principal amount of such Class of Certificates.

          Section 5.07 Notices to Depository.

          Whenever any notice or other communication is required to be given
to Certificateholders of the Class with respect to which Book-Entry
Certificates have been issued, unless and until Definitive Certificates shall
have been issued to the related Certificate Owners, the Trustee shall give all
such notices and communications to the Depository.

          Section 5.08 Definitive Certificates.

          If, after Book-Entry Certificates have been issued with respect to
any Certificates, (a) the Depositor advises the Trustee that the Depository is
no longer willing or able to discharge properly its responsibilities under the
Depository Agreement with respect to such Certificates and the Trustee or the
Depositor is unable to locate a qualified successor, or (b) after the
occurrence and continuation of an Event of Default, Certificate Owners of such
Book-Entry Certificates having not less than 51% of the Voting Rights
evidenced by any Class of Book-Entry Certificates advise the Trustee and the
Depository in writing through the Depository

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Participants that the continuation of a book-entry system with respect to
Certificates of such Class through the Depository (or its successor) is no
longer in the best interests of the Certificate Owners of such Class, then the
Trustee shall notify all Certificate Owners of such Certificates, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners of such Class requesting the
same. The Depositor shall provide the Trustee with an adequate inventory of
Certificates to facilitate the issuance and transfer of Definitive
Certificates. Upon surrender to the Trustee of any such Certificates by the
Depository, accompanied by registration instructions from the Depository for
registration, the Trustee shall authenticate and deliver such Definitive
Certificates. Neither the Depositor nor the Trustee shall be liable for any
delay in delivery of such instructions and each may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of such
Definitive Certificates, all references herein to obligations imposed upon or
to be performed by the Depository shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates and the Trustee shall recognize the Holders of such
Definitive Certificates as Certificateholders hereunder.

          Section 5.09 Maintenance of Office or Agency.

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

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

          Section 6.01 Respective Liabilities of the Depositor, the Master
                       Servicer and the Sellers.

          The Depositor, the Master Servicer and each Seller shall each be
liable in accordance herewith only to the extent of the obligations
specifically and respectively imposed upon and undertaken by them herein.

          Section 6.02 Merger or Consolidation of the Depositor, the Master
                       Servicer or the Sellers.

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

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partnership in each jurisdiction in which such qualification or registration
is or shall be necessary to protect the validity and enforceability of this
Agreement or any of the Mortgage Loans and to perform its duties under this
Agreement.

          Any Person into which the Depositor, the Master Servicer or either
Seller may be merged or consolidated, or any Person resulting from any merger
or consolidation to which the Depositor, the Master Servicer or either Seller
shall be a party, or any person succeeding to the business of the Depositor,
the Master Servicer or either Seller, shall be the successor of the Depositor,
the Master Servicer or such Seller, as the case may be, hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided that
the successor or surviving Person to the Master Servicer shall be qualified to
service mortgage loans on behalf of Fannie Mae and Freddie Mac.

          Section 6.03 Limitation on Liability of the Depositor, the Sellers,
                       the Master Servicer, the NIM Insurer and Others.

          None of the Depositor, the Sellers, the NIM Insurer or the Master
Servicer or any of the directors, officers, employees or agents of the
Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be under
any liability to the Trustee (except as provided in Section 8.05), the Trust
Fund or the Certificateholders for any action taken or for refraining from the
taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided that this provision shall not protect the Depositor, the
Sellers, the Master Servicer or any such Person against any breach of
representations or warranties made by it herein or protect the Depositor, the
Sellers, the Master Servicer or any such Person from any liability that would
otherwise be imposed by reasons of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. The Depositor, the Sellers, the NIM Insurer,
the Master Servicer and any director, officer, employee or agent of the
Depositor, the Sellers, the NIM Insurer or the Master Servicer may rely in
good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The
Depositor, the Sellers, the NIM Insurer, the Master Servicer and any director,
officer, employee or agent of the Depositor, the Sellers, the NIM Insurer or
the Master Servicer shall be indemnified by the Trust Fund and held harmless
against any loss, liability or expense incurred in connection with any audit,
controversy or judicial proceeding relating to a governmental taxing authority
or any legal action relating to this Agreement or the Certificates, other than
any loss, liability or expense related to any specific Mortgage Loan or
Mortgage Loans (except as any such loss, liability or expense shall be
otherwise reimbursable pursuant to this Agreement) and any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder. None of the Depositor, the
Sellers, the NIM Insurer or the Master Servicer shall be under any obligation
to appear in, prosecute or defend any legal action that is not incidental to
its respective duties hereunder and that in its opinion may involve it in any
expense or liability; provided that any of the Depositor, the Sellers, the NIM
Insurer or the Master Servicer may, in its discretion undertake any such
action that it may deem necessary or desirable in respect of this Agreement
and the rights and duties of the parties hereto and interests of the Trustee
and the Certificateholders hereunder. In such event, the legal expenses and
costs of such action and any

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liability resulting therefrom shall be, expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Sellers, the NIM Insurer and the Master
Servicer shall be entitled to be reimbursed therefor out of the Certificate
Account as provided by Section 3.08 hereof.

          Section 6.04 Limitation on Resignation of Master Servicer.

          The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (i) upon determination that its duties hereunder
are no longer permissible under applicable law or (ii) upon appointment of a
successor servicer that is reasonably acceptable to the Trustee and the NIM
Insurer and the written confirmation from each Rating Agency (which
confirmation shall be furnished to the Depositor, the Trustee and the NIM
Insurer) that such resignation will not cause such Rating Agency to reduce the
then current rating of the Certificates. Any such determination pursuant to
clause (i) of the preceding sentence permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered
to the Trustee. No resignation of the Master Servicer shall become effective
until the Trustee shall have assumed the Master Servicer's responsibilities,
duties, liabilities (other than those liabilities arising prior to the
appointment of such successor) and obligations under this Agreement.

          Section 6.05 Errors and Omissions Insurance; Fidelity Bonds.

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

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

                                 ARTICLE VII.
                    DEFAULT; TERMINATION OF MASTER SERVICER

          Section 7.01 Events of Default.

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

               (1) any failure by the Master Servicer to deposit in the
          Certificate Account or the Distribution Account or remit to the
          Trustee any payment (excluding a payment required to be made under
          Section 4.01 hereof) required to be made under the terms of

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

               (2) any failure by the Master Servicer to observe or perform in
          any material respect any other of the covenants or agreements on the
          part of the Master Servicer contained in this Agreement or any
          representation or warranty shall prove to be untrue, which failure
          or breach shall continue unremedied for a period of 60 days after
          the date on which written notice of such failure shall have been
          given to the Master Servicer by the Trustee, the NIM Insurer or the
          Depositor, or to the Trustee by the Holders of Certificates
          evidencing not less than 25% of the Voting Rights; provided that the
          sixty-day cure period shall not apply to the initial delivery of the
          Mortgage File for Delay Delivery Mortgage Loans nor the failure to
          repurchase or substitute in lieu thereof; or

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

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

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

               (6) the Master Servicer shall fail to reimburse in full the
          Trustee not later than [6:00] p.m. (New York time) on the Business
          Day following the related Distribution Date for any Advance made by
          the Trustee pursuant to Section 4.01(d) together with accrued and
          unpaid interest.

          If an Event of Default shall occur, then, and in each and every such
case, so long as such Event of Default shall not have been remedied, the
Trustee shall, but only at the direction of either the NIM Insurer or the
Holders of Certificates evidencing not less than 25% of the Voting Rights, by
notice in writing to the Master Servicer (with a copy to each Rating Agency),
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

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hereunder. On or after the receipt by the Master Servicer of such written
notice, all authority and power of the Master Servicer hereunder, whether with
respect to the Mortgage Loans or otherwise, shall pass to and be vested in the
Trustee. The Trustee shall thereupon make any Advance described in Section
4.01 hereof subject to Section 3.04 hereof. The Trustee is hereby authorized
and empowered to execute and deliver, on behalf of the Master Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the
transfer and endorsement or assignment of the Mortgage Loans and related
documents, or otherwise. Unless expressly provided in such written notice, no
such termination shall affect any obligation of the Master Servicer to pay
amounts owed pursuant to Article VIII. The Master Servicer agrees to cooperate
with the Trustee in effecting the termination of the Master Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee of all cash amounts which shall at the time be
credited to the Certificate Account, or thereafter be received with respect to
the Mortgage Loans. The Trustee shall promptly notify the Rating Agencies of
the occurrence of an Event of Default.

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

          Section 7.02 Trustee to Act; Appointment of Successor.

          On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 hereof, the Trustee shall, to the extent
provided in Section 3.04, be the successor to the Master Servicer in its
capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Master Servicer by the terms
and provisions hereof and applicable law including the obligation to make
advances pursuant to Section 4.01. As compensation therefor, the Trustee shall
be entitled to all fees, costs and expenses relating to the Mortgage Loans
that the Master Servicer would have been entitled to if the Master Servicer
had continued to act hereunder. Notwithstanding the foregoing, if the Trustee
has become the successor to the Master Servicer in accordance with Section
7.01 hereof, the Trustee may, if it shall be unwilling to so act, or shall, if
it is prohibited by applicable law from making Advances pursuant to Section
4.01 hereof or if it is otherwise unable to so act, (i) appoint any
established mortgage loan servicing institution reasonably acceptable to the
NIM Insurer (as evidenced by the prior written consent of the NIM Insurer), or
(ii) petition a court of competent jurisdiction to appoint any established
mortgage loan servicing institution, the appointment of which does not
adversely affect the then current rating of the Certificates and the NIM
Insurer guaranteed notes by each Rating Agency as the successor to the Master
Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder. Any
successor Master Servicer shall be an institution that is a Fannie Mae and
Freddie Mac approved seller/servicer in good standing, that has a net worth of
at least $15,000,000 and that is willing to service the Mortgage Loans and
executes and delivers to the Depositor and the Trustee an

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agreement accepting such delegation and assignment, that contains an
assumption by such Person of the rights, powers, duties, responsibilities,
obligations and liabilities of the Master Servicer (other than liabilities and
indemnities of the Master Servicer under Section 6.03 hereof incurred prior to
termination of the Master Servicer under Section 7.01), with like effect as if
originally named as a party to this Agreement; and provided further that each
Rating Agency acknowledges that its rating of the Certificates in effect
immediately prior to such assignment and delegation will not be qualified or
reduced as a result of such assignment and delegation. No appointment of a
successor to the Master Servicer hereunder shall be effective until the
Trustee shall have consented thereto, and written notice of such proposed
appointment shall have been provided by the Trustee to each Certificateholder.
The Trustee shall not resign as servicer until a successor servicer has been
appointed and has accepted such appointment. Pending appointment of a
successor to the Master Servicer hereunder, the Trustee, unless the Trustee is
prohibited by law from so acting, shall, subject to Section 3.04 hereof, act
in such capacity as herein above provided. In connection with such appointment
and assumption, the Trustee may make such arrangements for the compensation of
such successor out of payments on Mortgage Loans as it and such successor
shall agree; provided that no such compensation shall be in excess of that
permitted the Master Servicer hereunder. The Trustee and such successor shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. Neither the Trustee nor any other successor
servicer shall be deemed to be in default hereunder by reason of any failure
to make, or any delay in making, any distribution hereunder or any portion
thereof or any failure to perform, or any delay in performing, any duties or
responsibilities hereunder, in either case caused by the failure of the Master
Servicer to deliver or provide, or any delay in delivering or providing, any
cash, information, documents or records to it.

          Any successor to the Master Servicer as servicer shall give notice
to the NIM Insurer and the Mortgagors of such change of servicer and shall,
during the term of its service as servicer maintain in force the policy or
policies that the Master Servicer is required to maintain pursuant to Section
6.05.

          In connection with the termination or resignation of the Master
Servicer hereunder, either (i) the successor Master Servicer, including the
Trustee if the Trustee is acting as successor Master Servicer, shall represent
and warrant that it is a member of MERS in good standing and shall agree to
comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with
MERS, or (ii) the predecessor Master Servicer shall cooperate with the
successor Master Servicer in causing MERS to execute and deliver an assignment
of Mortgage in recordable form to transfer the Mortgage from MERS to the
Trustee and to execute and deliver such other notices, documents and other
instruments as may be necessary or desirable to effect a transfer of such
Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the
successor Master Servicer. The predecessor Master Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
successor Master Servicer shall cause such assignment to be delivered to the
Co-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.

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          Section 7.03 Notification to Certificateholders.

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

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

                                ARTICLE VIII.
                   CONCERNING THE TRUSTEE AND THE CO-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 (or the Co-Trustee, to the extent provided in this
Agreement) that are specifically required to be furnished pursuant to any
provision of this Agreement shall examine them to determine whether they
conform to the requirements of this Agreement, to the extent provided in this
Agreement. If any such instrument is found not to conform to the requirements
of this Agreement in a material manner, the Trustee shall take action as it
deems appropriate to have the instrument corrected.

          No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own grossly negligent action, its own gross
negligent failure to act or its own misconduct, its grossly negligent failure
to perform its obligations in compliance with this Agreement, or any liability
that would be imposed by reason of its willful misfeasance or bad faith;
provided that:

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

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               (2) the Trustee shall not be liable, individually or as
          Trustee, for an error of judgment made in good faith by a
          Responsible Officer or Responsible Officers of the Trustee, unless
          the Trustee was grossly negligent or acted in bad faith or with
          willful misfeasance;

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

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

          Section 8.02 Certain Matters Affecting the Trustee.

          (a) Except as otherwise provided in Section 8.01:

               (1) the Trustee may request and rely upon and shall be
          protected in acting or refraining from acting upon any resolution,
          Officer's Certificate, certificate of auditors or any other
          certificate, statement, instrument, opinion, report, notice,
          request, consent, order, appraisal, bond or other paper or document
          believed by it to be genuine and to have been signed or presented by
          the proper party or parties;

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

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

               (4) prior to the occurrence of an Event of Default hereunder
          and after the curing of all Events of Default that may have
          occurred, the Trustee shall not be bound to make any investigation
          into the facts or matters stated in any resolution, certificate,
          statement, instrument, opinion, report, notice, request, consent,
          order, approval, bond or other paper or document, unless requested
          in writing so to do by the NIM Insurer or the Holders of each Class
          of Certificates evidencing not less than 25% of the Voting Rights of
          such Class; provided, however, that if the payment within a
          reasonable time to the

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          Trustee of the costs, expenses or liabilities likely to be incurred
          by it in the making of such investigation is, in the opinion of the
          Trustee not reasonably assured to the Trustee by the NIM Insurer or
          such Certificateholders, the Trustee may require reasonable
          indemnity against such expense, or liability from the NIM Insurer or
          such Certificateholders as a condition to taking any such action;

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

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

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

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

               (9) the Trustee shall be under no obligation to exercise any of
          the trusts or powers vested in it by this Agreement or to make any
          investigation of matters arising hereunder or to institute, conduct
          or defend any litigation hereunder or in relation hereto at the
          request, order or direction of the NIM Insurer or any of the
          Certificateholders, pursuant to the provisions of this Agreement,
          unless the NIM Insurer or such Certificateholders, as applicable,
          shall have offered to the Trustee reasonable security or indemnity
          against the costs, expenses and liabilities that may be incurred
          therein or thereby.

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

          Section 8.03 Trustee Not Liable for Mortgage Loans.

          The recitals contained herein shall be taken as the statements of
the Depositor or the Master Servicer, as the case may be, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Agreement or of any
Mortgage Loan or related document or of MERS or the MERS(R) System other than
with respect to the Trustee's execution and authentication of the
Certificates. The Trustee shall not be accountable for the use or application
by the Depositor or the Master Servicer of any funds paid to the Depositor or
the Master Servicer in respect of the Mortgage

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Loans or deposited in or withdrawn from the Certificate Account by the
Depositor or the Master Servicer.

          Section 8.04 Trustee May Own Certificates.

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

          Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses.

          The Master Servicer covenants and agrees to pay or reimburse the
Trustee, upon its request, for all reasonable expenses, disbursements and
advances incurred or made by the Trustee on behalf of the Trust Fund in
accordance with any of the provisions of this Agreement (including, without
limitation: (A) the reasonable compensation and the expenses and disbursements
of its counsel, but only for representation of the Trustee acting in its
capacity as Trustee hereunder and (B) to the extent that the Trustee must
engage persons not regularly in its employ to perform acts or services on
behalf of the Trust Fund, which acts or services are not in the ordinary
course of the duties of a trustee, paying agent or certificate registrar, in
the absence of a breach or default by any party hereto, the reasonable
compensation, expenses and disbursements of such persons, except any such
expense, disbursement or advance as may arise from its negligence, bad faith
or willful misconduct). The Trustee and any director, officer, employee or
agent of the Trustee shall be indemnified by the Master Servicer and held
harmless against any loss, liability or expense (i) incurred in connection
with any legal action relating to this Agreement or the Certificates, or in
connection with the performance of any of the Trustee's duties hereunder,
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of any of the
Trustee's duties hereunder or by reason of reckless disregard of the Trustee's
obligations and duties hereunder and (ii) resulting from any error in any tax
or information return prepared by the Master Servicer. Such indemnity shall
survive the termination of this Agreement or the resignation or removal of the
Trustee hereunder.

          Section 8.06 Eligibility Requirements for Trustee.

          The Trustee hereunder shall, at all times, be a corporation or
association organized and doing business under the laws of a state or the
United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and with a
credit rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates below the ratings issued on
the Closing Date (or having provided such security from time to time as is
sufficient to avoid such reduction). If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.06 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.07 hereof. The corporation
or national banking association serving

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as Trustee may have normal banking and trust relationships with the Depositor,
the Sellers and the Master Servicer and their respective affiliates; provided
that such corporation cannot be an affiliate of the Master Servicer other than
the Trustee in its role as successor to the Master Servicer.

          Section 8.07 Resignation and Removal of Trustee.

          The Trustee may at any time resign and be discharged from the trusts
hereby created by (1) giving written notice of resignation to the Depositor
and the Master Servicer and by mailing notice of resignation by first class
mail, postage prepaid, to the Certificateholders at their addresses appearing
on the Certificate Register and each Rating Agency, not less than 60 days
before the date specified in such notice when, subject to Section 8.08, such
resignation is to take effect, and (2) acceptance of appointment by a
successor Trustee in accordance with Section 8.08 and meeting the
qualifications set forth in Section 8.06. If no successor Trustee shall have
been so appointed and have accepted appointment within 30 days after the
giving of such notice or resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

          If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 hereof and shall fail to resign
after written request thereto by the NIM Insurer or the Depositor, (ii) the
Trustee shall become incapable of acting, or shall be adjudged as bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by
any state in which the Trustee or the Trust Fund is located, (B) the
imposition of such tax would be avoided by the appointment of a different
trustee and (C) the Trustee fails to indemnify the Trust Fund against such
tax, then the Depositor, the NIM Insurer or the Master Servicer may remove the
Trustee and appoint a successor Trustee, reasonably acceptable to the NIM
Insurer, by written instrument, in triplicate, one copy of which instrument
shall be delivered to the Trustee, one copy of which shall be delivered to the
Master Servicer and one copy of which shall be delivered to the successor
Trustee.

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

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

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          Section 8.08 Successor Trustee.

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

          No successor Trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor Trustee
shall be eligible under the provisions of Section 8.06 hereof, is reasonably
acceptable to the NIM Insurer and its appointment shall not adversely affect
the then current ratings of the Certificates.

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

          Section 8.09 Merger or Consolidation of Trustee.

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

          Section 8.10 Appointment of Co-Trustee or Separate Trustee.

          Notwithstanding any other provisions of this Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Fund or property securing any Mortgage Note may at the
time be located, the Master Servicer and the Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee and reasonably acceptable to the NIM Insurer
to act as co-trustee or co-trustees jointly with the Trustee, or separate
trustee or separate trustees, of all or any part of the Trust Fund, and to
vest in such Person or Persons, in such capacity and for the benefit of the
Certificateholders, such title to the Trust Fund or any part thereof,
whichever is applicable, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master
Servicer and the Trustee may consider necessary or desirable. If the Master
Servicer shall not have joined in such appointment within 15 days after
receipt by it of a request to do so, or in the case an Event of Default shall
have occurred and be continuing, the Trustee shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a

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successor Trustee under Section 8.06 and no notice to Certificateholders of
the appointment of any co-trustee or separate trustee shall be required under
Section 8.08.

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

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

               (2) No trustee hereunder shall be held personally liable by
          reason of any act or omission of any other trustee hereunder; and

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

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

          Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor Trustee.

          Section 8.11 Tax Matters.

          It is intended that each REMIC created pursuant to the Preliminary
Statement shall constitute, and that the affairs of the Trust Fund shall be
conducted so that each REMIC created pursuant to the Preliminary Statement
qualifies as, a "real estate mortgage investment

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

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administrative adjustment as to any taxable year of any REMIC created
hereunder, enter into settlement agreements with any governmental taxing
agency, extend any statute of limitations relating to any tax item of the
Trust Fund, and otherwise act on behalf of any REMIC created hereunder in
relation to any tax matter involving any such REMIC.

          In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within 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 (and, to the extent not part of the
aforementioned, the information referred to in paragraphs (1), (2), (3) and
(4) of Section 4.05(d)). Thereafter, the Depositor shall provide to the
Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order
to enable the Trustee to perform its duties as set forth herein. The Depositor
hereby indemnifies the Trustee for any losses, liabilities, damages, claims or
expenses of the Trustee arising from any errors or miscalculations of the
Trustee that result from any failure of the Depositor to provide, or to cause
to be provided, accurate information or data to the Trustee on a timely basis.

          In the event that any tax is imposed on "prohibited transactions" of
the Trust Fund as defined in section 860F(a)(2) of the Code, on the "net
income from foreclosure property" of the Trust Fund as defined in section
860G(c) of the Code, on any contribution to the Trust Fund after the startup
day pursuant to section 860G(d) of the Code, or any other tax is imposed,
including, without limitation, any federal, state or local tax or minimum tax
imposed upon the Trust Fund pursuant to sections 23153 and 24872 of the
California Revenue and Taxation Code if not paid as otherwise provided for
herein, such tax shall be paid by (i) the Trustee, if any such other tax
arises out of or results from a breach by the Trustee of any of its
obligations under this Agreement, (ii) (x) the Master Servicer, in the case of
any such minimum tax, and (y) any party hereto (other than the Trustee) to the
extent any such other tax arises out of or results from a breach by such other
party of any of its obligations under this Agreement or (iii) in all other
cases, or in the event that any liable party here fails to honor its
obligations under the preceding clauses (i) or (ii), any such tax will be paid
first with amounts otherwise to be distributed to the Class A-R
Certificateholders, and second with amounts otherwise to be distributed to all
other Certificateholders in the same manner as if such tax were a Realized
Loss that occurred ratably within each Loan Subgroup. Notwithstanding anything
to the contrary contained herein, to the extent that such tax is payable by
the Class A-R Certificates, the Trustee is hereby authorized to retain on any
Distribution Date, from the Holders of the Class A-R Certificates (and, if
necessary, second, from the Holders of the all other Certificates in the
priority specified in the preceding sentence), funds otherwise distributable
to such Holders in an amount sufficient to pay such tax. The Trustee agrees to
promptly notify in writing the party liable for any such tax of the amount
thereof and the due date for the payment thereof.

          The Trustee shall treat the Carryover Reserve Fund as an outside
reserve fund within the meaning of Treasury Regulation 1.860G-2(h) that is
owned by the holders of the Class C Certificates, and that is not an asset of
any REMIC created hereunder. The Trustee shall treat the rights of the holders
of each Class of certificates (other than the Class AF-[1A], Class P and Class
A-R Certificates) to receive payments from the Carryover Reserve Fund as
rights in an

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interest rate corridor contract written by: (i) the Corridor Contract
Counterparty in respect of any Net Rate Carryover funded by the Corridor
Contract and in respect of any residual payments from such Corridor Contract
received by the Class C Certificates, and (ii) the holders of the Class C
Certificates in respect of (a) any monies distributed pursuant to Sections
4.04(f)(15) and 4.04(g)(14) herein, in favor of the other Certificateholders.
Thus, each Certificate (other than the Class AF-[1A], Class P and Class A-R
Certificates) shall be treated as representing ownership of not only an Master
REMIC regular interest, but also ownership of an interest in an interest rate
corridor contract. For purposes of determining the issue price of the Master
REMIC regular interests, the Trustee shall assume that the interest rate
corridor contracts in respect of the Class AF-[1B] and Fixed Rate Subordinate
Certificates, Class 1-AV-[1], Class 1-AV-[2], Class 2-AV-[1], and Adjustable
Rate Subordinate Certificates have values of $_______ , $_______ , $________,
$________ and $________ , respectively.

          Section 8.12 Co-Trustee.

          (a) The Co-Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments
furnished to the Co-Trustee that are specifically required to be furnished
pursuant to any provision of this Agreement shall examine them to determine
whether they conform to the requirements of this Agreement, to the extent
required by this Agreement. If any such instrument is found not to conform to
the requirements of this Agreement in a material manner, the Co-Trustee shall
take action as it deems appropriate to have the instrument corrected.

          (b) No provision of this Agreement shall be construed to relieve the
Co-Trustee from liability for its own grossly negligent action, its own gross
negligent failure to act or its own misconduct, its grossly negligent failure
to perform its obligations in compliance with this Agreement, or any liability
that would be imposed by reason of its willful misfeasance or bad faith;
provided that:

               (1) the duties and obligations of the Co-Trustee shall be
          determined solely by the express provisions of this Agreement with
          the exception of Section 8.10, the Co-Trustee shall not be liable,
          individually or as Co-Trustee, except for the performance of such
          duties and obligations as are specifically set forth in this
          Agreement, no implied covenants or obligations shall be read into
          this Agreement against the Co-Trustee and the Co-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 Co-Trustee and conforming to the
          requirements of this Agreement that it reasonably believed in good
          faith to be genuine and to have been duly executed by the proper
          authorities respecting any matters arising hereunder; and

               (2) the Co-Trustee shall not be liable, individually or as
          Co-Trustee, for an error of judgment made in good faith by a
          Responsible Officer or Responsible Officers of the Trustee, unless
          the Co-Trustee was grossly negligent or acted in bad faith or with
          willful misfeasance.

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          (c) Except as otherwise provided in paragraph (b) above:

               (1) the Co-Trustee may request and rely upon and shall be
          protected in acting or refraining from acting upon any resolution,
          Officer's Certificate, certificate of auditors or any other
          certificate, statement, instrument, opinion, report, notice,
          request, consent, order, appraisal, bond or other paper or document
          believed by it to be genuine and to have been signed or presented by
          the proper party or parties;

               (2) the Co-Trustee may consult with counsel and any Opinion of
          Counsel shall be full and complete authorization and protection in
          respect of any action taken or suffered or omitted by it hereunder
          in good faith and in accordance with such Opinion of Counsel;

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

               (4) the Co-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;

               (5) the Co-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; and

               (6) the Co-Trustee shall not be required to expend its own
          funds or otherwise incur any financial liability in the performance
          of any of its duties hereunder if it shall have reasonable grounds
          for believing that repayment of such funds or adequate indemnity
          against such liability is not assured to it.

          (d) The recitals contained herein shall be taken as the statements
of the Depositor or the Master Servicer, as the case may be, and the
Co-Trustee assumes no responsibility for their correctness. The Co-Trustee
makes no representations as to the validity or sufficiency of this Agreement
or of any Mortgage Loan or related document or of MERS or the MERS(R) System.
The Co-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.

          (e) The Co-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 Co-Trustee.

          (f) The Master Servicer covenants and agrees (i) to pay to the
Co-Trustee from time to time, and the Co-Trustee shall be entitled to, such
compensation as shall be agreed in writing by the Master Servicer and the
Co-Trustee (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust) for all services

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rendered by it in the execution of the trusts hereby created and in the
exercise and performance of any of the powers and duties hereunder of the
Co-Trustee and (ii) to pay or reimburse the Co-Trustee, upon its request, for
all reasonable expenses, disbursements and advances incurred or made by the
Co-Trustee on behalf of the Trust Fund in accordance with any of the
provisions of this Agreement (including, without limitation: (A) the
reasonable compensation and the expenses and disbursements of its counsel, but
only for representation of the Co-Trustee acting in its capacity as Co-Trustee
hereunder and (B) to the extent that the Co-Trustee must engage persons not
regularly in its employ to perform acts or services on behalf of the Trust
Fund, which acts or services are not in the ordinary course of the duties of a
trustee, paying agent or certificate registrar, in the absence of a breach or
default by any party hereto, the reasonable compensation, expenses and
disbursements of such persons, except any such expense, disbursement or
advance as may arise from its negligence, bad faith or willful misconduct).
The Co-Trustee and any director, officer, employee or agent of the Co-Trustee
shall be indemnified by the Master Servicer and held harmless against any
loss, liability or expense (i) incurred in connection with any legal action
relating to this Agreement or the Certificates, or in connection with the
performance of any of the Co-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 Co-Trustee's duties hereunder or
by reason of reckless disregard of the Co-Trustee's obligations and duties
hereunder and (ii) resulting from any error in any tax or information return
prepared by the Master Servicer. Such indemnity shall survive the termination
of this Agreement or the resignation or removal of the Co-Trustee hereunder.

          (g) The Co-Trustee hereunder shall, at all times, be a corporation
or association organized and doing business under the laws of a state or the
United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and with a
credit rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates below the ratings issued on
the Closing Date (or having provided such security from time to time as is
sufficient to avoid such reduction). If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.12 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 Co-Trustee shall cease to be eligible in accordance with
the provisions of this Section 8.12, the Co-Trustee shall resign immediately
in the manner and with the effect specified in paragraph (h) below. The
corporation or national banking association serving as Co-Trustee may have
normal banking and trust relationships with the Depositor, the Sellers and the
Master Servicer and their respective affiliates; provided that such
corporation cannot be an affiliate of the Master Servicer other than the
Trustee in its role as successor to the Master Servicer.

          (h) The Co-Trustee may at any time resign and be discharged from the
trusts hereby created by giving 30 days prior written notice of resignation to
the Trustee, the Depositor and the Master Servicer. Upon such resignation the
Trustee (x) may appoint a successor Co-Trustee meeting the requirements in
paragraph (g) above and acceptable to the Master Servicer and the NIM Insurer
(in their sole discretion), so long as such Co-Trustee executes and delivers
to the other parties hereto an instrument agreeing to be bound by the
provisions of this

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Agreement or (y) may if permitted by the Master Servicer (in its sole
discretion) assume the rights and duties of the resigning Co-Trustee so long
as the Trustee executes and delivers an instrument to that effect.

          Section 8.13 Access to Records of the Trustee.

          The Trustee and any Co-Trustee shall afford the Sellers, the
Depositor, the Master Servicer, the NIM Insurer and each Certificate Owner
upon reasonable notice during normal business hours access to all records
maintained by the Trustee or Co-Trustee in respect of its duties under this
Agreement and access to officers of the Trustee responsible for performing its
duties. Upon request, the Trustee or Co-Trustee shall furnish the Depositor,
the Master Servicer, the NIM Insurer and any requesting Certificate Owner with
its most recent financial statements. The Trustee shall cooperate fully with
the Sellers, the Master Servicer, the Depositor, the NIM Insurer and the
Certificate Owner for review and copying any books, documents, or records
requested with respect to the Trustee's and Co-Trustee's respective duties
under this Agreement. The Sellers, the Depositor, the Master Servicer and the
Certificate Owner shall not have any responsibility or liability for any
action for failure to act by the Trustee or Co-Trustee and are not obligated
to supervise the performance of the Trustee under this Agreement or otherwise.

          Section 8.14 Suits for Enforcement.

          If an Event of Default or other material default by the Master
Servicer or the Depositor under this Agreement occurs and is continuing, at
the direction of the Certificateholders holding not less than 51% of the
Voting Rights or the NIM Insurer, the Trustee shall proceed to protect and
enforce its rights and the rights of the Certificateholders or the NIM Insurer
under this Agreement by a suit, action, or proceeding in equity or at law or
otherwise, whether for the specific performance of any covenant or agreement
contained in this Agreement or in aid of the execution of any power granted in
this Agreement or for the enforcement of any other legal, equitable, or other
remedy, as the Trustee, being advised by counsel, and subject to the
foregoing, shall deem most effectual to protect and enforce any of the rights
of the Trustee, the NIM Insurer and the Certificateholders.

                                  ARTICLE IX.
                                  TERMINATION

          Section 9.01 Termination upon Liquidation or Repurchase of all
                       Mortgage Loans.

          Subject to Section 9.03, the Trust Fund shall terminate and the
obligations and responsibilities of the Depositor, the Master Servicer, the
Sellers, the Trustee and the Co-Trustee created hereby shall terminate upon
the earlier of (a) the purchase by the Master Servicer or NIM Insurer (the
party exercising such purchase option, the "Terminator") of all of the
Mortgage Loans (and REO Properties) remaining in the Trust Fund at the price
equal to the sum of (i) 100% of the Stated Principal Balance of each Mortgage
Loan in the Trust Fund (other than in respect of an REO Property), (ii)
accrued interest thereon at the applicable Mortgage Rate (or, if such
repurchase is effected by the Master Servicer, at the applicable Net Mortgage
Rate), (iii) the appraised value of any REO Property in the Trust Fund (up to
the Stated Principal Balance of the

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related Mortgage Loan), such appraisal to be conducted by an appraiser
mutually agreed upon by the Terminator and the Trustee and (iv) plus, if the
Terminator is the NIM Insurer, any unreimbursed Servicing Advances, and the
principal portion of any unreimbursed Advances, made on the Mortgage Loans
prior to the exercise of such repurchase and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the distribution to related Certificateholders of all
amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the Court of St. James's, living on the date hereof and (ii) the
Latest Possible Maturity Date.

          The right to purchase all Mortgage Loans and REO Properties by the
Terminator pursuant to clause (a) of the immediately preceding paragraph shall
be conditioned upon (1) the Stated Principal Balance of the Mortgage Loans, at
the time of any such repurchase, aggregating [ten percent (10%)] or less of
the Cut-off Date Principal Balance of the Mortgage Loans, and (2) unless the
NIM Insurer otherwise consents, the purchase price for such Mortgage Loans and
REO Properties shall result in a final distribution on any NIM Insurer
guaranteed notes that is sufficient (x) to pay such notes in full and (y) to
pay any amounts due and payable to the NIM Insurer pursuant to the indenture
related to such notes.

          The NIM Insurer's right to purchase all Mortgage Loans and REO
Properties shall be further conditioned upon the written consent of the Master
Servicer.

          Section 9.02 Final Distribution on the Certificates.

          If on any Determination Date, (i) the Master Servicer determines
that there are no Outstanding Mortgage Loans and no other funds or assets in
the Trust Fund other than the funds in the Certificate Account related to such
Loan Group, the Master Servicer shall direct the Trustee to send a final
distribution notice promptly to each related Certificateholder or (ii) the
Trustee determines that a Class of Certificates shall be retired after a final
distribution on such Class, the Trustee shall notify the related
Certificateholders within five (5) Business Days after such Determination Date
that the final distribution in retirement of such Class of Certificates is
scheduled to be made on the immediately following Distribution Date. Any final
distribution made pursuant to the immediately preceding sentence will be made
only upon presentation and surrender of the related Certificates at the
Corporate Trust Office of the Trustee. If the Terminator elects to terminate
pursuant to clause (a) of Section 9.01, at least 20 days prior to the date
notice is to be mailed to the affected Certificateholders, such electing party
shall notify the Depositor and the Trustee of the date such electing party
intends to terminate and of the applicable repurchase price of the related
Mortgage Loans and REO Properties.

          Notice of any termination, specifying the Distribution Date on which
related Certificateholders may surrender their Certificates for payment of the
final distribution and cancellation, shall be given promptly by the Trustee by
letter to related Certificateholders mailed not earlier than the 10th day and
no later than the 15th day of the month immediately preceding the month of
such final distribution. Any such notice shall specify (a) the Distribution
Date upon which final distribution on related Certificates will be made upon
presentation and surrender of

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

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

          Upon presentation and surrender of the Certificates, the Trustee
shall cause to be distributed to Certificateholders of each affected Class the
amounts allocable to such Certificates held in the Distribution Account (and,
if applicable, the Carryover Reserve Fund) in the order and priority set forth
in Section 4.04 hereof on the final Distribution Date and in proportion to
their respective Percentage Interests. Notwithstanding the reduction of the
Certificate Principal Balance of any Class of Certificates to zero, such Class
will be outstanding hereunder (solely for the purpose of receiving
distributions (if any) to which it may be entitled pursuant to the terms of
this Agreement and not for any other purpose) until the termination of the
respective obligations and responsibilities of the Depositor, each Seller, the
Master Servicer and the Trustee hereunder in accordance with Article IX.

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

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          Section 9.03 Additional Termination Requirements.

          (a) In the event the Terminator exercises its purchase option, the
Trust Fund shall be terminated in accordance with the following additional
requirements, unless the Trustee has been supplied with an Opinion of Counsel,
at the expense of the Terminator, to the effect that the failure of the Trust
Fund to comply with the requirements of this Section 9.03 will not (i) result
in the imposition of taxes on "prohibited transactions" of a REMIC, or (ii)
cause any REMIC created hereunder to fail to qualify as a REMIC at any time
that any Certificates are outstanding:

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

                (2) During such 90-day liquidation period, and at or prior to
the time of making the final payment on the Certificates, the Master Servicer
as agent of the Trustee shall sell all of the assets of the Trust Fund to the
Terminator for cash; and

                (3) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be
distributed or credited, to the Class A-R Certificateholders all cash on hand
(other than cash retained to meet claims) related to such Class of
Certificates, and the Trust Fund shall terminate at that time.

          (b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Master Servicer to specify the 90-day liquidation period
for the Trust Fund, which authorization shall be binding upon all successor
Certificateholders. The Trustee shall attach a statement to the final federal
income tax return for each of any REMIC created hereunder stating that
pursuant to Treasury Regulation Section 1.860F-1, the first day of the 90-day
liquidation period for each the REMIC was the date on which the Trustee sold
the assets of the Trust Fund to the Terminator.

          (c) The Trustee as agent for each REMIC created hereunder hereby
agrees to adopt and sign such a plan of complete liquidation upon the written
request of the Master Servicer, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1), and together with the Holders of the Class
A-R Certificates agree to take such other action in connection therewith as
may be reasonably requested by the Terminator.

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                                  ARTICLE X.

                           MISCELLANEOUS PROVISIONS

          Section 10.01 Amendment.

          This Agreement may be amended from time to time by the Depositor,
the Master Servicer, the Sellers the Co-Trustee and the Trustee with the
consent of the NIM Insurer, without the consent of any of the
Certificateholders to cure any ambiguity, to correct or supplement any
provisions herein, to conform this Agreement to the Prospectus Supplement or
the Prospectus or to make such other provisions with respect to matters or
questions arising under this Agreement, as shall not be inconsistent with any
other provisions herein if such action shall not, as evidenced by an Opinion
of Counsel, adversely affect in any material respect the interests of any
Certificateholder; provided that any such amendment shall be deemed not to
adversely affect in any material respect the interests of the
Certificateholders and no such Opinion of Counsel shall be required if the
Person requesting such amendment obtains a letter from each Rating Agency
stating that such amendment would not result in the downgrading or withdrawal
of the respective ratings then assigned to the Certificates, it being
understood and agreed that any such letter in and of itself will not represent
a determination as to the materiality of any such amendment and will represent
a determination only as to the credit issues affecting any such rating. Any
amendment described above made solely to conform this Agreement to the
Prospectus or the Prospectus Supplement shall be deemed not to adversely
affect in any material respect the interests of the Certificateholders.
Notwithstanding the foregoing, no amendment that significantly changes the
permitted activities of the trust created by this Agreement may be made
without the consent of Certificateholders representing not less than 51% of
the Voting Rights of each Class of Certificates affected by such amendment.

          The Trustee, the Co-Trustee, the Depositor, the Master Servicer and
the Sellers with the consent of the NIM Insurer may also at any time and from
time to time amend this Agreement, without the consent of the
Certificateholders, to modify, eliminate or add to any of its provisions to
such extent as shall be necessary or appropriate to maintain the qualification
of the Trust Fund as a REMIC under the Code or to avoid or minimize the risk
of the imposition of any tax on the Trust Fund pursuant to the Code that would
be a claim against the Trust Fund at any time prior to the final redemption of
the Certificates, provided that the Trustee have been provided an Opinion of
Counsel, which opinion shall be an expense of the party requesting such
opinion but in any case shall not be an expense of the Trustee, to the effect
that such action is necessary or appropriate to maintain such qualification or
to avoid or minimize the risk of the imposition of such a tax.

          This Agreement may also be amended from time to time by the
Depositor, the Master Servicer, the Sellers, the Co-Trustee and the Trustee
with the consent of the NIM Insurer and the Holders of each Class of
Certificates affected thereby evidencing not less than 51% of the Voting
Rights of such Class for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Holders of Certificates; provided
that no such amendment shall (i) reduce in any manner the amount of, or delay
the timing of, payments required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any

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material respect the interests of the Holders of any Class of Certificates in
a manner other than as described in (i), without the consent of the Holders of
Certificates of such Class evidencing 66% or more of the Voting Rights of such
Class, or (iii) reduce the aforesaid percentages of Certificates the Holders
of which are required to consent to any such amendment without the consent of
the Holders of all such Certificates then outstanding.

          Notwithstanding any contrary provision of this Agreement, Trustee
and the NIM Insurer shall not consent to any amendment to this Agreement
unless each shall have first received an Opinion of Counsel satisfactory to
the Trustee and the NIM Insurer, which opinion shall be an expense of the
party requesting such amendment but in any case shall not be an expense of the
Trustee or the NIM Insurer, to the effect that such amendment will not cause
the imposition of any tax on the Trust Fund or the Certificateholders or cause
any REMIC formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding.

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

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

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

          Section 10.02 Recordation of Agreement; Counterparts.

          This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or
elsewhere, such recordation to be effected by the Master Servicer at its
expense.

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

          Section 10.03 Governing Law.

          THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK

                                     149
<PAGE>

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

          Section 10.04 Intention of Parties.

          It is the express intent of the parties hereto that the conveyance
of the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Depositor to the Trustee be, and be construed as, an absolute sale thereof to
the Trustee. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Depositor to the Trustee.
However, in the event that, notwithstanding the intent of the parties, such
assets are held to be the property of the Depositor, or if for any other
reason this Agreement is held or deemed to create a security interest in such
assets, then (i) this Agreement shall be deemed to be a security agreement
(within the meaning of the Uniform Commercial Code of the State of New York)
with respect to all such assets and security interests and (ii) the conveyance
provided for in this Agreement shall be deemed to be an assignment and a grant
pursuant to the terms of this Agreement by the Depositor to the Trustee, for
the benefit of the Certificateholders, of a security interest in all of the
assets that constitute the Trust Fund, whether now owned or hereafter
acquired.

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

          Section 10.05 Notices.

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

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

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

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

               (4) The repurchase or substitution of Mortgage Loans pursuant
          to Sections 2.02, 2.03, 2.04 and 3.12; and

               (5) The final payment to Certificateholders.

                                     150
<PAGE>

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

               (6) Each report to Certificateholders described in Section
          4.05;

               (7) Each annual statement as to compliance described in Section
          3.17; and

               (8) Each annual independent public accountants' servicing
          report described in Section 3.18.

          (b) All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when sent by facsimile
transmission, first class mail or delivered to (i) in the case of the
Depositor, CWHEQ, Inc., [4500 Park Granada, Calabasas, California 91302,
facsimile number: (818) 225-4053, Attention: ______________, or such other
address as may be hereafter furnished to the Sellers, the Master Servicer and
the Trustee by the Depositor in writing; (ii) in the case of CHL, Countrywide
Home Loans, Inc., 4500 Park Granada, Calabasas, California 91302, facsimile
number (818) 225-4053, Attention: ______________, or such other address as may
be hereafter furnished to the Depositor, the Master Servicer and the Trustee
by the Sellers in writing; (iii) in the case of the Liquidity Trust,
[Countrywide LFT LLC], 4500 Park Granada, Calabasas, California 91302,
facsimile number (818) 225-4028, Attention: ______________, or such other
address as may be hereafter furnished to the Depositor, the Master Servicer
and the Trustee by the Sellers in writing; (iv) in the case of the Master
Servicer, [Countrywide Home Loans Servicing LP], 7105 Corporate Drive, Plano,
Texas 75024, facsimile number (805) 520-5623, Attention: ______________ or
such other address as may be hereafter furnished to the Depositor, the Sellers
and the Trustee by the Master Servicer in writing; (v) in the case of the
Trustee, _____________________, __________________________, Attention:
_____________________ CWHEQ, Series 200_-_, or such other address as the
Trustee may hereafter furnish to the Depositor or the Master Servicer; ; (vi)
in the case of the Co-Trustee, ____________________, __________________,
Attention: ________________, or such other address as the Co-Trustee may be
hereafter furnished to the Depositor, the Master Servicer and the Trustee; and
(vii) in the case of the Rating Agencies, (x) __________________, Attention:
________________, __________________________ and (y) __________________,
Attention: __________________________. Notices to Certificateholders shall be
deemed given when mailed, first postage prepaid, to their respective addresses
appearing in the Certificate Register.

