Document:

efc7-2315_ex411.htm

                                                                                    

     

     

                                                              

                                                                                                                   
      

     

    
      
        	 	
                Exhibit
                  4.1.1

                 

                EXECUTION
                  VERSION 

              

      

    

     

                                                                                               

     

    Dated
      19 January, 2005

     

    GRANITE
      FINANCE FUNDING 2 LIMITED

     

    as
      Funding 2

     

    GRANITE
      MASTER ISSUER PLC

     

    as
      Master
      Issuer

     

    THE
      BANK OF NEW YORK

    as
      Funding 2 Security Trustee

     

    -and
      -

     

    CITIBANK,
      N.A.

    as
      Agent
      Bank

     

    
      
        
          

        

      

      THIRD
        AMENDED GLOBAL INTERCOMPANY LOAN AGREEMENT

      
        
 

       

       

       

       

       

       

       

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CONTENTS

     

    

     

    
      	
              1.

            	
              Interpretation

            	
              1

            
	
              2.

            	
              The
                Facility

            	
              1

            
	
              3.

            	
              The
                Loan Tranches

            	
              1

            
	
              4.

            	
              Purpose

            	
              3

            
	
              5.

            	
              Limited
                Recourse

            	
              3

            
	
              6.

            	
              Advance
                of Loan Tranches

            	
              4

            
	
              7.

            	
              Interest

            	
              5

            
	
              8.

            	
              Repayment

            	
              9

            
	
              9.

            	
              Prepayment

            	
              10

            
	
              10.

            	
              Taxes

            	
              11

            
	
              11.

            	
              Illegality

            	
              11

            
	
              12.

            	
              Mitigation

            	
              11

            
	
              13.

            	
              Representations
                and Warranties of Funding 2

            	
              12

            
	
              14.

            	
              Covenants

            	
              14

            
	
              15.

            	
              Default

            	
              16

            
	
              16.

            	
              Default
                Interest and Indemnity

            	
              18

            
	
              17.

            	
              Payments

            	
              19

            
	
              18.

            	
              Entrenched
                Provisions

            	
              19

            
	
              19.

            	
              Further
                Provisions

            	
              20

            
	
              20.

            	
              Redenomination

            	
              21

            
	
              21.

            	
              Notices

            	
              22

            
	
              22.

            	
              Governing
                Law and Submission to Jurisdiction

            	
              22

            
	
              SCHEDULE
                1   FORM OF LOAN TRANCHE SUPPLEMENT

            	
              24

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    THIS
      AGREEMENTIS MADE ON 19 JANUARY, 2005 AND AMENDED AND RESTATED
      PURSUANT TO DEEDS OF AMENDMENT AND RESTATEMENT DATED 19 JANUARY, 2007, 17 MAY,
      2007 AND 17 SEPTEMBER, 2007 BETWEEN:

     

    BETWEEN:

     

    
      	
              (1)

            	
              GRANITE
                FINANCE FUNDING 2 LIMITED (registered number 5249387), a private
                limited company incorporated under the laws of England and Wales
                whose
                registered office is at Fifth Floor, 100 Wood Street, London EC2V
                7EX as
                Funding 2;

            

    

     

    
      	
              (2)

            	
              GRANITE
                MASTER ISSUER PLC (registered number 5250668), a public limited
                company incorporated under the laws of England and Wales whose registered
                office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as Master
                Issuer;

            

    

     

    
      	
              (3)

            	
              THE
                BANK OF NEW YORK, a New York banking
                corporation acting through its office at 40th Floor, One Canada Square,
                London E14 5AL in its capacity as Funding 2 Security Trustee;
                and

            

    

     

    
      	
              (4)

            	
              CITIBANK,
                N.A., acting through its office at Citigroup Centre, Canada
                Square, Canary Wharf, London E14 5LB in its capacity as Agent
                Bank.

            

    

     

    WHEREAS:

     

    
      	
              (A)

            	
              From
                time to time, the Master Issuer will issue Notes pursuant to the
                Programme.

            

    

     

    
      	
              (B)

            	
              The
                Master Issuer has agreed that it will lend the proceeds (or, as
                applicable, the sterling equivalent thereof) of any issue of Notes
                by it
                to Funding 2.

            

    

     

    
      	
              (C)

            	
              This
                Agreement sets out the terms and conditions with respect to lending
                by the
                Master Issuer of the proceeds of the issue of Notes to Funding
                2.

            

    

     

    
      	
              1.

            	
              Interpretation

            

    

     

    
      	
              1.1

            	
              The
                provisions of the Programme Master Definitions Schedule signed for
                the
                purposes of identification by Sidley Austin Brown & Wood and Allen
                & Overy LLP on 19 January, 2005 (as the same have been and may be
                amended, varied or supplemented from time to time with the consent
                of the
                parties hereto) are expressly and specifically incorporated into
                and shall
                apply to this Agreement.

            

    

     

    
      	
              2.

            	
              The
                Facility

            

    

     

    
      	
              2.1

            	
              Subject
                to the terms of this Agreement, the Master Issuer agrees to make
                available
                to Funding 2 a facility in an aggregate amount equal to the Total
                Credit
                Commitment (the "Global Loan Facility").  On
                the London Business Day prior to each Closing Date, the Master Issuer
                shall offer Loan Tranches to Funding 2 under the Global Loan Facility
                that
                correspond to each Series and Class of Notes to be issued by the
                Master
                Issuer on the following Closing Date.  Each Loan Tranche shall
                be denominated in Sterling.  Subject to the terms of this
                Agreement, on each Closing Date Funding 2 shall accept the
                offer.

            

    

     

    
      	
              3.

            	
              The
                Loan Tranches

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
              3.1

            	
              Conditions
                precedent: Save as the Master Issuer, Funding 2 and the
                Funding 2 Security Trustee may otherwise agree, each Loan Tranche
                will not
                be available for utilisation on a Closing Date
                unless:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                related Series and Class of Notes has been issued by the Master Issuer
                on
                the relevant Closing Date and the subscription proceeds thereof have
                been
                received by or on behalf of the Master
                Issuer;

            

    

     

    
      	
               

            	
              (b)

            	
              not
                later than 2.00 pm (London time) on the relevant Closing Date, Funding
                2
                and the Master Issuer have signed a Loan Tranche Supplement (generally
                in
                the form set out in Schedule 1 (Form of Loan Tranche Supplement))
                which shall oblige Funding 2 to borrow the whole amount stated in
                the Loan
                Tranche Supplement on the Closing Date subject to the terms of this
                Agreement;

            

    

     

    
      	
               

            	
              (c)

            	
              Funding
                2 has confirmed in the applicable Loan Tranche Supplement
                that:

            

    

     

    
      	
               

            	
              (i)

            	
              no
                Funding 2 Intercompany Loan Event of Default has occurred and is
                continuing unremedied (if capable of remedy) or unwaived or would
                result
                from the making of such Loan
                Tranche;

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                representations set out in Clause 13 (Representations and
                Warranties of Funding 2) are true on and as of the Closing Date by
                reference to the facts and circumstances then
                existing;

            

    

     

    
      	
               

            	
              (iii)

            	
              there
                is no debit balance on the Funding 2 Principal Deficiency
                Ledger;

            

    

     

    
      	
               

            	
              (d)

            	
              Funding
                2 has delivered to the Funding 2 Security Trustee a solvency certificate
                in form and substance satisfactory to the Funding 2 Security
                Trustee;

            

    

     

    
      	
               

            	
              (e)

            	
              the
                Master Issuer has confirmed in the applicable Loan Tranche Supplement
                that:

            

    

     

    
      	
               

            	
              (i)

            	
              no
                Issuer Event of Default has occurred and is continuing unremedied
                (if
                capable of remedy) or unwaived or would result from the making of
                such
                Loan Tranche; and

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                aggregate amount of the Loan Tranches to be made on such Closing
                Date and
                any Loan Tranches outstanding on such Closing Date do not exceed
                the Total
                Credit Commitment;

            

    

     

    
      	
               

            	
              (f)

            	
              each
                of the Rating Agencies has confirmed in writing to the Funding 2
                Security
                Trustee and the Issuer Security Trustee that there will not, as a
                result
                of the Master Issuer issuing any Notes, be any reduction, withdrawal
                or
                qualification of the then current ratings by the Rating Agencies
                of any
                existing Notes; and

            

    

     

    
      	
               

            	
              (g)

            	
              all
                other conditions precedent as may be specified in the applicable
                Loan
                Tranche Supplement have been
                satisfied.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              4.

            	
              Purpose

            

    

     

    
      	
              4.1

            	
              Purpose
                and application of a Loan Tranche: The proceeds of each Loan
                Tranche may only be used by Funding 2
                either:

            

    

     

    
      	
               

            	
              (a)

            	
              to
                make a Contribution (excluding a Deferred Contribution) to the Mortgages
                Trustee (which shall increase the Funding 2 Share of the Trust Property
                in
                accordance with the terms of the Mortgages Trust Deed);
                and/or

            

    

     

    
      	
               

            	
              (b)

            	
              to
                refinance the existing debt of Funding 2, including any existing
                Loan
                Tranche (in whole or in part);
                and/or

            

    

     

    
      	
               

            	
              (c)

            	
              to
                fund or partly fund or replenish the Funding 2 Reserve Fund or make
                a
                deposit into the Funding 2 GIC
                Account.

            

    

     

    
      	
              4.2

            	
              Application
                of amounts: Without prejudice to the obligations of Funding
                2 under this Clause 4, neither the Funding 2
                Security Trustee nor any of the Funding 2 Secured Creditors shall
                be
                obliged to concern themselves as to the application of amounts raised
                by
                Funding 2 under a Loan Tranche.

            

    

     

    
      	
              5.

            	
              Limited
                Recourse

            

    

     

    
      	
              5.1

            	
              Recourse
                limited to available funds: Subject to Clause  5.2
                (Shortfall on Final Repayment Date) but notwithstanding the terms
                of any other provision in this Agreement or any other Transaction
                Document, each of the Master Issuer and the Funding 2 Security Trustee
                agree that the liability of Funding 2 in respect of its obligations
                to
                repay principal and pay interest or any other amounts due under this
                Agreement or for any breach of any other representation, warranty,
                covenant or undertaking of Funding 2 under this Agreement shall be
                limited
                to:

            

    

     

    
      	
               

            	
              (a)

            	
              in
                respect of amounts payable prior to the enforcement of the Funding
                2
                Security:

            

    

     

    
      	
               

            	
              (i)

            	
              the
                amount of Funding 2 Available Revenue Receipts in respect of interest,
                fees or other amounts (but excluding principal) payable by Funding
                2 to
                the Master Issuer, but only to the extent of an amount of Funding
                2
                Available Revenue Receipts remaining after paying amounts of a higher
                order of priority and providing for amounts payable pari passu
                therewith in accordance with, and subject to, the order of priority
                set
                out in the Funding 2 Pre-Enforcement Revenue Priority of Payments;
                and

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                amount of Funding 2 Available Principal Receipts in respect of principal
                payable by Funding 2 to the Master Issuer, but only to the extent
                of the
                amount of Funding 2 Available Principal Receipts remaining after
                paying
                amounts of a higher priority and providing for amounts pari passu
                therewith, and subject to, the rules set forth in the Funding 2
                Pre-Enforcement Principal Priority of Payments;
                and

            

    

     

    
      	
               

            	
              (b)

            	
              in
                respect of amounts payable following enforcement of the Funding 2
                Security, amounts received or recovered by Funding 2, the Funding
                2
                Security Trustee or any Receiver appointed on behalf of the Funding
                2
                Security

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              Trustee,
                but only to the extent of such amount thereof as remains after paying
                amounts of a higher order of priority and providing for amounts payable
                pari passu therewith in accordance with, and subject to, the
                order of priority set out in the Funding 2 Post-Enforcement Priority
                of
                Payments,

            

    

     

    provided
      that the application of such amounts set forth in sub-clauses (a) and (b) above
      to the discharge of Funding 2's obligations under this Agreement shall be
      subject to the terms of the Cash Management Agreement and the Funding 2 Deed
      of
      Charge.

     

    
      	
              5.2

            	
              Shortfall
                on Final Repayment Date:  To the extent that on
                the latest occurring Final Repayment Date of any Loan Tranche advanced
                under this Agreement there is a shortfall between all amounts (including
                interest and principal) payable under this Agreement and the amounts
                available therefor, that shortfall shall become immediately due and
                payable to the Master Issuer.  Following enforcement of the
                Funding 2 Security and distribution of all enforcement proceeds in
                accordance with the Funding 2 Deed of Charge, all outstanding claims
                that
                the Master Issuer may otherwise have against Funding 2 will be
                extinguished.

            

    

     

    
      	
              6.

            	
              Advance
                of Loan Tranches

            

    

     

    
      	
              6.1

            	
              Loan
                Tranches correspond to Series and Classes of
                Notes:  Each Loan Tranche shall be identified by
                reference to the relevant Series and Class of Notes that is used
                to fund
                it, as set out in the applicable Loan Tranche Supplement.  For
                instance, the Series 05-1 Class A1 Notes shall fund the Series 05-1
                AAA
                (Class A1) Loan Tranche.

            

    

     

    
      	
              6.2

            	
              Loan
                Tranche Supplement:  The Loan Tranche Supplement
                to be signed on each Closing Date in accordance with Clause 31.(b)
                shall
                record, amongst other things, the amount of each Loan Tranche to
                be made
                on such Closing Date.

            

    

     

    
      	
              6.3

            	
              Single
                drawing of the Loan Tranche: On satisfaction of the
                conditions set out in Clause 3.1 (Conditions Precedent), the
                Master Issuer shall make the applicable Loan Tranches available to
                Funding
                2 on the applicable Closing Date.  The aggregate of the Loan
                Tranches to be made on such Closing Date will only be available for
                drawing in one amount by Funding 2 on the such Closing
                Date.

            

    

     

    
      	
              6.4

            	
              Redemption/Payment
                Basis:  Each Loan Tranche may be an Index-Linked
                Redemption Loan Tranche, a Bullet Loan Tranche, a Scheduled Repayment
                Loan
                Tranche, a Controlled Repayment Loan Tranche, a Pass-Through Loan
                Tranche
                or a combination of any of the foregoing, depending upon the
                Redemption/Payment Basis shown in the applicable Loan Tranche
                Supplement.

            

    

     

    
      	
              6.5

            	
              Issuance
                Fees: The Master Issuer
                shall, on behalf of Funding 2 and itself, pay the fees and expenses
                incurred by Funding 2 and/or itself in connection with the issuance
                of
                Notes, the making of Loan Tranches by it to Funding 2 and the acquisition
                by Funding 2 of an additional share in the Trust Property using the
                proceeds of such Loan Tranches.

            

    

     

    
      	
              6.6

            	
              Monthly
                Payment Dates and Loan Payment Dates:  The Loan
                Payment Dates for any Loan Tranche shall be the Monthly Payment Dates
                specified as such for such Loan Tranche in the applicable Loan Tranche
                Supplement.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
              7.

            	
              Interest

            

    

     

    
      	
              7.1

            	
              Loan
                Tranche Interest Periods:  The first Loan Tranche
                Interest Period for a Loan Tranche will commence on (and include)
                the Loan
                Tranche Interest Commencement Date for such Loan Tranche and end
                on (but
                exclude) the first Loan Payment Date for such Loan Tranche falling
                thereafter.  Each subsequent Loan Tranche Interest Period for
                such Loan Tranche shall commence on (and include) a Loan Payment
                Date for
                such Loan Tranche and end on (but exclude) the next following Loan
                Payment
                Date for such Loan Tranche.

            

    

     

    
      	
              7.2

            	
              Day
                Count Fraction: Whenever it is necessary to compute an
                amount of interest in respect of a Loan Tranche for any period (including
                any Loan Tranche Interest Period for such Loan Tranche), such interest
                shall be calculated on the basis of actual days elapsed in a 365
                day
                year.

            

    

     

    
      	
              7.3

            	
              Determination
                of Intercompany Loan Tranche Interest Amount: In relation to
                any Loan Tranche, the rate of interest payable (the "Loan Tranche
                Rate of Interest") and the relevant Sterling interest amount
                (each an "Loan Tranche Interest Amount") for a Loan
                Tranche shall be determined on the basis of the provisions set out
                below:

            

    

     

    
      	
               

            	
              (a)

            	
              On
                the Loan Tranche Interest Reset Date for such Loan Tranche, the Agent
                Bank
                will determine the Relevant Screen Rate for such Loan Tranche for
                the
                relevant Loan Tranche Interest Period at or about 11.00 am London
                time.

            

    

     

    If
      the
      Relevant Screen Rate for such Loan Tranche is unavailable, the Agent Bank will
      request the principal London Office of each of the Reference Banks to provide
      the Agent Bank with its offered quotation to leading Banks for Sterling Deposits
      of £10,000,000 for the Relevant Screen Rate for such Loan Tranche in the London
      inter-bank market as at or about 11.00 am London time on such Loan Tranche
      Interest Reset Date.

     

    The
      Loan
      Tranche Rate of Interest for such Loan Tranche for the relevant Loan Tranche
      Interest Period shall be the aggregate of:

     

    
      	
               

            	
              (i)

            	
              the
                Relevant Margin for such Loan Tranche;
                and

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                Relevant Screen Rate for such Loan Tranche or, if the Relevant Screen
                Rate
                is unavailable, the arithmetic mean (or, in the case of the initial
                Loan
                Tranche Interest Determination Date for such Loan Tranche, the linear
                interpolation of the arithmetic mean) of such offered quotations
                by the
                Reference Banks (rounded upwards, if necessary, to five decimal
                places).

            

    

     

    
      	
               

            	
              (b)

            	
              If
                on any Loan Tranche Interest Reset Date for such Loan Tranche, the
                Relevant Screen Rate for such Loan Tranche is unavailable and only
                two or
                three of the Reference Banks provide offered quotations, the Loan
                Tranche
                Rate of Interest for such Loan Tranche for the relevant Loan Tranche
                Interest Period shall be determined in accordance with the provisions
                of
                sub-paragraph (a) above on the basis of the offered quotations of
                those
                Reference Banks providing such
                quotations.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              (c)

            	
              If,
                on any such Loan Tranche Interest Reset Date for such Loan Tranche,
                only
                one or none of the Reference Banks provides the Agent Bank with such
                an
                offered quotation, the Agent Bank shall forthwith consult with the
                Funding
                2 Security Trustee for the purposes of agreeing two banks (or, where
                one
                only of the Reference Banks provided such a quotation, one additional
                bank) to provide such a quotation or quotations to the Agent Bank
                (which
                bank or banks are in the opinion of the Funding 2 Security Trustee
                suitable for such purpose) and the Loan Tranche Rate of Interest
                for such
                Loan Tranche for the relevant Loan Tranche Interest Period in question
                shall be determined, as aforesaid, on the basis of the offered quotations
                of such banks as so agreed (or, as the case may be, the offered quotations
                of such bank as so agreed and the relevant Reference
                Bank).

            

    

     

    
      	
               

            	
              (d)

            	
              If
                no such bank or banks is or are so agreed or such bank or banks as
                so
                agreed does or do not provide such a quotation or quotations, then
                the
                Loan Tranche Rate of Interest for such Loan Tranche for the relevant
                Loan
                Tranche Interest Periods shall be the Loan Tranche Rate of Interest
                in
                relation to such Loan Tranche in effect for the immediately preceding
                Loan
                Tranche Interest Period for such Loan Tranche to which sub-paragraph
                (a)
                above shall have applied but taking account of any change in the
                Relevant
                Margin for such Loan Tranche.

            

    

     

    
      	
               

            	
              (e)

            	
              There
                will be no minimum or maximum Loan Tranche Rate of Interest for such
                Loan
                Tranche.

            

    

     

    
      	
               

            	
              (f)

            	
              The
                Agent Bank shall: (i) as soon as practicable on each Loan Tranche
                Interest
                Reset Date for such Loan Tranche, determine and notify the Master
                Issuer,
                Funding 2, the Cash Manager and the Funding 2 Security Trustee of
                the Loan
                Tranche Rate of Interest for such Loan Tranche for the relevant Loan
                Tranche Interest Periods and (ii) as soon as practicable on each
                Loan
                Interest Determination Date for such Loan Tranche determine and notify
                the
                Master Issuer, Funding 2, the Cash Manager and the Funding 2 Security
                Trustee of the Loan Tranche Interest Amount payable in respect of
                such
                Loan Tranche for the relevant Loan Tranche Interest
                Period.

            

    

     

    
      	
               

            	
              (g)

            	
              The
                Loan Tranche Interest Amount for such Loan Tranche shall be determined
                by
                applying the relevant Loan Tranche Rate of Interest for such Loan
                Tranche
                to the Outstanding Principal Balance of such Loan Tranche, multiplying
                the
                sum by the day count fraction described in Clause 7.2  (Day Count
                Fraction) and rounding the resultant figure to the nearest penny
                (half a penny being rounded
                upwards).

            

    

     

    
      	
               

            	
              (h)

            	
              If
                the Agent Bank does not at any time for any reason determine the
                Loan
                Tranche Rate of Interest and the Loan Tranche Interest Amount for
                such
                Loan Tranche in accordance with sub-clauses (a) to (g) above, the
                Funding
                2 Security Trustee shall (subject to it being indemnified to its
                satisfaction) determine the Loan Tranche Rate of Interest and Loan
                Tranche
                Interest Amount for such Loan Tranche and any such determination
                shall be
                deemed to have been made by the Agent
                Bank.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              (i)

            	
              All
                notifications, opinions, determinations, certificates, calculations
                and
                decisions given, expressed, made or obtained for the purposes of
                this
                Clause 7, whether by the Agent Bank or the Funding 2 Security Trustee,
                shall (in the absence of wilful default, bad faith or manifest error)
                be
                binding on Funding 2, the Master Issuer, the Cash Manager, the Agent
                Bank,
                the Funding 2 Security Trustee and (in such absence as aforesaid)
                no
                liability to Funding 2 shall attach to such Master Issuer, the Agent
                Bank,
                the Funding 2 Security Trustee or the Cash Manager in connection
                with the
                exercise or non-exercise by them or any of them of their powers,
                duties
                and discretions hereunder.

            

    

     

    
      	
               

            	
              (j)

            	
              In
                the event of the then Agent Bank being unwilling to act as the Agent
                Bank,
                or resigning pursuant to the Issuer Paying Agent and Agent Bank Agreement,
                the Master Issuer shall, with the approval of the Issuer Security
                Trustee,
                appoint a successor Agent Bank. If the Master Issuer shall fail to
                appoint
                a successor Agent Bank, the Agent Bank shall appoint such other bank
                as
                may be previously approved in writing by the Issuer Security Trustee
                to
                act as the Agent Bank. The resignation of the Agent Bank will not
                take
                effect until a successor approved by the Issuer Security Trustee
                has been
                appointed.

            

    

     

    
      	
              7.4

            	
              Payment
                on Loan Payment Dates:  Subject to Clause 5.1
                (Recourse limited to available funds), Funding 2 shall pay
                interest in respect of a Loan Tranche on the Loan Payment Dates specified
                for such Loan Tranche in the applicable Loan Tranche
                Supplement.

            

    

     

    
      	
              7.5

            	
              Deferred
                Interest: Subject to Clause 5.2 (Shortfall on Final
                Repayment Date), to the extent that there are insufficient funds
                available to pay interest on a Loan Tranche on any Loan Payment Date
                for
                such Loan Tranche, the shortfall in the interest amount payable will
                not
                then fall due but will instead be due on the following Loan Payment
                Date
                for such Loan Tranche on which sufficient funds are available to
                pay such
                interest, and pending such payment, will accrue interest at the rate
                specified for such Loan Tranche in the applicable Loan Tranche
                Supplement.

            

    

     

    
      	
              7.6

            	
              Certain
                Fees:  In addition to the interest and principal
                payments to be made by Funding 2 in respect of a Loan Tranche under
                this
                Clause 7 and Clause 8 (Repayment), respectively, on each Loan
                Payment Date that is a 20th Monthly Payment Date (or, in respect
                of (i)
                the payment to be made as set forth in sub-clause (a) below, on the
                Closing Date for such Loan Tranche, (ii) the payments to be made
                as set
                forth in sub-clause (b) below, on the Loan Payment Dates as agreed
                between, as applicable, the Note Trustee and the Master Issuer (in
                accordance with Clause 9 (Remuneration and Indemnification of the Note
                Trustee) of the Issuer Trust Deed) or the Issuer Security Trustee and
                the Master Issuer (in accordance with Clause 17 (Remuneration and
                Indemnification of the Issuer Security Trustee) of the Issuer Deed of
                Charge), and (iii) the payment to be made as set forth in sub-clause
                (h)
                below, on a Loan Payment Date for such Loan Tranche) or on any other
                date
                on which the Master Issuer notifies Funding 2, but subject to Clause
                5.1
                (Recourse limited to available funds), Funding 2 shall pay to the
                Master Issuer for same day value to the Issuer Transaction Account
                a fee
                for the provision of the Global Loan Facility (except that in the
                case of
                payments due under paragraphs (c), (e), (f) and (k) below, such payments
                shall be paid when due).  Such fee shall be an amount or amounts
                in the aggregate equal to the
                following:

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
              (a)

            	
              the
                Issuance Fees (other than to the extent such Issuance Fees are specified
                in items (b) to (k) below);

            

    

     

    
      	
               

            	
              (b)

            	
              the
                fees, costs, charges, liabilities and expenses and any other amounts
                due
                and payable to the Note Trustee and the Issuer Security Trustee pursuant
                to the Issuer Trust Deed, the Issuer Deed of Charge or any other
                Transaction Document, together with interest thereon as provided
                therein;

            

    

     

    
      	
               

            	
              (c)

            	
              the
                reasonable fees and expenses of any legal advisers, accountants and
                auditors appointed by the Master Issuer and properly incurred in
                their
                performance of their functions under the Transaction Documents which
                have
                fallen due;

            

    

     

    
      	
               

            	
              (d)

            	
              the
                fees, costs and expenses due and payable to the Paying Agents, the
                Agent
                Bank, the Transfer Agent and the Registrar pursuant to the Issuer
                Paying
                Agent and Agent Bank Agreement;

            

    

     

    
      	
               

            	
              (e)

            	
              any
                amounts due and payable by the Master Issuer to the Inland Revenue
                in
                respect of the Master Issuer's liability to United Kingdom corporation
                tax
                (insofar as payment is not satisfied by the surrender of group relief
                or
                out of the profits, income or gains of the Master Issuer and subject
                to
                the terms of the Issuer Deed of Charge) or any other Taxes payable
                by the
                Master Issuer;

            

    

     

    
      	
               

            	
              (f)

            	
              the
                fees, costs, charges, liabilities and expenses due and payable to
                the
                Issuer Account Bank pursuant to the Issuer Bank Account Agreement
                (if
                any);

            

    

     

    
      	
               

            	
              (g)

            	
              the
                fees, costs, charges, liabilities and expenses due and payable to
                the
                Issuer Cash Manager pursuant to the Issuer Cash Management
                Agreement;

            

    

     

    
      	
               

            	
              (h)

            	
              any
                termination payment due and payable by the Master Issuer to an Issuer
                Swap
                Provider pursuant to an Issuer Swap
                Agreement;

            

    

     

    
      	
               

            	
              (i)

            	
              the
                fees, costs, charges, liabilities and expenses due and payable to
                the
                Issuer Corporate Services Provider pursuant to the Issuer Corporate
                Services Agreement;

            

    

     

    
      	
               

            	
              (j)

            	
              any
                amounts due and payable (other than principal) by the Master Issuer
                to the
                Start-Up Loan Provider(s) in respect of the Master Issuer's obligations
                under the Start-Up Loan Agreements;

            

    

     

    
      	
               

            	
              (k)

            	
              the
                amount to be retained by the Master Issuer under item (O) of the
                Issuer
                Pre-Enforcement Revenue Priority of Payments;
                and

            

    

     

    
      	
               

            	
              (l)

            	
              any
                other amounts due or overdue by the Master Issuer to third parties
                including the Rating Agencies and the amounts paid by the Master
                Issuer
                under the Programme Agreement, each Subscription Agreement and each
                Underwriting Agreement (excluding, for these purposes, the Noteholders)
                other than amounts specified in paragraphs (b) to (j)
                above,

            

    

     

    together
      with, (i) in respect of taxable supplies made to the Master Issuer, any amount
      in respect of any VAT or similar tax payable in respect thereof against
      production of a valid tax invoice; and (ii) in respect of taxable supplies
      made
      to a person other than

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    the
      Master Issuer, any amount in respect of any Irrecoverable VAT or similar tax
      payable in respect thereof (against production of a copy of the relevant tax
      invoice), and to be applied subject to and in accordance with the provisions
      of
      the Issuer Pre-Enforcement Revenue Priority of Payments in the Issuer Cash
      Management Agreement.

     

    
      	
              7.7

            	
              Set-off:  Funding
                2 and each of the other parties to this Agreement agree that the
                Master
                Issuer shall be entitled to set-off those amounts due and payable
                by
                Funding 2 pursuant to Clause 7.6 (Certain Fees) on the Closing
                Date for a Loan Tranche against the amount to be advanced by the
                Master
                Issuer to Funding 2 under such Loan Tranche on such Closing
                Date.

            

    

     

    
      	
              8.

            	
              Repayment

            

    

     

    
      	
              8.1

            	
              Repayment
                of Loan Tranches: Subject to Clause 5 (Limited
                Recourse), on each Loan Payment Date for a Loan Tranche, other than
                a
                Loan Payment Date on which such Loan Tranche is to be repaid under
                Clause
                9  (Prepayment), Funding 2 shall repay principal in respect
                of such Loan Tranche in an amount equal
                to:

            

    

     

    
      	
               

            	
              (a)

            	
              prior
                to the earlier to occur of the Step-Up Date (if any) in respect of
                such
                Loan Tranche and a Pass-Through Trigger Event, the lower
                of:

            

    

     

    
      	
               

            	
              (i)

            	
              the
                amount due to be paid on such Loan Payment Date as specified for
                such Loan
                Tranche in the applicable Loan Tranche Supplement;
                and

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                amount which is available, under the terms of the Funding 2 Deed
                of Charge
                and the Cash Management Agreement to repay principal in respect of
                such
                Loan Tranche,

            

    

     

    provided
      that, in the case of any Pass-Through Loan Tranche, the amount of principal
      to
      be repaid by Funding 2 in respect of such Loan Tranche on the applicable Loan
      Payment Date shall be calculated in accordance with sub-paragraph (ii) above;
      or

     

    
      	
               

            	
              (b)

            	
              following
                the earlier to occur of the Step-Up Date (if any) in respect of such
                Loan
                Tranche and a Pass-Through Trigger Event (whereupon each following
                Monthly
                Payment Date for such Loan Tranche shall constitute a Loan Payment
                Date
                for such Loan Tranche), the amount which is available under the terms
                of
                the Funding 2 Deed of Charge and the Cash Management Agreement to
                repay
                principal in respect of such Loan
                Tranche.

            

    

     

    To
      the
      extent that there are insufficient funds available to Funding 2 to repay the
      amount due to be paid on such Loan Payment Date for such Loan Tranche, Funding
      2
      will be required to repay the shortfall, to the extent that it receives funds
      therefor (and subject to the terms of the Funding 2 Deed of Charge and the
      Cash
      Management Agreement) on subsequent Loan Payment Dates for such Loan
      Tranche.

     

    
      	
              8.2

            	
              Loan
                Tranche Ratings: Unless otherwise specified for any Loan
                Tranche in the applicable Loan Tranche Supplement, such Loan Tranche
                shall
                be repaid (as to both interest and principal) in the priority according
                to
                the Loan Tranche Rating of that Loan Tranche.  The Loan Tranche
                Rating for a Loan Tranche will be specified
                for

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              such
                Loan Tranche in the applicable Loan Tranche
                Supplement.

            

    

     

    
      	
              8.3

            	
              Payment
                subject to terms of the Funding 2 Deed of Charge and the Cash Management
                Agreement: The terms and conditions of Clause 7
                (Interest) and this Clause 8 (Repayment) are to be read
                in conjunction with the provisions of Schedule 3 to the Funding 2
                Deed of
                Charge and the Cash Management Agreement, as the same may be amended
                or
                varied from time to time in accordance with the provisions
                thereof.

            

    

     

    
      	
              9.

            	
              Prepayment

            

    

     

    
      	
              9.1

            	
              Prepayment
                for taxation or other reasons:
                If:

            

    

     

    
      	
               

            	
              (a)

            	
              Funding
                2 is required to withhold or deduct from any payment of principal
                or
                interest in respect of any Loan Tranche any amount for or on account
                of
                Tax; or

            

    

     

    
      	
               

            	
              (b)

            	
              the
                Master Issuer is required to withhold or deduct from any payment
                of
                principal, interest or premium in respect of its Notes any amount
                for or
                on account of Tax; or

            

    

     

    
      	
               

            	
              (c)

            	
              a
                Loan Tranche becomes illegal as described in Clause 11
                (Illegality);

            

    

     

    then,
      without prejudice to the obligations of Funding 2 under Clause 11
      (Illegality) and subject to Clause 12  (Mitigation), the
      Master Issuer may require Funding 2 to prepay, on any Loan Payment Date for
      such
      Loan Tranche, having given not more than 60 days’ and not less than 30 days' (or
      such shorter period as may be required by any relevant law in the case of any
      Loan Tranche which becomes illegal pursuant to Clause 11 (Illegality))
      prior written notice to Funding 2 and the Note Trustee (or on or before the
      latest date permitted by the relevant law in the case of Clause 11
      (Illegality)) so long as the relevant circumstances continue, the
      applicable Loan Tranches without penalty or premium but subject to Clause 16
      (Default Interest and Indemnity), provided that the Repayment Tests
      will be satisfied following such prepayment and the Master Issuer is able to
      repay the Notes used to fund such Loan Tranche on such Loan Payment Date from
      funds received from repayment of such Loan Tranche.

     

    
      	
              9.2

            	
              Prepayment
                at option of Master Issuer: The Master Issuer, at its
                option, may require Funding 2 to prepay the outstanding principal
                amount
                of a Loan Tranche (together with any accrued interest) on any Loan
                Payment
                Date for such Loan Tranche on which the Master Issuer has decided
                to
                exercise its option, if any, to redeem in full the Notes used to
                fund such
                Loan Tranche or on any date which is a Step-Up Date in respect of
                the
                Notes used to fund such Loan Tranche provided that, in each case,
                the
                Repayment Tests will be satisfied following such
                prepayment.  The Master Issuer shall give Funding 2 not less
                than 30 days' prior written notice (or, in the case of the exercise
                of an
                option to redeem the Notes pursuant to Condition 5(D)(iii) of the
                Notes,
                not more than 30 days’ nor less than 5 days prior written notice) of the
                Master Issuer's decision to exercise its option to require Funding
                2 to
                prepay the relevant Loan Tranche.  Any prepayment by Funding 2
                will be made without penalty or premium but will be subject to Clause
16 (Default interest and
                indemnity).

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              9.3

            	
              Application
                of monies: The Master Issuer hereby agrees to apply any
                amounts received by way of prepayment pursuant to Clause 9.1
                (Prepayment for taxation or other reasons) or Clause 9.2
                (Prepayment at option of Master Issuer) in making prepayments
                under the relevant Notes.

            

    

     

    
      	
              10.

            	
              Taxes

            

    

     

    
      	
              10.1

            	
              No
                gross up: All payments by Funding 2 under this Agreement
                shall be made without any deduction or withholding for or on account
                of,
                and free and clear of, any Taxes, except to the extent that Funding
                2 is
                required by law to make payment subject to any
                Taxes.

            

    

     

    
      	
              10.2

            	
              Tax
                receipts: All Taxes required by law to be deducted or
                withheld by Funding 2 from any amounts paid or payable under this
                Agreement shall be paid by Funding 2 when due and Funding 2 shall,
                within
                30 days of the payment being made, deliver to the Master Issuer evidence
                satisfactory to the Master Issuer (including all relevant Tax receipts)
                that the payment has been duly remitted to the appropriate
                authority.

            

    

     

    
      	
              11.

            	
              Illegality

            

    

     

    If,
      at
      any time, it is unlawful for the Master Issuer to make, fund or allow to remain
      outstanding a Loan Tranche made by it under this Agreement, then the Master
      Issuer shall, promptly after becoming aware of the same, deliver to Funding
      2,
      the Funding 2 Security Trustee and the Rating Agencies a certificate to that
      effect and if the Master Issuer so requires, Funding 2 shall promptly to the
      extent necessary to cure such illegality prepay such Loan Tranche subject to
      and
      in accordance with the provisions of Clause 9.1 (Prepayment for taxation or
      other reasons).

     

    
      	
              12.

            	
              Mitigation

            

    

     

    If
      circumstances arise in respect of the Master Issuer which would, or would upon
      the giving of notice, result in:

     

    
      	
               

            	
              (a)

            	
              the
                prepayment of the Loan Tranches pursuant to Clause 11
                (Illegality);

            

    

     

    
      	
               

            	
              (b)

            	
              a
                withholding or deduction from the amount to be paid by Funding 2
                on
                account of Taxes pursuant to Clause 10
                (Taxes),

            

    

     

    then,
      without in any way limiting, reducing or otherwise qualifying the obligations
      of
      Funding 2 under this Agreement, the Master Issuer shall:

     

    
      	
               

            	
              (i)

            	
              promptly
                upon becoming aware of the circumstances, notify the Funding 2 Security
                Trustee, Funding 2 and the Rating Agencies;
                and

            

    

     

    
      	
               

            	
              (ii)

            	
              upon
                written request from Funding 2, take such reasonable steps as may
                be
                practical to mitigate the effects of those circumstances including
                (without limitation) the assignment by novation of the Master Issuer's
                rights under this Loan Agreement to, and assumption by novation of
                all the
                Master Issuer's obligations under this Agreement by, another company,
                which is willing to participate in the Loan Tranches in its place
                and
                which is not subject to (a) and/or (b)
                above,

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              provided
                that no such transfer or assignment and transfer by novation of such
                rights and obligations may be permitted unless the Rating Agencies
                confirm
                in writing to Funding 2 and the Funding 2 Security Trustee that there
                will
                be no downgrading of the then current rating of the Notes issued
                by the
                Master Issuer as a result and Funding 2 indemnifies the Master Issuer
                for
                any reasonable costs and expenses properly incurred as a result of
                such
                transfer or assignment.

            

    

     

    
      	
              13.

            	
              Representations
                and Warranties of Funding
                2

            

    

     

    
      	
              13.1

            	
              Representations
                and warranties: Funding 2 makes the representations and
                warranties set out in this Clause 13 to the Master Issuer and the
                Funding
                2 Security Trustee (as trustee for each of the Funding 2 Secured
                Creditors).

            

    

     

    
      	
              13.2

            	
              Status:

            

    

     

    
      	
               

            	
              (a)

            	
              It
                is a limited liability company duly incorporated, validly existing
                and
                registered under the laws of the jurisdiction in which it is incorporated,
                capable of being sued in its own right and not subject to any immunity
                from any proceedings; and

            

    

     

    
      	
               

            	
              (b)

            	
              it
                has the power to own its property and assets and to carry on its
                business
                as it is being conducted.

            

    

     

    
      	
              13.3

            	
              Powers
                and authority: It has the power to enter into, perform and
                deliver, and has taken all necessary corporate and other action to
                authorise the execution, delivery and performance by it of, each
                of the
                Transaction Documents to which it is a
                party.

            

    

     

    
      	
              13.4

            	
              Legal
                validity: Each Transaction Document to which it is or will
                be a party constitutes or when executed in accordance with its terms
                will
                constitute, a legal, valid and binding obligation of  Funding
                2.

            

    

     

    
      	
              13.5

            	
              Non-conflict:
                The execution by it of each of the Transaction Documents to which
                it is a
                party and the exercise by it of its rights and the performance of
                its
                obligations under such Transaction Documents including, without
                limitation, borrowing pursuant to the terms of this Agreement or
                granting
                any security contemplated by the Transaction Documents will
                not:

            

    

     

    
      	
               

            	
              (a)

            	
              result
                in the existence or imposition of, nor oblige it to create, any Security
                Interest in favour of any person (other than the Funding 2 Security
                Trustee for itself and on behalf of the other Funding 2 Secured Creditors
                or as otherwise contemplated in the Transaction Documents) over all
                or any
                of its present or future revenues or
                assets;

            

    

     

    
      	
               

            	
              (b)

            	
              conflict
                with any document which is binding upon it or any of its
                assets;

            

    

     

    
      	
               

            	
              (c)

            	
              conflict
                with its constitutional documents;
                or

            

    

     

    
      	
               

            	
              (d)

            	
              conflict
                with any law, regulation or official or judicial order of any government,
                governmental body or court, domestic or foreign, having jurisdiction
                over
                it.

            

    

    
      	
              13.6

            	
              No
                litigation: It is not a party to any material litigation,
                arbitration or administrative 

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    proceedings
      and, to its knowledge, no material
      litigation, arbitration or administrative proceedings are pending or threatened
      against it.

     

    
      	
              13.7

            	
              No
                default: No Funding 2 Intercompany Loan Event of Default is
                continuing unremedied (if capable of remedy) or unwaived or would
                result
                from the making of any Loan
                Tranche.

            

    

     

    
      	
              13.8

            	
              Authorisations:
                All governmental consents, licences and other approvals and authorisations
                required or desirable in connection with the entry into, performance,
                validity and enforceability of, and the transactions contemplated
                by, the
                Transaction Documents have been obtained or effected (as appropriate)
                and
                are in full force and effect.

            

    

     

    
      	
              13.9

            	
              Registration
                requirements: Except for due registration of the Funding 2
                Deed of Charge under Section 395 of the Companies Act 1985, it is
                not
                necessary that the Funding 2 Deed of Charge or this Agreement be
                filed,
                recorded or enrolled with any authority or that, except for registration
                fees payable at Companies Registry in respect of the Funding 2 Deed
                of
                Charge, any stamp, registration or similar tax be paid on or in respect
                thereof.

            

    

     

    
      	
              13.10

            	
              Ranking
                of security: The security conferred by the Funding 2 Deed of
                Charge constitutes a first priority security interest of the type
                described, and over the security assets referred to, in the Funding
                2 Deed
                of Charge and the Funding 2 Charged Property is not subject to any
                prior
                or pari passu Security
                Interests.

            

    

     

    
      	
              13.11

            	
              No
                other business:

            

    

     

    
      	
               

            	
              (a)

            	
              It
                has not traded or carried on any business since its date of incorporation
                or engaged in any activity whatsoever that is not incidental to or
                necessary in connection with any of the activities in which the
                Transaction Documents provide or envisage that it will engage;
                and

            

    

     

    
      	
               

            	
              (b)

            	
              it
                is not party to any material agreements other than the Transaction
                Documents.

            

    

     

    
      	
              13.12

            	
              Ownership:

            

    

     

    
      	
               

            	
              (a)

            	
              Its
                entire issued share capital is legally and beneficially owned and
                controlled by Holdings; and

            

    

     

    
      	
               

            	
              (b)

            	
              its
                shares are fully paid.

            

    

     

    
      	
              13.13

            	
              Good
                title as to assets: Subject to the Security Interests
                created under the Funding 2 Deed of Charge, it is and will remain
                the
                absolute beneficial owner of the Funding 2 Share and absolute legal
                and
                beneficial owner of all other assets charged or assigned by the Funding
                2
                Deed of Charge to which it is a
                party.

            

    

     

    
      	
              13.14

            	
              Repetition:
                The representations in this Clause 13 (Representations and Warranties
                of Funding 2) shall survive the execution of this Agreement and the
                making of each Loan Tranche under this Agreement, and shall be repeated
                by
                Funding 2 on each Closing Date relating to the making of each Loan
                Tranche
                by reference to the facts and
                circumstances then existing.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    
      	
              14.

            	
              Covenants

            

    

     

    
      	
              14.1

            	
              Duration:
                The undertakings in this Clause 14 (Covenants) shall remain in
                force from the date of this Agreement for so long as any amount is
                or may
                be outstanding under this
                Agreement.

            

    

     

    
      	
              14.2

            	
              Information:
                Funding 2 shall supply to the Funding 2 Security Trustee and the
                Rating
                Agencies:

            

    

     

    
      	
               

            	
              (a)

            	
              as
                soon as the same are available its audited accounts for that Financial
                Year; and

            

    

     

    
      	
               

            	
              (b)

            	
              promptly,
                such other information in connection with the matters contemplated
                by the
                Transaction Documents as the Funding 2 Security Trustee or the Rating
                Agencies may reasonably request.

            

    

     

    
      	
              14.3

            	
              Notification
                of Default: Funding 2 shall notify the Master Issuer and the
                Funding 2 Security Trustee of any Funding 2 Intercompany Loan Event
                of
                Default (and the steps, if any, being taken to remedy it) or any
                event
                which with the giving of notice or lapse of time or certification
                would
                constitute the same promptly upon Funding 2 becoming aware of the
                occurrence of each Funding 2 Intercompany Loan Event of Default or
                such
                other event.

            

    

     

    
      	
              14.4

            	
              Authorisations:
                Funding 2 shall promptly:

            

    

     

    
      	
               

            	
              (a)

            	
              obtain,
                maintain and comply with the terms of;
                and

            

    

     

    
      	
               

            	
              (b)

            	
              upon
                request, supply certified copies to the Master Issuer and the Funding
                2
                Security Trustee of,

            

    

     

    any
      authorisation required under any law or regulation to enable it to perform
      its
      obligations under, or for the validity or enforceability of, any Transaction
      Document to which it is a party.

     

    
      	
              14.5

            	
              Pari
                passu ranking: Funding 2 shall procure that its obligations
                under the Transaction Documents do and will rank at least pari
                passu with all its other present and future unsecured obligations,
                except for obligations mandatorily preferred by
                law.

            

    

     

    
      	
              14.6

            	
              Negative
                pledge: Funding 2 shall not create or permit to subsist any
                Security Interest over or in respect of any of its assets (unless
                arising
                by operation of law) other than as provided pursuant to the Transaction
                Documents.

            

    

     

    
      	
              14.7

            	
              Disposals;
                Mergers and Acquisitions: Funding 2 shall not, either in a
                single transaction or in a series of transactions, whether related
                or not
                and whether voluntarily or involuntarily, sell, assign, transfer,
                lease or
                otherwise dispose of or grant any option over all or any part of
                its
                assets, properties or undertakings or any interest, estate, right,
                title
                or benefit therein, other than as provided for pursuant to the Transaction
                Documents.  In addition to the
                foregoing:

            

    

     

    
      	
               

            	
              (a)            Funding
                2 shall not enter into any amalgamation, demerger, merger or
                reconstruction; and

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              (b)

            	
              Funding
                2 shall not acquire any assets or business or make any investments
                other
                than as contemplated in the Transaction
                Documents.

            

    

     

    
      	
              14.8

            	
              Lending
                and borrowing:

            

    

     

    
      	
               

            	
              (a)

            	
              Except
                as provided or contemplated under the Transaction Documents, Funding
                2
                shall not make any loans or provide any other form of credit to any
                person.

            

    

     

    
      	
               

            	
              (b)

            	
              Funding
                2 shall not give any guarantee or indemnity to or for the benefit
                of any
                person in respect of any obligation of any other person or enter
                into any
                document under which Funding 2 assumes any liability of any other
                person.

            

    

     

    
      	
               

            	
              (c)

            	
              Funding
                2 shall not incur any indebtedness in respect of any borrowed money
                other
                than under the Transaction
                Documents.

            

    

     

    
      	
              14.9

            	
              Shares
                and dividends: Funding 2 shall
                not:

            

    

     

    
      	
               

            	
              (a)

            	
              declare
                or pay any dividend or make any other distribution in respect of
                any of
                its shares other than in accordance with the Funding 2 Deed of
                Charge;

            

    

     

    
      	
               

            	
              (b)

            	
              issue
                any further shares or alter any rights attaching to its issued shares
                as
                at the date hereof; or

            

    

     

    
      	
               

            	
              (c)

            	
              repay
                or redeem any of its share capital.

            

    

     

    
      	
              14.10

            	
              Change
                of business:

            

    

     

    
      	
               

            	
              (a)

            	
              Funding
                2 shall not carry on any business or engage in any activity other
                than as
                contemplated by the Transaction Documents or which is not incidental
                to or
                necessary in connection with any of the activities in which the
                Transaction Documents provide or envisage that Funding 2 will
                engage.

            

    

     

    
      	
               

            	
              (b)

            	
              Other
                than in respect of the Master Issuer (and any other Funding 2 Issuer),
                Funding 2 shall not have any subsidiaries or subsidiary undertakings
                as
                defined in the Companies Act 1985, as
                amended.

            

    

     

    
      	
               

            	
              (c)

            	
              Funding
                2 shall not own any premises.

            

    

     

    
      	
              14.11

            	
              Tax:  Funding
                2 shall not apply to become part of any group for the purposes of
                section
                43 of the Value Added Tax Act 1994 (as amended) with the Master Issuer
                unless required to do so by law.

            

    

     

    
      	
              14.12

            	
              United
                States Activities: Funding 2 will not engage in any
                activities in the United States (directly or through agents), will
                not
                derive any income from United States sources as determined under
                United
                States income tax principles and will not hold any property if doing
                so
                would cause it to be engaged or deemed to be engaged in a trade or
                business within the United States as determined under United States
                tax
                principles.

            

    

     

    
      	
              14.13

            	
              Funding
                2 Ledgers: Funding 2 shall maintain, or cause to be
                maintained, the Funding 2 Ledgers in accordance with the Cash Management
                Agreement.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              14.14

            	
              Funding
                2 Liquidity Reserve Fund: Funding 2 will establish the
                Funding 2 Liquidity Reserve Fund and the Funding 2 Liquidity Reserve
                Ledger, should the long-term, unsecured, unsubordinated and unguaranteed
                debt obligations of the Seller cease to be rated at least A3 by Moody's
                or
                A- by Fitch (unless Moody's or Fitch, as applicable, confirms the
                then
                current ratings of the Notes of the Master Issuer will not be adversely
                affected by such ratings downgrade).  Any such Funding 2
                Liquidity Reserve Fund and Funding 2 Liquidity Reserve Ledger shall
                be
                established and maintained in accordance with the provisions of the
                Cash
                Management Agreement.

            

    

     

    
      	
              15.

            	
              Default

            

    

     

    
      	
              15.1

            	
              Funding
                2 Intercompany Loan Events of Default: Each of the events
                set out in Clause 15.2 (Non-payment) to Clause 15.8
                (Ownership) (both inclusive) is a Funding 2 Intercompany Loan
                Event of Default (whether or not caused by any reason whatsoever
                outside
                the control of Funding 2 or any other
                person).

            

    

     

    
      	
              15.2

            	
              Non-payment:
                Subject to Clause 5.1 (Recourse limited to available funds),
                Funding 2 does not pay on the due date or such failure to pay continues
                for a period of five London Business Days after such due date any
                amount
                payable by it under any Funding 2 Intercompany Loan Agreement at
                the place
                at and in the currency in which it is expressed to be
                payable.

            

    

     

    
      	
              15.3

            	
              Breach
                of other obligations: Funding 2 does not comply in any
                material respect (in the opinion of the Funding 2 Security Trustee)
                with
                any of its obligations under the Transaction Documents to which it
                is a
                party (other than those referred to in Clause 15.2 (Non-payment))
                and such non-compliance, if capable of remedy, is not remedied promptly
                and in any event within twenty London Business Days of Funding 2
                becoming
                aware of the non-compliance or receipt of a written notice from the
                Funding 2 Security Trustee requiring Funding 2's non-compliance to
                be
                remedied.

            

    

     

    
      	
              15.4

            	
              Misrepresentation:
                A representation, warranty or statement made or repeated in or in
                connection with any Transaction Document or in any document delivered
                by
                or on behalf of Funding 2 under or in connection with any Transaction
                Document is incorrect in any material respect (in the opinion of
                the
                Funding 2 Security Trustee) when made or deemed to be made or
                repeated.

            

    

     

    
      	
              15.5

            	
              Insolvency:

            

    

     

    
      	
               

            	
              (a)

            	
              An
                order is made or an effective resolution is passed for the winding
                up of
                Funding 2 (except, in any such case, a winding-up or dissolution
                for the
                purpose of a reconstruction, amalgamation or merger the terms of
                which
                have been previously approved by the Funding 2 Security Trustee;
                or

            

    

     

    
      	
               

            	
              (b)

            	
              Except
                for the purposes of an amalgamation, merger or restructuring as described
                in (a) above, Funding 2 ceases or threatens to cease to carry on
                all or a
                substantial part of its business or stops payment or threatens to
                stop
                payment of its debts or is deemed unable to pay its debts within
                the
                meaning of Section 123(a), (b), (c) or (d) of the Insolvency Act
                1986 (as
                amended, modified or re enacted)
                or becomes unable to pay its debts within the meaning of Section
                132(2) of
                the Insolvency Act 1986 (as amended, modified or re-enacted);
                or

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              (c)

            	
              Proceedings
                are otherwise initiated against Funding 2 under any applicable
                liquidation, insolvency, composition, reorganisation or other similar
                laws
                (including, but not limited to, presentation of a petition for an
                administration order or the making of an application for an administration
                order or the filing of documents for an administration order) and
                (except
                in the case of presentation of a petition for or making an application
                for
                or filing of any documents for an administration order) such Proceedings
                are not, in the opinion of the Funding 2 Security Trustee being disputed
                in good faith with a reasonable prospect of success; or a formal
                notice is
                given of intention to appoint an administrator; or an administration
                order
                is granted or an administrative receiver or other receiver, liquidator
                or
                other similar official is appointed in relation to Funding 2 or in
                relation to the whole or any substantial part of the undertaking
                or assets
                of Funding 2; or an encumbrancer taking possession of the whole or
                any
                substantial part of the undertaking or assets of Funding 2; or a
                distress,
                execution, diligence or other process is levied or enforced upon
                or sued
                out against the whole or any substantial part of the undertaking
                or assets
                of Funding 2 and such possession or process (as the case may be)
                is not
                discharged or not otherwise cease to apply within 30 days; or Funding
                2
                initiates or consents to judicial proceedings relating to itself
                under
                applicable liquidation, insolvency, composition, reorganisation or
                other
                similar laws or makes a conveyance or assignment for the benefit
                of its
                creditors generally.

            

    

     

    
      	
              15.6

            	
              Unlawfulness:
                It is or becomes unlawful for Funding 2 to perform any of its obligations
                under any Transaction Document.

            

    

     

    
      	
              15.7

            	
              The
                Funding 2 Deed of Charge: The Funding 2 Deed of Charge is no
                longer binding on or enforceable against Funding 2 or effective to
                create
                the security intended to be created by
                it.

            

    

     

    
      	
              15.8

            	
              Ownership:
                The entire issued share capital of Funding 2 ceases to be legally
                and
                beneficially owned and controlled by
                Holdings.

            

    

     

    
      	
              15.9

            	
              Acceleration
                of Global Intercompany Loan: Upon the Funding 2 Security
                Trustee's receipt from the Master Issuer or other party to a Transaction
                Document of notice of the occurrence of a Funding 2 Intercompany
                Loan
                Event of Default which is continuing unremedied and/or has not been
                waived, the Funding 2 Security Trustee may by written notice to Funding
                2
                (a "Funding 2 Intercompany Loan Enforcement Notice")
                which is copied to each of the Funding 2 Secured Creditors and the
                Mortgages Trustee:

            

    

     

    
      	
               

            	
              (a)

            	
              declare
                all Loan Tranches made under this Agreement to be immediately due
                and
                payable, whereupon the same shall, subject to Clause 15.10 (Repayment
                of Global Intercompany Loan on acceleration), become so payable
                together with accrued interest thereon and any other sums then owed
                by
                Funding 2 under this Agreement;
                and/or

            

    

    
      	
               

            	
              (b)

            	
              declare
                the Loan Tranches to be due and payable on demand of the Funding
                2
                Security Trustee.

            

    

     

    
      	
              15.10

            	
              Repayment
                of Global Intercompany Loan on acceleration: Upon the
                Funding 2 

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Security
      Trustee declaring the Loan Tranches to be
      immediately due and payable pursuant to Clause 15.9
      (Acceleration of Global Intercompany Loan), the amount due and payable
      in respect of each Loan Tranche shall be paid by Funding 2 without penalty
      or
      premium but subject to Clause 16 (Default interest and
      indemnity).

     

    
      	
              16.

            	
              Default
                Interest and Indemnity

            

    

     

    
      	
              16.1

            	
              Default
                Loan Interest Periods: If any sum due and payable by Funding
                2 under a Loan Tranche is not paid on the due date for payment in
                accordance with this Agreement or if any sum due and payable by Funding
                2
                under any judgment or decree of any court in connection with this
                Agreement is not paid on the date of such judgment or decree, the
                period
                beginning on such due date or, as the case may be, the date of such
                judgment or decree and ending on the date upon which the obligation
                of
                Funding 2 to pay such sum (the balance thereof for the time being
                unpaid
                being herein referred to as an "unpaid sum") is
                discharged shall be divided into successive periods, each of which
                (other
                than the first) shall start on the last day of the preceding such
                period
                and the duration of each of which shall (except as otherwise provided
                in
                this Clause 16) be selected by the Funding 2 Security Trustee having
                regard to when such unpaid sum is likely to be
                paid.

            

    

     

    
      	
              16.2

            	
              Default
                interest: During each such period relating to an unpaid sum
                as is mentioned in this Clause 16 an unpaid sum shall bear interest
                at the
                rate per annum which the Master Issuer, acting reasonably, determines
                and
                certifies to Funding 2 and the Funding 2 Security Trustee will be
                sufficient to enable it to pay interest and other costs and indemnities
                on
                or in respect of any amount which the Master Issuer does not pay
                as a
                result of Funding 2's non-payment under this Agreement, as a result
                of
                such unpaid sum not being paid to
                it.

            

    

     

    
      	
              16.3

            	
              Payment
                of default interest: Any interest which shall have accrued
                under Clause 16.2 (Default interest) in respect of an unpaid sum
                shall be due and payable and shall be paid by Funding 2 at the end
                of the
                period by reference to which it is calculated or on such other date
                or
                dates as the Funding 2 Security Trustee may specify by written notice
                to
                Funding 2.

            

    

     

    
      	
              16.4

            	
              Broken
                periods: Funding 2 shall forthwith on demand indemnify the
                Master Issuer against any loss or liability that the Master Issuer
                incurs
                as a consequence of any payment of principal for a Loan Tranche being
                received from any source otherwise than on a Loan Payment Date for
                such
                Loan Tranche or an overdue amount being received otherwise than on
                its due
                date.

            

    

     

    
      	
              16.5

            	
              Funding
                2's payment indemnity: Funding 2 undertakes to indemnify the
                Master Issuer:

            

    

     

    
      	
               

            	
              (a)

            	
              against
                any cost, claim, loss, expense (including legal fees) or liability
                together with any amount in respect of Irrecoverable VAT thereon
                (other
                than by reason of the negligence or wilful default by the Master
                Issuer)
                which it may sustain or incur as a consequence of the occurrence
                of any
                Funding 2 Intercompany Loan Event of Default or any default by Funding
                2
                in the performance of any of the obligations expressed to be assumed
                by it
                in any of the Transaction Documents (other than by reason of negligence
                or
                wilful 

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              default
                on the part of the Master Issuer or prior breach by the Master Issuer
                of
                the terms of any of the Transaction Documents to which it is a party);
                and

            

    

     

    
      	
               

            	
              (b)

            	
              against
                any other loss or liability (other than by reason of the negligence
                or
                default of the Master Issuer or breach by the Master Issuer of the
                terms
                of any of the Transaction Documents to which it is a party (except
                where
                such breach is caused by the prior breach of Funding 2) or loss of
                profit)
                it may suffer by reason of having made a Loan Tranche available or
                entering into this Agreement or enforcing any security granted pursuant
                to
                the Funding 2 Deed of Charge.

            

    

     

    
      	
              17.

            	
              Payments

            

    

     

    
      	
              17.1

            	
              Payment:

            

    

     

    
      	
               

            	
              (a)

            	
              Subject
                to Clause 5 (Limited Recourse), all amounts of interest and
                principal to be paid to the Master Issuer under this Agreement shall
                be
                paid in Sterling for value by Funding 2 to the Issuer Transaction
                Account
                and the relevant irrevocable payment instruction for such payment
                shall be
                given by Funding 2 by no later than noon to the Issuer Cash Manager
                under
                the Issuer Cash Management Agreement (with a copy to the Master Issuer
                and
                the Funding 2 Security Trustee) on the Distribution Date immediately
                preceding the relevant Loan Payment
                Date.

            

    

     

    
      	
               

            	
              (b)

            	
              On
                each date on which this Agreement requires any amount other than
                the
                amounts specified in Clause 17.1(a) to be paid by Funding 2, Funding
                2
                shall, save as provided otherwise herein, make the same available
                to the
                Master Issuer by payment in Sterling in immediately available, freely
                transferable, cleared funds to the Issuer Transaction
                Account.

            

    

     

    
      	
              17.2

            	
              Alternative
                payment arrangements: If, at any time, it shall become
                impracticable (by reason of any action of any governmental authority
                or
                any change in law, exchange control regulations or any similar event)
                for
                Funding 2 to make any payments under this Agreement in the manner
                specified in Clause 17.1 (Payment), then Funding 2 shall make
                such alternative arrangements for the payment direct to the Master
                Issuer
                of amounts due under this Agreement as are acceptable to the Funding
                2
                Security Trustee.

            

    

     

    
      	
              17.3

            	
              No
                set-off: All payments required to be made by Funding 2 under
                this Agreement shall be calculated without reference to any set-off
                or
                counterclaim and shall be made free and clear of, and without any
                deduction for or on account of, any set-off or
                counterclaim.

            

    

     

    
      	
              18.

            	
              Entrenched
                Provisions

            

    

     

    Each
      of
      Funding 2, the Master Issuer and the Funding 2 Security Trustee acknowledge
      and
      agree that Funding 2 may from time to time enter into new Funding 2 Intercompany
      Loan Agreements and that the obligation of Funding 2 to repay the Loan Tranches
      made under this Agreement will rank pari passu with the obligations of
      Funding 2 to repay any such other loans made under such Funding 2 Intercompany
      Loan Agreements.  If Funding 2 intends to enter into a new Funding 2
      Intercompany 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Loan
      Agreement then the provisions of this Agreement may be varied (with the consent
      of the parties to this Agreement to the extent necessary to reflect the terms
      of
      that Funding 2 Intercompany Loan Agreement) PROVIDED THAT no variation shall
      be
      made to any of the following terms without the prior written consent of the
      Funding 2 Secured Creditors and the Rating Agencies:

     

    
      	
               

            	
              (a)

            	
              the
                Loan Payment Dates;

            

    

     

    
      	
               

            	
              (b)

            	
              Clause
                5 (Limited Recourse);

            

    

     

    
      	
               

            	
              (c)

            	
              Clause
                10 (Taxes); and

            

    

     

    
      	
               

            	
              (d)

            	
              Clause
                19.5 (Funding 2 Security
                Trustee).

            

    

     

    
      	
              19.

            	
              Further
                Provisions

            

    

     

    
      	
              19.1

            	
              Evidence
                of indebtedness: In any proceeding, action or claim relating
                to a Loan Tranche a statement as to any amount due to the Master
                Issuer
                under such Loan Tranche which is certified as being correct by an
                officer
                of the Funding 2 Security Trustee shall, unless otherwise provided
                in this
                Agreement, be prima facie evidence that such amount is in fact due
                and
                payable.

            

    

     

    
      	
              19.2

            	
              Entire
                Agreement, Amendments and Waiver and Rights
                cumulative:

            

    

     

    
      	
               

            	
              (a)

            	
              Entire
                Agreement: This Agreement sets out the entire agreement and
                understanding between the parties with respect to the subject matter
                of
                this Agreement superseding all prior oral or written understandings
                other
                than the other Transaction
                Documents.

            

    

     

    
      	
               

            	
              (b)

            	
              Amendments
                and Waiver: Subject to Clause 18 (Entrenched Provisions), no
                amendment or waiver of any provision of this Agreement nor consent
                to any
                departure by any of the parties therefrom shall in any event be effective
                unless the same shall be in writing and signed by each of the parties
                hereto.  In the case of a waiver or consent, such waiver or
                consent shall be effective only in the specific instance and as against
                the party or parties giving it for the specific purpose for which
                it is
                given.

            

    

     

    
      	
               

            	
              (c)

            	
              Rights
                cumulative: The respective rights of each of the parties to this
                Agreement are cumulative and may be exercised as often as they consider
                appropriate. No failure on the part of any party to exercise, and
                no delay
                in exercising, any right hereunder shall operate as a waiver thereof,
                nor
                shall any single or partial exercise of any such right preclude any
                other
                or further exercise thereof or the exercise of any other right. The
                remedies in this Agreement are cumulative and not exclusive of any
                remedies provided by law.

            

    

     

    
      	
              19.3

            	
              Assignment:  Neither
                the Master Issuer nor Funding 2 may assign or transfer any of its
                respective rights and obligations under this Agreement PROVIDED
                THAT:

            

    

    

      
        	
              	
                (a)

              	
                the
                  Master Issuer may assign its rights, title, interest or benefit
                  hereunder
                  to the Issuer Security Trustee pursuant to the Issuer Deed of
                  Charge;

              

      

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              (b)

            	
              Funding
                2 may assign its rights hereunder to the Funding 2 Security Trustee
                pursuant to the Funding 2 Deed of
                Charge.

            

    

     

    
      	
              19.4

            	
              Severability:  Where
                any provision in or obligation under this Agreement shall be invalid,
                illegal or unenforceable in any jurisdiction, the validity, legality
                and
                enforceability of the remaining provisions or obligations under this
                Agreement, or of such provision or obligation in any other jurisdiction,
                shall not be affected or impaired
                thereby.

            

    

     

    
      	
              19.5

            	
              Funding
                2 Security Trustee:

            

    

     

    
      	
               

            	
              (a)

            	
              The
                Funding 2 Security Trustee shall have no responsibility for any of
                the
                obligations of any other party to this Agreement (other than
                itself).  For the avoidance of doubt, the parties to this
                Agreement acknowledge that the rights and obligations of the Funding
                2
                Security Trustee under this Agreement are governed by the Funding
                2 Deed
                of Charge.

            

    

     

    
      	
               

            	
              (b)

            	
              As
                between the Funding 2 Security Trustee and the parties hereto any
                liberty
                or power which may be exercised or any determination which may be
                made
                hereunder by the Funding 2 Security Trustee may be exercised or made
                in
                the Funding 2 Security Trustee's absolute discretion without any
                obligation to give reasons therefor, but in any event must be exercised
                or
                made in accordance with the provisions of the Funding 2 Deed of
                Charge.

            

    

     

    
      	
              19.6

            	
              Counterparts:
                This Agreement may be executed in any number of counterparts (manually
                or
                by facsimile) and by different parties hereto in separate counterparts,
                each of which when so executed shall be deemed to be an original
                and all
                of which when taken together shall constitute one and the same
                instrument.

            

    

     

    
      	
              19.7

            	
              Third
                Party Rights: A person who is not a party to this Agreement
                may not enforce any of its terms under the Contracts (Rights of Third
                Parties) Act 1999, but this shall not affect any right or remedy
                of a
                third party which exists or is available apart from that
                Act.

            

    

     

    
      	
              19.8

            	
              Corporate
                Obligations:  To the extent permitted by law, no
                recourse under any obligation, covenant, or agreement of any person
                contained in this Agreement shall be had against any shareholder,
                officer
                or director of such person as such, by the enforcement of any assessment
                or by any legal proceeding, by virtue of any statute or otherwise;
                it
                being expressly agreed and understood that this Agreement is a corporate
                obligation of each person expressed to be a party hereto and no personal
                liability shall attach to or be incurred by the shareholders, officers,
                agents or directors of such person as such, or any of them, under
                or by
                reason of any of the obligations, covenants or agreements of such
                person
                contained in this Agreement, or implied therefrom, and that any and
                all
                personal liability for breaches by such person of any of such obligations,
                covenants or agreements, either under any applicable law or by statute
                or
                constitution, of every such shareholder, officer, agent or director
                is
                hereby expressly waived by each person expressed to be a party hereto
                as a
                condition of and consideration for the execution of this
                Agreement.

            

    

     

    
      	
              20.

            	
              Redenomination

            

    

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Each
      obligation under this Agreement which has been denominated in Sterling shall
      be
      redenominated in Euro in accordance with applicable legislation passed by the
      European Monetary Union upon such redenomination of the Sterling
      Notes.

     

    
      	
              21.

            	
              Notices

            

    

     

    Any
      notices or other communication or document to be given or delivered pursuant
      to
      this Agreement to any of the parties hereto shall be sufficiently served if
      sent
      by prepaid first class post, by hand or by facsimile transmission and shall
      be
      deemed to be given (in the case of facsimile transmission) when despatched
      or
      (where delivered by hand) on the day of delivery if delivered before 17.00
      hours
      on a London Business Day or on the next London Business Day if delivered
      thereafter or (in the case of first class post) when it would be received in
      the
      ordinary course of the post and shall be sent:

     

    
      	
               

            	
              (a)

            	
              in
                the case of the Master Issuer, to Granite Issuer Master plc, Fifth
                Floor,
                100 Wood Street, London EC2V 7EX (facsimile number 020 7606 0643)
                for the
                attention of the Company Secretary with a copy to Northern Rock plc,
                Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL (facsimile
                number 0191 213 2203) for the attention of the Group
                Secretary;

            

    

     

    
      	
               

            	
              (b)

            	
              in
                the case of  Funding 2, to Granite Finance Funding 2 Limited,
                Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile number 020
                8409
                8911) for the attention of the Company Secretary (with a copy to
                Northern
                Rock plc, Northern Rock House, Gosforth, Newcastle upon Tyne NE3
                4PL
                (facsimile number 0191 213 2203) for the attention of the Group
                Secretary);

            

    

     

    
      	
               

            	
              (c)

            	
              in
                the case of Funding 2 Security Trustee, to The Bank of New York,
                40th
                Floor, One Canada Square, London, E14 5AL (facsimile number 020 7964
                4637)
                for the attention of the Trustee Administration Manager;
                and

            

    

     

    
      	
               

            	
              (d)

            	
              in
                the case of Agent Bank, to Citibank, N.A., Citigroup Centre, Canada
                Square, Canary Wharf, London E14 5LB, (facsimile number 020 7508
                3881) for
                the attention of Rate Fixing,

            

    

     

    or
      to
      such other address or facsimile number or for the attention of such other person
      or entity as may from time to time be notified by any party to the others by
      written notice in accordance with the provisions of this Clause
      22.  All notices served under this Agreement shall be simultaneously
      copied to the Funding 2 Security Trustee by the person serving the
      same.

     

    
      	
              22.

            	
              Governing
                Law and Submission to
                Jurisdiction

            

    

     

    
      	
              22.1

            	
              Governing
                Law:  This Agreement is governed by, and shall be
                construed in accordance with, English
                law.

            

    

     

    
      	
              22.2

            	
              Submission
                to Jurisdiction: Each of the parties hereto irrevocably
                agrees that the courts of England shall have jurisdiction to hear
                and
                determine any suit, action or proceeding, and to settle any disputes,
                which may arise out of or in connection with this Agreement and,
                for such
                purposes, irrevocably submits to the jurisdiction of such courts.

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	
              22.3

            	
              Forum:
                Each of the parties hereto irrevocably waives any objection which
                it might
                now or hereafter have to the courts of England being nominated as
                the
                forum to hear and determine any suit, action or proceeding and to
                settle
                any disputes, and agrees not to claim that any such court is not
                a
                convenient or appropriate forum.

            

    

     

    IN
      WITNESS WHEREOF the parties have caused this Agreement to be duly
      executed on the day and year first before written.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    FORM
      OF LOAN TRANCHE SUPPLEMENT

     

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    Dated
      [•]

     

    GRANITE
      FINANCE FUNDING 2 LIMITED

    as
      Funding 2

    

     

    GRANITE
      MASTER ISSUER PLC

     

    as
      Master
      Issuer

     

    

     

    THE
      BANK OF NEW YORK

     

    as
      Funding 2 Security Trustee

     

    

     

    CITIBANK,
      N.A.

    as
      Agent
      Bank

    

    

     
      
        

      

    

    
      LOAN
        TRANCHE SUPPLEMENT

      
        
 

       

       

       

       

      

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    THIS
      LOAN TRANCHE SUPPLEMENT is dated [•] between:

     

    
      	
              (1)

            	
              GRANITE
                FINANCE FUNDING 2 LIMITED (registered number 5249387) a private
                limited liability company incorporated under the laws of England
                and Wales
                whose registered office is at Fifth Floor, 100 Wood Street, London
                EC2V
                7EX as Funding 2;

            

    

     

    
      	
              (2)

            	
              GRANITE
                MASTER ISSUER PLC (registered number 5250668) a public limited
                company incorporated under the laws of England and Wales whose registered
                office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as Master
                Issuer;

            

    

     

    
      	
              (3)

            	
              THE
                BANK OF NEW YORK, acting through its office at 40th Floor, One
                Canada Square, London E14 5AL in its capacity as the Funding 2 Security
                Trustee; and

            

    

     

    
      	
              (4)

            	
              CITIBANK,
                N.A., acting through its office at Citigroup Centre, Canada
                Square, Canary Wharf, London E14 5LB in its capacity as the Agent
                Bank.

            

    

     

    This
      document constitutes the Loan Tranche Supplement relating to the Loan Tranches
      described herein. Terms used herein shall be deemed to be defined as such for
      the purposes of the Global Intercompany Loan Agreement entered into between
      the
      parties hereto on 19 January, 2005. This Loan Tranche Supplement contains the
      final terms of the Loan Tranches identified and described herein, is
      supplemental to and must be read in conjunction with the Global Intercompany
      Loan Agreement.

     

    [To
      be repeated for each Loan Tranche funded by Notes of each class of the same
      Series]

     

    
      	
              Loan
                Tranche:  The Series [•] Class [•] Notes will fund the
                [identifier] Loan Tranche which shall have the following
                terms:

            
	 
	
              1.

            	
              Borrower:

            	
              Granite
                Finance Funding 2 Limited

            
	 	 	 
	
              2.

            	
              Lender:

            	
              Granite
                Master Issuer plc

            
	 	 	 
	
              3.

            	
              (i)        Loan
                Tranche Rating:

            	
              [•]

            
	 	 	 
	 	
              (ii)       Series
                Number:

            	
              [•]

            
	 	 	 
	
              4.

            	
              Initial
                Outstanding Principal Balance:

            	
              [•]

            
	 	 	 
	
              5.

            	
              (i)        Closing
                Date:

            	
              [•]

            
	 	 	 
	 	
              (ii)      
                Loan Tranche Interest Commencement Date:

            	
              [•]

            
	 	 	 
	 	
              (iii)     
                Loan Tranche Interest Reset Dates:

            	
              The
                Monthly Payment Date specified herein falling in [•], [•], [•] and [•] of
                each year or, following the earlier to occur of the Step-Up Date
                in
                relation to this Loan Tranche or a Pass-Through Trigger Event, each
                Monthly Payment Date specified herein of each
                year.

            

    

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    
 

    
      	
              6.

            	
              Final
                Repayment Date:

            	
              [•]

            
	 	 	 
	
              7.

            	
              Payment
                Dates:

               

            	 
	 	
              (a)           Monthly
                Payment Dates

            	
              The
                date falling on the [l]th
                day of each
                calendar month subject to the Business Day Convention specified for
                the
                Series [l]
                Class [l]
                Notes in the applicable Final Terms

            
	 	 	 
	 	
              (b)           Loan
                Payment Dates

            	
              Each
                Monthly Payment Date specified herein in each year up to and including
                the
                Final Repayment Date

            
	 	 	 
	
              8.

            	
              Initial
                Relevant Screen Rate:

            	
              [•]

            
	 	 	 
	
              9.

            	
              Loan
                Reference Rate:

            	
              [•]
                or, following the earlier to occur of the Step-Up Date in relation
                to this
                Loan Tranche or a Pass-Through Trigger Event, LIBOR for one-month
                sterling
                deposits

            
	 	 	 
	
              10.

            	
              Relevant
                Margin:

            	
              [•]

            
	 	 	 
	
              11.

            	
              Step-Up
                Date:

            	
              [Not
                Applicable/The Loan Payment Date occurring in [specify
                date]]

              (If
                not applicable, delete the remaining parts of this
                sub-paragraph)

            
	 	 	 
	
              12.

            	
              Relevant
                Margin following Step-Up Date:

            	
              [Not
                Applicable/[•]]

            
	 	 	 
	
              13.

            	
              Redemption/Payment
                Basis:

            	
              [Redemption
                at par]

              [Index
                Linked Redemption]

              [Bullet
                Redemption]

              [Scheduled
                Redemption]

              [Controlled
                Amortisation]

              [Pass-through]

            
	 	 	 
	
              14.

            	
              Change
                of Redemption/Payment Basis:

            	
              [Specify
                details of any provision for change of Loan Tranches into another
                Redemption/Payment Basis

            
	 	 	 
	
              15.

            	
              Details
                relating to Bullet Loan Tranche:

            	
              [Applicable/Not
                Applicable]

               

              [if
                not applicable, delete the remaining sub-paragraphs of this
                paragraph]

               

            
	 	
              (i)           
                Bullet Repayment Loan Amount:

            	
              [•]

            
	 	 	 
	 	
              (ii)           Bullet
                Redemption Date:

            	
              [•]

            

    

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    
 

    
      	
              16.

            	
              Details
                relating to Scheduled Repayment Loan Tranche:

               

            	
              [Applicable/Not
                Applicable]

               

              [If
                the Scheduled Repayment Loan Tranche is applicable, specify the Scheduled
                Repayment Dates and Scheduled Repayment Loan Instalments
                below]

              [if
                not applicable, delete the remaining sub-paragraphs of this
                paragraph]

            
	 	 	 
	 	
              Scheduled
                Repayment Dates

              Loan
                Repayment Dates occurring in:

              [•]

            	
              Scheduled
                Repayment Loan Instalment:

               

              [•]

            
	 	 	 
	
              17.

            	
              Details
                relating to Controlled Repayment Loan Tranche:

               

            	
              [Applicable/Not
                Applicable]

               

              [If
                the Controlled Repayment Loan Tranche is applicable, specify the
                Target
                Balance for each Loan Payment Date below]

              [if
                not applicable, delete the remaining sub-paragraphs of this
                paragraph]

            
	 	 	 
	 	
              Controlled
                Repayment Dates

              Loan
                Payment Date occurring in:

              [•]

            	
              Target
                Balance:

               

              [•]

            
	 	 	 
	
              18.

            	
              Details
                relating to Pass-through Loan Tranches:

            	
              [Applicable/Not
                Applicable]

               

              [If
                the Pass-through Loan Tranche is applicable, specify the Loan Payment
                Date
                following which the Pass-Through Loan Tranches will be
                due]

               

              [If
                not applicable, delete the remaining sub-paragraphs of this
                paragraph].

            
	 	 	 
	
              19.

            	
              Other
                terms and special conditions:

            	
              [Not
                Applicable/give details]

            

    

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    
Confirmations:

     

    
      Funding
        2
        confirms that:

       

      
        	
                (a)

              	
                no
                  Funding 2 Intercompany Loan Event of Default has occurred and is
                  continuing which has not been waived, or would result from the
                  making of
                  such  Loan Tranche;

              

      

       

      
        	
                (b)

              	
                the
                  representations and warranties set out in Clause 13 (Representations
                  and Warranties of Funding 2) are true on and as of the Closing Date
                  specified in this Loan Tranche Supplement by reference to the facts
                  and
                  circumstances then existing; and

              

      

       

      
        	
                (c)

              	
                as
                  of the Closing Date specified in this Loan Tranche Supplement,
                  there is no
                  debit balance on the Funding 2 Principal Deficiency
                  Ledger.

              

      

       

      The
        Master Issuer confirms that:

       

      
        	
                (a)

              	
                no
                  Issuer Event of Default has occurred and is continuing which has
                  not been
                  waived, or would result from the making of such  Loan
                  Tranche;

              

      

       

      
        	
                (b)

              	
                the
                  aggregate amount of the Loan Tranches to be made on the Closing
                  Date
                  specified in this Loan Tranche Supplement and any Loan Tranches
                  outstanding on such Closing Date do not exceed the Total Credit
                  Commitment.

              

      

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    EXECUTION
      PAGE

    for
      Loan Tranche Supplement

     

     

    

      
        	
                as
                  Funding 2

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                GRANITE
                  FINANCE FUNDING 2 LIMITED

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 
	 	 
	 	 
	 	 
	
                as
                  Master Issuer

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                GRANITE
                  MASTER ISSUER PLC

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 
	 	 
	
                as
                  Funding 2 Security Trustee

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                THE
                  BANK OF NEW YORK

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 
	 	 
	
                as
                  Agent Bank

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                CITIBANK,
                  N.A.

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 

      

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      
 

      
        	
                EXECUTION
                  PAGE 

              
	 	 
	
                as
                  Funding 2

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                GRANITE
                  FINANCE FUNDING 2 LIMITED

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 
	 	 
	 	 
	 	 
	
                as
                  Master Issuer

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                GRANITE
                  MASTER ISSUER PLC

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 
	 	 
	
                as
                  Funding 2 Security Trustee

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                THE
                  BANK OF NEW YORK

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 
	 	 
	
                as
                  Agent Bank

              	 
	
                EXECUTED
                  for and on behalf of

              	
                )

              
	
                CITIBANK,
                  N.A.

              	
                )

              
	
                by

              	
                )

              
	 	 
	
                _________________________

              	 
	 	 
	
                Name:

              	 

      

       

       

       

      31efc7-1938_ex41.htm

    
      Exhibit
        4.1

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	 	 	 

      

      
                                                      

         

        CWALT,
          INC.,

        Depositor

        

        COUNTRYWIDE
          HOME LOANS, INC.,

        Seller

        

        PARK
          GRANADA LLC,

        Seller

        

        PARK
          MONACO INC.,

        Seller

        

        PARK
          SIENNA LLC,

        Seller

        

        COUNTRYWIDE
          HOME LOANS SERVICING LP,

        Master
          Servicer

        and

        

        THE
          BANK
          OF NEW YORK,

        Trustee

        ___________________________________

         

        POOLING
          AND SERVICING AGREEMENT

        Dated
          as
          of June 1, 2007

        ___________________________________

         

        ALTERNATIVE
          LOAN TRUST 2007-OH2

         

        MORTGAGE
          PASS-THROUGH CERTIFICATES, SERIES 2007-OH2

         

         

        
           

          
            	 	 	 

          

          
                                                          

          

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

                                                      

        

        TABLE
          OF
          CONTENTS

         Page

        

        
          	
                  ARTICLE
                    I DEFINITIONS

                	
                  13

                
	 	 
	
                  SECTION
                    1.01.

                	
                  Defined
                    Terms.

                	
                  13

                
	
                  SECTION
                    1.02.

                	
                  Certain
                    Interpretive Principles.

                	
                  53

                
	 	 	 
	
                  ARTICLE
                    II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
                    WARRANTIES

                	
                  54

                
	 	 
	
                  SECTION
                    2.01.

                	
                  Conveyance
                    of Mortgage Loans.

                	
                  54

                
	
                  SECTION
                    2.02.

                	
                  Acceptance
                    by Trustee of the Mortgage Loans.

                	
                  60

                
	
                  SECTION
                    2.03.

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

                	
                  64

                
	
                  SECTION
                    2.04.

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

                	
                  67

                
	
                  SECTION
                    2.05.

                	
                  Delivery
                    of Opinion of Counsel in Connection with Substitutions.

                	
                  68

                
	
                  SECTION
                    2.06.

                	
                  Execution
                    and Delivery of Certificates.

                	
                  68

                
	
                  SECTION
                    2.07.

                	
                  REMIC
                    Matters.

                	
                  68

                
	
                  SECTION
                    2.08.

                	
                  Covenants
                    of the Master Servicer.

                	
                  68

                
	 	 	 
	
                  ARTICLE
                    III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

                	
                  70

                
	 	 
	
                  SECTION
                    3.01.

                	
                  Master
                    Servicer to Service Mortgage Loans.

                	
                  70

                
	
                  SECTION
                    3.02.

                	
                  Subservicing;
                    Enforcement of the Obligations of Subservicers.

                	
                  71

                
	
                  SECTION
                    3.03.

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

                	
                  71

                
	
                  SECTION
                    3.04.

                	
                  Trustee
                    to Act as Master Servicer.

                	
                  72

                
	
                  SECTION
                    3.05.

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

                	
                  72

                
	
                  SECTION
                    3.06.

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

                	
                  77

                
	
                  SECTION
                    3.07.

                	
                  Access
                    to Certain Documentation and Information Regarding the Mortgage
                    Loans.

                	
                  77

                
	
                  SECTION
                    3.08.

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

                	
                  78

                
	
                  SECTION
                    3.09.

                	
                  Maintenance
                    of Hazard Insurance; Maintenance of Primary Insurance
                    Policies.

                	
                  80

                
	
                  SECTION
                    3.10.

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

                	
                  81

                
	
                  SECTION
                    3.11.

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

                	
                  82

                
	
                  SECTION
                    3.12.

                	
                  Trustee
                    to Cooperate; Release of Mortgage Files.

                	
                  86

                
	
                  SECTION
                    3.13.

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

                	
                  87

                

        

         

         

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

        
 

        
          	
                  SECTION
                    3.14.

                	
                  Servicing
                    Compensation.

                	
                  87

                
	
                  SECTION
                    3.15.

                	
                  Access
                    to Certain Documentation.

                	
                  88

                
	
                  SECTION
                    3.16.

                	
                  Annual
                    Statement as to Compliance.

                	
                  88

                
	
                  SECTION
                    3.17.

                	
                  Errors
                    and Omissions Insurance; Fidelity Bonds.