          Section 10.06 Severability of Provisions.

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

                                     151
<PAGE>

          Section 10.07 Assignment.

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

          Section 10.08 Limitation on Rights of Certificateholders.

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

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

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

          Section 10.09 Inspection and Audit Rights.

          The Master Servicer agrees that, on reasonable prior notice, it will
permit any representative of the Depositor, either Seller, the NIM Insurer or
the Trustee during the Master Servicer's normal business hours, to examine all
the books of account, records, reports and other

                                     152
<PAGE>

papers of the Master Servicer relating to the Mortgage Loans, to make copies
and extracts therefrom, to cause such books to be audited by independent
certified public accountants selected by the Depositor, a Seller, the NIM
Insurer or the Trustee and to discuss its affairs, finances and accounts
relating to the Mortgage Loans with its officers, employees and independent
public accountants (and by this provision the Master Servicer hereby
authorizes such accountants to discuss with such representative such affairs,
finances and accounts), all at such reasonable times and as often as may be
reasonably requested. Any out-of-pocket expense incident to the exercise by
the Depositor, either Seller, the NIM Insurer or the Trustee of any right
under this Section 10.09 shall be borne by the party requesting such
inspection; all other such expenses shall be borne by the Master Servicer.

          Section 10.10 Certificates Nonassessable and Fully Paid.

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

          Section 10.11 Rights of NIM Insurer.

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

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

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

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

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

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

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

                                     153
<PAGE>

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

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

                                     154
<PAGE>

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

                                 CWHEQ, INC.,
                                     as Depositor

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

                                 [COUNTRYWIDE HOME LOANS, INC.],
                                     as Seller

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

                                 [COUNTRYWIDE LFT LLC],
                                     as Seller

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

                                 [COUNTRYWIDE HOME LOANS SERVICING LP],
                                     as Master Servicer

                                 By:  [COUNTRYWIDE GP, INC.]

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

<PAGE>

                                 ----------------------------,
                                 as Trustee

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

                                 ----------------------------,
                                 as Co-Trustee

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

                                 ----------------------------,
                                 (solely with respect to its obligations under
                                 Section 4.01(d))

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

<PAGE>

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

          On this ___ day of _______________, 200_, before me, a notary public
in and for said State, appeared ____________, personally known to me on the
basis of satisfactory evidence to be the ______________________ of
[Countrywide Home Loans, Inc.], one of the corporations that executed the
within instrument, and also known to me to be the person who executed it on
behalf of such corporation and acknowledged to me that such corporation
executed the within instrument.

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

                                        --------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

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

          On this ___ day of _______________, 200_, before me, a notary public
in and for said State, appeared ________________, personally known to me on
the basis of satisfactory evidence to be the _______________ of [Countrywide
GP, Inc., the parent company of Countrywide Home Loans Servicing LP], one of
the organizations that executed the within instrument, and also known to me to
be the person who executed it on behalf of such limited partnership and
acknowledged to me that such limited partnership executed the within
instrument.

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

                                        --------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

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

          On this ___ day of _______________, 200_, before me, a notary public
in and for said State, appeared ________________, personally known to me on
the basis of satisfactory evidence to be the ______________ of CWHEQ, Inc.,
one of the corporations that executed the within instrument, and also known to
me to be the person who executed it on behalf of such corporation and
acknowledged to me that such corporation executed the within instrument.

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

                                        --------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

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

          On this ___ day of _______________, 200_, before me, a notary public
in and for said State, appeared ______________, personally known to me on the
basis of satisfactory evidence to be the _________________ of [Countrywide LFT
LLC], one of the corporations that executed the within instrument, and also
known to me to be the person who executed it on behalf of such corporation and
acknowledged to me that such corporation executed the within instrument.

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

                                        --------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF                    )
                            )    ss.:
COUNTY OF                   )

               On this ___ day of _______________, 200_, before me, a notary
          public in and for said State, appeared ________________, personally
          known to me on the basis of satisfactory evidence to be a
          ________________ of _______________________, a ________________ that
          executed the within instrument, and also known to me to be the
          person who executed it on behalf of such corporation, and
          acknowledged to me that such corporation executed the within
          instrument.

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

                                        --------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF                    )
                            )    ss.:
COUNTY OF                   )

               On this ___ day of _______________, 200_, a notary public in
          and for said State, appeared ________________, personally known to
          me on the basis of satisfactory evidence to be a ________________ of
          ____________________, one of the corporations that executed the
          within instrument, and also known to me to be the person who
          executed it on behalf of such corporation and acknowledged to me
          that such corporation executed the within instrument.

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

                                        --------------------------------------
                                                     Notary Public

[Notarial Seal]

<PAGE>

                                                                   Exhibit A-1
                                                                  through A-18

                        [Exhibits A-1 through A-18 are
                photocopies of such Certificates as delivered.]

               [See appropriate documents delivered at closing.]

                                      A-1

<PAGE>

                                                                     Exhibit B

                  Exhibit B-1 and Exhibit B-2 is a photocopy
                 of the Class [PF] and Class [PV] Certificates
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                      B-1

<PAGE>

                                                                     Exhibit C

                  Exhibit C-1 and Exhibit C-2 is a photocopy
                 of the Class [CF] and Class [CV] Certificates
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                      C-1

<PAGE>

                                                                     Exhibit D

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

               [See appropriate documents delivered at closing.]

                                      D-1

<PAGE>

                                                                     Exhibit E

                           Exhibit E is a photocopy
               of the Tax Matters Person Certificate (Class A-R)
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                      E-1

<PAGE>

                                                           Exhibit F-1 and F-2

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

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

                                      F-1

<PAGE>

                                  EXHIBIT G-1

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

                  Re:   CWHEQ Asset-Backed Certificates, Series 200_-_
                        ----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of __________, 200_ (the "Pooling and Servicing Agreement")
among CWHEQ, Inc., as Depositor, [Countrywide Home Loans, Inc.], as Seller,
[Countrywide LFT LLC], as Seller, [Countrywide Home Loans Servicing LP], as
Master Servicer, the undersigned, as Trustee, ______________, as Co-Trustee,
the undersigned, as Trustee, hereby certifies that, as to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed in the attached list of exceptions) the Co-Trustee has
received:

          (i) the original Mortgage Note, endorsed by the applicable Seller or
the originator of such Mortgage Loan, without recourse in the following form:
"Pay to the order of ________________, without recourse", or, if the original
Mortgage Note has been lost or destroyed and not replaced, an original lost
note affidavit from the applicable Seller, stating that the original Mortgage
Note was lost or destroyed, together with a copy of the related Mortgage Note;
and

          (ii) a duly executed assignment of the Mortgage in the form
permitted by Section 2.01 of the Pooling and Servicing Agreement.

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

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

                                     G-1-1

<PAGE>

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

                                -----------------------,
                                       as Trustee

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

                                     G-1-2

<PAGE>

                                  EXHIBIT G-2

                   FORM OF INTERIM CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Seller]

[Master Servicer]

                  Re:   CWHEQ Asset-Backed Certificates, Series 200_-_
                        ----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of __________, 200_ (the "Pooling and Servicing Agreement")
among CWHEQ, Inc., as Depositor, [Countrywide Home Loans, Inc.], as Seller,
[Countrywide LFT LLC], as Seller, [Countrywide Home Loans Servicing LP], as
Master Servicer, the undersigned, as Trustee, __________________, as
Co-Trustee, the undersigned, as Trustee, hereby certifies that, except as
listed in the following paragraph, as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on
the attached list of exceptions) the Co-Trustee has received:

          (i) original Mortgage Note, endorsed by the applicable 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 applicable Seller, or, if the original Mortgage Note has been lost or
destroyed and not replaced, an original lost note affidavit from the
applicable Seller, stating that the original Mortgage Note was lost or
destroyed, together with a copy of the related Mortgage Note;

          (ii) the case of each Mortgage Loan that is not a MERS Mortgage
Loan, the original recorded Mortgage, [and in the case of each 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) the case of each Mortgage Loan that is not a MERS Mortgage
Loan, a duly executed assignment of the Mortgage to "Asset-Backed
Certificates, Series 200_-_, CWHEQ, Inc., by _____________________, a
_______________________, as trustee under the Pooling and Servicing Agreement
dated as of __________, 200_, without recourse", or, in the case of each
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

                                     G-2-1

<PAGE>

assignment, when duly and validly completed, to be in recordable form and
sufficient to effect the assignment of and transfer to the assignee thereof,
under the Mortgage to which such assignment relates);

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

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

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

          In the event that in connection with any Mortgage Loan that is not a
MERS Mortgage Loan the applicable Seller cannot deliver the original recorded
Mortgage or all interim recorded assignments of the Mortgage satisfying the
requirements of clause (ii), (iii) or (iv), as applicable, the Co-Trustee has
received, in lieu thereof, a true and complete copy of such Mortgage and/or
such assignment or assignments of the Mortgage, as applicable, each certified
by the applicable Seller, the applicable title company, escrow agent or
attorney, or the originator of such 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
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
Pooling and Servicing Agreement. The Trustee makes no representations as to:
(i) the validity, legality, sufficiency, enforceability or genuineness of any
of the documents contained in each Mortgage File of any of the Mortgage Loans
identified on the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

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

                                -----------------------------,
                                    as Trustee

                                     G-2-2

<PAGE>

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

                                     G-2-3

<PAGE>

                                  EXHIBIT G-3

                     FORM OF DELAY DELIVERY CERTIFICATION

                                    [Date]

[Depositor]

[Seller]

[Seller]

[Master Servicer]

                  Re:   CWHEQ Asset-Backed 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, delivered by the undersigned, as Trustee, on the Closing Date in
accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
of __________, 200_ (the "Pooling and Servicing Agreement") among CWHEQ, Inc.,
as Depositor, [Countrywide Home Loans, Inc.], as Seller, [Countrywide LFT
LLC], as Seller, [Countrywide Home Loans Servicing LP], as Master Servicer,
the undersigned, as Trustee, ______________________, as Co-Trustee] The
undersigned hereby certifies that as to each Delay Delivery Mortgage Loan
listed on the Schedule A attached hereto (other than any Mortgage Loan paid in
full or listed on Schedule B attached hereto) it has received:

          (1) the original Mortgage Note, endorsed by the applicable 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 applicable Seller, or, if the original Mortgage Note has been lost or
destroyed and not replaced, an original lost note affidavit from the
applicable Seller, stating that the original Mortgage Note was lost or
destroyed, together with a copy of the related Mortgage Note;

          (2) in the case of each Mortgage Loan that is not a MERS Mortgage
Loan, a duly executed assignment of the Mortgage to "Asset-Backed
Certificates, Series 200_-_, CWHEQ, Inc., by __________________, a
________________, as trustee under the Pooling and Servicing Agreement dated
as of ____________________, 200_, without recourse", or, in the case of each
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).

                                     G-3-1

<PAGE>

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

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

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

                                 -----------------------,
                                       as Trustee

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

                                    G-3-2

<PAGE>

                                   EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Master Servicer]

[Seller]

                  Re:   CWHEQ Asset-Backed Certificates, Series 200_-_
                        ----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of __________, 200_ (the "Pooling and Servicing Agreement")
among CWHEQ, Inc., as Depositor, [Countrywide Home Loans, Inc.], as Seller,
[Countrywide Home Loans Servicing LP], [Countrywide LFT LLC], as Seller, as
Master Servicer, the undersigned, as Trustee, _______________________, as
Co-Trustee, the undersigned, as Trustee, hereby certifies that as to each
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on the attached Document Exception Report) it has
received:

          (i) the original Mortgage Note, endorsed by the applicable 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 applicable Seller, or, if the original Mortgage Note has been lost or
destroyed and not replaced, an original lost note affidavit from the
applicable Seller, stating that the original Mortgage Note was lost or
destroyed, together with a copy of the related Mortgage Note;

          (ii) in the case of each Mortgage Loan that is not a MERS Mortgage
Loan, the original recorded Mortgage, [and in the case of each 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 Mortgage Loan that is not a MERS Mortgage
Loan, a duly executed assignment of the Mortgage to "Asset-Backed
Certificates, Series 200_-_, CWHEQ, Inc., by ______________________, a
______________________, as trustee under the Pooling and Servicing Agreement
dated as of __________, 200_, without recourse", or, in the case of each
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

                                      H-1

<PAGE>

the assignment of and transfer to the assignee thereof, under the Mortgage to
which such assignment relates);

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

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

          (vi) the original or duplicate original lender's title policy or a
printout of the electronic equivalent and all riders thereto or any one of an
original title binder, an original preliminary title report or an original
title commitment, or a copy thereof certified by the title company.

          If the public recording office in which a Mortgage or assignment
thereof is recorded has retained the original of such Mortgage or assignment,
the Trustee has received, in lieu thereof, a copy of the original Mortgage or
assignment so retained, with evidence of recording thereon, certified to be
true and complete by such recording office.

          Based on its review and examination and only as to the foregoing
documents, (i) such documents appear regular on their face and related to such
Mortgage Loan, and (ii) the information set forth in items (i), (iv), (v),
(vi), (viii), (xiii) 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
Pooling and Servicing Agreement. The Trustee makes no representations as to:
(i) the validity, legality, sufficiency, enforceability or genuineness of any
of the documents contained in each Mortgage File of any of the Mortgage Loans
identified on the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

                                      H-2

<PAGE>

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

                                 -----------------------,
                                       as Trustee

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

                                      H-3

<PAGE>

                                   EXHIBIT I

               TRANSFER AFFIDAVIT FOR THE CLASS A-R CERTIFICATES

STATE OF                   )
                           )   ss.:
COUNTY OF                  )

          The undersigned, being first duly sworn, deposes and says as
follows:

          1. The undersigned is an officer of _______________, the proposed
Transferee of an Ownership Interest in a Class A-R Certificate (the
"Certificate") issued pursuant to the Pooling and Servicing Agreement, dated
as of __________, 200_ (the "Agreement"), by and among CWHEQ, Inc., as
depositor (the "Depositor"), [Countrywide Home Loans, Inc.], as Seller,
[Countrywide LFT LLC], as Seller, [Countrywide Home Loans Servicing LP], as
Master Servicer, _______________________, as Co-Trustee, and
______________________, 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

<PAGE>

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

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

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

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

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

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

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

                               *    *    *

                                      I-2

<PAGE>

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

                                [NAME OF TRANSFEREE]

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

[Corporate Seal]

ATTEST:

-------------------------
[Assistant] Secretary

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

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

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

                                      I-3
<PAGE>

                              Certain Definitions

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

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

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

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

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

                                      I-4
<PAGE>

                       Section 5.02(c) of the Agreement

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

                  (i) 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.

                  (ii) 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.

                  (iii) 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.

                  (iv) 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.

                  (v) The Master Servicer shall use its best efforts to make
         available, upon receipt of written request from the Trustee, all
         information necessary to compute any tax

                                      I-5
<PAGE>

         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-6
<PAGE>

                                  EXHIBIT J-1

           FORM OF TRANSFEROR CERTIFICATE FOR CLASS A-R CERTIFICATES

                                     Date:

CWHEQ, Inc.
as Depositor
4500 Park Granada
Calabasas, California  91302

---------------------
as Trustee

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

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

                  Re:      CWHEQ, Inc. Asset Backed
                           Certificates, Series 200_-_
                           ---------------------------

Ladies and Gentlemen:

          In connection with our disposition of the Class A-R Certificates, we
certify that we have no knowledge that the Transferee is not a Permitted
Transferee. All capitalized terms used herein but not defined herein shall
have the meanings assigned to them in the Pooling and Servicing Agreement
dated as of __________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide
Home Loans, Inc.], as Seller, [Countrywide LFT LLC], as Seller, [Countrywide
Home Loans Servicing LP], as Master Servicer, _______________________, as
Co-Trustee, and ______________________, as Trustee.

                                     Very truly yours,

                                     -------------------------------------
                                     Name of Transferor

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

                                     J-1-1
<PAGE>

                                  EXHIBIT J-2

                      FORM OF TRANSFEROR CERTIFICATE FOR
                             PRIVATE CERTIFICATES

                                     Date:

CWHEQ, Inc.,
         as Depositor
4500 Park Granada
Calabasas, California 91302

----------------------,
         as Trustee

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

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

                  Re:   CWHEQ, Inc. Asset-Backed Certificates,
                        Series 200_-_, Class [   ]

Ladies and Gentlemen:

          In connection with our disposition of the above-captioned
Certificates we certify that (a) we understand that the Certificates have not
been registered under the Securities Act of 1933, as amended (the "Act"), and
are being disposed by us in a transaction that is exempt from the registration
requirements of the Act, (b) we have not offered or sold any Certificates to,
or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner
that would be deemed, or taken any other action which would result in, a
violation of Section 5 of the Act. All capitalized terms used herein but not
defined herein shall have the meanings assigned to them in the Pooling and
Servicing Agreement dated as of __________, 200_, among CWHEQ, Inc., as
Depositor, [Countrywide Home Loans, Inc.], as Seller, [Countrywide LFT LLC],
as Seller, [Countrywide Home Loans Servicing LP], as Master Servicer,
_______________________, as Co-Trustee, and _______________________, as
Trustee.

                                    Very truly yours,

                                    ----------------------------------
                                    Name of Transferor

                                     J-2-1
<PAGE>

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

                                     J-2-2
<PAGE>

                                   EXHIBIT K

                   FORM OF INVESTMENT LETTER (NON-RULE 144A)

                                     Date:

CWHEQ, Inc.,
         as Depositor
4500 Park Granada
Calabasas, California 91302

----------------------,
         as Trustee

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

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

                  Re:      CWHEQ, Inc. Asset-Backed Certificates,
                           Series 200_-_, Class [   ]

Ladies and Gentlemen:

          In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, [(b) we are an "accredited investor," as defined in Regulation D under
the Act, and have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d)] either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, or using the assets of any
such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting, we are
an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and the purchase and holding of such Certificates are covered under
Sections I and III of PTCE 95-60, (e) we are acquiring the Certificates for
investment for our own account and not with a view to any distribution of such
Certificates (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificates in accordance with clause (g) below),
(f) we have not offered or sold any Certificates to, or solicited offers to
buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, or taken any other action which would
result in

                                     K-1
<PAGE>

a violation of Section 5 of the Act, and (g) we will not sell,
transfer or otherwise dispose of any Certificates unless (1) such sale,
transfer or other disposition is made pursuant to an effective registration
statement under the Act or is exempt from such registration requirements, and
if requested, we will at our expense provide an opinion of counsel
satisfactory to the addressees of this Certificate that such sale, transfer or
other disposition may be made pursuant to an exemption from the Act, (2) the
purchaser or transferee of such Certificate has executed and delivered to you
a certificate to substantially the same effect as this certificate, and (3)
the purchaser or transferee has otherwise complied with any conditions for
transfer set forth in the Pooling and Servicing Agreement.

          All capitalized terms used herein but not defined herein shall have
the meanings assigned to them in the Pooling and Servicing Agreement dated as
of __________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide Home Loans,
Inc.], as Seller, [Countrywide LFT LLC], as Seller, [Countrywide Home Loans
Servicing LP], as Master Servicer, _______________________, as Co-Trustee, and
______________________, as Trustee.

                                      Very truly yours,

                                      ----------------------------------
                                      Name of Transferee

                                      By:
                                          ------------------------------
                                             Authorized Officer

                                     K-2
<PAGE>

                                   EXHIBIT L

                           FORM OF RULE 144A LETTER

                                     Date:

CWHEQ, Inc.,
         as Depositor
4500 Park Granada
Calabasas, California 91302

----------------------,
         as Trustee

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

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

                  Re:      CWHEQ, Inc. Asset-Backed Certificates,
                           Series 200_-_, Class [   ]

Ladies and Gentlemen:

          In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) we have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d) either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, or using the assets of any
such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting, we are
an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and the purchase and holding of such Certificates are covered under
Sections I and III of PTCE 95-60, (e) we have not, nor has anyone acting on
our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificates, any interest in the Certificates or any other similar security
to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Certificates, any interest in the Certificates or any other
similar security from, or otherwise approached or negotiated with respect to
the Certificates, any interest in the Certificates or any other similar
security with, any person in any manner, or made any general solicitation by
means of general advertising or in any other manner, or taken any other
action, that would constitute a

                                      L-1
<PAGE>

distribution of the Certificates under the Securities Act or that would render
the disposition of the Certificates a violation of Section 5 of the Securities
Act or require registration pursuant thereto, nor will act, nor has authorized
or will authorize any person to act, in such manner with respect to the
Certificates, (f) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act and have completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex 2.
We are aware that the sale to us is being made in reliance on Rule 144A. We
are acquiring the Certificates for our own account or for resale pursuant to
Rule 144A and further, understand that such Certificates may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

          All capitalized terms used herein but not defined herein shall have
the meanings assigned to them in the Pooling and Servicing Agreement dated as
of __________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide Home Loans,
Inc.], as Seller, [Countrywide LFT LLC], as Seller, [Countrywide Home Loans
Servicing LP], as Master Servicer, _______________________, as Co-Trustee, and
___________________, as Trustee.

                                  Very truly yours,

                                  ----------------------------------
                                  Name of Transferee

                                  By:
                                      ------------------------------
                                         Authorized Officer

                                      L-2
<PAGE>

                             ANNEX 1 TO EXHIBIT L

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         [For Transferees Other Than Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

     As  indicated below, the undersigned is the President, Chief Financial
         Officer, Senior Vice President or other executive officer of the
         Buyer.

     In  connection with purchases by the Buyer, the Buyer is a "qualified
         institutional buyer" as that term is defined in Rule 144A under the
         Securities Act of 1933, as amended ("Rule 144A") because (i) the
         Buyer owned and/or invested on a discretionary basis either at least
         $100,000,000 in securities or, if Buyer is a dealer, Buyer must own
         and/or invest on a discretionary basis at least $10,000,000 in
         securities (except for the excluded securities referred to below) as
         of the end of the Buyer's most recent fiscal year (such amount being
         calculated in accordance with Rule 144A and (ii) the Buyer satisfies
         the criteria in the category marked below.

         ___   Corporation, etc. The Buyer is a corporation (other than a
               bank, savings and loan association or similar
               institution), Massachusetts or similar business trust,
               partnership, or charitable organization described in
               Section 501(c)(3) of the Internal Revenue Code of 1986, as
               amended.

         ___   Bank. The Buyer (a) is a national bank or banking
               institution organized under the laws of any State,
               territory or the District of Columbia, the business of
               which is substantially confined to banking and is
               supervised by the State or territorial banking commission
               or similar official or is a foreign bank or equivalent
               institution, and (b) has an audited net worth of at least
               $25,000,000 as demonstrated in its latest annual financial
               statements, a copy of which is attached hereto.

         ___   Savings and Loan. The Buyer (a) is a savings and loan
               association, building and loan association, cooperative
               bank, homestead association or similar institution, which
               is supervised and examined by a State or Federal authority
               having supervision over any such institutions or is a
               foreign savings and loan association or equivalent
               institution and (b) has an audited net worth of at least
               $25,000,000 as demonstrated in its latest annual financial
               statements, a copy of which is attached hereto.

         ___   Broker-dealer. The Buyer is a dealer registered pursuant to
               Section 15 of the Securities Exchange Act of 1934.

         ___   Insurance Company. The Buyer is an insurance company whose
               primary and predominant business activity is the writing
               of insurance or the reinsuring of

                                      L-3

<PAGE>

               risks underwritten by insurance companies and which is subject
               to supervision by the insurance commissioner or a similar
               official or agency of a State, territory or the District of
               Columbia.

         ___   State or Local Plan. The Buyer is a plan established and
               maintained by a State, its political subdivisions, or any
               agency or instrumentality of the State or its political
               subdivisions, for the benefit of its employees.

         ___   ERISA Plan. The Buyer is an employee benefit plan within
               the meaning of Title I of the Employee Retirement Income
               Security Act of 1974.

         ___   Investment Advisor. The Buyer is an investment advisor
               registered under the Investment Advisors Act of 1940.

         ___   Small Business Investment Company. Buyer is a small
               business investment company licensed by the U.S. Small
               Business Administration under Section 301(c) or (d) of the
               Small Business Investment Act of 1958.

         ___   Business Development Company. Buyer is a business development
               company as defined in Section 202(a)(22) of the Investment
               Advisors Act of 1940.

     The term "securities" as used herein does not include (i) securities
         of issuers that are affiliated with the Buyer, (ii) securities
         that are part of an unsold allotment to or subscription by the
         Buyer, if the Buyer is a dealer, (iii) securities issued or
         guaranteed by the U.S. or any instrumentality thereof, (iv) bank
         deposit notes and certificates of deposit, (v) loan
         participations, (vi) repurchase agreements, (vii) securities
         owned but subject to a repurchase agreement and (viii) currency,
         interest rate and commodity swaps.

     For purposes of determining the aggregate amount of securities owned
         and/or invested on a discretionary basis by the Buyer, the Buyer
         used the cost of such securities to the Buyer and did not
         include any of the securities referred to in the preceding
         paragraph, except (i) where the Buyer reports its securities
         holdings in its financial statements on the basis of their
         market value, and (ii) no current information with respect to
         the cost of those securities has been published. If clause (ii)
         in the preceding sentence applies, the securities may be valued
         at market. Further, in determining such aggregate amount, the
         Buyer may have included securities owned by subsidiaries of the
         Buyer, but only if such subsidiaries are consolidated with the
         Buyer in its financial statements prepared in accordance with
         generally accepted accounting principles and if the investments
         of such subsidiaries are managed under the Buyer's direction.
         However, such securities were not included if the Buyer is a
         majority-owned, consolidated subsidiary of another enterprise
         and the Buyer is not itself a reporting company under the
         Securities Exchange Act of 1934, as amended.

     The Buyer acknowledges that it is familiar with Rule 144A and
         understands that the seller to it and other parties related to
         the Certificates are relying and will continue to rely on the
         statements made herein because one or more sales to the Buyer
         may be in reliance on Rule 144A.

                                      L-4

<PAGE>

     Until the date of purchase of the Rule 144A Securities, the Buyer
          will notify each of the parties to which this certification is
          made of any changes in the information and conclusions herein.
          Until such notice is given, the Buyer's purchase of the
          Certificates will constitute a reaffirmation of this
          certification as of the date of such purchase. In addition, if
          the Buyer is a bank or savings and loan is provided above, the
          Buyer agrees that it will furnish to such parties updated annual
          financial statements promptly after they become available.

                                        ------------------------------------
                                        Print Name of Buyer

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

                                           Date:
                                                -----------------------------

                                      L-5

<PAGE>

                                                          ANNEX 2 TO EXHIBIT L
                                                          --------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           --------------------------------------------------------

          [For Transferees That are Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

          1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

        In   connection with purchases by Buyer, the Buyer is a "qualified
             institutional buyer" as defined in SEC Rule 144A because (i) the
             Buyer is an investment company registered under the Investment
             Company Act of 1940, as amended and (ii) as marked below, the
             Buyer alone, or the Buyer's Family of Investment Companies,
             owned at least $100,000,000 in securities (other than the
             excluded securities referred to below) as of the end of the
             Buyer's most recent fiscal year. For purposes of determining the
             amount of securities owned by the Buyer or the Buyer's Family of
             Investment Companies, the cost of such securities was used,
             except (i) where the Buyer or the Buyer's Family of Investment
             Companies reports its securities holdings in its financial
             statements on the basis of their market value, and (ii) no
             current information with respect to the cost of those securities
             has been published. If clause (ii) in the preceding sentence
             applies, the securities may be valued at market.

        ___  The Buyer owned $      in securities (other than the excluded
             securities referred to below) as of the end of the Buyer's
             most recent fiscal year (such amount being calculated in
             accordance with Rule 144A).

        ___  The Buyer is part of a Family of Investment Companies which
             owned in the aggregate $      in securities (other than the
             excluded securities referred to below) as of the end of the
             Buyer's most recent fiscal year (such amount being calculated
             in accordance with Rule 144A).

        The term "Family of Investment Companies" as used herein means two or
             more registered investment companies (or series thereof) that
             have the same investment adviser or investment advisers that
             are affiliated (by virtue of being majority owned subsidiaries
             of the same parent or because one investment adviser is a
             majority owned subsidiary of the other).

        The term "securities" as used herein does not include (i) securities
             of issuers that are affiliated with the Buyer or are part of
             the Buyer's Family of Investment Companies, (ii) securities
             issued or guaranteed by the U.S. or any instrumentality
             thereof, (iii) bank deposit notes and certificates of deposit,
             (iv) loan participations, (v) repurchase

                                      L-6

<PAGE>

             agreements, (vi) securities owned but subject to a repurchase
             agreement and (vii) currency, interest rate and commodity
             swaps.

        The Buyer is familiar with Rule 144A and under-stands that the
             parties listed in the Rule 144A Transferee Certificate to which
             this certification relates are relying and will continue to
             rely on the statements made herein because one or more sales to
             the Buyer will be in reliance on Rule 144A. In addition, the
             Buyer will only purchase for the Buyer's own account.

        Until the date of purchase of the Certificates, the undersigned will
             notify the parties listed in the Rule 144A Transferee
             Certificate to which this certification relates of any changes
             in the information and conclusions herein. Until such notice is
             given, the Buyer's purchase of the Certificates will constitute
             a reaffirmation of this certification by the undersigned as of
             the date of such purchase.

                                ---------------------------------------------
                                        Print Name of Buyer or Adviser

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

                                IF AN ADVISER:

                                ---------------------------------------------
                                             Print Name of Buyer

                                Date:
                                     ----------------------------------------

                                      L-7
<PAGE>

                                   EXHIBIT M

                     FORM OF REQUEST FOR DOCUMENT RELEASE

Loan Information

        Name of Mortgagor:
                                         -------------------------------------

        Master                                                        Servicer
        Loan No.:
                                         -------------------------------------

Co-Trustee

        Name:
                                         -------------------------------------

        Address:
                                         -------------------------------------

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

        Co-Trustee
        Mortgage File No.:
                                         -------------------------------------

          The undersigned Master Servicer hereby acknowledges that it has
received from _______________________________________, as Co-Trustee for the
Holders of Asset-Backed Certificates, Series 200_-_, the documents referred to
below (the "Documents"). All capitalized terms not otherwise defined in this
Request for Document Release shall have the meanings given them in the Pooling
and Servicing Agreement dated as of __________, 200_ (the "Pooling and
Servicing Agreement") among CWHEQ, Inc., as Depositor, [Countrywide Home
Loans, Inc.], as a Seller, [Countrywide LFT LLC], as a Seller, [Countrywide
Home Loans Servicing LP], as Master Servicer, ______________, as Trustee and
________________, as Co-Trustee.

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

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

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

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

                                     M-1
<PAGE>

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

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

(  )  ----------------------------------------------

(  )  ----------------------------------------------

(  )  ----------------------------------------------

(  )  ----------------------------------------------

         The undersigned Master Servicer hereby acknowledges and agrees as
follows:

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

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

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

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

                                  [Master Servicer]

                                  By
                                       --------------------------------------

                                  Its
                                       --------------------------------------

                                  Date:                 ,
                                        ----------------  -------

                                     M-2
<PAGE>

                                   EXHIBIT N

                       FORM OF REQUEST FOR FILE RELEASE

                    OFFICER'S CERTIFICATE AND TRUST RECEIPT
                          ASSET-BACKED CERTIFICATES,
                                 Series 200_-_

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

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

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

LOAN NUMBER:_______________                 BORROWER'S NAME:_____________

COUNTY:____________________

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

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

____________                                  _____________________
                                              DATED:____________

/ /                                           VICE PRESIDENT
/ /                                           ASSISTANT VICE PRESIDENT

                                      N-1

<PAGE>

                                                                     Exhibit O

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

               [See appropriate documents delivered at closing.]

                                      O-1
<PAGE>

                                   EXHIBIT P

                                  [Reserved]

                                      P-1
<PAGE>

                                   EXHIBIT Q

                          FORM OF CORRIDOR CONTRACTS

               [See appropriate documents delivered at closing.]

                                      Q-1
<PAGE>

                                  EXHIBIT R-1

                                  [Reserved]

                                      R-1
<PAGE>

                                  EXHIBIT R-2

                                  [Reserved]

                                      R-2
<PAGE>

                                   EXHIBIT S

                FORM OF CORRIDOR CONTRACT ASSIGNMENT AGREEMENT

                             ASSIGNMENT AGREEMENT

                      [see document delivered at closing]

                                      S-1
<PAGE>

                                   EXHIBIT T

               OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS

                          ASSET-BACKED CERTIFICATES,
                                 Series 200_-_

                                              [Date]

Via Facsimile

--------------------,
         as Trustee

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

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

Dear Sir or Madam:

          Reference is made to the Pooling and Servicing Agreement, dated as
of __________, 200_, (the "Pooling and Servicing Agreement") among CWHEQ,
Inc., as Depositor, [Countrywide Home Loans, Inc.], as Seller, [Countrywide
LFT LLC], as Seller, [Countrywide Home Loans Servicing LP], as Master
Servicer, _______________________, as Co-Trustee, and ____________________, as
Trustee. Capitalized terms used herein shall have the meanings ascribed to
such terms in the Pooling and Servicing Agreement.

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

          With respect to the Distribution Date in _________ 20[ ] and each
Mortgage Loan set forth in the attached schedule:

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

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

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

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

                                     T-1

<PAGE>

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

          4. We certify that all amounts due in connection with the waiver of
a Prepayment Charge inconsistent with clause 3 above which are required to be
deposited by the Master Servicer pursuant to Section 3.20 of the Pooling and
Servicing Agreement, have been or will be so deposited.

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

                                     T-2

<PAGE>

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

------------------------------------------------------------------------------
Loan Number            Clause 2:  Yes/No             Clause 3:  (i) or (ii)
------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

                                     T-3
<PAGE>

                                  SCHEDULE I

           PREPAYMENT CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY

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

                                    S-II-1

<PAGE>

                                  SCHEDULE II

                              COLLATERAL SCHEDULE

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------------
Characteristic                          Applicable    Loan Subgroup    Loan Subgroup   Loan Subgroup    Loan Subgroup
                                        Section       [F1]             [F2]            [A1]             [A2]
-----------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>              <C>             <C>             <C>
Second Liens                            2.03(b)(11)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Single-Family Detached Dwellings        2.03(b)(32)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Two- to Four-Family Dwellings           2.03(b)(32)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Low-Rise Condominium Units              2.03(b)(32)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
High-Rise Condominium Units             2.03(b)(32)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Manufactured Housing                    2.03(b)(32)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
PUDs                                    2.03(b)(32)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Earliest Origination Date               2.03(b)(33)   ______, ____     ______, ____    ______, ____     ______, ____
-----------------------------------------------------------------------------------------------------------------------
Prepayment Penalty                      2.03(b)(35)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Investor Properties                     2.03(b)(36)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Primary Residences                      2.03(b)(36)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Lowest Current Mortgage Rate            2.03(b)(48)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Highest Current Mortgage Rate           2.03(b)(48)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Weighted Average Current Mortgage Rate  2.03(b)(48)   ____%            ____%           ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Lowest Gross Margin                     2.03(b)(51)   N/A              N/A             ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Highest Gross Margin                    2.03(b)(51)   N/A              N/A             ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Weighted Average Gross Margin           2.03(b)(51)   N/A              N/A             ____%            ____%
-----------------------------------------------------------------------------------------------------------------------
Date before which each Mortgage Loan    2.03(b)(52)   ______, ____     ______, ____    ______, ____     ______, ____
has a Due Date
-----------------------------------------------------------------------------------------------------------------------

</TABLE>

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------------
Adjustment Date             Applicable Section     Adjustable  Rate Mortgage      Two-Year          Three-Year
                                                   Loans (other than Two-Year     Hybrid            Hybrid
                                                   and Three-Year Hybrid          Mortgage          Mortgage
                                                   Mortgage Loans)                Loans             Loans
-----------------------------------------------------------------------------------------------------------------------
<S>                         <C>                    <C>                             <C>               <C>
Latest Next Adjustment      2.03(b)(34)            ______, ____                     ______, ____      ______, ____
Date
-----------------------------------------------------------------------------------------------------------------------

</TABLE>

                                    S-II-1EXHIBIT 4.2

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

                                 CWHEQ, INC.,

                                   Depositor

                        [COUNTRYWIDE HOME LOANS, INC.],

                                    Seller

                    [COUNTRYWIDE HOME LOANS SERVICING LP],

                                Master Servicer

                                      and

                            _____________________,

                                    Trustee

                    ______________________________________

                        POOLING AND SERVICING AGREEMENT

                         Dated as of __________, 200_
                    ______________________________________

                   ASSET BACKED CERTIFICATES, SERIES 200_-_

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

<PAGE>

                               Table of Contents

                                                                          Page
                                                                          ----

                                  ARTICLE I.
                                  DEFINITIONS

Section 1.01    Defined Terms................................................5
Section 1.02    Certain Interpretive Provisions.............................38

                                  ARTICLE II.
                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

Section 2.01    Conveyance of Mortgage Loans................................40
Section 2.02    Acceptance by Trustee of the Mortgage Loans.................44
Section 2.03    Representations, Warranties and Covenants of
                the Master Servicer and the Seller..........................46
Section 2.04    Representations and Warranties of the Depositor.............57
Section 2.05    Delivery of Opinion of Counsel in Connection with
                Substitutions and Repurchases...............................58
Section 2.06    Authentication and Delivery of Certificates.................59
Section 2.07    Covenants of the Master Servicer............................59

                                 ARTICLE III.
                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01    Master Servicer to Service Mortgage Loans...................60
Section 3.02    Subservicing; Enforcement of the Obligations
                of Master Servicer..........................................61
Section 3.03    Rights of the Depositor, the Seller, the Certificateholders,
                the NIM Insurer and the Trustee in Respect of
                the Master Servicer.........................................62
Section 3.04    Trustee to Act as Master Servicer...........................63
Section 3.05    Collection of Mortgage Loan Payments;
                Certificate Account; Distribution Account;
                Seller Shortfall Interest Requirement.......................63
Section 3.06    Collection of Taxes, Assessments and Similar Items;
                Escrow Accounts.............................................66
Section 3.07    Access to Certain Documentation and
                Information Regarding the Mortgage Loans....................67
Section 3.08    Permitted Withdrawals from the Certificate Account,
                Distribution Account, [the Carryover Reserve Fund]
                and the Principal Reserve Fund..............................67
Section 3.09    [Reserved]..................................................70
Section 3.10    Maintenance of Hazard Insurance.............................70
Section 3.11    Enforcement of Due-On-Sale Clauses; Assumption Agreements...71
Section 3.12    Realization Upon Defaulted Mortgage Loans;
                Determination of Excess Proceeds and Realized Losses;
                Repurchase of Certain Mortgage Loans........................72
Section 3.13    Trustee to Cooperate; Release of Mortgage Files.............75
Section 3.14    Documents, Records and Funds in Possession of
                Master Servicer to be Held for the Trustee..................77

                                      i

<PAGE>

Section 3.15    Servicing Compensation......................................77
Section 3.16    Access to Certain Documentation.............................77
Section 3.17    Annual Statement as to Compliance...........................78
Section 3.18    Annual Independent Public Accountants' Servicing
                Statement; Financial Statements.............................78
Section 3.19    Prepayment Charges..........................................79

                                  ARTICLE IV.
              DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

Section 4.01    Advances....................................................80
Section 4.02    Reduction of Servicing Compensation in Connection with
                Prepayment Interest Shortfalls..............................81
Section 4.03    [Reserved]..................................................82
Section 4.04    Distributions...............................................82
Section 4.05    Monthly Statements to Certificateholders....................86
Section 4.06    [Reserved]..................................................89
Section 4.07    [Reserved]..................................................89
Section 4.08    [Reserved]..................................................89
Section 4.09    [Carryover Reserve Fund.....................................89

                                  ARTICLE V.
                               THE CERTIFICATES

Section 5.01    The Certificates............................................90
Section 5.02    Certificate Register; Registration of Transfer and
                Exchange of Certificates....................................91
Section 5.03    Mutilated, Destroyed, Lost or Stolen Certificates...........95
Section 5.04    Persons Deemed Owners.......................................95
Section 5.05    Access to List of Certificateholders' Names and Addresses...95
Section 5.06    Book-Entry Certificates.....................................96
Section 5.07    Notices to Depository.......................................97
Section 5.08    Definitive Certificates.....................................97
Section 5.09    Maintenance of Office or Agency.............................97

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

Section 6.01    Respective Liabilities of the Depositor,
                the Master Servicer and the Seller..........................98
Section 6.02    Merger or Consolidation of the Depositor,
                the Master Servicer or the Seller...........................98
Section 6.03    Limitation on Liability of the Depositor,
                the Seller, the Master Servicer, the NIM Insurer and
                Others......................................................98
Section 6.04    Limitation on Resignation of Master Servicer................99
Section 6.05    Errors and Omissions Insurance; Fidelity Bonds..............99

                                     -ii-

<PAGE>

                                 ARTICLE VII.
                    DEFAULT; TERMINATION OF MASTER SERVICER

Section 7.01    Events of Default..........................................101
Section 7.02    Trustee to Act; Appointment of Successor...................102
Section 7.03    Notification to Certificateholders.........................104

                                 ARTICLE VIII.
                            CONCERNING THE TRUSTEE

Section 8.01    Duties of Trustee..........................................105
Section 8.02    Certain Matters Affecting the Trustee......................106
Section 8.03    Trustee Not Liable for Mortgage Loans......................107
Section 8.04    Trustee May Own Certificates...............................107
Section 8.05    Master Servicer to Pay Trustee's Fees and Expenses.........107
Section 8.06    Eligibility Requirements for Trustee.......................108
Section 8.07    Resignation and Removal of Trustee.........................108
Section 8.08    Successor Trustee..........................................109
Section 8.09    Merger or Consolidation of Trustee.........................110
Section 8.10    Appointment of Co-Trustee or Separate Trustee..............110
Section 8.11    Tax Matters................................................111
Section 8.12    Access to Records of the Trustee...........................114
Section 8.13    Suits for Enforcement......................................114

                                  ARTICLE IX.
                                  TERMINATION

Section 9.01    Termination upon Liquidation or
                Repurchase of all Mortgage Loans...........................115
Section 9.02    Final Distribution on the Certificates.....................115
Section 9.03    Additional Termination Requirements........................117

                                  ARTICLE X.
                           MISCELLANEOUS PROVISIONS

Section 10.01   Amendment..................................................118
Section 10.02   Recordation of Agreement; Counterparts.....................119
Section 10.03   Governing Law..............................................119
Section 10.04   Intention of Parties.......................................120
Section 10.05   Notices....................................................120
Section 10.06   Severability of Provisions.................................121
Section 10.07   Assignment.................................................121
Section 10.08   Limitation on Rights of Certificateholders.................121
Section 10.09   Inspection and Audit Rights................................122
Section 10.10   Certificates Nonassessable and Fully Paid..................123
Section 10.11   Rights of NIM Insurer......................................123

                                    -iii-

<PAGE>

EXHIBIT A              Forms of Certificates
     EXHIBIT A-1            Form of Class A-[1] Certificate
     EXHIBIT A-2            Form of Class A-__ Certificate
     EXHIBIT A-3            Form of Class A-__ Certificate
     EXHIBIT A-4            Form of Class A-__ Certiticate
     EXHIBIT A-5            Form of Class A-__ Certificate
     EXHIBIT A-6            Form of Class A-IO Certificate
     EXHIBIT A-7            Form of Class M-[1] Certificate
     EXHIBIT A-8            Form of Class M-[2] Certificate
     EXHIBIT A-9            Form of Class B-[1] Certificate
EXHIBIT B              Form of [Class P] Certificate
EXHIBIT C              Form of [Class C] Certificate
EXHIBIT D              Form of Class A-R Certificate
EXHIBIT E              Form of Tax Matters Person Certificate (Class A-R)
EXHIBIT F              Mortgage Loan Schedules
     EXHIBIT F-1            List of Mortgage Loans
     EXHIBIT F-2            Mortgage Loans for which All or a Portion of
                              a Related Mortgage File is not Delivered
                              to the Trustee on or prior to the
                              Closing Date
EXHIBIT G              Forms of Certification of Trustee
     EXHIBIT G-1            Form of Initial Certification of Trustee
     EXHIBIT G-2            Form of Interim Certification of Trustee
     EXHIBIT G-3            Form of Delay Delivery Certification
EXHIBIT H              Form of Final Certification of Trustee
EXHIBIT I              Transfer Affidavit for Class A-R Certificates
EXHIBIT J-1            Form of Transferor Certificate for Class A-R Certificates
EXHIBIT J-2            Form of Transferor Certificate for Private Certificates
EXHIBIT K              Form of Investment Letter (Non-Rule 144A)
EXHIBIT L-1            Form of Rule 144A Letter (Non-NIM Trustee)
EXHIBIT L-2            Form of Rule 144A Letter (NIM Trustee)
EXHIBIT M              Form of Request for Document Release
EXHIBIT N              Form Request for File Release
EXHIBIT O              Copy of Depository Agreement

                                     -iv-

<PAGE>

        POOLING AND SERVICING AGREEMENT, dated as of __________, 200_, by and
among CWHEQ, INC., a Delaware corporation, as depositor (the "Depositor"),
[COUNTRYWIDE HOME LOANS, INC., a New York corporation], as seller (the
"Seller"), [COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited partnership],
as master servicer (the "Master Servicer"), and ___________________, a
__________ as trustee (the "Trustee").

                             PRELIMINARY STATEMENT

     The Depositor is the owner of the Trust Fund that is hereby conveyed to
the Trustee in return for the Certificates. As provided herein, the Trustee
will elect that the Trust Fund [(except for the Carryover Reserve Fund)] be
treated for federal income tax purposes as comprising three real estate
mortgage investment conduits (each a "REMIC" or, in the alternative, the
"Lower Tier REMIC," the "Middle Tier REMIC" and the "Upper Tier REMIC"
respectively). The Lower Tier REMIC will hold as assets all property of the
Trust Fund [(except for the Carryover Reserve Fund)] and will be evidenced by
(i) the Lower Tier REMIC Regular Interests, which will be uncertificated and
will represent the "REMIC regular interests" in the Lower Tier REMIC, and (ii)
the Class R-[1] Interest, which will represent the "REMIC residual interest"
in the Lower Tier REMIC. The Middle Tier REMIC will hold as assets the Lower
Tier REMIC Regular Interests and will be evidenced by (i) the Middle Tier
REMIC Regular Interests, which will be uncertificated and will represent the
"REMIC regular interests" in the Lower Tier REMIC, and (ii) the Class R-[2]
Interest, which will represent the "REMIC residual interest" in the Lower Tier
REMIC. The Upper Tier REMIC will hold as assets the Middle Tier REMIC Regular
Interests and will be evidenced by: (i) the Certificates, each of which (other
than the Class A-R Certificate) will represent ownership of one or more "REMIC
regular interests" in the Upper Tier REMIC, and (ii) the Class R-[3] Interest,
which will represent the "REMIC residual interest" in the Upper Tier REMIC.
The Class A-R Certificate will represent ownership of the sole class of "REMIC
residual interest" in each of the Lower Tier REMIC, the Middle Tier REMIC and
the Upper Tier REMIC. The latest possible maturity date of all REMIC regular
interests created herein shall be the Latest Possible Maturity Date.

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

                           (Continued on next page)

                                     -1-
<PAGE>

Lower Tier REMIC Interests
--------------------------

<TABLE>
<CAPTION>

                                     Uncertificated                           Uncertificated Lower REMIC
    Class                           Principal Balance                              Pass-Through Rate
------------- ---------------------------------------------------------- ------------------------------------
<S>           <C>                                                        <C>
LT-NAS                                  $_________                                         (1)
LT-Support             Pool Stated Principal Balance less $_________                       (1)
LT-P                                    $_________                                         (2)
LT-[$100]                               $_________                                         (1)
R-[1]                                       N/A                                            (3)

</TABLE>

(1)  The weighted average Adjusted Net Mortgage Rate.

(2)  The LT-P Interest does not pay any interest and is entitled to all
     Prepayment Charges on the underlying Mortgage Loans.

(3)  The Class R-[1] Interest is the sole class of residual interest in the
     Lower Tier REMIC. It does not have an interest rate or a principal
     balance.

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

Middle Tier REMIC Interests
---------------------------

----------------- ------------------ ----------------- -------------------------
  Middle Tier       Initial Class
  REMIC Class         Principal       Class Interest      Corresponding Class
  Designation          Balance              Rate            of Certificates
  -----------          --------             -----         -------------------
----------------- ------------------ ----------------- -------------------------
MT-A-[1]                 (1)                 (2)              Class A-[1]
----------------- ------------------ ----------------- -------------------------
MT-A-__                  (1)                 (2)              Class A-__
----------------- ------------------ ----------------- -------------------------
MT-A-__                  (1)                 (2)              Class A-__
----------------- ------------------ ----------------- -------------------------
MT-A-__                  (1)                 (2)              Class A-__
----------------- ------------------ ----------------- -------------------------
MT-A-__                  (1)                 (2)              Class A-__
----------------- ------------------ ----------------- -------------------------
MT-A-IO                  (3)                 (4)              Class A-IO
----------------- ------------------ ----------------- -------------------------
MT-[$100]                (1)                 (2)               Class A-R
----------------- ------------------ ----------------- -------------------------
MT-M-[1]                 (1)                 (2)              Class M-[1]
----------------- ------------------ ----------------- -------------------------
MT-M-[2]                 (1)                 (2)              Class M-[2]
----------------- ------------------ ----------------- -------------------------
MT-B-[1]                 (1)                 (2)              Class B-[1]
----------------- ------------------ ----------------- -------------------------
MT-[P]                   (1)                 (5)               [Class P]
----------------- ------------------ ----------------- -------------------------
MT-Accrual               (1)                 (2)                  N/A
----------------- ------------------ ----------------- -------------------------
R-[2]                    (6)                 (6)                  N/A
----------------- ------------------ ----------------- -------------------------

     (1) The Class MT-A-[1] Interest, Class MT-A-__ Interest, Class MT-A-__
Interest, Class MT-A-__ Interest, Class MT-A-__ Interest, Class MT-[$100]
Interest, Class MT-M-[1] Interest,

                                     -2-
<PAGE>

Class MT-M-[2] Interest, Class MT-B-[1] Interest and Class MT-[P]
Interest(each such class hereafter referred to as an "Accretion Directed
Class") each have a principal balance that is initially equal to 50% of its
corresponding Certificate Class issued by the Upper Tier REMIC. Principal
payments, both scheduled and prepaid, Realized Losses, Subsequent Recoveries
and interest accruing on the Class MT-Accrual Interest will be allocated to
each of the foregoing classes to maintain each Class' size relative to its
Corresponding Certificate Class (i.e., 50%) with any excess payments of
principal, Realized Losses and Subsequent Recoveries being allocated to the
Class MT-Accrual Interest in such manner as to cause the principal balance of
the Class MT-Accrual Interest to have a principal balance equal to (a) 50% of
the aggregate principal balances of the Mortgage Loans for such Distribution
Date plus (b) 50% of the Overcollateralized Amount for such Distribution Date.

     (2) The interest rate with respect to any Distribution Date (and the
related Accrual Period) for these Middle Tier REMIC Interests is a per annum
rate equal to the Net Rate Cap in the respect of the Certificates other than
the Class A-IO Certificates.

     (3) Notional balance equal to the Class A-IO Notional Balance. No
principal will be paid on the Class A-IO Certificates.

     (4) The interest rate with respect to this Lower Tier REMIC Interest is
equal to the Class A-IO Pass-Through Rate.

     (5) The Class MT-[P] Interest does not pay any interest and is entitled
to all Prepayment Charges on the underlying Mortgage Loans.

     (6) The Class R-[2] Interest will be the sole class of residual interest
in the Middle Tier REMIC. It does not have an interest rate or a principal
balance.

           The following table sets forth characteristics of the Certificates in
the Upper Tier REMIC, each of which Certificates, except for the Class A-R
Certificates, is hereby designated as a "regular interest" in the Upper Tier
REMIC.

                              Original Certificate
        Class                   Principal Balance           Pass-Through Rate
                        -------------------------------- -----------------------
        A-[1]                       $_________                     (1)
        A-__                       $_________                      (1)
        A-__                       $_________                      (1)
        A-__                       $_________                      (1)
        A-__                       $_________                      (1)
        A-IO                          (2)                          (1)
         A-R                         $100(3)                       (1)
        M-[1]                      $_________                      (1)
        M-[2]                      $_________                      (1)
        B-[1]                      $_________                      (1)
         [C]                           N/A                         (4)
         [P]                          $100                         (5)

                                     -3-
<PAGE>

(1)  The Certificates will accrue interest at the related Pass-Through Rates
     identified in this Agreement.
(2)  Notional balance equal to the Class A-IO Notional Balance. No principal
     will be paid on the Class A-IO Certificates.
(3)  The Class A-R Certificate will represent the sole class of residual
     interest in each of the Lower-Tier, Middle-Tier and Upper Tier REMIC.
(4)  For each Interest Accrual Period the [Class C] Certificates are entitled
     to a specified portion of the interest on the Mortgage Loans equal to the
     excess of the Net Rate Cap in respect of the Certificates (other than the
     Class A-IO Certificates) over the product of two and the weighted average
     of the Middle-Tier REMIC Interests with the Middle-Tier REMIC Accretion
     Directed Interests subject to a cap equal to the Pass-Through Rate of the
     corresponding Certificate Class and the Middle-Tier REMIC Accrual Class
     subject to a cap of 0.00%. The Pass-Through Rate of the [Class C]
     Certificates will be a rate sufficient to entitle it to all interest
     accrued on the Mortgage Loans less the interest accrued on the other
     interests issued by the Master REMIC.
(5)  For each Distribution Date the [Class P] Certificates are entitled to all
     Prepayment Charges distributed with respect to the [P] Interests.

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

     The foregoing REMIC structure is intended to cause all of the cash from
the Mortgage Loans to flow through to the Upper Tier 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. To the extent
that the structure is believed to diverge from such intention the Trustee
shall resolve ambiguities to accomplish such result and shall to the extent
necessary rectify any drafting errors or seek clarification to the structure
without Certificateholder approval (but with guidance of counsel selected by
it with due care and which has substantial experience with similar REMIC
structures) to accomplish such intention.

                                     -4-
<PAGE>

                                  ARTICLE I.

                                  DEFINITIONS

            Section 1.01   Defined Terms.

            In addition to those defined terms defined in Section 1.02,
whenever used in this Agreement, the following words and phrases, unless the
context otherwise requires, shall have the following meanings:

            Accrual Period: With respect to the Class A-[1] Certificates and
any Distribution Date, the period commencing on the immediately preceding
Distribution Date (or, in the case of the first Distribution Date, the Closing
Date) and ending on the day immediately preceding such Distribution Date. With
respect to each Class of Certificates other than the Class A-[1] Certificates,
the calendar month immediately preceding such Distribution Date. All
calculations of interest on the Class A-[1] Certificates will be made on the
basis of the actual number of days elapsed in the related Accrual Period and
on a 360 day year. All calculations of interest on each Class of Certificates
other than the Class A-[1] Certificates will be made on the basis of a 360-day
year consisting of twelve 30-day months.

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

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

            Aggregate Class A Certificate Principal Balance: As to any date of
determination, the sum of (i) the Class A-[1] Certificate Principal Balance,
(ii) the Class A-__ Certificate Principal Balance, (iii) the Class A-__
Certificate Principal Balance, (iv) the Class A-__ Certificate Principal
Balance and (v) the Class A-__ Certificate Principal Balance.

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

            Amount Held for Future Distribution: As to any Distribution Date,
the aggregate amount held in the Certificate Account at the close of business
on the immediately preceding Determination Date on account of (i) all
Scheduled Payments or portions thereof received in

                                     -5-
<PAGE>

respect of the Mortgage Loans due after the related Due Date, (ii) Principal
Prepayments and Liquidation Proceeds received in respect of such Mortgage
Loans after the last day of the related Prepayment Period and (iii)
Liquidation Proceeds and Subsequent Recoveries received in respect of such
Mortgage Loans after the last day of the related Due Period.

            Applied Realized Loss Amount: With respect to any Distribution
Date the sum of the Realized Losses with respect to the Mortgage Loans which
are to be applied in reduction of the Certificate Principal Balance of the
Subordinate Certificates pursuant to this Agreement, which shall equal the
amount, if any, by which, Certificate Principal Balance of all Certificates
(after all distributions of principal on such Distribution Date) exceeds the
sum of the Stated Principal Balances of the Mortgage Loans for such
Distribution Date.

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

            Bankruptcy Code: Title 11 of the United States Code.

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

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

            [Carryover Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 4.08 in the name of
the Trustee for the benefit of the Certificateholders and designated
"____________________ in trust for registered holders of CWHEQ, Inc.,
Asset-Backed Certificates, Series 200_-_". Funds in the Carryover Reserve Fund
shall be held in trust for the Certificateholders for the uses and purposes
set forth in this Agreement.]

            Certificate: Any one of the certificates of any Class executed and
authenticated by the Trustee in substantially the forms attached hereto as
Exhibits A-1 through A-9, Exhibit B, Exhibit C, Exhibit D and Exhibit E.

            Certificate Account: The separate Eligible Account created and
initially maintained by the Master Servicer pursuant to Section 3.05(b) with a
depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of the Certificateholders and designated "Countrywide
Home Loans, Inc. in trust for registered holders of CWHEQ, Inc.,

                                     -6-
<PAGE>

Asset-Backed Certificates, Series 200_-_". Funds in the Certificate Account
shall be held in trust for the Certificateholders for the uses and purposes
set forth in this Agreement.

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

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

            Certificate Principal Balance: As to any Certificate (other than
any Class A-IO or [Class C] Certificates) and as of any Distribution Date, the
Initial Certificate Principal Balance of such Certificate (A) less the sum of
(i) all amounts distributed with respect to such Certificate in reduction of
the Certificate Principal Balance thereof on previous Distribution Dates
pursuant to Section 4.04, and (ii) with respect to any Subordinate
Certificates, any Applied Realized Loss Amounts allocated to such Certificate
on previous Distribution Dates pursuant to Section 4.04 4.04, and (B)
increased by, with respect to the Subordinate Certificates, any Subsequent
Recoveries allocated to such Subordinate Certificate pursuant to Section 4.04
on such Distribution Date. References herein to the Certificate Principal
Balance of a Class of Certificates shall mean the Certificate Principal
Balances of all Certificates in such Class. The Class A-IO Certificates shall
have no Certificate Principal Balance, and any reference to the Certificate
Principal Balance of the Certificates shall not include the Class A-IO
Notional Amount. The [Class C] Certificates do not have a Certificate
Principal Balance.

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

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

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

                                     -7-
<PAGE>

            Class A Certificates: The Class A-[1] Certificates, the Class A-__
Certificates, the Class A-__ Certificates, the Class A-__ Certificates and the
Class A-__ Certificates.

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

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

            Class A-[1] Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class A-[1]
Certificates.

            Class A-[1] Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class A-[1]
Pass-Through Rate on the Class A-[1] Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Class A-[1] Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class A-[1] Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class A-[1]
Certificates with respect to interest on such prior Distribution Dates.

            Class A-[1] Interest Carryover Amount: For any Distribution Date
on which the Pass-Through Rate for the Class A-[1] Certificates is based upon
the Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class A-[1] Certificates during the
related Accrual Period for such Class had such rate been calculated at
One-Month LIBOR plus the Class A-[1] Margin for such Distribution Date, over
(ii) the amount of interest accrued on the Class A-[1] Certificates at the Net
Rate Cap during such Accrual Period and (B) the Class A-[1] Interest Carryover
Amount for all previous Distribution Dates not previously paid pursuant to
Section 4.04, together with interest thereon at the Class A-[1] Pass-Through
Rate (without giving effect to the Net Rate Cap).

            Class A-[1] Margin: ____% per annum.

            Class A-[1] Pass-Through Rate: For the first Distribution Date,
____% per annum, and, for any Distribution Date thereafter, the lesser of (i)
One-Month LIBOR plus the Class A-[1] Margin and (ii) the Net Rate Cap for such
Distribution Date.

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

                                     -8-
<PAGE>

            Class A-__ Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class A-__
Certificates.

            Class A-__ Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class A-__
Pass-Through Rate on the Class A-__ Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Class A-__ Fixed Rate: ____% per annum.

            Class A-__ Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class A-__ Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class A-__
Certificates with respect to interest on such prior Distribution Dates.

            Class A-__ Interest Carryover Amount: For any Distribution Date on
which the Pass-Through Rate for the Class A-__ Certificates is based upon the
Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class A-__ Certificates during the related
Accrual Period for such Class had such rate been calculated at the Class A-__
Fixed Rate for such Distribution Date, over (ii) the amount of interest
accrued on the Class A-__ Certificates at the Net Rate Cap during such Accrual
Period and (B) the Class A-__ Interest Carryover Amount for all previous
Distribution Dates not previously paid pursuant to Section 4.04, together with
interest thereon at the Class A-__ Pass-Through Rate (without giving effect to
the Net Rate Cap).

            Class A-__ Pass-Through Rate: For any Distribution Date, the
lesser of (i) the Class A-__ Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

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

            Class A-__ Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class A-__
Certificates.

            Class A-__ Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class A-__
Pass-Through Rate on the Class A-__ Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Class A-__ Fixed Rate: ____% per annum.

            Class A-__ Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class A-__ Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class A-__
Certificates with respect to interest on such prior Distribution Dates.

                                     -9-
<PAGE>

            Class A-__ Interest Carryover Amount: For any Distribution Date on
which the Pass-Through Rate for the Class A-__ Certificates is based upon the
Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class A-__ Certificates during the related
Accrual Period for such Class had such rate been calculated at the Class A-__
Fixed Rate for such Distribution Date, over (ii) the amount of interest
accrued on the Class A-__ Certificates at the Net Rate Cap during such Accrual
Period and (B) the Class A-__ Interest Carryover Amount for all previous
Distribution Dates not previously paid pursuant to Section 4.04, together with
interest thereon at the Class A-__ Pass-Through Rate (without giving effect to
the Net Rate Cap).

            Class A-__ Pass-Through Rate: For any Distribution Date, the
lesser of (i) the Class A-__ Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

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

            Class A-__ Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class A-__
Certificates.

            Class A-__ Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class A-__
Pass-Through Rate on the Class A-__ Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Class A-__ Fixed Rate: For any Distribution Date on or prior to
the Optional Termination Date, ____% per annum, and for any Distribution Date
after the Optional Termination Date, ____% per annum.

            Class A-__ Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class A-__ Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class A-__
Certificates with respect to interest on such prior Distribution Dates.

            Class A-__ Interest Carryover Amount: For any Distribution Date on
which the Pass-Through Rate for the Class A-__ Certificates is based upon the
Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class A-__ Certificates during the related
Accrual Period for such Class had such rate been calculated at the Class A-__
Fixed Rate for such Distribution Date, over (ii) the amount of interest
accrued on the Class A-__ Certificates at the Net Rate Cap during such Accrual
Period and (B) the Class A-__ Interest Carryover Amount for all previous
Distribution Dates not previously paid pursuant to Section 4.04, together with
interest thereon at the Class A-__ Pass-Through Rate (without giving effect to
the Net Rate Cap).

            Class A-__ Pass-Through Rate: For any Distribution Date, the
lesser of (i) the Class A-__ Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

                                     -10-
<PAGE>

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

            Class A-__ Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class A-__
Certificates.

            Class A-__ Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class A-__
Pass-Through Rate on the Class A-__ Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Class A-__ Fixed Rate: For any Distribution Date on or prior to
the Optional Termination Date, ____% per annum, and for any Distribution Date
after the Optional Termination Date, ____% per annum.

            Class A-__ Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class A-__ Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class A-__
Certificates with respect to interest on such prior Distribution Dates.

            Class A-__ Interest Carryover Amount: For any Distribution Date on
which the Pass-Through Rate for the Class A-__ Certificates is based upon the
Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class A-__ Certificates during the related
Accrual Period for such Class had such rate been calculated at the Class A-__
Fixed Rate for such Distribution Date, over (ii) the amount of interest
accrued on the Class A-__ Certificates at the Net Rate Cap during such Accrual
Period and (B) the Class A-__ Interest Carryover Amount for all previous
Distribution Dates not previously paid pursuant to Section 4.04, together with
interest thereon at the Class A-__ Pass-Through Rate (without giving effect to
the Net Rate Cap).

            Class A-__ Pass-Through Rate: For any Distribution Date, the
lesser of (i) the Class A-__ Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

            Class A-IO Certificate: Any Certificate designated as a "Class
A-IO Certificate" on the face thereof, in the form of Exhibit A-6 hereto.

            Class A-IO Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class A-IO
Pass-Through Rate on the Class A-IO Notional Amount immediately prior to such
Distribution Date plus any amount previously distributed with respect to
interest for such Class that is recovered as a voidable preference by a
trustee in bankruptcy.

            Class A-IO Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class A-IO Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class A-IO
Certificates with respect to interest on such prior Distribution Dates.

                                     -11-
<PAGE>

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

            Class A-IO Notional Amount: For any Distribution Date, an amount
equal to the lesser of (i) $___________ and (ii) the aggregate Certificate
Principal Balances of the Mortgage Loans for such Distribution Date.

            Class A-IO Pass-Through Rate: With respect to any Distribution
Date, a per annum rate equal to the lesser of (i) for each Accrual Period
relating to any Distribution Date on or prior to the __________ 200_
Distribution Date, ____%, (ii) for each Accrual Period relating to any
Distribution Date from and including the __________ 200_ Distribution Date
through the __________ 200_ Distribution Date, ____%, (iii) for each Accrual
Period relating to any Distribution Date from and including the __________
200_ Distribution Date through the __________ 200_ Distribution Date, ____%
and (iv) for each Accrual Period thereafter, ____% and (v) the Net Rate Cap.

            Class A-R Certificate: Any one of the Class A-R Certificates
executed and authenticated by the Trustee in substantially the form set forth
in Exhibits D and E hereto.

            Class A-R Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class A-R
Certificates.

            Class B-1 Certificate: Any Certificate designated as a "Class B-1
Certificate" on the face thereof, in the form of Exhibit A-9 hereto,
representing the right to distributions as set forth herein.

            Class B-1 Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class B-1
Certificates.

            Class B-[1] Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class B-[1]
Pass-Through Rate on the Class B-[1] Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Class B-[1] Fixed Rate: For any Distribution Date on or prior to
the Optional Termination Date, ____% per annum, and for any Distribution Date
after the Optional Termination Date, ____% per annum.

            Class B-[1] Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class B-[1] Current Interest with respect to prior
Distribution Dates over (b) the

                                     -12-
<PAGE>

amount actually distributed to the Class B-[1] Certificates with respect to
interest on such prior Distribution Dates.

            Class B-[1] Interest Carryover Amount: For any Distribution Date
on which the Pass-Through Rate for the Class B-[1] Certificates is based upon
the Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class B-[1] Certificates during the
related Accrual Period for such Class had such rate been calculated at the
Class B-[1] Fixed Rate for such Distribution Date, over (ii) the amount of
interest accrued on the Class B-[1] Certificates at the Net Rate Cap during
such Accrual Period and (B) the Class B-[1] Interest Carryover Amount for all
previous Distribution Dates not previously paid pursuant to Section 4.04,
together with interest thereon at the Class B-[1] Pass-Through Rate (without
giving effect to the Net Rate Cap).

            Class B-[1] Pass-Through Rate: For any Distribution Date, the
lesser of (i) the Class B-[1] Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

            Class B-[1] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of: (A) the Aggregate Class A
Certificate Principal Balance (after taking into account distribution of the
Class A Principal Distribution Amount on such Distribution Date), (B) the
Class M-[1] Certificate Principal Balance (after taking into account
distribution of the Class M-[1] Principal Distribution Amount on such
Distribution Date), (B) the Class M-[2] Certificate Principal Balance (after
taking into account distribution of the Class M-[2] Principal Distribution
Amount on such Distribution Date) and (D) the Class B-[1] Certificate
Principal Balance immediately prior to such Distribution Date over (ii) the
lesser of (A) ____% of the aggregate Stated Principal Balances of the Mortgage
Loans for such Distribution Date and (B) the aggregate Stated Principal
Balances of the Mortgage Loans for such Distribution Date minus the OC Floor;
provided, however, that if the Class B-[1] Certificates shall be the only
Class of Certificates outstanding on a Distribution Date, the Class B-[1]
Principal Distribution Amount with respect to such Distribution shall equal
[100]% of the Principal Distribution Amount for such Distribution Date.

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

            [Class C] Distributable Amount: As defined in the Preliminary
Statement.

            Class M-[1] Certificate: Any Certificate designated as a "Class
M-[1] Certificate" on the face thereof, in the form of Exhibit A-7 hereto,
representing the right to distributions as set forth herein.

            Class M-[1] Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class M-[1]
Certificates.

            Class M-[1] Current Interest: For any Distribution Date the
interest accrued during the related Accrual Period at the Class M-[1]
Pass-Through Rate on the Class M-[1] Certificate Principal Balance immediately
prior to such Distribution Date plus any amount

                                     -13-
<PAGE>

previously distributed with respect to interest for such Class that is
recovered as a voidable preference by a trustee in bankruptcy.

            Class M-[1] Fixed Rate: For any Distribution Date on or prior to
the Optional Termination Date, ____% per annum, and for any Distribution Date
after the Optional Termination Date, ____% per annum.

            Class M-[1] Interest Carry Forward Amount: For any Distribution
Date the excess of (a) the Class M-[1] Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class M-[1]
Certificates with respect to interest on such prior Distribution Dates.

            Class M-[1] Interest Carryover Amount: For any Distribution Date
on which the Pass-Through Rate for the Class M-[1] Certificates is based upon
the Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class M-[1] Certificates during the
related Accrual Period for such Class had such rate been calculated at the
Class M-[1] Fixed Rate for such Distribution Date, over (ii) the amount of
interest accrued on the Class M-[1] Certificates at the Net Rate Cap during
such Accrual Period and (B) the Class M-[1] Interest Carryover Amount for all
previous Distribution Dates not previously paid pursuant to Section 4.04,
together with interest thereon at the Class M-[1] Pass-Through Rate (without
giving effect to the Net Rate Cap).

            Class M-[1] Pass-Through Rate: For any Distribution Date the
lesser of (i) the Class M-[1] Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

            Class M-[1] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of (A) the Aggregate Class A
Certificate Principal Balance (after taking into account distribution of the
Class A Principal Distribution Amount on such Distribution Date) and (B) the
Class M-[1] Certificate Principal Balance immediately prior to such
Distribution Date over (ii) the lesser of (A) ____% of the aggregate Stated
Principal Balance of the Mortgage Loans for such Distribution Date and (B) the
aggregate Stated Principal Balance of the Mortgage Loans for such Distribution
Date minus the OC Floor; provided, however, that if the Class M-[1]
Certificates shall be the only Class of Certificates outstanding on a
Distribution Date, the Class M-[1] Principal Distribution Amount with respect
to such Distribution shall equal [100]% of the Principal Distribution Amount
for such Distribution Date.

            Class M-[2] Certificate: Any Certificate designated as a "Class
M-[2] Certificate" on the face thereof, in the form of Exhibit A-8 hereto,
representing the right to distributions as set forth herein.

            Class M-[2] Certificate Principal Balance: As of any date of
determination, the Certificate Principal Balance of the Class M-[2]
Certificates.

            Class M-[2] Current Interest: For any Distribution Date, the
interest accrued during the related Accrual Period at the Class M-[2]
Pass-Through Rate on the Class M-[2] Certificate Principal Balance immediately
prior to such Distribution Date plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

                                     -14-
<PAGE>

            Class M-[2] Fixed Rate: For any Distribution Date on or prior to
the Optional Termination Date, ____% per annum, and for any Distribution Date
after the Optional Termination Date, ____% per annum.

            Class M-[2] Interest Carry Forward Amount: For any Distribution
Date, the excess of (a) the Class M-[2] Current Interest with respect to prior
Distribution Dates over (b) the amount actually distributed to the Class M-[2]
Certificates with respect to interest on such prior Distribution Dates.

            Class M-[2] Interest Carryover Amount: For any Distribution Date
on which the Pass-Through Rate for the Class M-[2] Certificates is based upon
the Net Rate Cap, the sum of (A) the excess of (i) the amount of interest that
would otherwise have accrued on the Class M-[2] Certificates during the
related Accrual Period for such Class had such rate been calculated at the
Class M-[2] Fixed Rate for such Distribution Date, over (ii) the amount of
interest accrued on the Class M-[2] Certificates at the Net Rate Cap during
such Accrual Period and (B) the Class M-[2] Interest Carryover Amount for all
previous Distribution Dates not previously paid pursuant to Section 4.04,
together with interest thereon at the Class M-[2] Pass-Through Rate (without
giving effect to the Net Rate Cap).

            Class M-[2] Pass-Through Rate: For any Distribution Date, the
lesser of (i) the Class M-[2] Fixed Rate and (ii) the Net Rate Cap for such
Distribution Date.

            Class M-[2] Principal Distribution Amount: With respect to any
Distribution Date the excess of (i) the sum of: (A) the Aggregate Class A
Certificate Principal Balance (after taking into account distribution of the
Class A Principal Distribution Amount on such Distribution Date), (B) the
Class M-[1] Certificate Principal Balance (after taking into account
distribution of the Class M-[1] Principal Distribution Amount on such
Distribution Date) and (C) the Class M-[2] Certificate Principal Balance
immediately prior to such Distribution Date over (ii) the lesser of (A) ____%
of the aggregate Stated Principal Balances of the Mortgage Loans for such
Distribution Date and (B) the aggregate Stated Principal Balances of the
Mortgage Loans for such Distribution Date minus the OC Floor; provided,
however, that if the Class M-[2] Certificates shall be the only Class of
Certificates outstanding on a Distribution Date, the Class M-[2] Principal
Distribution Amount with respect to such Distribution shall equal [100]% of
the Principal Distribution Amount for such Distribution Date.

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

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

            Closing Date: __________ 200_.

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

                                     -15-
<PAGE>

            Combined Loan-to-Value Ratio: The fraction, expressed as a
percentage, the numerator of which is the sum of (x) the original principal
balance of the related Mortgage Loan and (y) the outstanding principal balance
at the date of origination of the Mortgage Loan of any senior mortgage loan,
and the denominator of which is the Appraised Value of the related Mortgaged
Property.

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

            Corporate Trust Office: The designated office of the Trustee in
the State of ________ where at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at
_______________________________, (Attention: _____________), telephone: (___)
___-____ facsimile: (___) ________.

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

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

      ________ 200_ --     ____% with respect to ________ 200_, plus an
      ________ 200_        additional 1/12th of ____% for each month thereafter
      ________ 200_ --     ____% with respect to ________ 200_, plus an
      ________ 200_        additional 1/12th of ____% for each month thereafter
      ________ 200_ --     ____% with respect to ________ 200_, plus an
      ________ 200_        additional 1/12th of ____% for each month thereafter
      ________ 200_        ____%
      and thereafter

            Current Interest: With respect to (i) the Class A-[1]
Certificates, the Class A-[1] Current Interest, (ii) the Class A-__
Certificates, the Class A-__ Current Interest, (ii) the Class A-__
Certificates, the Class A-__ Current Interest, (iv) the Class A-__
Certificates, the Class A-__ Current Interest, (v) the Class A-__
Certificates, the Class A-__ Current Interest, (vi) the Class A-IO
Certificates, the Class A-IO Current Interest, (vii) the Class M-[1]
Certificates, the Class M-[1] Current Interest, (viii) the Class M-[2]
Certificates, the Class M-[2] Current Interest and (ix) the Class B-[1]
Certificates, the Class B-[1] Current Interest.

            Cut-off Date: In the case of any Mortgage Loan, the later of (x)
__________ 200_and (y) the date of origination of such Mortgage Loan.

                                     -16-
<PAGE>

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

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

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

            Definitive Certificates: As defined in Section 5.06.

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

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

            Delinquency Trigger Event: With respect to any Distribution Date
on or after the Stepdown Date, a Deliquency Trigger Event exists if the the
Rolling Sixty-Day Delinquency Rate for the Outstanding Mortgage Loans equals
or exceeds the product of ____% and the Senior Enhancement Percentage for such
Distribution Date.

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

                                     -17-
<PAGE>

day of such month), then on the last day of such immediately succeeding month.
Similarly for "60 days delinquent," "90 days delinquent" and so on.

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

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

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

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

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

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

            Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05 in the name of the Trustee
for the benefit of the Certificateholders and designated "_________________,
in trust for registered holders of CWHEQ, Inc., Asset-Backed Certificates,
Series 200_-_". 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,
____ p.m. _________ time on the Business Day immediately preceding such
Distribution Date.

            Distribution Date: The __th day of each calendar month after the
initial issuance of the Certificates, or if such __th day is not a Business
Day, the next succeeding Business Day, commencing in __________ 200_.

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

                                     -18-
<PAGE>

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

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

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

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

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

            ERISA-Restricted Certificates: The Class A-R Certificates, [Class
P], [Class C] and, until they have been the subject of an ERISA-Qualifying
Underwriting, the Class A-IO Certificates; and any Certificates of any Class
that cease to satisfy the applicable rating requirement under the
Underwriter's Exemption.

            Event of Default: As defined in Section 7.01 hereof.

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

            Excess Proceeds: With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds and Subsequent
Recoveries that are in excess

                                     -19-
<PAGE>

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

            Expense Fee Rate: The sum of (i) the Servicing Fee Rate and (ii)
the Trustee Fee Rate.

            Extra Principal Distribution Amount: With respect to any
Distribution Date, the lesser of (1) the Overcollateralization Deficiency
Amount for such Distribution Date and (2) Excess Cashflow for such
Distribution Date.

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

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

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

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

            Initial Certificate Principal Balance: With respect to any
Certificate, (other than the Class A-IO or [Class C] Certificates) the
Certificate Principal Balance of such Certificate or any predecessor
Certificate 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 with respect to such Mortgage Loan, including any
replacement policy or policies for any Insurance Policy.

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

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

                                     -20-
<PAGE>

            Interest Carry Forward Amount: With respect to (i) the Class A-[1]
Certificates, the Class A-[1] Interest Carry Forward Amount, (ii) the Class
A-__ Certificates, the Class A-__ Interest Carry Forward Amount, (iii) the
Class A-__ Certificates, the Class A-__ Interest Carry Forward Amount, (iv)
the Class A-__ Certificates, the Class A-__ Interest Carry Forward Amount, (v)
the Class A-__ Certificates, the Class A-__ Interest Carry Forward Amount,
(vi) the Class A-IO Certificates, the Class A-IO Interest Carry Forward
Amount, (vii) the Class M-[1] Certificates, the Class M-[1] Interest Carry
Forward Amount, (viii) the Class M-[2] Certificates, the Class M-[2] Interest
Carry Forward Amount and (ix) the Class B-[1] Certificates, the Class B-[1]
Interest Carry Forward Amount.

            Interest Determination Date: With respect to the Class A-[1]
Certificates, for the first Accrual Period, __________, 200_ and for any
Accrual Period thereafter, the second LIBOR Business Day preceding the
commencement of such Accrual Period.

            Interest Funds: With respect to any Distribution Date are equal to
(1) the Interest Remittance Amount for such Distribution Date less (2) the
Trustee Fee for such Distribution Date.

            Interest Remittance Amount: With respect to the Mortgage Loans and
any Master Servicer Advance Date, the sum, without duplication, of (i) all
scheduled interest collected during the related Due Period with respect to the
Mortgage Loans less the related Servicing Fee, (ii) all related Advances
relating to interest with respect to the Mortgage Loans, (iii) all interest on
Principal Prepayments other than Prepayment Interest Excess, (iv) [all
Compensating Interest for the related Distribution Date], (v) Liquidation
Proceeds with respect to the Mortgage Loans collected during the related Due
Period, to the extent such Liquidation Proceeds relate to interest, and (vi)
for the Master Servicer Advance Date in __________ 200_, the Seller Shortfall
Interest Requirement for the related Master Servicer Advance Date (if any),
less all Nonrecoverable Advances relating to interest reimbursed during the
related Due Period.

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

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

            Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan that has been liquidated through deed-in-lieu of
foreclosure, foreclosure sale, trustee's sale or other realization as provided
by applicable law governing the real property subject to the related Mortgage
and any security agreements and as to which the Master Servicer has certified
(in accordance with Section 3.12) in the related Prepayment Period that it has
received all amounts it expects to receive in connection with such
liquidation.

            Liquidation Proceeds: Amounts, including Insurance Proceeds,
received in connection with the partial or complete liquidation of Mortgage
Loans, whether through trustee's sale, foreclosure sale or otherwise or
amounts received in connection with any condemnation or

                                     -21-
<PAGE>

partial release of a Mortgaged Property and any other proceeds received in
connection with an REO Property received in connection with or prior to such
Mortgage Loan becoming a Liquidated Mortgage Loan, less the sum of related
unreimbursed Advances, Servicing Fees and Servicing Advances.

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

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

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

            MERS Mortgage Loan: Any Mortgage Loan registered with MERS on the
MERS(R) System.

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

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

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

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

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

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

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

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

            Mortgage Loan Schedule: The list of Mortgage Loans (as from time
to time amended by the Master Servicer to reflect the deletion of Deleted
Mortgage Loans and the addition of Replacement 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 hereto as
Exhibit F-1, setting forth the following information with respect to each
Mortgage Loan:

          (i)  the loan number;

                                     -22-
<PAGE>

          (ii) the Appraised Value;

          (iii) the Mortgage Rate;

          (iv) the maturity date;

          (v) the original principal balance;

          (vi) the Cut-off Date Principal Balance;

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

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

          (ix) the Combined Loan-to-Value Ratio, as applicable, at
     origination;

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

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

            Mortgage Loans: Such of the mortgage loans transferred and
assigned to the Trustee pursuant to the provisions hereof 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. Any Mortgage Loan subject to repurchase by the Seller or
Master Servicer as provided in this Agreement, shall continue to be a Mortgage
Loan hereunder until the Purchase Price with respect thereto has been paid to
the Trustee.

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

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

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

            Mortgaged Property: The underlying property securing a Mortgage
Loan.

            Mortgagor: The obligors on a Mortgage Note.

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

                                     -23-

<PAGE>

             Distribution Date                                      Percentage
     ----------------------------------                            -------------
     __________ 200_ -- __________ 200_.............................     __%
     __________ 200_ -- __________ 200_.............................     __%
     __________ 200_ -- __________ 200_.............................     __%
     __________ 200_ -- __________ 200_.............................     __%
     __________ 200_ and thereafter.................................     __%

            NAS Principal Distribution Amount: For any Distribution Date, an
amount equal to the product of (i) a fraction, the numerator of which is the
Certificate Principal Balance of the Class A-__ Certificates and the
denominator of which is the Aggregate Class A Certificate Principal Balance,
in each case immediately prior to such Distribution Date, (ii) the Principal
Distribution Amount or the Class A Principal Distribution Amount, as
applicable, for such Distribution Date and (iii) the NAS Factor for such
Distribution Date.

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

            Net Rate Cap: For any Distribution Date, (a) with respect to all
interest-bearing Certificates other than the Class A-IO Certificates, a per
annum rate (adjusted, in the case of the Class A-[1] Certificates, to an
effective rate for the related Accrual Period reflecting the calculation of
interest on the basis of the actual number of days elapsed during such Accrual
Period and a 360-day year) equal to the excess of (i) the weighted average
Adjusted Net Mortgage Rate on the Mortgage Loans in the Trust Fund for such
Distribution Date over (ii) the product of (A) the Class A-IO Pass-Through
Rate for such Distribution Date times (B) a fraction, the numerator of which
is the Class A-IO Notional Balance immediately prior to such Distribution Date
and the denominator of which is the aggregate Stated Principal Balances of the
Mortgage Loans for such Distribution Date, and (b) with respect to the Class
A-IO Certificates, a per annum rate equal to the weighted average Adjusted Net
Mortgage Rate on the Mortgage Loans in the Trust Fund for such Distribution
Date.

            Net Rate Carryover: With respect to any Distribution Date, an
amount equal to the sum of (i) the Class A-[1] Interest Carryover Amount for
such Distribution Date (if any), (ii) the Class A-__ Interest Carryover Amount
for such Distribution Date (if any), (iii) the Class A-__ Interest Carryover
Amount for such Distribution Date (if any), (iv) the Class A-__ Interest
Carryover Amount for such Distribution Date (if any), (v) the Class A-__
Interest Carryover Amount for such Distribution Date (if any), (vi) the Class
A-IO Interest Carryover Amount for such Distribution Date (if any), (vii) the
Class M-[1] Interest Carryover Amount for such Distribution Date (if any),
(viii) the Class M-[2] Interest Carryover Amount for such Distribution Date
(if any) and (ix) the Class B-[1] Interest Carryover Amount for such
Distribution Date provided that when the term Net Rate Carryover is used with
respect to one Class of Certificates, it shall mean such carryover amount
listed in clauses (i), (ii), (iii), (iv), (v), (vi), (vii) (viii) and (ix), as
applicable, with the same Class designation.

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

                                     -24-
<PAGE>

            Non-Book-Entry Certificate: Any Certificate other than a
Book-Entry Certificate.

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

            Notional Amount: With respect to the Class A-IO Certificates, the
Class A-IO Notional Amount.

            OC Floor: For any Distribution Date, ___% of the aggregate Stated
Principal Balances of the Mortgage Loans as of the Cut-off Date.

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

            One-Month LIBOR: With respect to any Accrual Period for the Class
A-[1] Certificates, the rate determined by the Trustee on the related Interest
Determination Date on the basis of the rate for U.S. dollar deposits for one
month that appears on Telerate Screen Page 3750 as of 11:00 a.m. (London time)
on such Interest Determination Date; provided that the parties hereto
acknowledge that One-Month LIBOR calculated for the first Accrual Period shall
equal ____% per annum. If such rate does not appear on such page (or such
other page as may replace that page on that service, or if such service is no
longer offered, such other service for displaying One-Month LIBOR or
comparable rates as may be reasonably selected by the Trustee), One-Month
LIBOR for the applicable Accrual Period will be the Reference Bank Rate. If no
such quotations can be obtained by the Trustee and no Reference Bank Rate is
available, One-Month LIBOR will be One-Month LIBOR applicable to the preceding
Accrual Period.

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

            Optional Termination: The termination of the Trust Fund provided
hereunder pursuant to the purchase of the Mortgage Loans pursuant to the last
sentence of Section 9.01 hereof.

                                     -25-
<PAGE>

            Optional Termination Date: Any Distribution Date on which the
aggregate Stated Principal Balance of the Mortgage Loans is equal to or less
than [10]% of the aggregate Stated Principal Balance of the Mortgage Loans as
of the Cut-off Date.

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

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

            OTS: The Office of Thrift Supervision.

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

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

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

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

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

            Overcollateralization Target Amount: (a) With respect to each
Distribution Date before the Stepdown Date, an amount equal to ___% of the
aggregate Stated Principal Balances of the Mortgage Loans as of the Cut-off
Date and (b) for any Distribution Date on or after the Stepdown Date, ___% of
the aggregate Stated Principal Balances of the Mortgage Loans in the Mortgage
Pool for the current Distribution Date; provided that if a Trigger Event is in
effect on any Distribution Date, the Overcollateralization Target Amount will
be the Overcollateralization Target Amount as in effect for the prior
Distribution Date; provided further that, the Overcollateralization Target
Amount will at no time be less than the OC Floor.

            Overcollateralized Amount: As of any Distribution Date, the
amount, if any, by which (x) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period (after giving
effect to Prepayments in the Prepayment Period related to such Distribution
Date) exceeds (y) the sum of the aggregate Class Certificate Balances of the
Certificates (other than the Class A-IO and [Class C] Certificates) as of such
Distribution Date

                                     -26-
<PAGE>

(after giving effect to distributions of the Principal Remittance Amount to be
made on such Distribution Date).

            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.

            Pass-Through Rate: With respect to the Class A-[1] Certificates,
the Class A-[1] Pass-Through Rate; with respect to the Class A-__
Certificates, the Class A-__ Pass-Through Rate; with respect to the Class A-__
Certificates, the Class A-__ Pass-Through Rate; with respect to the Class A-__
Certificates, the Class A-__ Pass-Through Rate; with respect to the Class A-__
Certificates, the Class A-__ Pass-Through Rate; with respect to the Class A-IO
Certificates, the Class A-IO Pass-Through Rate; with respect to the Class
M-[1] Certificates, the Class M-[1] Pass-Through Rate; and with respect to the
Class M-[2] Certificates, the Class M-[2] Pass-Through Rate; with respect to
the Class B-[1] Certificates, the Class B-[1] Pass-Through Rate.

            Percentage Interest: With respect to:

            (i) any Class, the percentage interest in the undivided beneficial
     ownership interest in the Trust Fund evidenced by such Class which shall
     be equal to the Certificate Principal Balance of such Class divided by
     the Certificate Principal Balance of all Certificates of such Class; and

            (ii) any Certificate, the Percentage Interest evidenced thereby of
     the related Class shall equal the percentage obtained by dividing the
     Denomination of such Certificate by the aggregate of the Denominations of
     all Certificates of such Class.

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

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

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

            (iii) [Reserved];

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

            (v) certificates of deposit, demand or time deposits, or bankers'
     acceptances issued by any depository institution or trust company
     incorporated under the laws of the

                                     -27-
<PAGE>

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

            (vi) 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 (v) above;

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

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

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

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

provided, that no such instrument shall be a Permitted Investment if such
instrument (i) evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) is purchased at a
premium or (iii) is purchased at a deep discount; provided further that no
such instrument shall be a Permitted Investment (A) if such instrument
evidences principal and interest payments derived from obligations underlying
such instrument and the

                                     -28-
<PAGE>

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

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

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

                                     -29-
<PAGE>

            Pool Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances of the Mortgage Loans which were
Outstanding Mortgage Loans on the Due Date in the month preceding the month of
such Distribution Date.