                	
                  89

                
	
                  SECTION
                    3.18.

                	
                  Notification
                    of Adjustments.

                	
                  89

                
	
                  SECTION
                    3.19.

                	
                  The
                    Swap Contracts.

                	
                  89

                
	
                  SECTION
                    3.20.

                	
                  Prepayment
                    Charges.

                	
                  89

                
	 	 	 
	
                  ARTICLE
                    IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

                	
                  93

                
	 	 
	
                  SECTION
                    4.01.

                	
                  Advances.

                	
                  93

                
	
                  SECTION
                    4.02.

                	
                  Priorities
                    of Distribution.

                	
                  94

                
	
                  SECTION
                    4.03.

                	
                  Allocation
                    of Net Deferred Interest.

                	
                  101

                
	
                  SECTION
                    4.04.

                	
                  [Reserved].

                	
                  101

                
	
                  SECTION
                    4.05.

                	
                  [Reserved].

                	
                  101

                
	
                  SECTION
                    4.06.

                	
                  Monthly
                    Statements to Certificateholders.

                	
                  101

                
	
                  SECTION
                    4.07.

                	
                  Determination
                    of Pass-Through Rates for COFI Certificates.

                	
                  102

                
	
                  SECTION
                    4.08.

                	
                  Determination
                    of Pass-Through Rates for LIBOR Certificates.

                	
                  103

                
	
                  SECTION
                    4.09.

                	
                  Determination
                    of Pass-Through Rates for MTA Certificates.

                	
                  104

                
	
                  SECTION
                    4.10.

                	
                  The
                    Swap Trust and Swap Accounts.

                	
                  104

                
	 	 	 
	
                  ARTICLE
                    V THE CERTIFICATES

                	
                  106

                
	 	 
	
                  SECTION
                    5.01.

                	
                  The
                    Certificates.

                	
                  106

                
	
                  SECTION
                    5.02.

                	
                  Certificate
                    Register; Registration of Transfer and Exchange of
                    Certificates.

                	
                  107

                
	
                  SECTION
                    5.03.

                	
                  Mutilated,
                    Destroyed, Lost or Stolen Certificates.

                	
                  112

                
	
                  SECTION
                    5.04.

                	
                  Persons
                    Deemed Owners.

                	
                  112

                
	
                  SECTION
                    5.05.

                	
                  Access
                    to List of Certificateholders’ Names and Addresses.

                	
                  112

                
	
                  SECTION
                    5.06.

                	
                  Maintenance
                    of Office or Agency.

                	
                  113

                
	 	 	 
	
                  ARTICLE
                    VI THE DEPOSITOR AND THE MASTER SERVICER

                	
                  114

                
	 	 
	
                  SECTION
                    6.01.

                	
                  Respective
                    Liabilities of the Depositor and the Master Servicer.

                	
                  114

                
	
                  SECTION
                    6.02.

                	
                  Merger
                    or Consolidation of the Depositor or the Master Servicer.

                	
                  114

                
	
                  SECTION
                    6.03.

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

                	
                  114

                
	
                  SECTION
                    6.04.

                	
                  Limitation
                    on Resignation of Master Servicer.

                	
                  115

                
	 	 	 
	
                  ARTICLE
                    VII DEFAULT

                	
                  116

                
	 	 
	
                  SECTION
                    7.01.

                	
                  Events
                    of Default.

                	
                  116

                
	
                  SECTION
                    7.02.

                	
                  Trustee
                    to Act; Appointment of Successor.

                	
                  118

                
	
                  SECTION
                    7.03.

                	
                  Notification
                    to Certificateholders.

                	
                  119

                
	 	 	 
	
                  ARTICLE
                    VIII CONCERNING THE TRUSTEE

                	
                  120

                
	 	 
	
                  SECTION
                    8.01.

                	
                  Duties
                    of Trustee.

                	
                  120

                

        

         

         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

        
 

        
          	
                  SECTION
                    8.02.

                	
                  Certain
                    Matters Affecting the Trustee.

                	
                  121

                
	
                  SECTION
                    8.03.

                	
                  Trustee
                    Not Liable for Certificates or Mortgage Loans.

                	
                  122

                
	
                  SECTION
                    8.04.

                	
                  Trustee
                    May Own Certificates.

                	
                  122

                
	
                  SECTION
                    8.05.

                	
                  Trustee’s
                    Fees and Expenses.

                	
                  122

                
	
                  SECTION
                    8.06.

                	
                  Eligibility
                    Requirements for Trustee.

                	
                  123

                
	
                  SECTION
                    8.07.

                	
                  Resignation
                    and Removal of Trustee.

                	
                  123

                
	
                  SECTION
                    8.08.

                	
                  Successor
                    Trustee.

                	
                  125

                
	
                  SECTION
                    8.09.

                	
                  Merger
                    or Consolidation of Trustee.

                	
                  125

                
	
                  SECTION
                    8.10.

                	
                  Appointment
                    of Co-Trustee or Separate Trustee.

                	
                  126

                
	
                  SECTION
                    8.11.

                	
                  Tax
                    Matters.

                	
                  127

                
	
                  SECTION
                    8.12.

                	
                  Monitoring
                    of Significance Percentage.

                	
                  130

                
	 	 	 
	
                  ARTICLE
                    IX TERMINATION

                	
                  131

                
	 	 
	
                  SECTION
                    9.01.

                	
                  Termination
                    upon Liquidation or Purchase of all Mortgage Loans.

                	
                  131

                
	
                  SECTION
                    9.02.

                	
                  Final
                    Distribution on the Certificates.

                	
                  132

                
	
                  SECTION
                    9.03.

                	
                  Additional
                    Termination Requirements.

                	
                  133

                
	
                  SECTION
                    9.04.

                	
                  Auction
                    of the Mortgage Loans and REO Properties.

                	
                  134

                
	 	 	 
	
                  ARTICLE
                    X MISCELLANEOUS PROVISIONS

                	
                  138

                
	 	 
	
                  SECTION
                    10.01.

                	
                  Amendment.

                	
                  138

                
	
                  SECTION
                    10.02.

                	
                  Recordation
                    of Agreement; Counterparts.

                	
                  139

                
	
                  SECTION
                    10.03.

                	
                  Governing
                    Law.

                	
                  140

                
	
                  SECTION
                    10.04.

                	
                  Intention
                    of Parties.

                	
                  140

                
	
                  SECTION
                    10.05.

                	
                  Notices.

                	
                  141

                
	
                  SECTION
                    10.06.

                	
                  Severability
                    of Provisions.

                	
                  143

                
	
                  SECTION
                    10.07.

                	
                  Assignment.

                	
                  143

                
	
                  SECTION
                    10.08.

                	
                  Limitation
                    on Rights of Certificateholders.

                	
                  143

                
	
                  SECTION
                    10.09.

                	
                  Inspection
                    and Audit Rights.

                	
                  144

                
	
                  SECTION
                    10.10.

                	
                  Certificates
                    Nonassessable and Fully Paid.

                	
                  144

                
	
                  SECTION
                    10.11.

                	
                  [Reserved].

                	
                  144

                
	
                  SECTION
                    10.12.

                	
                  Protection
                    of Assets.

                	
                  144

                
	
                  SECTION
                    10.13.

                	
                  Rights
                    of NIM Insurer

                	
                  145

                
	 	 	 
	
                  ARTICLE
                    XI EXCHANGE ACT REPORTING

                	
                  147

                
	 	 
	
                  SECTION
                    11.01.

                	
                  Filing
                    Obligations.

                	
                  147

                
	
                  SECTION
                    11.02.

                	
                  Form
                    10-D Filings.

                	
                  147

                
	
                  SECTION
                    11.03.

                	
                  Form
                    8-K Filings.

                	
                  148

                
	
                  SECTION
                    11.04.

                	
                  Form
                    10-K Filings.

                	
                  148

                
	
                  SECTION
                    11.05.

                	
                  Sarbanes-Oxley
                    Certification.

                	
                  149

                
	
                  SECTION
                    11.06.

                	
                  Form
                    15 Filing.

                	
                  149

                
	
                  SECTION
                    11.07.

                	
                  Report
                    on Assessment of Compliance and Attestation.

                	
                  150

                
	
                  SECTION
                    11.08.

                	
                  Use
                    of Subservicers and Subcontractors.

                	
                  151

                
	
                  SECTION
                    11.09.

                	
                  Amendments.

                	
                  152

                
	
                  SECTION
                    11.10.

                	
                  Reconciliation
                    of Accounts.

                	
                  152

                

        

         

         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

        
 

        SCHEDULES

        

        
          	
                  Schedule
                    I:

                	
                  Mortgage
                    Loan Schedule

                	
                  S-I-1

                
	
                  Schedule
                    II-A:

                	
                  Representations
                    and Warranties of Countrywide

                	
                  S-II-A-1

                
	
                  Schedule
                    II-B:

                	
                  Representations
                    and Warranties of Park Granada

                	
                  S-II-B-1

                
	
                  Schedule
                    II-C:

                	
                  Representations
                    and Warranties of Park Monaco

                	
                  S-II-C-1

                
	
                  Schedule
                    II-D:

                	
                  Representations
                    and Warranties of Park Sienna

                	
                  S-II-D-1

                
	
                  Schedule
                    III-A:

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

                	
                  S-III-A-1

                
	
                  Schedule
                    III-B:

                	
                  Representations
                    and Warranties of Countrywide as to the Countrywide Mortgage
                    Loans

                	
                  S-III-B-1

                
	
                  Schedule
                    III-C:

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

                	
                  S-III-C-1

                
	
                  Schedule
                    III-D:

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

                	
                  S-III-D-1

                
	
                  Schedule
                    III-E:

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

                	
                  S-III-E-1

                
	
                  Schedule
                    IV:

                	
                  Representations
                    and Warranties of the Master Servicer

                	
                  S-IV-1

                
	
                  Schedule
                    V:

                	
                  Principal
                    Balance Schedules [if applicable]

                	
                  S-V-1

                
	
                  Schedule
                    VI:

                	
                  Form
                    of Monthly Master Servicer Report

                	
                  S-VI-1

                

        

        

        

        EXHIBITS

        

        
          	
                  Exhibit
                    A:

                	
                  Form
                    of Senior Certificate (excluding Notional Amount
                    Certificates)

                	
                  A-1

                
	
                  Exhibit
                    B:

                	
                  Form
                    of Subordinated Certificate

                	
                  B-1

                
	
                  Exhibit
                    C-1:

                	
                  Form
                    of Class A-R Certificate

                	
                  C-1-1

                
	
                  Exhibit
                    C-2:

                	
                  Form
                    of Class C-P Certificate

                	
                  C-2-1

                
	
                  Exhibit
                    D:

                	
                  Form
                    of Notional Amount Certificate

                	
                  D-1

                
	
                  Exhibit
                    E:

                	
                  Form
                    of Reverse of Certificates

                	
                  E-1

                
	
                  Exhibit
                    F-1:

                	
                  Form
                    of Initial Certification of Trustee (Initial Mortgage Loans)
(Supplemental
                    Mortgage Loans)

                	
                  F-1-1

                
	
                  Exhibit
                    F-2:

                	
                  Form
                    of Initial Certification of Trustee

                	
                   F-2-1

                
	
                  Exhibit
                    G-1:

                	
                  Form
                    of Delay Delivery Certification of Trustee (Initial
                    Mortgage Loans)

                	
                   G-1-1

                
	
                  Exhibit
                    G-2:

                	
                  Form
                    of Delay Delivery Certification of Trustee (Supplemental
                    Mortgage Loans)

                	
                   G-2-1

                
	
                  Exhibit
                    H-1:

                	
                  Form
                    of Final Certification of Trustee (Initial Mortgage Loans)

                	
                  H-1-1

                
	
                  Exhibit
                    H-2:

                	
                  Form
                    of Final Certification of Trustee (Supplemental
                    Mortgage Loans)

                	
                   H-2-1

                
	
                  Exhibit
                    I:

                	
                  Form
                    of Transfer Affidavit

                	
                  I-1

                
	
                  Exhibit
                    J-1:

                	
                  Form
                    of Transferor Certificate (Residual)

                	
                  J-1-1

                
	
                  Exhibit
                    J-2:

                	
                  Form
                    of Transferor Certificate (Private)

                	
                  J-2-1

                
	
                  Exhibit
                    K:

                	
                  Form
                    of Investment Letter (Non-Rule 144A)

                	
                  K-1

                
	
                  Exhibit
                    L-1:

                	
                  Form
                    of Rule 144A Letter

                	
                  L-1-1

                
	
                  Exhibit
                    L-2:

                	
                  Form
                    of ERISA Letter (Covered Certificates)

                	
                  L-2-1

                
	
                  Exhibit
                    M:

                	
                  Form
                    of Request for Release (for Trustee)

                	
                  M-1

                

        

         

         

        
          
            
            

          

          
            iv

            
              

            

          

          
            
            

          

        

        
 

        
          	
                  Exhibit
                    N:

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

                	
                   N-1

                
	
                  Exhibit
                    O:

                	
                  [Reserved]

                	
                  O-1

                
	
                  Exhibit
                    P:

                	
                  Form
                    of Supplemental Transfer Agreement

                	
                  P-1

                
	
                  Exhibit
                    Q:

                	
                  Standard
                    & Poor’s LEVELS® Version 6.0 Glossary Revised, Appendix
                    E

                	
                   Q-1

                
	
                  Exhibit
                    R:

                	
                  [Reserved]

                	
                  R-1

                
	
                  Exhibit
                    S:

                	
                  [Reserved]

                	
                  S-1

                
	
                  Exhibit
                    T:

                	
                  Form
                    of Officer’s Certificate with respect to Prepayments

                	
                  T-1

                
	
                  Exhibit
                    U:

                	
                  Monthly
                    Statement

                	
                  U-1

                
	
                  Exhibit
                    V-1:

                	
                  Form
                    of Performance Certification (Subservicer)

                	
                  V-1-1

                
	
                  Exhibit
                    V-2:

                	
                  Form
                    of Performance Certification (Trustee)

                	
                  V-2-1

                
	
                  Exhibit
                    W:

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

                	
                  W-1

                
	
                  Exhibit
                    X:

                	
                  List
                    of Item 1119 Parties

                	
                  X-1

                
	
                  Exhibit
                    Y:

                	
                  Form
                    of Sarbanes-Oxley Certification (Replacement Master
                    Servicer)

                	
                  Y-1

                

        

        

         

        
          
            
            

          

          
            v

            
              

            

          

          
            
            

          

        

        
 

        

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

         

        WITNESSETH
          THAT

         

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

         

        PRELIMINARY
          STATEMENT

         

        The
          Depositor is the owner of the Trust Fund that is hereby conveyed to the
          Trustee
          in return for the Certificates.  For federal income tax purposes, the
          Trust Fund (excluding the Pre-Funding Account, the Capitalized Interest
          Account
          and the Carryover Reserve Fund), will consist of three real estate mortgage
          investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary
          REMIC” and the “Master REMIC,” respectively).  Each Certificate, other
          than the Class A-R Certificate, will represent ownership of one or more
          regular interests in the Master REMIC for purposes of the REMIC
          Provisions.  The Class A-R Certificate represents ownership of the
          sole Class of residual interest in each of the Swap-IO REMIC, Subsidiary
          REMIC
          and the Master REMIC.  The Master REMIC will hold as assets the
          several classes of uncertificated Subsidiary REMIC Interests (other than
          the
          SR-A-R Interest).  The Subsidiary REMIC will hold as assets the
          several classes of uncertificated Swap-IO REMIC Interests (other than the
          SW-A-R
          Interest). The Swap-IO REMIC will hold as assets all the property of the
          Trust
          Fund (excluding the Pre-Funding Account, the Capitalized Interest Account
          and
          the Carryover Reserve Fund).  For federal income tax purposes, each
          Swap-IO REMIC, Subsidiary REMIC Interest and Master REMIC  Interest
          (except the SW-A-R Interest, SR-A-R Interest and the A-R Interest) is hereby
          designated as a regular interest in its issuing REMIC.  The latest
          possible maturity date of all REMIC regular interests created hereby shall
          be
          the Latest Possible Maturity Date.

         

        The
          Swap
          Trust, the Swap Contracts and the Swap Accounts will not constitute any
          part of
          any REMIC.

         

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

         

        SWAP-IO
          REMIC:

         

        The
          Swap-IO REMIC Interests will have the principal balances and pass-through
          rates
          as set forth below:

         

        
          	
                  SWAP-IO
                    REMIC Interests

                	 	
                  Initial
                    Principal Balance(1)

                	 	
                  Pass-Through
                    Rate

                
	
                  SWR-1A

                	 	
                   $      17,071,700.00

                	 	
                  (2)

                
	
                  SWR-1B

                	 	
                   $      17,071,700.00

                	 	
                  (3)

                
	
                  SWR-2A

                	 	
                   $      16,469,700.00

                	 	
                  (2)

                
	
                  SWR-2B

                	 	
                   $      16,469,700.00

                	 	
                  (3)

                
	
                  SWR-3A

                	 	
                   $      15,888,950.00

                	 	
                  (2)

                
	
                  SWR-3B

                	 	
                   $      15,888,950.00

                	 	
                  (3)

                
	
                  SWR-4A

                	 	
                   $      15,328,700.00

                	 	
                  (2)

                
	
                  SWR-4B

                	 	
                   $      15,328,700.00

                	 	
                  (3)

                
	
                  SWR-5A

                	 	
                   $      14,788,150.00

                	 	
                  (2)

                
	
                  SWR-5B

                	 	
                   $      14,788,150.00

                	 	
                  (3)

                
	
                  SWR-6A

                	 	
                   $      14,266,700.00

                	 	
                  (2)

                
	
                  SWR-6B

                	 	
                   $      14,266,700.00

                	 	
                  (3)

                
	
                  SWR-7A

                	 	
                   $      13,763,650.00

                	 	
                  (2)

                
	
                  SWR-7B

                	 	
                   $      13,763,650.00

                	 	
                  (3)

                
	
                  SWR-8A

                	 	
                   $      13,278,300.00

                	 	
                  (2)

                
	
                  SWR-8B

                	 	
                   $      13,278,300.00

                	 	
                  (3)

                
	
                  SWR-9A

                	 	
                   $      12,810,100.00

                	 	
                  (2)

                
	
                  SWR-9B

                	 	
                   $      12,810,100.00

                	 	
                  (3)

                
	
                  SWR-10A

                	 	
                   $      12,358,400.00

                	 	
                  (2)

                
	
                  SWR-10B

                	 	
                   $      12,358,400.00

                	 	
                  (3)

                
	
                  SWR-11A

                	 	
                   $      11,922,600.00

                	 	
                  (2)

                
	
                  SWR-11B

                	 	
                   $      11,922,600.00

                	 	
                  (3)

                
	
                  SWR-12A

                	 	
                   $      11,502,200.00

                	 	
                  (2)

                
	
                  SWR-12B

                	 	
                   $      11,502,200.00

                	 	
                  (3)

                
	
                  SWR-13A

                	 	
                   $      11,096,600.00

                	 	
                  (2)

                
	
                  SWR-13B

                	 	
                   $      11,096,600.00

                	 	
                  (3)

                
	
                  SWR-14A

                	 	
                   $      10,705,300.00

                	 	
                  (2)

                
	
                  SWR-14B

                	 	
                   $      10,705,300.00

                	 	
                  (3)

                
	
                  SWR-15A

                	 	
                   $      10,327,800.00

                	 	
                  (2)

                
	
                  SWR-15B

                	 	
                   $      10,327,800.00

                	 	
                  (3)

                
	
                  SWR-16A

                	 	
                   $        9,963,650.00

                	 	
                  (2)

                
	
                  SWR-16B

                	 	
                   $        9,963,650.00

                	 	
                  (3)

                
	
                  SWR-17A

                	 	
                   $        9,612,300.00

                	 	
                  (2)

                
	
                  SWR-17B

                	 	
                   $        9,612,300.00

                	 	
                  (3)

                
	
                  SWR-18A

                	 	
                   $        9,273,350.00

                	 	
                  (2)

                
	
                  SWR-18B

                	 	
                   $        9,273,350.00

                	 	
                  (3)

                
	
                  SWR-19A

                	 	
                   $        8,946,350.00

                	 	
                  (2)

                
	
                  SWR-19B

                	 	
                   $        8,946,350.00

                	 	
                  (3)

                
	
                  SWR-20A

                	 	
                   $        8,630,900.00

                	 	
                  (2)

                
	
                  SWR-20B

                	 	
                   $        8,630,900.00

                	 	
                  (3)

                
	
                  SWR-21A

                	 	
                   $        8,326,550.00

                	 	
                  (2)

                

        

         

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

        

           

          
            	
                    SWAP-IO
                      REMIC Interests

                  	 	
                    Initial
                      Principal Balance(1)

                  	 	
                    Pass-Through
                      Rate

                  

          

        

        
          	
                  SWR-21B

                	 	
                   $        8,326,550.00

                	 	
                  (3)

                
	
                  SWR-22A

                	 	
                   $        8,032,950.00

                	 	
                  (2)

                
	
                  SWR-22B

                	 	
                   $        8,032,950.00

                	 	
                  (3)

                
	
                  SWR-23A

                	 	
                   $        7,749,700.00

                	 	
                  (2)

                
	
                  SWR-23B

                	 	
                   $        7,749,700.00

                	 	
                  (3)

                
	
                  SWR-24A

                	 	
                   $        7,476,400.00

                	 	
                  (2)

                
	
                  SWR-24B

                	 	
                   $        7,476,400.00

                	 	
                  (3)

                
	
                  SWR-25A

                	 	
                   $        7,212,800.00

                	 	
                  (2)

                
	
                  SWR-25B

                	 	
                   $        7,212,800.00

                	 	
                  (3)

                
	
                  SWR-26A

                	 	
                   $        6,958,450.00

                	 	
                  (2)

                
	
                  SWR-26B

                	 	
                   $        6,958,450.00

                	 	
                  (3)

                
	
                  SWR-27A

                	 	
                   $        6,713,100.00

                	 	
                  (2)

                
	
                  SWR-27B

                	 	
                   $        6,713,100.00

                	 	
                  (3)

                
	
                  SWR-28A

                	 	
                   $        6,476,350.00

                	 	
                  (2)

                
	
                  SWR-28B

                	 	
                   $        6,476,350.00

                	 	
                  (3)

                
	
                  SWR-29A

                	 	
                   $        6,248,000.00

                	 	
                  (2)

                
	
                  SWR-29B

                	 	
                   $        6,248,000.00

                	 	
                  (3)

                
	
                  SWR-30A

                	 	
                   $        6,027,700.00

                	 	
                  (2)

                
	
                  SWR-30B

                	 	
                   $        6,027,700.00

                	 	
                  (3)

                
	
                  SWR-31A

                	 	
                   $        5,815,150.00

                	 	
                  (2)

                
	
                  SWR-31B

                	 	
                   $        5,815,150.00

                	 	
                  (3)

                
	
                  SWR-32A

                	 	
                   $        5,610,100.00

                	 	
                  (2)

                
	
                  SWR-32B

                	 	
                   $        5,610,100.00

                	 	
                  (3)

                
	
                  SWR-33A

                	 	
                   $        5,412,250.00

                	 	
                  (2)

                
	
                  SWR-33B

                	 	
                   $        5,412,250.00

                	 	
                  (3)

                
	
                  SWR-34A

                	 	
                   $        5,221,400.00

                	 	
                  (2)

                
	
                  SWR-34B

                	 	
                   $        5,221,400.00

                	 	
                  (3)

                
	
                  SWR-35A

                	 	
                   $        5,037,300.00

                	 	
                  (2)

                
	
                  SWR-35B

                	 	
                   $        5,037,300.00

                	 	
                  (3)

                
	
                  SWR-36A

                	 	
                   $        4,859,650.00

                	 	
                  (2)

                
	
                  SWR-36B

                	 	
                   $        4,859,650.00

                	 	
                  (3)

                
	
                  SWR-37A

                	 	
                   $        4,688,300.00

                	 	
                  (2)

                
	
                  SWR-37B

                	 	
                   $        4,688,300.00

                	 	
                  (3)

                
	
                  SWR-38A

                	 	
                   $        4,523,000.00

                	 	
                  (2)

                
	
                  SWR-38B

                	 	
                   $        4,523,000.00

                	 	
                  (3)

                
	
                  SWR-39A

                	 	
                   $        4,363,500.00

                	 	
                  (2)

                
	
                  SWR-39B

                	 	
                   $        4,363,500.00

                	 	
                  (3)

                
	
                  SWR-40A

                	 	
                   $        4,209,650.00

                	 	
                  (2)

                
	
                  SWR-40B

                	 	
                   $        4,209,650.00

                	 	
                  (3)

                
	
                  SWR-41A

                	 	
                   $        4,061,200.00

                	 	
                  (2)

                
	
                  SWR-41B

                	 	
                   $        4,061,200.00

                	 	
                  (3)

                
	
                  SWR-42A

                	 	
                   $        3,918,000.00

                	 	
                  (2)

                
	
                  SWR-42B

                	 	
                   $        3,918,000.00

                	 	
                  (3)

                
	
                  SWR-43A

                	 	
                   $        3,779,850.00

                	 	
                  (2)

                
	
                  SWR-43B

                	 	
                   $        3,779,850.00

                	 	
                  (3)

                

        

         

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

        

           

          
            	
                    SWAP-IO
                      REMIC Interests

                  	 	
                    Initial
                      Principal Balance(1)

                  	 	
                    Pass-Through
                      Rate

                  

          

        

        
          	
                  SWR-44A

                	 	
                   $        3,646,550.00

                	 	
                  (2)

                
	
                  SWR-44B

                	 	
                   $        3,646,550.00

                	 	
                  (3)

                
	
                  SWR-45A

                	 	
                   $        3,517,950.00

                	 	
                  (2)

                
	
                  SWR-45B

                	 	
                   $        3,517,950.00

                	 	
                  (3)

                
	
                  SWR-46A

                	 	
                   $        3,393,900.00

                	 	
                  (2)

                
	
                  SWR-46B

                	 	
                   $        3,393,900.00

                	 	
                  (3)

                
	
                  SWR-47A

                	 	
                   $        3,274,250.00

                	 	
                  (2)

                
	
                  SWR-47B

                	 	
                   $        3,274,250.00

                	 	
                  (3)

                
	
                  SWR-48A

                	 	
                   $        3,158,800.00

                	 	
                  (2)

                
	
                  SWR-48B

                	 	
                   $        3,158,800.00

                	 	
                  (3)

                
	
                  SWR-49A

                	 	
                   $        3,047,400.00

                	 	
                  (2)

                
	
                  SWR-49B

                	 	
                   $        3,047,400.00

                	 	
                  (3)

                
	
                  SWR-50A

                	 	
                   $        2,939,950.00

                	 	
                  (2)

                
	
                  SWR-50B

                	 	
                   $        2,939,950.00

                	 	
                  (3)

                
	
                  SWR-51A

                	 	
                   $        2,836,300.00

                	 	
                  (2)

                
	
                  SWR-51B

                	 	
                   $        2,836,300.00

                	 	
                  (3)

                
	
                  SWR-52A

                	 	
                   $        2,736,250.00

                	 	
                  (2)

                
	
                  SWR-52B

                	 	
                   $        2,736,250.00

                	 	
                  (3)

                
	
                  SWR-53A

                	 	
                   $        2,639,800.00

                	 	
                  (2)

                
	
                  SWR-53B

                	 	
                   $        2,639,800.00

                	 	
                  (3)

                
	
                  SWR-54A

                	 	
                   $        2,546,700.00

                	 	
                  (2)

                
	
                  SWR-54B

                	 	
                   $        2,546,700.00

                	 	
                  (3)

                
	
                  SWR-55A

                	 	
                   $        2,456,900.00

                	 	
                  (2)

                
	
                  SWR-55B

                	 	
                   $        2,456,900.00

                	 	
                  (3)

                
	
                  SWR-56A

                	 	
                   $        2,370,250.00

                	 	
                  (2)

                
	
                  SWR-56B

                	 	
                   $        2,370,250.00

                	 	
                  (3)

                
	
                  SWR-57A

                	 	
                   $        2,286,700.00

                	 	
                  (2)

                
	
                  SWR-57B

                	 	
                   $        2,286,700.00

                	 	
                  (3)

                
	
                  SWR-58A

                	 	
                   $        2,206,050.00

                	 	
                  (2)

                
	
                  SWR-58B

                	 	
                   $        2,206,050.00

                	 	
                  (3)

                
	
                  SWR-59A

                	 	
                   $        2,128,250.00

                	 	
                  (2)

                
	
                  SWR-59B

                	 	
                   $        2,128,250.00

                	 	
                  (3)

                
	
                  SWR-60A

                	 	
                   $      58,227,550.00

                	 	
                  (2)

                
	
                  SWR-60B

                	 	
                   $      58,227,550.00

                	 	
                  (3)

                
	
                  SWR-Support

                	 	
                  (4)

                	 	
                  (5)

                
	
                  SWR-P

                	 	
                  (6)

                	 	
                  (6)

                
	
                  SW-A-R

                	 	
                  (7)

                	 	
                  (7)

                

        

        _______________

         

        
          	
                  (1)

                	
                  Scheduled
                    principal, prepayments and Realized Losses will be allocated
                    first, to the
                    SWR-Support Interest and second, to the numbered classes sequentially
                    (from lowest to highest).  Amounts so allocated to a numbered
                    class shall be further allocated among the “A” and “B” components of such
                    numbered class pro-rata until the entire class is reduced to
                    zero.

                

        

         

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        
          	
                  (2)

                	
                  Prior
                    to the 61st Distribution Date, a rate equal to twice the Pool
                    Tax Cap less
                    10.70% per annum but not less than 0%.  On and after the 61st
                    Distribution Date a rate equal to the Pool Tax Cap.  The “Pool
                    Tax Cap” means the weighted average of the Adjusted Net Mortgage Rates
                    of
                    all the Mortgage Loans.

                

        

         

         

        
          	
                  (3)

                	
                  Prior
                    to the 61st Distribution Date, a rate equal to the lesser of
                    (i) 10.70%
                    per annum and (ii) twice the Pool Tax Cap.  On and after the
                    61st Distribution Date, a rate equal to the Pool Tax
                    Cap.

                

        

         

         

        
          	
                  (4)

                	
                  On
                    the Closing Date and on each Distribution Date, following the
                    allocation
                    of Principal Amounts and Realized Losses, the principal balance
                    in respect
                    of the SWR-Support Interest will equal the excess of the principal
                    balance
                    of the Mortgage Loans (as of the end of the Due Period, reduced
                    by
                    principal prepayments received after the Due Period that are
                    to be
                    distributed on the Distribution Date related to the Due Period)
                    over the
                    principal balance in respect of the remaining Swap-IO REMIC Interests
                    other than the SWR-P and the SWR-A-R
                    Interests.

                

        

         

         

        
          	
                  (5)

                	
                  A
                    rate equal to the Pool Tax Cap.

                

        

         

         

        
          	
                  (6)

                	
                  On
                    each Distribution Date the Class SWR-P Interest is entitled to
                    all
                    Prepayment Charges collected with respect to the Mortgage
                    Loans.  It has no principal balance and pays no principal or
                    interest.

                

        

         

         

        
          	
                  (7)

                	
                  The
                    Class SW-A-R Interest is the sole class of residual interest
                    in the
                    Swap-IO REMIC.  It has no principal balance and pays no
                    principal or interest.

                

        

         

        On
          each
          Distribution Date, the Available Funds shall be payable with respect to
          the
          Swap-IO REMIC Interests in the following manner:

         

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

         

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

         

        (3)           Prepayment
          Penalties.  All Prepayment Charges are allocated to the SWR-P
          Interest.

         

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

         

        Subsidiary
          REMIC:

         

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

         

        
          	
                  Subsidiary

                  REMIC
                    Interests

                	
                  Initial
                    Principal Balance

                	
                  Pass-Through
                    Rate

                	
                  Corresponding
                    Class of Certificates

                
	
                  SR-A-1-A

                	
                  (1)

                	
                  (2)

                	
                  Class
                    A-1-A

                
	
                  SR-A-1-B

                	
                  (1)

                	
                  (2)

                	
                  Class
                    A-1-B

                
	
                  SR-A-2-A

                	
                  (1)

                	
                  (2)

                	
                  Class
                    A-2-A

                
	
                  SR-A-2-B

                	
                  (1)

                	
                  (2)

                	
                  Class
                    A-2-B

                
	
                  SR-A-3

                	
                  (1)

                	
                  (2)

                	
                  Class
                    A-3

                
	
                  SR-$100

                	
                  $100

                	
                  (3)

                	
                  Class
                    A-R

                
	
                  SR-M-1

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-1

                
	
                  SR-M-2

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-2

                
	
                  SR-M-3

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-3

                
	
                  SR-M-4

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-4

                
	
                  SR-M-5

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-5

                
	
                  SR-M-6

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-6

                
	
                  SR-M-7

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-7

                
	
                  SR-M-8

                	
                  (1)

                	
                  (2)

                	
                  Class
                    M-8

                
	
                  SR-C-Swap-IO

                	
                  (4)

                	
                  (4)

                	
                  N/A

                
	
                  SR-Accrual

                	
                  (1)

                	
                  (2)(5)

                	
                  N/A

                
	
                  SR-A-R

                	
                  (6)

                	
                  (6)

                	
                  N/A

                

        

        _______________

        
          	
                  (1)

                	
                  On
                    each Distribution Date, following the allocation of scheduled
                    principal,
                    Principal Prepayments and Realized Losses, the Class SR-A-1-A
                    Interest, Class SR-A-1-B Interest, Class SR-A-2-A Interest,
                    Class SR-A-2-B Interest, Class SR-A-3 Interest, Class SR-$100
                    Interest, Class SR-M-1 Interest, Class SR-M-2 Interest,
                    Class SR-M-3 Interest, Class SR-M-4 Interest, Class SR-M-5
                    Interest, Class SR-M-6 Interest, Class SR-M-7 Interest and
                    Class SR-M-8 Interest will each have a principal balance that is
                    equal to 50% of its corresponding Class of Certificates issued
                    by the
                    Master REMIC, and the Class SR-Accrual Interest will have a principal
                    balance that is equal to the sum of (1) 50% of the aggregate
                    stated
                    principal balances of the Mortgage Loans and (2) 50% of the amount
                    of
                    Overcollateralized Amount for such Distribution
                    Date.

                

        

         

        
          	
                  (2)

                	
                  On
                    each Distribution Date, the pass through rate will equal the
“Strip REMIC
                    Cap.”  The Strip REMIC Cap will equal the weighted average of
                    the pass through rates of the Swap-IO REMIC Interests (other
                    than the
                    Class SWR-P and Class SWR-A-R Interests) treating each “B” Interest the
                    cardinal number of which (for example, SWR-1B, SWR-2B, SWR-3B,
                    etc.) is
                    not less than the ordinal number of the Distribution Date (first
                    Distribution Date, second Distribution Date, third Distribution
                    Date,
                    etc., ) as capped at a rate equal to the product of (i) 2 and
                    (ii)
                    LIBOR.

                

        

         

        
          	
                  (3)

                	
                  The
                    Pass-Through Rate for the SR-$100 Interest and any Interest Accrual
                    Period
                    will be a per annum rate equal to the Weighted Average Adjusted
                    Net
                    Mortgage Rate of the Mortgage
                    Loans.

                

        

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

         

        
          	
                  (4)

                	
                  For
                    each Distribution Date, the SR-C-Swap-IO Interest is entitled
                    to receive
                    from each Swap-IO REMIC “B” Interest the cardinal number of which (for
                    example, SW-7B, SW-8B, SW-9B, etc.) is not less than the ordinal
                    number of
                    the Distribution Date (seventh Distribution Date, eighth Distribution
                    Date, ninth Distribution Date, etc.) the interest accruing on
                    such
                    interest in excess of a per annum rate equal to the product of
                    (i) 2 and
                    (ii) LIBOR.

                

        

         

        
          	
                  (5)

                	
                  The
                    Class SR-Accrual Interest will also be entitled to all amounts
payable
                    with
                    respect to the SWR-P
                    Interest.

                

        

         

        
          	
                  (6)

                	
                  The
                    Class SR-A-R Interest is the sole class of residual interest
                    in the
                    Subsidiary REMIC.  It has no principal balance and pays no
                    principal or interest.

                

        

         

        On
          each
          Distribution Date, the Interest Funds, the Principal Distribution Amount
          and the
          Prepayment Charge Amount (other than any Premium) will be payable with
          respect
          to the Subsidiary REMIC Interests in the following manner:

         

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

         

        (2)           Prepayment
          Charge Amounts.  All Prepayment Charge Amounts (other than any
          Premium) will be allocated to the Class SR-Accrual Interest.

         

        (3)           Principal.  Principal
          (including Subsequent Recoveries) shall be allocated among the Subsidiary
          REMIC
          Interests in the same manner that such items are allocated in Note (1)
          to the
          Subsidiary REMIC above.

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

        Master
          REMIC:

         

        The
          Master REMIC Certificates will have the original certificate principal
          balances
          and pass-through rates as set forth in the following table:

         

        
          	
                  Class

                	
                  Original
                    Class

                  Certificate
                    Balance

                	
                  Pass-Through
                    Rate

                
	
                  Class
                    A-1-A

                	
                  $364,264,000

                	
                  (1)

                
	
                  Class
                    A-1-B

                	
                  $200,000,000

                	
                  (1)

                
	
                  Class
                    A-2-A

                	
                  $165,110,000

                	
                  (1)

                
	
                  Class
                    A-2-B

                	
                  $70,000,000

                	
                  (1)

                
	
                  Class
                    A-3

                	
                  $141,067,000

                	
                  (1)

                
	
                  Class
                    M-1

                	
                  $12,546,000

                	
                  (1)

                
	
                  Class
                    M-2

                	
                  $11,040,000

                	
                  (1)

                
	
                  Class
                    M-3

                	
                  $5,520,000

                	
                  (1)

                
	
                  Class
                    M-4

                	
                  $5,019,000

                	
                  (1)

                
	
                  Class
                    M-5

                	
                  $5,018,000

                	
                  (1)

                
	
                  Class
                    M-6

                	
                  $5,018,000

                	
                  (1)

                
	
                  Class
                    M-7

                	
                  $5,019,000

                	
                  (1)

                
	
                  Class
                    M-8

                	
                  $5,018,000

                	
                  (1)

                
	
                  Class C-P

                	
                  (2)

                	
                  (3)(4)

                
	
                  Class A-R

                	
                  $100

                	
                  (5)

                

        

        _______________

        
          	
                  (1)

                	
                  Each
                    Class of Certificates will accrue interest at the related Pass-Through
                    Rate.  Solely for federal income tax purposes: (i) the
                    Pass-Through Rate of each Class of NDI Swap Certificates for
                    each
                    Distribution Date will be the Pass-Through Rate at which such
                    Certificates
                    would have accrued interest in the event that the related NDI
                    Swap
                    Contract had been terminated as of such Distribution Date, and
                    (ii) Net
                    Deferred Interest in respect of each Class of NDI Swap Certificates
                    for
                    each Distribution Date will be treated in the manner Net Deferred
                    Interest
                    would have been treated in respect of such Certificates if the
                    related NDI
                    Swap Contract had been terminated as of such Distribution
                    Date.

                

        

         

        
          	
                  (2)

                	
                  The
                    Class C-P Certificates will be comprised of two components (the
“PO
                    component” and the “IO component”), each of which is hereby designated as
                    a REMIC regular interest for federal income tax purposes.  On
                    each Distribution Date, following the allocation of scheduled
                    principal,
                    Principal Prepayments and Realized Losses, the PO component will
                    have a
                    principal balance equal to the Overcollateralized Amount for
                    federal
                    income tax purposes.  Distributions on the IO component are
                    described in Note (3) below.

                

        

         

        
          	
                   (3)

                	
                  For
                    each Interest Accrual Period the Class C-P Certificates are entitled
                    to the “Class C-P Distributable Amount,” which shall equal the sum of (i)
                    a specified portion of the interest on each of the Subsidiary
                    REMIC
                    Regular Interests (excluding the SR-$100, SR-C-Swap-IO and SR-A-R
                    Interests) in an amount equal to the excess of the  Strip REMIC
                    Cap over the product of two and the weighted average of the pass-through
                    rates of the Subsidiary REMIC interests (other than the SR-$100,
                    SR-C-Swap-IO and SR-A-R Interests), subjecting each such Class
                    (other than
                    the Class SR-Accrual Interest) to a cap

                

        

         

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

        equal
          to the Pass-Through Rate in respect of its
          corresponding Class of Certificates and the Class SR-Accrual Interest to
          a cap
          equal to zero and (ii) the interest payable on the SR-C-Swap-IO
          Interest.  The Class C-P Distributable Amount for any Distribution
          Date is payable from current interest on the Mortgage Loans and any related
          Overcollateralization Reduction Amount for that Distribution Date.

         

        
          	
                  (4)

                	
                  For
                    each Distribution Date the Class C-P Certificates are entitled to all
                    Prepayment Charge Amounts (other than any Premium) distributed
                    with
                    respect to the Class SR-C-P
                    Interests.

                

        

         

        
          	
                  (5)

                	
                  The
                    Class A-R Certificates represent the sole Class of residual interest
                    in each REMIC created hereunder. The Pass-Through Rate for the
                    Class A-R Certificates and any Interest Accrual Period will be a per
                    annum rate equal to the Weighted Average Adjusted Net Mortgage
                    Rate of the
                    Mortgage Loans.

                

        

         

        It
          is not
          intended that the Class A-R Certificates be entitled to any cash flows
          pursuant
          to this agreement except as provided in Sections 4.02(a) and 4.02(b) hereunder
          (that is, its entitlement to $100.00 and interest thereon).

         

        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.

         

        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

         

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

         

        
          
            	
                    
                      Accretion
                        Directed Certificates

                    

                  	
                    None.

                  
	
                    
                      Accretion
                        Directed Components.

                    

                  	
                    None.

                  
	
                    Accrual
                      Certificates

                  	
                    None.

                  
	
                    Accrual
                      Components

                  	
                    None.

                  
	
                    Book-Entry
                      Certificates.

                  	
                    All
                      Classes of Certificates other than the Physical
                      Certificates.

                  
	
                    Certificate
                      Swap Certificates

                  	
                    The
                      LIBOR Certificates.

                  
	
                    COFI
                      Certificates.

                  	
                    None.

                  
	
                    Component
                      Certificates

                  	
                    None.

                  
	
                    Components

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

                  

          

          

          
            	 	
                    Designation

                  	
                    Initial
                      Component Principal
                      Balance

                  	
                    Pass-Through
                      Rate

                  
	 	
                    N/A

                  	
                    N/A

                  	
                    N/A

                  

          

          

           

          
            	
                    Delay
                      Certificates.

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

                  
	
                    ERISA-Restricted

                  	 
	
                    Certificates.

                  	
                    The
                      Class A-2-A, Class A-2-B and Class A-3 Certificates, the Subordinated
                      Certificates, the Residual Certificates and the Class C-P Certificates;
                      and the Class A-1-A and Class A-1-B Certificates if they no
                      longer have a
                      rating of at least AA- or its equivalent from at least one
                      Rating
                      Agency.