            Prepayment Assumption: The applicable rate of prepayment, as
described in the Prospectus Supplement relating to the Certificates (other
than the Class A-IO Certificates).

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

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

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

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

            Prepayment Period: As to any Distribution Date, the time period
beginning with the opening of business on the ________ day of the calendar
month preceding the month in which such Distribution Date occurs (or, with
respect to the first Distribution Date, the period from the Cut-off Date) and
ending on the close of business on the ________ day of the month in which such
Distribution Date occurs.

            [Primary Carryover Reserve Fund Deposit: With respect to any
Distribution Date, an amount equal to the Net Rate Carryover for such
Distribution Date.]

            Prime Rate: The prime commercial lending rate of ____________, 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
____________'s lowest rate of interest.

                                     -30-
<PAGE>

            Principal Distribution Amount: With respect to the Distribution
Date occurring in __________ 200_, the sum of (i) the Principal Remittance
Amount for such Distribution Date, (ii) the Extra Principal Distribution
Amount for such Distribution Date, and (iii) the funds withdrawn from the
Principal Reserve Fund and deposited in the Distribution Account pursuant to
Section 3.05(d). With respect to each subsequent Distribution Date, the sum of
(i) the Principal Remittance Amount for such Distribution Date and (ii) the
Extra Principal Distribution Amount for such Distribution Date.

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

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

            Principal Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.08 in the name of
the Trustee for the benefit of the Certificateholders and designated
"_______________ in trust for registered holders of CWHEQ, Inc., Asset-Backed
Certificates, Series 200_-_". Funds in the Principal Reserve Fund shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

            Private Certificates: The [Class C] Certificates and Class P
Certificates.

            Prospectus: The prospectus dated _____________, 200_, relating to
mortgage pass-through certificates to be sold by the Depositor.

            Prospectus Supplement: The prospectus supplement dated __________,
__ 200_, by which the Certificates may be offered from time to time, and any
supplements thereto.

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

            PUD: A Planned Unit Development.

                                     -31-
<PAGE>

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

            Rating Agency: ___________ and____________. If any such
organization or its successor is no longer in existence, "Rating Agency" shall
be a nationally recognized statistical rating organization, or other
comparable Person, designated by the Depositor, notice of which designation
shall be given to the Trustee. References herein to a given rating category of
a Rating Agency shall mean such rating category without giving effect to any
modifiers.

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

            Record Date: With respect to the Class A-__, Class A-__, Class
A-__, Class A-__, Class M-[1], Class M-[2], Class B-[1], Class A-IO, Class A-R
, [Class C] and Class P Certificates and (x) the first Distribution Date, the
Closing Date and (y) any other Distribution Date, the last Business Day of the
month preceding the month of a Distribution Date. With respect to the Class
A-[1] Certificates, the Business Day immediately preceding a Distribution
Date, or if such Certificates are no longer book-entry certificates, the last
Business Day of the month preceding the month of a Distribution Date.

                                     -32-
<PAGE>

            Reference Bank Rate: With respect to any Accrual Period for the
Class A-[1] Certificates, the arithmetic mean (rounded upwards, if necessary,
to the nearest whole multiple of 0.03125%) of the offered rates for United
States dollar deposits for one month that are quoted by the Reference Banks as
of 11:00 a.m., New York City time, on the related Interest Determination Date
to prime banks in the London interbank market for a period of one month in
amounts approximately equal to the outstanding aggregate Certificate Principal
Balance of the Class A-[1] Certificates on such Interest Determination Date,
provided that at least two such Reference Banks provide such rate. If fewer
than two offered rates appear, the Reference Bank Rate will be the arithmetic
mean (rounded upwards, if necessary, to the nearest whole multiple of
0.03125%) of the rates quoted by one or more major banks in New York City,
selected by the Trustee, as of 11:00 a.m., New York City time, on such date
for loans in U.S. dollars to leading European banks for a period of one month
in amounts approximately equal to the outstanding aggregate Certificate
Principal Balance of the Class A-[1] Certificates on such Interest
Determination Date.

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

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

            Regular Certificate: Any Certificate other than a Class A-R
Certificate.

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

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

            Replacement Mortgage Loan: A Mortgage Loan substituted by the
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 N, (i) have a Stated Principal Balance, after deduction of the
principal portion of the Scheduled Payment due in the month of substitution,
not in excess of, and not less than [90]% of the Stated Principal Balance of
the Deleted Mortgage Loan; (ii) have a Mortgage Rate not less than or no more
than [1]% per annum higher than the Mortgage Rate of the Deleted Mortgage
Loan; (iii) have the same or higher credit quality characteristics than that
of the Deleted Mortgage Loan; (iv) at the time of transfer to the Trustee, be
accruing interest at a Mortgage Rate not more than [1]% per annum higher or
lower than that of the Deleted Mortgage Loan; (v) have a Combined
Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vi)
have a remaining term to maturity no greater than (and not more than one year
less than) that of the Deleted Mortgage Loan; (vii) not permit conversion of
the Mortgage Rate from a fixed rate to a variable rate or visa versa; (viii)
provide for a Prepayment Charge on terms substantially similar to those of the
Prepayment Charge, if any, of the Deleted

                                     -33-
<PAGE>

Mortgage Loan; (ix) have the same lien priority as the Deleted Mortgage Loan;
(x) constitute the same occupancy type as the Deleted Mortgage Loan; and (xi)
comply with each representation and warranty set forth in Section 2.03 hereof.

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

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

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

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

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

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

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

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

            [Secondary Carryover Reserve Fund Deposit: With respect to any
Distribution Date, an amount equal to the excess of (i) $[10,000] over (ii)
the amount of funds on deposit in the Carryover Reserve Fund following the
deposit therein of the Primary Carryover Reserve Fund Deposit pursuant to
Section 4.04(a) and following distributions therefrom pursuant to Section
4.04(c).]

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

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

                                     -34-
<PAGE>

            Seller Shortfall Interest Requirement: For the Master Servicer
Advance Date in __________ 200_ the product of:

            (a) the excess of the aggregate Stated Principal Balance of the
Mortgage Loans, over the aggregate Stated Principal Balance of the Mortgage
Loans that have a scheduled payment of interest due in the related Due Period,
and

            (b) a fraction, the numerator of which is the weighted average Net
Mortgage Rate of the Mortgage Loans (weighted on the basis of the respective
Stated Principal Balances of the Mortgage Loans) as of the Cut-off Date and
the denominator of which is 12.

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

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

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

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

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

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

                                     -35-
<PAGE>

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

            Stated Principal Balance: With respect to any Mortgage Loan or
related REO Property (i) as of the Cut-off Date, the unpaid principal balance
of the Mortgage Loan as of such date (before any adjustment to the
amortization schedule for any moratorium or similar waiver or grace period),
after giving effect to any partial prepayments or Liquidation Proceeds
received prior to such date and to the payment of principal due on or prior to
such date and irrespective any delinquency in payment by the related
Mortgagor, and (ii) as of any other Distribution Date, the Stated Principal
Balance of the Mortgage Loan as of its Cut-off Date, minus the sum of (a) the
principal portion of the Scheduled Payments (x) due with respect to such
Mortgage Loan during each Due Period ending prior to such Distribution Date
and (y) that were received by the Master Servicer as of the close of business
on the Determination Date related to such Distribution Date or with respect to
which Advances were made as of the Master Servicer Advance Date related to
such Distribution Date, (b) all Principal Prepayments with respect to such
Mortgage Loan received by the Master Servicer during each Prepayment Period
ending prior to such Distribution Date, and (c) all Liquidation Proceeds
collected with respect to such Mortgage Loan during each Due Period ending
prior to such Distribution Date, to the extent applied by the Master Servicer
as recoveries of principal in accordance with Section 3.12. The Stated
Principal Balance of any Mortgage Loan that becomes a Liquidated Mortgage Loan
will be zero on each date following the Due Period in which such Mortgage Loan
becomes a Liquidated Mortgage Loan. References herein to the Stated Principal
Balance of the Mortgage Loans at any time shall mean the aggregate Stated
Principal Balance of all Mortgage Loans in the Trust Fund as of such time, and
references herein to the Stated Principal Balance of a Loan Subgroup at any
time shall mean the aggregate Stated Principal Balance of all Mortgage Loans
in such Loan Subgroup at such time.

            Stepdown Date: The earlier to occur of: (1) the Distribution Date
on which the Aggregate Class A Certificate Principal Balance is reduced to
zero, and (2) the later to occur of (x) the Distribution Date in __________
200_ and (y) the first Distribution Date on which the Aggregate Class A
Certificate Principal Balances (after giving effect to the distributions of
the Class A Principal Distribution Amount on such Distribution Date) is less
than or equal to ____% of the aggregate Stated Principal Balances of the
Mortgage Loans for such Distribution Date.

            Subordinate Certificates: The Class M-[1], Class M-[2] and Class
B-[1] Certificates.

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

            Subservicer: As defined in Section 3.02(a).

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

                                     -36-
<PAGE>

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

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

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

            Tax Matters Person Certificate: The Class A-R Certificate with a
Denomination of $0.05 and in the form of Exhibit E hereto.

            Terminator: As defined in Section 9.01.

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

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

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

            Trigger Event: A Trigger Event shall be in effect with respect to
any Distribution Date on or after the Stepdown Date if either a Delinquency
Trigger Event or a Cumulative Loss Trigger Event exists as of such
Distribution Date.

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

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

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

                                     -37-
<PAGE>

            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 ____%.

            Trustee Fee: As to any Distribution Date, an amount equal to
one-twelfth of the Trustee Fee Rate multiplied by the Pool Stated Principal
Balance with respect to such Distribution Date.

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

            Underwriter's Exemption: Prohibited Transaction Exemption 2002-41,
67 Fed. Reg. 54487 (2002), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department
of Labor.

            Underwriters: ________ and __________.

            Unpaid Realized Loss Amount: For any Class of Subordinate
Certificates and any Distribution Date, (x) the portion of the aggregate
Applied Realized Loss Amount previously allocated to that Class remaining
unpaid from prior Distribution Dates minus (y) any increase in the Certificate
Principal Balance of that Class due to the allocation of Subsequent Recoveries
to the Certificate Principal Balance of that Class pursuant to Section 4.04.

            Voting Rights: The portion of the voting rights of all the
Certificates that is allocated to any Certificates for purposes of the voting
provisions hereunder. Voting Rights allocated to each Class of Certificates
shall be allocated [96]% to the Class A-[1], Class A-__, Class A-__, Class
A-__, Class A-__, Class M-[1] and Class M-[2] Certificates, and __% to the
Class A-IO Certificates, Class A-R Certificates, [Class C] Certificates and
Class P Certificates; with the allocation among the Class A-[1], Class A-__,
Class A-__, Class A-__, Class A-__, Class M-[1] and Class M-[2] Certificates
to be in proportion to the Certificate Principal Balance (or Notional Amount,
as applicable) of each Class relative to the Certificate Principal Balance (or
Notional Amount, as applicable) of all other such Classes, and with the
allocation among the Class A-IO, Class A-R, [Class C] and Class P Certificates
being one-quarter each. Voting Rights will be allocated among the Certificates
of each such Class in accordance with their respective Percentage Interests.

            Section 1.02   Certain Interpretive Provisions.

            All terms defined in this Agreement shall have the defined
meanings when used in any certificate, agreement or other document delivered
pursuant hereto unless otherwise defined therein. For purposes of this
Agreement and all such certificates and other documents, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this
Agreement, and accounting terms partly defined in this Agreement to the extent
not defined, shall have the respective meanings given to them under generally
accepted accounting principles; (b) the words "hereof," "herein" and
"hereunder" and words of similar import refer to this Agreement (or the
certificate, agreement or other document in which they are used) as a whole
and not to any particular provision of this Agreement (or such certificate,
agreement or

                                     -38-
<PAGE>

document); (c) references to any Section, Schedule or Exhibit are references
to Sections, Schedules and Exhibits in or to this Agreement, and references to
any paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (d) the term "including" means "including without
limitation"; (e) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (f) references to any agreement refer to that agreement as amended
from time to time; and (g) references to any Person include that Person's
permitted successors and assigns.

                                     -39-
<PAGE>

                                 ARTICLE II.

                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

            Section 2.01   Conveyance of Mortgage Loans.

            (a) The Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Depositor, without recourse, all the right, title and
interest of the Seller in and to (i) the Mortgage Loans, including all
interest and principal received and receivable by the Seller on or with
respect to the Mortgage Loans after the Cut-off Date (to the extent not
applied in computing the Cut-off Date Principal Balance thereof) or deposited
into the Certificate Account by the Master Servicer on behalf of the Seller as
a Certificate Account Deposit as provided in this Agreement, other than
principal due on the Mortgage Loans on or prior to the Cut-off Date and
interest accruing prior to the Cut-off Date, (ii) the mortgagee's rights under
the Insurance Policies with respect to the Mortgage Loans and (iii) all
proceeds of the conversion, voluntary or involuntary, of any of the foregoing
into cash or other liquid property. The Seller confirms that, concurrently
with the transfer and assignment, it has deposited into the Certificate
Account the Certificate Account Deposit.

            Immediately upon the conveyance of the Mortgage Loans referred to
in the preceding paragraph, the Depositor hereby sells, transfers, assigns,
sets over and otherwise conveys to the Trustee for benefit of the
Certificateholders, without recourse, all right title and interest of the
Depositor in and to (A) the Mortgage Loans, including all interest and
principal received and receivable by the Seller on or with respect to the
Mortgage Loans after the Cut-off Date (to the extent not applied in computing
the Cut-off Date Principal Balance thereof) or deposited into the Certificate
Account by the Master Servicer on behalf of the Seller as a Certificate
Account Deposit as provided in this Agreement, other than principal due on the
Mortgage Loans on or prior to the Cut-off Date and interest accruing prior to
the Cut-off Date, (B) the mortgagee's rights under the Insurance Policies with
respect to the Mortgage Loans, and (C) all proceeds of the conversion,
voluntary or involuntary, of any of the foregoing into cash or other liquid
property.

            (b) [Reserved]

            (c) [Reserved]

            (d) [Reserved]

            (e) [Reserved]

            (f) [Reserved]

            (g) In connection with the transfer and assignment of each
Mortgage Loan, the Depositor has delivered to, and deposited with, the Trustee
(or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and
deposit with, the Trustee within the time periods specified in the definition
of "Delay Delivery Mortgage Loans") (except as provided in clause (vi) below)
for the benefit of the Certificateholders, the following documents or
instruments with

                                     -40-
<PAGE>

respect to each such Mortgage Loan so assigned (with respect to each Mortgage
Loan, clause (i) through (vi) below, together, the "Mortgage File" for each
such Mortgage Loan):

            (i) the original Mortgage Note, endorsed by the Seller or the
     originator of such Mortgage Loan, without recourse, in the following
     form: "Pay to the order of ________________ without recourse", with all
     intervening endorsements that show a complete chain of endorsement from
     the originator to the Seller, or, if the original Mortgage Note has been
     lost or destroyed and not replaced, an original lost note affidavit from
     the Seller, stating that the original Mortgage Note was lost or
     destroyed, together with a copy of the related Mortgage Note;

            (ii) in the case of each Mortgage Loan that is not a MERS Mortgage
     Loan, the original recorded Mortgage, and in the case of each MERS
     Mortgage Loan, the original Mortgage, noting the presence of the MIN of
     the Mortgage Loan and language indicating that the Mortgage Loan is a MOM
     Loan if the Mortgage Loan is a MOM Loan, with evidence of recording
     indicated thereon, or a copy of the Mortgage certified by the public
     recording office in which such Mortgage has been recorded;

            (iii) in the case of each Mortgage Loan that is not a MERS Mortgage
     Loan, a duly executed assignment of the Mortgage to "Asset-Backed
     Certificates, Series 200_-_ CWHEQ, Inc., by ________________, a
     ______________________, as trustee under the Pooling and Servicing
     Agreement dated as of __________, __ 200_, without recourse" (each such
     assignment, when duly and validly completed, to be in recordable form and
     sufficient to effect the assignment of and transfer to the assignee
     thereof, under the Mortgage to which such assignment relates);

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

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

            (vi) the original or duplicate original lender's title policy or a
     printout of the electronic equivalent and all riders thereto or, in the
     event such original title policy has not been received from the insurer,
     such original or duplicate original lender's title policy and all riders
     thereto shall be delivered within one year of the Closing Date.

            In addition, in connection with the assignment of any MERS
Mortgage Loan, the Seller agrees that it will cause, at the Seller's own
expense, the MERS(R) System to indicate (and provide evidence to the Trustee
that it has done so) that such Mortgage Loans have been assigned by the Seller
to the Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer
files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY
THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code
"[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which
identifies the series of the

                                     -41-
<PAGE>

Certificates issued in connection with such Mortgage Loans. The 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 codes referenced in this
paragraph with respect to any Mortgage Loan during the term of this Agreement
unless and until such Mortgage Loan is repurchased in accordance with the
terms of this Agreement.

            In the event that in connection with any Mortgage Loan that is not
a MERS Mortgage Loan 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) concurrently with the execution and
delivery hereof, the Seller shall deliver or cause to be delivered to the
Trustee a true copy of such Mortgage and of each such undelivered interim
assignment of the Mortgage each certified by the Seller, the applicable title
company, escrow agent or attorney, or the originator of such Mortgage, as the
case may be, to be a true and complete copy of the original Mortgage or
assignment of Mortgage submitted for recording. For any such Mortgage Loan
that is not a MERS Mortgage Loan the Seller shall promptly deliver or cause to
be delivered to the Trustee such original Mortgage and such assignment or
assignments with evidence of recording indicated thereon upon receipt thereof
from the public recording official, or a copy thereof, certified, if
appropriate, by the relevant recording office, but in no event shall any such
delivery be made later than 270 days following the Closing Date; provided that
in the event that by such date the Seller is unable to deliver or cause to be
delivered each such Mortgage and each interim assignment by reason of the fact
that any such documents have not been returned by the appropriate recording
office, or, in the case of each interim assignment, because the related
Mortgage has not been returned by the appropriate recording office, the Seller
shall deliver or cause to be delivered such documents to the Trustee as
promptly as possible upon receipt thereof. If the public recording office in
which a Mortgage or interim assignment thereof is recorded retains the
original of such Mortgage or assignment, a copy of the original Mortgage or
assignment so retained, with evidence of recording thereon, certified to be
true and complete by such recording office, shall satisfy the Seller's
obligations in Section 2.01. If any document submitted for recording pursuant
to this Agreement is (x) lost prior to recording or rejected by the applicable
recording office, the Seller shall immediately prepare or cause to be prepared
a substitute and submit it for recording, and shall deliver copies and
originals thereof in accordance with the foregoing or (y) lost after
recording, the Seller shall deliver to the Trustee a copy of such document
certified by the applicable public recording office to be a true and complete
copy of the original recorded document. The Seller shall promptly forward or
cause to be forwarded to the Trustee (x) from time to time additional original
documents evidencing an assumption or modification of a Mortgage Loan and (y)
any other documents required to be delivered by the Depositor or the Master
Servicer to the Trustee within the time periods specified in this Section
2.01.

            With respect to each Mortgage Loan other than a MERS Mortgage Loan
as to which the related Mortgaged Property and Mortgage File are located in
(a) the State of California or (b) any other jurisdiction under the laws of
which the recordation of the assignment specified in clause (iii) above is not
necessary to protect the Trustee's and the Certificateholders, interest in the
related Mortgage Loan, as evidenced by an Opinion of Counsel, delivered by the
Seller to the Trustee and a copy to the Rating Agencies, in lieu of recording
the assignment specified in clause (iii) above, the Seller may deliver an
unrecorded assignment in blank, in form otherwise suitable for recording to
the Trustee; provided that if the related Mortgage has not been returned

                                     -42-
<PAGE>

from the applicable public recording office, such assignment, or any copy
thereof, of the Mortgage may exclude the information to be provided by the
recording office. As to any Mortgage Loan other than a MERS Mortgage Loan, the
procedures of the preceding sentence shall be applicable only so long as the
related Mortgage File is maintained in the possession of the Trustee in the
State or jurisdiction described in such sentence. In the event that with
respect to Mortgage Loans other than MERS Mortgage Loans (i) the Seller, the
Depositor or the Master Servicer gives written notice to the Trustee that
recording is required to protect the right, title and interest of the Trustee
on behalf of the Certificateholders in and to any Mortgage Loan, (ii) a court
recharacterizes the sale of the Mortgage Loans as a financing, or (iii) as a
result of any change in or amendment to the laws of the State or jurisdiction
described in the first sentence of this paragraph or any applicable political
subdivision thereof, or any change in official position regarding application
or interpretation of such laws, including a holding by a court of competent
jurisdiction, such recording is so required, the Trustee shall complete the
assignment in the manner specified in clause (iii) of the second paragraph of
this Section 2.01 and the Seller shall submit or cause to be submitted for
recording as specified above or, should the Seller fail to perform such
obligations, the Trustee shall cause the Master Servicer, at the Master
Servicer's expense, to cause each such previously unrecorded assignment to be
submitted for recording as specified above. In the event a Mortgage File is
released to the Master Servicer as a result of the Master Servicer's having
completed a Request for Release in the form of Exhibit M, the Trustee shall
complete the assignment of the related Mortgage in the manner specified in
clause (iii) of the second paragraph of this Section 2.01.

            So long as the Trustee maintains an office in the State of
California, the Trustee shall maintain possession of and not remove or attempt
to remove from the State of California any of the Mortgage Files as to which
the related Mortgaged Property is located in such State. In the event that the
Seller fails to record an assignment of a Mortgage Loan as herein provided
within 90 days of notice of an event set forth in clause (i), (ii) or (iii) of
the above paragraph, the Master Servicer shall prepare and, if required
hereunder, file such assignments for recordation in the appropriate real
property or other records office. The Seller hereby appoints the Master
Servicer (and any successor servicer hereunder) as its attorney-in-fact with
full power and authority acting in its stead for the purpose of such
preparation, execution and filing.

            In the case of Mortgage Loans that become the subject of a
Principal Prepayment between the Closing Date and the Cut-off Date, the Seller
shall deposit or cause to be deposited in the Certificate Account the amount
required to be deposited therein with respect to such payment pursuant to
Section 3.05 hereof.

            Notwithstanding anything to the contrary in this Agreement, within
thirty days after the Closing Date, the Seller shall either (i) deliver to the
Trustee the Mortgage File as required pursuant to this Section 2.01 for each
Delay Delivery Mortgage Loan or (ii) (A) repurchase the Delay Delivery
Mortgage Loan or (B) substitute the Delay Delivery Mortgage Loan for a
Replacement Mortgage Loan, which repurchase or substitution shall be
accomplished in the manner and subject to the conditions set forth in Section
2.03, provided that if the Seller fails to deliver a Mortgage File for any
Delay Delivery Mortgage Loan within the period provided in the prior sentence,
the cure period provided for in Section 2.02 or in Section 2.03 shall not
apply to the initial delivery of the Mortgage File for such Delay Delivery
Mortgage Loan, but rather the Seller shall have five (5) Business Days to cure
such failure to deliver. The

                                     -43-
<PAGE>

Seller shall promptly provide each Rating Agency with written notice of any
cure, repurchase or substitution made pursuant to the proviso of the preceding
sentence. On or before the thirtieth (30th) day (or if such thirtieth day is
not a Business Day, the succeeding Business Day) after the Closing Date, the
Trustee shall, in accordance with the provisions of Section 2.02, send a Delay
Delivery Certification substantially in the form annexed hereto as Exhibit G-3
(with any applicable exceptions noted thereon) for all Delay Delivery Mortgage
Loans delivered within thirty (30) days after such date. The Trustee will
promptly send a copy of such Delay Delivery Certification to each Rating
Agency.

            Section 2.02   Acceptance by Trustee of the Mortgage Loans.

            (a) The Trustee acknowledges receipt, subject to the limitations
contained in and any exceptions noted in the Initial Certification in the form
annexed hereto as Exhibit G-1 and in the list of exceptions attached thereto,
of the documents referred to in clauses (i) and (iii) of Section 2.01(g) above
with respect to the Mortgage Loans and all other assets included in the Trust
Fund and declares that it holds and will hold such documents and the other
documents delivered to it constituting the Mortgage Files, and that it holds
or will hold such other assets included in the Trust Fund, in trust for the
exclusive use and benefit of all present and future Certificateholders.

            The Trustee agrees to execute and deliver on the Closing Date to
the Depositor, the Master Servicer and the Seller an Initial Certification
substantially in the form annexed hereto as Exhibit G-1 to the effect that, as
to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan specifically identified in
such certification as not covered by such certification), the documents
described in Section 2.01(g)(i) and, in the case of each Mortgage Loan that is
not a MERS Mortgage Loan, the documents described in Section 2.01(g)(iii),
with respect to such Mortgage Loan as are in the Trustee's possession, and
based on its review and examination and only as to the foregoing documents,
such documents appear regular on their face and relate to such Mortgage Loan.
The Trustee agrees to execute and deliver within 30 days after the Closing
Date to the Depositor, the Master Servicer and the Seller an Interim
Certification substantially in the form annexed hereto as Exhibit G-2 to the
effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
(other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), all
documents required to be delivered to the Trustee pursuant to this Agreement
with respect to such Mortgage Loan are in its possession (except those
described in Section 2.01(g)(vi)) and based on its review and examination and
only as to the foregoing documents, (i) such documents appear regular on their
face and relate to such Mortgage Loan, and (ii) the information set forth in
items (ii), (iii), (iv), (v), (vi), (viii) and (xi) of the definition of the
"Mortgage Loan Schedule" accurately reflects information set forth in the
Mortgage File. On or before the thirtieth (30th) day after the Closing Date
(or if such thirtieth day is not a Business Day, the succeeding Business Day),
the Trustee shall deliver to the Depositor, the Master Servicer and the Seller
a Delay Delivery Certification with respect to the Mortgage Loans
substantially in the form annexed hereto as Exhibit G-3, with any applicable
exceptions noted thereon. The Trustee shall be under no duty or obligation to
inspect, review or examine such documents, instruments, certificates or other
papers to determine that the same are genuine, enforceable or appropriate for
the represented purpose or that they have actually been

                                     -44-
<PAGE>

recorded in the real estate records or that they are other than what they
purport to be on their face.

            Not later than 180 days after the Closing Date, the Trustee shall
deliver to the Depositor, the Master Servicer and the Seller (and to any
Certificateholder that so requests) a Final Certification with respect to the
Mortgage Loans substantially in the form annexed hereto as Exhibit H, with any
applicable exceptions noted thereon.

            In connection with the Trustee's completion and delivery of such
Final Certification, the Trustee shall review each Mortgage File with respect
to the Mortgage Loans to determine that such Mortgage File contains the
documents identified in clauses (i) through (vi) of Section 2.01(f) with
respect to such Mortgage Loans.

            If, in the course of such review, the Trustee finds any document
or documents constituting a part of such Mortgage File that do not meet the
requirements of clauses (i)-(iv) and (vi) of Section 2.01(f), the Trustee
shall include such exceptions in such Final Certification (and the Trustee
shall state in such Final Certification whether any Mortgage File does not
then include the original or duplicate original lender's title policy or a
printout of the electronic equivalent and all riders thereto). If the public
recording office in which a Mortgage or assignment thereof is recorded retains
the original of such Mortgage or assignment, a copy of the original Mortgage
or assignment so retained, with evidence of recording thereon, certified to be
true and complete by such recording office, shall be deemed to satisfy the
requirements of clause (ii), (iii) or (iv) of Section 2.01(f), as applicable.
The Seller shall promptly correct or cure such defect referred to above within
90 days from the date it was so notified of such defect and, if the Seller
does not correct or cure such defect within such period, the Seller shall
either (A) if the time to cure such defect expires prior to the end of the
second anniversary of the Closing Date, substitute for the related Mortgage
Loan a Replacement Mortgage Loan, which substitution shall be accomplished in
the manner and subject to the conditions set forth in Section 2.03, or (B)
purchase such Mortgage Loan from the Trust Fund within 90 days from the date
the Seller was notified of such defect in writing at the Purchase Price of
such Mortgage Loan; provided that any such substitution pursuant to (A) above
or repurchase pursuant to (B) above shall not be effected prior to the
delivery to the Trustee of the Opinion of Counsel required by Section 2.05
hereof and any substitution pursuant to (A) above shall not be effected prior
to the additional delivery to the Trustee of a Request for File Release. No
substitution will be made in any calendar month after the Determination Date
for such month. The Purchase Price for any such Mortgage Loan shall be
deposited by the Seller in the Certificate Account and, upon receipt of such
deposit and Request for File Release with respect thereto, the Trustee shall
release the related Mortgage File to the Seller and shall execute and deliver
at the Seller's request such instruments of transfer or assignment as the
Seller has prepared, in each case without recourse, as shall be necessary to
vest in the Seller, or a designee, the Trustee's interest in any Mortgage Loan
released pursuant hereto. If pursuant to the foregoing provisions the Seller
repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer
shall cause MERS to execute and deliver an assignment of the Mortgage in
recordable form to transfer the Mortgage from MERS to the Seller and shall
cause such Mortgage to be removed from registration on the MERS(R) System in
accordance with MERS' rules and regulations.

                                     -45-
<PAGE>

            The Trustee shall retain possession and custody of each Mortgage
File in accordance with and subject to the terms and conditions set forth
herein. The Seller shall promptly deliver to the Trustee, upon the execution
or receipt thereof, the originals of such other documents or instruments
constituting the Mortgage File that come into the possession of the Seller
from time to time.

            It is understood and agreed that the obligation of the Seller to
substitute for or to purchase any Mortgage Loan that does not meet the
requirements of Section 2.02(a)(i) or (ii) shall constitute the sole remedy
respecting such defect available to the Trustee, the Depositor and any
Certificateholder against the Seller.

            Section 2.03   Representations, Warranties and Covenants of the
                           Master Servicer and the Seller.

            (a) The Master Servicer hereby represents and warrants to the
Depositor and the Trustee as follows, as of the date hereof with respect to
the Mortgage Loans:

            (i) The Master Servicer is duly organized as a [Texas limited
     partnership] and is validly existing and in good standing under the laws
     of the [State of Texas] and is duly authorized and qualified to transact
     any and all business contemplated by this Agreement to be conducted by
     the Master Servicer in any state in which a Mortgaged Property is located
     or is otherwise not required under applicable law to effect such
     qualification and, in any event, is in compliance with the doing business
     laws of any such state, to the extent necessary to ensure its ability to
     enforce each Mortgage Loan, to service the Mortgage Loans in accordance
     with the terms of this Agreement and to perform any of its other
     obligations under this Agreement in accordance with the terms hereof.

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

            (iii) The execution and delivery of this Agreement by the Master
     Servicer, the servicing of the Mortgage Loans by the Master Servicer
     under this Agreement, the consummation of any other of the transactions
     contemplated by this Agreement, and the fulfillment of or compliance with
     the terms hereof are in the ordinary course of business of the Master
     Servicer and will not (A) result in a material breach of any term or
     provision of the certificate of limited partnership, partnership
     agreement or other

                                     -46-
<PAGE>

     organizational document of the Master Servicer or (B) materially conflict
     with, result in a material breach, violation or acceleration of, or
     result in a material default under, the terms of any other material
     agreement or instrument to which the Master Servicer is a party or by
     which it may be bound, or (C) constitute a material violation of any
     statute, order or regulation applicable to the Master Servicer of any
     court, regulatory body, administrative agency or governmental body having
     jurisdiction over the Master Servicer; and the Master Servicer is not in
     breach or violation of any material indenture or other material agreement
     or instrument, or in violation of any statute, order or regulation of any
     court, regulatory body, administrative agency or governmental body having
     jurisdiction over it which breach or violation may materially impair the
     Master Servicer's ability to perform or meet any of its obligations under
     this Agreement.

            (iv) The Master Servicer is an approved servicer of conventional
     mortgage loans for Fannie Mae or Freddie Mac and is a mortgagee approved
     by the Secretary of Housing and Urban Development pursuant to sections
     203 and 211 of the National Housing Act.

            (v) No litigation is pending or, to the best of the Master
     Servicer's knowledge, threatened, against the Master Servicer that would
     materially and adversely affect the execution, delivery or enforceability
     of this Agreement or the ability of the Master Servicer to service the
     Mortgage Loans or to perform any of its other obligations under this
     Agreement in accordance with the terms hereof.

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

            (vii) The Master Servicer is a member of MERS in good standing, and
     will comply in all material respects with the rules and procedures of
     MERS in connection with the servicing of the Mortgage Loans for as long
     as such Mortgage Loans are registered with MERS.

            (b) The Seller hereby represents and warrants to the Depositor and
the Trustee as follows, as of the Cut-off Date (unless otherwise indicated or
the context otherwise requires, percentages with respect to the Mortgage Loans
are measured by the Cut-off Date Principal Balance):

            (i) The Seller is duly organized as a ________ corporation and is
     validly existing and in good standing under the laws of the ____________
     and is duly authorized and qualified to transact any and all business
     contemplated by this Agreement to be conducted by the Seller in any state
     in which a Mortgaged Property is located or is otherwise not required
     under applicable law to effect such qualification and, in any event, is
     in compliance with the doing business laws of any such state, to the
     extent necessary to ensure its ability to enforce each Mortgage Loan, to
     sell the Mortgage Loans in

                                     -47-
<PAGE>

     accordance with the terms of this Agreement to perform any of its other
     obligations under this Agreement in accordance with the terms hereof.

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

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

            (iv) The Seller is an approved seller of conventional mortgage loans
     for Fannie Mae or Freddie Mac and is a mortgagee approved by the
     Secretary of Housing and Urban Development pursuant to sections 203 and
     211 of the National Housing Act.

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

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

                                     -48-
<PAGE>

            (vii) The information set forth on Exhibit F-1 hereto with respect
     to each Mortgage Loan is true and correct in all material respects as of
     the Closing Date.

            (viii) The Seller will treat the transfer of the Mortgage Loans to
     the Depositor as a sale of the Mortgage Loans for all tax, accounting and
     regulatory purposes.

            (ix) None of the Mortgage Loans are more than 60 days delinquent in
     payment of principal and interest.

            (x) No Mortgage Loan had a Combined Loan-to-Value Ratio at
     origination in excess of 100%.

            (xi) Each Mortgage Loan is secured by a valid and enforceable
     [second lien] on the related Mortgaged Property, subject only to (1) the
     lien of non-delinquent current real property taxes and assessments, (2)
     covenants, conditions and restrictions, rights of way, easements and
     other matters of public record as of the date of recording of such
     Mortgage, such exceptions appearing of record being acceptable to
     mortgage lending institutions generally or specifically reflected in the
     appraisal made in connection with the origination of the related Mortgage
     Loan, (3) other matters to which like properties are commonly subject
     that do not materially interfere with the benefits of the security
     intended to be provided by such Mortgage and (4) any senior mortgage loan
     secured by such Mortgaged Property and identified in the Mortgage File
     related to such Mortgage Loan.

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

            (xiii) There is no delinquent tax or assessment lien against any
     Mortgaged Property.

            (xiv) There is no valid offset, claim, defense or counterclaim to
     any Mortgage Note or Mortgage, including the obligation of the Mortgagor
     to pay the unpaid principal of or interest on such Mortgage Note.

            (xv) There are no mechanics' liens or claims for work, labor or
     material affecting any Mortgaged Property that are or may be a lien prior
     to, or equal with, the lien of such Mortgage, except those that are
     insured against by the title insurance policy referred to in item (xix)
     below.

            (xvi) As of the Closing Date, to the best of the Seller's knowledge,
     each Mortgaged Property is free of material damage and is in good repair.

            (xvii) To the best of the Seller's knowledge, each Mortgage Loan, at
     the time it was originated, complied in all material respects with
     applicable local, state and federal laws, including, but not limited to,
     all applicable predatory and abusive lending laws.

                                     -49-
<PAGE>

            (xviii) As of the Closing Date, neither the Seller nor any prior
     holder of any Mortgage has modified the Mortgage in any material respect
     (except that a Mortgage Loan may have been modified by a written
     instrument that has been recorded or submitted for recordation, if
     necessary, to protect the interests of the Certificateholders and the
     original or a copy of which has been delivered to the Trustee);
     satisfied, cancelled or subordinated such Mortgage in whole or in part;
     released the related Mortgaged Property in whole or in part from the lien
     of such Mortgage; or executed any instrument of release, cancellation,
     modification (except as expressly permitted above) or satisfaction with
     respect thereto.

            (xix) A lender's policy of title insurance together with a
     condominium endorsement and extended coverage endorsement, if applicable,
     in an amount at least equal to the Cut-off Date 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
     Fannie Mae or Freddie Mac and is in a form acceptable to Fannie Mae or
     Freddie Mac, which policy insures the Seller 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
     (iv) above; to the best of the Seller's knowledge, no claims have been
     made under such mortgage title insurance policy and no prior holder of
     the related Mortgage, including the Seller, has done, by act or omission,
     anything that would impair the coverage of such mortgage title insurance
     policy.

            (xx) No Mortgage Loan was the subject of a Principal Prepayment in
     full between the Closing Date and the Cut-off Date.

            (xxi) To the best of the Seller's knowledge, all of the improvements
     that were included for the purpose of determining the Appraised Value of
     the Mortgaged Property lie wholly within the boundaries and building
     restriction lines of such property, and no improvements on adjoining
     properties encroach upon the Mortgaged Property.

            (xxii) To the best of the Seller'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 the Seller'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.

            (xxiii) The Mortgage Note and the related Mortgage are genuine, and
     each is the legal, valid and binding obligation of the maker thereof,
     enforceable in accordance with its terms and under applicable law, except
     that (a) the enforceability thereof may be limited by bankruptcy,
     insolvency, moratorium, receivership and other similar laws

                                     -50-
<PAGE>

     relating to creditors' rights generally and (b) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to equitable defenses and to the discretion of the court before
     which any proceeding therefor may be brought. To the best of the Seller'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.

            (xxiv) The proceeds of the Mortgage Loan have been fully disbursed,
     there is no requirement for future advances thereunder, and any and all
     requirements as to completion of any on-site or off-site improvements and
     as to disbursements of any escrow funds therefor have been complied with.
     All costs, fees and expenses incurred in making, or closing or recording
     the Mortgage Loans were paid. (xxv) The related Mortgage contains
     customary and enforceable provisions that render the rights and remedies
     of the holder thereof adequate for the realization against the Mortgaged
     Property of the benefits of the security, including, (i) in the case of a
     Mortgage designated as a deed of trust, by trustee's sale, and (ii)
     otherwise by judicial foreclosure.

            (xxvi) 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.

            (xxvii) Each Mortgage Note and each Mortgage is acceptable in form
     to Fannie Mae and Freddie Mac.

            (xxviii) There exist no deficiencies with respect to escrow deposits
     and payments, if such are required, for which customary arrangements for
     repayment thereof have not been made, and no escrow deposits or payments
     of other charges or payments due the Seller have been capitalized under
     the Mortgage or the related Mortgage Note.

            (xxix) The origination, underwriting, servicing and collection
     practices with respect to each Mortgage Loan have been in all respects
     legal, proper, prudent and customary in the mortgage lending and
     servicing business, as conducted by prudent lending institutions which
     service mortgage loans of the same type in the jurisdiction in which the
     Mortgaged Property is located.

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

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

            (xxxii) Each Mortgage Loan contains a customary "due on sale"
     clause.

                                     -51-
<PAGE>

            (xxxiii) Approximately ____% of the Mortgage Loans are secured by
     two- to four-family dwellings. Approximately ____% of the Mortgage Loans
     are secured by condominiums units. No less than approximately ____% of
     the Mortgage Loans are secured by single family detached dwellings.
     Approximately ____% of the Mortgage Loans are secured by PUDs.

            (xxxiv) No Mortgage Loan had a principal balance in excess of
     $_________ at origination.

            (xxxv) [Reserved];

            (xxxvi) Each Mortgage Loan was originated on or after __________, __
     200_;

            (xxxvii) [Reserved]

            (xxxviii) [Reserved]

            (xxxix) Approximately ____% of the Mortgage Loans provide for a
     prepayment penalty.

            (xl) [Reserved]

            (xli) On the basis of representations made by the Mortgagors in
     their loan applications, approximately ____% of the Mortgage Loans are
     secured by investor properties, approximately ____% of the owner-occupied
     Mortgage Loans are secured by owner-occupied Mortgaged Properties that
     are primary residences and approximately ____% of the owner-occupied
     Mortgage Loans are secured by owner-occupied Mortgaged Properties that
     are secondary residences.

            (xlii) At the Cut-off Date, the improvements upon each Mortgaged
     Property are covered by a valid and existing hazard insurance policy with
     a generally acceptable carrier that provides for fire and extended
     coverage and coverage for such other hazards as are customary in the area
     where the Mortgaged Property is located in an amount that is at least
     equal to the lesser of (i) the maximum insurable value of the
     improvements securing such Mortgage Loan or (ii) the greater of (a) the
     outstanding principal balance of the Mortgage Loan and (b) an amount such
     that the proceeds of such policy shall be sufficient to prevent the
     Mortgagor and/or the mortgagee from becoming a co-insurer. If the
     Mortgaged Property is a condominium unit, it is included under the
     coverage afforded by a blanket policy for the condominium unit. All such
     individual insurance policies and all flood policies referred to in item
     (xliii) below contain a standard mortgagee clause naming the Seller or
     the original mortgagee, and its successors in interest, as mortgagee, and
     the Seller has received no notice that any premiums due and payable
     thereon have not been paid; the Mortgage obligates the Mortgagor
     thereunder to maintain all such insurance, including flood insurance, at
     the Mortgagor's cost and expense, and upon the Mortgagor's failure to do
     so, authorizes the holder of the Mortgage to obtain and maintain such
     insurance at the Mortgagor's cost and expense and to seek reimbursement
     therefor from the Mortgagor.

                                     -52-
<PAGE>

            (xliii) 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.

            (xliv) To the best of the Seller's knowledge, there is no proceeding
     occurring, pending or threatened for the total or partial condemnation of
     the Mortgaged Property.

            (xlv) There is no material monetary default existing under any
     Mortgage or the related Mortgage Note and, to the best of the Seller's
     knowledge, there is no material event that, with the passage of time or
     with notice and the expiration of any grace or cure period, would
     constitute a default, breach, violation or event of acceleration under
     the Mortgage or the related Mortgage Note; and the Seller has not waived
     any default, breach, violation or event of acceleration.

            (xlvi) Each Mortgaged Property is improved by a one- to four-family
     residential dwelling, including condominium units and dwelling units in
     PUDs. To the best of the Seller's knowledge, no improvement to a
     Mortgaged Property includes a cooperative or a mobile home or constitutes
     other than real property under state law.

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

            (xlviii) 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.

            (xlix) All taxes, governmental assessments, insurance premiums,
     water, sewer and municipal charges, leasehold payments or ground rents
     that previously became due and owing have been paid, or an escrow of
     funds has been established in an amount sufficient to pay for every such
     item that remains unpaid and that has been assessed, but is not yet due
     and payable. Except for (A) payments in the nature of escrow payments,
     and (B) interest accruing from the date of the Mortgage Note or date of
     disbursement of the Mortgage proceeds, whichever is later, to the day
     that precedes by one month the Due Date of the first installment of
     principal and interest, including without limitation, taxes and insurance
     payments, the Master Servicer has not advanced funds, or induced,
     solicited or knowingly received any advance of funds by a party other
     than the Mortgagor, directly or indirectly, for the payment of any amount
     required by the Mortgage.

                                     -53-
<PAGE>

            (l) The Mortgage Loans originated by the Seller were underwritten in
     all material respects in accordance with the Seller's underwriting
     guidelines for closed-end second lien mortgage loans or, with respect to
     Mortgage Loans purchased by the Seller, were underwritten in all material
     respects in accordance with customary and prudent underwriting guidelines
     generally used by originators of A quality mortgage loans.

            (li) Prior to the approval of the Mortgage Loan application, an
     appraisal of the related Mortgaged Property was obtained from a qualified
     appraiser, duly appointed by the originator, who had no interest, direct
     or indirect, in the Mortgaged Property or in any loan made on the
     security thereof, and whose compensation is not affected by the approval
     or disapproval of the Mortgage Loan; such appraisal is in a form
     acceptable to Fannie Mae and Freddie Mac.

            (lii) None of the Mortgage Loans is a graduated payment mortgage
     loan or a growing equity mortgage loan, and no Mortgage Loan is subject
     to a buydown or similar arrangement.

            (liii) The Mortgage Rates borne by the Mortgage Loans as of the
     Cut-off Date ranged from ____% per annum to ____% per annum and the
     weighted average Mortgage Rate as of the Cut-off Date was ____% per
     annum.

            (liv) [Reserved]

            (lv) The Mortgage Loans were selected from among the outstanding
     one- to four-family mortgage loans in the Seller's portfolio at the
     Closing Date as to which the representations and warranties made as to
     the Mortgage Loans set forth in this Section 2.03(b) can be made. No
     selection was made in a manner that would adversely affect the interests
     of Certificateholders.