                  
	
                    Inverse
                      Floating Rate
                      Certificates.

                  	
                    None.

                  

          

           

          
            
              
              

            

            
              10

              
                

              

            

            
              
              

            

          

          
          

          

          
            	
                    LIBOR
                      Certificates

                  	
                    The
                      Class A-1-A, Class A-1-B, Class A-2-A, Class A-2-B and Class
                      A-3
                      Certificates and the Subordinated Certificates.

                  
	
                    MTA
                      Certificates

                  	
                    None.

                  
	
                    NDI
                      Swap Certificates

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

                  
	
                    Non-Delay
                      Certificates

                  	
                    The
                      LIBOR Certificates.

                  
	
                    
                      Notional
                        Amount Certificates.

                    

                  	
                    None.

                  
	
                    Offered
                      Certificates..

                  	
                    All
                      Classes of Certificates other than the Private
                      Certificates.

                  
	
                    Physical
                      Certificates..

                  	
                    The
                      Private Certificates and the Residual Certificates.

                  
	
                    Planned
                      Principal Classes

                  	
                    None.

                  
	
                    Planned
                      Principal
                      Components

                  	
                    None.

                  
	
                    Principal
                      Only Certificates.

                  	
                    None.

                  
	
                    Private
                      Certificates..

                  	
                    The
                      Class M-7, Class M-8 and Class C-P Certificates.

                  
	
                    Rating
                      Agencies.

                  	
                    S&P
                      and Moody’s.

                  
	
                    Regular
                      Certificates.

                  	
                    All
                      Classes of Certificates, other than the Residual
                      Certificates.

                  
	
                    Residual
                      Certificates..

                  	
                    The
                      Class A-R Certificates.

                  
	
                    Scheduled
                      Principal
                      Classes..

                  	
                    None.

                  
	
                    Senior
                      Certificates.

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

                  
	
                    Subordinated
                      Certificates .

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

                  
	
                    Targeted
                      Principal
                      Classes.

                  	
                    None.

                  
	
                    Underwriter

                  	
                    Countrywide
                      Securities Corporation.

                  

          

        

         

         

        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

        

         

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

         

        No
          monies
          will be remitted by Countrywide to the Trustee for deposit in the Pre-Funding
          Account. Consequently, all references herein to “Aggregate Supplemental Purchase
          Amount”, “Aggregate Supplemental Transfer Amount”, “Capitalized Interest
          Account”, “Capitalized Interest Deposit”, “Capitalized Interest Release Amount”,
“Capitalized Interest Requirement”, “Funding Period”, “Funding Period
          Distribution Date”, “Pool Characteristics”, “Pre-Funded Amount”, “Pre-Funding
          Account”, “Remaining Pre-Funded Amount”, “Supplemental Cut-off Date”,
“Supplemental Mortgage Loan”, “Supplemental Transfer Agreement” and
“Supplemental Transfer Date” shall be of no force or effect and all provisions
          herein related thereto shall similarly be of no force or effect.

         

        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

        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:

         

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

         

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

         

        Accretion
          Directed Certificates:  As specified in the Preliminary
          Statement.

         

        Additional
          Designated Information:  As defined in Section 11.02.

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

         

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

         

        Aggregate
          Supplemental Transfer Amount:  With respect to any Supplemental
          Transfer Date, the aggregate Stated Principal Balance as of the related
          Supplemental Cut-off Date of the Supplemental Mortgage Loans conveyed on
          such
          Supplemental Transfer Date, as listed on the revised Mortgage Loan Schedule
          delivered pursuant to Section 2.01(f); provided, however, that such amount
          shall
          not exceed the amount on deposit in the Pre-Funding Account.

         

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

         

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

         

        Applied
          Realized Loss Amount:  With respect to any Distribution Date, the
          sum of the Realized Losses which are to be applied in reduction of the
          Class
          Certificate Balances of the Certificates and the aggregate NDI Swap Principal
          Amount, if any, pursuant to Section 4.02(h), which shall equal the amount,
          if
          any, by which the sum of (i) the aggregate Class Certificate Balance of
          all
          Senior and Subordinated Certificates and (ii) the aggregate NDI Swap Principal
          Amount, if any, (in each case, after all distributions of principal on
          such
          Distribution Date) exceeds the aggregate Stated Principal Balance of the
          Mortgage Loans as of the Due Date in the month in which such Distribution
          Date
          occurs (after giving effect to Principal Prepayments and Liquidation Proceeds
          allocated to principal and Subsequent Recoveries received in the related
          Prepayment Period).

         

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

         

        
          
            
            

          

          
            14

            
              

            

          

          
            
            

          

        

         

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

         

        Bankruptcy
          Code:  The United States Bankruptcy Reform Act of 1978, as
          amended.

         

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

         

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

         

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

         

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

         

        Capitalized
          Interest Deposit:  Not applicable.

         

        Capitalized
          Interest Release Amount:  With respect to any Supplemental
          Transfer Date, the amount specified as the “Capitalized Interest Release Amount”
in the related Supplemental Trnasfer Agreement.

         

        Capitalized
          Interest Requirement:  With respect to each Funding Period
          Distribution Date, the excess, if any, of (a) the sum of (1) Current Interest
          for each Class of Certificates for such Distribution Date, plus (2) the
          Trustee
          Fee, over (b) with respect to each Mortgage Loan, (1) 1/12 of the product
          of the
          related Adjusted Mortgage Rate and the related Stated Principal Balance
          as of
          the related Due Date (prior to giving effect to any Scheduled Payment due
          on
          such Mortgage Loan on such Due Date).

         

        Carryover
          Reserve Fund:  The separate Eligible Account created and initially
          maintained by the Trustee pursuant to Section 3.05(i) in the name of the
          Trustee
          for the benefit of the Holders of the LIBOR Certificates and designated
“The
          Bank of New York in trust for registered holders of CWALT, Inc., Alternative
          Loan Trust 2007-OH2, Mortgage Pass-Through Certificates, Series
          2007-OH2.”  Funds in the Carryover Reserve Fund shall be held in trust
          for the Holders of the LIBOR Certificates for the uses and purposes set
          forth in
          this Agreement.

         

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

         

        Certificate
          Account:  The separate Eligible Account or Accounts created and
          maintained by the Master Servicer pursuant to Section 3.05 with a
          depository institution, initially Countrywide Bank, F.S.B., in the name
          of the
          Master Servicer for the benefit of the Trustee on behalf of Certificateholders
          and designated “Countrywide Home Loans Servicing LP in trust for the registered
          holders of Alternative Loan Trust 2007-OH2, Mortgage Pass-Through Certificates
          Series 2007-OH2.”

         

         

        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

        

         

        Certificate
          Balance:  With respect to any Certificate (other than the Class
          C-P Certificates) at any date, the maximum dollar amount of principal to
          which
          the Holder thereof is then entitled under this Agreement, such amount being
          equal to the Denomination of that Certificate (A) plus any increase to
          the
          Certificate Balance of such Certificate pursuant to Section 4.02 due to
          the
          receipt of Subsequent Recoveries, (B) minus the sum of (i) all
          distributions of principal previously made with respect to that Certificate
          and
          (ii) any Applied Realized Loss Amounts allocated to such Certificate on
          previous
          Distribution Dates pursuant to Section 4.02 without duplication and (C)
          increased by the amount of Net Deferred Interest allocated to that
          Certificate pursuant to Section 4.03.

         

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

         

        Certificate
          Register:  The register maintained pursuant to
          Section 5.02.

         

        Certificate
          Swap Account:  The separate Eligible Account created and initially
          maintained by the Swap Trustee pursuant to Section 4.10.

         

        Certificate
          Swap Certificates: As specified in the Preliminary Statement.

         

        Certificate
          Swap Contract:  The transaction evidenced by the confirmation,
          Global Deal ID “3152133” (as assigned to the Swap Contract Administrator
          pursuant to the Certificate Swap Contract Assignment Agreement).

         

        Certificate
          Swap Contract Assignment Agreement:  The assignment agreement
          dated as of the Closing Date among Countrywide, the Swap Contract Administrator
          and the Certificate Swap Counterparty.

         

        Certificate
          Swap Contract Termination Date:  The Distribution Date in June
          2012.

         

        Certificate
          Swap Counterparty:  Lehman Brothers Special Financing Inc. and its
          successors.

         

        Certificate
          Swap ISDA Master Agreement:  The 1992 ISDA Master Agreement
          (Multicurrency – Cross Border), including the Schedule and Credit Support Annex
          thereto, dated June 29, 2007, between the Certificate Swap Counterparty
          and the
          Swap Contract Administrator.

         

        Certificate
          Swap Termination Payment:  The payment payable to either the
          Certificate Swap Counterparty or the Swap Contract Administrator under
          the
          Certificate Swap Contract due to an early termination of the Certificate
          Swap
          Contract.

         

        Certificateholder
          or Holder:  The person in whose name a Certificate is registered
          in the Certificate Register, except that, solely for the purpose of giving
          any
          consent pursuant to this Agreement, any Certificate registered in the name
          of
          the Depositor or any affiliate of the Depositor shall be deemed not to
          be
          Outstanding and the Percentage Interest evidenced thereby 

         

        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

         

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

         

        Certification
          Party:  As defined in Section 11.05.

         

        Certifying
          Person:  As defined in Section 11.05.

         

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

         

        Class
          A-1-B Swap Account:  The separate Eligible Account created and
          initially maintained by the Swap Trustee pursuant to Section 4.10.

         

        Class
          A-1-B Swap Contract:  The transaction evidenced by the
          confirmation, reference number “66785” (as assigned to the Swap Contract
          Administrator pursuant to the NDI Swap Contract Assignment
          Agreement).

         

        Class
          A-1-B Swap Fee:  With respect to any Distribution Date prior to
          the termination of the Class A-1-B Swap Contract, the lesser of (1) the
          sum of
          (x) the product of (a) either (i) 0.05% for any Distribution Date on or
          prior to
          the Optional Termination Date or (ii) 0.10% for any Distribution Date after
          the
          Optional Termination Date, (b) the Class Certificate Balance of the Class
          A-1-B
          Certificates immediately prior to such Distribution Date and (c) the actual
          number of days in the related Interest Accrual Period divided by 360, and
          (y)
          the excess, if any, of the amount calculated pursuant to clause (x) above
          on
          prior Distribution Dates over the amount actually paid to the Class A-1-B
          Swap
          Account on account of the Class A-1-B Swap Fee on prior Distribution Dates
          and
          (2) Interest Funds available for the payment thereof in accordance with
          the
          priority of payments described under Section 4.02(a).

         

        Class
          A-1-B Swap Principal Amount:  With respect to any Distribution
          Date prior to the termination of the Class A-1-B Swap Contract, the excess,
          if
          any, of (i) the aggregate amount of Net Deferred Interest that would otherwise
          be allocable to the Class A-1-B Certificates in accordance with Section
          4.03 in
          the absence of the Class A-1-B Swap Contract over (ii) distributions in
          respect
          of the Class A-1-B Swap Principal Amount made to the Class A-1-B Swap Account
          pursuant to Sections 4.02(b), (c) and (d) prior to such Distribution
          Date.  With respect to any Distribution Date after the termination of
          the Class A-1-B Swap Contract, zero.

         

        Class
          A-2-B Swap Account: The separate Eligible Account created and initially
          maintained by the Swap Trustee pursuant to Section 4.10.

         

         

        
          
            
            

          

          
            17

            
              

            

          

          
            
            

          

        

         

        Class
          A-2-B Swap Contract:  The transaction evidenced by the
          confirmation, reference number “66786” (as assigned to the Swap Contract
          Administrator pursuant to the NDI Swap Contract Assignment
          Agreement).

         

        Class
          A-2-B Swap Fee:  With respect to any Distribution Date prior to
          the termination of the Class A-2-B Swap Contract, the lesser of (1) the
          sum of
          (x) the product of (a) either (i) 0.06% for any Distribution Date on or
          prior to
          the Optional Termination Date or (ii) 0.12% for any Distribution Date after
          the
          Optional Termination Date, (b) the Class Certificate Balance of the Class
          A-2-B
          Certificates immediately prior to such Distribution Date and (c) the actual
          number of days in the related Interest Accrual Period divided by 360, and
          (y)
          the excess, if any, of the amount calculated pursuant to clause (x) above
          on
          prior Distribution Dates over the amount actually paid to the Class A-2-B
          Swap
          Account on account of the Class A-2-B Swap Fee on prior Distribution Dates
          and
          (2) Interest Funds available for the payment thereof in accordance with
          the
          priority of payments described under Section 4.02(a).

         

        Class
          A-2-B Swap Principal Amount:  With respect to any Distribution
          Date prior to the termination of the Class A-2-B Swap Contract, the excess,
          if
          any, of (i) the aggregate amount of Net Deferred Interest that would otherwise
          be allocable to the Class A-2-B Certificates in accordance with Section
          4.03 in
          the absence of the Class A-2-B Swap Contract over (ii) distributions in
          respect
          of the Class A-2-B Swap Principal Amount made to the Class A-2-B Swap Account
          pursuant to Sections 4.02(b), (c) and (d) prior to such Distribution
          Date.  With respect to any Distribution Date after the termination of
          the Class A-2-B Swap Contract, zero.

         

        Class
          C-P Distributable Amount:  As defined in the Preliminary
          Statement.

         

        Class
          Certificate Balance:  With respect to any Class of Certificates
          (other than the Class C-P Certificates) and as to any date of determination,
          the
          aggregate of the Certificate Balances of all Certificates of such Class
          as of
          such date.  With respect to the Class C-P Certificates and any
          Distribution Date, the excess, if any, of the aggregate Stated Principal
          Balance
          of the Mortgage Loans as of the Due Date in the prior calendar month (after
          giving effect to Principal Prepayments, the principal portion of any Liquidation
          Proceeds and any Subsequent Recoveries received in the Prepayment Period
          related
          to that prior Due Date) over the sum of (i) the aggregate Class Certificate
          Balance of the LIBOR Certificates and (ii) the aggregate NDI Swap Principal
          Amount, if any, in each case, immediately prior to that Distribution
          Date.

         

        Closing
          Date:  June 29, 2007.

         

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

         

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

         

        COFI
          Certificates:  As specified in the Preliminary
          Statement.

         

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

         

         

        
          
            
            

          

          
            18

            
              

            

          

          
            
            

          

        

         

        Compensating
          Interest:  As to any Distribution Date, an amount equal to the
          product of 50% and the aggregate Master Servicing Fee payable to the Master
          Servicer for that Distribution Date.

         

        Component:  As
          specified in the Preliminary Statement.

         

        Component
          Balance: Not applicable.

         

        Component
          Certificates:  As specified in the Preliminary
          Statement.

         

        Component
          Notional Amount:  Not applicable.

         

        Coop
          Shares: Shares issued by a Cooperative Corporation.

         

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

         

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

         

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

         

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

         

        Corporate
          Trust Office:  The designated office of the Trustee in the State
          of New York at which at any particular time its corporate trust business
          with
          respect to this Agreement shall be administered, which office at the date
          of the
          execution of this Agreement is located at 101 Barclay Street, 4 West, New
          York,
          New York 10286 (Attn:  Mortgage-Backed Securities Group, CWALT, Inc.
          Series 2007-OH2, facsimile no. (212) 815-3986), and which is the address
          to
          which notices to and correspondence with the Trustee should be
          directed.

         

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

         

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

         

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

         

        Covered
          Certificates:  With respect to the Certificate Swap Contract, the
          LIBOR Certificates.  With respect to the Class A-1-B Swap Contract,
          the Class A-1-B Certificates.  With respect to the Class A-2-B Swap
          Contract, the Class A-2-B Certificates.

         

         

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                  Distribution
                    Date

                	
                  Percentage

                
	 	 
	
                  July
                    2009 – June 2010

                	
                  0.20%
                    with respect to July 2009, plus an additional 1/12th of
                    0.20% for each month thereafter through June 2010

                
	
                  July
                    2010 – June 2011

                	
                  0.40%
                    with respect to July 2010, plus an additional 1/12th of
                    0.30%  for each month thereafter through June
                    2011

                
	
                  July
                    2011 – June 2012

                	
                  0.70%
                    with respect to July 2011, plus an additional 1/12th of
                    0.35% for each month thereafter through June 2012

                
	
                  July
                    2012 – June 2013

                	
                  1.05%
                    with respect to July 2012, plus an additional 1/12th of
                    0.35% for each month thereafter through June 2013

                
	
                  July
                    2013 – June 2014

                	
                  1.40%
                    with respect to July 2013, plus an additional 1/12th of
                    0.15% for each month thereafter through June 2014

                
	
                  July
                    2014 and thereafter

                	
                  1.55%

                
	 	 

        

        Current
          Interest:  With respect to each Class of Certificates (other than
          the Class C-P Certificates) and each Distribution Date, the excess, if
          any, of
          (i) interest accrued at the applicable Pass-Through Rate for the applicable
          Interest Accrual Period on the Class Certificate Balance of such Class
          immediately prior to such Distribution Date over (ii) the Net Deferred
          Interest,
          if any, allocated to that Class for such Distribution Date pursuant to
          Section
          4.03.  Interest on any Delay Certificates shall be calculated on the
          basis of a 360-day year consisting of twelve 30-day months. Interest on
          any
          Non-Delay Certificates shall be calculated on the basis of a 360-day year
          and
          the actual number of days elapsed in the applicable Interest Accrual
          Period.

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

         

        such
          Mortgage Loan that became final and non-appealable, except such a reduction
          resulting from a Deficient Valuation or any reduction that results in a
          permanent forgiveness of principal.

         

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

         

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

         

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

         

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

         

        Delay
          Certificates: As specified in the Preliminary Statement.

         

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

         

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

         

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

         

        Delinquency
          Trigger Event: With respect to a Distribution Date on or after the Stepdown
          Date exists if the Rolling Sixty-Day Delinquency Rate equals or exceeds
          the
          product of (i) the Senior Enhancement Percentage for such Distribution
          Date and
          (ii) the applicable percentage listed below for the most senior Class of
          Certificates then outstanding.

         

         

        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  
                    Class

                  

                	
                  
                    Percentage
                      (1)

                  

                	
                  
                    Percentage
                      (2)

                  

                
	 	
                  Senior
                    Certificates

                	
                  40.00%

                	
                  40.00%

                
	 	
                  M-1                           

                	
                  49.75%

                	
                  49.75%

                
	 	
                  M-2                           

                	
                  63.75%

                	
                  63.75%

                
	 	
                  M-3                           

                	
                  74.00%

                	
                  74.00%

                
	 	
                  M-4                           

                	
                  86.75%

                	
                  86.75%

                
	 	
                  M-5                           

                	
                  105.00%

                	
                  105.00%

                
	 	
                  M-6                           

                	
                  132.50%

                	
                  132.50%

                
	 	
                  M-7                           

                	
                  180.00%

                	
                  180.00%

                
	 	
                  M-8                           

                	
                  280.00%

                	
                  280.00%

                

        

        
        

        
          	
                   

                	
                  _________

                

        

        
          	
                   

                	
                  (1)

                	
                  For
                    any Distribution Date occurring on or after the Distribution
                    Date
                    occurring in July 2010 and prior to the Distribution Date occurring
                    in
                    July 2013.

                

        

        
          	
                   

                	
                  (2)

                	
                  For
                    any Distribution Date occurring on or after the Distribution
                    Date
                    occurring in July 2013.

                

        

         

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

         

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

         

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

         

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

         

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

         

        Directing
          Certificateholder:  As defined in Section 9.04(a).

         

        Distribution
          Account:  The separate Eligible Account created and maintained by
          the Trustee pursuant to Section 3.05(d) in the name of the Trustee for the
          benefit of the Certificateholders and designated “The Bank of New York in trust
          for registered holders of Alternative Loan Trust 2007-OH2, Mortgage Pass-Through
          Certificates, Series 2007-OH2.”  Funds in the Distribution Account
          shall be held in trust for the Certificateholders for the uses and purposes
          set
          forth in this Agreement.

         

         

        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

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

         

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

         

        Eligible
          Account:  Any of (i) an account or accounts maintained with a
          federal or state chartered depository institution or trust company the
          short-term unsecured debt obligations of which (or, in the case of a depository
          institution or trust company that does not have the requisite ratings and
          is the
          principal subsidiary of a holding company, the debt obligations of such
          holding
          company) have (a) the highest short-term ratings of Moody’s or Fitch and (b) (1)
          if such Eligible Account is not the Pre-Funding Account or the Capitalized
          Interest Account, one of the two highest short-term ratings of S&P (or, if
          such entity does not have a short-term rating from S&P, the long-term
          unsecured and unsubordinated debt obligations of such entity have a rating
          from
          S&P of at least “BBB+”) and (2) if such Eligible Account is the Pre-Funding
          Account or the Capitalized Interest Account, the highest short-term ratings
          of
          S&P (or, if such entity does not have a short-term rating from S&P, the
          long-term unsecured and unsubordinated debt obligations of such entity
          have a
          rating from S&P of at least “A+”) (ii) a segregated trust account or
          accounts maintained with the corporate trust department of a federal or
          state
          chartered depository institution subject to regulations regarding fiduciary
          funds on deposit similar to Title 12 of the Code of Federal Regulations,
          Chapter
          I, Part 9, Section 9.10(b), which has corporate trust powers, acting in
          its
          fiduciary capacity or (iii) any other account acceptable to each Rating
          Agency.  Eligible Accounts may bear interest, and may include, if
          otherwise qualified under this definition, accounts maintained with the
          Trustee.  In the event that the federal or state chartered depository
          institution or trust company maintaining an Eligible Account described
          in clause
          (i) above no longer satisfies the credit rating of S&P set forth in clause
          (i)(b)(1) above then the Person responsible for establishing such Eligible
          Account shall cause any amounts on deposit therein to be moved to another
          federal or state chartered depository institution or trust company satisfying
          such credit rating of S&P within 30 calendar days.  In the event
          that the federal or state chartered depository institution or trust company
          maintaining an Eligible Account described in clause (i) above no longer
          satisfies the credit rating of S&P set forth in clause (i)(b)(2) above then
          the Person responsible for establishing such Eligible Account shall cause
          any
          amounts on deposit therein to be moved to another federal or state chartered
          depository institution or trust company satisfying such credit rating of
          S&P
          within 60 calendar days.

         

         

        
          
            
            

          

          
            23

            
              

            

          

          
            
            

          

        

         

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

         

        Eligible
          Repurchase Month:  As defined in Section 3.11.

         

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

         

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

         

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

         

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

         

        Event
          of Default:  As defined in Section 7.01.

         

        Excess
          Cashflow:  With respect to any Distribution Date the sum of (i)
          the amount remaining as set forth in Section 4.02(a)(5), and (ii) the amount
          remaining as set forth in Section 4.02(b)(1)(d) or 4.02(b)(2)(c), as applicable,
          in each case for such Distribution Date.

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

         

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

         

        Expense
          Fee Rate:  As to each Mortgage Loan and any date of determination,
          the sum of (a) the related Master Servicing Fee Rate and (b) the Trustee
          Fee
          Rate.

         

        Extra
          Principal Distribution Amount:  With respect to any Distribution
          Date, the lesser of (1) the Overcollateralization Deficiency Amount and
          (2) the
          Excess Cashflow available for payment pursuant to Section 4.02(c).

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        Funding
          Period:  Not applicable.

         

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

         

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

         

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

         

        Index:  With
          respect to any Interest Accrual Period for the COFI Certificates, if any,
          the
          then-applicable index used by the Trustee pursuant to Section 4.07 to determine
          the applicable Pass-Through Rate for such Interest Accrual Period for the
          COFI
          Certificates.

         

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

         

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

         

        Initial
          Component Balance:  As specified in the Preliminary
          Statement.

         

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

         

        Initial
          Cut-off Date Pool Principal Balance:  $1,003,671,995

         

        Initial
          LIBOR Rate:  5.320%.

         

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

         

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

         

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

         

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

         

        Interest
          Accrual Period:  With respect to each Class of Delay Certificates,
          its corresponding REMIC Regular Interest and any Distribution Date, the
          calendar
          month prior to the month of such Distribution Date.  With respect to
          any Class of Non-Delay Certificates, its corresponding REMIC Regular Interest
          and any Distribution Date, the period commencing on the Distribution Date
          in the
          month preceding the month in which such Distribution Date occurs (other
          than the
          first Distribution Date, for which it is the Closing Date) and ending on
          the day
          preceding such Distribution Date.

         

        Interest
          Carry Forward Amount:  With respect to each Class of Certificates
          (other than the Class C-P 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 (a) any Interest Accrual
          Period for any LIBOR Certificates and (b) any Interest Accrual Period for
          the COFI Certificates for which the applicable Index is LIBOR, the second
          Business Day prior to the first day of such Interest 

         

         

        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

        

         

        Accrual
          Period.  With respect to the MTA Certificates, the 15th day
          prior to the
          commencement of each Interest Accrual Period or, if such 15th day
          is not a
          Business Day, the next preceding Business Day.

         

        Interest
          Funds:  With respect to any Distribution Date, an amount equal to
          (a) the sum of the Interest Remittance Amount for that Distribution Date
          and the
          lesser of (i) the aggregate Deferred Interest that accrued on the Mortgage
          Loans
          for the related Due Period and (ii) the Principal Prepayment Amount for
          such
          Distribution Date, minus (b) the Trustee Fee for such Distribution
          Date.

         

        Interest
          Remittance Amount:  With respect to any Distribution Date, (x) the
          sum, without duplication, of (i) all scheduled interest on the Mortgage
          Loans
          due on the related Due Date and received on or prior to the related
          Determination Date, less the related Master Servicing Fees and any payments
          made
          in respect of premiums on Lender PMI Mortgage Loans, (ii) all interest
          on
          Principal Prepayments, other than Prepayment Interest Excess, (iii) all
          Advances
          relating to interest, (iv) all Compensating Interest and (v) all Liquidation
          Proceeds received during the related Prepayment Period (to the extent such
          Liquidation Proceeds relate to interest), less (y) all reimbursements to
          the
          Master Servicer since the immediately preceding Due Date for Advances of
          interest previously made.

         

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

         

        ISDA
          Master Agreement:  The NDI Swap ISDA Master Agreement or the
          Certificate Swap ISDA Master Agreement, as applicable.

         

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

         

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

         

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

         

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

         

        LIBOR
          Certificates:  As specified in the Preliminary
          Statement.

         

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

         

         

        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

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

         

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

         

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

         

        Master
          REMIC:  As described in the Preliminary Statement.

         

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

         

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

         

        Master
          Servicing Fee Rate:  With respect to each Mortgage Loan, 0.375%
          per annum.

         

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

         

         

        
          
            
            

          

          
            28

            
              

            

          

          
            
            

          

        

         

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

         

        Maximum
          Rate: 10% per annum.

         

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

         

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

         

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

         

        MIN:  The
          mortgage identification number for any MERS Mortgage Loan.

         

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

         

        Minimum
          Mortgage Rate:  With respect to each Mortgage Loan, the minimum
          rate of interest set forth as such in the related Mortgage Note, which,
          with
          respect to certain Mortgage Loans is equal to the related Gross
          Margin.

         

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

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            29

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (i)           the
          loan number;

         

        (ii)           [Reserved];

         

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

         

        (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
          Loan-to-Value Ratio at origination;

         

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

         

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

         

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

         

        (xiii)          the
          initial Payment Adjustment Date for each Mortgage Loan;

         

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

         

        (xv)           the
          purpose for the Mortgage Loan;

         

        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (xviii)        the
          direct servicer of such Mortgage Loan as of the Cut-off Date;

         

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

         

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

         

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

         

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

         

        (xxiii)        
          the related Prepayment Charge Period.

         

        Such
          schedule shall also set forth the total of the amounts described under
          (v) and
          (vi) above for all of the Mortgage Loans.  Countrywide shall update
          the Mortgage Loan Schedule in connection with each Supplemental Transfer
          Agreement within a reasonable period of time after delivery to it of the
          Schedule of Supplemental Mortgage Loans attached to the related Supplemental
          Transfer Agreement as Schedule A thereto.

         

        The
          Mortgage Loan Schedule shall be amended from time to time by the Master
          Servicer
          in accordance with the provisions of this Agreement and a copy of each
          amendment
          to the Mortgage Loan Schedule related to clauses (xxi), (xxii) and (xxiii)
          thereof shall be furnished by the Mater Servicer to the Class C-P
          Certificateholders.

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            31

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        MTA
          Certificates:  As specified in the Preliminary
          Statement.

         

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

         

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

         

        NDI
          Swap Account:  The Class A-1-B Swap Account or the Class A-2-B
          Swap Account, as applicable.

         

        NDI
          Swap Adjustment Rate:  For each Class of NDI Swap Certificates and
          each Distribution Date prior to the termination of the related NDI Swap
          Contract, a fraction, expressed as a percentage (A) the numerator of which
          is
          equal to the product of (i) the related NDI Swap Fee payable to the NDI
          Swap
          Counterparty with respect to such Distribution Date and (ii) a fraction,
          the
          numerator of which is 360 and the denominator of which is the actual number
          of
          days in the related Interest Accrual Period and (B) the denominator of
          which is
          the Class Certificate Balance of the related Class of NDI Swap Certificates
          immediately prior to such Distribution Date.

         

        NDI
          Swap Certificates: As specified in the Preliminary Statement.

         

        NDI
          Swap Contract:  The Class A-1-B Swap Contract or Class A-2-B Swap
          Contract, as applicable.

         

        NDI
          Swap Contract Assignment Agreement:  The assignment agreement
          dated as of the Closing Date among Countrywide, the Swap Contract Administrator
          and the NDI Swap Counterparty.

         

        NDI
          Swap Contract Termination Date:  With respect to each NDI Swap
          Contract, the earlier of (i) the date on which the Class Certificate Balance
          of
          the related Class of NDI Swap Certificates has been reduced to zero and
          (ii) the
          Distribution Date in August 2047.

         

        NDI
          Swap Counterparty:  BNP Paribas and its successors.

         

         

        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

        

         

        NDI
          Swap Fee:  With respect to any Distribution Date and the Class
          A-1-B Swap Contract and Class A-2-B Swap Contract, for so long as such
          Swap
          Contract has not terminated, the Class A-1-B Swap Fee and Class A-2-B Swap
          Fee,
          respectively.

         

        NDI
          Swap ISDA Master Agreement:  The 1992 ISDA Master Agreement
          (Multicurrency – Cross Border), including the Schedule and Credit Support Annex
          thereto, dated June 29, 2007, between the NDI Swap Counterparty and the
          Swap
          Contract Administrator.

         

        NDI
          Swap Principal Amount:  The Class A-1-B Swap Principal Amount and
          the Class A-2-B Swap Principal Amount.

         

        NDI
          Swap Termination Payment:  The payment payable to either the NDI
          Swap Counterparty or the Swap Contract Administrator under a NDI Swap Contract
          due to an early termination of such NDI Swap Contract.

         

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

         

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

         

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

         

        Net
          Prepayment Interest Shortfalls: As to any Distribution Date, the excess of
          the aggregate Prepayment Interest Shortfalls for such Distribution Date
          over the
          Compensating Interest for such Distribution Date.

         

        Net
          Rate Cap:  For each Distribution Date and each Class of LIBOR
          Certificates (other than a Class of NDI Swap Certificates for so long as
          the
          related NDI Swap Contract remains in effect), an amount equal to (a) the
          product
          of (1) the Weighted Average Adjusted Net Mortgage Rate for that Distribution
          Date and (2) a fraction, the numerator of which is 30, and the denominator
          of
          which is the actual number of days that elapsed in the related Interest
          Accrual
          Period, minus (b) a fraction, expressed as a percentage, the numerator
          of which
          is the sum of (1) the Net Certificate Swap Payment payable to the Certificate
          Swap Counterparty with respect to that Distribution Date times a fraction,
          the
          numerator of which is equal to 360 and the denominator of which is equal
          to the
          actual number of days in the related Interest Accrual Period and (2) any
          Certificate Swap Termination Payment payable to the Certificate Swap
          Counterparty for that Distribution Date (other than a Certificate Swap
          Termination Payment due to a Swap 

         

         

        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

        

         

        Counterparty
          Trigger Event) and the denominator of which is the aggregate Stated Principal
          Balance of the Mortgage Loans as of the Due Date occurring in the month
          preceding the month of that Distribution Date (after giving effect to Principal
          Prepayments received in the Prepayment Period related to that prior Due
          Date).

         

        For
          each
          Distribution Date and each Class of NDI Swap Certificates for so long as
          the
          related NDI Swap Contract remains in effect, the excess, if any, of (a)
          the Net
          Rate Cap calculated pursuant to the preceding paragraph over (b) the related
          NDI
          Swap Adjustment Rate for such Distribution Date.

         

        Net
          Rate Carryover:  For any Class of Certificates (other than the
          Class C-P Certificates) and any Distribution Date, the sum of (A) the excess,
          if
          any, of (i) the amount of interest that such Class would otherwise have
          accrued
          for such Distribution Date had the applicable Pass-Through Rate for such
          Class
          not been determined based on the related Net Rate Cap (provided that such
          Pass-Through Rate shall still be subject to the Maximum Rate), over (ii)
          the
          amount of interest accrued on such Class at the related 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 4.02, together
          with
          interest thereon at the then applicable Pass-Through Rate for such Class,
          without giving effect to the related Net Rate Cap but subject to the Maximum
          Rate.

         

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

         

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

         

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

         

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

         

        Notional
          Amount:  Not applicable.

         

        Notional
          Amount Certificates:  As specified in the Preliminary
          Statement.

         

        OC
          Floor:  An amount equal to 0.50% of the Cut-off Date Pool
          Principal Balance.

         

        Offered
          Certificates:  As specified in the Preliminary
          Statement.

         

        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 

         

        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

        

         

        Assistant
          Vice President, the Treasurer, or one of the Assistant Treasurers or Assistant
          Secretaries of Countrywide GP, Inc., its general partner, (iii) if provided
          for
          in this Agreement, signed by a Servicing Officer, as the case may be, and
          delivered to the Depositor and the Trustee, as the case may be, as required
          by
          this Agreement or (iv) in the case of any other Person, signed by an authorized
          officer of such Person.

         

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

         

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

         

        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 Cut-off Date Pool Principal Balance.

         

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

         

        OTS:  The
          Office of Thrift Supervision.

         

        Outside
          Reference Date:  As to any Interest Accrual Period for the COFI
          Certificates, the close of business on the tenth day thereof.

         

        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 Due Date, a Mortgage Loan with a Stated
          Principal Balance greater than zero, which was not the subject of a Principal
          Prepayment in Full prior to the end of the related Prepayment Period and
          which
          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).

         

         

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

         

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

         

        Overcollateralization
          Target Amount:  With respect to any Distribution Date (a) initial
          prior to the Stepdown Date, an amount equal to 0.90% of the Cut-off Date
          Pool
          Principal Balance and (b) on or after the Stepdown Date, the greater of
          (i) (x)
          for any Distribution Date prior to the Distribution Date in July 2013,
          an amount
          equal to 2.25% of the aggregate Stated Principal Balance of the Mortgage
          Loans
          as of the Due Date in the month of that Distribution Date (after giving
          effect
          to Principal Prepayments received in the related Prepayment Period) and
          (y) for
          any Distribution Date on or after the Distribution Date in July 2013, an
          amount
          equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage
          Loans
          as of the Due Date in the month of that Distribution Date (after giving
          effect
          to Principal Prepayments received in the related Prepayment Period) and
          (ii) the
          OC Floor; provided, however, that if a Trigger Event is in effect on any
          Distribution Date, the Overcollateralization Target Amount will be the
          Overcollateralization Target Amount as in effect for the prior Distribution
          Date.

         

        Overcollateralized
          Amount:  For any Distribution Date, the amount, if any, by which
          (x) the aggregate Stated Principal Balance of the Mortgage Loans as of
          the Due
          Date in the month of that Distribution Date (after giving effect to Principal
          Prepayments, the principal portion of any Liquidation Proceeds and any
          Subsequent Recoveries received in the related Prepayment Period) and any
          amount
          on deposit in the Pre-Funding Account on that Distribution Date exceeds
          (y) the
          sum of (i) the aggregate Class Certificate Balance of the Certificates
          (other
          than the Class C-P Certificates) as of such Distribution Date and (ii)
          the
          aggregate NDI Swap Principal Amount, if any, as of such Distribution Date
          (in
          each case, after giving effect to distributions of the Principal Remittance
          Amount to be made on such Distribution Date and, in the case of the Distribution
          Date immediately following the end of the Funding Period, any amounts to
          be
          released from the Pre-Funding Account).

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

         

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

         

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

         

         

        
          	 	
                  Class
                    of Certificates

                	
                  Pass-Through
                    Margin

                	 
	 	 	
                  
                    (1)

                  

                	
                  
                    (2)

                  

                	 
	 	
                  Class
                    A-1-A

                	
                  0.190%

                	
                  0.380%

                	 
	 	
                  Class
                    A-1-B

                	
                  0.140%(3)

                	
                  0.280%(3)

                	 
	 	
                  Class
                    A-2-A

                	
                  0.240%

                	
                  0.480%

                	 
	 	
                  Class
                    A-2-B

                	
                  0.180%(4)

                	
                  0.360%(4)

                	 
	 	
                  Class
                    A-3

                	
                  0.290%

                	
                  0.580%

                	 
	 	
                  Class
                    M-1

                	
                  0.600%

                	
                  0.900%

                	 
	 	
                  Class
                    M-2

                	
                  0.700%

                	
                  1.050%

                	 
	 	
                  Class
                    M-3

                	
                  0.900%

                	
                  1.350%

                	 
	 	
                  Class
                    M-4

                	
                  1.500%

                	
                  2.250%

                	 
	 	
                  Class
                    M-5

                	
                  1.750%

                	
                  2.625%

                	 
	 	
                  Class
                    M-6

                	
                  1.750%

                	
                  2.625%

                	 
	 	
                  Class
                    M-7

                	
                  1.750%

                	
                  2.625%

                	 
	 	
                  Class
                    M-8

                	
                  2.000%

                	
                  3.000%

                	 

        

        __________

        
          	
                   

                	
                  (1)

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

                

        

        

        
          	
                   

                	
                  (2)

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

                

        

        

        
          	
                   

                	
                  (3)

                	
                  In
                    the event that the Class A-1-B Swap Contract is terminated, the
                    Pass-Through Margin for the Class A-1-B Certificates will be
                    (i) 0.190%
                    for the Interest Accrual Period related to any Distribution Date
                    occurring
                    on or prior to the Optional Termination Date and (ii) 0.380%
                    for the
                    Interest Accrual Period related to any Distribution Date occurring
                    after
                    the Optional Termination Date.

                

        

        

        
          	
                   

                	
                  (4)

                	
                  In
                    the event that the Class A-2-B Swap Contract is terminated, the
                    Pass-Through Margin for the Class A-2-B Certificates will be
                    (i) 0.240%
                    for the Interest Accrual Period related to any Distribution Date
                    occurring
                    on or prior to the Optional Termination Date and (ii) 0.480%
                    for the
                    Interest Accrual Period related to any Distribution Date occurring
                    after
                    the Optional Termination Date.

                

        

        

        Pass-Through
          Rate: With respect to each Class of LIBOR Certificates and the Interest
          Accrual Period related to any Distribution Date, a per annum rate equal
          to the
          least of (a) the sum of (i) LIBOR for such Interest Accrual Period and
          (ii) the
          Pass-Through Margin for such Class and Interest Accrual Period, (b) the
          Net Rate
          Cap for such Class for such Distribution Date and (c) the Maximum
          Rate.  With respect to any Interest Accrual Period and the Class A-R

         

        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

         

        Certificates,
          the Net Rate Cap with respect to the LIBOR Certificates (other than a Class
          of
          NDI Swap Certificates for so long as the related NDI Swap Contract remains
          in
          effect) for the related Distribution Date.

         

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

         

        Percentage
          Interest:  As to any Certificate, the percentage interest
          evidenced thereby in distributions required to be made on the related Class,
          such percentage interest being set forth on the face thereof or equal to
          the
          percentage obtained by dividing the Denomination of such Certificate by
          the
          aggregate of the Denominations of all Certificates of the same
          Class.  With respect to the Class C-P and Class A-R Certificates, the
          portion of the Class evidenced thereby, expressed as a percentage, as stated
          on
          the face of such Certificate.

         

        Performance
          Certification:  As defined in Section 11.05.

         

        Permitted
          Investments:  At any time, any one or more of the following
          obligations and securities, each of which shall mature no later than 60
          days
          after acquisition:

         

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

         

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

         

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

         

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

         

        (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;

         

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

        

         

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

         

        Physical
          Certificate:  As specified in the Preliminary
          Statement.

         

        Pool
          Characteristics:  Not applicable.

         

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

         

        Pre-Funded
          Amount:  Not applicable.

         

        Pre-Funding
          Account:  The separate Eligible Account created and maintained by
          the Trustee pursuant to Section 3.05 in the name of the Trustee for the
          benefit
          of the Certificateholders and designated “The Bank of New York, in trust for
          registered holders of Alternative Loan Trust 2007-OH2, Mortgage Pass-Through
          Certificates, Series 2007-OH2.”  Funds in the Pre-Funding Account
          shall be held in trust for the Certificateholders for the uses and purposes
          set
          forth in this Agreement and shall not be a part of any REMIC created hereunder;
          provided, however, that any investment income earned from Permitted Investments
          made with funds in the Pre-Funding Account shall be for the account of
          the
          Depositor.

         

        Premium:  With
          respect to any Eligible EPD Protected Mortgage Loan purchased by the Master
          Servicer pursuant to Section 3.11, the excess, if any, of (i) the amount
          actually paid by the related seller to Countrywide pursuant to the provisions
          of
          the purchase agreement under which the seller sold the Mortgage Loan to
          Countrywide in connection with the repurchase by such seller of the Mortgage
          Loan over (ii) the Purchase Price paid by the Master Servicer for the Mortgage
          Loan; provided, however that such excess amount will only be considered
          Premium
          to the extent it was payable by the seller as a result of Countrywide initially
          purchasing such Mortgage Loan from the seller for an amount above
          par.

         

        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.

         

        Prepayment
          Charge Amount:  As to any Distribution Date, the sum of (i) the
          Prepayment Charges collected on the Mortgage Loans during the related Prepayment
          Period, (ii) any amounts paid pursuant to Section 3.20 with respect to
          such
          Distribution Date and (iii) the aggregate amount of Premium transferred
          to the
          Certificate Account by the Master Servicer with respect to that Distribution
          Date pursuant to Section 3.11(a) in connection with the purchase by the
          Master
          Servicer of any Eligible EPD Protected Mortgage Loans.

         

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

         

        Prepayment
          Interest Excess:  As to any Principal Prepayment received by the
          Master Servicer from the first day through the fifteenth day of any calendar
          month (other than the calendar month in which the Initial Cut-off Date
          occurs),
          all amounts paid by the related 

        
          
            
            

          

          
            40

            
              

            

          

          
            
            

          

        

        Mortgagor
          in respect of interest on such Principal Prepayment.  All Prepayment
          Interest Excess shall be paid to the Master Servicer as additional master
          servicing compensation.