            (lvi) [Reserved]

            (lvii) Each Mortgage Loan has a payment date on or before the Due
     Date in the month of the first Distribution Date.

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

            (lix) [Reserved]

            (lx) There is no obligation on the part of the Seller under the
     terms of the Mortgage or related Mortgage Note to make payments in
     addition to those made by the Mortgagor.

            (lxi) 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.

            (lxii) None of the Mortgage Loans are "high cost" as defined by the
     applicable predatory and abusive lending laws.

                                     -54-
<PAGE>

            (lxiii) Each Mortgage Loan represents a "qualified mortgage" within
     the meaning of Section 860(a)(3) of the Code (but without regard to the
     rule in Treasury Regulation ss. 1.860G-2(f)(2) that treats a defective
     obligation as a qualified mortgage, or any substantially similar
     successor provision) and applicable Treasury regulations promulgated
     thereunder.

            (lxiv) No Mortgage Loan was either a "consumer credit contract" or a
     "purchase money loan" as such terms are defined in 16 C.F.R. Section 433.

            (lxv) None of the Mortgage Loans were, or will be, 30 days or more
     delinquent in payment of the Scheduled Payment due on the first Due Date
     under such Mortgage Loan.

            (c) Upon discovery by any of the parties hereto of a breach of a
representation or warranty set forth in Section 2.03(a) or (b) that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, the party discovering such breach shall give prompt notice thereof to
the other parties and the NIM Insurer. Each of the Master Servicer and the
Seller (each, a "Representing Party") hereby covenants with respect to the
representations and warranties set forth in Sections 2.03(a) and (b) that
within 90 days of the earlier of the discovery by such Representing Party or
receipt of written notice by such Representing Party from any party of a
breach of any representation or warranty set forth herein made that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, it shall cure such breach in all material respects and, if such breach
is not so cured, shall, (i) if such 90-day period expires prior to the second
anniversary of the Closing Date, remove such Mortgage Loan (a "Deleted
Mortgage Loan") from the Trust Fund and substitute in its place a Replacement
Mortgage Loan, in the manner and subject to the conditions set forth in this
Section; or (ii) repurchase the affected Mortgage Loan or Mortgage Loans from
the Trustee at the Purchase Price in the manner set forth below; provided that
any such substitution pursuant to (i) above or repurchase pursuant to (ii)
above shall not be effected prior to the delivery to the Trustee of the
Opinion of Counsel required by Section 2.05 hereof 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
M. Any Representing Party liable for a breach under this Section 2.03 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. To enable the Master Servicer to amend
the Mortgage Loan Schedule, any Representing Party liable for a breach under
this Section 2.03 shall, unless it cures such breach in a timely fashion
pursuant to this Section 2.03, promptly notify the Master Servicer whether
such Representing Party intends either to repurchase, or to substitute for,
the Mortgage Loan affected by such breach. With respect to the representations
and warranties described in this Section that are made to the best of the
Representing Party's knowledge, if it is discovered by any of the Depositor,
the Master Servicer, the 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, notwithstanding the
Representing Party's lack of knowledge with respect to the substance of such
representation or warranty, such inaccuracy shall be deemed a breach of the
applicable representation or warranty.

                                     -55-
<PAGE>

            With respect to any Replacement Mortgage Loan or Loans, the Seller
delivering such Replacement Mortgage Loan shall deliver to the Trustee for the
benefit of the Certificateholders the related Mortgage Note, Mortgage and
assignment of the Mortgage, and such other documents and agreements as are
required by Section 2.01, with the Mortgage Note endorsed and the Mortgage
assigned as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Scheduled Payments
due with respect to Replacement Mortgage Loans in the Due Period related to
the Distribution Date on which such proceeds are to be distributed shall not
be part of the Trust Fund and will be retained by the Seller delivering such
Replacement Loan on such Distribution Date. For the month of substitution,
distributions to Certificateholders will include the Scheduled Payment due on
any Deleted Mortgage Loan for the related Due Period and thereafter the Seller
shall be entitled to retain all amounts received in respect of such Deleted
Mortgage Loan. The Master Servicer shall amend the Mortgage Loan Schedule for
the benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Replacement Mortgage Loan or Loans
and the Master Servicer shall deliver the amended Mortgage Loan Schedule to
the Trustee. Upon such substitution, the Replacement Mortgage Loan or Loans
shall be subject to the terms of this Agreement in all respects, and the
Seller delivering such Replacement Mortgage Loan shall be deemed to have made
with respect to such Replacement Mortgage Loan or Loans, as of the date of
substitution, the representations and warranties set forth in Section 2.03(b)
with respect to such Mortgage Loan. Upon any such substitution and the deposit
to the Certificate Account of the amount required to be deposited therein in
connection with such substitution as described in the following paragraph, the
Trustee shall release to the Representing Party the Mortgage File relating to
such Deleted Mortgage Loan and held for the benefit of the Certificateholders
and shall execute and deliver at the Master Servicer's direction such
instruments of transfer or assignment as have been prepared by the Master
Servicer, in each case without recourse, as shall be necessary to vest in the
Seller, or its respective designee, title to the Trustee's interest in any
Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

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

            In the event that a Seller shall have repurchased a Mortgage Loan,
the Purchase Price therefor shall be deposited in the Certificate Account
pursuant to Section 3.08 on the Determination Date for the Distribution Date
in the month following the month during which such Seller became obligated to
repurchase or replace such Mortgage Loan and upon such deposit of the Purchase
Price, the delivery of the Opinion of Counsel required by Section 2.05, if
any, and the receipt of a Request for 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 Seller, and

                                     -56-
<PAGE>

the Trustee shall execute and deliver at such Person's direction the related
instruments of transfer or assignment prepared by such Seller, in each case
without recourse, as shall be necessary to transfer title from the Trustee for
the benefit of the Certificateholders and transfer the Trustee's interest to
such Seller to any Mortgage Loan purchased pursuant to this Section 2.03. It
is understood and agreed that the obligation under this Agreement of the
Seller to cure, repurchase or replace any Mortgage Loan as to which a breach
has occurred and is continuing shall constitute the sole remedy against the
Seller respecting such breach available to Certificateholders, the Depositor
or the Trustee.

            (d) The representations and warranties set forth in Section 2.03
hereof 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.

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

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

            (ii) The Depositor has the full corporate power and authority to
     execute, deliver and perform, and to enter into and consummate the
     transactions contemplated by, this Agreement and has duly authorized, by
     all necessary corporate action on its part, the execution, delivery and
     performance of this Agreement; and this Agreement, assuming the due
     authorization, execution and delivery hereof by the other parties hereto,
     constitutes a legal, valid and binding obligation of the Depositor,
     enforceable against the Depositor in accordance with its terms, subject,
     as to enforceability, to (i) bankruptcy, insolvency, reorganization,
     moratorium and other similar laws affecting creditors' rights generally
     and (ii) general principles of equity, regardless of whether enforcement
     is sought in a proceeding in equity or at law.

            (iii) The execution and delivery of this Agreement by the Depositor,
     the consummation of the transactions contemplated by this Agreement, and
     the fulfillment of or compliance with the terms hereof are in the
     ordinary course of business of the Depositor and will not (A) result in a
     material breach of any term or provision of the charter or by-laws of the
     Depositor or (B) materially conflict with, result in a material breach,
     violation or acceleration of, or result in a material default under, the
     terms of any other material agreement or instrument to which the
     Depositor is a party or by which it may be bound or (C) constitute a
     material violation of any statute, order or regulation applicable to the
     Depositor of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over the Depositor; and the
     Depositor is not in breach or violation of any material indenture or
     other material agreement or instrument, or in violation of any statute,
     order or regulation of any court, regulatory body,

                                     -57-
<PAGE>

     administrative agency or governmental body having jurisdiction over it
     which breach or violation may materially impair the Depositor's ability
     to perform or meet any of its obligations under this Agreement.

            (iv) No litigation is pending, or, to the best of the Depositor's
     knowledge, threatened, against the Depositor that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement or the ability of the Depositor to perform its obligations
     under this Agreement in accordance with the terms hereof.

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

            The Depositor hereby represents and warrants to the Trustee with
respect to each Mortgage Loan as of the Closing Date, and following the
transfer of the Mortgage Loans to it by the Seller, the Depositor had good
title to the Mortgage Loans, and the related Mortgage Notes were subject to no
offsets, claims, defenses or counterclaims.

            It is understood and agreed that the representations and
warranties set forth in the two immediately preceding paragraphs shall survive
delivery of the Mortgage Files to the Trustee. Upon discovery by the Depositor
or the Trustee of a breach of any of the foregoing representations and
warranties set forth in the immediately preceding paragraph (referred to
herein as a "breach"), which breach materially and adversely affects the
interest of the Certificateholders, the party discovering such breach shall
give prompt written notice to the others and to each Rating Agency and the NIM
Insurer. The Depositor hereby covenants with respect to the representations
and warranties made by it in this Section 2.04 that within 90 days of the
earlier of the discovery it or receipt of written notice by it from any party
of a breach of any representation or warranty set forth herein made that
materially and adversely affects the interests of the Certificateholders in
any Mortgage Loan, it shall cure such breach in all material respects and, if
such breach is not so cured, shall repurchase or replace the affected Mortgage
Loan or Loans in accordance with the procedure set forth in Section 2.03(c).

            Section 2.05   Delivery of Opinion of Counsel in Connection with
                           Substitutions and Repurchases.

            (a) Notwithstanding any contrary provision of this Agreement, with
respect to any Mortgage Loan that is not in default or as to which default is
not imminent, no repurchase or substitution pursuant to Sections 2.02, 2.03 or
2.04 shall be made unless the Representing Party making such repurchase or
substitution delivers to the Trustee an Opinion of Counsel, addressed to the
Trustee, to the effect that such repurchase or substitution would not (i)
result in the imposition of the tax on "prohibited transactions" of the Trust
Fund or contributions after the Closing Date, as defined in sections
860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause any REMIC
formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding. Any Mortgage Loan as to which repurchase or
substitution was delayed pursuant to this paragraph shall be repurchased or
the substitution therefor shall occur

                                     -58-
<PAGE>

(subject to compliance with Sections 2.02, 2.03 or 2.04) upon the earlier of
(a) the occurrence of a default or imminent default with respect to such loan
and (b) receipt by the Trustee of an Opinion of Counsel to the effect that
such repurchase or substitution, as applicable, will not result in the events
described in clause (i) or clause (ii) of the preceding sentence.

            (b) Upon discovery by the Depositor, the 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 5 Business
Days of discovery) give written notice thereof to the other parties and the
NIM Insurer. In connection therewith, the Trustee shall require the Seller, at
the Seller's option, to either (i) substitute, if the conditions in Section
2.03(b) with respect to substitutions are satisfied, a Replacement Mortgage
Loan for the affected Mortgage Loan, or (ii) repurchase the affected Mortgage
Loan within 90 days of such discovery in the same manner as it would a
Mortgage Loan for a breach of representation or warranty contained in Section
2.03. The Trustee shall reconvey to the Seller the Mortgage Loan to be
released pursuant hereto in the same manner, and on the same terms and
conditions, as it would a Mortgage Loan repurchased for breach of a
representation or warranty contained in Section 2.03.

            Section 2.06   Authentication and Delivery of Certificates.

            The Trustee acknowledges the transfer and assignment to it of the
Trust Fund and, concurrently with such transfer and assignment, has executed,
authenticated and delivered, to or upon the order of the Depositor, the
Certificates in authorized denominations evidencing the entire ownership of
the Trust Fund. The Trustee agrees to hold the Trust Fund and exercise the
rights referred to above for the benefit of all present and future Holders of
the Certificates and to perform the duties set forth in this Agreement to the
best of its ability, to the end that the interests of the Holders of the
Certificates may be adequately and effectively protected.

            Section 2.07   Covenants of the Master Servicer.

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

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

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

                                     -59-
<PAGE>

                                 ARTICLE II.

                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

            Section 3.01   Master Servicer to Service Mortgage Loans.

            For and on behalf of the Certificateholders, the Master Servicer
shall service and administer the Mortgage Loans in accordance with customary
and usual standards of practice of prudent mortgage loan lenders in the
respective states in which the Mortgaged Properties are located, including
taking all required and appropriate actions under each Required Insurance
Policy. In connection with such servicing and administration, the Master
Servicer shall have full power and authority, acting alone and/or through
subservicers as provided in Section 3.02 hereof, subject to the terms hereof
(i) to execute and deliver, on behalf of the Certificateholders and the
Trustee, customary consents or waivers and other instruments and documents,
(ii) to consent to transfers of any Mortgaged Property and assumptions of the
Mortgage Notes and related Mortgages (but only in the manner provided in this
Agreement), (iii) to collect any Insurance Proceeds, other Liquidation
Proceeds and Subsequent Recoveries, and (iv) subject to Section 3.12(a), to
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing any Mortgage Loan; provided that the Master Servicer shall
take no action that is inconsistent with or prejudices the interests of the
Trustee or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor and the Trustee under this Agreement. The Master
Servicer shall represent and protect the interest of the Trustee in the same
manner as it currently protects its own interest in mortgage loans in its own
portfolio in any claim, proceeding or litigation regarding a Mortgage Loan and
shall not make or permit any modification, waiver or amendment of any term of
any Mortgage Loan which would (i) cause any REMIC formed hereunder to fail to
qualify as a REMIC or (ii) result in the imposition of any tax under section
860(a) or 860(d) of the Code, but in any case the Master Servicer shall not
act in any manner that is a lesser standard than that provided in the first
sentence of this Section 3.01. Without limiting the generality of the
foregoing, the Master Servicer, in its own name or in the name of the
Depositor and the Trustee, is hereby authorized and empowered by the Depositor
and the Trustee, when the Master Servicer believes it appropriate in its
reasonable judgment, to execute and deliver, on behalf of the Trustee, the
Depositor, the Certificateholders or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge and
all other comparable instruments, with respect to the Mortgage Loans, and with
respect to the Mortgaged Properties held for the benefit of the
Certificateholders. The Master Servicer shall prepare and deliver to the
Depositor and/or the Trustee such documents requiring execution and delivery
by any or all of them as are necessary or appropriate to enable the Master
Servicer to service and administer the Mortgage Loans. Upon receipt of such
documents, the Depositor and/or the Trustee shall execute such documents and
deliver them to the Master Servicer. The Master Servicer further is authorized
and empowered by the Trustee, on behalf of the Certificateholders and the
Trustee, in its own name or in the name of the Subservicer, when the Master
Servicer or the Subservicer, as the case may be, believes it appropriate in
its best judgment to register any Mortgage Loan on the MERS(R) System, or
cause the removal from the registration of any Mortgage Loan on the MERS(R)
System, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording
of a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns.

                                     -60-
<PAGE>

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

            The Master Servicer shall deliver a list of Servicing Officers to
the Trustee by the Closing Date.

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

            In the event that a shortfall in any collection on or liability
with respect to any Mortgage Loan results from or is attributable to
adjustments to Mortgage Rates, Scheduled Payments or Stated Principal Balances
that were made by the Master Servicer in a manner not consistent with the
terms of the related Mortgage Note and this Agreement, the Master Servicer,
upon discovery or receipt of notice thereof, immediately shall deliver to the
Trustee for deposit in the Distribution Account from its own funds the amount
of any such shortfall and shall indemnify and hold harmless the Trust Fund,
the Trustee, the Depositor and any successor master servicer in respect of any
such liability. Such indemnities shall survive the termination or discharge of
this Agreement. Notwithstanding the foregoing, this Section 3.01 shall not
limit the ability of the Master Servicer to seek recovery of any such amounts
from the related Mortgagor under the terms of the related Mortgage Note, as
permitted by law and shall not be an expense of the Trust.

            Section 3.02   Subservicing; Enforcement of the Obligations of
                           Master Servicer.

            (a) The Master Servicer may arrange for the subservicing of any
Mortgage Loan by a subservicer (each, a "Subservicer") pursuant to a
subservicing agreement (each, a "Subservicing Agreement"); provided that (i)
such subservicing arrangement and the terms of the related subservicing
agreement must provide for the servicing of such Mortgage Loans in a manner
consistent with the servicing arrangements contemplated hereunder, (ii) that
such subservicing agreements would not result in a withdrawal or a downgrading
by any Rating Agency of the ratings on any Class of Certificates, as evidenced
by a letter to that effect delivered by each Rating Agency to the Depositor
and the NIM Insurer and (iii) the NIM Insurer shall have consented to such
subservicing agreements (which consent shall not be unreasonably withheld)
with Subservicers, for the servicing and administration of the Mortgage Loans.
The Master Servicer shall deliver to the Trustee copies of all Sub-Servicing
Agreements, and any amendments or modifications thereof, promptly upon the
Master Servicer's execution and

                                     -61-
<PAGE>

delivery of such instruments. The Master Servicer shall be entitled to
terminate any Subservicing Agreement and the rights and obligations of any
Subservicer pursuant to any Subservicing Agreement in accordance with the
terms and conditions of such Subservicing Agreement. Notwithstanding the
provisions of any subservicing agreement, any of the provisions of this
Agreement relating to agreements or arrangements between the Master Servicer
or a subservicer or reference to actions taken through a Master Servicer or
otherwise, the Master Servicer shall remain obligated and liable to the
Depositor, the Trustee and the Certificateholders for the servicing and
administration of the Mortgage Loans in accordance with the provisions of this
Agreement without diminution of such obligation or liability by virtue of such
subservicing agreements or arrangements or by virtue of indemnification from
the subservicer and to the same extent and under the same terms and conditions
as if the Master Servicer alone were servicing and administering the Mortgage
Loans. Every subservicing agreement entered into by the Master Servicer shall
contain a provision giving the successor Master Servicer the option to
terminate such agreement in the event a successor Master Servicer is
appointed. All actions of each subservicer performed pursuant to the related
subservicing agreement shall be performed as an agent of the Master Servicer
with the same force and effect as if performed directly by the Master
Servicer.

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

            Section 3.03   Rights of the Depositor, the Seller, the
                           Certificateholders, the NIM Insurer and
                           the Trustee in Respect of the Master Servicer.

            None of the Trustee, the Seller, the Certificateholders, the NIM
Insurer or the Depositor shall have any responsibility or liability for any
action or failure to act by the Master Servicer, and none of them is obligated
to supervise the performance of the Master Servicer hereunder or otherwise.
The Master Servicer shall afford (and any Subservicing Agreement shall provide
that each Subservicer shall afford) the Depositor, the NIM Insurer and the
Trustee, upon reasonable notice, during normal business hours, access to all
records maintained by the Master Servicer (and any such Subservicer) in
respect of the Master Servicer's rights and obligations hereunder and access
to officers of the Master Servicer (and those of any such Subservicer)
responsible for such obligations. Upon request, the Master Servicer shall
furnish to the Depositor, the NIM Insurer and the Trustee its (and any such
Subservicer's) most recent financial statements and such other information
relating to the Master Servicer's capacity to perform its obligations under
this Agreement that it possesses. To the extent such information is not
otherwise available to the public, the Depositor, the NIM Insurer and the
Trustee shall not disseminate any information obtained pursuant to the
preceding two sentences without the Masters Servicer's (or any such
Subservicer's) written consent, except as required pursuant to this Agreement
or to the extent that it is necessary to do so (i) in working with legal
counsel, auditors, taxing authorities or other governmental agencies, rating
agencies or reinsurers or (ii) pursuant to any law, rule, regulation, order,
judgment, writ, injunction or decree of any court or governmental authority
having jurisdiction over the Depositor, the Trustee, the NIM Insurer or the
Trust Fund, and in either case, the Depositor, the NIM Insurer or the Trustee,
as the case may be, shall use its reasonable best efforts to assure the
confidentiality of any such disseminated

                                     -62-
<PAGE>

non-public information. The Depositor may, but is not obligated to, enforce
the obligations of the Master Servicer under this Agreement and may, but is
not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer under this Agreement or exercise the rights
of the Master Servicer under this Agreement; provided by virtue of such
performance by the Depositor of its designee. The Depositor shall not have any
responsibility or liability for any action or failure to act by the Master
Servicer and is not obligated to supervise the performance of the Master
Servicer under this Agreement or otherwise.

            Section 3.04   Trustee to Act as Master Servicer.

            In the event that the Master Servicer shall for any reason no
longer be the Master Servicer hereunder (including by reason of an Event of
Default), the Trustee or its designee shall thereupon assume all of the rights
and obligations of the Master Servicer hereunder arising thereafter (except
that the Trustee shall not be (i) liable for losses of the Master Servicer
pursuant to Section 3.10 hereof or any acts or omissions of the predecessor
Master Servicer hereunder, (ii) obligated to make Advances if it is prohibited
from doing so by applicable law, (iii) obligated to effectuate repurchases or
substitutions of Mortgage Loans hereunder, including pursuant to Section 2.02
or 2.03 hereof, (iv) responsible for expenses of the Master Servicer pursuant
to Section 2.03 or (v) deemed to have made any representations and warranties
hereunder, including pursuant to Section 2.03 or the first paragraph of
Section 6.02 hereof). If the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default), the Trustee
(or any other successor servicer) may, at its option, succeed to any rights
and obligations of the Master Servicer under any subservicing agreement in
accordance with the terms thereof; provided that the Trustee (or any other
successor servicer) shall not incur any liability or have any obligations in
its capacity as servicer under a subservicing agreement arising prior to the
date of such succession unless it expressly elects to succeed to the rights
and obligations of the Master Servicer thereunder; and the Master Servicer
shall not thereby be relieved of any liability or obligations under the
subservicing agreement arising prior to the date of such succession.

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

            Section 3.05   Collection of Mortgage Loan Payments; Certificate
                           Account; Distribution Account; Seller Shortfall
                           Interest Requirement.

            (a) The Master Servicer shall make reasonable efforts in
accordance with customary and usual standards of practice of prudent mortgage
lenders in the respective states in which the Mortgaged Properties are located
to collect all payments called for under the terms and provisions of the
Mortgage Loans to the extent such procedures shall be consistent with this
Agreement and the terms and provisions of any related Required Insurance
Policy. Consistent with the foregoing, the Master Servicer may in its
discretion (i) waive any late payment charge or, subject to Section 3.20, any
Prepayment Charge or penalty interest in connection with the prepayment of a
Mortgage Loan and (ii) extend the due dates for payments due on a Mortgage

                                     -63-
<PAGE>

Note for a period not greater than 270 days. In the event of any such
arrangement, the Master Servicer shall make Advances on the related Mortgage
Loan during the scheduled period in accordance with the amortization schedule
of such Mortgage Loan without modification thereof by reason of such
arrangements. In addition, the NIM Insurer's prior written consent shall be
required for any waiver of Prepayment Charges or for the extension of the due
dates for payments due on a Mortgage Note, if the aggregate number of
outstanding Mortgage Loans that have been granted such waivers or extensions
exceeds 5% of the aggregate number of Mortgage Loans. The Master Servicer
shall not be required to institute or join in litigation with respect to
collection of any payment (whether under a Mortgage, Mortgage Note or
otherwise or against any public or governmental authority with respect to a
taking or condemnation) if it reasonably believes that enforcing the provision
of the Mortgage or other instrument pursuant to which such payment is required
is prohibited by applicable law.

            (b) The Master Servicer shall establish and maintain a Certificate
Account into which the Master Servicer shall deposit or cause to be deposited
on a daily basis within two Business Days of receipt, except as otherwise
specifically provided herein, the following payments and collections remitted
by Subservicers or received by it in respect of Mortgage Loans subsequent to
the Cut-off Date (other than in respect of principal and interest due on the
Mortgage Loans before the Cut-off Date) and the following amounts (without
duplication) required to be deposited hereunder:

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

            (ii) all payments on account of interest on the Mortgage Loans net
     of the related Servicing Fee permitted under Section 3.15 to the extent
     not previously paid to or withheld by the Master Servicer);

            (iii) all Insurance Proceeds;

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

            (v) all Compensating Interest;

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

            (vii) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.10 hereof;

            (viii) the Purchase Price and any Substitution Adjustment Amount;

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

            (x) any other amounts required to be deposited hereunder.

                                     -64-
<PAGE>

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

            No later than _____ p.m. _________ time on the Business Day prior
to the Master Servicer Advance Date in __________ 200_, the Seller shall remit
to the Master Servicer, and the Master Servicer shall deposit in the
Certificate Account, the Seller Shortfall Interest Requirement (if any) for
such Master Servicer Advance Date.

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

            (i) the aggregate amount remitted by the Master Servicer pursuant to
     the second paragraph of Section 3.08(a); and

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

            The foregoing requirements for remittance by the Master Servicer
and deposit by the Trustee into the Distribution Account shall be exclusive.
In the event that the Master Servicer shall remit any amount not required to
be remitted and not otherwise subject to withdrawal pursuant to Section 3.08
hereof, it may at any time direct the Trustee to withdraw such amount from the
Distribution Account, any provision herein to the contrary notwithstanding.
Such direction may be accomplished by delivering a written notice to the
Trustee that describes the amounts deposited in error in the Distribution
Account. All funds deposited in the Distribution Account shall be held by the
Trustee in trust for the Certificateholders until disbursed in accordance with
this Agreement or withdrawn in accordance with Section 3.08. In no event shall
the Trustee incur liability for withdrawals from the Distribution Account at
the direction of the Master Servicer.

            (d) [Reserved].

            (e) Each institution that maintains the Certificate Account or the
Distribution Account shall invest the funds in each such account, as directed
by the Master Servicer, in Permitted Investments, which shall mature not later
than (x) in the case of the Certificate Account, the second Business Day next
preceding the related Distribution Account Deposit Date

                                     -65-
<PAGE>

(except that if such Permitted Investment is an obligation of the institution
that maintains such Certificate Account, then such Permitted Investment shall
mature not later than the Business Day next preceding such Distribution
Account Deposit Date) and (y) in the case of the Distribution Account [and the
Carryover Reserve Fund] the Business Day immediately preceding the first
Distribution Date that follows the date of such investment (except that if
such Permitted Investment is an obligation of the institution that maintains
such Distribution Account [or the Carryover Reserve Fund], then such Permitted
Investment shall mature not later than such Distribution Date), in each case,
shall not be sold or disposed of prior to its maturity. All such Permitted
Investments shall be made in the name of the Trustee, for the benefit of the
Certificateholders, [except in connection with Permitted Investments made with
respect to funds in the Carryover Reserve Fund which shall be made in the name
of the Trustee], for the benefit of the Certificateholders. In the case of (i)
the Certificate Account and the Distribution Account, all income and gain net
of any losses realized from any such investment shall be for the benefit of
the Master Servicer as servicing compensation and shall be remitted to it
monthly as provided herein, [and (ii) the Carryover Reserve Fund, all income
and gain net of any losses realized from any such investment shall be for the
benefit of the [Class C] Certificateholders and shall be remitted to the
[Class C] Certificateholders monthly as provided herein.] The amount of any
losses incurred in the Certificate Account or the Distribution Account in
respect of any such investments shall be deposited by the Master Servicer in
the Certificate Account or paid to the Trustee for deposit into the
Distribution Account out of the Master Servicer's own funds immediately as
realized. [Any losses incurred in the Carryover Reserve Fund in respect of any
such investments shall be charged against amounts on deposit in the Carryover
Reserve Fund (or such investments) immediately as realized. The Trustee shall
not be liable for the amount of any loss incurred in respect of any investment
or lack of investment of funds held in the Certificate Account, the
Distribution Account or the Carryover Reserve Fund and made in accordance with
this Section 3.05.]

            (f) The Master Servicer shall give at least 30 days advance notice
to the Trustee, the Seller, each Rating Agency and the Depositor of any
proposed change of location of the Certificate Account prior to any change
thereof. The Trustee shall give at least 30 days advance notice to the Master
Servicer, the Seller, each Rating Agency and the Depositor of any proposed
change of the location of the Distribution Account [or the Carryover Reserve
Fund] prior to any change thereof.

            (g) Except as otherwise expressly provided in this Agreement, if
any default occurs under any Permitted Investment, the Trustee may and,
subject to Section 8.01 and 8.02(4), at the request of the Holders of
Certificates representing more than 50% of the Voting Rights or the NIM
Insurer, shall take any action appropriate to enforce payment or performance,
including the institution and prosecution of appropriate proceedings.

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

            To the extent required by the related Mortgage Note, the Master
Servicer shall establish and maintain one or more accounts (each, an "Escrow
Account") and deposit and retain therein all collections from the Mortgagors
(or advances by the Master Servicer) for the payment of taxes, assessments,
hazard insurance premiums or comparable items for the account of the

                                     -66-
<PAGE>

Mortgagors. Nothing herein shall require the Master Servicer to compel a
Mortgagor to establish an Escrow Account in violation of applicable law.

            Withdrawals of amounts so collected from the Escrow Accounts may
be made only to effect timely payment of taxes, assessments, hazard insurance
premiums, condominium or PUD association dues, or comparable items, to
reimburse the Master Servicer out of related collections for any payments made
pursuant to Sections 3.01 hereof (with respect to taxes and assessments and
insurance premiums) and 3.10 hereof (with respect to hazard insurance), to
refund to any Mortgagors any sums as may be determined to be overages, to pay
interest, if required by law or the terms of the related Mortgage or Mortgage
Note, to Mortgagors on balances in the Escrow Account or to clear and
terminate the Escrow Account at the termination of this Agreement in
accordance with Section 9.01 hereof. The Escrow Accounts shall not be a part
of the Trust Fund.

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

            The Master Servicer shall afford the Depositor, the NIM Insurer
and the Trustee reasonable access to all records and documentation regarding
the Mortgage Loans and all accounts, insurance policies and other matters
relating to this Agreement, such access being afforded without charge, but
only upon reasonable request and during normal business hours at the offices
of the Master Servicer designated by it. Upon request, the Master Servicer
shall furnish to the Trustee and the NIM Insurer its most recent publicly
available financial statements and any other information relating to its
capacity to perform its obligations under this Agreement reasonably requested
by the NIM Insurer.

            Upon reasonable advance notice in writing if required by federal
regulation, the Master Servicer will provide to each Certificateholder or
Certificate Owner that is a savings and loan association, bank or insurance
company certain reports and reasonable access to information and documentation
regarding the Mortgage Loans sufficient to permit such Certificateholder or
Certificate Owner to comply with applicable regulations of the OTS or other
regulatory authorities with respect to investment in the Certificates;
provided that the Master Servicer shall be entitled to be reimbursed by each
such Certificateholder or Certificate Owner for actual expenses incurred by
the Master Servicer in providing such reports and access.

            Section 3.08   Permitted Withdrawals from the Certificate Account,
                           Distribution Account, [the Carryover Reserve Fund]
                           and the Principal Reserve Fund.

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

            (i) to pay to the Master Servicer (to the extent not previously paid
     to or withheld by the Master Servicer), as servicing compensation in
     accordance with Section 3.15, that portion of any payment of interest
     that equals the Servicing Fee for the period with respect to which such
     interest payment was made, and, as additional servicing compensation to
     the Master Servicer, those other amounts set forth in Section 3.15;

                                     -67-
<PAGE>

            (ii) to reimburse each of the Master Servicer and the Trustee for
     Advances made by it with respect to the Mortgage Loans, such right of
     reimbursement pursuant to this subclause (ii) being limited to amounts
     received on particular Mortgage Loan(s) (including, for this purpose,
     Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries) that
     represent late recoveries of payments of principal and/or interest on
     such particular Mortgage Loan(s) in respect of which any such Advance was
     made;

            (iii) [Reserved];

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

            (v) to reimburse the Master Servicer from Insurance Proceeds for
     Insured Expenses covered by the related Insurance Policy;

            (vi) to pay the Master Servicer any unpaid Servicing Fees and to
     reimburse it for any unreimbursed Servicing Advances, the Master
     Servicer's right to reimbursement of Servicing Advances pursuant to this
     subclause (vi) with respect to any Mortgage Loan being limited to amounts
     received on particular Mortgage Loan(s) (including, for this purpose,
     Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries and
     purchase and repurchase proceeds) that represent late recoveries of the
     payments for which such advances were made pursuant to Section 3.01 or
     Section 3.06;

            (vii) to pay to the Seller, the Depositor or the Master Servicer, as
     applicable, with respect to each Mortgage Loan or property acquired in
     respect thereof that has been purchased pursuant to Section 2.02, 2.03,
     2.04 or 3.12, all amounts received thereon and not taken into account in
     determining the related Stated Principal Balance of such purchased
     Mortgage Loan;

            (viii) to reimburse the Seller, the Master Servicer, the NIM Insurer
     or the Depositor for expenses incurred by any of them in connection with
     the Mortgage Loans or Certificates and reimbursable pursuant to Section
     6.03 hereof provided that such amount shall only be withdrawn following
     the withdrawal from the Certificate Account for deposit into the
     Distribution Account pursuant to the following paragraph;

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

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

            In addition, no later than _____ p.m. ________ time on the
Distribution Account Deposit Date, the Master Servicer shall withdraw from the
Certificate Account and remit to the Trustee the Interest Remittance Amount
and the Principal Remittance Amount for such Distribution Date to the extent
on deposit in the Certificate Account, and the Trustee shall deposit such
amount in the Distribution Account.

                                     -68-
<PAGE>

            The Trustee shall establish and maintain, on behalf of the
Certificateholders, a Principal Reserve Fund in the name of the Trustee. On
the Closing Date, the Seller shall deposit into the Principal Reserve Fund
$_______. Funds on deposit in the Principal Reserve Fund shall not be
invested. The Principal Reserve Fund shall be treated as an "outside reserve
fund" under applicable Treasury regulations and shall not be part of any REMIC
created under this Agreement. Amounts on deposit in the Principal Reserve Fund
shall not be invested.

            On the Business Day before the Distribution Date occurring in
__________ 200_, the Trustee shall transfer from the Principal Reserve Fund to
the Distribution Account $_______ and shall distribute such amount to the
Certificates on the Distribution Date pursuant to Section 4.04(d).

            On the Business Day before the [Class P] Principal Distribution
Date, the Trustee shall transfer from the Principal Reserve Fund to the
Distribution Account $_________ and shall distribute such amount to the [Class
P] Certificates on the [Class P] Principal Distribution Date. The Trustee
shall then terminate the Principal Reserve Fund.

            The Master Servicer shall keep and maintain separate accounting,
on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Certificate Account pursuant to subclauses (i), (ii),
(iv), (v), (vi), (vii) and (viii) above. 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
Loan(s), and their respective portions of such Nonrecoverable Advance.

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

            (i) to pay the Trustee the Trustee Fee on each Distribution Date;

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

            (iii) to withdraw pursuant to Section 3.05 any amount deposited in
     the Distribution Account and not required to be deposited therein;

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

                                     -69-
<PAGE>

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

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

            (c) [The Trustee shall withdraw funds from the Carryover Reserve
Fund for distribution to the Certificateholders in the manner specified in
this Agreement (and to withhold from the amounts so withdrawn, the amount of
any taxes that it is authorized to retain pursuant to the penultimate
paragraph of Section 8.11). In addition, the Trustee may from time to time
make withdrawals from the Carryover Reserve Fund for the following purposes:

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

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

            Section 3.09   [Reserved]

            Section 3.10   Maintenance of Hazard Insurance.

            The Master Servicer shall cause to be maintained, for each
Mortgage Loan, hazard insurance with extended coverage in an amount that is at
least equal to the lesser of (i) the maximum insurable value of the
improvements securing such Mortgage Loan and (ii) the greater of (a) the
outstanding principal balance of the Mortgage Loan and (b) an amount such that
the proceeds of such policy shall be sufficient to prevent the related
Mortgagor and/or mortgagee from becoming a co-insurer. Each such policy of
standard hazard insurance shall contain, or have an accompanying endorsement
that contains, a standard mortgagee clause. The Master Servicer shall also
cause flood insurance to be maintained on property acquired upon foreclosure
or deed in lieu of foreclosure of any Mortgage Loan, to the extent described
below. Pursuant to Section 3.05 hereof, any amounts collected by the Master
Servicer under any such policies (other than the amounts to be applied to the
restoration or repair of the related Mortgaged Property or property thus
acquired or amounts released to the Mortgagor in accordance with the Master
Servicer's normal servicing procedures) shall be deposited in the Certificate
Account. Any cost incurred by the Master Servicer in maintaining any such
insurance shall not, for the purpose of calculating monthly distributions to
the Certificateholders or remittances to the Trustee for their benefit, be
added to the principal balance of the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan so permit. Such costs shall be recoverable by the
Master Servicer out of late payments by the related Mortgagor or out of
Liquidation Proceeds or Subsequent Recoveries to the extent permitted by
Section 3.08 hereof. It is understood and agreed that no earthquake or other
additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. If the Mortgaged Property is located at the
time of origination of the Mortgage Loan in a federally designated special
flood

                                     -70-
<PAGE>

hazard area and such area is participating in the national flood insurance
program, the Master Servicer shall cause flood insurance to be maintained with
respect to such Mortgage Loan. Such flood insurance shall be in an amount
equal to the lesser of (i) the original principal balance of the related
Mortgage Loan, (ii) the replacement value of the improvements that are part of
such Mortgaged Property, or (iii) the maximum amount of such insurance
available for the related Mortgaged Property under the Flood Disaster
Protection Act of 1973, as amended.

            Section 3.11   Enforcement of Due-On-Sale Clauses; Assumption
                           Agreements.

            (a) Except as otherwise provided in this Section 3.11(a), when any
property subject to a Mortgage has been or is about to be conveyed by the
Mortgagor, the Master Servicer shall to the extent that it has knowledge of
such conveyance, enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing, the Master Servicer is not required to exercise
such rights with respect to a Mortgage Loan if the Person to whom the related
Mortgaged Property has been conveyed or is proposed to be conveyed satisfies
the terms and conditions contained in the Mortgage Note and Mortgage related
thereto and the consent of the mortgagee under such Mortgage Note or Mortgage
is not otherwise so required under such Mortgage Note or Mortgage as a
condition to such transfer. In the event that the Master Servicer is
prohibited by law from enforcing any such due-on-sale clause, or if coverage
under any Required Insurance Policy would be adversely affected, or if
nonenforcement is otherwise permitted hereunder, the Master Servicer is
authorized, subject to Section 3.11(b), to take or enter into an assumption
and modification agreement from or with the person to whom such property has
been or is about to be conveyed, pursuant to which such person becomes liable
under the Mortgage Note and, unless prohibited by applicable state law, the
Mortgagor remains liable thereon, provided that the Mortgage Loan shall
continue to be covered (if so covered before the Master Servicer enters such
agreement) by the applicable Required Insurance Policies. The Master Servicer,
subject to Section 3.11(b), is also authorized with the prior approval of the
insurers under any Required Insurance Policies to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Mortgage Note. The Master Servicer shall notify the
Trustee that any such substitution, modification or assumption agreement has
been completed by forwarding to the Trustee the executed original of such
substitution or assumption agreement, which document shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of
such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof.

            (b) Subject to the Master Servicer's duty to enforce any
due-on-sale clause to the extent set forth in Section 3.11(a) hereof, in any
case in which a Mortgaged Property has been conveyed to a Person by a
Mortgagor, and such Person is to enter into an assumption agreement or
modification agreement or supplement to the Mortgage Note or Mortgage that
requires the signature of the Trustee, or if an instrument of release signed
by the Trustee is required releasing the Mortgagor from liability on the
Mortgage Loan, the Master Servicer shall prepare and deliver or cause to be
prepared and delivered to the Trustee for signature and shall direct, in
writing, the Trustee to execute the assumption agreement with the Person to
whom the Mortgaged Property is to be conveyed and such modification agreement
or supplement to the

                                     -71-
<PAGE>

Mortgage Note or Mortgage or other instruments as are reasonable or necessary
to carry out the terms of the Mortgage Note or Mortgage or otherwise to comply
with any applicable laws regarding assumptions or the transfer of the
Mortgaged Property to such Person. In connection with any such assumption, no
material term of the Mortgage Note (including, but not limited to, the
Mortgage Rate, the amount of the Scheduled Payment and any other term
affecting the amount or timing of payment on the Mortgage Loan) may be
changed. In addition, the substitute Mortgagor and the Mortgaged Property must
be acceptable to the Master Servicer in accordance with its underwriting
standards as then in effect. The Master Servicer shall notify the Trustee that
any such substitution or assumption agreement has been completed by forwarding
to the Trustee the original of such substitution or assumption agreement,
which in the case of the original shall be added to the related Mortgage File
and shall, for all purposes, be considered a part of such Mortgage File to the
same extent as all other documents and instruments constituting a part
thereof. Any fee collected by the Master Servicer for entering into an
assumption or substitution of liability agreement will be retained by the
Master Servicer as additional servicing compensation.

            Section 3.12   Realization Upon Defaulted Mortgage Loans;
                           Determination of Excess Proceeds and Realized Losses;
                           Repurchase of Certain Mortgage Loans.

            (a) The Master Servicer may agree to a modification of any
Mortgage Loan (the "Modified Mortgage Loan") if (i) the modification is in
lieu of a refinancing and (ii) the Mortgage Rate on the Modified Mortgage Loan
is approximately a prevailing market rate for newly-originated mortgage loans
having similar terms and (iii) the Master Servicer purchases the Modified
Mortgage Loan from the Trust Fund as described below. Effective immediately
after the modification, and, in any event, on the same Business Day on which
the modification occurs, all interest of the Trustee in the Modified Mortgage
Loan shall automatically be deemed transferred and assigned to the Master
Servicer and all benefits and burdens of ownership thereof, including the
right to accrued interest thereon from the date of modification and the risk
of default thereon, shall pass to the Master Servicer. The Master Servicer
shall promptly deliver to the Trustee a certification of a Servicing Officer
to the effect that all requirements of this paragraph have been satisfied with
respect to the Modified Mortgage Loan. For federal income tax purposes, the
Trustee shall account for such purchase as a prepayment in full of the
Modified Mortgage Loan. The Master Servicer shall deposit the Purchase Price
for any Modified Mortgage Loan in the Certificate Account pursuant to Section
3.05 within one Business Day after the purchase of the Modified Mortgage Loan.
Upon receipt by the Trustee of written notification of any such deposit signed
by a Servicing Officer, the Trustee shall release to the Master Servicer the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary
to vest in the Master Servicer any Modified Mortgage Loan previously
transferred and assigned pursuant hereto. The Master Servicer covenants and
agrees to indemnify the Trust Fund against any liability for any "prohibited
transaction" taxes and any related interest, additions, and penalties imposed
on the Trust Fund established hereunder as a result of any modification of a
Mortgage Loan effected pursuant to this subsection (b), any holding of a
Modified Mortgage Loan by the Trust Fund or any purchase of a Modified
Mortgage Loan by the Master Servicer (but such obligation shall not prevent
the Master Servicer or any other appropriate Person from in good faith
contesting any such tax in appropriate proceedings and shall not prevent the
Master Servicer from withholding

                                     -72-
<PAGE>

payment of such tax, if permitted by law, pending the outcome of such
proceedings). The Master Servicer shall have no right of reimbursement for any
amount paid pursuant to the foregoing indemnification, except to the extent
that the amount of any tax, interest, and penalties, together with interest
thereon, is refunded to the Trust Fund or the Master Servicer. If the Master
Servicer agrees to a modification of any Mortgage Loan pursuant to this
Section 3.12(a), and if such Mortgage Loan carries a Prepayment Charge
provision, the Master Servicer will deliver to the Trustee the amount of the
Prepayment Charge, if any, that would have been due had such Mortgage Loan
been prepaid at the time of such modification, for deposit into the
Certificate Account (not later than ____ p.m. Pacific time on the Master
Servicer Advance Date immediately succeeding the date of such modification)
for distribution in accordance with the terms of this Agreement.

            (b) The Master Servicer shall use reasonable efforts to foreclose
upon or otherwise comparably convert the ownership of properties securing such
of the Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments.
In connection with such foreclosure or other conversion, the Master Servicer
shall follow such practices and procedures as it shall deem necessary or
advisable and as shall be normal and usual in its general mortgage servicing
activities and the requirements of the insurer under any Required Insurance
Policy; provided that the Master Servicer shall not be required to expend its
own funds in connection with any foreclosure or towards the restoration of any
property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan
after reimbursement to itself of such expenses and (ii) that such expenses
will be recoverable to it through Liquidation Proceeds (respecting which it
shall have priority for purposes of withdrawals from the Certificate Account
pursuant to Section 3.08 hereof). The Master Servicer shall be responsible for
all other costs and expenses incurred by it in any such proceedings; provided
that it shall be entitled to reimbursement thereof from the proceeds of
liquidation of the related Mortgaged Property and any related Subsequent
Recoveries, as contemplated in Section 3.08 hereof. If the Master Servicer has
knowledge that a Mortgaged Property that the Master Servicer is contemplating
acquiring in foreclosure or by deed-in-lieu of foreclosure is located within a
one-mile radius of any site with environmental or hazardous waste risks known
to the Master Servicer, the Master Servicer will, prior to acquiring the
Mortgaged Property, consider such risks and only take action in accordance
with its established environmental review procedures.