         

        Prepayment
          Interest Shortfall:  As to any Distribution Date, Mortgage Loan
          and Principal Prepayment received on or after the sixteenth day of the
          month
          preceding the month of such Distribution Date (or, in the case of the first
          Distribution Date, on or after June 1, 2007) and on or before the last
          day of
          the month preceding the month of such Distribution Date, the amount, if
          any, by
          which one month’s interest at the related Mortgage Rate, net of the related
          Master Servicing Fee Rate, on such Principal Prepayment exceeds the amount
          of
          interest paid in connection with such Principal Prepayment.

         

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

         

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

         

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

         

        Principal
          Distribution Amount:  With respect to each Distribution Date, an
          amount equal to (1) the sum of: (a) the Principal Remittance Amount for
          such
          Distribution Date, minus the sum of (i) any portion of such amount used
          to cover
          any payment due to the Certificate Swap Counterparty with respect to such
          Distribution Date pursuant to Section 4.10 (other than a Certificate Swap
          Termination Payment due to a Swap Counterparty Trigger Event) and (ii)
          an amount
          equal to the lesser of (A) the aggregate Deferred Interest that accrued
          on the
          Mortgage Loans for the related Due Period and (B) the Principal Prepayment
          Amount for the related Prepayment Period and (b) the Extra Principal
          Distribution Amount for such Distribution Date, minus (2) the amount of
          any
          Overcollateralization Reduction Amount for such Distribution Date.

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            41

            
              

            

          

          
            
            

          

        

         

        Principal
          Remittance Amount:  As to any Distribution Date, (x) the sum,
          without duplication, of (a) the principal portion of each Scheduled Payment
          (without giving effect to any reductions thereof caused by any Deficient
          Valuations) due on each Mortgage Loan (other than a Liquidated Mortgage
          Loan) on
          the related Due Date, (b) the principal portion of the Purchase Price of
          each
          Mortgage Loan that was repurchased by the applicable Seller or purchased
          by the
          Master Servicer pursuant to this Agreement as of such Distribution Date,
          (c) the
          Substitution Adjustment Amount in connection with any Deleted Mortgage
          Loan
          received with respect to such Distribution Date, (d) any Insurance Proceeds
          or
          Liquidation Proceeds allocable to recoveries of principal of Mortgage Loans
          that
          are not yet Liquidated Mortgage Loans received during the calendar month
          preceding the month of such Distribution Date, (e) with respect to each
          Mortgage
          Loan that became a Liquidated Mortgage Loan during the related Prepayment
          Period, the amount of the Liquidation Proceeds allocable to principal received
          during such Prepayment Period with respect to such Mortgage Loan, (f) all
          Principal Prepayments on the Mortgage Loans received during the related
          Prepayment Period, (g) any Subsequent Recoveries on the Mortgage Loans
          received
          during the related Prepayment Period and (h) with respect to the last Funding
          Period Distribution Date, the related Remaining Pre-Funded Amount minus
          (y) all Advances on the Mortgage Loans relating to principal and certain
          expenses reimbursable pursuant to Section 6.03 and reimbursed since the
          immediately preceding Due Date.

         

        Principal
          Reserve Fund:  Not applicable.

         

        Priority
          Amount:  Not applicable.

         

        Priority
          Percentage:  Not applicable.

         

        Private
          Certificate:  As specified in the Preliminary
          Statement.

         

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

         

        Prospectus:  The
          prospectus dated June 27, 2007 generally relating to mortgage pass-through
          certificates to be sold by the Depositor.

         

        Prospectus
          Supplement:  The prospectus supplement dated June 28, 2007
          relating to the Offered Certificates.

         

        PUD:  Planned
          Unit Development.

         

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

         

        
          
            
            

          

          
            42

            
              

            

          

          
            
            

          

        

         

        Section
          2.03 that arises out of a violation of any predatory or abusive lending
          law with
          respect to the related Mortgage Loan.

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

         

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

         

        Record
          Date:  With respect to any Distribution Date and the Delay
          Certificates, the last Business Day of the month preceding the month of
          a
          Distribution Date.  With respect to any Distribution Date and the
          Non-Delay 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.

         

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

         

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

         

        Regular
          Certificates:  As specified in the Preliminary
          Statement.

         

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

         

        Remaining
          Pre-Funded Amount:  With respect to the last Funding Period
          Distribution Date, any portion of the Pre-Funded Amount remaining in the
          Pre-Funding Account.

         

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

         

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

         

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

         

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

         

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

         

        (a)           entry
          into a definitive agreement related to the Trust Fund, the Certificates
          or the
          Mortgage Loans, or an amendment to a Transaction Document, even if the
          

         

         

        
          
            
            

          

          
            44

            
              

            

          

          
            
            

          

        

         

        Depositor
          is not a party to such agreement (e.g., a servicing agreement with a servicer
          contemplated by Item 1108(a)(3) of Regulation AB);

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            45

            
              

            

          

          
            
            

          

        

         

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

         

        Residual
          Certificates:  As specified in the Preliminary
          Statement.

         

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

         

        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.

         

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

         

        Sarbanes-Oxley
          Certification:  As defined in Section 11.05.

         

        Scheduled
          Balances:  Not applicable.

         

        Scheduled
          Principal Classes:  As specified in the Preliminary
          Statement.

         

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

         

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

         

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

         

        Senior
          Certificates:  As specified in the Preliminary
          Statement.

         

        Senior
          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 as of the Due Date occurring in the month preceding
          the
          month of that Distribution Date (after giving effect to Principal Prepayments
          in
          the Prepayment Period related to that prior Due Date) over (b) (i) before
          the
          Class Certificate Balances of the Senior Certificates and the NDI Swap
          Principal
          Amounts, if any, have been reduced to zero, the sum of (x) the aggregate
          Class
          Certificate Balance of the Senior Certificates and (y) the aggregate NDI
          Swap
          Principal Amount, if any, in each case, immediately prior to such Distribution
          Date, or (ii) after such time, the Class Certificate Balance of the most
          senior
          Class of Subordinated Certificates outstanding 

         

         

        
          
            
            

          

          
            46

            
              

            

          

          
            
            

          

        

         

        immediately
          prior to such Distribution Date, and (2) the denominator of which is the
          aggregate Stated Principal Balance of the Mortgage Loans as of the Due
          Date
          occurring in the month preceding the month of that Distribution Date (after
          giving effect to Principal Prepayments in the Prepayment Period related
          to that
          prior Due Date).

         

        Senior
          Principal Distribution Target Amount:  As to any Distribution
          Date, the excess of (1) the sum of (i) the aggregate Class Certificate
          Balance
          of the Senior Certificates and (ii) the aggregate NDI Swap Principal Amount,
          if
          any, in each case, immediately prior to such Distribution Date, over (2)
          the
          lesser of (A) the product of (i) (x) 84.250% on any Distribution Date on
          or
          after the Stepdown Date and prior to the Distribution Date in July 2013
          or (y)
          87.400% on any Distribution Date on or after the Stepdown Date and on or
          after
          the Distribution Date in July 2013 and (ii) of the aggregate Stated Principal
          Balance of the Mortgage Loans as of the Due Date in the month of that
          Distribution Date (after giving effect to Principal Prepayments received
          in the
          related Prepayment Period) and (B) the aggregate Stated Principal Balance
          of the
          Mortgage Loans as of the Due Date in the month of that Distribution Date
          (after
          giving effect to Principal Prepayments received in the related Prepayment
          Period) minus the OC Floor.

         

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

         

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

         

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

         

        Shift
          Percentage:  Not applicable.

         

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

         

        Startup
          Day:  The Closing Date.

         

        Stated
          Principal Balance:  As to any Mortgage Loan and Due Date, the
          unpaid principal balance of such Mortgage Loan as of such Due Date as specified
          in the amortization schedule at 

         

        
          
            
            

          

          
            47

            
              

            

          

          
            
            

          

        

         

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

         

        Stepdown
          Date:  The
          earlier to occur of: (1) the Distribution Date immediately following the
          Distribution Date on which the sum of the aggregate Class Certificate Balance
          of
          the Senior Certificates and the aggregate NDI Swap Principal Amount, if
          any, are
          reduced to zero, and (2) the later of (x) the Distribution Date in July
          2010 and
          (y) the first Distribution Date on which the sum of (i) the aggregate Class
          Certificate Balance of the Senior Certificates and (ii) the aggregate NDI
          Swap
          Principal Amount, if any (in each case, after calculating anticipated
          distributions on such Distribution Date) is less than or equal to the product
          of
          (x) the aggregate Stated Principal Balance of the Mortgage Loans as of
          the Due
          Date in the month of that Distribution Date (after giving effect to Principal
          Prepayments in the related Prepayment Period) and (y) either (i) prior
          to the
          Distribution Date in July 2013, 84.250% or (ii) on or after the Distribution
          Date in July 2013, 87.400%.

         

        Stepdown
          Target Subordination Percentage:  With respect to any Class of
          Subordinated Certificates, the respective percentage indicated in the following
          table:

         

        
          	 	 	
                  Stepdown
                    Target

                  Subordination

                  Percentage
                    (1)

                	
                  Stepdown
                    Target

                  Subordination

                  Percentage
                    (2)

                
	 	
                  Class
                    M-1

                	
                  12.625%

                	
                  10.100%

                
	 	
                  Class
                    M-2

                	
                  9.875%

                	
                  7.900%

                
	 	
                  Class
                    M-3

                	
                  8.500%

                	
                  6.800%

                
	 	
                  Class
                    M-4

                	
                  7.250%

                	
                  5.800%

                
	 	
                  Class
                    M-5

                	
                  6.000%

                	
                  4.800%

                
	 	
                  Class
                    M-6

                	
                  4.750%

                	
                  3.800%

                
	 	
                  Class
                    M-7

                	
                  3.500%

                	
                  2.800%

                
	 	
                  Class
                    M-8

                	
                  2.250%

                	
                  1.800%

                

        

        _________

        (1)           For
          any Distribution Date occurring on or after the Distribution Date occurring
          in
          July 2010 and prior to theDistribution Date occurring in July 2013.

        (2)           For
          any Distribution Date occurring on or after the Distribution Date occurring
          in
          July 2013.

        

        Streamlined
          Documentation Mortgage Loan:  Any Mortgage Loan originated
          pursuant to Countrywide’s Streamlined Loan Documentation Program then in
          effect.  For the purposes of this Agreement, a Mortgagor is eligible
          for a mortgage pursuant to Countrywide’s Streamlined Loan Documentation Program
          if that Mortgagor is refinancing an existing mortgage loan that 

         

        
          
            
            

          

          
            48

            
              

            

          

          
            
            

          

        

        was
          originated or acquired by Countrywide where,
          among other things, the mortgage loan has not been more than 30 days delinquent
          in payment during the previous twelve month period.

         

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

         

        Subordinated
          Certificates:  As specified in the Preliminary
          Statement.

         

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

         

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

         

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

         

        Subsidiary
          REMIC:  As defined in the Preliminary Statement.

         

        Substitute
          Mortgage Loan:  A Mortgage Loan substituted by the applicable
          Seller for a Deleted Mortgage Loan which must, on the date of such substitution,
          as confirmed in a Request for Release, substantially in the form of
          Exhibit M, (i) have a Stated Principal Balance, after deduction of the
          principal portion of the Scheduled Payment due in the month of substitution,
          not
          in excess of, and not more than 10% less than the Stated Principal Balance
          of
          the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower
          than and not more than 1% per annum higher than that of the Deleted Mortgage
          Loan; (iii) have a Loan-to-Value Ratio no higher than 

         

         

        
          
            
            

          

          
            49

            
              

            

          

          
            
            

          

        

         

        that
          of
          the Deleted Mortgage Loan; (iv) have a remaining term to maturity no
          greater than (and not more than one year less than that of) the Deleted
          Mortgage
          Loan; (v) have a Maximum Mortgage Rate no lower than and not more than
          1% per
          annum higher than the Maximum Mortgage Rate of the Deleted Mortgage Loan;
          (vi)
          have a Minimum Mortgage Rate no lower than and not more than 1% per annum
          higher
          than the Minimum Mortgage Rate of the Deleted Mortgage Loan; (vii) have
          the same
          Mortgage Index, reset period, payment cap and recast provisions as the
          Deleted
          Mortgage Loan and a Gross Margin not more than 1% per annum higher or lower
          than
          that of the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless
          the Deleted Mortgage Loan was a Cooperative Loan; and (ix) comply with each
          representation and warranty set forth in Section 2.03.

         

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

         

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

         

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

         

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

         

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

         

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

         

        Swap
          Account:  The Class A-1-B Swap Account, Class A-2-B Swap Account
          or Certificate Swap Account, as applicable.

         

        Swap
          Contract:  The Class A-1-B Swap Contract, Class A-2-B Swap
          Contract or Certificate Swap Contract, as applicable.

         

        Swap
          Contract Administration Agreement:  The swap contract
          administration agreement dated as of the Closing Date among Countrywide,
          the
          Trustee and the Swap Contract Administrator.

         

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

         

        
          
            
            

          

          
            50

            
              

            

          

          
            
            

          

        

         

        Swap
          Contract Assignment Agreement:  The NDI Swap Contract Assignment
          Agreement or Certificate Swap Contract Assignment Agreement, as
          applicable.

         

        Swap
          Contracts:  Collectively, the Class A-1-B Swap Contract, Class
          A-2-B Swap Contract and Certificate Swap Contract.

         

        Swap
          Contract Termination Date:  The NDI Swap Contract Termination Date
          or the Certificate Swap Contract Termination Date, as applicable.

         

        Swap
          Counterparty:  The NDI Swap Counterparty or the Certificate Swap
          Counterparty, as applicable.

         

        Swap
          Counterparty Trigger Event:  Either (i) an “Event of Default”
under the related ISDA Master Agreement with respect to which the related
          Swap
          Counterparty is the sole “Defaulting Party” (as defined in the related ISDA
          Master Agreement) or (ii) a “Termination Event” (other than an Illegality or a
          Tax Event (as such terms are defined in the related ISDA Master Agreement))
          or
“Additional Termination Event” under the related ISDA Master Agreement with
          respect to which the related Swap Counterparty is the sole “Affected Party” (as
          defined in the related ISDA Master Agreement).

         

        Swap
          Termination Payment:  A Certificate Swap Termination Payment or
          NDI Swap Termination Payment, as applicable.

         

        Swap
          Trust:  The trust fund established by Section 4.10.

         

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

         

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

         

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

         

        Termination
          Price:  As defined in Section 9.01.

         

        Terminator:  As
          defined in Section 9.01.

         

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

         

        
          
            
            

          

          
            51

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        Trust
          Fund:  The corpus of the trust created under this Agreement
          consisting of (i) the Mortgage Loans and all interest and principal
          received on or with respect thereto after the Cut-off Date to the extent
          not
          applied in computing the Cut-off Date Principal Balance of the Mortgage
          Loans;
          (ii) the Certificate Account, the Distribution Account, the Pre-Funding
          Account, the Capitalized Interest Account and the Carryover 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; and
          (iv) all proceeds of the conversion, voluntary or involuntary, of any of
          the foregoing.

         

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

         

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

         

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

         

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

         

        Underwriter:
          As specified in the Preliminary Statement.

         

        Underwriter’s
          Exemption:  Prohibited Transaction Exemption 2007-5, 72 Fed. Reg.
          13130 (2007), as amended (or any successor thereto), or any substantially
          similar administrative exemption granted by the U.S. Department of
          Labor.

         

        Unpaid
          Realized Loss Amount:  For any Class of Certificates (other than
          the Class C-P Certificates) or a NDI Swap Principal Amount, as applicable,
          (x)
          the portion of the aggregate Applied Realized Loss Amount previously allocated
          to that Class or that NDI Swap Principal Amount, as applicable, remaining
          unpaid
          from prior Distribution Dates minus (y) any increase in the Class Certificate
          Balance of that Class or that NDI Swap Principal Amount, as applicable,
          due to
          the receipt of Subsequent Recoveries allocated to the Class Certificate
          Balance
          of that Class or that NDI Swap Principal Amount, as applicable, pursuant
          to
          Section 4.02(i).

         

        Voting
          Rights:  The portion of the voting rights of all of the
          Certificates which is allocated to any Certificate.  As of any date of
          determination, (a) 1% of all Voting Rights shall be allocated to each Class
          of Notional Amount Certificates, if any (such Voting Rights to be 

         

        
          
            
            

          

          
            52

            
              

            

          

          
            
            

          

        

         

        allocated
          among the holders of Certificates of each such Class in accordance with
          their
          respective Percentage Interests), (b) 1% of all Voting Rights shall be
          allocated
          to each of the Class A-R and Class C-P Certificates, and (c) the remaining
          Voting Rights shall be allocated among Holders of the remaining Classes
          of
          Certificates in proportion to the Certificate Balances of their respective
          Certificates on such date.

         

        Weighted
          Average Adjusted Net Mortgage Rate:  As to any Distribution Date,
          the weighted average of the Adjusted Net Mortgage Rates on the Mortgage
          Loans,
          weighted on the basis of the Stated Principal Balance of each such Mortgage
          Loan
          as of the Due Date occurring in the calendar month preceding the month
          of that
          Distribution Date (after giving effect to Principal Prepayments received
          in the
          Prepayment Period related to that prior Due Date).

         

        Winning
          Bidder:  With respect to a Successful Auction, the Qualified
          Bidder that bids the highest price.

         

        
          	
                   

                	
                  SECTION
                    1.02.

                	
                  Certain
                    Interpretive Principles.

                

        

         

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

         

         

        
          
            
            

          

          
            53

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          II
CONVEYANCE
          OF MORTGAGE LOANS;
REPRESENTATIONS
          AND WARRANTIES

         

        
          	
                   

                	
                  SECTION
                    2.01.

                	
                  Conveyance
                    of Mortgage Loans.

                

        

         

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

         

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

         

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

         

        (c)           In
          connection with the transfer and assignment set forth in clause (b) above,
          the
          Depositor has delivered or caused to be delivered to the Trustee (or, in
          the
          case of the Delay Delivery Mortgage Loans that are Initial Mortgage Loans,
          will
          deliver or cause to be delivered to the Trustee within thirty (30) days
          following the Closing Date and in the case of the Delay 

         

        
          
            
            

          

          
            54

            
              

            

          

          
            
            

          

        

         

        Delivery
          Mortgage Loans that are Supplemental Mortgage Loans, will deliver or cause
          to be
          delivered to the Trustee within twenty (20) days following the applicable
          Supplemental Transfer Date) for the benefit of the Certificateholders the
          following documents or instruments with respect to each Mortgage Loan so
          assigned:

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            55

            
              

            

          

          
            
            

          

        

         

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

         

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

         

         

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

           

          (B)                   The
            executed Security Agreement;

           

          (C)                   The
            executed Proprietary Lease;

           

          (D)                   The
            executed Recognition Agreement;

           

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

           

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

           

        

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

         

        In
          the
          event that in connection with any Mortgage Loan that is not a MERS Mortgage
          Loan
          the Depositor cannot deliver (a) the original recorded Mortgage or a copy
          of
          such Mortgage, with recording information, (b) all interim recorded assignments
          or a copy of such assignments, with recording information, or (c) the lender’s
          title policy or a copy of the lender’s title policy (together with all riders
          thereto) satisfying the requirements of clause (ii), (iii) or (v) above,
          respectively, concurrently with the execution and delivery of this Agreement
          because such document or documents have not been returned from the applicable
          public recording office in the case of clause (ii) or (iii) above, or because
          the title policy has not been delivered to either the Master Servicer or
          the
          Depositor by the applicable title insurer in the case of clause (v) above,
          the
          Depositor shall promptly deliver to the Trustee, in the case of clause
          (ii) or
          (iii) above, such original Mortgage or a copy of such Mortgage, with recording
          information, or such interim 

         

        
          
            
            

          

          
            56

            
              

            

          

          
            
            

          

        

         

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

         

        As
          promptly as practicable subsequent to such transfer and assignment, and
          in any
          event, within one hundred twenty (120) days thereafter, the Trustee shall
          (A) as
          the assignee thereof, affix the following language to each assignment of
          Mortgage:  “CWALT, Inc., Series 2007-OH2, The Bank of New York, as
          trustee”, (B) cause such assignment to be in proper form for recording in the
          appropriate public office for real property records and (C) cause to be
          delivered for recording in the appropriate public office for real property
          records the assignments of the Mortgages to the Trustee, except that (i)
          with
          respect to any assignments of Mortgage as to which the Trustee has not
          received
          the information required to prepare such assignment in recordable form,
          the
          Trustee’s obligation to do so and to deliver the same for such recording shall
          be as soon as practicable after receipt of such information and in any
          event
          within thirty (30) days after receipt thereof and (ii) the Trustee need
          not
          cause to be recorded any assignment which relates to a Mortgage Loan the
          Mortgaged Property and Mortgage File relating to which are located in any
          jurisdiction (including Puerto Rico) under the laws of which the recordation
          of
          such assignment is not necessary to protect the Trustee’s and the
          Certificateholders’ interest in the related Mortgage Loan as evidenced by an
          opinion of counsel delivered by Countrywide to the Trustee within 90 days
          of the
          Closing Date (which opinion may be in the form of a “survey” opinion and is not
          required to be delivered by counsel admitted to practice law in the jurisdiction
          as to which such legal opinion applies).

         

        In
          the
          case of Mortgage Loans that have been prepaid in full as of the Closing
          Date,
          the Depositor, in lieu of delivering the above documents to the Trustee,
          will
          deposit in the Certificate 

         

        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

        

        Account
          the portion of such payment that is required to be deposited in the Certificate
          Account pursuant to Section 3.05.

         

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

         

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

         

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

         

        Each
          Seller has entered into this Agreement in consideration for the purchase
          of the
          Mortgage Loans sold by such Seller to the Depositor and has agreed to take
          the
          actions specified herein.  The Depositor, concurrently with the
          execution and delivery of this Agreement, hereby sells, transfers, assigns
          and
          otherwise conveys to the Trustee for the use and benefit of the 

         

        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

        

        Certificateholders,
          without recourse, all right title and interest in the portion of the Trust
          Fund
          not otherwise conveyed to the Trust Fund pursuant to Sections 2.01(a) or
          (b).

         

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

         

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

         

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

         

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

         

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

         

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

         

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

        
           

          (vi)         no
            Supplemental Mortgage Loan conveyed on such Supplemental Transfer date
            was 30 or
            more days delinquent;

           

        

         

        
          
            
            

          

          
            59

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    2.02.

                	
                  Acceptance
                    by Trustee of the Mortgage
                    Loans.

                

        

         

        (a)           The
          Trustee acknowledges receipt of the documents identified in the Initial
          Certification in the form annexed hereto as Exhibit F-1 and declares that
          it holds and will hold such documents and the other documents delivered
          to it
          constituting the Mortgage Files, and that it holds or will hold such other
          assets as are included in the Trust Fund, in trust for the exclusive

         

        
          
            
            

          

          
            60

            
              

            

          

          
            
            

          

        

        use
          and
          benefit of all present and future Certificateholders.  The Trustee
          acknowledges that it will maintain possession of the Mortgage Notes in
          the State
          of California, unless otherwise permitted by the Rating Agencies.

         

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

         

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

         

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

         

        If,
          in
          the course of such review, the Trustee finds any document constituting
          a part of
          a Mortgage File that does not meet the requirements of Section 2.01, the
          Trustee shall list such as an exception in the Final Certification;
provided, however that the Trustee shall not make any
          determination as to whether (i) any endorsement is sufficient to transfer
          all right, title and interest of the party so endorsing, as noteholder
          or
          assignee thereof, in and to that Mortgage Note or (ii) any assignment is in
          recordable form or is sufficient to effect the assignment of and transfer
          to the
          assignee thereof under the mortgage to which the assignment
          relates.  Countrywide (on its own behalf and on behalf of Park
          Granada, Park Monaco and Park Sienna) shall promptly correct or cure such
          defect
          within 90 days from the date it was so notified of such defect and, if
          Countrywide does not correct or cure such defect within such period, Countrywide
          (on its own behalf and on behalf of Park Granada, Park Monaco and Park
          Sienna)
          shall either (a) substitute for the related Mortgage Loan a Substitute
          Mortgage Loan, which substitution shall be accomplished in the manner and
          subject to the conditions set forth in Section 2.03, or (b) purchase
          such Mortgage Loan from the Trustee within 90 days from the date Countrywide
          (on
          its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
          was
          notified of such defect in writing at the Purchase Price of such Mortgage
          Loan;
provided, however, that in no event shall such substitution or
          purchase occur more than 540 days from the Closing Date, except that if
          the
          substitution or purchase of a Mortgage Loan pursuant to this provision
          is
          required by reason of a delay in delivery of any documents by the appropriate
          recording office, and there is a dispute between either the Master Servicer
          or
          Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
          and
          Park Sienna) and the Trustee over the location or 

         

         

        
          
            
            

          

          
            61

            
              

            

          

          
            
            

          

        

         

        status
          of
          the recorded document, then such substitution or purchase shall occur within
          720
          days from the Closing Date.  The Trustee shall deliver written notice
          to each Rating Agency within 270 days from the Closing Date indicating
          each
          Mortgage Loan (a) that has not been returned by the appropriate recording
          office or (b) as to which there is a dispute as to location or status of
          such Mortgage Loan.  Such notice shall be delivered every 90 days
          thereafter until the related Mortgage Loan is returned to the
          Trustee.  Any such substitution pursuant to (a) above or purchase
          pursuant to (b) above shall not be effected prior to the delivery to the
          Trustee of the Opinion of Counsel required by Section 2.05, if any, and any
          substitution pursuant to (a) above shall not be effected prior to the additional
          delivery to the Trustee of a Request for Release substantially in the form
          of
          Exhibit N.  No substitution is permitted to be made in any
          calendar month after the Determination Date for such month.  The
          Purchase Price for any such Mortgage Loan shall be deposited by Countrywide
          (on
          its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
          in
          the Certificate Account on or prior to the Distribution Account Deposit
          Date for
          the Distribution Date in the month following the month of repurchase and,
          upon
          receipt of such deposit and certification with respect thereto in the form
          of
          Exhibit N hereto, the Trustee shall release the related Mortgage File to
          Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
          and
          Park Sienna) and shall execute and deliver at Countrywide’s (on its own behalf
          and on behalf of Park Granada, Park Monaco and Park Sienna) request such
          instruments of transfer or assignment prepared by Countrywide, in each
          case
          without recourse, as shall be necessary to vest in Countrywide (on its
          own
          behalf and on behalf of Park Granada, Park Monaco and Park Sienna), or
          its
          designee, the Trustee’s interest in any Mortgage Loan released pursuant hereto.
          If pursuant to the foregoing provisions Countrywide (on its own behalf
          and on
          behalf of Park Granada, Park Monaco and Park Sienna) repurchases an Initial
          Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer shall either
          (i)
          cause MERS to execute and deliver an assignment of the Mortgage in recordable
          form to transfer the Mortgage from MERS to Countrywide (on its own behalf
          and on
          behalf of Park Granada, Park Monaco and Park Sienna) or its designee and
          shall
          cause such Mortgage to be removed from registration on the MERS® System in
          accordance with MERS’ rules and regulations or (ii) cause MERS to designate on
          the MERS® System Countrywide (on its own behalf and on behalf of Park Granada,
          Park Monaco and Park Sienna) or its designee as the beneficial holder of
          such
          Mortgage Loan.

         

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

         

        The
          Trustee agrees to execute and deliver on the Supplemental Transfer Date
          to the
          Depositor, the Master Servicer and Countrywide (on its own behalf and on
          behalf
          of Park Granada, Park Monaco and Park Sienna) a Supplemental Certification
          in
          the form annexed hereto as Exhibit F-2.  Based on its review and
          examination, and only as to the documents identified in such Supplemental
          Certification, the Trustee shall acknowledge that such documents appear
          regular
          on their face and relate to such Supplemental Mortgage Loan.  The

         

        
          
            
            

          

          
            62

            
              

            

          

          
            
            

          

        

         

        Trustee
          shall be under no duty or obligation to inspect, review or examine said
          documents, instruments, certificates or other papers to determine that
          the same
          are genuine, enforceable or appropriate for the represented purpose or
          that they
          have actually been recorded in the real estate records or that they are
          other
          than what they purport to be on their face.

         

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

         

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

         

        (c)           If,
          in the course of such review of the Mortgage Files relating to the Supplemental
          Mortgage Loans, the Trustee finds any document constituting a part of a
          Mortgage
          File which does not meet the requirements of Section 2.01, the Trustee
          shall
          list such as an exception in the Final Certification; provided, however
          that the
          Trustee shall not make any determination as to whether (i) any endorsement
          is
          sufficient to transfer all right, title and interest of the party so endorsing,
          as noteholder or assignee thereof, in and to that Mortgage Note or (ii)
          any
          assignment is in recordable form or is sufficient to effect the assignment
          of
          and transfer to the assignee thereof under the mortgage to which the assignment
          relates.  Countrywide (on its own behalf and on behalf of Park
          Granada, Park Monaco and Park Sienna) shall promptly correct or cure such
          defect
          within 90 days from the date it was so notified of such defect and, if
          Countrywide does not correct or cure such defect within such period, Countrywide
          (on its own behalf and on behalf of Park Granada, Park Monaco and Park
          Sienna)
          shall either (a) substitute for the related Mortgage Loan a Substitute
          Mortgage
          Loan, which substitution shall be accomplished in the manner and subject
          to the
          conditions set forth in Section 2.03, or (b) purchase such Mortgage Loan
          from
          the Trustee within 90 days from the date Countrywide (on its own behalf
          and on
          behalf of Park Granada, Park Monaco and Park Sienna) was notified of such
          defect
          in writing at the Purchase Price of such Mortgage Loan; provided, however,
          that
          in no event shall such substitution or purchase occur more than 540 days
          from
          the Closing Date, except that if the substitution or purchase of a Mortgage
          Loan
          pursuant to this provision is required by reason of a delay in delivery
          of any
          documents by the appropriate recording office, and there is a dispute between
          either the Master Servicer or Countrywide (on its own behalf and on behalf
          of
          Park Granada, Park Monaco and Park Sienna) and the Trustee over the location
          or
          status of the recorded document, then such substitution or purchase shall
          occur
          within 720 days from the Closing Date.  The Trustee shall deliver
          written notice to each Rating Agency within 270 days from the Closing Date
          indicating each Mortgage Loan (a) which has not been returned by the appropriate
          recording office or (b) as to which there is a dispute as to location or
          status
          of such Mortgage Loan.  Such notice shall be delivered every 90 days
          thereafter until the related Mortgage Loan is returned to the
          Trustee.  Any such substitution pursuant to (a) above or purchase
          pursuant to (b) above shall not be effected prior to the delivery to the
          Trustee
          of the Opinion of Counsel required by Section 2.05 hereof, if any, and
          any
          substitution pursuant to (a) 

         

        
          
            
            

          

          
            63

            
              

            

          

          
            
            

          

        

         

        above
          shall not be effected prior to the additional delivery to the Trustee of
          a
          Request for Release substantially in the form of Exhibit N.  No
          substitution is permitted to be made in any calendar month after the
          Determination Date for such month.  The Purchase Price for any such
          Mortgage Loan shall be deposited by Countrywide (on its own behalf and
          on behalf
          of Park Granada, Park Monaco and Park Sienna) in the Certificate Account
          on or
          prior to the Distribution Account Deposit Date for the Distribution Date
          in the
          month following the month of repurchase and, upon receipt of such deposit
          and
          certification with respect thereto in the form of Exhibit N hereto, the
          Trustee
          shall release the related Mortgage File to Countrywide (on its own behalf
          and on
          behalf of Park Granada, Park Monaco and Park Sienna) and shall execute
          and
          deliver at Countrywide’s (on its own behalf and on behalf of Park Granada, Park
          Monaco and Park Sienna) request such instruments of transfer or assignment
          prepared by Countrywide, in each case without recourse, as shall be necessary
          to
          vest in Countrywide (on its own behalf and on behalf of Park Granada, Park
          Monaco and Park Sienna), or a designee, the Trustee’s interest in any Mortgage
          Loan released pursuant hereto. If pursuant to the foregoing provisions
          Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
          and
          Park Sienna) repurchases a Supplemental Mortgage Loan that is a MERS Mortgage
          Loan, the Master Servicer shall either (i) cause MERS to execute and deliver
          an
          assignment of the Mortgage in recordable form to transfer the Mortgage
          from MERS
          to Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
          and
          Park Sienna) and shall cause such Mortgage to be removed from registration
          on
          the MERS® System in accordance with MERS’ rules and regulations or (ii) cause
          MERS to designate on the MERS® System Countrywide (on its own behalf and on
          behalf of Park Granada, Park Monaco and Park Sienna) or its designee as
          the
          beneficial holder of such Mortgage Loan.

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    2.03.

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

                

        

         

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

         

        
          
            
            

          

          
            64

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (c)           Upon
          discovery by any of the parties hereto of a breach of a representation
          or
          warranty with respect to a Mortgage Loan made pursuant to Section 2.03(a)
          or a breach of a representation or warranty with respect to a Supplemental
          Mortgage Loan under Section 2.01(e)(i) that materially and adversely affects
          the
          interests of the Certificateholders in that Mortgage Loan, the party discovering
          such breach shall give prompt notice thereof to the other parties and the
          NIM
          Insurer.  Each Seller hereby covenants that within 90 days of the
          earlier of its discovery or its receipt of written notice from any party
          of a
          breach of any representation or warranty with respect to a Mortgage Loan
          sold by
          it pursuant to Section 2.03(a) and with respect to a breach of a
          representation and warranty with respect to a Supplemental Mortgage Loan
          sold to
          it under Section 2.01(e)(i) that materially and adversely affects the interests
          of the Certificateholders in that Mortgage Loan, it shall cure such breach
          in
          all material respects, and if such breach is not so cured, shall, (i) if
          such 90-day period expires prior to the second anniversary of the Closing
          Date,
          remove such Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund and
          substitute in its place a Substitute Mortgage Loan, in the manner and subject
          to
          the conditions set forth in this Section; or (ii) repurchase the affected
          Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price
          in the
          manner set forth below; provided, however, that any such
          substitution pursuant to (i) above shall not be effected prior to the delivery
          to the Trustee of the Opinion of Counsel required by Section 2.05, if any,
          and any such substitution pursuant to (i) above shall not be effected prior
          to
          the additional delivery to the Trustee of a Request for Release substantially
          in
          the form of Exhibit N and the Mortgage File for

         

        
          
            
            

          

          
            65

            
              

            

          

          
            
            

          

        

         

         any
          such Substitute Mortgage Loan.  The Seller repurchasing a Mortgage
          Loan pursuant to this Section 2.03(c) shall promptly reimburse the Master
          Servicer and the Trustee for any expenses reasonably incurred by the Master
          Servicer or the Trustee in respect of enforcing the remedies for such
          breach.  With respect to the representations and warranties described
          in this Section which are made to the best of a Seller’s knowledge, if it
          is discovered by either the Depositor, a Seller or the Trustee that the
          substance of such representation and warranty is inaccurate and such inaccuracy
          materially and adversely affects the value of the related Mortgage Loan
          or the
          interests of the Certificateholders therein, notwithstanding that Seller’s lack
          of knowledge with respect to the substance of such representation or warranty,
          such inaccuracy shall be deemed a breach of the applicable representation
          or
          warranty.

         

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

         

        For
          any
          month in which a Seller substitutes one or more Substitute Mortgage Loans
          for
          one or more Deleted Mortgage Loans, the Master Servicer will determine
          the
          amount (if any) by which the aggregate principal balance of all Substitute
          Mortgage Loans sold to the Depositor by that Seller as of the date of
          substitution is less than the aggregate Stated Principal Balance of all
          Deleted
          Mortgage Loans repurchased by that Seller (after application of the scheduled
          principal portion of the monthly payments due in the month of
          substitution).  The amount of such shortage (the “Substitution
          Adjustment Amount”) plus an amount equal to the aggregate of any unreimbursed
          Advances with respect to such Deleted Mortgage Loans shall be deposited
          in the

         

         

        
          
            
            

          

          
            66

            
              

            

          

          
            
            

          

        

         

        Certificate
          Account by Countrywide (on its own behalf and on behalf of Park Granada,
          Park
          Monaco and Park Sienna) on or before the Distribution Account Deposit Date
          for
          the Distribution Date in the month succeeding the calendar month during
          which
          the related Mortgage Loan became required to be purchased or replaced
          hereunder.

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    2.04.

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

                

        

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            67

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  SECTION
                    2.05.

                	
                  Delivery
                    of Opinion of Counsel in Connection with
                    Substitutions.

                

        

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    2.06.

                	
                  Execution
                    and Delivery of Certificates.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    2.07.

                	
                  REMIC
                    Matters.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    2.08.

                	
                  Covenants
                    of the Master Servicer.

                

        

         

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

         

         

        
          
            
            

          

          
            68

            
              

            

          

          
            
            

          

        

         

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

         

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

         

         

        
          
            
            

          

          
            69

            
              

            

          

          
            
            

          

        

        ARTICLE
          III

        ADMINISTRATION
          AND SERVICING

        OF
          MORTGAGE LOANS

         

        
          	
                   

                	
                  SECTION
                    3.01.

                	
                  Master
                    Servicer to Service Mortgage
                    Loans.

                

        

         

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

         

         

        
          
            
            

          

          
            70

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    3.02.

                	
                  Subservicing;
                    Enforcement of the Obligations of
                    Subservicers.

                

        

         

        (a)           The
          Master Servicer may arrange for the subservicing of any Mortgage Loan by
          a
          Subservicer pursuant to a subservicing agreement; provided,
however, that such subservicing arrangement and the terms of the
          related
          subservicing agreement must provide for the servicing of such Mortgage
          Loans in
          a manner consistent with the servicing arrangements contemplated under
          this
          Agreement; provided, however, that the NIM Insurer shall have consented
          to such
          subservicing agreements (which consent shall not be unreasonably
          withheld).  Unless the context otherwise requires, references in this
          Agreement to actions taken or to be taken by the Master Servicer in servicing
          the Mortgage Loans include actions taken or to be taken by a Subservicer
          on
          behalf of the Master Servicer.  Notwithstanding the provisions of any
          subservicing agreement, any of the provisions of this Agreement relating
          to
          agreements or arrangements between the Master Servicer and a Subservicer
          or
          reference to actions taken through a Subservicer or otherwise, the Master
          Servicer shall remain obligated and liable to the Depositor, the Trustee
          and the
          Certificateholders for the servicing and administration of the Mortgage
          Loans in
          accordance with the provisions of this Agreement without diminution of
          such
          obligation or liability by virtue of such subservicing agreements or
          arrangements or by virtue of indemnification from the Subservicer and to
          the
          same extent and under the same terms and conditions as if the Master Servicer
          alone were servicing and administering the Mortgage Loans.  All
          actions of each Subservicer performed pursuant to the related subservicing
          agreement shall be performed as an agent of the Master Servicer with the
          same
          force and effect as if performed directly by the Master Servicer.

         

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

         

        
          	
                   

                	
                  SECTION
                    3.03.

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

                

        

         

        The
          Depositor may, but is not obligated to, enforce the obligations of the
          Master
          Servicer under this Agreement and may, but is not obligated to, perform,
          or
          cause a designee to perform, any defaulted obligation of the Master Servicer
          under this Agreement and in connection with any such defaulted obligation
          to
          exercise the related rights of the Master Servicer under this Agreement;
          provided that the Master Servicer shall not be relieved of any of its
          obligations under this Agreement by virtue of such performance by the Depositor
          or its designee.  None of the 

         

        
          
            
            

          

          
            71

            
              

            

          

          
            
            

          

        

         

        Trustee,
          the NIM Insurer or the Depositor shall have any responsibility or liability
          for
          any action or failure to act by the Master Servicer nor shall the Trustee
          or the
          Depositor be obligated to supervise the performance of the Master Servicer
          under
          this Agreement or otherwise.

         

        
          	
                   

                	
                  SECTION
                    3.04.

                	
                  Trustee
                    to Act as Master Servicer.

                

        

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    3.05.

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

                

        

         

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

         

         

        
          
            
            

          

          
            72

            
              

            

          

          
            
            

          

        

         

        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 no later than
          two
          Business Days after receipt (or, if (i) the current short-term credit rating
          of
          Countrywide from S&P is reduced below “A-2” or, if
          Countrywide does not have a short-term credit rating from S&P, the current
          long-term credit rating of Countrywide from S&P is reduced below “BBB+”,
          (ii) the current long-term credit rating of Countrywide from Moody’s is reduced
          below “A3” or (iii) the current long-term credit rating of Countrywide from
          Fitch is reduced below “A-”, the Master Servicer shall deposit or cause to be
          deposited on a daily basis within one Business Day of receipt), except
          as
          otherwise specifically provided in this Agreement, the following payments
          and
          collections remitted by Subservicers or received by it in respect of Mortgage
          Loans subsequent to the Cut-off Date (other than in respect of principal
          and
          interest due on the Mortgage Loans on or before the Cut-off Date) and the
          following amounts required to be deposited under this Agreement:

         

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

         

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

         

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

         

        (iv)         any
          amount required to be deposited by the Master Servicer or the Depositor
          in
          connection with any losses on Permitted Investments for which it is
          responsible;

         

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

         

        (vi)         all
          Substitution Adjustment Amounts;

         

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

         

        (viii)       all
          payments on account of Prepayment Charges on the Mortgage Loans;
          and

         

         

        
          
            
            

          

          
            73

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        The
          foregoing requirements for remittance by the Master Servicer shall be exclusive,
          it being understood and agreed that, without limiting the generality of
          the
          foregoing, payments in the nature 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,
          it
          may at any time withdraw or direct the institution maintaining the Certificate
          Account to withdraw such amount from the Certificate Account, any provision
          in
          this Agreement to the contrary notwithstanding.  Such withdrawal or
          direction may be accomplished by delivering written notice thereof to the
          Trustee or such other institution maintaining the Certificate Account which
          describes the amounts deposited in error in the Certificate
          Account.  The Master Servicer shall maintain adequate records with
          respect to all withdrawals made pursuant to this Section.  All funds
          deposited in the Certificate Account shall be held in trust for the
          Certificateholders until withdrawn in accordance with
          Section 3.08.

         

        (c)           [Reserved].

         

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

         

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

         

        (ii)          any
          amount deposited by the Master Servicer or the Depositor pursuant to Section
          3.05(e) in connection with any losses on Permitted Investments for which
          it is
          responsible; and

         

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

         

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

         

         

        
          
            
            

          

          
            74

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            75

            
              

            

          

          
            
            

          

        

         

        Depositor
          may so notify the Trustee and the Trustee shall redeposit into the Pre-Funding
          Account the excess reported to it by the Depositor.

         

        If
          any
          funds remain in the Pre-Funding Account at the end of the Funding Period,
          to the
          extent that they represent earnings on the amounts originally deposited
          into the
          Pre-Funding Account, the Trustee shall distribute them to the order of
          the
          Depositor.  The remaining funds shall be transferred to the
          Distribution Account to be included as part of the Principal Remittance
          Amount.

         

        (h)           The
          Trustee shall establish and maintain, on behalf of the Certificateholders,
          the
          Capitalized Interest Account.  On the Closing Date, Countrywide shall
          remit the Capitalized Interest Deposit to the Trustee for deposit in the
          Capitalized Interest Account.  On each Distribution Account Deposit
          Date related to a Funding Period Distribution Date, the Trustee shall transfer
          from the Capitalized Interest Account to the Distribution Account an amount
          equal to the Capitalized Interest Requirement (which, to the extent required,
          may include investment earnings on amounts on deposit therein) for the
          related
          Distribution Date.

         

        On
          each
          Supplemental Transfer Date, upon satisfaction of the conditions for such
          Supplemental Transfer Date set forth in Section 2.01(e), the Trustee shall
          withdraw from the Capitalized Interest Account the Capitalized Interest
          Release
          Amount for such Supplemental Transfer Date and distribute the amount to
          the
          order of Countrywide.

         

        If
          any
          funds remain in the Capitalized Interest Account at the end of the Distribution
          Account Deposit Date for the last Funding Period Distribution Date, the
          Trustee
          shall distribute any such remaining funds to the order of Countrywide on
          the
          last Funding Period Distribution Date.

         

        (i)           On
          the Closing Date, the Trustee shall establish and maintain in its name,
          in trust
          for the benefit of the Holders of the LIBOR Certificates, the Carryover
          Reserve
          Fund and shall deposit $1,000 therein upon receipt from or on behalf of
          the
          Depositor of such amount.  The Carryover Reserve Fund shall be an
          Eligible Account, and funds on deposit therein shall be held separate and
          apart
          from, and shall not be commingled with, any other moneys, including without
          limitation, other moneys held by the Trustee pursuant to this
          Agreement.

         

        Funds
          in
          the Carryover Reserve Fund may be invested in Permitted Investments at
          the
          direction of the Majority of the Holders of the Class C-P Certificates,
          which
          Permitted Investments shall mature not later than the Business Day immediately
          preceding the first Distribution Date that follows the date of such investment
          (except that if such Permitted Investment is an obligation of the institution
          that maintains the Carryover Reserve Fund, then such Permitted Investment
          shall
          mature not later than such Distribution Date) and shall not be sold or
          disposed
          of prior to maturity.  All such Permitted Investments shall be made in
          the name of the Trustee, for the benefit of the Holders of the Class C-P
          Certificates. In the absence of such written direction, all funds in the
          Carryover Reserve Fund shall be invested by the Trustee in The Bank of
          New York
          cash reserves.  Any net investment earnings on such amounts shall be
          retained therein until withdrawn as provided in Section 3.08.  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 Carryover Reserve Fund and made in accordance
          with 

         

        
          
            
            

          

          
            76

            
              

            

          

          
            
            

          

        

         

        this
          Section 3.05.  The Carryover Reserve Fund will not constitute an asset
          of any REMIC created hereunder.  The Class C-P Certificates shall
          evidence ownership of the Carryover Reserve Fund for federal tax
          purposes.

         

        
          	
                   

                	
                  SECTION
                    3.06.

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

                

        

         

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

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    3.07.

                	
                  Access
                    to Certain Documentation and Information Regarding the Mortgage
                    Loans.

                

        

         

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

         

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

         

        
          
            
            

          

          
            77

            
              

            

          

          
            
            

          

        

         

         reimbursed
          by each such Certificateholder and/or Certificate Owner for actual expenses
          incurred by the Master Servicer in providing such reports and
          access.  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.

         

        
          	
                   

                	
                  SECTION
                    3.08.

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

                

        

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            78

            
              

            

          

          
            
            

          

        

         

        (ix)          on
          or prior to the Distribution Account Deposit Date, to withdraw an amount
          equal
          to the Interest Remittance Amount, Principal Remittance Amount, Prepayment
          Charge Amount and the Trustee Fee for such Distribution Date and remit
          such
          amount to the Trustee for deposit in the Distribution
          Account;  and

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        (c)           The
          Trustee shall withdraw funds from the Carryover Reserve Fund for distribution
          to
          the LIBOR Certificates in the manner specified in Section 4.02(c)(4) (and
          to
          withhold from the amounts so withdrawn the amount of any taxes that it
          is
          authorized to retain 

         

        
          
            
            

          

          
            79

            
              

            

          

          
            
            

          

        

         

        pursuant
          to the third paragraph of Section 8.11).  In addition, the Trustee may
          from time to time make withdrawals from the Carryover Reserve Fund for
          the
          following purposes:

         

        (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 the termination of
          this
          Agreement pursuant to Section 9.01.

         

        (d)           [Reserved].

         

        
          	
                   

                	
                  SECTION
                    3.09.

                	
                  Maintenance
                    of Hazard Insurance; Maintenance of Primary Insurance
                    Policies.

                

        

         

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

         

        (b)           [Reserved].

         

        (c)           The
          Master Servicer shall not take any action which would result in non-coverage
          under any applicable Primary Insurance Policy of any loss which, but for
          the
          actions of the Master Servicer, would have been covered
          thereunder.  The Master Servicer shall not cancel or

         

        
          
            
            

          

          
            80

            
              

            

          

          
            
            

          

        

         

        refuse
          to
          renew any such Primary Insurance Policy that is in effect at the date of
          the
          initial issuance of the Certificates and is required to be kept in force
          hereunder unless the replacement Primary Insurance Policy for such canceled
          or
          non-renewed policy is maintained with a Qualified Insurer.

         

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

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    3.10.

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

                

        

         

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

         

        
          
            
            

          

          
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        insurers
          under any Required Insurance Policies to enter into a substitution of liability
          agreement with such Person, pursuant to which the original Mortgagor is
          released
          from liability and such Person is substituted as Mortgagor and becomes
          liable
          under the Mortgage Note.  Notwithstanding the foregoing, the Master
          Servicer shall not be deemed to be in default under this Section by reason
          of
          any transfer or assumption which the Master Servicer reasonably believes
          it is
          restricted by law from preventing, for any reason whatsoever.

         

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

         

        
          	
                   

                	
                  SECTION
                    3.11.

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

                

        

         

        (a)           The
          Master Servicer shall use reasonable efforts to foreclose upon or otherwise
          comparably convert the ownership of properties securing such of the Mortgage
          Loans as come into and continue in default and as to which no satisfactory
          arrangements can be made for collection of delinquent payments.  In
          connection with such foreclosure or other conversion, the Master Servicer
          shall
          follow such practices and procedures as it shall deem necessary or advisable
          and
          as shall be normal and usual in its general mortgage servicing activities
          and
          meet the requirements of the insurer under any Required Insurance Policy;
          provided, however, that the Master Servicer shall not be required to expend
          its
          own funds in connection with any foreclosure or towards the restoration
          of any
          property unless it shall determine (i) that such restoration and/or foreclosure
          will increase the proceeds of liquidation of the Mortgage Loan after
          reimbursement to itself of such expenses and (ii) that such expenses will
          be
          recoverable to it through the 

         

        
          
            
            

          

          
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        proceeds
          of liquidation of the Mortgage Loan and Subsequent Recoveries (respecting
          which
          it shall have priority for purposes of withdrawals from the Certificate
          Account).  The Master Servicer shall be responsible for all other
          costs and expenses incurred by it in any such proceedings; provided, however,
          that it shall be entitled to reimbursement of such costs and expenses from
          the
          proceeds of liquidation of the Mortgage Loan and Subsequent Recoveries
          with
          respect to the related Mortgaged Property, as provided in the definition
          of
          Liquidation Proceeds.  If the Master Servicer has knowledge that a
          Mortgaged Property which the Master Servicer is contemplating acquiring
          in
          foreclosure or by deed in lieu of foreclosure is located within a one-mile
          radius of any site listed in the Expenditure Plan for the Hazardous Substance
          Clean Up Bond Act of 1984 or other site with environmental or hazardous
          waste
          risks known to the Master Servicer, the Master Servicer will, prior to
          acquiring
          the Mortgaged Property, consider such risks and only take action in accordance
          with its established environmental review procedures.

         

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

         

        In
          the
          event that the Trust Fund acquires any Mortgaged Property as aforesaid
          or
          otherwise in connection with a default or imminent default on a Mortgage
          Loan,
          the Master Servicer shall dispose of such Mortgaged Property as soon as
          practicable in a manner that maximizes the Liquidation Proceeds thereof,
          but in
          no event later than three years after its acquisition by the Trust
          Fund.  In the event that the Trustee shall have been supplied with an
          Opinion of Counsel to the effect that the holding by the Trust Fund of
          such
          Mortgaged Property subsequent to a three-year period, if applicable, will
          not
          result in the imposition of taxes on “prohibited transactions” of any REMIC
          hereunder as defined in Section 860F of the Code or 

         

        
          
            
            

          

          
            83

            
              

            

          

          
            
            

          

        

         

        cause
          any
          REMIC hereunder to fail to qualify as a REMIC at any time that any Certificates
          are outstanding, then the Trust Fund may continue to hold such Mortgaged
          Property (subject to any conditions contained in such Opinion of Counsel)
          after
          the expiration of such three-year period.  Notwithstanding any other
          provision of this Agreement, no Mortgaged Property acquired by the Trust
          Fund
          shall be allowed to continue to be rented or otherwise used for the production
          of income by or on behalf of the Trust Fund in such a manner or pursuant
          to any
          terms that would (i) cause such Mortgaged Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code
          or (ii) subject any REMIC hereunder to the imposition of any federal, state
          or local income taxes on the income earned from such Mortgaged Property
          under
          Section 860G(c) of the Code or otherwise, unless the Master Servicer has
          agreed to indemnify and hold harmless the Trust Fund with respect to the
          imposition of any such taxes.

         

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

         

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

         

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

         

        
          
            
            

          

          
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        Mortgage
          Loan will be retained by the Master Servicer as additional servicing
          compensation pursuant to Section 3.14.

         

        The
          Master Servicer, in its sole discretion, shall have the right to purchase
          for
          its own account from the Trust Fund any Mortgage Loan which is 151 days
          or more
          delinquent at a price equal to the Purchase Price; provided, however, that
          the
          Master Servicer may only exercise this right on or before the next to the
          last
          day of the calendar month which such Mortgage Loan became 151 days delinquent
          (such month, the “Eligible Repurchase Month”); provided further, that any such
          Mortgage Loan which becomes current but thereafter becomes delinquent may
          be
          purchased by the Master Servicer pursuant to this Section in any ensuing
          Eligible Repurchase Month.  The Master Servicer, in its sole
          discretion, shall also have the right to purchase for its own account from
          the
          Trust Fund at a price equal to the Purchase Price any Eligible EPD Protected
          Mortgage Loan.  The Master Servicer’s right to purchase any such
          Eligible EPD Protected Mortgage Loan shall expire on the 270th day
          following the
          date on which the related Mortgage Loan became an Eligible EPD Protected
          Mortgage Loan.  The Purchase Price for any Mortgage Loan purchased
          under this Section 3.11 shall be deposited in the Certificate Account and
          the
          Trustee, upon receipt of a certificate from the Master Servicer in the
          form of
          Exhibit N to this Agreement, shall release or cause to be released to the
          purchaser of such Mortgage Loan the related Mortgage File and shall execute
          and
          deliver such instruments of transfer or assignment prepared by the purchaser
          of
          such Mortgage Loan, in each case without recourse, as shall be necessary
          to vest
          in the purchaser of such Mortgage Loan any Mortgage Loan released pursuant
          hereto and the purchaser of such Mortgage Loan shall succeed to all the
          Trustee’s right, title and interest in and to such Mortgage Loan and all
          security and documents related thereto.  Such assignment shall be an
          assignment outright and not for security.  The purchaser of such
          Mortgage Loan shall thereupon own such Mortgage Loan, and all security
          and
          documents, free of any further obligation to the Trustee or the
          Certificateholders with respect thereto.  In addition, if the Master
          Servicer receives any Premium in connection with an Eligible EPD Protected
          Mortgage Loan that the Master Servicer has purchased pursuant to this Section
          3.11, the Master Servicer shall transfer such Premium to the Certificate
          Account
          (not later than 1:00 p.m. Pacific time on the Master Servicer Advance Date
          for
          the Distribution Date related to the Due Period in which such Premium is
          received), and such amount shall be distributable as part of the Prepayment
          Charge Amount on the related Distribution Date.

         

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

         

        
          
            
            

          

          
            85

            
              

            

          

          
            
            

          

        

         

        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.

         

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

         

        
          	
                   

                	
                  SECTION
                    3.12.

                	
                  Trustee
                    to Cooperate; Release of Mortgage
                    Files.

                

        

         

        Upon
          the
          payment in full of any Mortgage Loan, or the receipt by the Master Servicer
          of a
          notification that payment in full will be escrowed in a manner customary
          for
          such purposes, the Master Servicer will immediately notify the Trustee
          by
          delivering, or causing to be delivered a “Request for Release” substantially in
          the form of Exhibit N of this Agreement.  Upon receipt of such
          request, the Trustee shall promptly release the related Mortgage File to
          the
          Master Servicer, and the Trustee shall at the Master Servicer’s direction
          execute and deliver to the Master Servicer the request for reconveyance,
          deed of
          reconveyance or release or satisfaction of mortgage or such instrument
          releasing
          the lien of the Mortgage in each case provided by the Master Servicer,
          together
          with the Mortgage Note with written evidence of cancellation on the Mortgage
          Note.  The Master Servicer is authorized to cause the removal from the
          registration on the MERS® System of such Mortgage and to execute and deliver, on
          behalf of the Trustee and the Certificateholders or any of them, any and
          all
          instruments of satisfaction or cancellation or of partial or full
          release.  Expenses incurred in connection with any instrument of
          satisfaction or deed of reconveyance shall be chargeable to the related
          Mortgagor.  From time to time and as shall be appropriate for the
          servicing or foreclosure of any Mortgage Loan, including for such purpose,
          collection under any policy of flood insurance, any fidelity bond or errors
          or
          omissions policy, or for the purposes of effecting a partial release of
          any
          Mortgaged Property from the lien of the Mortgage or the making of any
          corrections to the Mortgage Note or the Mortgage or any 

         

        
          
            
            

          

          
            86

            
              

            

          

          
            
            

          

        

         

        of
          the
          other documents included in the Mortgage File, the Trustee shall, upon
          delivery
          to the Trustee of a Request for Release in the form of Exhibit M signed by
          a Servicing Officer, release the Mortgage File to the Master
          Servicer.  Subject to the further limitations set forth below, the
          Master Servicer shall cause the Mortgage File or documents so released
          to be
          returned to the Trustee when the need therefor by the Master Servicer no
          longer
          exists, unless the Mortgage Loan is liquidated and the proceeds thereof
          are
          deposited in the Certificate Account, in which case the Master Servicer
          shall
          deliver to the Trustee a Request for Release in the form of Exhibit N,
          signed by a Servicing Officer.

         

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

         

        
          	
                   

                	
                  SECTION
                    3.13.

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

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    3.14.

                	
                  Servicing
                    Compensation.

                

        

         

        As
          compensation for its activities hereunder, the Master Servicer shall be
          entitled
          to retain or withdraw from the Certificate Account an amount equal to the
          Master
          Servicing Fee; provided, that the aggregate Master Servicing Fee with respect
          to
          any Distribution Date shall be reduced (i) by an amount equal to the aggregate
          of the Prepayment Interest Shortfalls, if any, 

         

        
          
            
            

          

          
            87

            
              

            

          

          
            
            

          

        

         

        with
          respect to such Distribution Date, but not by more than the Compensating
          Interest for that Distribution Date, and (ii) with respect to the first
          Distribution Date, an amount equal to any amount to be deposited into the
          Distribution Account by the Depositor pursuant to Section 2.01(a) and not
          so
          deposited.

         

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

         

        
          	
                   

                	
                  SECTION
                    3.15.

                	
                  Access
                    to Certain Documentation.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    3.16.

                	
                  Annual
                    Statement as to Compliance.

                

        

         

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

         

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

         

        
          
            
            

          

          
            88

            
              

            

          

          
            
            

          

        

         

        under
          the
          applicable Subservicing Agreement or primary servicing agreement, in all
          material respects throughout such year (or applicable portion thereof),
          or, if
          there has been a failure to fulfill any such obligation in any material
          respect,
          specifying each such failure known to such officer and the nature and status
          thereof.

         

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

         

        
          	
                   

                	
                  SECTION
                    3.17.

                	
                  Errors
                    and Omissions Insurance; Fidelity
                    Bonds.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    3.18.

                	
                  Notification
                    of Adjustments.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    3.19.

                	
                  The
                    Swap Contracts.

                

        

         

          The
          Trustee’s rights to receive certain proceeds of each Swap Contract as provided
          in the Swap Contract Administration Agreement shall be rights of the Trustee
          as
          the Swap Trustee hereunder, shall be an asset of the Swap Trust and shall
          not be
          an asset of the Trust Fund or of any REMIC.  The Swap Trustee shall
          deposit any amounts received from time to time from the Swap Contract
          Administrator with respect to each Swap Contract into the related Swap
          Account.

         

        On
          the
          Business Day preceding each Distribution Date, the Swap Trustee shall notify
          the
          Swap Contract Administrator of any amounts distributable to the Certificate
          Swap
          Certificates pursuant to Section 4.02(d)(3) through (8) that will remain
          unpaid
          following all distributions to be made on such Distribution Date pursuant
          to
          Section 4.02(a) through (c).

         

        
          
            
            

          

          
            89

            
              

            

          

          
            
            

          

        

         

        No
          later
          than two Business Days following each Distribution Date, the Trustee shall
          provide the Swap Contract Administrator with information regarding the
          aggregate
          Class Certificate Balance of the Certificate Swap Certificates and the
          Class
          Certificate Balance of each Class of NDI Swap Certificates after all
          distributions on such Distribution Date.

         

        Upon
          the
          Swap Contract Administrator obtaining actual knowledge of a Collateral
          Event (as
          defined in the related ISDA Master Agreement), the Swap Trustee shall direct
          the
          Swap Contract Administrator to (i) demand delivery of the Delivery Amount
          (as
          defined in the related ISDA Master Agreement) from the related Swap Counterparty
          on each Valuation Date (as defined in the related ISDA Master Agreement),
          if
          applicable, (ii) deliver to the related Swap Counterparty the Return Amount
          (as
          defined in the related ISDA Master Agreement) on each Valuation Date, if
          applicable, as well as Distributions and the Interest Amount (each as defined
          in
          the related ISDA Master Agreement), to the extent required under that ISDA
          Master Agreement and (iii) take such other action required under the related
          ISDA Master Agreement.  If a Delivery Amount is demanded, the Swap
          Contract Administrator, in accordance with the Swap Contract Administration
          Agreement, shall open and maintain a segregated account meeting the requirements
          set forth in the related ISDA Master Agreement.  Any cash or other
          Eligible Collateral (as defined in the related ISDA Master Agreement) pledged
          under the related ISDA Master Agreement shall not be part of the Distribution
          Account or any Swap Account unless remitted to such accounts by the Swap
          Contract Administrator in accordance with the Swap Contract Administration
          Agreement.  If Eligible Collateral with a Value (as defined in the
          related ISDA Master Agreement) equal to the Delivery Amount is not delivered
          to
          the Swap Contract Administrator by the related Swap Counterparty, the Swap
          Trustee shall direct the Swap Contract Administrator to notify the related
          Swap
          Counterparty and Countrywide of such failure.

         

        Upon
          the
          Swap Trustee obtaining actual knowledge of an Event of Default or Termination
          Event (each as defined in the related ISDA Master Agreement) for which
          the Swap
          Contract Administrator has the right to designate an Early Termination
          Date (as
          defined in the related ISDA Master Agreement), the Swap Trustee shall act
          at the
          written direction of Countrywide as to whether to direct the Swap Contract
          Administrator to designate an Early Termination Date; provided, however,
          that
          following such Event of Default or Termination Event and before directing
          the
          Swap Contract Administrator to designate an Early Termination Date, the
          Swap
          Trustee shall provide written notice to each Rating Agency.  Following
          the designation of an Early Termination Date, (i) the Swap Trustee shall
          use its
          reasonable best efforts to enforce the rights of the Swap Contract Administrator
          under the related ISDA Master Agreement and consistent with the terms hereof,
          (ii) Countrywide shall assist the Swap Contract Administrator in procuring
          a
          replacement swap contract with terms that are substantially the same as
          those of
          the original Swap Contract and (iii) the Swap Trustee shall direct the
          Swap
          Contract Administrator to request the related Swap Counterparty to assist
          in
          procuring a replacement swap contract with terms that are substantially
          the same
          as those of the original Swap Contract.

         

        Any
          Swap
          Termination Payment received from a Swap Counterparty shall be used to
          pay any
          upfront amount required under any replacement swap contract and any excess
          shall
          be distributed to Countrywide and will not be available to make distributions
          in
          respect of any Class of Certificates.  In the event that a replacement
          swap contract cannot be procured, any Swap Termination Payment received
          from a
          Swap Counterparty in respect of the termination of the 

         

        
          
            
            

          

          
            90

            
              

            

          

          
            
            

          

        

         

        original
          Swap Contract shall, in accordance with the Swap Contract Administration
          Agreement, be retained by the Swap Contract Administrator and remitted
          to the
          Swap Trustee on subsequent Distribution Dates up to and including the related
          Swap Contract Termination Date (i) in the case of a Certificate Swap Termination
          Payment, to pay any amounts distributable to the Certificate Swap Certificates
          pursuant to Section 4.02(d)(3) through (8) that will remain unpaid following
          all
          distributions to be made on such Distribution Date pursuant to Section
          4.02(a)
          through (c) and (ii) in the case of a NDI Swap Termination Payment, to
          pay any
          amounts distributable to the related Class of NDI Swap Certificates pursuant
          to
          Section 4.02(e) following all distributions to be made on such Distribution
          Date
          pursuant to Section 4.02(a) through (d).  Any portion of such Swap
          Termination Payment remaining after the related Swap Contract Termination
          Date
          shall be distributed to Countrywide and will not be available to make
          distributions in respect of any Class of Certificates.

         

        In
          the
          event that the swap counterparty in respect of a replacement swap contract
          pays
          any upfront amount to the Swap Contract Administrator in connection with
          entering into the replacement swap contract and such upfront amount is
          received
          by the Swap Contract Administrator prior to the Distribution Date on which
          any
          Swap Termination Payment will be payable to the related Swap Counterparty
          in
          respect of the original swap contract, a portion of that upfront amount
          equal to
          the lesser of (x) that upfront amount and (y) the amount of the Swap Termination
          Payment due to the related Swap Counterparty in respect of the original
          swap
          contract (the “Adjusted Replacement Upfront Amount”) shall be included in
          Interest Funds for that Distribution Date, and any upfront amount in excess
          of
          the Adjusted Replacement Upfront Amount shall be distributed to Countrywide
          and
          will not be available to make distributions in respect of any Class of
          Certificates.  If any upfront amount is paid to the Swap Contract
          Administrator by the swap counterparty in respect of a replacement swap
          contract
          after the Distribution Date on which any Swap Termination Payment will
          be
          payable to the related Swap Counterparty in respect of the original swap
          contract, such upfront amount shall be retained by the Swap Contract
          Administrator and remitted to the Swap Trustee on subsequent Distribution
          Dates
          up to and including the related Swap Contract Termination Date (i) in the
          case
          of the Certificate Swap Contract, to pay any amounts distributable to the
          Certificate Swap Certificates pursuant to Section 4.02(d)(3) through (8)
          that
          will remain unpaid following all distributions to be made on such Distribution
          Date pursuant to Section 4.02(a) through (c) and (ii) in the case of a
          NDI Swap
          Contract, to pay any amounts distributable to the related Class of NDI
          Swap
          Certificates pursuant to Section 4.02(e) following all distributions to
          be made
          on such Distribution Date pursuant to Section 4.02(a) through (d).

         

        Each
          Swap
          Counterparty shall be an express third party beneficiary of this Agreement
          for
          the purpose of enforcing the provisions hereof to the extent of such Swap
          Counterparty’s rights explicitly specified herein as if a party
          hereto.

         

        
          	
                   

                	
                  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 

         

        
          
            
            

          

          
            91

            
              

            

          

          
            
            

          

        

         

        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 C-P
          Certificateholders.  If the Master Servicer has waived or does not
          collect all or a portion of a Prepayment Charge relating to a Principal
          Prepayment in full or in part due to any action or omission of the Master
          Servicer, other than as provided above, the Master Servicer shall deliver
          to the
          Trustee, together with the Principal Prepayment in full or in part, the
          amount
          of such Prepayment Charge (or such portion thereof as had been waived)
          for
          deposit into the Certificate Account (not later than 1:00 p.m. Pacific
          time on
          the immediately succeeding Master Servicer Advance Date, in the case of
          such
          Prepayment Charge) for distribution in accordance with the terms of this
          Agreement.

         

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

         

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

         

        (d)           Upon
          discovery by the Master Servicer or a Responsible Officer of the Trustee
          of a
          breach of the foregoing clause (c) that materially and adversely affects
          the
          right of the Holders of the Class C-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.

         

         

        
          
            
            

          

          
            92

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          IV

        DISTRIBUTIONS
          AND

        ADVANCES
          BY THE MASTER SERVICER

         

        
          	
                   

                	
                  SECTION
                    4.01.

                	
                  Advances.

                

        

         

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

         

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

         

         

        
          
            
            

          

          
            93

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    4.02.

                	
                  Priorities
                    of Distribution.

                

        

         

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

         

        (1)           to
          the Certificate Swap Account, the amount of any Net Certificate Swap Payment
          and
          any Certificate Swap Termination Payment (other than a Certificate Swap
          Termination Payment due to a Swap Counterparty Trigger Event) payable to
          the
          Certificate Swap Counterparty for that Distribution Date;

         

        (2)           concurrently
          and on a pro rata basis based on their respective entitlements, as
          follows:

         

        
          	
                   

                	
                  (a)

                	
                  prior
                    to the termination of the NDI Swap Contracts, concurrently, to
                    each NDI
                    Swap Account, pro rata based on entitlement, the amount of the
                    NDI Swap
                    Fee payable to the NDI Swap Counterparty under the related NDI
                    Swap
                    Contract for that Distribution
                    Date;

                

        

         

        
          	
                   

                	
                  (b)

                	
                  concurrently,
                    to each class of Senior Certificates, the respective Current
                    Interest and
                    Interest Carry Forward Amounts for that Distribution Date, provided,
                    however, that, prior to the termination of an NDI Swap Contract,
                    any
                    amounts of Current Interest and Interest Carry Forward Amounts
                    that would
                    be distributed to the related Class of NDI Swap Certificates
                    in the
                    absence of that NDI Swap Contract will instead be distributed
                    to the
                    related NDI Swap Account and, provided further, that if an NDI
                    Swap Termination Payment (other than an NDI Swap Termination
                    Payment due
                    to an NDI Swap Counterparty Trigger Event) is due to the NDI
                    Swap
                    Counterparty, then any amounts of Current Interest and Interest
                    Carry
                    Forward Amount that would be distributed to the related Class
                    of NDI Swap
                    Certificates in the absence of such NDI Swap Termination Payment
                    will
                    instead be distributed, up to the amount of such NDI Swap Termination
                    Payment, to the related NDI Swap Account;
                    and

                

        

         

        
          
            
            

          

          
            94

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  (c)

                	
                  prior
                    to the termination of the NDI Swap Contracts, concurrently, to
                    each NDI
                    Swap Account, pro rata based on entitlement, interest on the
                    related NDI
                    Swap Principal Amount at the Pass-Through Rate for the related
                    Class of
                    NDI Swap Certificates for that Distribution
                    Date;

                

        

         

        (3)           [Reserved];

         

        (4)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
          Class
          M-7 and Class M-8 Certificates, in that order, the Current Interest for
          each
          such Class and such Distribution Date; and

         

        (5)           any
          remainder as part of the Excess Cashflow.

         

        (b)           Distributions
          of Principal Distribution Amount.  On each Distribution Date, the
          Principal Distribution Amount for such Distribution Date shall be distributed
          by
          the Trustee from the Distribution Account in the following order (with
          the
          Principal Distribution Amount exclusive of the portion thereof consisting
          of the
          Extra Principal Distribution Amount being applied first and the Extra Principal
          Distribution Amount being applied thereafter):

         

        (1)           For
          each Distribution Date prior to the Stepdown Date or on which a Trigger
          Event is
          in effect, in the following order:

         

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

         

        (b)            concurrently
          and on a pro rata basis based on (1) the aggregate NDI Swap Principal Amount,
          if
          any, immediately prior to such Distribution Date and (2) the aggregate
          Class
          Certificate Balance of the Class A-1-A, Class A-1-B, Class A-2-A, Class
          A-2-B
          and Class A-3 Certificates immediately prior to such Distribution Date,
          as
          follows:

         

        (i)           concurrently,
          to the Class A-1-B and Class A-2-B Swap Accounts, pro rata based on the
          related
          NDI Swap Principal Amounts, an amount up to the related NDI Swap Principal
          Amount; and

         

        (ii)           concurrently,
          to the Class A-1-A, Class A-1-B, Class A-2-A, Class A-2-B and Class A-3
          Certificates, pro rata, until their respective Class Certificate Balances
          are
          reduced to zero; and

         

        (c)            sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
          Class
          M-7 and Class M-8 Certificates, in that order, until their respective Class
          Certificate Balances are reduced to zero; and

         

        (d)            any
          remainder as part of the Excess Cashflow; and

         

        (2)           For
          each Distribution Date on or after the Stepdown Date and so long as a Trigger
          Event is not in effect, sequentially:

         

         

        
          
            
            

          

          
            95

            
              

            

          

          
            
            

          

        

         

        (a)            in
          an amount up to the Senior Principal Distribution Target Amount concurrently
          and
          on a pro rata basis based on (1) the aggregate NDI Swap Principal Amount,
          if
          any, immediately prior to such Distribution Date and (2) the aggregate
          Class
          Certificate Balance of the Class A-1-A, Class A-1-B, Class A-2-A, Class
          A-2-B
          and Class A-3 Certificates immediately prior to such Distribution Date,
          as
          follows:

         

        (i)           concurrently,
          to the Class A-1-B and Class A-2-B Swap Accounts, pro rata based on the
          related
          NDI Swap Principal Amounts, an amount up to the related NDI Swap Principal
          Amount; and

         

        (ii)          concurrently,
          to the Class A-1-A, Class A-1-B, Class A-2-A, Class A-2-B and Class A-3
          Certificates, pro rata, until their respective Class Certificate Balances
          are
          reduced to zero; and

         

        (b)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
          Class
          M-7 and Class M-8 Certificates, in that order, the Subordinated Class Principal
          Distribution Target Amount for each such Class, in each case until its
          Class
          Certificate Balance is reduced to zero; and

         

        (c)           any
          remainder as part of the Excess Cashflow.

         

        (c)           Distributions
          of Excess Cashflow.  With respect to any Distribution Date, any
          Excess Cashflow will be distributed to the Classes of Certificates and
          deposited
          in the Swap Accounts in the following order, in each case to the extent
          of
          remaining Excess Cashflow:

         

        (1)           to
          each NDI Swap Account (up to the related NDI Swap Principal Amount) and
          to the
          Classes of Certificates then entitled to receive distributions in respect
          of
          principal, in an amount equal to the Extra Principal Distribution Amount,
          payable as part of the Principal Distribution Amount pursuant to Section
          4.02(b)
          hereof;

         

        (2)           to
          the Class A-1-A, Class A-1-B, Class A-2-A, Class A-2-B and Class A-3
          Certificates and to the NDI Swap Accounts in the following order:

         

        (a)           concurrently,
          to the Class A-1-A and Class A-1-B Certificates and to the Class A-1-B
          Swap
          Account, pro rata based on the Unpaid Realized Loss Amount for each such
          Class
          and the Class A-1-B Swap Principal Amount, respectively, in an amount up
          to the
          Unpaid Realized Loss Amount allocated to such Class and such Swap Principal
          Amount, respectively;

         

        (b)           concurrently,
          to the Class A-2-A and Class A-2-B Certificates and to the Class A-2-B
          Swap
          Account, pro rata based on the Unpaid Realized Loss Amount for each such
          Class
          and the Class A-2-B Swap Principal Amount, respectively, in an amount up
          to the
          Unpaid Realized Loss Amount allocated to such Class and such Swap Principal
          Amount, respectively; and

         

        (c)           to
          the Class A-3 Certificates, in an amount up to the Unpaid Realized Loss
          Amount
          allocated to such Class;

         

         

        
          
            
            

          

          
            96

            
              

            

          

          
            
            

          

        

         

        (3)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
          Class
          M-7 and Class M-8 Certificates, in that order, in each case, first, in
          an amount
          up to any remaining Current Interest and Interest Carry Forward Amount
          for each
          such Class and such Distribution Date and then in an amount up to the Unpaid
          Realized Loss Amount for each such Class;

         

        (4)           to
          the Carryover Reserve Fund and then from the Carryover Reserve Fund,
          concurrently, to the Classes of LIBOR Certificates, pro rata based on their
          respective Class Certificate Balances to the extent needed to pay any Net
          Rate
          Carryover for each such Class; and then any Excess Cashflow remaining after
          such
          allocation to pay Net Rate Carryover based on Class Certificate Balances
          of the
          LIBOR Certificates will be distributed to each Class of LIBOR Certificates
          with
          respect to which there remains any unpaid Net Rate Carryover, pro rata,
          based on
          the amount of such unpaid Net Rate Carryover; provided, however, that
          prior to the termination of an NDI Swap Contract, any amount of Net Rate
          Carryover that would have been distributed to the related Class of NDI
          Swap
          Certificates in the absence of that NDI Swap Contract shall instead be
          distributed to the related NDI Swap Account and, provided, further,
          that if an NDI Swap Termination Payment (other than a NDI Swap Termination
          Payment due to a Swap Counterparty Trigger Event) is due to the NDI Swap
          Counterparty, then any amount of Net Rate Carryover that would be distributed
          to
          the related Class of NDI Swap Certificates in the absence of such NDI Swap
          Termination Payment will instead be distributed, up to the amount of such
          NDI
          Swap Termination Payment, to the related NDI Swap Account;

         

        (5)           concurrently,
          to the Certificate Swap Account and each NDI Swap Account, up to the amount
          of
          any unpaid Certificate Swap Termination Payment and unpaid related NDI
          Swap
          Termination Payment due to the Certificate Swap Counterparty and the NDI
          Swap
          Counterparty, respectively, as a result of a related Swap Counterparty
          Trigger
          Event, pro rata, based upon the respective amounts of such unpaid
          payments;

         

        (6)           to
          the Class C-P Certificates, in an amount up to the Class C-P Distributable
          Amount for such Distribution Date; and

         

        (7)           to
          the Class A-R Certificates.

         

        (d)           On
          each Distribution Date on or prior to the Certificate Swap Contract Termination
          Date, following all deposits to the Certificate Swap Account and the
          distributions described under Sections 4.02(a) - (c), the Certificate Swap
          Trustee shall distribute amounts on deposit in the Certificate Swap Account
          in
          the following amounts and order:

         

        (1)           to
          the Swap Contract Administrator for payment to the Certificate Swap
          Counterparty, any Net Certificate Swap Payment payable to the Certificate
          Swap
          Counterparty with respect to that Distribution Date;

         

        (2)           to
          the Swap Contract Administrator for payment to the Certificate Swap
          Counterparty, any Certificate Swap Termination Payment (other than a Certificate
          Swap 

        
          
            
            

          

          
            97

            
              

            

          

          
            
            

          

        

         

        Termination
          Payment due to a Swap Counterparty
          Trigger Event) payable to the Certificate Swap Counterparty with respect
          to that
          Distribution Date;

         

        (3)           concurrently,
          to the Class A-1-A, Class A-1-B, Class A-2-A, Class A-2-B and Class A-3
          Certificates, any remaining Current Interest and Interest Carry Forward
          Amounts
          and, prior to the termination of the NDI Swap Contracts, to each NDI Swap
          Account, any remaining interest on the related NDI Swap Principal Amount
          at the
          Pass-Through Rate for the related Class of NDI Swap Certificates for that
          Distribution Date, pro rata based on their respective entitlements; provided,
          however, that, prior to the termination of the related NDI Swap Contract,
          any
          amounts of remaining Current Interest and Interest Carry Forward Amounts
          that
          would be distributed to a Class of NDI Swap Certificates in the absence
          of the
          related NDI Swap Contract will instead be distributed to the related NDI
          Swap
          Account and, provided further, if an NDI Swap Termination Payment (other
          than an
          NDI Swap Termination Payment due to a Swap Counterparty Trigger Event)
          is due to
          the NDI Swap Counterparty, then any amounts of remaining Current Interest
          and
          Interest Carry Forward Amount that would be distributed to the related
          Class of
          NDI Swap Certificates in the absence of such NDI Swap Termination Payment
          will
          instead be distributed, up to the amount of such NDI Swap Termination Payment,
          to the related NDI Swap Account;

         

        (4)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
          Class
          M-7 and Class M-8 Certificates, in that order, in each case in an amount
          equal
          to any remaining Current Interest and Interest Carry Forward Amount for
          the
          Class;

         

        (5)           to
          each NDI Swap Account (up to the related NDI Swap Principal Amount) and
          to the
          Classes of Certificates then entitled to receive distributions in respect
          of
          principal, in an aggregate amount equal to the Overcollateralization Deficiency
          Amount remaining unpaid following the distribution of Excess Cashflow payable
          in
          the same manner in which the Extra Principal Distribution Amount would
          be
          distributed;

         

        (6)           to
          each Class of LIBOR Certificates, pro rata based on their respective amounts
          of
          unpaid Net Rate Carryover, to the extent needed to pay any remaining Net
          Rate
          Carryover for each such Class; provided, however, that, prior to the termination
          of an NDI Swap Contract, any amount of remaining Net Rate Carryover that
          would
          be distributed to the related Class of NDI Swap Certificates in the absence
          of
          that NDI Swap Contract will instead be distributed to the related NDI Swap
          Account and, provided further, if an NDI Swap Termination Payment (other
          than an
          NDI Swap Termination Payment due to a Swap Counterparty Trigger Event)
          is due to
          the NDI Swap Counterparty, then any amount of remaining Net Rate Carryover
          that
          would be distributed to the related Class of NDI Swap Certificates in the
          absence of such NDI Swap Termination Payment will instead be distributed,
          up to
          the amount of such NDI Swap Termination Payment, to the related NDI Swap
          Account;

         

        (7)           to
          the Class A-1-A, Class A-1-B, Class A-2-A, Class A-2-B and Class A-3
          Certificates and to the NDI Swap Accounts in the following order:

         

         

        
          
            
            

          

          
            98

            
              

            

          

          
            
            

          

        

         

        (a)           concurrently,
          to the Class A-1-A and Class A-1-B Certificates and to the Class A-1-B
          Swap
          Account, pro rata based on the remaining Unpaid Realized Loss Amount for
          each
          such Class and the Class A-1-B Swap Principal Amount, respectively, in
          an amount
          up to the remaining Unpaid Realized Loss Amount allocated to such Class
          and such
          Swap Principal Amount, respectively;

         

        (b)           concurrently,
          to the Class A-2-A and Class A-2-B Certificates and to the Class A-2-B
          Swap
          Account, pro rata based on the remaining Unpaid Realized Loss Amount for
          each
          such Class and the Class A-2-B Swap Principal Amount, respectively, in
          an amount
          up to the remaining Unpaid Realized Loss Amount allocated to such Class
          and such
          Swap Principal Amount, respectively; and

         

        (c)           to
          the Class A-3 Certificates, in an amount up to the remaining Unpaid Realized
          Loss Amount allocated to such Class;

         

        (8)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
          Class
          M-7 and Class M-8 Certificates, in that order, in each case, in an amount
          up to
          the remaining Unpaid Realized Loss Amount such Class;

         

        (9)           to
          the Swap Contract Administrator for payment to the Certificate Swap
          Counterparty, only to the extent necessary to cover any Certificate Swap
          Termination Payment due to a Swap Counterparty Trigger Event payable to
          the
          Certificate Swap Counterparty with respect to that Distribution
          Date.

         

        (e)           On
          each Distribution Date with respect to each of the NDI Swap Contracts on
          or
          prior to the related NDI Swap Contract Termination Date, following all
          deposits
          to the NDI Swap Accounts and the distributions described under Sections
          4.02(a)
          - (d), the NDI Swap Trustee shall distribute amounts on deposit in each
          NDI Swap
          Account in the following amounts and order:

         

        (1)             to
          the Swap Contract Administrator for payment to the NDI Swap Counterparty,
          any
          related NDI Net Swap Payment payable to the NDI Swap Counterparty under
          the
          related NDI Swap Contract with respect to such Distribution Date;

         

        (2)             to
          the Swap Contract Administrator for payment to the NDI Swap Counterparty,
          any
          related NDI Swap Termination Payment (other than a NDI Swap Termination
          Payment
          due to a Swap Counterparty Trigger Event) payable to the NDI Swap Counterparty
          under the related NDI Swap Contract with respect to such Distribution
          Date;

         

        (3)             to
          the related Class of NDI Swap Certificates, an amount equal to the product
          of
          (i) the sum of (a) LIBOR and (b) the Pass-Through Margin for such Class
          for such
          Distribution Date, (ii) the Class Certificate Balance of such Class immediately
          prior to such Distribution Date and (iii) the actual number of days in
          the
          related Interest Accrual Period divided by 360; and

         

        
          
            
            

          

          
            99

            
              

            

          

          
            
            

          

        

        
           

          (4)             to
            the Swap Contract Administrator for payment to the NDI Swap Counterparty,
            only
            to the extent necessary to cover any related NDI Swap Termination Payment
            due to
            a Swap Counterparty Trigger Event payable to the NDI Swap Counterparty
            with
            respect to such Distribution Date.

        

         

        (f)           To
          the extent that a Class of LIBOR Certificates receives interest in excess
          of the
          related Net Rate Cap, if such interest is paid pursuant to Section 4.02(c),
          then
          it shall be deemed to have been paid to the Carryover Reserve Fund and
          then paid
          by the Carryover Reserve Fund to those Certificateholders, and if such
          interest
          is paid pursuant to Section 4.02(d), then such interest shall be deemed
          to have
          been paid to the Certificate Swap Account and then paid by the Certificate
          Swap
          Account to those Certificateholders.  For purposes of the Code,
          amounts deemed deposited in the Carryover Reserve Fund shall be deemed
          to have
          first been distributed to the Class C-P Certificates.

         

        (g)           On
          each Distribution Date, the Prepayment Charge Amount shall be distributed
          to the
          Class C-P Certificates.