            With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee for the benefit of the
Certificateholders (or the Trustee's nominee on behalf of the
Certificateholders). The Trustee's name shall be placed on the title to such
REO Property solely as the Trustee hereunder and not in its individual
capacity. The Master Servicer shall ensure that the title to such REO Property
references this Agreement and the Trustee's capacity thereunder. Pursuant to
its efforts to sell such REO Property, the Master Servicer shall either itself
or through an agent selected by the Master Servicer protect and conserve such
REO Property in the same manner and to such extent as is customary in the
locality where such REO Property is located and may, incident to its
conservation and protection of the interests of the Certificateholders, rent
the same, or any part thereof, as the Master Servicer deems to be in the best
interest of the Master Servicer and the Certificateholders for the period
prior to the sale of such REO Property. The Master Servicer shall prepare for
and deliver to the Trustee a statement with respect to each REO Property that
has been rented showing the aggregate rental income

                                     -73-
<PAGE>

received and all expenses incurred in connection with the management and
maintenance of such REO Property at such times as is necessary to enable the
Trustee to comply with the reporting requirements of the REMIC Provisions. The
net monthly rental income, if any, from such REO Property shall be deposited
in the Certificate Account no later than the close of business on each
Determination Date. The Master Servicer shall perform the tax reporting and
withholding related to foreclosures, abandonments and cancellation of
indebtedness income as specified by Sections 1445, 6050J and 6050P of the Code
by preparing and filing such tax and information returns, as may be required.

            In the event that the Trust Fund acquires any Mortgaged Property
as aforesaid or otherwise in connection with a default or imminent default on
a Mortgage Loan, the Master Servicer shall dispose of such Mortgaged Property
as soon as practicable in a manner that maximizes the Liquidation Proceeds,
but in no event later than three years after its acquisition by the Trust Fund
or, at the expense of the Trust Fund, the Master Servicer shall request, more
than 60 days prior to the day on which such three-year period would otherwise
expire, an extension of the three-year grace period. In the event the Trustee
shall have been supplied with an Opinion of Counsel (such opinion not to be an
expense of the Trustee) to the effect that the holding by the Trust Fund of
such Mortgaged Property subsequent to such three-year period will not result
in the imposition of taxes on "prohibited transactions" of the Trust Fund as
defined in section 860F of the Code or cause any REMIC created hereunder to
fail to qualify as a REMIC at any time that any Certificates are outstanding,
and the Trust Fund may continue to hold such Mortgaged Property (subject to
any conditions contained in such Opinion of Counsel) after the expiration of
such three-year period. Notwithstanding any other provision of this Agreement,
no Mortgaged Property acquired by the Trust Fund shall be rented (or allowed
to continue to be rented) or otherwise used for the production of income by or
on behalf of the Trust Fund in such a manner or pursuant to any terms that
would (i) cause such Mortgaged Property to fail to qualify as "foreclosure
property" within the meaning of section 860G(a)(8) of the Code or (ii) subject
the Trust Fund to the imposition of any federal, state or local income taxes
on the income earned from such Mortgaged Property under section 860G(c) of the
Code or otherwise, unless the Master Servicer has agreed to indemnify and hold
harmless the Trust Fund with respect to the imposition of any such taxes.

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

                                     -74-
<PAGE>

            The Liquidation Proceeds from any liquidation of a Mortgage Loan
and any Subsequent Recoveries, net of any payment to the Master Servicer as
provided above, shall be deposited in the Certificate Account as provided in
Section 3.05 for distribution on the related Distribution Date, except that
any Excess Proceeds shall be retained by the Master Servicer as additional
servicing compensation.

            The proceeds of any Liquidated Mortgage Loan, as well as any
recovery resulting from a partial collection of Liquidation Proceeds or any
income from an REO Property, will be applied in the following order of
priority: first, to reimburse the Master Servicer for any related unreimbursed
Servicing Advances and Servicing Fees, pursuant to Section 3.08(a)(v) or this
Section 3.12; second, to reimburse the Master Servicer for any unreimbursed
Advances, pursuant to Section 3.08(a)(ii) or this Section 3.12; third, to
accrued and unpaid interest (to the extent no Advance has been made for such
amount) on the Mortgage Loan or related REO Property, at the Net Mortgage Rate
to the Due Date occurring in the month in which such amounts are required to
be distributed; and fourth, as a recovery of principal of the Mortgage Loan.

            (c) On each Determination Date, the Master Servicer shall
determine the respective aggregate amounts of Excess Proceeds and Realized
Losses, if any, in connection with the related Distribution Date.

            (d) (d) The Master Servicer, in its sole discretion, shall have
the right to elect (by written notice sent to the Trustee) to purchase for its
own account from the Trust Fund any Mortgage Loan that is 150 days or more
delinquent at a price equal to the Purchase Price; provided, however, that the
Master Servicer may only exercise this right on or before the last day of the
calendar month in which such Mortgage Loan became 150 days delinquent (such
month, the "Eligible Repurchase Month"); provided further, that any such
Mortgage Loan which becomes current but thereafter becomes delinquent may be
purchased by the Master Servicer pursuant to this Section in any ensuing
Eligible Repurchase Month. The Purchase Price for any Mortgage Loan purchased
hereunder shall be deposited in the Certificate Account. Any purchase of a
Mortgage Loan pursuant to this Section 3.12(d) shall be accomplished by
remittance to the Master Servicer for deposit in the Certificate Account of
the Purchase Price. The Trustee, upon receipt of certification from the Master
Servicer of such deposit and a Request for File Release from the Master
Servicer, shall release or cause to be released to the purchaser of such
Mortgage Loan the related Mortgage File and shall execute and deliver such
instruments of transfer or assignment prepared by the purchaser of such
Mortgage Loan, in each case without recourse, as shall be necessary to vest in
the purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto
and the purchaser of such Mortgage Loan shall succeed to all the Trustee's
right, title and interest in and to such Mortgage Loan and all security and
documents related thereto. Such assignment shall be an assignment outright and
not for security. The purchaser of such Mortgage Loan shall thereupon own such
Mortgage Loan, and all security and documents, free of any further obligation
to the Trustee or the Certificateholders with respect thereto.

            Section 3.13   Trustee to Cooperate; Release of Mortgage Files.

            Upon the payment in full of any Mortgage Loan, or the receipt by
the Master Servicer of a notification that payment in full will be escrowed in
a manner customary for such

                                     -75-
<PAGE>

purposes, the Master Servicer will promptly notify the Trustee by delivering a
Request for File Release. Upon receipt of such request, the Trustee shall
promptly release the related Mortgage File to the Master Servicer, and the
Trustee shall at the Master Servicer's direction execute and deliver to the
Master Servicer the request for reconveyance, deed of reconveyance or release
or satisfaction of mortgage or such instrument releasing the lien of the
Mortgage in each case provided by the Master Servicer, together with the
Mortgage Note with written evidence of cancellation thereon. The Master
Servicer is authorized to cause the removal from the registration on the
MERS(R) System of such Mortgage and to execute and deliver, on behalf of the
Trust Fund and the Certificateholders or any of them, any and all instruments
of satisfaction or cancellation or of partial or full release. No expenses
incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Certificate Account, the Distribution
Account, [the Carryover Reserve Fund] or the related subservicing account.
From time to time and as shall be appropriate for the servicing or foreclosure
of any Mortgage Loan, including for such purpose, collection under any policy
of flood insurance any fidelity bond or errors or omissions policy, or for the
purposes of effecting a partial release of any Mortgaged Property from the
lien of the Mortgage or the making of any corrections to the Mortgage Note or
the Mortgage or any of the other documents included in the Mortgage File, the
Trustee shall, upon delivery to the Trustee of a Request for Document Release
or a Request for File Release, as applicable, release the document specified
in such request or the Mortgage File, as the case may be, to the Master
Servicer. Subject to the further limitations set forth below, the Master
Servicer shall cause the Mortgage File or documents so released to be returned
to the Trustee when the need therefor by the Master Servicer no longer exists,
unless the Mortgage Loan is liquidated and the proceeds thereof are deposited
in the Certificate Account, in which case the Master Servicer shall deliver to
the Trustee a Request for File Release for any remaining documents in the
Mortgage File not in the possession of the Master Servicer.

            If the Master Servicer at any time seeks to initiate a foreclosure
proceeding in respect of any Mortgaged Property as authorized by this
Agreement, the Master Servicer shall deliver or cause to be delivered to the
Trustee, for signature, as appropriate, any court pleadings, requests for
trustee's sale or other documents necessary to effectuate such foreclosure or
any legal action brought to obtain judgment against the Mortgagor on the
Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce
any other remedies or rights provided by the Mortgage Note or the Mortgage or
otherwise available at law or in equity. Notwithstanding the foregoing, the
Master Servicer shall cause possession of any Mortgage File or of the
documents therein that shall have been released by the Trustee to be returned
to the Trustee within 21 calendar days after possession thereof shall have
been released by the Trustee unless (i) the Mortgage Loan has been liquidated
and the Liquidation Proceeds relating to the Mortgage Loan have been deposited
in the Certificate Account, and the Master Servicer shall have delivered to
the Trustee a Request for File Release or (ii) the Mortgage File or document
shall have been delivered to an attorney or to a public trustee or other
public official as required by law for purposes of initiating or pursuing
legal action or other proceedings for the foreclosure of the Mortgaged
Property and the Master Servicer shall have delivered to the Trustee an
Officer's Certificate of a Servicing Officer certifying as to the name and
address of the Person to which the Mortgage File or the documents therein were
delivered and the purpose or purposes of such delivery.

                                     -76-
<PAGE>

            Section 3.14   Documents, Records and Funds in Possession of Master
                           Servicer to be Held for the Trustee.

            Notwithstanding any other provisions of this Agreement, the Master
Servicer shall transmit to the Trustee as required by this Agreement all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the Master Servicer from time to time and shall account fully to
the Trustee for any funds received by the Master Servicer or that otherwise
are collected by the Master Servicer as Liquidation Proceeds, Insurance
Proceeds or Subsequent Recoveries in respect of any Mortgage Loan. All
Mortgage Files and funds collected or held by, or under the control of, the
Master Servicer in respect of any Mortgage Loans, whether from the collection
of principal and interest payments or from Liquidation Proceeds or Subsequent
Recoveries, including but not limited to, any funds on deposit in the
Certificate Account, shall be held by the Master Servicer for and on behalf of
the Trust Fund and shall be and remain the sole and exclusive property of the
Trust Fund, subject to the applicable provisions of this Agreement. The Master
Servicer also agrees that it shall not create, incur or subject any Mortgage
File or any funds that are deposited in the Certificate Account, Distribution
Account, or [Carryover Reserve Fund] or in any Escrow Account (as defined in
Section 3.06), or any funds that otherwise are or may become due or payable to
the Trustee for the benefit of the Certificateholders, to any claim, lien,
security interest, judgment, levy, writ of attachment or other encumbrance, or
assert by legal action or otherwise any claim or right of set off against any
Mortgage File or any funds collected on, or in connection with, a Mortgage
Loan, except, however, that the Master Servicer shall be entitled to set off
against and deduct from any such funds any amounts that are properly due and
payable to the Master Servicer under this Agreement.

            Section 3.15   Servicing Compensation.

            As compensation for its activities hereunder, the Master Servicer
shall be entitled to retain or withdraw from the Certificate Account out of
each payment of interest on a Mortgage Loan included in the Trust Fund an
amount equal to interest at the applicable Servicing Fee Rate on the Stated
Principal Balance of the related Mortgage Loan for the period covered by such
interest payment.

            Additional servicing compensation in the form of any Excess
Proceeds, assumption fees, late payment charges, Prepayment Interest Excess,
and all income and gain net of any losses realized from Permitted Investments
shall be retained by the Master Servicer to the extent not required to be
deposited in the Certificate Account pursuant to Section 3.05 or 3.12(a)
hereof. The Master Servicer shall be required to pay all expenses incurred by
it in connection with its servicing activities hereunder (including payment of
any premiums for hazard insurance, as required by Section 3.10 hereof and
maintenance of the other forms of insurance coverage required by Section 3.10
hereof) and shall not be entitled to reimbursement therefor except as
specifically provided in Sections 3.08 and 3.12 hereof.

            Section 3.16   Access to Certain Documentation.

            The Master Servicer shall provide to the OTS and the FDIC and to
comparable regulatory authorities supervising Holders of the Certificates
and/or Certificate Owners and the

                                     -77-
<PAGE>

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

            Section 3.17   Annual Statement as to Compliance.

            The Master Servicer shall deliver to the Depositor and the Trustee
on or before the 80th day after the end of the Master Servicer's fiscal year,
commencing with its 200_ fiscal year, an Officer's Certificate stating, as to
the signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year and of the performance of the Master
Servicer under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status thereof and (iii) to the best of such officer's
knowledge, each Subservicer has fulfilled all its obligations under its
Subservicing Agreement throughout such year, or, if there has been a default
in the fulfillment of any such obligation specifying each such default known
to such officer and the nature and status thereof. The Trustee shall forward a
copy of each such statement to each Rating Agency. Copies of such statement
shall be provided by the Trustee to any Certificateholder or Certificate Owner
upon request at the Master Servicer's expense, provided such statement is
delivered by the Master Servicer to the Trustee.

            Section 3.18   Annual Independent Public Accountants' Servicing
                           Statement; Financial Statements.

            On or before the later of (i) the _____ day after the end of the
Master Servicer's fiscal year, commencing with its 200_ fiscal year or (ii)
within 30 days of the issuance of the annual audited financial statements
beginning with the audit for the period ending in 200_, the Master Servicer at
its expense shall cause a nationally recognized firm of independent public
accountants (who may also render other services to the Master Servicer, the
Seller or any affiliate thereof) that is a member of the American Institute of
Certified Public Accountants to furnish a report to the Trustee, the Depositor
and the Seller in compliance with the Uniform Single Attestation Program for
Mortgage Bankers. Copies of such report shall be provided by the Trustee to
any Certificateholder or Certificate Owner upon request at the Master
Servicer's expense, provided such report is delivered by the Master Servicer
to the Trustee. Upon written request, the Master Servicer shall provide to the
Certificateholders or Certificate Owners its publicly available annual
financial statements (or the Master Servicer's parent company's publicly
available annual financial statements, as applicable), if any, promptly after
they become available.

                                     -78-
<PAGE>

            Section 3.19   Prepayment Charges.

            (a) Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment in full or in part of a Mortgage Loan, the
Master Servicer may not waive any Prepayment Charge or portion thereof
required by the terms of the related Mortgage Note unless (i) such Mortgage
Loan is in default or the Master Servicer believes that such a default is
imminent, and the Master Servicer determines that such waiver would maximize
recovery of Liquidation Proceeds for such Mortgage Loan, taking into account
the value of such Prepayment Charge, or (ii) (A) the enforceability thereof is
limited (1) by bankruptcy, insolvency, moratorium, receivership, or other
similar law relating to creditors' rights generally or (2) due to acceleration
in connection with a foreclosure or other involuntary payment, or (B) the
enforceability is otherwise limited or prohibited by applicable law. In the
event of a Principal Prepayment in full or in part with respect to any
Mortgage Loan, the Master Servicer shall deliver to the Trustee an Officer's
Certificate substantially in the form of Exhibit T no later than the third
Business Day following the immediately succeeding Determination Date with a
copy to the [Class P] Certificateholders. If the Master Servicer has waived or
does not collect all or a portion of a Prepayment Charge relating to a
Principal Prepayment in full or in part due to any action or omission of the
Master Servicer, other than as provided above, the Master Servicer shall
deliver to the Trustee, together with the Principal Prepayment in full or in
part, the amount of such Prepayment Charge (or such portion thereof as had
been waived) for deposit into the Certificate Account (not later than ____
p.m. ______ time on the immediately succeeding Master Servicer Advance Date,
in the case of such Prepayment Charge) for distribution in accordance with the
terms of this Agreement.

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

            (c) The Seller represents and warrants to the Depositor and the
Trustee, as of the Closing Date, that the information in the Prepayment Charge
Schedule (including the attached prepayment charge summary) is complete and
accurate in all material respects at the dates as of which the information is
furnished and each Prepayment Charge is permissible and enforceable in
accordance with its terms under applicable state law, except as the
enforceability thereof is limited due to acceleration in connection with a
foreclosure or other involuntary payment.

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

                                     -79-
<PAGE>

                                 ARTICLE IV.

                               DISTRIBUTIONS AND
                        ADVANCES BY THE MASTER SERVICER

            Section 4.01   Advances.

            (a) Within two Business Days after each Determination Date, the
Master Servicer shall deliver to the Trustee by facsimile or electronic mail
(or by such other means as the Master Servicer and the Trustee, as the case
may be, may agree from time to time) a Remittance Report with respect to the
related Distribution Date. The Trustee shall not be responsible to recompute,
recalculate or verify any information provided to it by the Master Servicer.

            (b) Subject to the conditions of this Article IV, the Master
Servicer, as required below, shall make an Advance and deposit such Advance in
the Certificate Account. Each such Advance shall be remitted to the
Certificate Account no later than _______________________ on the Master
Servicer Advance Date in immediately available funds. The Trustee will provide
notice to the Master Servicer by facsimile by the close of business on any
Master Servicer Advance Date in the event that the amount remitted by the
Master Servicer to the Trustee on the Distribution Account Deposit Date is
less than the Advances required to be made by the Master Servicer for such
Distribution Date. The Master Servicer shall be obligated to make any such
Advance only to the extent that such advance would not be a Nonrecoverable
Advance. If the Master Servicer shall have determined that it has made a
Nonrecoverable Advance or that a proposed Advance or a lesser portion of such
Advance would constitute a Nonrecoverable Advance, the Master Servicer shall
deliver (i) to the Trustee for the benefit of the Certificateholders funds
constituting the remaining portion of such Advance, if applicable, and (ii) to
the Depositor, each Rating Agency and the Trustee an Officer's Certificate
setting forth the basis for such determination.

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

            (d) If the Master Servicer determines that it will be unable to
comply with its obligation to make the Advances as and when described in
paragraphs (b) and (c) immediately

                                     -80-
<PAGE>

above, it shall use its best efforts to give written notice thereof to the
Trustee (each such notice a "Trustee Advance Notice"; and such notice may be
given by facsimile), not later than _____ P.M., _______________, on the
Business Day immediately preceding the related Master Servicer Advance Date,
specifying the amount that it will be unable to deposit (each such amount an
"Advance Deficiency") and certifying that such Advance Deficiency constitutes
an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee
receives a Trustee Advance Notice on or before _______, _______________ on a
Master Servicer Advance Date, the Trustee, shall not later than ___________,
____________, on the related Distribution Date, deposit in the Distribution
Account an amount equal to the Advance Deficiency identified in such Trustee
Advance Notice unless it is prohibited from so doing by applicable law.
Notwithstanding the foregoing, the Trustee shall not be required to make such
deposit if the Trustee shall have received written notification from the
Master Servicer that the Master Servicer has deposited or caused to be
deposited in the Certificate Account an amount equal to such Advance
Deficiency. All Advances made by the Trustee pursuant to this Section 4.01(d)
shall accrue interest on behalf of the Trustee at the Trustee Advance Rate
from and including the date such Advances are made to but excluding the date
of repayment, with such interest being an obligation of the Master Servicer
and not the Trust Fund. The Master Servicer shall reimburse the Trustee for
the amount of any Advance made by the Trustee pursuant to this Section 4.01(b)
together with accrued interest, not later than ____________, ____________ on
the Business Day following the related Distribution Date. In the event that
the Master Servicer does not reimburse the Trustee in accordance with the
requirements of the preceding sentence, the Trustee shall immediately (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.

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

            Section 4.02   Reduction of Servicing Compensation in Connection
                           with Prepayment Interest Shortfalls.

            [In the event that any Mortgage Loan is the subject of a
Prepayment Interest Shortfall, the Master Servicer shall remit any related
Compensating Interest as part of the Interest Remittance Amount as provided in
this Agreement. The Master Servicer shall not be entitled to any recovery or
reimbursement for Compensating Interest from the Depositor, the Trustee, the
Seller, the Trust Fund or the Certificateholders.]

                                     -81-
<PAGE>

            Section 4.03   [Reserved]

            Section 4.04   Distributions.

            (a) On each Distribution Date, the Interest Funds for such
Distribution Date shall be allocated by the Trustee from the Distribution
Account in the following order of priority:

            (i) concurrently, to the Class A-[1], Class A-__, Class A-__, Class
     A-__, Class A-__ and Class A-IO Certificates, the Current Interest and
     any Interest Carry Forward Amount for each such Class; provided, however,
     that if the Interest Funds are not sufficient to make a full distribution
     of the aggregate Current Interest and the aggregate Interest Carry
     Forward Amount for each such Class of Certificates, such Interest Funds
     will be distributed pro rata among each such Class, based on the ratio of
     (x) the portion of the Current Interest and the portion of any Interest
     Carry Forward Amount attributable to such Class to (y) the portion of
     Current Interest and the portion of any Interest Carry Forward Amount
     attributable to all such Classes;

            (ii) to the Class M-[1] Certificates, the Current Interest for such
     Class;

            (iii) to the Class M-[2] Certificates, the Current Interest for such
     Class;

            (iv) to the Class B-[1] Certificates, the Current Interest for such
     Class; and

            (v) any remainder as part of the Excess Cash Flow.

            (b) [Reserved]

            (c) [Reserved]

            (d) On each Distribution Date, the Principal Distribution Amount
for such Distribution Date shall be allocated by the Trustee from the
Distribution Account in the following order of priority (with the Principal
Remittance Amount being applied first and the Extra Principal Distribution
Amount being applied thereafter):

            (i) with respect to any Distribution Date prior to the Stepdown Date
     or on which a Trigger Event is in effect:

               (A) to the Class A-R Certificates, until the Certificate
          Principal Balance thereof is reduced to zero;

               (B) to the Class A Certificates in the order and the priorities
          set forth in Section 4.04(e) below;

               (C) to the Class M-[1] Certificates, until the Certificate
          Principal Balance thereof is reduced to zero;

               (D) to the Class M-[2] Certificates, until the Certificate
          Principal Balance thereof is reduced to zero;

                                     -82-
<PAGE>

               (E) to the Class B-[1] Certificates, until the Certificate
          Principal Balance thereof is reduced to zero; and

               (F) any remainder as part of the Excess Cash Flow; and

            (ii) with respect to each Distribution Date on and after the
     Stepdown Date and on which a Trigger Event is not in effect:

               (A) to the Class A Certificates, the Class A Principal
          Distribution Amount, in the order and the priorities set forth in
          Section 4.04(e) below;

               (B) to the Class M-[1] Certificates, the Class M-[1] Principal
          Distribution Amount, until the Certificate Principal Balance thereof
          is reduced to zero;

               (C) to the Class M-[2] Certificates, the Class M-[2] Principal
          Distribution Amount, until the Certificate Principal Balance thereof
          is reduced to zero;

               (D) to the Class B-[1] Certificates, the Class B-[1] Principal
          Distribution Amount, until the Certificate Principal Balance thereof
          is reduced to zero; and

               (E) any remainder as part of the Excess Cash Flow.

            (e) On each Distribution Date, the Principal Distribution Amount
or the Class A Principal Distribution Amount, as applicable, allocated under
Section 4.04(d) to the Class A Certificates is required to be further
allocated by the Trustee to the Class A Certificates in the following order
and priority:

            (i) to the Class A-__ Certificates, the NAS Principal Distribution
     Amount, until the Certificate Principal Balance thereof has been reduced
     to zero, and

            (ii) sequentially, in the following order:

               (A) to the Class A-[1] Certificates, until the Certificate
          Principal Balance thereof has been reduced to zero;

               (B) to the Class A-__ Certificates, until the Certificate
          Principal Balance thereof has been reduced to zero;

               (C) to the Class A-__ Certificates, until the Certificate
          Principal Balance thereof has been reduced to zero;

               (D) to the Class A-__ Certificates, until the Certificate
          Principal Balance thereof has been reduced to zero; and

                                     -83-
<PAGE>

               (E) to the Class A-__ Certificates, until the Certificate
          Principal Balance thereof has been reduced to zero;

provided that, on any Distribution Date on or after the date on which the
Aggregate Class A Certificate Principal Balance (calculated for this purpose
after taking into account all distributions of principal on such Distribution
Date) is greater than the sum of the Stated Principal Balances as of such
Distribution Date of the Mortgage Loans, then the Principal Distribution
Amount or the Class A Principal Distribution Amount, as applicable, will be
distributed pro rata among each Class of Class A Certificates (in accordance
with the respective Certificate Principal Balances thereof) and not
sequentially.

            (f) [To the extent that a Class of Certificates receives interest
in excess of the Net Rate Cap, such interest shall be treated as having been
paid to the Carryover Reserve Fund and then paid by the Carryover Reserve Fund
to such Certificateholders. Amounts deemed deposited to the Carryover Reserve
Fund pursuant to this clause shall be deemed to have been distributed first to
the [Class C] Certificateholders for applicable tax purposes.]

            (g) With respect to any Distribution Date, any Excess Cashflow
will be paid to the Classes of Certificates in the following order of
priority, in each case to the extent of amounts remaining:

                 (i) to the Certificateholders then entitled to receive
          distributions in respect of principal, in an amount equal to the
          Extra Principal Distribution Amount, payable to such holders as part
          of the Principal Distribution Amount pursuant to Section 4.04(d)
          above;

                 (ii) to the Class M-[1] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

                 (iii) to the Class M-[1] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

                 (iv) to the Class M-[2] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

                 (v) to the Class M-[2] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

                 (vi) to the Class B-[1] Certificateholders, in an amount equal
          to the Interest Carry Forward Amount for such Class and Distribution
          Date;

                 (vii) to the Class B-[1] Certificateholders, in an amount equal
          to the Unpaid Realized Loss Amount for such Class and Distribution
          Date;

                 (viii) [to the Carryover Reserve Fund and from the Carryover
          Reserve Fund to the Class A-[1] Certificates, Class A-__
          Certificates, Class A-__ Certificates, Class A-__ Certificates,
          Class A-__ Certificates, Class A-IO Certificates, Class A-R
          Certificates, Class M-[1] Certificates, Class M-[2] Certificates and
          Class B-[1] Certificates, pro rata, based on the Certificate
          Principal Balances (or, in the case of the Class A-IO Certificates,

                                     -84-
<PAGE>

          the Class A-IO Notional Balance) thereof, to the extent needed to
          pay any Net Rate Carryover for each such Class; provided that any
          Excess Cashflow remaining after such allocation to pay Net Rate
          Carryover based on the Certificate Principal Balances of the
          Certificates will be distributed to the Class A-[1] Certificates,
          the Class A-__ Certificates, Class A-__ Certificates, Class A-__
          Certificates, Class A-__ Certificates, Class A-IO Certificates,
          Class A-R Certificates, Class M-[1] Certificates, Class M-[2]
          Certificates and Class B-[1] Certificates with respect to which
          there remains any unpaid Net Rate Carryover (after the distribution
          based on Certificate Principal Balances), pro rata, based on the
          amount of such unpaid Net Rate Carryover;

                 (ix) to the Carryover Reserve Fund, in an amount equal to the
          Required Secondary Carryover Reserve Fund Deposit (after giving
          effect to other deposits and withdrawals therefrom on such
          Distribution Date);]

                 (x) to the [Class C] Certificateholders, the [Class C]
          Distributable Amount for such Distribution Date; and

                 (xi) to the Class A-R Certificates.

            (h) On each Distribution Date, all Prepayment Charges (including
amounts deposited in connection with the full or partial waiver of such
Prepayment Charges pursuant to Section 3.19) shall be allocated to the [Class
P] Certificates. On the [Class P] Principal Distribution Date, the Trustee
shall make the $________ distribution to the [Class P] Certificates as
specified in Section 3.05(d).

            (i) On each Distribution Date, the Trustee shall allocate the
Applied Realized Loss Amount to reduce the Certificate Principal Balances of
the Subordinate Certificates in the following order of priority:

            (i) to the Class B-[1] Certificates until the Class B-[1]
     Certificate Principal Balance is reduced to zero;

            (ii) to the Class M-[2] Certificates until the Class M-[2]
     Certificate Principal Balance is reduced to zero; and

            (iii) to the Class M-[1] Certificates until the Class M-[1]
     Certificate Principal Balance is reduced to zero.

            (j) On each Distribution Date, the Trustee shall allocate the
amount of the Subsequent Recoveries for the Mortgage Loanas, if any, to
increase the Certificate Principal Balances of the Subordinate Certificates to
which Applied Realized Loss Amounts have been previously allocated in the
following order of priority:

            (i) to the Class M-[1] Certificates, but not by more than the amount
     of the Unpaid Realized Loss Amount of the Class M-[1] Certificates;

            (ii) to the Class M-[2] Certificates, but not by more than the
     amount of the Unpaid Realized Loss Amount of the Class M-[2]
     Certificates; and

                                     -85-
<PAGE>

            (iii) to the Class B-[1] Certificates, but not by more than the
     amount of the Unpaid Realized Loss Amount of the Class B-[1]
     Certificates.

            Subject to Section 9.02 hereof respecting the final distribution,
on each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire
transfer in immediately available funds to the account of such holder at a
bank or other entity having appropriate facilities therefor, if (i) such
Holder has so notified the Trustee at least 5 Business Days prior to the
related Record Date and (ii) such Holder shall hold Regular Certificates with
aggregate principal denominations of not less than $[1,000,000] or evidencing
a Percentage Interest aggregating [10]% or more with respect to such Class or,
if not, by check mailed by first class mail to such Certificateholder at the
address of such holder appearing in the Certificate Register. Notwithstanding
the foregoing, but subject to Section 9.02 hereof respecting the final
distribution, distributions with respect to Certificates registered in the
name of a Depository shall be made to such Depository in immediately available
funds.

            On or before _________________on the _____ Business Day following
each Determination Date (but in no event later than _______________ on the
third Business Day before the related Distribution Date), the Master Servicer
shall deliver a report to the Trustee in the form of a computer readable
magnetic tape (or by such other means as the Master Servicer and the Trustee
may agree from time to time) containing such data and information as agreed to
by the Master Servicer and the Trustee such as to permit the Trustee to
prepare the Monthly Statement to Certificateholders and make the required
distributions for the related Distribution Date (the "Remittance Report"). The
Trustee shall not be responsible to recompute, recalculate or verify
information provided to it by the Master Servicer and shall be permitted to
conclusively rely on any information provided to it by the Master Servicer.

            Section 4.05   Monthly Statements to Certificateholders.

            (a) Not later than each Distribution Date, the Trustee shall
prepare and cause to be forwarded by first class mail to each Holder of a
Class of Certificates of the Trust Fund, the Master Servicer, the Seller and
the Depositor a statement setting forth for the Certificates:

            (i) the amount of the related distribution to Holders of each Class
     allocable to principal, separately identifying (A) the aggregate amount
     of any Principal Prepayments included therein and (B) the aggregate of
     all scheduled payments of principal included therein;

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

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

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

                                     -86-
<PAGE>

            (v) the aggregate of the Stated Principal Balance of the Mortgage
     Loans for the Mortgage Pool;

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

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

            (viii) with respect to the __________ 200_ Distribution Date, the
     Seller Shortfall Interest Requirement (if any) for the related Master
     Servicer Advance Date;

            (ix) the amount of Advances included in the distribution on such
     Distribution Date;

            (x) the cumulative amount of Applied Realized Loss Amounts to date;

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

            (xii) with respect to any Mortgage Loan that became an REO Property
     during the preceding calendar month, the loan number and Stated Principal
     Balance of such Mortgage Loan;

            (xiii) and the aggregate Stated Principal Balances of any Mortgage
     Loans converted to REO Properties as of the close of business on the
     Determination Date preceding such Distribution Date;

            (xiv) the total number and Stated Principal Balances of all
     Liquidated Mortgage Loans;

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

            (xvi) whether a Trigger Event is in effect;

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

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

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

                                     -87-
<PAGE>

            (xx) any Net Rate Carryover paid on each Class of Certificates and
     any remaining Net Rate Carryover remaining on each Class of Certificates
     on such Distribution Date.

            (b) The Trustee's responsibility for disbursing the above
information to the Certificateholders is limited to the availability,
timeliness and accuracy of the information derived from the Master Servicer.
The Trustee shall send a copy of each statement provided pursuant to this
Section 4.05 to each Rating Agency and the NIM Insurer. The Trustee may make
the above information available to Certificateholders via the Trustee's
website at ____________________________.

            (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at
any time during the calendar year was a Certificateholder, a statement
containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi) of
this Section 4.05 aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of
the Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trustee pursuant
to any requirements of the Code as from time to time in effect.

            (d) Upon filing with the Internal Revenue Service, the Trustee
shall furnish to the Holders of the Class A-R Certificates the Form 1066 and
each Form 1066Q and shall respond promptly to written requests made not more
frequently than quarterly by any Holder of Class A-R Certificates with respect
to the following matters:

            (i) The original projected principal and interest cash flows on the
     Closing Date on each related Class of regular and residual interests
     created hereunder and on the Mortgage Loans, based on the Prepayment
     Assumption;

            (ii) The projected remaining principal and interest cash flows as of
     the end of any calendar quarter with respect to each related Class of
     regular and residual interests created hereunder and the Mortgage Loans,
     based on the Prepayment Assumption;

            (iii) The applicable Prepayment Assumption and any interest rate
     assumptions used in determining the projected principal and interest cash
     flows described above;

            (iv) The original issue discount (or, in the case of the Mortgage
     Loans, market discount) or premium accrued or amortized through the end
     of such calendar quarter with respect to each related Class of regular or
     residual interests created hereunder and to the Mortgage Loans, together
     with each constant yield to maturity used in computing the same;

            (v) The treatment of losses realized with respect to the Mortgage
     Loans or the regular interests created hereunder, including the timing
     and amount of any cancellation of indebtedness income of the related
     REMIC with respect to such regular interests or bad debt deductions
     claimed with respect to the Mortgage Loans;

            (vi) The amount and timing of any non-interest expenses of the
     related REMIC; and

                                     -88-
<PAGE>

            (vii) Any taxes (including penalties and interest) imposed on the
     related REMIC, including, without limitation, taxes on "prohibited
     transactions," "contributions" or "net income from foreclosure property"
     or state or local income or franchise taxes.

            The information pursuant to clauses (i), (ii), (iii) and (iv)
above shall be provided by the Depositor pursuant to Section 8.11.

            Section 4.06   [Reserved]

            Section 4.07   [Reserved]

            Section 4.08   [Reserved]

            Section 4.09   [Carryover Reserve Fund.

            (a) On the Closing Date, the Trustee shall establish and maintain
in its name, in trust for the benefit of the Holders of the Certificates, the
Carryover Reserve Fund. The Carryover Reserve Fund shall be an Eligible
Account, and funds on deposit therein shall be held separate and apart from,
and shall not be commingled with, any other moneys, including without
limitation, other moneys held by the Trustee pursuant to this Agreement. On
the Closing Date, the Seller shall remit $[10,000] to the Trustee, who shall
deposit said funds in the Carryover Reserve Fund.

            (b) The Trustee shall make withdrawals from the Carryover Reserve
Fund to make distributions pursuant to Section 4.04(g)(viii) hereof.

            (c) Funds in the Carryover Reserve Fund may be invested in
Permitted Investments. Any earnings on such amounts shall be payable to the
[Class C] Certificates. The [Class C] Certificates shall evidence ownership of
the Carryover Reserve Fund for federal tax purposes and the Holders thereof
evidencing not less than 50% of the Voting Rights of such Class shall direct
the Trustee in writing as to the investment of amounts therein. In the absence
of such written direction, all funds in the Carryover Reserve Fund shall be
invested by the Trustee in _____________ cash reserves.

            (d) Upon termination of the Trust Fund, any amounts remaining in
the Carryover Reserve Fund shall be distributed to the Holders of the [Class
C] Certificates in the same manner as if distributed pursuant to Section
4.04(f) hereof.]

                                     -89-
<PAGE>

                                  ARTICLE V.

                               THE CERTIFICATES

            Section 5.01   The Certificates.

            The Certificates shall be substantially in the forms attached
hereto as Exhibits A-[1] through A-9, B, C, D and E. The Certificates shall be
issuable in registered form, in the minimum dollar denominations, integral
dollar multiples in excess thereof and aggregate dollar denominations as set
forth in the following table:

<TABLE>
<CAPTION>
                                                                Integral Multiples in        Original Certificate
            Class                  Minimum Denomination           Excess of Minimum            Principal Balance
---------------------------- ------------------------------- ---------------------------- ---------------------------
<S>                          <C>                             <C>                          <C>
            A-[1]                        $[20,000]                    $[1,000]                      $______
             A-__                        $[20,000]                    $[1,000]                      $______
             A-__                        $[20,000]                    $[1,000]                      $______
             A-__                        $[20,000]                    $[1,000]                      $______
             A-__                        $[20,000]                    $[1,000]                      $______
             A-IO                      $[20,000](1)                  $[1,000](1)                   $____(1)
             A-R                          $100(2)                        N/A                        $______
            M-[1]                        $[20,000]                    $[1,000]                      $______
            M-[2]                        $[20,000]                    $[1,000]                      $______
            B-[1]                        $[20,000]                    $[1,000]                      $______
              R                             N/A                          N/A                         100%
              P                            $100                          N/A                         $100
_______________________________
(1) Notional Amount.
(2) The Tax Matters Person Certificate may be issued in a denomination of $0.05.

</TABLE>

            The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by an authorized officer. Certificates
bearing the manual or facsimile signatures of individuals who were, at the
time when such signatures were affixed, authorized to sign on behalf of the
Trustee shall bind the Trustee, notwithstanding that such individuals or any
of them have ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
authentication and delivery. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless there appears on
such Certificate a certificate of authentication substantially in the form set
forth as attached hereto executed by the Trustee by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication. On the Closing Date, the Trustee shall
authenticate the Certificates to be issued at the written direction of the
Depositor, or any affiliate thereof.

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

                                     -90-
<PAGE>

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

            (a) The Trustee shall maintain a Certificate Register for the
Trust Fund in which, subject to the provisions of subsections (b) and (c)
below and to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of Transfers and
exchanges of Certificates as herein provided. Upon surrender for registration
of Transfer of any Certificate, the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class and of like aggregate Percentage Interest.

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

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

            All Certificates surrendered for registration of Transfer or
exchange shall be canceled and subsequently destroyed by the Trustee in
accordance with the Trustee's customary procedures.

            (b) No Transfer of a Private Certificate shall be made unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a transfer is to be made in reliance upon an exemption
from the Securities Act and such state securities laws, in order to assure
compliance with the Securities Act and such state securities laws, the
Certificateholder desiring to effect such Transfer and such
Certificateholder's prospective transferee shall each certify to the Trustee
in writing the facts surrounding the Transfer in substantially the forms set
forth in 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 or, if the prospective transferee is [name of Trustee], acting in
its capacity as indenture trustee under an indenture relating to the issuance
of net interest margin notes backed in whole or in part by such Private
Certificate, the buyers of which notes will be required to be "qualified
institutional buyers" within the meaning of Rule 144A of the Securities Act,
Exhibit L-2 or (Exhibit L-1 or L-2, the "Rule 144A Letter") or (ii) there
shall be delivered to the Trustee at the expense of the Certificateholder
desiring to effect such transfer an Opinion of Counsel that such Transfer may
be made pursuant to an exemption from the Securities Act; provided, however,
that in the case of the delivery of an Investment Letter in connection with
the transfer of any Class C or Class P Certificate to a transferee that is
formed

                                     -91-
<PAGE>

with the purpose of issuing notes backed by such Class C or Class P
Certificate, as the case may be, clause (b) and (c) of the form of Investment
Letter shall not be applicable and shall be deleted by such transferee. The
Depositor shall provide to any Holder of a Private Certificate and any
prospective transferee designated by any such Holder, information regarding
the related Certificates and the Mortgage Loans and such other information as
shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Certificate without registration thereof
under the Securities Act pursuant to the registration exemption provided by
Rule 144A. The Trustee and the Master Servicer shall cooperate with the
Depositor in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Depositor such information regarding the
Certificates, the Mortgage Loans and other matters regarding the Trust Fund as
the Depositor shall reasonably request to meet its obligation under the
preceding sentence. Each Holder of a Private Certificate desiring to effect
such Transfer shall, and does hereby agree to, indemnify the Trustee, the
Depositor, the Trust Fund, each Seller, the Master Servicer and the NIM
Insurer against any liability that may result if the Transfer is not so exempt
or is not made in accordance with such federal and state laws.

            No Transfer of an ERISA-Restricted Certificate 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, if the prospective transferee is [name of Trustee],
acting in its capacity as indenture trustee under an indenture relating to the
issuance of net interest margin notes backed in whole or in part by such
Private Certificate, the buyers of which notes will be required to be
"qualified institutional buyers" within the meaning of Rule 144A of the
Securities Act, Exhibit L-2, 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-1), to the effect that (x) such transferee is not an employee benefit plan
or arrangement subject to Section 406 of ERISA or a plan or arrangement
subject to Section 4975 of the Code, or a Person acting on behalf of any such
plan or arrangement or using the assets of any such plan or arrangement, or
(ii) in the case of an ERISA-Restricted Certificate 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 of any such plan or arrangement or
any other person acting on behalf of any such plan or arrangement, an Opinion
of Counsel satisfactory to the Trustee to the effect that the purchase or
holding of such ERISA-Restricted Certificate will not result in a non-exempt
prohibited transaction under ERISA or the Code and will not subject the
Trustee to any obligation in addition to those expressly undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee.
For purposes of the preceding sentence, one of such representations, as
appropriate, shall be deemed to have been made to the Trustee by the
transferee's acceptance of an ERISA-Restricted Certificate (or the acceptance
by a Certificate Owner of the beneficial interest in any such Class

                                     -92-
<PAGE>

of ERISA-Restricted Certificates) unless the Trustee shall have received from
the transferee an Opinion of Counsel as described in clause (ii) or a
representation acceptable in form and substance to the Trustee.
Notwithstanding anything else to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate to or on behalf of an employee benefit plan
subject to Section 406 of ERISA or a plan subject to Section 4975 of the Code
without the delivery to the Trustee of an Opinion of Counsel satisfactory to
the Trustee meeting the requirements of clause (i) of the first sentence of
this paragraph as described above shall be void and of no effect. The Trustee
shall be under no liability to any Person for any registration of transfer of
any ERISA-Restricted Certificate that is in fact not permitted by this Section
5.02(b) or for making any payments due on such Certificate to the Holder
thereof or taking any other action with respect to such Holder under the
provisions of this Agreement so long as the Trustee, with respect to the
transfer of such Classes of Certificates, required delivery of such
certificates and other documentation or evidence as are expressly required by
the terms of this Agreement and examined such certificates and other
documentation or evidence to determine compliance as to form with the express
requirements hereof. The Trustee shall be entitled, but not obligated, to
recover from any Holder of any ERISA-Restricted Certificate that was in fact
an employee benefit plan or arrangement subject to Section 406 of ERISA or a
plan or arrangement subject to Section 4975 of the Code or a Person acting on
behalf of any such plan or arrangement at the time it became a Holder or, at
such subsequent time as it became such a plan or arrangement or Person acting
on behalf of such a plan or arrangement, all payments made on such
ERISA-Restricted Certificate at and after either such time. Any such payments
so recovered by the Trustee shall be paid and delivered by the Trustee to the
last preceding Holder of such Certificate that is not such a plan or
arrangement or Person acting on behalf of a plan or arrangement.

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

            (i) 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.

            (ii) 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-1.

            (iii) 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

                                     -93-
<PAGE>

     knowledge that such Person is not a Permitted Transferee or that such
     Transfer Affidavit is false.

            (iv) 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.

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

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

            The preparation and delivery of all affidavits, certifications and
opinions referred to above in this section 5.02 shall not be an expense of the
Trust Fund, the Trustee, the Depositor, either Seller or the Master Servicer.

                                     -94-
<PAGE>

            Section 5.03   Mutilated, Destroyed, Lost or Stolen Certificates.

            If (a) any mutilated Certificate is surrendered to the Trustee, or
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate and of the ownership thereof and (b) there is
delivered to the Master Servicer and the Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of
notice to the Trustee that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like Class, tenor and Percentage Interest. In connection
with the issuance of any new Certificate under this Section 5.03, the Trustee
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership in the Trust Fund,
as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time. All Certificates surrendered to the
Trustee under the terms of this Section 5.03 shall be canceled and destroyed
by the Trustee in accordance with its standard procedures without liability on
its part.

            Section 5.04   Persons Deemed Owners.

            The Master Servicer, the Trustee, the NIM Insurer and any agent of
the Master Servicer, the NIM Insurer or the Trustee may treat the person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions as provided in this Agreement and for
all other purposes whatsoever, and none of the Master Servicer, the Trustee or
the NIM Insurer or any agent of the Master Servicer, the Trustee or the NIM
Insurer shall be affected by any notice to the contrary.

            Section 5.05   Access to List of Certificateholders' Names and
                           Addresses.

            If three or more Certificateholders 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 that 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, provide the Depositor, the
Master Servicer or such Certificateholders and/or Certificate Owners at such
recipients' expense the most recent list of the Certificateholders and/or
Certificate Owners of the Trust Fund held by the Trustee, if any. The
Depositor and every Certificateholder and/or Certificate Owner , by receiving
and holding a Certificate, agree that the Trustee shall not be held
accountable by reason of the disclosure of any such information as to the list
of the Certificateholders and/or Certificate Owners hereunder, regardless of
the source from which such information was derived.

                                     -95-
<PAGE>

            Section 5.06   Book-Entry Certificates.

            The Regular Certificates, upon original issuance, shall be issued
in the form of one or more typewritten Certificates representing the
Book-Entry Certificates, to be delivered to the Depository by or on behalf of
the Depositor. Such Certificates shall initially be registered on the
Certificate Register in the name of the Depository or its nominee, and no
Certificate Owner of such Certificates will receive a definitive certificate
representing such Certificate Owner's interest in such Certificates, except as
provided in Section 5.08. Unless and until definitive, fully registered
Certificates ("Definitive Certificates") have been issued to the Certificate
Owners of such Certificates pursuant to Section 5.08:

            (a) the provisions of this Section shall be in full force and
effect;

            (b) the Depositor, the Seller, the Master Servicer and the Trustee
may deal with the Depository and the Depository Participants for all purposes
(including the making of distributions) as the authorized representative of
the respective Certificate Owners of such Certificates;

            (c) registration of the Book-Entry Certificates may not be
transferred by the Trustee except to another Depository;

            (d) the rights of the respective Certificate Owners of such
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of such Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and
until Definitive Certificates are issued pursuant to Section 5.08, the
Depository will make book-entry transfers among the Depository Participants
and receive and transmit distributions of principal and interest on the
related Certificates to such Depository Participants;

            (e) the Depository may collect its usual and customary fees,
charges and expenses from its Depository Participants;

            (f) the Trustee may rely and shall be fully protected in relying
upon information furnished by the Depository with respect to its Depository
Participants; and

            (g) to the extent that the provisions of this Section conflict
with any other provisions of this Agreement, the provisions of this Section
shall control.

            For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of,
Certificateholders evidencing a specified percentage of the aggregate unpaid
principal amount of any Class of Certificates, such direction or consent may
be given by Certificate Owners (acting through the Depository and the
Depository Participants) owning Book-Entry Certificates evidencing the
requisite percentage of principal amount of such Class of Certificates.

                                     -96-
<PAGE>

            Section 5.07   Notices to Depository.

            Whenever any notice or other communication is required to be given
to Certificateholders of the Class with respect to which Book-Entry
Certificates have been issued, unless and until Definitive Certificates shall
have been issued to the related Certificate Owners, the Trustee shall give all
such notices and communications to the Depository.

            Section 5.08   Definitive Certificates.

            If, after Book-Entry Certificates have been issued with respect to
any Certificates, (a) the Depositor advises the Trustee that the Depository is
no longer willing or able to discharge properly its responsibilities under the
Depository Agreement with respect to such Certificates and the Trustee or the
Depositor is unable to locate a qualified successor, or (b) after the
occurrence and continuation of an Event of Default, Certificate Owners of such
Book-Entry Certificates having not less than 51% of the Voting Rights
evidenced by any Class of Book-Entry Certificates advise the Trustee and the
Depository in writing through the Depository Participants that the
continuation of a book-entry system with respect to Certificates of such Class
through the Depository (or its successor) is no longer in the best interests
of the Certificate Owners of such Class, then the Trustee shall notify all
Certificate Owners of such Certificates, through the Depository, of the
occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners of such Class requesting the same. The
Depositor shall provide the Trustee with an adequate inventory of Certificates
to facilitate the issuance and transfer of Definitive Certificates. Upon
surrender to the Trustee of any such Certificates by the Depository,
accompanied by registration instructions from the Depository for registration,
the Trustee shall authenticate and deliver such Definitive Certificates.
Neither the Depositor nor the Trustee shall be liable for any delay in
delivery of such instructions and each may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of such
Definitive Certificates, all references herein to obligations imposed upon or
to be performed by the Depository shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates and the Trustee shall recognize the Holders of such
Definitive Certificates as Certificateholders hereunder.

            Section 5.09   Maintenance of Office or Agency.

            The Trustee will maintain or cause to be maintained at its expense
an office or offices or agency or agencies in _____________ where Certificates
may be surrendered for registration of transfer or exchange. The Trustee
initially designates its offices at _______________________________,
Attention: ______________________, as offices for such purposes. The Trustee
will give prompt written notice to the Certificateholders of any change in
such location of any such office or agency.

                                     -97-
<PAGE>

                                 ARTICLE VI.

               THE DEPOSITOR, THE MASTER SERVICER AND THE SELLER

            Section 6.01   Respective Liabilities of the Depositor, the Master
                           Servicer and the Seller.

            The Depositor, the Master Servicer and the Seller shall each be
liable in accordance herewith only to the extent of the obligations
specifically and respectively imposed upon and undertaken by them herein.

            Section 6.02   Merger or Consolidation of the Depositor, the Master
                           Servicer or the Seller.

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

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

            Section 6.03   Limitation on Liability of the Depositor, the Seller,
                           the Master Servicer, the NIM Insurer and Others.

            None of the Depositor, the Seller, the NIM Insurer or the Master
Servicer or any of the directors, officers, employees or agents of the
Depositor, the Seller, the NIM Insurer or the Master Servicer shall be under
any liability to the Trustee (except as provided in Section 8.05), the Trust
Fund or the Certificateholders for any action taken or for refraining from the
taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided that this provision shall not protect the Depositor, the
Seller, the Master Servicer or any such Person against any breach of
representations or warranties made by it herein or protect the Depositor, the
Seller, the Master Servicer or any such Person from any liability that would
otherwise be

                                     -98-
<PAGE>

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 Seller, the NIM Insurer, the Master
Servicer and any director, officer, employee or agent of the Depositor, the
Seller, the NIM Insurer or the Master Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Seller, the NIM
Insurer, the Master Servicer and any director, officer, employee or agent of
the Depositor, the Seller, the NIM Insurer or the Master Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense incurred in connection with any audit, controversy or judicial
proceeding relating to a governmental taxing authority or any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense related to any specific Mortgage Loan or Mortgage Loans (except as
any such loss, liability or expense shall be otherwise reimbursable pursuant
to this Agreement) and any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or gross negligence in the performance of
duties hereunder or by reason of reckless disregard of obligations and duties
hereunder. None of the Depositor, the Seller, the NIM Insurer or the Master
Servicer shall be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its respective duties hereunder and
that in its opinion may involve it in any expense or liability; provided that
any of the Depositor, the Seller, the NIM Insurer or the Master Servicer may,
in its discretion undertake any such action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the
parties hereto and interests of the Trustee and the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be, expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Seller, the NIM Insurer and the Master
Servicer shall be entitled to be reimbursed therefor out of the Certificate
Account as provided by Section 3.08 hereof.

            Section 6.04   Limitation on Resignation of Master Servicer.

            The Master Servicer shall not resign from the obligations and
duties hereby imposed on it except (i) upon determination that its duties
hereunder are no longer permissible under applicable law or (ii) upon
appointment of a successor servicer that is reasonably acceptable to the
Trustee and the NIM Insurer and the written confirmation from each Rating
Agency (which confirmation shall be furnished to the Depositor, the Trustee
and the NIM Insurer) that such resignation will not cause such Rating Agency
to reduce the then current rating of the Certificates. Any such determination
pursuant to clause (i) of the preceding sentence permitting the resignation of
the Master Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustee. No resignation of the Master Servicer shall become
effective until the Trustee shall have assumed the Master Servicer's
responsibilities, duties, liabilities (other than those liabilities arising
prior to the appointment of such successor) and obligations under this
Agreement.

            Section 6.05   Errors and Omissions Insurance; Fidelity Bonds.

            The Master Servicer shall, for so long as it acts as servicer
under this Agreement, obtain and maintain in force (a) a policy or policies of
insurance covering errors and omissions in the performance of its obligations
as servicer hereunder, and (b) a fidelity bond in respect of its officers,
employees and agents. Each such policy or policies and bond shall, together,
comply

                                     -99-
<PAGE>

with the requirements from time to time of Fannie Mae or Freddie Mac for
persons performing servicing for mortgage loans purchased by Fannie Mae or
Freddie Mac. In the event that any such policy or bond ceases to be in effect,
the Master Servicer shall use its reasonable best efforts to obtain a
comparable replacement policy or bond from an insurer or issuer, meeting the
requirements set forth above as of the date of such replacement.

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

                                    -100-
<PAGE>

                                 ARTICLE VII.

                    DEFAULT; TERMINATION OF MASTER SERVICER

            Section 7.01   Events of Default.

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

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

            (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 or any representation or
     warranty shall prove to be untrue, which failure or breach shall continue
     unremedied for a period of 60 days after the date on which written notice
     of such failure shall have been given to the Master Servicer by the
     Trustee, the NIM Insurer or the Depositor, or to the Trustee by the
     Holders of Certificates evidencing not less than 25% of the Voting
     Rights; provided that the sixty-day cure period shall not apply to the
     initial delivery of the Mortgage File for Delay Delivery Mortgage Loans
     nor the failure to repurchase or substitute in lieu thereof; or

            (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
     not later than [6:00] p.m. (New York time) on the Business Day following
     the related Distribution Date

                                    -101-
<PAGE>

     for any Advance made by the Trustee pursuant to Section 4.01(d) together
     with accrued and unpaid interest.

            If an Event of Default shall occur, then, and in each and every
such case, so long as such Event of Default shall not have been remedied, the
Trustee shall, but only at the direction of either the NIM Insurer or the
Holders of Certificates evidencing not less than 25% of the Voting Rights, by
notice in writing to the Master Servicer (with a copy to each Rating Agency),
terminate all of the rights and obligations of the Master Servicer under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, other
than its rights as a Certificateholder hereunder. On or after the receipt by
the Master Servicer of such written notice, all authority and power of the
Master Servicer hereunder, whether with respect to the Mortgage Loans or
otherwise, shall pass to and be vested in the Trustee. The Trustee shall
thereupon make any Advance described in Section 4.01 hereof subject to Section
3.04 hereof. The Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice
of termination, whether to complete the transfer and endorsement or assignment
of the Mortgage Loans and related documents, or otherwise. Unless expressly
provided in such written notice, no such termination shall affect any
obligation of the Master Servicer to pay amounts owed pursuant to Article
VIII. The Master Servicer agrees to cooperate with the Trustee in effecting
the termination of the Master Servicer's responsibilities and rights
hereunder, including, without limitation, the transfer to the Trustee of all
cash amounts which shall at the time be credited to the Certificate Account,
or thereafter be received with respect to the Mortgage Loans. The Trustee
shall promptly notify the Rating Agencies of the occurrence of an Event of
Default.

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

            Section 7.02   Trustee to Act; Appointment of Successor.

            On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 hereof, the Trustee shall, to the extent
provided in Section 3.04, be the successor to the Master Servicer in its
capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Master Servicer by the terms
and provisions hereof and applicable law including the obligation to make
advances pursuant to Section 4.01. As compensation therefor, the Trustee shall
be entitled to all fees, costs and expenses relating to the Mortgage Loans
that the Master Servicer would have been entitled to if the Master Servicer
had continued to act hereunder. Notwithstanding the foregoing, if the Trustee
has become the successor to the Master Servicer in accordance with Section
7.01 hereof, the Trustee may, if it shall be unwilling to so act, or shall, if
it is prohibited by applicable law from making Advances pursuant to Section
4.01 hereof or if it is otherwise unable to so act, (i) appoint any
established

                                    -102-
<PAGE>

mortgage loan servicing institution reasonably acceptable to the NIM Insurer
(as evidenced by the prior written consent of the NIM Insurer), or (ii)
petition a court of competent jurisdiction to appoint, any established
mortgage loan servicing institution the appointment of which does not
adversely affect the then current rating of the Certificates and the NIM
Insurer guaranteed notes by each Rating Agency as the successor to the Master
Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder. Any
successor Master Servicer shall be an institution that is a Fannie Mae and
Freddie Mac approved seller/servicer in good standing, that has a net worth of
at least $15,000,000, and that is willing to service the Mortgage Loans and
executes and delivers to the Depositor and the Trustee an agreement accepting
such delegation and assignment, that contains an assumption by such Person of
the rights, powers, duties, responsibilities, obligations and liabilities of
the Master Servicer (other than liabilities and indemnities of the Master
Servicer under Section 6.03 hereof incurred prior to termination of the Master
Servicer under Section 7.01), with like effect as if originally named as a
party to this Agreement; and provided further that each Rating Agency
acknowledges that its rating of the Certificates in effect immediately prior
to such assignment and delegation will not be qualified or reduced as a result
of such assignment and delegation. No appointment of a successor to the Master
Servicer hereunder shall be effective until the Trustee shall have consented
thereto, and written notice of such proposed appointment shall have been
provided by the Trustee to each Certificateholder. The Trustee shall not
resign as servicer until a successor servicer has been appointed and has
accepted such appointment. Pending appointment of a successor to the Master
Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from
so acting, shall, subject to Section 3.04 hereof, act in such capacity as
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 Mortgage Loans as it and such successor shall agree; provided
that no such compensation shall be in excess of that permitted the Master
Servicer hereunder. The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. Neither the Trustee nor any other successor servicer shall be
deemed to be in default hereunder by reason of any failure to make, or any
delay in making, any distribution hereunder or any portion thereof or any
failure to perform, or any delay in performing, any duties or responsibilities
hereunder, in either case caused by the failure of the Master Servicer to
deliver or provide, or any delay in delivering or providing, any cash,
information, documents or records to it.

            Any successor to the Master Servicer as servicer shall give notice
to the NIM Insurer and the Mortgagors of such change of servicer and shall,
during the term of its service as servicer, maintain in force the policy or
policies that the Master Servicer is required to maintain pursuant to Section
6.05.

            In connection with the termination or resignation of the Master
Servicer hereunder, either (i) the successor Master Servicer, including the
Trustee if the Trustee is acting as successor Master Servicer, shall represent
and warrant that it is a member of MERS in good standing and shall agree to
comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with
MERS, or (ii) the predecessor Master Servicer shall cooperate with the
successor Master Servicer in causing MERS to execute and deliver an assignment
of Mortgage in recordable form to transfer the Mortgage from MERS to the
Trustee and to execute and deliver such other notices, documents and other
instruments as may be necessary or desirable to effect a transfer of such

                                    -103-
<PAGE>

Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the
successor Master Servicer. The predecessor Master Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
successor Master Servicer shall cause such assignment to be delivered to the
Trustee or the Custodian promptly upon receipt of the original with evidence
of recording thereon or a copy certified by the public recording office in
which such assignment was recorded.

            Section 7.03   Notification to Certificateholders.

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

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

                                    -104-
<PAGE>

                                ARTICLE VIII.

                            CONCERNING THE TRUSTEE

            Section 8.01   Duties of Trustee.

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

            The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments
furnished to the Trustee that are specifically required to be furnished
pursuant to any provision of this Agreement shall examine them to determine
whether they conform to the requirements of this Agreement, to the extent
provided in this Agreement. If any such instrument is found not to conform to
the requirements of this Agreement in a material manner, the Trustee shall
take action as it deems appropriate to have the instrument corrected.

            No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own grossly negligent action, its own gross
negligent failure to act or its own misconduct, its grossly negligent failure
to perform its obligations in compliance with this Agreement, or any liability
that would be imposed by reason of its willful misfeasance or bad faith;
provided that:

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

            (ii) the Trustee shall not be liable, individually or as Trustee,
     for an error of judgment made in good faith by a Responsible Officer or
     Responsible Officers of the Trustee, unless the Trustee was grossly
     negligent or acted in bad faith or with willful misfeasance;

            (iii) the Trustee shall not be liable, individually or as Trustee,
     with respect to any action taken, suffered or omitted to be taken by it
     in good faith in accordance with

                                    -105-
<PAGE>

     the direction of Holders of each Class of Certificates evidencing not
     less than 25% of the Voting Rights of such Class relating to the time,
     method and place of conducting any proceeding for any remedy available to
     the Trustee, or exercising any trust or power conferred upon the Trustee
     under this Agreement; and

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

            Section 8.02   Certain Matters Affecting the Trustee.

            (a) Except as otherwise provided in Section 8.01:

            (i) the Trustee may request and rely upon and shall be protected in
     acting or refraining from acting upon any resolution, Officer's
     Certificate, certificate of auditors or any other certificate, statement,
     instrument, opinion, report, notice, request, consent, order, appraisal,
     bond or other paper or document believed by it to be genuine and to have
     been signed or presented by the proper party or parties;

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

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

            (iv) prior to the occurrence of an Event of Default hereunder and
     after the curing of all Events of Default that may have occurred, the
     Trustee shall not be bound to make any investigation into the facts or
     matters stated in any resolution, certificate, statement, instrument,
     opinion, report, notice, request, consent, order, approval, bond or other
     paper or document, unless requested in writing so to do by the NIM
     Insurer or the Holders of each Class of Certificates evidencing not less
     than 25% of the Voting Rights of such Class; provided, however, that if
     the payment within a reasonable time to the Trustee of the costs,
     expenses or liabilities likely to be incurred by it in the making of such
     investigation is, in the opinion of the Trustee not reasonably assured to
     the Trustee by the NIM Insurer or such Certificateholders, the Trustee
     may require reasonable indemnity against such expense, or liability from
     the NIM Insurer or such Certificateholders as a condition to taking any
     such action;

            (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;

                                    -106-
<PAGE>

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

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

            (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 or powers vested in it by this Agreement or to make any
     investigation of matters arising hereunder or to institute, conduct or
     defend any litigation hereunder or in relation hereto at the request,
     order or direction of the NIM Insurer or any of the Certificateholders,
     pursuant to the provisions of this Agreement, unless the NIM Insurer or
     such Certificateholders, as applicable, shall have offered to the Trustee
     reasonable security or indemnity against the costs, expenses and
     liabilities that may be incurred therein or thereby.

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

            Section 8.03   Trustee Not Liable for Mortgage Loans.

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

            Section 8.04   Trustee May Own Certificates.

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

            Section 8.05   Master Servicer to Pay Trustee's Fees and Expenses.

            The Master Servicer covenants and agrees to pay or reimburse the
Trustee, upon its request, for all reasonable expenses, disbursements and
advances incurred or made by

                                    -107-
<PAGE>

the Trustee on behalf of the Trust Fund in accordance with any of the
provisions of this Agreement (including, without limitation: (A) the
reasonable compensation and the expenses and disbursements of its counsel, but
only for representation of the Trustee acting in its capacity as Trustee
hereunder and (B) to the extent that the Trustee must engage persons not
regularly in its employ to perform acts or services on behalf of the Trust
Fund, which acts or services are not in the ordinary course of the duties of a
trustee, paying agent or certificate registrar, in the absence of a breach or
default by any party hereto, the reasonable compensation, expenses and
disbursements of such persons, except any such expense, disbursement or
advance as may arise from its negligence, bad faith or willful misconduct).
The Trustee and any director, officer, employee or agent of the Trustee shall
be indemnified by the Master Servicer and held harmless against any loss,
liability or expense (i) incurred in connection with any legal action relating
to this Agreement or the Certificates, or in connection with the performance
of any of the Trustee's duties hereunder, other than any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or negligence in
the performance of any of the Trustee's duties hereunder or by reason of
reckless disregard of the Trustee's obligations and duties hereunder and (ii)
resulting from any error in any tax or information return prepared by the
Master Servicer. Such indemnity shall survive the termination of this
Agreement or the resignation or removal of the Trustee hereunder.

            Section 8.06   Eligibility Requirements for Trustee.

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

            Section 8.07   Resignation and Removal of Trustee.

            The Trustee may at any time resign and be discharged from the
trusts hereby created by (1) giving written notice of resignation to the
Depositor and the Master Servicer and by mailing notice of resignation by
first class mail, postage prepaid, to the Certificateholders at their
addresses appearing on the Certificate Register and each Rating Agency, not
less than 60 days before the date specified in such notice when, subject to
Section 8.08, such resignation is to

                                    -108-
<PAGE>

take effect, and (2) acceptance of appointment by a successor Trustee in
accordance with Section 8.08 and meeting the qualifications set forth in
Section 8.06. If no successor Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice or
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

            If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 hereof and shall fail to resign
after written request thereto by the NIM Insurer or the Depositor, (ii) the
Trustee shall become incapable of acting, or shall be adjudged as bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by
any state in which the Trustee or the Trust Fund is located, (B) the
imposition of such tax would be avoided by the appointment of a different
trustee and (C) the Trustee fails to indemnify the Trust Fund against such
tax, then the Depositor, the NIM Insurer or the Master Servicer may remove the
Trustee and appoint a successor Trustee, reasonably acceptable to the NIM
Insurer, by written instrument, in triplicate, one copy of which instrument
shall be delivered to the Trustee, one copy of which shall be delivered to the
Master Servicer and one copy of which shall be delivered to the successor
Trustee.

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

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

            Section 8.08   Successor Trustee.

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

            No successor Trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor Trustee
shall be eligible under the provisions of Section 8.06 hereof, is reasonably
acceptable to the NIM Insurer and its appointment shall not adversely affect
the then current ratings of the Certificates.

                                    -109-
<PAGE>

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

            Section 8.09   Merger or Consolidation of Trustee.

            Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation shall be eligible under the provisions of
Section 8.06 hereof without the execution or filing of any paper or further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. Section 8.10 Appointment of Co-Trustee or Separate Trustee.

            Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust Fund or property securing any Mortgage Note may at
the time be located, the Master Servicer and the Trustee acting jointly shall
have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Trustee and reasonably acceptable to the NIM
Insurer to act as co-trustee or co-trustees jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund,
and to vest in such Person or Persons, in such capacity and for the benefit of
the Certificateholders, such title to the Trust Fund or any part thereof,
whichever is applicable, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master
Servicer and the Trustee may consider necessary or desirable. If the Master
Servicer shall not have joined in such appointment within 15 days after
receipt by it of a request to do so, or in the case an Event of Default shall
have occurred and be continuing, the Trustee shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor Trustee under Section 8.06 and no
notice to Certificateholders of the appointment of any co-trustee or separate
trustee shall be required under Section 8.08.

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

            (i) 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,

                                    -110-
<PAGE>

     powers, duties and obligations (including the holding of title to the
     Trust Fund or any portion thereof in any such jurisdiction) shall be
     exercised and performed singly by such separate trustee or co-trustee,
     but solely at the direction of the Trustee;

            (ii) No trustee hereunder shall be held personally liable by reason
     of any act or omission of any other trustee hereunder; and

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

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

            Any separate trustee or co-trustee may, at any time, constitute
the Trustee its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor Trustee.

            Section 8.11   Tax Matters.

            It is intended that each REMIC created pursuant to the Preliminary
Statement shall constitute, and that the affairs of the Trust Fund shall be
conducted so that each REMIC created pursuant to the Preliminary Statement
qualifies as, a "real estate mortgage investment conduit" as defined in and in
accordance with the REMIC Provisions. In furtherance of such intention, the
Trustee covenants and agrees that it shall act as agent (and the Trustee is
hereby appointed to act as agent) on behalf of the Trust Fund and that in such
capacity it shall: (a) prepare and file, or cause to be prepared and filed, in
a timely manner, a U.S. Real Estate Mortgage Investment Conduit Income Tax
Returns (Form 1066 or any successor form adopted by the Internal Revenue
Service) and prepare and file or cause to be prepared and filed with the
Internal Revenue Service and applicable state or local tax authorities income
tax or information returns for each taxable year with respect to each REMIC
created hereunder containing such information and at the times and in the
manner as may be required by the Code or state or local tax laws, regulations,
or rules, and furnish or cause to be furnished to Certificateholders the
schedules, statements or information at such times and in such manner as may
be required thereby; (b) within thirty days of the Closing Date, furnish or
cause to be furnished to the Internal Revenue Service, on Forms 8811 or as
otherwise may be required by the Code, the name, title, address, and telephone
number of the person that the Holders of the Certificates may

                                    -111-
<PAGE>

contact for tax information relating thereto, together with such additional
information as may be required by such Form, and update such information at
the time or times in the manner required by the Code for the Trust Fund; (c)
make or cause to be made elections, on behalf of each REMIC created hereunder
to be treated as a REMIC on the federal tax return of each such REMIC for its
first taxable year (and, if necessary, under applicable state law); (d)
prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders and to the Internal Revenue Service and, if necessary,
state tax authorities, all information returns and reports as and when
required to be provided to them in accordance with the REMIC Provisions,
including without limitation, the calculation of any original issue discount
using the Prepayment Assumption; (e) provide information necessary for the
computation of tax imposed on the transfer of a Class A-R Certificate to a
Person that is not a Permitted Transferee, or an agent (including a broker,
nominee or other middleman) of a Non-Permitted Transferee, or a pass-through
entity in which a Non-Permitted Transferee is the record holder of an interest
(the reasonable cost of computing and furnishing such information may be
charged to the Person liable for such tax); (f) to the extent that they are
under its control conduct the affairs of the Trust Fund at all times that any
Certificates are outstanding so as to maintain the status of each REMIC
created hereunder as a REMIC under the REMIC Provisions; (g) not knowingly or
intentionally take any action or omit to take any action that would cause the
termination of the REMIC status of any REMIC created hereunder; (h) pay, from
the sources specified in the penultimate paragraph of this Section 8.11, the
amount of any federal, state and local taxes, including prohibited transaction
taxes as described below, imposed on any REMIC created hereunder prior to the
termination of the Trust Fund when and as the same shall be due and payable
(but such obligation shall not prevent the Trustee or any other appropriate
Person from contesting any such tax in appropriate proceedings and shall not
prevent the Trustee from withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings); (i) sign or cause to be signed
federal, state or local income tax or information returns; (j) maintain
records relating to each REMIC created hereunder, including but not limited to
the income, expenses, assets and liabilities of each such REMIC, and the fair
market value and adjusted basis of the Trust Fund property determined at such
intervals as may be required by the Code, as may be necessary to prepare the
foregoing returns, schedules, statements or information; and (k) as and when
necessary and appropriate, represent the Trust Fund in any administrative or
judicial proceedings relating to an examination or audit by any governmental
taxing authority, request an administrative adjustment as to any taxable year
of any REMIC created hereunder, enter into settlement agreements with any
governmental taxing agency, extend any statute of limitations relating to any
tax item of the Trust Fund, and otherwise act on behalf of any REMIC created
hereunder in relation to any tax matter involving any such REMIC.

            In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within 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 (and, to the extent not part of the
aforementioned, the information referred to in paragraphs (i), (ii), (iii) and
(iv) of Section 4.05(d)). Thereafter, the Depositor shall provide to the
Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order
to enable the Trustee to perform its duties as set forth herein. The Depositor
hereby indemnifies the Trustee for any losses,

                                    -112-
<PAGE>

liabilities, damages, claims or expenses of the Trustee arising from any
errors or miscalculations of the Trustee that result from any failure of the
Depositor to provide, or to cause to be provided, accurate information or data
to the Trustee on a timely basis.

            In the event that any tax is imposed on "prohibited transactions"
of the Trust Fund as defined in Section 860F(a)(2) of the Code, on the "net
income from foreclosure property" of the Trust Fund as defined in Section
860G(c) of the Code, on any contribution to the Trust Fund after the startup
day pursuant to Section 860G(d) of the Code, or any other tax is imposed,
including, without limitation, any federal, state or local tax or minimum tax
imposed upon the Trust Fund pursuant to Sections 23153 and 24872 of the
California Revenue and Taxation Code if not paid as otherwise provided for
herein, such tax shall be paid by (i) the Trustee, if any such other tax
arises out of or results from a breach by the Trustee of any of its
obligations under this Agreement, (ii) (x) the Master Servicer, in the case of
any such minimum tax, and (y) any party hereto (other than the Trustee) to the
extent any such other tax arises out of or results from a breach by such other
party of any of its obligations under this Agreement or (iii) in all other
cases, or in the event that any liable party here fails to honor its
obligations under the preceding clauses (i) or (ii), any such tax will be paid
first with amounts otherwise to be distributed to the Class A-R
Certificateholders, and second with amounts otherwise to be distributed to all
other Certificateholders in the following order of priority: first to the
Class B-[1] Certificates, second, to the Class M-[2] Certificates, third, to
the Class M-[1] Certificates, and fourth, to the Class A-R Certificates and
the Class A Certificates (pro rata). Notwithstanding anything to the contrary
contained herein, to the extent that such tax is payable by the Class A-R
Certificates, the Trustee is hereby authorized to retain on any Distribution
Date, from the Holders of the Class A-R Certificates (and, if necessary,
second, from the Holders of the all other Certificates in the priority
specified in the preceding sentence), funds otherwise distributable to such
Holders in an amount sufficient to pay such tax. The Trustee agrees to
promptly notify in writing the party liable for any such tax of the amount
thereof and the due date for the payment thereof.

            [The Trustee shall treat the Carryover Reserve Fund as an outside
reserve fund within the meaning of Treasury Regulation 1.860G-2(h) that is
owned by the [Class C] Certificateholders, and that is not an asset of any
REMIC created under this Agreement. The Trustee shall treat the rights of the
Class A-[1], Class A-__, Class A-__, Class A-__, Class A-__, Class A-IO, Class
M-[1], Class M-[2] and Class B-[1] Certificateholders to receive payments from
the Carryover Reserve Fund as rights in an interest rate cap contract written
by the [Class C] Certificateholder in favor of the other Certificateholders.
Thus, each Certificate other than the [Class C] Certificate shall be treated
as representing ownership of not only Upper Tier REMIC Regular Interests, but
also ownership of an interest in an interest rate cap contract. For purposes
of determining the issue price of the Upper Tier REMIC Regular Interests, the
Trustee shall assume that the interest rate cap contract has a value of
$_______. As required under Treasury Regulation 1.860G-2(i), the Trustee shall
account for the rights of the Class A-[1], Class A-__, Class A-3, Class A-__,
Class A-__, Class A-IO, Class M-[1], Class M-[2] and Class B-[1]
Certificateholders to receive payments from the Carryover Reserve Fund as
property that the Trustee holds separate and apart from the Upper Tier REMIC
Regular Interests.]

                                    -113-
<PAGE>

            Section 8.12   Access to Records of the Trustee.

            The Trustee and any co-trustee shall afford the Seller, the
Depositor, the Master Servicer, the NIM Insurer and each Certificate Owner
upon reasonable notice during normal business hours access to all records
maintained by the Trustee or co-trustee in respect of its duties under this
Agreement and access to officers of the Trustee responsible for performing its
duties. Upon request, the Trustee or co-trustee shall furnish the Depositor,
the Master Servicer, the NIM Insurer and any requesting Certificate Owner with
its most recent financial statements. The Trustee shall cooperate fully with
the Seller, the Master Servicer, the Depositor, the NIM Insurer and the
Certificate Owner for review and copying any books, documents, or records
requested with respect to the Trustee's and co-trustee's respective duties
under this Agreement. The Seller, the Depositor, the Master Servicer and the
Certificate Owner shall not have any responsibility or liability for any
action for failure to act by the Trustee or co-trustee and are not obligated
to supervise the performance of the Trustee under this Agreement or otherwise.

            Section 8.13   Suits for Enforcement.

            If an Event of Default or other material default by the Master
Servicer or the Depositor under this Agreement occurs and is continuing, at
the direction of the Certificateholders holding not less than 51% of the
Voting Rights or the NIM Insurer, the Trustee shall proceed to protect and
enforce its rights and the rights of the Certificateholders or the NIM Insurer
under this Agreement by a suit, action, or proceeding in equity or at law or
otherwise, whether for the specific performance of any covenant or agreement
contained in this Agreement or in aid of the execution of any power granted in
this Agreement or for the enforcement of any other legal, equitable, or other
remedy, as the Trustee, being advised by counsel, and subject to the
foregoing, shall deem most effectual to protect and enforce any of the rights
of the Trustee, the NIM Insurer and the Certificateholders.

                                    -114-
<PAGE>

                                 ARTICLE IX.

                                  TERMINATION

            Section 9.01   Termination upon Liquidation or Repurchase of all
                           Mortgage Loans.

            Subject to Section 9.03, the Trust Fund shall terminate and the
obligations and responsibilities of the Depositor, the Master Servicer, the
Seller and the Trustee created hereby shall terminate upon the earlier of (a)
the purchase by the Master Servicer or NIM Insurer (the party exercising such
purchase option, the "Terminator") of all of the Mortgage Loans (and REO
Properties) remaining in the Trust Fund at the price equal to the sum of (i)
100% of the Stated Principal Balance of each Mortgage Loan in the Trust Fund
(other than in respect of an REO Property), (ii) accrued interest thereon at
the applicable Mortgage Rate (or, if such repurchase is effected by the Master
Servicer, at the applicable Net Mortgage Rate), (iii) the appraised value of
any REO Property in the Trust Fund (up to the Stated Principal Balance of the
related Mortgage Loan), such appraisal to be conducted by an appraiser
mutually agreed upon by the Terminator and the Trustee and (iv) plus, if the
Terminator is the NIM Insurer, any unreimbursed Servicing Advances, and the
principal portion of any unreimbursed Advances, made on the Mortgage Loans
prior to the exercise of such repurchase and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the distribution to related Certificateholders of all
amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the Court of St. James's, living on the date hereof and (ii) the
Latest Possible Maturity Date.

            The right to purchase all Mortgage Loans and REO Properties by the
Terminator pursuant to clause (a) of the immediately preceding paragraph shall
be conditioned upon (1) the Stated Principal Balance of the Mortgage Loans, at
the time of any such repurchase, aggregating [ten percent (10%)] or less of
the Cut-off Date Principal Balance of the Mortgage Loans, and (2) unless the
NIM Insurer otherwise consents, the purchase price for such Mortgage Loans and
REO Properties shall result in a final distribution on any NIM Insurer
guaranteed notes that is sufficient (x) to pay such notes in full and (y) to
pay any amounts due and payable to the NIM Insurer pursuant to the indenture
related to such notes.

            The NIM Insurer's right to purchase all Mortgage Loans and REO
Properties shall be further conditioned upon the written consent of the Master
Servicer.

            Section 9.02   Final Distribution on the Certificates.

            If on any Determination Date, (i) the Master Servicer determines
that there are no Outstanding Mortgage Loans and no other funds or assets in
the Trust Fund other than the funds in the Certificate Account, the Master
Servicer shall direct the Trustee to send a final distribution notice promptly
to each Certificateholder or (ii) the Trustee determines that a Class of
Certificates shall be retired after a final distribution on such Class, the
Trustee shall notify the

                                    -115-
<PAGE>

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

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

            In the event such notice is given, the Master Servicer shall cause
all funds in the Certificate Account to be remitted to the Trustee for deposit
in the Distribution Account on the Business Day prior to the applicable
Distribution Date in an amount equal to the final distribution in respect of
the related Certificates. Upon such final deposit 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 related Mortgage Loans.

            Upon presentation and surrender of the related Certificates, the
Trustee shall cause to be distributed to Certificateholders of each affected
Class the amounts allocable to such Certificates held in the Distribution
Account [(and, if applicable, the Carryover Reserve Fund)] in the order and
priority set forth in Section 4.04 hereof on the final Distribution Date and
in proportion to their respective Percentage Interests. Notwithstanding the
reduction of the Certificate Principal Balance of any Class of Certificates to
zero, such Class will be outstanding hereunder (solely for the purpose of
receiving distributions (if any) to which it may be entitled pursuant to the
terms of this Agreement and not for any other purpose) until the termination
of the respective obligations and responsibilities of the Depositor, each
Seller, the Master Servicer and the Trustee hereunder in accordance with
Article IX

            In the event that any affected Certificateholders shall not
surrender related Certificates for cancellation within six months after the
date specified in the above mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
related Certificates for cancellation and receive the final distribution with
respect thereto. If within six months after the second notice all the
applicable Certificates shall not have been surrendered for cancellation, the
Trustee may take appropriate steps, or may

                                    -116-
<PAGE>

appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that remain a part of
the Trust Fund. If within one year after the second notice all related
Certificates shall not have been surrendered for cancellation the Class A-R
Certificateholders shall be entitled to all unclaimed funds and other assets
that remain subject hereto.

            Section 9.03   Additional Termination Requirements.

            (a) In the event the Terminator exercises its purchase option on
the Mortgage Loans, the Trust Fund shall be terminated in accordance with the
following additional requirements, unless the Trustee has been supplied with
an Opinion of Counsel, at the expense of the Terminator, to the effect that
the failure of the Trust Fund to comply with the requirements of this Section
9.03 will not (i) result in the imposition of taxes on "prohibited
transactions" of a REMIC, or (ii) cause any REMIC created hereunder to fail to
qualify as a REMIC at any time that any Certificates are outstanding:

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

                    (2) During such 90-day liquidation period, and at or prior
to the time of making the final payment on the Certificates, the Master
Servicer as agent of the Trustee shall sell all of the assets of the Trust
Fund to the Terminator for cash; and

                    (3) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be
distributed or credited, to the Class A-R Certificateholders all cash on hand
(other than cash retained to meet claims) related to such Class of
Certificates, and the Trust Fund shall terminate at that time.

            (b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Master Servicer to specify the 90-day liquidation period
for the Trust Fund, which authorization shall be binding upon all successor
Certificateholders. The Trustee shall attach a statement to the final federal
income tax return for each of any REMIC created hereunder stating that
pursuant to Treasury Regulation Section 1.860F-1, the first day of the 90-day
liquidation period for each the REMIC was the date on which the Trustee sold
the assets of the Trust Fund to the Terminator.

            (c) The Trustee as agent for each REMIC created hereunder hereby
agrees to adopt and sign such a plan of complete liquidation upon the written
request of the Master Servicer, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1), and together with the Holders of the Class
A-R Certificates agree to take such other action in connection therewith as
may be reasonably requested by the Terminator.

                                    -117-
<PAGE>

                                  ARTICLE X.

                           MISCELLANEOUS PROVISIONS

            Section 10.01  Amendment.

            This Agreement may be amended from time to time by the Depositor,
the Master Servicer, the Seller and the Trustee with the consent of the NIM
Insurer, without the consent of any of the Certificateholders to cure any
ambiguity, to correct or supplement any provisions herein, to conform this
Agreement to the Prospectus Supplement or the Prospectus or to make such other
provisions with respect to matters or questions arising under this Agreement,
as shall not be inconsistent with any other provisions herein if such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Certificateholder; provided that any
such amendment shall be deemed not to adversely affect in any material respect
the interests of the Certificateholders and no such Opinion of Counsel shall
be required if the Person requesting such amendment obtains a letter from each
Rating Agency stating that such amendment would not result in the downgrading
or withdrawal of the respective ratings then assigned to the Certificates, it
being understood and agreed that any such letter in and of itself will not
represent a determination as to the materiality of any such amendment and will
represent a determination only as to the credit issues affecting any such
rating. Any amendment described above, made solely to conform this Agreement
to the Prospectus or the Prospectus Supplement shall be deemed not to
adversely affect in any material respect the interests of the
Certificateholders. Notwithstanding the foregoing, no amendment that
significantly changes the permitted activities of the trust created by this
Agreement may be made without the consent of Certificateholders representing
not less than 51% of the Voting Rights of each Class of Certificates affected
by such amendment.

            The Trustee, the Depositor, the Master Servicer and the Seller
with the consent of the NIM Insurer may also at any time and from time to time
amend this Agreement, without the consent of the Certificateholders, to
modify, eliminate or add to any of its provisions to such extent as shall be
necessary or appropriate to maintain the qualification of the Trust Fund as a
REMIC under the Code or to avoid or minimize the risk of the imposition of any
tax on the Trust Fund pursuant to the Code that would be a claim against the
Trust Fund at any time prior to the final redemption of the Certificates,
provided that the Trustee have been provided an Opinion of Counsel, which
opinion shall be an expense of the party requesting such opinion but in any
case shall not be an expense of the Trustee, to the effect that such action is
necessary or appropriate to maintain such qualification or to avoid or
minimize the risk of the imposition of such a tax.

            This Agreement may also be amended from time to time by the
Depositor, the Master Servicer, the Seller and the Trustee with the consent of
the NIM Insurer and the Holders of each Class of Certificates affected thereby
evidencing not less than 51% of the Voting Rights of such Class for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the
rights of the Holders of Certificates; provided that no such amendment shall
(i) reduce in any manner the amount of, or delay the timing of, payments
required to be distributed on any Certificate without the consent of the
Holder of such Certificate, (ii) adversely affect in any material respect the
interests of the Holders of any Class of Certificates in a manner other than
as described in (i),

                                    -118-
<PAGE>

without the consent of the Holders of Certificates of such Class evidencing
66% or more of the Voting Rights of such Class or (iii) reduce the aforesaid
percentages of Certificates the Holders of which are required to consent to
any such amendment without the consent of the Holders of all such Certificates
then outstanding.

            Notwithstanding any contrary provision of this Agreement, Trustee
and the NIM Insurer shall not consent to any amendment to this Agreement
unless each shall have first received an Opinion of Counsel satisfactory to
the Trustee and the NIM Insurer, which opinion shall be an expense of the
party requesting such amendment but in any case shall not be an expense of the
Trustee or the NIM Insurer, to the effect that such amendment will not cause
the imposition of any tax on the Trust Fund or the Certificateholders or cause
any REMIC formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding.

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

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

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

            Section 10.02  Recordation of Agreement; Counterparts.

            This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or
elsewhere, such recordation to be effected by the Master Servicer at its
expense.

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

            Section 10.03  Governing Law.

            THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED IN THE STATE

                                    -119-
<PAGE>

OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND
THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

            Section 10.04  Intention of Parties.

            It is the express intent of the parties hereto that the conveyance
of the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Depositor to the Trustee be, and be construed as, an absolute sale thereof to
the Trustee. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Depositor to the Trustee.
However, in the event that, notwithstanding the intent of the parties, such
assets are held to be the property of the Depositor, or if for any other
reason this Agreement is held or deemed to create a security interest in such
assets, then (i) this Agreement shall be deemed to be a security agreement
(within the meaning of the Uniform Commercial Code of the State of New York)
with respect to all such assets and security interests and (ii) the conveyance
provided for in this Agreement shall be deemed to be an assignment and a grant
pursuant to the terms of this Agreement by the Depositor to the Trustee, for
the benefit of the Certificateholders, of a security interest in all of the
assets that constitute the Trust Fund, whether now owned or hereafter
acquired.

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

            Section 10.05  Notices.

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

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

            (ii) The occurrence of any Event of Default that has not been cured;

            (iii) The resignation or termination of the Master Servicer or the
     Trustee and the appointment of any successor;

            (iv) The repurchase or substitution of Mortgage Loans pursuant to
     Sections 2.02, 2.03, 2.04 and 3.12; and

            (v) The final payment to Certificateholders.

                                    -120-
<PAGE>

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

            (i) Each report to Certificateholders described in Section 4.05;

            (ii) Each annual statement as to compliance described in Section
     3.17; and

            (iii) Each annual independent public accountants' servicing report
     described in Section 3.18.

            (b) All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when sent by facsimile
transmission, first class mail or delivered to (i) in the case of the
Depositor, CWHEQ, Inc., 4500 Park Granada, Calabasas, California 91302,
Attention: ______________, with a copy to the same address, Attention: Legal
Department; (ii) in the case of the Seller, [Countrywide Home Loans, Inc.,
4500 Park Granada, Calabasas, California 91302], Attention: _______________,
with a copy to the same address, Attention: Legal Department, or such other
address as may be hereafter furnished to the Depositor and the Trustee by the
Master Servicer in writing; (iii) in the case of the Master Servicer,
[Countrywide Home Loans Servicing LP, 400 Countrywide Way, Simi Valley,
California 93065], Attention: ____________ or such other address as may be
hereafter furnished to the Depositor and the Trustee by the Master Servicer in
writing; (iv) in the case of the Trustee, ________________, ________________,
Attention: _________________, CWHEQ, Series 200_-_, or such other address as
the Trustee may hereafter furnish to the Depositor or the Master Servicer; and
(v) in the case of the Rating Agencies, (x) _________________, Attention:
__________________________________ and (y) ___________________, Attention:
__________________________________. 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 thereof.

            Section 10.07  Assignment.

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

            Section 10.08  Limitation on Rights of Certificateholders.

            The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representative or heirs to claim an accounting or to
take any action or commence any proceeding in any court for a petition

                                    -121-
<PAGE>

or winding up of the Trust Fund, or otherwise affect the rights, obligations
and liabilities of the parties hereto or any of them.

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

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

            Section 10.09  Inspection and Audit Rights.

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

                                    -122-
<PAGE>

            Section 10.10  Certificates Nonassessable and Fully Paid.

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

            Section 10.11  Rights of NIM Insurer.