         

        (h)           Application
          of Applied Realized Loss Amounts.  On each Distribution Date, the
          Trustee shall allocate the Applied Realized Loss Amount to reduce the applicable
          Class Certificate Balances (or in the case of a NDI Swap Principal Amount,
          to
          reduce that NDI Swap Principal Amount) in the following order of priority:
          (1)
          sequentially, to the Class M-8, Class M 7, Class M 6, Class M 5, Class
          M 4,
          Class M 3, Class M 2 and Class M 1 Certificates, in that order, until their
          respective Class Certificate Balances are reduced to zero; (2) to the Class
          A-3
          Certificates, until its Class Certificate Balance is reduced to zero; (3)
          concurrently, to the Class A-2-A and Class A-2-B Certificates and the Class
          A-2-B Swap Principal Amount, pro rata, based on the Class Certificate Balance
          or
          NDI Swap Principal Amount, as applicable, until each Class Certificate
          Balance
          or NDI Swap Principal Amount is reduced to zero; and (4) concurrently,
          to the
          Class A-1-A and Class A-1-B Certificates and the Class A-1-B Swap Principal
          Amount, pro rata, based on the Class Certificate Balance or NDI Swap Principal
          Amount, as applicable, until each Class Certificate Balance or NDI Swap
          Principal Amount is reduced to zero.

         

        (i)           Application
          of Subsequent Recoveries.  If Subsequent Recoveries have been
          received with respect to a Liquidated Mortgage Loan, the amount of such
          Subsequent Recoveries will be applied to increase the applicable Class
          Certificate Balances (or in the case of a NDI Swap Principal Amount, to
          increase
          that NDI Swap Principal Amount) in the following order of priority: (1)
          concurrently, to the Class A-1-A and Class A-1-B Certificates and the Class
          A-1-B Swap Principal Amount, if any, pro rata based on their respective
          Unpaid
          Realized Loss Amounts, in an amount up to their respective Unpaid Realized
          Loss
          Amounts; (2) concurrently, to the Class A-2-A and Class A-2-B Certificates
          and
          the Class A-2-B Swap Principal Amount, if any, pro rata based on their
          respective Unpaid Realized Loss Amounts, in an amount up to their respective
          Unpaid Realized Loss Amounts; (3) to the Class A-3 Certificates, in an
          amount up
          to its respective Unpaid Realized Loss Amount; and (4) sequentially, to
          the
          Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
          M-7 and
          Class M-8 Certificates, in that order, in an amount up to their respective
          Unpaid Realized Loss Amounts.

         

        Holders
          of such Certificates will not be entitled to any payment in respect of
          Current
          Interest on the amount of such increases for any Interest Accrual Period
          preceding the 

         

         

        
          
            
            

          

          
            100

            
              

            

          

          
            
            

          

        

         

        Distribution
          Date on which such increase occurs.  Any such increases shall be
          applied pro rata to the Certificate Balance of each Certificate of such
          Class.

         

        The
          Swap
          Counterparty will not be entitled to any payment in respect of interest
          on the
          related NDI Swap Principal Amount at the related Swap Rate on the amount
          of such
          increases for any Interest Accrual Period preceding the Distribution Date
          on
          which such increase occurs.

         

        
          	
                	
                  SECTION
                    4.03. 

                	
                  Allocation
                    of Net Deferred Interest.

                

        

         

        (a)           For
          any Distribution Date, Net Deferred Interest will be allocated among the
          Classes
          of interest bearing Certificates in an amount equal to the excess, if any,
          of:
          (i) the amount of interest that accrued on such Class of Certificates at
          its
          respective Pass-Through Rate during the Interest Accrual Period related
          to that
          Distribution Date over (ii) the amount of interest that accrued on such
          Class of
          Certificates at its respective Adjusted Cap Rate during the Interest Accrual
          Period related to that Distribution Date.

         

        (b)           Any
          Net Deferred Interest allocated to a Class of Certificates will be added
          to the
          Class Certificate Balance of such Class of Certificates; provided, however,
          that
          for so long as the related Swap Contract is in effect, any Net Deferred
          Interest
          allocated to a Class of NDI Swap Certificates will not increase the Class
          Certificate Balance of that Class of NDI Swap Certificates but will instead
          increase the related NDI Swap Principal Amount.

         

        
          	
                   

                	
                  SECTION
                    4.04.

                	
                  [Reserved].

                

        

         

        
          	
                   

                	
                  SECTION
                    4.05.

                	
                  [Reserved].

                

        

         

        
          	
                   

                	
                  SECTION
                    4.06.

                	
                  Monthly
                    Statements to
                    Certificateholders.

                

        

         

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

         

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

         

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

         

        (d)           Within
          a reasonable period of time after the end of each calendar year, the Trustee
          shall cause to be furnished to each Person who at any time during the calendar
          year was a Certificateholder, a statement containing the information set
          forth
          in items (1), (2) and (7) of Exhibit U 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 

         

         

        
          
            
            

          

          
            101

            
              

            

          

          
            
            

          

        

         

        satisfied
          to the extent that substantially comparable information shall be provided
          by the
          Trustee pursuant to any requirements of the Code as from time to time in
          effect.

         

        
          	
                   

                	
                  SECTION
                    4.07.

                	
                  Determination
                    of Pass-Through Rates for COFI
                    Certificates.

                

        

         

        The
          Pass-Through Rate for each Class of COFI Certificates for each Interest
          Accrual
          Period after the initial Interest Accrual Period shall be determined by
          the
          Trustee as provided below on the basis of the Index and the applicable
          formulae
          appearing in footnotes corresponding to the COFI Certificates in the table
          relating to the Certificates in the Preliminary Statement.

         

        Except
          as
          provided below, with respect to each Interest Accrual Period following
          the
          initial Interest Accrual Period, the Trustee shall not later than two Business
          Days prior to such Interest Accrual Period but following the publication
          of the
          applicable Index determine the Pass-Through Rate at which interest shall
          accrue
          in respect of the COFI Certificates during the related Interest Accrual
          Period.

         

        Except
          as
          provided below, the Index to be used in determining the respective Pass-Through
          Rates for the COFI Certificates for a particular Interest Accrual Period
          shall
          be COFI for the second calendar month preceding the Outside Reference Date
          for
          such Interest Accrual Period.  If at the Outside Reference Date for
          any Interest Accrual Period, COFI for the second calendar month preceding
          such
          Outside Reference Date has not been published, the Trustee shall use COFI
          for
          the third calendar month preceding such Outside Reference Date.  If
          COFI for neither the second nor third calendar months preceding any Outside
          Reference Date has been published on or before the related Outside Reference
          Date, the Index for such Interest Accrual Period and for all subsequent
          Interest
          Accrual Periods shall be the National Cost of Funds Index for the third
          calendar
          month preceding such Interest Accrual Period (or the fourth preceding calendar
          month if such National Cost of Funds Index for the third preceding calendar
          month has not been published by such Outside Reference Date).  In the
          event that the National Cost of Funds Index for neither the third nor fourth
          calendar months preceding an Interest Accrual Period has been published
          on or
          before the related Outside Reference Date, then for such Interest Accrual
          Period
          and for each succeeding Interest Accrual Period, the Index shall be LIBOR,
          determined in the manner set forth below.

         

        With
          respect to any Interest Accrual Period for which the applicable Index is
          LIBOR,
          LIBOR for such Interest Accrual Period will be established by the Trustee
          on the
          related Interest Determination Date as provided in Section 4.08.

         

        In
          determining LIBOR and any Pass-Through Rate for the COFI Certificates or
          any
          Reserve Interest Rate, the Trustee may conclusively rely and shall be protected
          in relying upon the offered quotations (whether written, oral or on the
          Reuters
          Screen) from the Reference Banks or the New York City banks as to LIBOR
          or the
          Reserve Interest Rate, as appropriate, in effect from time to
          time.  The Trustee shall not have any liability or responsibility to
          any Person for (i) the Trustee’s selection of New York City banks for purposes
          of determining any Reserve Interest Rate or (ii) its inability, following
          a
          good-faith reasonable effort, to obtain such quotations from the Reference
          Banks
          or the New York City banks or to determine such arithmetic mean, all as
          provided
          for in this Section 4.07.

         

        
          
            
            

          

          
            102

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    4.08.

                	
                  Determination
                    of Pass-Through Rates for LIBOR
                    Certificates.

                

        

         

        (a)           On
          each Interest Determination Date, so long as any LIBOR Certificates or
          Swap
          Certificates are Outstanding, the Trustee will determine LIBOR on the basis
          of
          the British Bankers’ Association (“BBA”) “Interest Settlement Rate” for
          one-month deposits in U.S. dollars as quoted on the “BBAM” page of the Bloomberg
          Terminal.

         

        (b)           If
          on any Interest Determination Date, LIBOR cannot be determined as provided
          in
          paragraph (a) of this Section 4.08, the Trustee shall either (i) request
          each
          Reference Bank to inform the Trustee of the quotation offered by its principal
          London office for making one-month United States dollar deposits in leading
          banks in the London interbank market, as of 11:00 a.m. (London time) on
          such
          Interest Determination Date or (ii) in lieu of making any such request,
          rely on
          such Reference Bank quotations that appear at such time on the Reuters
          Screen
          LIBO Page (as defined in the International Swap Dealers Association Inc.
          Code of
          Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition),
          to the
          extent available.  LIBOR for a Class of LIBOR Certificates for the
          next Interest Accrual Period will be established by the Trustee on each
          Interest
          Determination Date as follows:

         

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

         

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

         

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

         

        
          
            
            

          

          
            103

            
              

            

          

          
            
            

          

        

         

        Until
          all
          of the LIBOR Certificates and the Swap Certificates are paid in full, the
          Trustee will at all times retain at least four Reference Banks for the
          purpose
          of determining LIBOR with respect to each Interest Determination
          Date.  The Master Servicer initially shall designate the Reference
          Banks.  For purposes of this Section 4.08, each “Reference Bank” shall
          be a leading bank engaged in transactions in Eurodollar deposits in the
          international Eurocurrency market, shall not control, be controlled by,
          or be
          under common control with, the Trustee and shall have an established place
          of
          business in London.  If any such Reference Bank should be unwilling or
          unable to act as such or if the Master Servicer should terminate its appointment
          as Reference Bank, the Trustee shall promptly appoint or cause to be appointed
          another Reference Bank.  The Trustee shall have no liability or
          responsibility to any Person for (i) the selection of any Reference Bank
          for
          purposes of determining LIBOR or (ii) any inability to retain at least
          four
          Reference Banks which is caused by circumstances beyond its reasonable
          control.

         

        (c)           The
          Pass-Through Rate for each Class of LIBOR Certificates for each Interest
          Accrual
          Period shall be determined by the Trustee on each Interest Determination
          Date so
          long as the Class Certificate Balance of a Class of LIBOR Certificates
          is
          greater than zero, on the basis of LIBOR and the respective formulae appearing
          in footnotes corresponding to the LIBOR Certificates in the table relating
          to
          the Certificates in the Preliminary Statement.

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    4.09.

                	
                  Determination
                    of Pass-Through Rates for MTA
                    Certificates.

                

        

         

        [Reserved].

         

        
          	
                   

                	
                  SECTION
                    4.10.

                	
                  The
                    Swap Trust and Swap Accounts.

                

        

         

        On
          the
          Closing Date, there is hereby established a separate trust (the “Swap Trust”),
          the assets of which shall consist of the Trustee’s rights and obligations under
          the Swap Contract Administration Agreement with respect to each Swap
          Contract.  The Swap Trust shall be maintained by the Swap Trustee, who
          initially shall be the Trustee.  The Swap Trustee shall hold the
          assets of the Swap Trust in trust for the benefit of the Holders of the
          related
          Classes of Certificates and the related Swap Counterparty.  No later
          than the Closing Date, the Swap 

         

        
          
            
            

          

          
            104

            
              

            

          

          
            
            

          

        

         

        Trustee
          shall establish and maintain a segregated trust account to be held in the
          Swap
          Trust, titled:

         

        (i)           “Class
          A-1-B Swap Account, The Bank of New York, as Swap Trustee, in trust for
          the NDI
          Swap Counterparty and the registered holders of the Class A-1-B Certificates
          of
          CWALT, Inc., Mortgage Pass-Through Certificates, Series 2007-OH2”;

         

        (ii)           “Class
          A-2-B Swap Account, The Bank of New York, as Swap Trustee, in trust for
          the NDI
          Swap Counterparty and the registered holders of the Class A-2-B Certificates
          of
          CWALT, Inc., Mortgage Pass-Through Certificates, Series 2007-OH2”;
          and

         

        (iii)           “Certificate  Swap
          Account, The Bank of New York, as Swap Trustee, in trust for the Certificate
          Swap Counterparty and the registered holders of the Certificate Swap
          Certificates of CWALT, Inc., Mortgage Pass-Through Certificates, Series
          2007-OH2.”

         

        Each
          account shall be an Eligible Account and funds on deposit therein shall
          be held
          separate and apart from, and shall not be commingled with, any other moneys,
          including, without limitation, other moneys of the Trustee held pursuant
          to this
          Agreement. Amounts therein shall be held uninvested.  Funds on deposit
          in a Swap Account shall be distributed in the amounts and in the order
          of
          priority described under Section 4.02(d) or Section 4.02(e), as
          applicable.  For federal income tax purposes, the Certificate Swap
          Account shall be owned by the Class C-P Certificates, and the Class A-1-B
          Swap
          Account and the Class A-2-B Swap Account shall be owned by the NDI Swap
          Counterparty.

         

        On
          each
          Distribution Date, the Trustee shall make the deposits to the NDI Swap
          Accounts
          required by Section 4.02.  On each Distribution Date, the Trustee
          shall make a deposit to the Certificate Swap Account pursuant to Section
          4.02(a)(1), and to the extent that the amount of such deposit is insufficient
          to
          pay any Net Certificate Swap Payment and/or Certificate Swap Termination
          Payment
          (other than a Certificate Swap Termination Payment due to a Swap Counterparty
          Trigger Event) due to the Certificate Swap Counterparty with respect to
          such
          Distribution Date, the Trustee shall withdraw, out of amounts on deposit
          in the
          Distribution Account in respect of the Principal Remittance Amount such
          additional amount as is necessary to cover the remaining portion of any
          such Net
          Certificate Swap Payment and/or Certificate Swap Termination Payment (other
          than
          a Certificate Swap Termination Payment due to a Swap Counterparty Trigger
          Event)
          due to the Certificate Swap Counterparty with respect to such Distribution
          Date.  Notwithstanding anything to the contrary in this Agreement, the
          Swap Trustee shall be allowed to transfer funds in the related Swap Account
          to
          the Trustee to facilitate, for administrative purposes, distribution of
          such
          funds to Certificateholders through the Distribution Account.

         

        
          
            
            

          

          
            105

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          V

        THE
          CERTIFICATES

         

        
          	
                   

                	
                  SECTION
                    5.01.

                	
                  The
                    Certificates.

                

        

         

        The
          Certificates shall be substantially in the forms attached hereto as
          exhibits.  The Certificates shall be issuable in registered form, in
          the minimum dollar denominations, integral dollar multiples in excess thereof
          and aggregate dollar denominations as set forth in the following
          table:

         

        
          	
                  Class

                	
                  Minimum
                    Denomination

                	
                  Integral
                    Multiples in Excess of Minimum

                	
                  Original
                    Class Certificate Balance

                
	
                  Class
                    A-1-A

                	
                  $25,000

                	
                  $1

                	
                  $364,264,000

                
	
                  Class
                    A-1-B

                	
                  $25,000

                	
                  $1

                	
                  $200,000,000

                
	
                  Class
                    A-2-A

                	
                  $25,000

                	
                  $1

                	
                  $165,110,000

                
	
                  Class
                    A-2-B

                	
                  $25,000

                	
                  $1

                	
                  $70,000,000

                
	
                  Class
                    A-3

                	
                  $25,000

                	
                  $1

                	
                  $141,067,000

                
	
                  Class
                    M-1

                	
                  $25,000

                	
                  $1

                	
                  $12,546,000

                
	
                  Class
                    M-2

                	
                  $25,000

                	
                  $1

                	
                  $11,040,000

                
	
                  Class
                    M-3

                	
                  $25,000

                	
                  $1

                	
                  $5,520,000

                
	
                  Class
                    M-4

                	
                  $25,000

                	
                  $1

                	
                  $5,019,000

                
	
                  Class
                    M-5

                	
                  $25,000

                	
                  $1

                	
                  $5,018,000

                
	
                  Class
                    M-6

                	
                  $25,000

                	
                  $1

                	
                  $5,018,000

                
	
                  Class
                    M-7

                	
                  $100,000

                	
                  $1

                	
                  $5,019,000

                
	
                  Class
                    M-8

                	
                  $100,000

                	
                  $1

                	
                  $5,018,000

                
	
                  Class A-R

                	
                  $99.99(1)

                	
                  $1

                	
                  $100

                
	
                  Class C-P

                	
                  N/A

                	
                  N/A

                	
                  N/A

                

        

        
          	
                  (1)

                	
                  The
                    Tax Matters Person Certificate may be issued in a denomination
                    of
                    $0.01.

                

        

         

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

         

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

         

        
          
            
            

          

          
            106

            
              

            

          

          
            
            

          

        

         

        hereunder.  All
          Certificates shall be dated the date of their countersignature.  On
          the Closing Date, the Trustee shall countersign the Certificates to be
          issued at
          the direction of the Depositor, or any affiliate of the Depositor.

         

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

         

        
          	
                   

                	
                  SECTION
                    5.02.

                	
                  Certificate
                    Register; Registration of Transfer and Exchange of
                    Certificates.

                

        

         

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

         

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

         

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

         

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

         

        (b)           No
          transfer of a Private Certificate shall be made unless (i) such transfer
          is made
          more than 90 days after the Closing Date and (ii) such transfer is made
          pursuant
          to an effective registration statement under the Securities Act and any
          applicable state securities laws or is exempt from the registration requirements
          under said Act and such state securities laws.  In the event that a
          transfer is to be made in reliance upon an exemption from the Securities
          Act and
          such laws, in order to assure compliance with the Securities Act and such
          laws,
          the Certificateholder desiring to effect such transfer and such
          Certificateholder’s prospective transferee shall each certify to the Trustee in
          writing the facts surrounding the transfer in substantially the form set
          forth
          in Exhibit J-2 (the “Transferor Certificate”) and (i) deliver a letter
          in substantially the form of either Exhibit K (the “Investment Letter”) or
          Exhibit L-1 (the “Rule 144A Letter”) or (ii) there shall be
          delivered to the Trustee at the expense of the transferor 

         

        
          
            
            

          

          
            107

            
              

            

          

          
            
            

          

        

         

        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-P Certificate
          to a transferee that is formed with the purpose of issuing notes backed
          by such
          Class C-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 and the Depositor, the Sellers, the NIM
          Insurer
          and the Master Servicer against any liability that may result if the transfer
          is
          not so exempt or is not made in accordance with such federal and state
          laws.

         

        No
          transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
          shall have received either (i) a representation from the transferee of
          such
          Certificate acceptable to and in form and substance satisfactory to the
          Trustee
          (in the event such Certificate is a Private Certificate, such requirement
          is
          satisfied only by the Trustee’s receipt of a representation letter from the
          transferee substantially in the form of Exhibit K or Exhibit L-1, or in
          the
          event such Certificate is a Residual Certificate, such requirement is satisfied
          only by the Trustee’s receipt of a representation letter from the transferee
          substantially in the form of Exhibit I), to the effect that (x) such transferee
          is not an employee benefit plan or arrangement subject to Section 406 of
          ERISA
          or a plan or arrangement subject to Section 4975 of the Code, nor a person
          acting on behalf of any such plan or arrangement or using the assets of
          any such
          plan or arrangement to effect such transfer or (y) in the case of a Certificate
          that is an ERISA-Restricted Certificate and that has been the subject of
          an
          ERISA-Qualifying Underwriting, a representation that the purchaser is an
          insurance company which is purchasing such Certificate with funds contained
          in
          an “insurance company general account” (as such term is defined in Section V(e)
          of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that
          the purchase and holding of such Certificate satisfy the requirements for
          exemptive relief under Sections I and III of PTCE 95-60 or (ii) in the
          case of
          any ERISA-Restricted Certificate presented for registration in the name
          of an
          employee benefit plan or arrangement subject to ERISA or a plan or arrangement
          subject to Section 4975 of the Code (or comparable provisions of any subsequent
          enactments), or a trustee or any other person acting on behalf of any such
          plan
          or arrangement, or using such plan’s or arrangement’s assets, an Opinion of
          Counsel satisfactory to the Trustee, which Opinion of Counsel shall not
          be an
          expense of the Trustee, the Master Servicer or the Trust Fund, addressed
          to the
          Trustee and the Master Servicer to the effect that the purchase and holding
          of
          such ERISA-Restricted Certificate will not result in a non-exempt prohibited
          transaction under Section 406 of ERISA or Section 4975 of the Code and
          will not
          subject the Trustee or the Master Servicer to any obligation in addition
          to
          those expressly undertaken in this Agreement or to any liability (such
          Opinion
          of Counsel, a “Benefit Plan Opinion”).  For purposes of the preceding
          sentence, with respect to an ERISA-Restricted Certificate that is not a
          Residual
          Certificate, in the 

         

        
          
            
            

          

          
            108

            
              

            

          

          
            
            

          

        

         

        event
          the
          representation letter or Benefit Plan Opinion referred to in the preceding
          sentence is not so furnished, one of the representations in clause (i),
          as
          appropriate, shall be deemed to have been made to the Trustee by the
          transferee’s (including an initial acquirer’s) acceptance of the
          ERISA-Restricted Certificates.  Notwithstanding anything else to the
          contrary in this Agreement, any purported transfer of an ERISA-Restricted
          Certificate to or on behalf of an employee benefit plan or arrangement
          subject
          to ERISA or to Section 4975 of the Code without the delivery to the Trustee
          of a
          Benefit Plan Opinion of Counsel satisfactory to the Trustee as described
          above
          shall be void and of no effect.

         

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

         

        Until
          the
          related Swap Contract is terminated, no transfer of any Class A-1-A or
          Class
          A-1-B Certificate (other than a transfer of a Class A-1-A or Class A-1-B
          Certificate to an affiliate of the Depositor (either directly or through
          a
          nominee) in connection with the initial issuance of the Certificates) shall
          be
          made unless the Trustee shall have received a representation letter from
          the
          transferee of such Class A-1-A or Class A-1-B Certificate substantially
          in the
          form of Exhibit L-2 to the effect that (i) such transferee is not a Plan,
          or
          (ii) the purchase and holding of the Class A-1-A or Class A-1-B Certificate
          satisfies the requirements for exemptive relief under PTCE 84-14, PTCE
          90-1,
          PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided
          under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or
          a
          similar exemption.  In the event that such representation letter is
          not delivered, one of the foregoing representations, as appropriate, shall
          be
          deemed to have been made by the transferee’s (including an initial acquirer’s)
          acceptance of the Class A-1-A or Class A-1-B Certificate.  In the
          event that such representation is violated, such transfer or acquisition
          shall
          be void and of no effect.

         

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

         

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

         

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

         

        
          
            
            

          

          
            109

            
              

            

          

          
            
            

          

        

         

        (iii)           Each
          Person holding or acquiring any Ownership Interest in a Residual Certificate
          shall agree (A) to obtain a Transfer Affidavit from any other Person to
          whom such Person attempts to Transfer its Ownership Interest in a Residual
          Certificate, (B) to obtain a Transfer Affidavit from any Person for whom
          such Person is acting as nominee, trustee or agent in connection with any
          Transfer of a Residual Certificate and (C) not to Transfer its Ownership
          Interest in a Residual Certificate or to cause the Transfer of an Ownership
          Interest in a Residual Certificate to any other Person if it has actual
          knowledge that such Person is not a Permitted Transferee and to provide
          to the
          Trustee a certificate substantially in the form attached hereto as Exhibit
          J-1
          stating that it has no knowledge that such Person is not a Permitted
          Transferee.

         

        (iv)           Any
          attempted or purported Transfer of any Ownership Interest in a Residual
          Certificate in violation of the provisions of this Section 5.02(c) shall be
          absolutely null and void and shall vest no rights in the purported
          Transferee.  If any purported transferee shall become a Holder of a
          Residual Certificate in violation of the provisions of this
          Section 5.02(c), then the last preceding Permitted Transferee shall be
          restored to all rights as Holder thereof retroactive to the date of registration
          of Transfer of such Residual Certificate.  The Trustee shall be under
          no liability to any Person for any registration of Transfer of a Residual
          Certificate that is in fact not permitted by Section 5.02(b) and this
          Section 5.02(c) or for making any payments due on such Certificate to the
          Holder thereof or taking any other action with respect to such Holder under
          the
          provisions of this Agreement so long as the Transfer was registered after
          receipt of the related Transfer Affidavit, Transferor Certificate and either
          the
          Rule 144A Letter or the Investment Letter, if required.  The
          Trustee shall be entitled but not obligated to recover from any Holder
          of a
          Residual Certificate that was in fact not a Permitted Transferee at the
          time it
          became a Holder or, at such subsequent time as it became other than a Permitted
          Transferee, all payments made on such Residual Certificate at and after
          either
          such time.  Any such payments so recovered by the Trustee shall be
          paid and delivered by the Trustee to the last preceding Permitted Transferee
          of
          such Certificate.

         

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

         

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

         

        
          
            
            

          

          
            110

            
              

            

          

          
            
            

          

        

         

        a
          Person
          that is not a Permitted Transferee and (b) to provide for a means to compel
          the Transfer of a Residual Certificate which is held by a Person that is
          not a
          Permitted Transferee to a Holder that is a Permitted Transferee.

         

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

         

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

         

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

         

        If
          (x) (i) the Depository or the Depositor advises the Trustee in writing
          that the Depository is no longer willing or able to properly discharge
          its
          responsibilities as Depository, and (ii) the Trustee or the Depositor is
          unable to locate a qualified successor or (y) after the occurrence of an
          Event of Default, Certificate Owners representing at least 51% of the
          Certificate Balance of the Book-Entry Certificates together advise the
          Trustee
          and the Depository through the Depository Participants in writing that
          the
          continuation of a book-entry system through the Depository is no longer
          in the
          best interests of the Certificate Owners, the Trustee shall notify all
          Certificate Owners, through the Depository, of the occurrence of any such
          event
          and of the availability of definitive, fully-registered Certificates (the
          “Definitive Certificates”) to Certificate Owners requesting the
          same.  Upon surrender to the Trustee of the related Class of
          Certificates by the Depository, accompanied by the instructions from the
          Depository for registration, the Trustee shall issue the Definitive
          Certificates.  Neither the Master Servicer, the Depositor nor the
          Trustee shall be liable for any delay in delivery of such instruction and
          each
          may conclusively rely on, and shall be protected in relying on, such
          instructions.  The Master Servicer shall provide the Trustee with an
          adequate inventory of certificates to facilitate the issuance and transfer
          of
          Definitive Certificates.  Upon the issuance of Definitive Certificates
          all 

         

        
          
            
            

          

          
            111

            
              

            

          

          
            
            

          

        

         

        references
          in this Agreement to obligations imposed upon or to be performed by the
          Depository shall be deemed to be imposed upon and performed by the Trustee,
          to
          the extent applicable with respect to such Definitive Certificates and
          the
          Trustee shall recognize the Holders of the Definitive Certificates as
          Certificateholders hereunder; provided that the Trustee shall not by virtue
          of
          its assumption of such obligations become liable to any party for any act
          or
          failure to act of the Depository.

         

        
          	
                   

                	
                  SECTION
                    5.03.

                	
                  Mutilated,
                    Destroyed, Lost or Stolen
                    Certificates.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    5.04.

                	
                  Persons
                    Deemed Owners.

                

        

         

        The
          Master Servicer, the NIM Insurer, the Trustee 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 neither the Master Servicer, the NIM Insurer, the Trustee
          nor
          any agent of the Master Servicer, the NIM Insurer or the Trustee shall
          be
          affected by any notice to the contrary.

         

        
          	
                   

                	
                  SECTION
                    5.05.

                	
                  Access
                    to List of Certificateholders’ Names and
                    Addresses.

                

        

         

        If
          three
          or more Certificateholders and/or Certificate Owners (a) request such
          information in writing from the Trustee, (b) state that such Certificateholders
          and/or Certificate Owners desire to communicate with other Certificateholders
          and/or Certificate Owners with respect to their rights under this Agreement
          or
          under the Certificates, and (c) provide a copy of the communication which
          such
          Certificateholders and/or Certificate Owners propose to transmit, or if
          the
          Depositor or Master Servicer shall request such information in writing
          from the
          Trustee, then the Trustee shall, within ten Business Days after the receipt
          of
          such request, (x) provide the Depositor, the Master Servicer or such
          Certificateholders and/or Certificate Owners at such recipients’ expense the
          most recent list of the Certificateholders of such Trust Fund held by the
          Trustee, if any, and (y) assist the Depositor, the Master Servicer or such
          Certificateholders and/or Certificate Owners at such recipients’ expense with
          obtaining from the Depository a list of the related Depository Participants
          acting on behalf of Certificate Owners of Book Entry
          Certificates.  The Depositor and every Certificateholder and
          Certificate Owner, by receiving and 

         

        
          
            
            

          

          
            112

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    5.06.

                	
                  Maintenance
                    of Office or Agency.

                

        

         

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

         

        
          
            
            

          

          
            113

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          VI

        THE
          DEPOSITOR AND THE MASTER SERVICER

         

        
          	
                   

                	
                  SECTION
                    6.01.

                	
                  Respective
                    Liabilities of the Depositor and the Master
                    Servicer.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    6.02.

                	
                  Merger
                    or Consolidation of the Depositor or the Master
                    Servicer.

                

        

         

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

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    6.03.

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

                

        

         

        None
          of
          the Depositor, the Master Servicer, the NIM Insurer or any Seller or any
          of the
          directors, officers, employees or agents of the Depositor, the Master Servicer,
          the NIM Insurer or any Seller shall be under any liability to the
          Certificateholders for any action taken or for refraining from the taking
          of any
          action in good faith pursuant to this Agreement, or for errors in judgment;
          provided, however, that this provision shall not protect the
          Depositor, the Master Servicer, any Seller or any such Person against any
          breach
          of representations or warranties made 

         

        
          
            
            

          

          
            114

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    6.04.

                	
                  Limitation
                    on Resignation of Master
                    Servicer.

                

        

         

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

         

        
          
            
            

          

          
            115

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          VII

        DEFAULT

         

        
          	
                   

                	
                  SECTION
                    7.01.

                	
                  Events
                    of Default.

                

        

         

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

         

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

         

        (ii)           any
          failure by the Master Servicer to observe or perform in any material respect
          any
          other of the covenants or agreements on the part of the Master Servicer
          contained in this Agreement (except with respect to a failure related to
          a
          Limited Exchange Act Reporting Obligation), which failure materially affects
          the
          rights of Certificateholders, that failure continues unremedied for a period
          of
          60 days after the date on which written notice of such failure shall have
          been
          given to the Master Servicer by the Trustee, the NIM Insurer or the Depositor,
          or to the Master Servicer and the Trustee by the Holders of Certificates
          evidencing not less than 25% of the Voting Rights evidenced by the
          Certificates;  provided, however, that the sixty day cure
          period shall not apply to the initial delivery of the Mortgage File for
          Delay
          Delivery Mortgage Loans nor the failure to substitute or repurchase in
          lieu of
          delivery; or

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            116

            
              

            

          

          
            
            

          

        

         

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

         

        If
          an
          Event of Default described in clauses (i) to (vi) of this Section shall
          occur,
          then, and in each and every such case, so long as such Event of Default
          shall
          not have been remedied, the Trustee may, or, if an Event of Default described
          in
          clauses (i) to (v) of this Section shall occur, then, and in each and every
          such
          case, so long as such Event of Default shall not have been remedied, at
          the
          direction of either the NIM Insurer or the Holders of Certificates evidencing
          not less than 66-2/3% of the Voting Rights, evidenced by the Certificates,
          the
          Trustee shall by notice in writing to the Master Servicer (with a copy
          to each
          Rating Agency and the Depositor), terminate all of the rights and obligations
          of
          the Master Servicer under this Agreement and in and to the Mortgage Loans
          and
          the proceeds thereof, other than its rights as a Certificateholder
          hereunder.  In addition, if during the period that the Depositor is
          required to file Exchange Act Reports with respect to the Trust Fund, the
          Master
          Servicer shall fail to observe or perform any of the obligations that constitute
          a Limited Exchange Act Reporting Obligation or the obligations set forth
          in
          Section 3.16(a) or Section 11.07(a)(1) and (2), and such failure continues
          for
          the lesser of 10 calendar days or such period in which the applicable Exchange
          Act Report can be filed timely (without taking into account any extensions),
          so
          long as such failure shall not have been remedied, the Trustee shall, but
          only
          at the direction of the Depositor, terminate all of the rights and obligations
          of the Master Servicer under this Agreement and in and to the Mortgage
          Loans and
          the proceeds thereof, other than its rights as a Certificateholder
          hereunder.  The Depositor shall not be entitled to terminate the
          rights and obligations of the Master Servicer if a failure of the Master
          Servicer to identify a Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB was attributable solely
          to the
          role or functions of such Subcontractor with respect to mortgage loans
          other
          than the Mortgage Loans.

         

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

         

        Notwithstanding
          any termination of the activities of the Master Servicer hereunder, the
          Master
          Servicer shall be entitled to receive, out of any late collection of a
          Scheduled
          Payment on a Mortgage Loan which was due prior to the notice terminating
          such
          Master Servicer’s rights and obligations as Master Servicer hereunder and
          received after such notice, that portion thereof to 

         

        
          
            
            

          

          
            117

            
              

            

          

          
            
            

          

        

         

        which
          such Master Servicer would have been entitled pursuant to
          Sections 3.08(a)(i) through (viii), and any other amounts payable to such
          Master Servicer hereunder the entitlement to which arose prior to the
          termination of its activities under this Agreement.

         

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

         

        
          	
                   

                	
                  SECTION
                    7.02.

                	
                  Trustee
                    to Act; Appointment of
                    Successor.

                

        

         

        On
          and
          after the time the Master Servicer receives a notice of termination pursuant
          to
          Section 7.01, the Trustee shall, subject to and to the extent provided in
          Section 3.04, be the successor to the Master Servicer in its capacity as
          master servicer under this Agreement and the transactions set forth or
          provided
          for in this Agreement and shall be subject to all the responsibilities,
          duties
          and liabilities relating thereto placed on the Master Servicer by the terms
          and
          provisions of this Agreement and applicable law including the obligation
          to make
          Advances pursuant to Section 4.01.  As compensation therefor, the
          Trustee shall be entitled to all funds relating to the Mortgage Loans that
          the
          Master Servicer would have been entitled to charge to the Certificate Account
          or
          Distribution Account if the Master Servicer had continued to act
          hereunder.  Notwithstanding the foregoing, if the Trustee has become
          the successor to the Master Servicer in accordance with Section 7.01, the
          Trustee may, if it shall be unwilling to so act, or shall, if it is prohibited
          by applicable law from making Advances pursuant to Section 4.01 or if it is
          otherwise unable to so act, (i) appoint any established mortgage loan servicing
          institution reasonably acceptable to the NIM Insurer (as evidenced by the
          prior
          written consent of the NIM Insurer), or (ii) if it is unable for 60 days
          to
          appoint a successor servicer reasonably acceptable to the NIM Insurer,
          petition
          a court of competent jurisdiction to appoint any established mortgage loan
          servicing institution, the appointment of which does not adversely affect
          the
          then-current rating of the Certificates and the NIM Insurer guaranteed
          notes
          (without giving any effect to any policy or guaranty provided by the NIM
          Insurer) by each Rating Agency as the successor to the Master Servicer
          hereunder
          in the assumption of all or any part of the responsibilities, duties or
          liabilities of the Master Servicer hereunder.  Any successor to the
          Master Servicer shall be an institution which is a FNMA and FHLMC approved
          seller/servicer in good standing, which has a net worth of at least $15,000,000,
          and which is willing to service the Mortgage Loans and (i) executes and
          delivers
          to the Depositor and the Trustee an agreement accepting such delegation
          and
          assignment, which contains an assumption by such Person of the rights,
          powers,
          duties, responsibilities, obligations and liabilities of the Master Servicer
          (other than liabilities of the Master Servicer under Section 6.03 incurred
          prior to termination of the Master Servicer under Section 7.01), with like
          effect as if originally named as a party to this Agreement; and provided
          further
          that each Rating Agency acknowledges that its rating of the Certificates
          in
          effect immediately prior to such assignment and delegation will not be
          qualified
          or reduced as a result of such assignment and delegation and (ii) provides
          to
          the Depositor in writing, fifteen (15) days prior to the effective date
          of such
          appointment, and in form and substance reasonably satisfactory to the Depositor,
          all information reasonably requested by the Depositor in order to comply
          with
          its reporting obligation under Item 6.02 of Form 8-K with respect to a
          replacement master servicer.  The Trustee shall provide written notice
          to the Depositor of such successor pursuant to 

         

        
          
            
            

          

          
            118

            
              

            

          

          
            
            

          

        

         

        this
          Section.  Pending appointment of a successor to the Master Servicer
          hereunder, the Trustee, unless the Trustee is prohibited by law from so
          acting,
          shall, subject to Section 3.04, act in such capacity as hereinabove
          provided.  In connection with such appointment and assumption, the
          Trustee may make such arrangements for the compensation of such successor
          out of
          payments on the Mortgage Loans as it and such successor shall agree;
provided, however, that no such compensation shall be in excess of
          the Master Servicing Fee permitted to be paid to the Master Servicer
          hereunder.  The Trustee and such successor shall take such action,
          consistent with this Agreement, as shall be necessary to effectuate any
          such
          succession.  Neither the Trustee nor any other successor master
          servicer shall be deemed to be in default hereunder by reason of any failure
          to
          make, or any delay in making, any distribution hereunder or any portion
          thereof
          or any failure to perform, or any delay in performing, any duties or
          responsibilities hereunder, in either case caused by the failure of the
          Master
          Servicer to deliver or provide, or any delay in delivering or providing,
          any
          cash, information, documents or records to it.

         

        Any
          successor to the Master Servicer as master 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 master servicer maintain in force the policy or policies
          that
          the Master Servicer is required to maintain pursuant to
          Section 3.09.

         

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

         

        
          	
                   

                	
                  SECTION
                    7.03.

                	
                  Notification
                    to Certificateholders.

                

        

         

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

         

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

         

         

        
          
            
            

          

          
            119

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          VIII

        CONCERNING
          THE TRUSTEE

         

        
          	
                   

                	
                  SECTION
                    8.01.

                	
                  Duties
                    of Trustee.

                

        

         

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

         

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

         

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

         

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

         

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

         

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

         

        (iv)           without
          in any way limiting the provisions of this Section 8.01 or Section 8.02,
          the
          Trustee shall be entitled to rely conclusively on the information delivered
          to
          it by the Master Servicer in a Trustee Advance Notice in determining whether
          it
          is required 

         

        
          
            
            

          

          
            120

            
              

            

          

          
            
            

          

        

         

        to
          make
          an Advance under Section 4.01(b), shall have no responsibility to ascertain
          or
          confirm any information contained in any Trustee Advance Notice, and shall
          have
          no obligation to make any Advance under Section 4.01(b) in the absence
          of a
          Trustee Advance Notice or actual knowledge of a Responsible Officer of
          the
          Trustee that (A) such Advance was not made by the Master Servicer and (B)
          such
          Advance is not a Nonrecoverable Advance.

         

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

         

        
          	
                   

                	
                  SECTION
                    8.02.

                	
                  Certain
                    Matters Affecting the Trustee.

                

        

         

        Except
          as
          otherwise provided in Section 8.01:

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            121

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

        The
          Depositor hereby directs the Trustee to execute, deliver and perform its
          obligations under the Swap Contract Administration Agreement (in its capacity
          as
          Swap Trustee).  The Sellers, the Depositor, the Master Servicer and
          the Holders of the Covered Certificates by their acceptance of such Certificates
          acknowledge and agree that the Trustee shall execute, deliver and perform
          its
          obligations under the Swap Contract Administration Agreement and shall
          do so
          solely in its capacity as Swap Trustee and not in its individual
          capacity.  Every provision of this Agreement relating to the conduct
          or affecting the liability of or affording protection to the Trustee shall
          apply
          to the Trustee’s execution of the Swap Contract Administration Agreement in its
          capacity as Swap Trustee, and the performance of its duties and satisfaction
          of
          its obligations thereunder.

         

        
          	
                   

                	
                  SECTION
                    8.03.

                	
                  Trustee
                    Not Liable for Certificates or Mortgage
                    Loans.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    8.04.

                	
                  Trustee
                    May Own Certificates.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    8.05.

                	
                  Trustee’s
                    Fees and Expenses.

                

        

         

        The
          Trustee, as compensation for its activities hereunder, shall be entitled
          to
          withdraw from the Distribution Account on each Distribution Date an amount
          equal
          to the Trustee Fee for such Distribution Date.  The Trustee and any
          director, officer, employee or agent of the Trustee shall be indemnified
          by the
          Master Servicer and held harmless against any loss, liability or 

         

        
          
            
            

          

          
            122

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    8.06.

                	
                  Eligibility
                    Requirements for Trustee.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    8.07.

                	
                  Resignation
                    and Removal of Trustee.

                

        

         

        The
          Trustee may at any time resign and be discharged from the trusts hereby
          created
          by giving written notice of resignation to the Depositor, the Master Servicer
          and each Rating 

         

        
          
            
            

          

          
            123

            
              

            

          

          
            
            

          

        

         

        Agency
          not less than 60 days before the date specified in such notice when, subject
          to
          Section 8.08, such resignation is to take effect, and acceptance by a
          successor trustee in accordance with Section 8.08 meeting the
          qualifications set forth in Section 8.06.  If no successor
          trustee meeting such qualifications shall have been so appointed and have
          accepted appointment within 30 days after the giving of such notice or
          resignation, the resigning Trustee may petition any court of competent
          jurisdiction for the appointment of a successor trustee.

         

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

         

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

         

        The
          Holders of Certificates entitled to at least 51% of the Voting Rights may
          at any
          time remove the Trustee and appoint a successor trustee by written instrument
          or
          instruments signed by such Holders or their attorneys-in-fact duly authorized,
          one complete set of which instruments shall be delivered by the successor
          Trustee to the Master Servicer, one complete set to the Trustee so removed,
          one
          complete set to the NIM Insurer 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.

         

        
          
            
            

          

          
            124

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  SECTION
                    8.08.

                	
                  Successor
                    Trustee.

                

        

         

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

         

        No
          successor trustee shall accept appointment as provided in this Section
          8.08
          unless at the time of such acceptance such successor trustee shall be eligible
          under the provisions of Section 8.06 hereof, is reasonably acceptable to
          the NIM
          Insurer, its appointment shall not adversely affect the then-current ratings
          of
          the Certificates and has provided to the Depositor in writing and in form
          and
          substance reasonably satisfactory to the Depositor, all information reasonably
          requested by the Depositor in order to comply with its reporting obligation
          under Item 6.02 of Form 8-K with respect to a replacement Trustee.

         

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

         

        
          	
                   

                	
                  SECTION
                    8.09.

                	
                  Merger
                    or Consolidation of Trustee.