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

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

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

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

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

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

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

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

            (e) Anything in this Agreement that is conditioned on not
resulting in the downgrading or withdrawal of the ratings then assigned to the
Certificates by the Rating

                                    -123-
<PAGE>

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

                                *      *      *

                                    -124-
<PAGE>

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

                                        CWHEQ, INC.,
                                          as Depositor

                                          By:___________________________________
                                             Name:    Celia Coulter
                                             Title:   Vice President

                                        [COUNTRYWIDE HOME LOANS, INC.,]
                                          as Seller

                                          By:___________________________________
                                             Name:
                                             Title:

                                        [COUNTRYWIDE HOME LOANS SERVICING LP,]
                                          as Master Servicer

                                          By:  [COUNTRYWIDE GP, INC.]

                                          By:___________________________________
                                             Name:
                                             Title:

                                        _________________________,
                                          not in its individual capacity,
                                          but solely as Trustee

                                          By:___________________________________
                                             Name:
                                             Title:

<PAGE>

                                        (solely with respect to its obligations
                                        under Section 4.01(c))

                                          By:___________________________________
                                             Name:
                                             Title:

<PAGE>

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

            On this __th day of __________, 200_, before me, a notary public
in and for said State, appeared ________, personally known to me on the basis
of satisfactory evidence to be the ___________________ of [Countrywide Home
Loans, Inc.,] one of the corporations that executed the within instrument, and
also known to me to be the person who executed it on behalf of such
corporation and acknowledged to me that such corporation executed the within
instrument.

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

                                        ________________________________________
                                                     Notary Public

[Notarial Seal]

<PAGE>

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

            On this __th day of ___________, 200_, before me, a notary public
in and for said State, appeared ___________, personally known to me on the
basis of satisfactory evidence to be the __________________ of [Countrywide
GP, Inc., the parent company of Countrywide Home Loans Servicing LP], one of
the organizations that executed the within instrument, and also known to me to
be the person who executed it on behalf of such limited partnership and
acknowledged to me that such limited partnership executed the within
instrument.

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

                                        ________________________________________
                                                     Notary Public

[Notarial Seal]

<PAGE>

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

            On this __th day of _____________, 200_, before me, a notary
public in and for said State, appeared __________, personally known to me on
the basis of satisfactory evidence to be the ____________________ of CWHEQ,
Inc., one of the corporations that executed the within instrument, and also
known to me to be the person who executed it on behalf of such corporation and
acknowledged to me that such corporation executed the within instrument.

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

                                        ________________________________________
                                                     Notary Public

[Notarial Seal]

<PAGE>

STATE OF ____________  )
                       )        ss.:
COUNTY OF ___________  )

            On this __th day of ____________, 200_, before me, a notary public
in and for said State, appeared _____________, personally known to me on the
basis of satisfactory evidence to be a _____________ of __________________, a
_______________________ that executed the within instrument, and also known to
me to be the person who executed it on behalf of such corporation, and
acknowledged to me that such corporation executed the within instrument.

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

                                        ________________________________________
                                                     Notary Public

[Notarial Seal]

<PAGE>
                                                                   Exhibit A-1
                                                                   through A-8

                         [Exhibits A-1 through A-8 are
                      photocopies of such Certificates as
                                  delivered.]

               [See appropriate documents delivered at closing.]

                                     A-1

<PAGE>

                                                                     Exhibit B

                           [Exhibit B is a photocopy
                         of the [Class P] Certificate
                                as delivered.]

               [See appropriate documents delivered at closing.]

                                     B-1

<PAGE>

                                                                     Exhibit C

                           [Exhibit C is a photocopy
                         of the [Class C] Certificate
                                as delivered.]

               [See appropriate documents delivered at closing.]

                                     C-1

<PAGE>

                                                                     Exhibit D

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

               [See appropriate documents delivered at closing.]

                                     D-1

<PAGE>

                                                                     Exhibit E

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

               [See appropriate documents delivered at closing.]

                                     E-1

<PAGE>

                                                           Exhibit F-1 and F-2

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

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

                                     F-1

<PAGE>

                                  EXHIBIT G-1

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                                     [Date]

[Depositor]

[Seller]

[Master Servicer]

          Re:  Pooling and Servicing Agreement dated as of ____________, 200_
               among CWHEQ, Inc., as Depositor, [Countrywide Home Loans,
               Inc.,] as Seller , [Countrywide Home Loans Servicing LP], as
               Master Servicer, and __________________, as Trustee, relating
               to the Asset-Backed Certificates, Series 200 -
               --------------------------------------------------------------

Ladies and Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or listed in the attached list of exceptions) the
Trustee has received:

     (i) the original Mortgage Note, endorsed by the Seller or the originator
of such Mortgage Loan, without recourse in the following form: "Pay to the
order of , without recourse", or, if the original Mortgage Note has been lost
or destroyed and not replaced, an original lost note affidavit from the
Seller, stating that the original Mortgage Note was lost or destroyed,
together with a copy of the related Mortgage Note; and

     (ii) a duly executed assignment of the Mortgage in the form permitted by
Section 2.01 of the Pooling and Servicing Agreement referred to above.

     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
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 Mortgage Loans identified on the Mortgage Loan Schedule or (ii) the
collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.

                                    G-1-1

<PAGE>

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

                                        __________________,
                                          as Trustee

                                        By:_____________________________________
                                           Name:
                                           Title:

                                    G-1-2

<PAGE>

                                  EXHIBIT G-2

                   FORM OF INTERIM CERTIFICATION OF TRUSTEE

                                                     [Date]

[Depositor]

[Seller]

[Master Servicer]

          Re:  Pooling and Servicing Agreement dated as of ____________, 200_
               among CWHEQ, Inc., as Depositor, [Countrywide Home Loans, Inc.,
               as Seller] [Countrywide Home Loans Servicing LP], as Master
               Servicer, and _________________, as Trustee, relating to the
               Asset-Backed Certificates, Series 200 -
               ---------------------------------------------------------------

Ladies and Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that,
except as listed in the following paragraph, as to each Mortgage listed in the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on
the attached list of exceptions) the Trustee has received:

     (i)  original Mortgage Note, endorsed by the Seller or the originator of
          such Mortgage Loan, without recourse in the following form: "Pay to
          the order of _______________ without recourse", with all intervening
          endorsements that show a complete chain of endorsement from the
          originator to the Seller, or, if the original Mortgage Note has been
          lost or destroyed and not replaced, an original lost note affidavit
          from the Seller, stating that the original Mortgage Note was lost or
          destroyed, together with a copy of the related Mortgage Note;

     (ii) the case of each Mortgage Loan that is not a MERS Mortgage Loan, the
          original recorded Mortgage, [and in the case of each 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) the case of each Mortgage Loan that is not a MERS Mortgage Loan, a
          duly executed assignment of the Mortgage to "_________________, a
          _____________________, as trustee under the Pooling and Servicing
          Agreement dated as of ____________, 200_, CWHEQ, Inc., Asset-Backed
          Certificates, Series 200_-__, without recourse", or, in the case of
          each Mortgage Loan with respect to property located in the State of
          California that is not a MERS Mortgage

                                    G-2-1

<PAGE>

          Loan, a duly executed assignment of the Mortgage in blank (each such
          assignment, when duly and validly completed, to be in recordable
          form and sufficient to effect the assignment of and transfer to the
          assignee thereof, under the Mortgage to which such assignment
          relates);

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

     (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.

     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
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
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 Mortgage Loans identified on the Mortgage Loan Schedule or (ii) the
collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.

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

                                        _________________,
                                          as Trustee

                                        By:_____________________________________
                                           Name:
                                           Title:

                                    G-2-2

<PAGE>

                                  EXHIBIT G-3

                     FORM OF DELAY DELIVERY CERTIFICATION

                                                   [Date]

[Depositor]

[Seller]

[Master Servicer]

          Re:  Pooling and Servicing Agreement dated as of ____________, 200_
               (the "Pooling and Servicing Agreement") among CWHEQ, Inc., as
               Depositor, [Countrywide Home Loans, Inc.], as Seller,
               [Countrywide Home Loans Servicing LP,] as Master Servicer, and
               _________________, as Trustee, relating to the Asset-Backed
               Certificates, Series 200 -
               --------------------------------------------------------------

Ladies and Gentlemen:

     [Reference is made to the Initial Certification of Trustee relating to
the above-referenced series, with the schedule of exceptions attached thereto,
delivered by the undersigned, as Trustee, on the Closing Date in accordance
with Section 2.02 of the above-captioned Pooling and Servicing Agreement.] The
undersigned hereby certifies that as to each Delay Delivery Mortgage Loan
listed on the Schedule A attached hereto (other than any Mortgage Loan paid in
full or listed on Schedule B attached hereto) the Trustee has received:

          (i) the original Mortgage Note, endorsed by the Seller or the
     originator of such Mortgage Loan, without recourse in the following form:
     "Pay to the order of _______________ without recourse", with all
     intervening endorsements that show a complete chain of endorsement from
     the originator to the Seller, or, if the original Mortgage Note has been
     lost or destroyed and not replaced, an original lost note affidavit from
     the Seller, stating that the original Mortgage Note was lost or
     destroyed, together with a copy of the related Mortgage Note;

          (ii) in the case of each Mortgage Loan that is not a MERS Mortgage
     Loan, a duly executed assignment of the Mortgage to "Asset-Backed
     Certificates, Series 200_-_, CWHEQ, Inc., by ____________________, a
     __________________________, as trustee under the Pooling and Servicing
     Agreement dated as of ____________, 200_, without recourse", or, in the
     case of each 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).

                                    G-3-1

<PAGE>

     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
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 Mortgage Loans identified on the Mortgage Loan Schedule or (ii) the
collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.

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

                                        _______________________,
                                          as Trustee

                                        By:_____________________________________
                                           Name:
                                           Title:

                                    G-3-2

<PAGE>
                                   EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                                    [Date]

[Depositor]

[Master Servicer]

[Seller]

Re:  Pooling and Servicing Agreement dated as of ____________,200_ among
     CWHEQ, Inc., as Depositor, [Countrywide Home Loans, Inc.], as Seller,
     [Countrywide Home Loans Servicing LP,] as Master Servicer, and
     _______________, as Trustee, relating to the Asset-Backed Certificates,
     Series 200 -
     -----------------------------------------------------------------------

Ladies and Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or listed on the attached Document Exception
Report) the Trustee has received:

     (i) the original Mortgage Note, endorsed by the Seller or the originator
of such Mortgage Loan, without recourse in the following form: "Pay to the
order of _________________ without recourse", with all intervening
endorsements that show a complete chain of endorsement from the originator to
the Seller, or, if the original Mortgage Note has been lost or destroyed and
not replaced, an original lost note affidavit from the Seller, stating that
the original Mortgage Note was lost or destroyed, together with a copy of the
related Mortgage Note;

     (ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan,
the original recorded Mortgage, [and in the case of each 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 Mortgage Loan that is not a MERS Mortgage Loan,
a duly executed assignment of the Mortgage to "Asset-Backed Certificates,
Series 200_-_, CWHEQ, Inc., by ________________, a ________________________,
as trustee under the Pooling and Servicing Agreement dated as of ____________,
200_, without recourse", or, in the case of each 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);

                                     H-1

<PAGE>

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

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

     (vi) the original or duplicate original lender's title policy or a
printout of the electronic equivalent and all riders thereto or any one of an
original title binder, an original preliminary title report or an original
title commitment, or a copy thereof certified by the title company.

     If the public recording office in which a Mortgage or assignment thereof
is recorded has retained the original of such Mortgage or assignment, the
Trustee has received, in lieu thereof, a copy of the original Mortgage or
assignment so retained, with evidence of recording thereon, certified to be
true and complete by such recording office.

     Based on its review and examination and only as to the foregoing
documents, (i) such documents appear regular on their face and related to such
Mortgage Loan, and (ii) the information set forth in items (i), (iv), (v),
(vi), (viii), (xiii) 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 Mortgage Loans identified on the Mortgage Loan Schedule or (ii) the
collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.

                                     H-2
<PAGE>

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

                                        _____________________,
                                          as Trustee

                                        By:_____________________________________
                                           Name:
                                           Title:

                                     H-3
<PAGE>

                                   EXHIBIT I

                              TRANSFER AFFIDAVIT

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 ____________, 200_(the "Agreement"), by and among CWHEQ, Inc., as
depositor (the "Depositor"), [Countrywide Home Loans, Inc.], as Seller,
[Countrywide Home Loans Servicing LP], as Master Servicer, and
___________________, as Trustee. Capitalized terms used, but not defined
herein or in Exhibit 1 hereto, shall have the meanings ascribed to such terms
in this 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 is acquiring its Ownership Interest in
the Certificate for its own account.

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

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

     5. The Transferee has reviewed the provisions of Section 5.02(c) of this
Agreement (attached hereto as Exhibit 2 and incorporated herein by reference)
and understands the legal

                                     I-1
<PAGE>

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 this 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 this Agreement (a "Transferor Certificate")
to the effect that such Transferee has no actual knowledge that the Person to
which the Transfer is to be made is not a Permitted Transferee.

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

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

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

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

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

                                *      *      *

                                     I-2
<PAGE>

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

                                        [NAME OF TRANSFEREE]

                                        By:_____________________________________
                                           Name:
                                           Title:

[Corporate Seal]

ATTEST:

____________________________
[Assistant] Secretary

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

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

                                        ________________________________________
                                                      NOTARY PUBLIC

                                        My Commission expires the ___ day of
                                        _________________, 20__.

                                     I-3
<PAGE>

                                                                     EXHIBIT 1

                              Certain Definitions

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

     "Permitted Transferee": Any person other than (i) the United States, any
State or political subdivision thereof, or any agency or instrumentality of
any of the foregoing, (ii) a foreign government, International Organization or
any agency or instrumentality of either of the foregoing, (iii) an
organization (except certain farmers' cooperatives described in section 521 of
the Code) that is exempt from tax imposed by Chapter 1 of the Code (including
the tax imposed by section 511 of the Code on unrelated business taxable
income) on any excess inclusions (as defined in section 860E(c)(1) of the
Code) with respect to any Class A-R Certificate, (iv) rural electric and
telephone cooperatives described in section 1381(a)(2)(C) of the Code, (v) an
"electing large partnership" as defined in Section 775 of the Code, (vi) a
Person that is not a citizen or resident of the United States, a corporation,
partnership, or other entity (treated as a corporation or a partnership for
federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, or an estate
whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States,
or a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
persons have authority to control all substantial decisions of the trustor
unless such Person has furnished the transferor and the Trustee with a duly
completed Internal Revenue Service Form 4224, 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
the Trust Fund to fail to qualify as a REMIC at any time that certain
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.

<PAGE>

                                                                     EXHIBIT 2

                       Section 5.02(c) of this 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:

          (i) 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.

          (ii) 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, in
     addition to the certificates required to be delivered to the Trustee
     under subparagraph (b) above, 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.

          (iii) 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.

          (iv) 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

<PAGE>

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

           The restrictions on Transfers of a Class A-R Certificate set forth in
this Section 5.02(c) shall cease to apply (and the applicable portions of the
legend on a Class A-R Certificate may be deleted) with respect to Transfers
occurring after delivery to the Trustee of an Opinion of Counsel, which
Opinion of Counsel shall not be an expense of the Trustee, the Seller 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.

                                     -2-

<PAGE>

                                  EXHIBIT J-1

                      FORM OF TRANSFEROR CERTIFICATE FOR
                            CLASS A-R CERTIFICATES

                                                   Date:

CWHEQ, Inc.,
   as Depositor
4500 Park Granada
Calabasas, California 91302

          Re:   CWHEQ, Inc. Asset-Backed
                Certificates, Series 200 -
                ---------------------------------

Ladies and Gentlemen:

           In connection with our disposition of the Class A-R Certificates, we
certify that we have no knowledge that the Transferee is not a Permitted
Transferee. All capitalized terms used herein but not defined herein shall
have the meanings assigned to them in the Pooling and Servicing Agreement
dated as of ____________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide
Home Loans, Inc.], as Seller, [Countrywide Home Loans Servicing LP], as Master
Servicer, and ________________, as Trustee and relating to the above-captioned
certificates.

                                        Very truly yours,

                                        ______________________________________
                                        Name of Transferor

                                        By:___________________________________
                                           Name:
                                           Title:

                                    J-1-1

<PAGE>

                                  EXHIBIT J-2

                      FORM OF TRANSFEROR CERTIFICATE FOR
                             PRIVATE CERTIFICATES

                                                   Date:

CWHEQ, Inc.,
         as Depositor
4500 Park Granada
Calabasas, California 91302

________________,
  as Trustee
_________________
_________________

          Re:   CWHEQ, Inc. Asset-Backed Certificates,
                Series 200_-_, Class [   ]

Ladies and Gentlemen:

          In connection with our disposition of the above-captioned Certificates
we certify that (a) we understand that the Certificates have not been
registered under the Securities Act of 1933, as amended (the "Act"), and are
being disposed by us in a transaction that is exempt from the registration
requirements of the Act, (b) we have not offered or sold any Certificates to,
or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner
that would be deemed, or taken any other action which would result in, a
violation of Section 5 of the Act. All capitalized terms used herein but not
defined herein shall have the meanings assigned to them in the Pooling and
Servicing Agreement dated as of ____________,200_, among CWHEQ, Inc., as
Depositor, [Countrywide Home Loans, Inc.], as Seller, [Countrywide Home Loans
Servicing LP], as Master Servicer and _______________, as Trustee and relating
to the above-captioned certificates.

                                        Very truly yours,

                                        _____________________________________
                                        Name of Transferor

                                        By:__________________________________
                                           Name:
                                           Title:

                                    J-2-1

<PAGE>

                                   EXHIBIT K

                   FORM OF INVESTMENT LETTER (NON-RULE 144A)

                                                  Date:

CWHEQ, Inc.,
    as Depositor
4500 Park Granada
Calabasas, California 91302

__________________,
    as Trustee
___________________
___________________

             Re:   CWHEQ, Inc. Asset-Backed Certificates,
                   Series 200_-_, Class [   ]

Ladies and Gentlemen:

          In connection with our acquisition of the above-captioned Certificates
we certify that (a) we understand that the Certificates are not being
registered under the Securities Act of 1933, as amended (the "Act"), or any
state securities laws and are being transferred to us in a transaction that is
exempt from the registration requirements of the Act and any such laws, (b) we
are an "accredited investor," as defined in Regulation D under the Act, and
have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificates, (d) either (i) we are not an employee
benefit plan that is subject to the Employee Retirement Income Security Act of
1974, as amended, or a plan or arrangement that is subject to Section 4975 of
the Internal Revenue Code of 1986, as amended, nor are we acting on behalf of
any such plan or arrangement, nor are we using the assets of any such plan or
arrangement to effect such acquisition or (ii) if the Certificates have been
the subject of an ERISA-Qualifying Underwriting and we are an insurance
company, we are an insurance company which is purchasing such Certificates
with funds contained in an "insurance company general account" (as such term
is defined in Section V(e) of Prohibited Transaction Class Exemption 95-60
("PTCE 95-60")) and that the purchase and holding of such Certificates are
covered under Sections I and III of PTCE 95-60, (e) we are acquiring the
Certificates for investment for our own account and not with a view to any
distribution of such Certificates (but without prejudice to our right at all
times to sell or otherwise dispose of the Certificates in accordance with
clause (g) below), (f) we have not offered or sold any Certificates to, or
solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any
other action which would result in a violation of

                                     K-1
<PAGE>

Section 5 of the Act, and (g) we will not sell, transfer or otherwise dispose
of any Certificates unless (1) such sale, transfer or other disposition is
made pursuant to an effective registration statement under the Act or is
exempt from such registration requirements, and if requested, we will at our
expense provide an opinion of counsel satisfactory to the addressees of this
Certificate that such sale, transfer or other disposition may be made pursuant
to an exemption from the Act, (2) the purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially
the same effect as this certificate, and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Pooling
and Servicing Agreement.

           All capitalized terms used herein but not defined herein shall have
the meanings assigned to them in the Pooling and Servicing Agreement dated as
of ____________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide Home
Loans, Inc.], as Seller, [Countrywide Home Loans Servicing LP], as Master
Servicer, and ________________, as Trustee and relating to the above-captioned
certificates.

                                        Very truly yours,

                                        _____________________________________
                                        Name of Transferee

                                        By:_____________________________________
                                         Authorized Officer

                                     K-2

<PAGE>

                                  EXHIBIT L-1

                           FORM OF RULE 144A LETTER

                                                  Date:

CWHEQ, Inc.,
    as Depositor
4500 Park Granada
Calabasas, California 91302

___________________,
    as Trustee
____________________
____________________

            Re:    CWHEQ, Inc. Asset-Backed Certificates,
                   Series 200 - , Class [   ]
                   --------------------------------------

Ladies and Gentlemen:

           In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) we have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d) either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, nor are we using the assets
of any such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting and we
are an insurance company, we are an insurance company which is purchasing such
Certificates with funds contained in an "insurance company general account"
(as such term is defined in Section V(e) of Prohibited Transaction Class
Exemption 95-60 ("PTCE 95-60")) and the purchase and holding of such
Certificates are covered under Sections I and III of PTCE 95-60, (e) we have
not, nor has anyone acting on our behalf offered, transferred, pledged, sold
or otherwise disposed of the Certificates, any interest in the Certificates or
any other similar security to, or solicited any offer to buy or accept a
transfer, pledge or other disposition of the Certificates, any interest in the
Certificates or any other similar security from, or otherwise approached or
negotiated with respect to the Certificates, any interest in the Certificates
or any other similar security with, any person in any manner, or made any
general solicitation by means of general advertising or in any other manner,
or taken any other

                                    L-1-1
<PAGE>

action, that would constitute a distribution of the Certificates under the
Securities Act or that would render the disposition of the Certificates a
violation of Section 5 of the Securities Act or require registration pursuant
thereto, nor will act, nor has authorized or will authorize any person to act,
in such manner with respect to the Certificates, (f) we are a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act and have completed either of the forms of certification to that effect
attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
being made in reliance on Rule 144A. We are acquiring the Certificates for our
own account or for resale pursuant to Rule 144A and further, understand that
such Certificates may be resold, pledged or transferred only (i) to a person
reasonably believed to be a qualified institutional buyer that purchases for
its own account or for the account of a qualified institutional buyer to whom
notice is given that the resale, pledge or transfer is being made in reliance
on Rule 144A, or (ii) pursuant to another exemption from registration under
the Securities Act.

           All capitalized terms used herein but not defined herein shall have
the meanings assigned to them in the Pooling and Servicing Agreement dated as
of ____________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide Home
Loans, Inc.], as Seller, [Countrywide Home Loans Servicing] LP, as Master
Servicer, and ____________________, as Trustee and relating to the
above-captioned certificates.

                                        Very truly yours,

                                        _____________________________________
                                        Name of Transferee

                                        By: _________________________________
                                            Authorized Officer

                                    L-1-2
<PAGE>

                           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:

     As indicated below, the undersigned is the President, Chief Financial
          Officer, Senior Vice President or other executive officer of the
          Buyer.

     In connection with purchases by the Buyer, the Buyer is a "qualified
          institutional buyer" as that term is defined in Rule 144A under the
          Securities Act of 1933, as amended ("Rule 144A") because (i) the
          Buyer owned and/or invested on a discretionary basis either at least
          $100,000 in securities or, if Buyer is a dealer, Buyer must own
          and/or invest on a discretionary basis at least $10,000,000 in
          securities (except for the excluded securities referred to below) as
          of the end of the Buyer's most recent fiscal year (such amount being
          calculated in accordance with Rule 144A) and (ii) the Buyer
          satisfies the criteria in the category marked below.

          ___  Corporation, etc. The Buyer is a corporation (other than a
               bank, savings and loan association or similar institution),
               Massachusetts or similar business trust, partnership, or
               charitable organization described in Section 501(c)(3) of the
               Internal Revenue Code of 1986, as amended.

          ___  Bank. The Buyer (a) is a national bank or banking institution
               organized under the laws of any State, territory or the
               District of Columbia, the business of which is substantially
               confined to banking and is supervised by the State or
               territorial banking commission or similar official or is a
               foreign bank or equivalent institution, and (b) has an audited
               net worth of at least $25,000,000 as demonstrated in its latest
               annual financial statements, a copy of which is attached
               hereto.

          ___  Savings and Loan. The Buyer (a) is a savings and loan
               association, building and loan association, cooperative bank,
               homestead association or similar institution, which is
               supervised and examined by a State or Federal authority having
               supervision over any such institutions or is a foreign savings
               and loan association or equivalent institution and (b) has an
               audited net worth of at least $25,000,000 as demonstrated in
               its latest annual financial statements, a copy of which is
               attached hereto.

          ___  Broker-dealer. The Buyer is a dealer registered pursuant to
               Section 15 of the Securities Exchange Act of 1934.

          ___  Insurance Company. The Buyer is an insurance company whose
               primary and predominant business activity is the writing of
               insurance or the reinsuring of

                                    L-1-3
<PAGE>

               risks underwritten by insurance companies and which is subject
               to supervision by the insurance commissioner or a similar
               official or agency of a State, territory or the District of
               Columbia.

          ___  State or Local Plan. The Buyer is a plan established and
               maintained by a State, its political subdivisions, or any
               agency or instrumentality of the State or its political
               subdivisions, for the benefit of its employees.

          ___  ERISA Plan. The Buyer is an employee benefit plan within the
               meaning of Title I of the Employee Retirement Income Security
               Act of 1974.

          ___  Investment Advisor. The Buyer is an investment advisor
               registered under the Investment Advisors Act of 1940.

          ___  Small Business Investment Company. Buyer is a small business
               investment company licensed by the U.S. Small Business
               Administration under Section 301(c) or (d) of the Small
               Business Investment Act of 1958.

          ___  Business Development Company. Buyer is a business development
               company as defined in Section 202(a)(22) of the Investment
               Advisors Act of 1940.

     The term "securities" as used herein does not include (i) securities of
          issuers that are affiliated with the Buyer, (ii) securities that are
          part of an unsold allotment to or subscription by the Buyer, if the
          Buyer is a dealer, (iii) securities issued or guaranteed by the U.S.
          or any instrumentality thereof, (iv) bank deposit notes and
          certificates of deposit, (v) loan participations, (vi) repurchase
          agreements, (vii) securities owned but subject to a repurchase
          agreement and (viii) currency, interest rate and commodity swaps.

     For purposes of determining the aggregate amount of securities owned
          and/or invested on a discretionary basis by the Buyer, the Buyer
          used the cost of such securities to the Buyer and did not include
          any of the securities referred to in the preceding paragraph, except
          (i) where the Buyer reports its securities holdings in its financial
          statements on the basis of their market value, and (ii) no current
          information with respect to the cost of those securities has been
          published. If clause (ii) in the preceding sentence applies, the
          securities may be valued at market. Further, in determining such
          aggregate amount, the Buyer may have included securities owned by
          subsidiaries of the Buyer, but only if such subsidiaries are
          consolidated with the Buyer in its financial statements prepared in
          accordance with generally accepted accounting principles and if the
          investments of such subsidiaries are managed under the Buyer's
          direction. However, such securities were not included if the Buyer
          is a majority-owned, consolidated subsidiary of another enterprise
          and the Buyer is not itself a reporting company under the Securities
          Exchange Act of 1934, as amended.

     The Buyer acknowledges that it is familiar with Rule 144A and
          understands that the seller to it and other parties related to the
          Certificates are relying and will continue to rely on the statements
          made herein because one or more sales to the Buyer may be in
          reliance on Rule 144A.

                                    L-1-4
<PAGE>

     Until the date of purchase of the Rule 144A Securities, the Buyer will
          notify each of the parties to which this certification is made of
          any changes in the information and conclusions herein. Until such
          notice is given, the Buyer's purchase of the Certificates will
          constitute a reaffirmation of this certification as of the date of
          such purchase. In addition, if the Buyer is a bank or savings and
          loan is provided above, the Buyer agrees that it will furnish to
          such parties updated annual financial statements promptly after they
          become available.

                                        ____________________________________
                                                Print Name of Buyer

                                        By:________________________
                                           Name:
                                           Title:

                                        Date:_______________

                                    L-1-5
<PAGE>

                                                        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.

     In connection with purchases by Buyer, the Buyer is a "qualified
          institutional buyer" as defined in SEC Rule 144A because (i) the
          Buyer is an investment company registered under the Investment
          Company Act of 1940, as amended and (ii) as marked below, the Buyer
          alone, or the Buyer's Family of Investment Companies, owned at least
          $100,000,000 in securities (other than the excluded securities
          referred to below) as of the end of the Buyer's most recent fiscal
          year. For purposes of determining the amount of securities owned by
          the Buyer or the Buyer's Family of Investment Companies, the cost of
          such securities was used, except (i) where the Buyer or the Buyer's
          Family of Investment Companies reports its securities holdings in
          its financial statements on the basis of their market value, and
          (ii) no current information with respect to the cost of those
          securities has been published. If clause (ii) in the preceding
          sentence applies, the securities may be valued at market.

          ___  The Buyer owned $ in securities (other than the excluded
               securities referred to below) as of the end of the Buyer's most
               recent fiscal year (such amount being calculated in accordance
               with Rule 144A).

          ___  The Buyer is part of a Family of Investment Companies which
               owned in the aggregate $ in securities (other than the excluded
               securities referred to below) as of the end of the Buyer's most
               recent fiscal year (such amount being calculated in accordance
               with Rule 144A).

     The term "Family of Investment Companies" as used herein means two or
          more registered investment companies (or series thereof) that have
          the same investment adviser or investment advisers that are
          affiliated (by virtue of being majority owned subsidiaries of the
          same parent or because one investment adviser is a majority owned
          subsidiary of the other).

     The term "securities" as used herein does not include (i) securities of
          issuers that are affiliated with the Buyer or are part of the
          Buyer's Family of Investment Companies, (ii) securities issued or
          guaranteed by the U.S. or any instrumentality thereof, (iii) bank
          deposit notes and certificates of deposit, (iv) loan participations,
          (v) repurchase

                                    L-1-6
<PAGE>

          agreements, (vi) securities owned but subject to a repurchase
          agreement and (vii) currency, interest rate and commodity swaps.

     The Buyer is familiar with Rule 144A and under-stands that the parties
         listed in the Rule 144A Transferee Certificate to which this
         certification relates are relying and will continue to rely on the
         statements made herein because one or more sales to the Buyer will be
         in reliance on Rule 144A. In addition, the Buyer will only purchase
         for the Buyer's own account.

     Until the date of purchase of the Certificates, the undersigned will
         notify the parties listed in the Rule 144A Transferee Certificate to
         which this certification relates of any changes in the information
         and conclusions herein. Until such notice is given, the Buyer's
         purchase of the Certificates will constitute a reaffirmation of this
         certification by the undersigned as of the date of such purchase.

                                        _______________________________________
                                             Print Name of Buyer or Adviser

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        IF AN ADVISER:

                                        ________________________________________
                                                  Print Name of Buyer

                                        Date:_______________________

                                    L-1-7
<PAGE>

                                  EXHIBIT L-2

                    FORM OF RULE 144A LETTER (NIM TRUSTEE)

                                                  Date:

CWHEQ, Inc.,
    as Depositor
4500 Park Granada
Calabasas, California 91302

_____________________,
     as Trustee
______________________
______________________

              Re:   CWHEQ, Inc. Asset-Backed Certificates,
                    Series 200 - , Class [   ]
                    --------------------------------------

Ladies and Gentlemen:

           In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) either (i) we are not an employee benefit plan that is subject to
the Employee Retirement Income Security Act of 1974, as amended, or a plan or
arrangement that is subject to Section 4975 of the Internal Revenue Code of
1986, as amended, nor are we acting on behalf of any such plan or arrangement,
nor are we using the assets of any such plan or arrangement to effect such
acquisition or (ii) if the Certificates have been the subject of an
ERISA-Qualifying Underwriting and we are an insurance company, we are an
insurance company which is purchasing such Certificates with funds contained
in an "insurance company general account" (as such term is defined in Section
V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE 95-60")) and the
purchase and holding of such Certificates are covered under Sections I and III
of PTCE 95-60, (c) 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, (d) we are a "qualified institutional
buyer" as that term is defined in Rule 144A under the Securities Act and have
completed the form of certification to that effect attached hereto as Annex 1.
We are aware that the sale to us is being made in reliance on Rule 144A. We
are acquiring the Certificates for the account of other qualified
institutional buyers and further, understand that such Certificates may be
resold,

                                    L-2-1
<PAGE>

pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

           All capitalized terms used herein but not defined herein shall have
the meanings assigned to them in the Pooling and Servicing Agreement dated as
of ____________, 200_, among CWHEQ, Inc., as Depositor, [Countrywide Home
Loans, Inc.], as Seller, [Countrywide Home Loans Servicing LP,] as Master
Servicer, and ________________, as Trustee and relating to the above-captioned
certificates.

                                        Very truly yours,

                                        _____________________________________
                                        Name of Transferee

                                        By: _________________________________
                                            Authorized Officer

                                    L-2-2
<PAGE>

                            ANNEX 1 TO EXHIBIT L-2

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

   The undersigned (the "Buyer") hereby certifies as follows to the parties
  listed in the Rule 144A Transferee Certificate to which this certification
         relates with respect to the Certificates described therein:

     As indicated below, the undersigned is the President, Chief Financial
          Officer, Senior Vice President or other executive officer of the
          Buyer.

     In connection with purchases by the Buyer, the Buyer is a "qualified
          institutional buyer" acting for its own account or the accounts of
          other qualified institutional buyers as that term is defined in Rule
          144A under the Securities Act of 1933, as amended ("Rule 144A")
          because (i) the Buyer owned and/or invested on a discretionary basis
          either at least $100,000 in securities or, if Buyer is a dealer,
          Buyer must own and/or invest on a discretionary basis at least
          $10,000,000 in securities (except for the excluded securities
          referred to below) as of the end of the Buyer's most recent fiscal
          year (such amount being calculated in accordance with Rule 144A) and
          (ii) the Buyer satisfies the criteria in the category marked below.

          ___  Corporation, etc. The Buyer is a corporation (other than a
               bank, savings and loan association or similar institution),
               Massachusetts or similar business trust, partnership, or
               charitable organization described in Section 501(c)(3) of the
               Internal Revenue Code of 1986, as amended.

          ___  Bank. The Buyer (a) is a national bank or banking institution
               organized under the laws of any State, territory or the
               District of Columbia, the business of which is substantially
               confined to banking and is supervised by the State or
               territorial banking commission or similar official or is a
               foreign bank or equivalent institution, and (b) has an audited
               net worth of at least $25,000,000 as demonstrated in its latest
               annual financial statements, a copy of which is attached
               hereto.

          ___  Savings and Loan. The Buyer (a) is a savings and loan
               association, building and loan association, cooperative bank,
               homestead association or similar institution, which is
               supervised and examined by a State or Federal authority having
               supervision over any such institutions or is a foreign savings
               and loan association or equivalent institution and (b) has an
               audited net worth of at least $25,000,000 as demonstrated in
               its latest annual financial statements, a copy of which is
               attached hereto.

          ___  Broker-dealer. The Buyer is a dealer registered pursuant to
               Section 15 of the Securities Exchange Act of 1934.

          ___  Insurance Company. The Buyer is an insurance company whose
               primary and predominant business activity is the writing of
               insurance or the reinsuring of

                                    L-2-3
<PAGE>

               risks underwritten by insurance companies and which is subject
               to supervision by the insurance commissioner or a similar
               official or agency of a State, territory or the District of
               Columbia.

          ___  State or Local Plan. The Buyer is a plan established and
               maintained by a State, its political subdivisions, or any
               agency or instrumentality of the State or its political
               subdivisions, for the benefit of its employees.

          ___  ERISA Plan. The Buyer is an employee benefit plan within the
               meaning of Title I of the Employee Retirement Income Security
               Act of 1974.

          ___  Investment Advisor. The Buyer is an investment advisor
               registered under the Investment Advisors Act of 1940.

          ___  Small Business Investment Company. Buyer is a small business
               investment company licensed by the U.S. Small Business
               Administration under Section 301(c) or (d) of the Small
               Business Investment Act of 1958.

          ___  Business Development Company. Buyer is a business development
               company as defined in Section 202(a)(22) of the Investment
               Advisors Act of 1940.

     The term "securities" as used herein does not include (i) securities of
          issuers that are affiliated with the Buyer, (ii) securities that are
          part of an unsold allotment to or subscription by the Buyer, if the
          Buyer is a dealer, (iii) securities issued or guaranteed by the U.S.
          or any instrumentality thereof, (iv) bank deposit notes and
          certificates of deposit, (v) loan participations, (vi) repurchase
          agreements, (vii) securities owned but subject to a repurchase
          agreement and (viii) currency, interest rate and commodity swaps.

     For purposes of determining the aggregate amount of securities owned
          and/or invested on a discretionary basis by the Buyer, the Buyer
          used the cost of such securities to the Buyer and did not include
          any of the securities referred to in the preceding paragraph, except
          (i) where the Buyer reports its securities holdings in its financial
          statements on the basis of their market value, and (ii) no current
          information with respect to the cost of those securities has been
          published. If clause (ii) in the preceding sentence applies, the
          securities may be valued at market. Further, in determining such
          aggregate amount, the Buyer may have included securities owned by
          subsidiaries of the Buyer, but only if such subsidiaries are
          consolidated with the Buyer in its financial statements prepared in
          accordance with generally accepted accounting principles and if the
          investments of such subsidiaries are managed under the Buyer's
          direction. However, such securities were not included if the Buyer
          is a majority-owned, consolidated subsidiary of another enterprise
          and the Buyer is not itself a reporting company under the Securities
          Exchange Act of 1934, as amended.

     The Buyer acknowledges that it is familiar with Rule 144A and
          understands that the seller to it and other parties related to the
          Certificates are relying and will continue to rely on the statements
          made herein because one or more sales to the Buyer may be in
          reliance on Rule 144A.

                                    L-2-4
<PAGE>

     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-2-5
<PAGE>

                                                        ANNEX 2 TO EXHIBIT L-2
                                                        ----------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           --------------------------------------------------------

          [For Transferees That are Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

           1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

     In connection with purchases by Buyer, the Buyer is a "qualified
          institutional buyer" as defined in SEC Rule 144A because (i) the
          Buyer is an investment company registered under the Investment
          Company Act of 1940, as amended and (ii) as marked below, the Buyer
          alone, or the Buyer's Family of Investment Companies, owned at least
          $100,000,000 in securities (other than the excluded securities
          referred to below) as of the end of the Buyer's most recent fiscal
          year. For purposes of determining the amount of securities owned by
          the Buyer or the Buyer's Family of Investment Companies, the cost of
          such securities was used, except (i) where the Buyer or the Buyer's
          Family of Investment Companies reports its securities holdings in
          its financial statements on the basis of their market value, and
          (ii) no current information with respect to the cost of those
          securities has been published. If clause (ii) in the preceding
          sentence applies, the securities may be valued at market.

     ___  The Buyer owned $ in securities (other than the excluded securities
          referred to below) as of the end of the Buyer's most recent fiscal
          year (such amount being calculated in accordance with Rule 144A).

     ___  The Buyer is part of a Family of Investment Companies which owned in
          the aggregate $ in securities (other than the excluded securities
          referred to below) as of the end of the Buyer's most recent fiscal
          year (such amount being calculated in accordance with Rule 144A).

     The term "Family of Investment Companies" as used herein means two or
          more registered investment companies (or series thereof) that have
          the same investment adviser or investment advisers that are
          affiliated (by virtue of being majority owned subsidiaries of the
          same parent or because one investment adviser is a majority owned
          subsidiary of the other).

     The term "securities" as used herein does not include (i) securities of
          issuers that are affiliated with the Buyer or are part of the
          Buyer's Family of Investment Companies, (ii) securities issued or
          guaranteed by the U.S. or any instrumentality thereof, (iii) bank
          deposit notes and certificates of deposit, (iv) loan participations,
          (v) repurchase

                                    L-2-1
<PAGE>

          agreements, (vi) securities owned but subject to a repurchase
          agreement and (vii) currency, interest rate and commodity swaps.

     The Buyer is familiar with Rule 144A and under-stands that the parties
         listed in the Rule 144A Transferee Certificate to which this
         certification relates are relying and will continue to rely on the
         statements made herein because one or more sales to the Buyer will be
         in reliance on Rule 144A. In addition, the Buyer will only purchase
         for the Buyer's own account.

     Until the date of purchase of the Certificates, the undersigned will
         notify the parties listed in the Rule 144A Transferee Certificate to
         which this certification relates of any changes in the information
         and conclusions herein. Until such notice is given, the Buyer's
         purchase of the Certificates will constitute a reaffirmation of this
         certification by the undersigned as of the date of such purchase.

                                        ________________________________________
                                            Print Name of Buyer or Adviser

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        IF AN ADVISER:

                                        ________________________________________
                                                  Print Name of Buyer

                                        Date:________________

                                    L-2-2

<PAGE>
                                   EXHIBIT M

                     FORM OF REQUEST FOR DOCUMENT RELEASE

Loan Information
----------------

         Name of Mortgagor:             ________________________________________

         Master Servicer
         Loan No.:                      ________________________________________

Trustee
-------

         Name:                          ________________________________________

         Address:                       ________________________________________

                                        ________________________________________

         Trustee
         Mortgage File No.:             ________________________________________

           The undersigned Master Servicer hereby acknowledges that it has
received from _______________________________________, as Trustee for the
Holders of Asset-Backed Certificates, Series 200_-_, 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 dated as of ____________, 200_ (the "Pooling and Servicing
Agreement") among CWHEQ, Inc., as Depositor, [Countrywide Home Loans, Inc.],
as Seller, [Countrywide Home Loans Servicing LP], as Master Servicer, and the
Trustee.

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

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

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

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

                                     M-1
<PAGE>

     _______________ of official records at page/image _____________.

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

(  ) ______________________________________________

(  ) ______________________________________________

(  ) ______________________________________________

(  ) ______________________________________________

           The undersigned Master Servicer hereby acknowledges and agrees as
follows:

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

          (2) The Master Servicer shall not cause or knowingly permit the
     Documents to become subject to, or encumbered by, any claim, liens,
     security interest, charges, writs of attachment or other impositions nor
     shall the Master Servicer assert or seek to assert any claims or rights
     of setoff to or against the Documents or any proceeds thereof.

          (3) The Master Servicer shall return each and every Document
     previously requested from the Mortgage File to the Trustee when the need
     therefor no longer exists, unless the Mortgage Loan relating to the
     Documents has been liquidated and the proceeds thereof have been remitted
     to the Certificate Account and except as expressly provided in this
     Agreement.

          (4) The Documents and any proceeds thereof, including any proceeds
     of proceeds, coming into the possession or control of the Master Servicer
     shall at all times be earmarked for the account of the Trust Fund, and
     the Master Servicer shall keep the Documents and any proceeds separate
     and distinct from all other property in the Master Servicer's possession,
     custody or control.

                                        [Master Servicer]

                                        By   ___________________________________

                                        Its  ___________________________________

Date: _________________, ____

                                     M-2
<PAGE>

                                   EXHIBIT N

                           REQUEST FOR FILE RELEASE

                    OFFICER'S CERTIFICATE AND TRUST RECEIPT
                          ASSET-BACKED CERTIFICATES,
                                 Series 200_-_

__________________________________________ HEREBY CERTIFIES THAT HE/SHE IS AN
OFFICER OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER
SIGNATURE, AND HEREBY FURTHER CERTIFIES AS FOLLOWS:

WITH RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

[ALL PAYMENTS OF PRINCIPAL AND INTEREST HAVE BEEN MADE.] [THE [PURCHASE PRICE]
[MORTGAGE LOAN REPURCHASE PRICE] FOR SUCH MORTGAGE LOANS HAS BEEN PAID.] [THE
MORTGAGE LOANS HAVE BEEN LIQUIDATED AND THE RELATED [INSURANCE PROCEEDS]
[LIQUIDATION PROCEEDS] HAVE BEEN DEPOSITED PURSUANT TO SECTION 3.13 OF THE
POOLING AND SERVICING AGREEMENT.] [A REPLACEMENT MORTGAGE LOAN HAS BEEN
DELIVERED TO THE TRUSTEE IN THE MANNER AND OTHERWISE IN ACCORDANCE WITH THE
CONDITIONS SET FORTH IN SECTIONS 2.02 AND 2.03 OF THE POOLING AND SERVICING
AGREEMENT.]

LOAN NUMBER:_______________                 BORROWER'S NAME:_____________

COUNTY:____________________

[For Substitution or Repurchase Only: The Master Servicer certifies that [an]
[no] opinion is required by Section 2.05 [and is attached hereto].]

I HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS,
THAT ARE REQUIRED TO BE DEPOSITED IN THE CERTIFICATE ACCOUNT PURSUANT TO
SECTION 3.05 OF THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE
CREDITED.

_____________        __________________              DATED:____________

/ /      VICE PRESIDENT

/ /      ASSISTANT VICE PRESIDENT

                                     N-1

<PAGE>

                                                                     Exhibit O

                           [Exhibit O is a photocopy
                          of the Depository Agreement
                                as delivered.]

               [See appropriate documents delivered at closing.]

                                     O-1

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