                

        

         

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

         

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

         

        
          
            
            

          

          
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                  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 the receipt by it of a request to do so,
          or in
          the case an Event of Default shall have occurred and be continuing, the
          Trustee
          alone shall have the power to make such appointment.  No co-trustee or
          separate trustee hereunder shall be required to meet the terms of eligibility
          as
          a successor trustee under Section 8.06 and no notice to Certificateholders
          of the appointment of any co-trustee or separate trustee shall be required
          under
          Section 8.08.

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            126

            
              

            

          

          
            
            

          

        

         

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

         

        Any
          separate trustee or co-trustee may, at any time, constitute the Trustee
          its
          agent or attorney-in-fact, with full power and authority, to the extent
          not
          prohibited by law, to do any lawful act under or in respect of this Agreement
          on
          its behalf and in its name. If any separate trustee or co-trustee shall
          die,
          become incapable of acting, resign or be removed, all of its estates,
          properties, rights, remedies and trusts shall vest in and be exercised
          by the
          Trustee, to the extent permitted by law, without the appointment of a new
          or
          successor trustee.

         

        
          	
                   

                	
                  SECTION
                    8.11.

                	
                  Tax
                    Matters.

                

        

         

        It
          is
          intended that the assets with respect to which any REMIC election is to
          be made,
          as set forth in the Preliminary Statement, shall constitute, and that the
          conduct of matters relating to such assets shall be such as to qualify
          such
          assets as, a “real estate mortgage investment conduit” as defined in and in
          accordance with the REMIC Provisions.  In furtherance of such
          intention, the Trustee covenants and agrees that it shall act as agent
          (and the
          Trustee is hereby appointed to act as agent) on behalf of any such REMIC
          and
          that in such capacity it shall:  (a) prepare and file, or cause to be
          prepared and filed, in a timely manner, a U.S. Real Estate Mortgage Investment
          Conduit Income Tax Return (Form 1066 or any successor form adopted by the
          Internal Revenue Service) and prepare and file or cause to be prepared
          and filed
          with the Internal Revenue Service and applicable state or local tax authorities
          income tax or information returns for each taxable year with respect to
          any such
          REMIC, containing such information and at the times and in the manner as
          may be
          required by the Code or state or local tax laws, regulations, or rules,
          and
          furnish or cause to be furnished to Certificateholders the schedules, statements
          or information at such times and in such manner as may be required thereby;
          (b)
          within thirty days of the Closing Date, furnish or cause to be furnished
          to the
          Internal Revenue Service, on Forms 8811 or as otherwise may be required
          by the
          Code, the name, title, address, and telephone number of the person that
          the
          holders of the Certificates may contact for tax information relating thereto,
          together with such additional information as may be required by such Form,
          and
          update such information at the time or times in the manner required by
          the Code;
          (c) make or cause to be made elections that such assets be treated as a
          REMIC on
          the federal tax return for its first taxable year (and, if necessary, under
          applicable state law); (d) prepare and forward, or cause to be prepared
          and
          forwarded, to the Certificateholders and to the Internal Revenue Service
          and, if
          necessary, state tax authorities, all information returns and reports as
          and
          when required to be provided to them in accordance with the REMIC Provisions,
          including without limitation, the calculation of any original issue discount
          using the Prepayment Assumption; (e) provide information necessary for
          the
          computation of tax imposed on the transfer of a Residual Certificate to
          a Person
          that is not a Permitted Transferee, or an agent

         

        
          
            
            

          

          
            127

            
              

            

          

          
            
            

          

        

         

         (including
          a broker, nominee or other middleman) of a Non-Permitted Transferee, or
          a
          pass-through entity in which a Non-Permitted Transferee is the record holder
          of
          an interest (the reasonable cost of computing and furnishing such information
          may be charged to the Person liable for such tax); (f) to the extent that
          they
          are under its control conduct matters relating to such assets at all times
          that
          any Certificates are outstanding so as to maintain the status as a REMIC
          under
          the REMIC Provisions; (g) not knowingly or intentionally take any action
          or omit
          to take any action that would cause the termination of the tax status of
          any
          REMIC; (h) pay, from the sources specified in the third paragraph of this
          Section 8.11, the amount of any federal or state tax, including prohibited
          transaction taxes as described below, imposed on any such REMIC prior to
          its
          termination when and as the same shall be due and payable (but such obligation
          shall not prevent the Trustee or any other appropriate Person from contesting
          any such tax in appropriate proceedings and shall not prevent the Trustee
          from
          withholding payment of such tax, if permitted by law, pending the outcome
          of
          such proceedings); (i) ensure that federal, state or local income tax or
          information returns shall be signed by the Trustee or such other person
          as may
          be required to sign such returns by the Code or state or local laws, regulations
          or rules; (j) maintain records relating to any such REMIC, including but
          not
          limited to the income, expenses, assets and liabilities thereof and the
          fair
          market value and adjusted basis of the assets determined at such intervals
          as
          may be required by the Code, as may be necessary to prepare the foregoing
          returns, schedules, statements or information; and (k) as and when necessary
          and
          appropriate, represent any such REMIC in any administrative or judicial
          proceedings relating to an examination or audit by any governmental taxing
          authority, request an administrative adjustment as to any taxable year
          of any
          such REMIC, enter into settlement agreements with any governmental taxing
          agency, extend any statute of limitations relating to any tax item of any
          such
          REMIC, and otherwise act on behalf of any such REMIC in relation to any
          tax
          matter or controversy involving it.

         

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

         

        In
          the
          event that any tax is imposed on “prohibited transactions” of any REMIC
          hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
          foreclosure property” of such REMIC as defined in Section 860G(c) of the Code,
          on any contribution to any REMIC hereunder after the Startup Day pursuant
          to
          Section 860G(d) of the Code, or any other tax is imposed, including, without
          limitation, any minimum tax imposed upon any REMIC hereunder pursuant to
          Sections 23153 and 24874 of the California Revenue and Taxation Code, if
          not
          paid as otherwise provided for herein, such tax shall be paid by (i) the
          Trustee, if any such other tax arises out of or results from a breach by
          the
          Trustee of any of its obligations under this 

         

        
          
            
            

          

          
            128

            
              

            

          

          
            
            

          

        

         

        Agreement,
          (ii) the Master Servicer, in the case of any such minimum tax, or if such
          tax
          arises out of or results from a breach by the Master Servicer or a Seller
          of any
          of their obligations under this Agreement, (iii) any Seller, if any such
          tax
          arises out of or results from that Seller’s obligation to repurchase a Mortgage
          Loan pursuant to Section 2.02 or 2.03 or (iv) in all other cases, or in
          the
          event that the Trustee, the Master Servicer or any Seller fails to honor
          its
          obligations under the preceding clauses (i),(ii) or (iii), any such tax
          will be
          paid with amounts otherwise to be distributed to the Certificateholders,
          as
          provided in Section 3.08(b).

         

        For
          federal income tax purposes, the Trustee shall treat the following items
          as
          specified.  The Trustee shall treat the Carryover Reserve Fund and the
          Swap Trust (including the Swap Accounts) as an outside reserve fund within
          the
          meaning of Treasury Regulation 1.860G-2(h), neither of which is an asset
          of any
          REMIC created hereunder.  The Carryover Reserve Fund shall be treated
          as owned by the Holders of the Class C-P Certificates.  The
          Certificate Swap Account shall be treated as owned by the Holders of the
          Class
          C-P Certificates.  The NDI Swap Account shall be treated as owned by
          the NDI Swap Counterparty.  The Trustee shall treat the rights and
          deemed obligations of the Holders of the LIBOR Certificates and the Class
          C-P
          Certificates with respect to the Carryover Reserve Fund and the Certificate
          Swap
          Account as rights and obligations with respect to a notional principal
          contract
          written by (i) the NDI Swap Counterparty in respect of any Net Rate Carryover
          distributed pursuant to Section 4.02(c)(4) herein and (ii) the Holders
          of the
          Class C-P Certificates in respect of any Net Rate Carryover funded by the
          Certificate Swap Contract and in respect of any residual payments from
          such
          Certificate Swap Contract received by the Class C-P Certificates.  The
          Trustee shall treat the rights of the Holders of the Class C-P Certificates
          with
          respect to any Premium as an interest in the payments made pursuant to
          a
          mortgage loan purchase agreement under which the mortgage loan seller becomes
          obligated to repurchase the related Mortgage Loan from Countrywide (in
          its own
          capacity and not as the representative of any REMIC) under certain
          conditions.  The Trustee shall treat the rights and deemed obligations
          of the Holders of a Class of NDI Swap Certificates with respect to the
          related
          NDI Swap Contract as (i) the right to receive LIBOR plus the related
          Pass-Through Margin on a notional amount equal to the principal balance
          of the
          related Master REMIC Interests, advances of unpaid Net Deferred Interest
          and
          unpaid Net Rate Carryover from the NDI Swap Counterparty and as (ii) the
          deemed
          obligation to (A) pay LIBOR plus the related margin on a notional amount
          equal
          to the principal balance of the related Master REMIC Interest, (B) return
          the
          amounts of any advances to the NDI Swap Counterparty and (C) compensate
          the NDI
          Swap Counterparty for standing ready to make, and forebear the return of,
          any
          advances.  Thus, the LIBOR Certificates and the Class C-P Certificates
          shall be treated as representing ownership of Master REMIC regular interests
          coupled with contractual rights and obligations within the meaning of Treasury
          Regulation 1.860G-2(i). For purposes of determining the issue price of
          each
          Class of NDI Swap Certificates, the Trustee shall assume that the related
          NDI
          Swap Contract was acquired without either the Holders of the related NDI
          Swap
          Certificates or the NDI Swap Counterparty making any lump sum payment to
          the
          other. The Trustee shall treat any amount of Net Rate Carryover payable
          from
          Excess Cashflow as first paid to the Class C-P Certificateholder and as
          then
          deposited in the Carryover Reserve Fund. In addition, to the extent any
          amount
          payable with respect to a NDI Swap Certificate (as described in the Preliminary
          Statement) is used to make payments to the NDI Swap Counterparty, the Trustee
          shall treat the amount as first payable to the Holders of the related NDI
          Swap
          Certificates and as then paid by the Holders of the related Certificates
          with
          respect to their deemed obligations to the NDI Swap Counterparty as described
          above.

         

        
          
            
            

          

          
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                	SECTION 8.12.	
                  Monitoring
                    of Significance Percentage.

                

        

         

        With
          respect to each Distribution Date, the Trustee shall calculate the “significance
          percentage” (as defined in Item 1115 of Regulation AB) of each derivative
          instrument, if any, based on the aggregate Class Certificate Balance of
          the
          related Classes of Certificates for such derivative instrument and Distribution
          Date (after all distributions to be made thereon on such Distribution Date)
          and
          based on the methodology provided in writing by or on behalf of Countrywide
          no
          later than the fifth Business Day preceding such Distribution
          Date.  On each Distribution Date, the Trustee shall provide to
          Countrywide a written report (which written report may include similar
          information with respect to other derivative instruments relating to
          securitization transactions sponsored by Countrywide) specifying the
“significance percentage” of each derivative instrument, if any, for that
          Distribution Date.  If the “significance percentage” of any derivative
          instrument exceeds 7.0% with respect to any Distribution Date, the Trustee
          shall
          make a separate notation thereof in the written report described in the
          preceding sentence.  Such written report may contain such assumptions
          and disclaimers as are deemed necessary and appropriate by the
          Trustee.

         

         

        
          
            
            

          

          
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        ARTICLE
          IX

        TERMINATION

         

        
          	
                   

                	
                  SECTION
                    9.01.

                	
                  Termination
                    upon Liquidation or Purchase of all Mortgage
                    Loans.

                

        

         

        Subject
          to Section 9.03 and Section 9.04, the obligations and responsibilities
          of the
          Depositor, the Sellers, the Master Servicer and the Trustee created hereby
          with
          respect to the Trust Fund shall terminate upon the earliest 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) at a
          price (the “Termination Price”) equal to the sum of (i) 100% of the Stated
          Principal Balance of each Mortgage Loan (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 Adjusted
          Mortgage Rate), (iii) the appraised value of any REO Property (up to the
          Stated
          Principal Balance of the related Mortgage Loan), such appraisal to be conducted
          by an appraiser mutually agreed upon by the Terminator and the Trustee,
          (iv) any
          remaining unpaid costs and damages incurred by the Trust Fund that arises
          out of
          a violation of any predatory or abusive lending law that also constitutes
          an
          actual breach of clause (46) on Schedule III-A, in all cases plus accrued
          and
          unpaid interest thereon at the applicable Adjusted Mortgage Rate and (v)
          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, (b) the purchase by the Winning
          Bidder
          of all of the Mortgage Loans (and REO Properties) remaining in the Trust
          Fund
          after a Successful Auction is conducted pursuant to Section 9.04 and the
          related
          auction proceeds are distributed pursuant to Section 9.02(c) and (c) the
          later
          of (i) the maturity or other liquidation (or any Advance with respect thereto)
          of the last Mortgage Loan remaining in the Trust Fund and the disposition
          of all
          REO Property and (ii) the distribution to the 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 of this Section 9.01
          shall be conditioned upon (1) the Pool Stated Principal Balance, at the
          time of
          any such repurchase, is less than or equal to ten percent (10%) of the
          Cut-off
          Date Pool Principal Balance 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
          preceding notwithstanding, on any Distribution Date on which each of the
          Master
          Servicer and the NIM Insurer shall have the option to purchase all the
          Mortgage
          Loans (and REO Properties) remaining in the Trust Fund pursuant to this
          Section
          9.01, the NIM Insurer’s purchase option shall require the prior written consent
          of the Master Servicer.

         

        
          
            
            

          

          
            131

            
              

            

          

          
            
            

          

        

         

        The
          Swap
          Trust shall terminate on the earliest of (i) the Swap Contract Termination
          Date
          of the last outstanding Swap Contract and (ii) the termination of this
          Agreement.

         

        
          	
                   

                	
                  SECTION
                    9.02.

                	
                  Final
                    Distribution on the
                    Certificates.

                

        

         

        (a)           Timing
          of Notice of Final Distribution, Auction or Optional
          Termination.

         

        (i)           If
          on any Determination Date, the Master Servicer determines that there are
          no
          Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
          other
          than the funds in the Certificate Account, then the Master Servicer shall
          direct
          the Trustee promptly to send a final distribution notice to each
          Certificateholder in accordance with Section 9.02(b).  In the event
          such notice is given, the Master Servicer shall cause all funds in the
          Certificate Account to be remitted to the Trustee for deposit in the
          Distribution Account on or before the Business Day prior to the applicable
          Distribution Date , net of any amounts permitted to be withdrawn pursuant
          to
          Section 3.08(a).  Upon such final deposit with respect to the Trust
          Fund and the receipt by the Trustee of a Request for Release therefor,
          the
          Trustee shall promptly release to the Master Servicer the Mortgage Files
          for the
          Mortgage Loans.

         

        (ii)           If
          the Directing Certificateholder chooses to exercise its right to cause
          an
          auction pursuant to Section 9.04, then the Directing Certificateholder
          shall
          provide written notice to the Master Servicer no later than the 1st day
          of the
          calendar month in which such auction is to be conducted.  If a
          Successful Auction is held pursuant to the requirements of Section 9.04,
          then
          the Trustee shall distribute the proceeds of the Successful Auction that
          have
          been remitted to the Distribution Account to the Certificateholders pursuant
          to
          Sections 4.02 and 9.04 hereof on the Distribution Date in the calendar
          month
          immediately following the calendar month in which the Successful Auction
          occurs.

         

        (iii)           If
          the Directing Certificateholder does not exercise its right to cause an
          auction
          pursuant to Section 9.04 and the Terminator (after prior written notice
          to the
          Master Servicer if the Terminator is the NIM Insurer) elects to terminate
          the
          Trust Fund pursuant to Section 9.01, then at least 20 days prior to the
          date
          notice is to be mailed to Certificateholders in accordance with Section
          9.02(b),
          the Terminator shall notify the Depositor and the Trustee of (a) its election
          to
          terminate the Trust Fund, (b) the Distribution Date on which it intends
          to
          terminate the Trust Fund pursuant to Section 9.01 and (c) the applicable
          purchase price of the Mortgage Loans and REO Properties.  In the event
          such notice is given, the Terminator shall remit to the Master Servicer,
          on or
          before the Business Day prior to the final Distribution Date, for deposit
          into
          the Certificate Account, the Termination Price.  The Master Servicer
          shall cause all funds in the Certificate Account, including the Termination
          Price, net of any amounts permitted to be withdrawn pursuant to Section
          3.08(a),
          be remitted to the Trustee for deposit in the Distribution Account on or
          before
          the Business Day prior to the applicable Distribution Date.  Upon such
          final deposit with respect to the Trust Fund and the receipt by the Trustee
          of a
          Request for Release therefor, the Trustee shall promptly release to the
          Master
          Servicer the Mortgage Files for the Mortgage Loans.

         

        
          
            
            

          

          
            132

            
              

            

          

          
            
            

          

        

         

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

         

        (c)           Upon
          presentation and surrender of the Certificates, the Trustee shall cause
          to be
          distributed to the Certificateholders of each Class, in each case on the
          final
          Distribution Date and in the order set forth in Section 4.02 (and with
          respect
          to the Class C-P Certificates after a Successful Auction, Section 9.04(g)
          and
          (k)), in proportion to their respective Percentage Interests, with respect
          to
          Certificateholders of the same Class, an amount equal to (i) as to each
          Class of
          Regular Certificates, the Certificate Balance thereof plus accrued interest
          thereon (or on its Notional Amount, if applicable) in the case of an interest
          bearing Certificate and (ii) as to the Residual Certificates, the amount,
          if
          any, which remains on deposit in the Distribution Account (other than the
          amounts retained to meet claims) after application pursuant to clause (i)
          above.  Notwithstanding the reduction of the Class Certificate Balance
          of any Class of Certificates to zero, such Class will be outstanding hereunder
          (solely for the purpose of receiving distributions and not for any other
          purpose) until the termination of the respective obligations and
          responsibilities of the Depositor, each Seller, the Master Servicer and
          the
          Trustee hereunder in accordance with Article IX.

         

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

         

        
          	
                   

                	
                  SECTION
                    9.03.

                	
                  Additional
                    Termination Requirements.

                

        

         

        (a)           In
          the event the Terminator exercises its purchase option as provided in Section
          9.01 or there is a Successful Auction pursuant to Section 9.04, the Trust
          Fund
          shall be terminated in accordance with the following additional requirements,
          unless the Trustee has been supplied 

         

        
          
            
            

          

          
            133

            
              

            

          

          
            
            

          

        

         

        with
          an
          Opinion of Counsel, at the expense of the Terminator (or the Directing
          Certificateholder, in the case of a Successful Auction), to the effect
          that the
          failure to comply with the requirements of this Section 9.03 will not (i)
          result
          in the imposition of taxes on “prohibited transactions” on any REMIC as defined
          in section 860F of the Code, or (ii) cause any REMIC created hereunder
          to fail
          to qualify as a REMIC at any time that any Certificates are
          outstanding:

         

        (1)           The
          Master Servicer shall establish a 90-day liquidation period and notify
          the
          Trustee thereof, which shall in turn specify the first day of such period
          in a
          statement attached to the Trust Fund’s final Tax Return pursuant to Treasury
          Regulation Section 1.860F-1.  The Master Servicer shall prepare a plan
          of complete liquidation and shall otherwise satisfy all the requirements
          of a
          qualified liquidation under Section 860F of the Code and any regulations
          thereunder, as evidenced by an Opinion of Counsel delivered to the Trustee
          and
          the Depositor obtained at the expense of the Terminator (or the Directing
          Certificateholder, in the case of a Successful Auction); and

         

        (2)           Within
          90 days after the time of adoption of such a plan of complete liquidation,
          the
          Trustee shall sell all of the assets of the Trust Fund to the Terminator
          (or the
          Winning Bidder in the case of a Successful Auction) for cash in accordance
          with
          Section 9.01 and, if applicable, Section 9.04.

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    9.04.

                	
                  Auction
                    of the Mortgage Loans and REO
                    Properties.

                

        

         

        (a)           On
          or after the Optional Termination Date, the Holder of the largest Percentage
          Interest of the Class C-P Certificates (the “Directing Certificateholder”), at
          its option, may by written instruction direct the Trustee to solicit bids
          in a
          commercially reasonable manner from Qualified Bidders for the purchase
          of the
          Mortgage Loans and any REO Properties owned by the Trust Fund.  The
          Directing Certificateholder shall provide written notice to the Master
          Servicer
          as provided in Section 9.02(a)(ii).  Any such direction by the
          Directing Certificateholder shall (i) be made in writing and (ii) include
          contact information for the Directing Certificateholder.  Upon receipt
          of any direction from the Directing Certificateholder meeting the requirements
          of the immediately preceding sentence, the Trustee shall commence the auction
          process described in this Section 9.04.  The Trustee may engage a
          financial advisor, which financial advisor may be Countrywide or one of
          its
          affiliates, in order to perform any of the duties of the Trustee specified
          in
          Section 9.04.  To effectuate such sale, the Trustee (or such financial
          advisor) shall follow the procedures specified in Section 9.04(b)
          below.  The Trustee shall facilitate the sale of the assets in the
          Trust Fund to the Winning Bidder so long as the Trustee (or any financial
          advisor on its behalf) has received at least three bids from Qualified
          Bidders
          and at least one such bid is at least equal to the Acceptable Bid
          Amount.  In the event the auction is not a Successful Auction, the

         

        
          
            
            

          

          
            134

            
              

            

          

          
            
            

          

        

         

        Trustee
          may repeat this process periodically, at the direction of the Directing
          Certificateholder until a Successful Auction is conducted or the Terminator
          purchases all of the Mortgage Loans and REO Properties pursuant to Section
          9.01.  The Trustee shall be reimbursed for its reasonable costs,
          including expenses associated with engaging any financial advisor, from
          the
          Directing Certificateholder if the auction is not a Successful Auction,
          and, if
          the auction is a Successful Auction, from the proceeds of the auction before
          the
          proceeds are distributed to Certificateholders.

         

        The
          Trustee, upon inquiry from the Master Servicer, agrees to provide the Master
          Servicer with the Percentage Interest of Class C-P Certificates held by
          the
          Directing Certificateholder.

         

        If
          Countrywide or any of its affiliates is the Directing Certificateholder,
          such
          Directing Certificateholder shall not have the right to direct the Trustee
          to
          solicit bids for the purchase of the Mortgage Loans and any REO Properties
          owned
          by the Trust Fund.

         

        (b)           The
          Trustee (or any financial advisor on its behalf) shall solicit bids for
          the
          purchase of assets owned by the Trust Fund as provided in Section 9.04(a)
          not
          later than two Business Days following receipt of the Directing
          Certificateholder’s written instruction by contacting by telephone or in writing
          at least three Qualified Bidders and requesting that each Qualified Bidder
          bid
          on the Mortgage Loans and REO Properties owned by the Trust Fund (on a
          non-recourse basis with no representations or warranties of any nature
          whatsoever made by the Trustee (or such financial advisor)) and providing
          to the
          Qualified Bidder any information relating to the Mortgage Loans and REO
          Properties owned by the Trust Fund reasonably requested by such Qualified
          Bidder, subject to the Qualified Bidder’s written agreement not to use such
          information in the purchase or sale of Certificates (it being understood
          no
          Qualified Bidder shall be obligated to submit a bid or take any other action
          in
          connection with any auction).  The Master Servicer shall cooperate
          with the Trustee (and any financial advisor on its behalf) during the auction
          process.  At 1:00 p.m. New York time on the second Business Day after
          the date on which bids are last solicited (such second day, the “Bid
          Determination Date”), the Trustee (or any financial advisor on its behalf) shall
          determine the highest bid based on the bids received by the Trustee (or
          any
          financial advisor on its behalf) on or before such time.

         

        (c)           If
          the highest of the bids that are submitted by Qualified Bidders is less
          than the
          Minimum Auction Amount, then the Trustee shall promptly inform the Directing
          Certificateholder of the amount of the shortfall and indicate that the
          Directing
          Certificateholder must notify the Trustee within 24 hours whether it will
          contribute the amount of such difference (such difference being the “Auction
          Supplement Amount”) so that the auction will be a Successful
          Auction.  If the highest of the bids that are submitted by Qualified
          Bidders is equal to or greater than the Minimum Auction Amount, or if the
          Directing Certificateholder notifies the Trustee within 24 hours of its
          receipt
          of notice as described in the previous sentence that it will contribute
          the
          Auction Supplement Amount, then the Trustee (or any financial advisor on
          its
          behalf) shall notify promptly (but in any event no later than 3:00 p.m.
          New York
          time on the Business Day following the Bid Determination Date) the Winning
          Bidder that its bid was the highest bid and shall provide wiring instructions
          for payment of the bid amount into the Certificate Account by 12:00 p.m.
          New
          York time on the second Business Day following the Bid Determination Date
          and,
          if applicable, provide the Directing Certificateholder with wiring 

         

        
          
            
            

          

          
            135

            
              

            

          

          
            
            

          

        

         

        instructions
          for payment of the Auction Supplement Amount into the Certificate Account
          by
          such time.

         

        (d)           If
          such Winning Bidder does not wire the bid amount so that it is received
          in the
          Certificate Account in immediately available funds by 12:00 p.m. New York
          time
          on the second Business Day following the Bid Determination Date, the Trustee
          shall repeat the process specified in the preceding paragraph with respect
          to
          the second highest bid, but only if such bid is at least the Minimum Auction
          Amount or the Directing Certificateholder agrees to pay the new Auction
          Supplement Amount.  If no other bids are available to be accepted
          pursuant to the preceding sentence, or if the amount remitted by the Winning
          Bidder plus any Auction Supplement Amount remitted by the Directing
          Certificateholder is less than the Minimum Auction Amount, then the auction
          shall be considered to have failed for all purposes.

         

        (e)           The
          Trustee shall not be liable with regard to the selection or engagement
          of, or
          for any act or omission of, a financial advisor pursuant to this Section
          9.04 if
          the Trustee engages Countrywide to be such financial advisor.

         

        (f)           In
          the event of a Successful Auction and so long as the Winning Bidder has
          wired
          its bid amount (and the Directing Certificateholder has wired any Auction
          Supplement Amount, if applicable) to the Certificate Account as provided
          above,
          then the Trustee shall promptly convey to the Winning Bidder the Mortgage
          Loans
          and REO Properties owned by the Trust Fund.  The Master Servicer shall
          take all reasonable actions requested by the Trustee to effect such conveyance,
          including remitting to the Distribution Account from the Certificate Account,
          on
          the Business Day prior to the Distribution Date on which final distribution
          on
          the Certificates is required to be paid under this Agreement, all amounts
          on
          deposit in the Certificate Account, net of any amounts permitted to be
          withdrawn
          pursuant to Section 3.08(a) and amounts owing to the Trustee in reimbursement
          of
          its reasonable costs, including expenses associated with engaging any financial
          advisor, incurred in connection with the auction process.  Such
          amounts owed to the Trustee shall be withdrawn from the Certificate Account
          by
          the Master Servicer and paid to the Trustee.

         

        (g)           Any
          amount paid by the Winning Bidder in excess of the Minimum Auction Amount
          shall
          be distributed by the Trustee pro rata to the Class C-P Certificates on
          the
          Distribution Date on which the final distribution on the Certificates is
          made.

         

        (h)           In
          the event of a Successful Auction and to the extent the Certificate Swap
          Contract is still outstanding, the Directing Certificateholder shall
          either:

         

        (i)           if
          any Certificate Swap Termination Payment would be payable by the Swap Contract
          Administrator to the Certificate Swap Counterparty were the Certificate
          Swap
          Contract to be terminated following final distribution on the Certificates,
          either:

         

        (A)           pay
          to the Swap Contract Administrator any such Swap Termination Payment;
          or

         

        (B)           accept
          assignment of the Certificate Swap Contract to the extent that the Directing
          Certificateholder is an acceptable counterparty for the Certificate Swap
          Counterparty;

         

        
          
            
            

          

          
            136

            
              

            

          

          
            
            

          

        

         

        
           

          (ii)           if
            any Certificate Swap Termination Payment would be payable by the Certificate
            Swap Counterparty to the Swap Contract Administrator were the Certificate
            Swap
            Contract to be terminated following final distribution on the Certificates,
            either

           

          (A)           (i)
            if the Directing Certificateholder does not own 100% of the Class C-P
            Certificates, accept assignment of the Certificate Swap Contract to the
            extent
            that the Directing Certificateholder is an acceptable counterparty for
            the
            Certificate Swap Counterparty and pay to the Swap Contract Administrator
            the
            Certificate Swap Termination Payment that would be owed to the Swap Contact
            Administrator by the Certificate Swap Counterparty if the Certificate
            Swap
            Contract were terminated by the Swap Contract Administrator following
            distribution on the Certificates or (ii) if the Directing Certificateholder
            owns
            100% of the Class C-P Certificates, accept assignment of the Certificate
            Swap
            Contract to the extent that the Directing Certificateholder is an acceptable
            counterparty for the Certificate Swap Counterparty; or

           

          (B)           instruct
            the Swap Contract Administrator to accept from the Certificate Swap Counterparty
            any Swap Termination Payment that would be owed to the Swap Contract
            Administrator.

           

        

        (i)           Any
          amounts paid to the Swap Contract Administrator pursuant to subsection
          (h)(ii)
          above shall be distributed to the Class C-P Certificates, pro rata, based
          on
          entitlement, by the Swap Contract Administrator.

         

        (j)           The
          Master Servicer may purchase the Mortgage Loans and REO Properties owned
          by the
          Trust Fund for its own account pursuant to Section 9.01 or consent to the
          NIM
          Insurer’s purchase of the Mortgage Loans and REO Properties owned by the Trust
          Fund pursuant to Section 9.01 only if (1) the Directing Certificateholder
          chooses not to request an auction as described above or if the immediately
          preceding auction is unsuccessful or (2) the Master Servicer notifies the
          Directing Certificateholder no later than 30 days prior to the date on
          which the
          Master Servicer or the NIM Insurer, as applicable, intends to effect the
          purchase of the Mortgage Loans and REO Properties owned by the Trust Fund
          and
          the Directing Certificateholder does not direct the Trustee to conduct
          an
          auction prior to the end of that 30-day period.

         

        (k)           If
          the Directing Certificateholder pays any Auction Supplement Amount pursuant
          to
          Section 9.04(c), on the final Distribution Date any amounts to be distributed
          to
          the Class C-P Certificates pursuant to Section 4.02 will be distributed
          as
          follows, first to the Directing Certificateholder, in an amount up to such
          Auction Supplement Amount and second to the Class C-P Certificates, pro
          rata.  For federal income tax purposes, such Auction Supplement Amount
          so distributed shall be deemed paid pro rata to the Class C-P Certificates,
          and
          the portion of such amounts deemed distributed to holders of the Class
          C-P
          Certificates other than the Directing Certificateholder shall be deemed
          paid
          from such other holders to the Directing Certificateholder.

         

         

        
          
            
            

          

          
            137

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          X

        MISCELLANEOUS
          PROVISIONS

         

        
          	
                   

                	
                  SECTION
                    10.01.

                	
                  Amendment.

                

        

         

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

         

        This
          Agreement may also be amended from time to time by the Depositor, each
          Seller,
          the Master Servicer and the Trustee with the consent of the Holders of
          a
          Majority in Interest of each Class of Certificates affected thereby for
          the
          purpose of adding any provisions to or changing in any manner or eliminating
          any
          of the provisions of this Agreement or of modifying in any manner the rights
          of
          the Holders of such Certificates; provided, however, that no such
          amendment shall (i) reduce in any manner the amount of, or delay the timing
          of, payments 

         

        
          
            
            

          

          
            138

            
              

            

          

          
            
            

          

        

         

        required
          to be distributed on any Certificate without the consent of the Holder
          of such
          Certificate, (ii) adversely affect in any material respect the interests of
          the Holders of any Class of Certificates in a manner other than as described
          in
          (i), without the consent of the Holders of Certificates of such Class
          evidencing, as to such Class, Percentage Interests aggregating 66-2/3%
          or
          (iii) reduce the aforesaid percentages of Certificates the Holders of which
          are required to consent to any such amendment, without the consent of the
          Holders of all such Certificates then outstanding.

         

        Notwithstanding
          any contrary provision of this Agreement, no amendment shall adversely
          affect in
          any material respect a Swap Counterparty without the prior written consent
          of
          such Swap Counterparty, which consent shall not be unreasonably
          withheld.  Countrywide shall provide each Swap Counterparty with prior
          written notice of any proposed material amendment of this
          Agreement.

         

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

         

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

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    10.02.

                	
                  Recordation
                    of Agreement; Counterparts.

                

        

         

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

         

        
          
            
            

          

          
            139

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.03.

                	
                  Governing
                    Law.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.04.

                	
                  Intention
                    of Parties.

                

        

         

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

         

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

         

        (b)           The
          Depositor hereby represents that:

         

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

         

        
          
            
            

          

          
            140

            
              

            

          

          
            
            

          

        

         

        liens,
          and is enforceable as such as against creditors of and purchasers from
          the
          Depositor.

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          	
                   

                	
                  SECTION
                    10.05.

                	
                  Notices.

                

        

         

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

         

        1.             Any
          material change or amendment to this Agreement;

         

        
          
            
            

          

          
            141

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

        5.              The
          final payment to Certificateholders; and

         

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

         

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

         

        1.  Each
          report to Certificateholders described in Section 4.06;

         

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

         

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

         

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

         

        All
          directions, demands and notices under this Agreement shall be in writing
          and
          shall be deemed to have been duly given when delivered by first class mail,
          by
          courier or by facsimile transmission to (1) in the case of the Depositor,
          CWALT,
          Inc., 4500 Park Granada, Calabasas, California 91302, facsimile
          number:  (818) 225-4016, Attention:  Josh Adler, (2) in the
          case of Countrywide, Countrywide Home Loans, Inc., 4500 Park Granada, Calabasas,
          California 91302, facsimile number:  (818) 225-4016,
          Attention:  Josh Adler or such other address as may be hereafter
          furnished to the Depositor and the Trustee by Countrywide in writing, (3)
          in the
          case of Park Granada LLC, c/o Countrywide Financial Corporation, 4500 Park
          Granada, Calabasas, California 91302, facsimile number:  (818)
          225-4016, Attention:  Josh Adler or such other address as may be
          hereafter furnished to the Depositor and the Trustee by Park Granada in
          writing,
          (4) in the case of Park Monaco Inc., c/o Countrywide Financial Corporation,
          4500
          Park Granada, Calabasas, California 91302, facsimile number:  (818)
          225-4016, Attention:  Josh Adler or such other address as may be
          hereafter furnished to the Depositor and the Trustee by Park Monaco in
          writing,
          (5) in the case of Park Sienna LLC, c/o Countrywide Financial Corporation,
          4500
          Park Granada, Calabasas, California 91302, facsimile number:  (818)
          225-4016, Attention:  Josh Adler or such other address as may be
          hereafter furnished to the Depositor and the Trustee by Park Sienna in
          writing,
          (6) in the case of the Master Servicer, Countrywide Home Loans Servicing
          LP, 400
          Countrywide Way, Simi Valley, California 93065, facsimile number (805)
          520-5623,
          Attention:  Mark Wong, or such other address as may be hereafter
          furnished to the Depositor and the Trustee by the Master Servicer in writing,
          (7) in the case of the Trustee, The Bank of New York, 101 Barclay Street,
          4
          West, New York, New York 10286, facsimile number:  (212) 815-3986,
          Attention: Mortgage-Backed Securities Group, CWALT, Inc. Series 2007-OH2,
          or
          such 

         

        
          
            
            

          

          
            142

            
              

            

          

          
            
            

          

        

         

        other
          address as the Trustee may hereafter furnish to the Depositor or Master
          Servicer, (8) in the case of the Rating Agencies, the address specified
          therefor
          in the definition corresponding to the name of such Rating Agency, (9)
          in the
          case of the Certificate Swap Counterparty, Lehman Brothers Special Financing
          Inc., c/o Lehman Brothers Inc., Corporate Advisory Division Transaction
          Management Group, 745 Seventh Avenue, New York, New York 10019, facsimile
          number: (212) 526-7672, Attention: Documentation Manager, or such other
          address
          as the Certificate Swap Counterparty may hereafter furnish to the Depositor
          or
          Master Servicer, and (10) in the case of the NDI Swap Counterparty, BNP
          Paribas,
          787 Seventh Avenue, New York, New York 10019, facsimile number: (212) 841-3561,
          Attention: Legal and Transaction Management Group – ISDA, or such other address
          as the NDI Swap Counterparty may hereafter furnish to the Depositor or
          Master
          Servicer.  Notices to Certificateholders shall be deemed given when
          mailed, first class postage prepaid, to their respective addresses appearing
          in
          the Certificate Register.

         

        
          	
                   

                	
                  SECTION
                    10.06.

                	
                  Severability
                    of Provisions.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.07.

                	
                  Assignment.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.08.

                	
                  Limitation
                    on Rights of
                    Certificateholders.

                

        

         

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

         

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

         

        No
          Certificateholder shall have any right by virtue or by availing itself
          of any
          provisions of this Agreement to institute any suit, action or proceeding
          in
          equity or at law upon or under or with respect to this Agreement, unless
          such
          Holder previously shall have given to the Trustee a written notice of an
          Event
          of Default and of the continuance thereof, as provided in this 

         

        
          
            
            

          

          
            143

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.09.

                	
                  Inspection
                    and Audit Rights.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.10.

                	
                  Certificates
                    Nonassessable and Fully Paid.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    10.11.

                	
                  [Reserved].

                

        

         

        
          	
                   

                	
                  SECTION
                    10.12.

                	
                  Protection
                    of Assets.

                

        

         

        
          
            
            

          

          
            144

            
              

            

          

          
            
            

          

        

         

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

         

        (i)           borrow
          money or issue debt;

         

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

         

        (iii)         engage
          in any business or activities.

         

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

         

        
          	
                   

                	
                  SECTION
                    10.13.

                	
                  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-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-P Certificates have not been disavowed and

         

        (2)           Countrywide
          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-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 

         

        
          
            
            

          

          
            145

            
              

            

          

          
            
            

          

        

         

        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-P Certificates (without giving effect
          to any
          policy or guaranty provided by the NIM Insurer).

         

         

        
          
            
            

          

          
            146

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          XI

        EXCHANGE
          ACT REPORTING

         

        
          	
                   

                	
                  SECTION
                    11.01.

                	
                  Filing
                    Obligations.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    11.02.

                	
                  Form
                    10-D Filings.

                

        

         

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

         

        (b)           No
          later than each Distribution Date, each of the Master Servicer and the
          Trustee
          shall notify (and the Master Servicer shall cause any Subservicer to notify)
          the
          Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
          with a description of any such Form 10-D Disclosure Item in form and substance
          reasonably acceptable to the Depositor.  In addition to such
          information as the Master Servicer and the Trustee are obligated to provide
          pursuant to other provisions of this Agreement, if so requested by the
          Depositor, each of the Master Servicer and the Trustee shall provide such
          information which is available to the Master Servicer and the Trustee,
          as
          applicable, without unreasonable effort or expense regarding the performance
          or
          servicing of the Mortgage Loans (in the case of the Trustee, based on the
          information provided 

         

        
          
            
            

          

          
            147

            
              

            

          

          
            
            

          

        

         

        by
          the
          Master Servicer) as is reasonably required to facilitate preparation of
          distribution reports in accordance with Item 1121 of Regulation
          AB.  Such information shall be provided concurrently with the delivery
          of the reports specified in Section 4.06(c) in the case of the Master Servicer
          and the Monthly Statement in the case of the Trustee, commencing with the
          first
          such report due not less than five Business Days following such
          request.

         

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

         

        
          	
                   

                	
                  SECTION
                    11.03.

                	
                  Form
                    8-K Filings.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    11.04.

                	
                  Form
                    10-K Filings.

                

        

         

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

         

        If
          the
          Item 1119 Parties listed on Exhibit X have changed since the Closing Date,
          no
          later than March 1 of each year, the Master Servicer shall provide each
          of the
          Master Servicer (and the Master Servicer shall provide any Subservicer)
          and the
          Trustee with an updated Exhibit X setting forth the Item 1119
          Parties.  No later than March 15 of each year, commencing in 2008, the
          Master Servicer and the Trustee shall notify (and the Master Servicer shall
          cause any Subservicer 

         

        
          
            
            

          

          
            148

            
              

            

          

          
            
            

          

        

         

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

         

        
          	
                   

                	
                  SECTION
                    11.05.

                	
                  Sarbanes-Oxley
                    Certification.

                

        

         

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

         

        
          	
                   

                	
                  SECTION
                    11.06.

                	
                  Form
                    15 Filing.

                

        

         

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

         

        
          
            
            

          

          
            149

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  SECTION
                    11.07.

                	
                  Report
                    on Assessment of Compliance and
                    Attestation.

                

        

         

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

         

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

         

        (2)           Each
          of the Master Servicer and the Trustee shall deliver to the Depositor and
          the
          Master Servicer a report of a registered public accounting firm reasonably
          acceptable to the Depositor that attests to, and reports on, the assessment
          of
          compliance made by Master Servicer or the Trustee, as applicable, and delivered
          pursuant to the preceding paragraphs.  Such attestation shall be in
          accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
          Securities Act and the Exchange Act, including, without limitation that
          in the
          event that an overall opinion cannot be expressed, such registered public
          accounting firm shall state in such report why it was unable to express
          such an
          opinion.  Such report must be available for general use and not
          contain restricted use language.  To the extent any of the Servicing
          Criteria are not applicable to such Person, with respect to asset-backed
          securities transactions taken as a whole involving such Person and that
          are
          backed by the same asset type backing the Certificates, such report shall
          include such a statement to that effect.

         

        (3)           The
          Master Servicer shall cause each Subservicer and each Reporting Subcontractor
          to
          deliver to the Depositor an assessment of compliance and accountant’s
          attestation as and when provided in paragraphs (a) and (b) of this Section
          11.07.

         

        (4)           The
          Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
          and
          the Master Servicer an assessment of compliance and accountant’s attestation as
          and when provided in paragraphs (a) and (b) of this Section.

         

        (5)           The
          Master Servicer and the Trustee shall execute (and the Master Servicer
          shall
          cause each Subservicer to execute, and the Master Servicer and the Trustee
          shall
          cause each Reporting Subcontractor to execute) a reliance certificate to
          enable
          the Certification Parties to rely upon each (i) annual compliance statement
          provided pursuant to Section 3.16, (ii) annual report on assessments of
          compliance with servicing criteria provided pursuant to this Section 11.07
          and
          (iii) accountant’s report provided pursuant to this Section 11.07 and shall
          include a certification that each such annual compliance statement or report
          discloses any deficiencies or defaults described to the registered public
          accountants of such Person to enable such accountants 

         

        
          
            
            

          

          
            150

            
              

            

          

          
            
            

          

        

         

        to
          render
          the certifications provided for in this Section 11.07.  In the event
          the Master Servicer, any Subservicer, the Trustee or Reporting Subcontractor
          is
          terminated or resigns during the term of this Agreement, such Person shall
          provide a certification to the Certifying Person pursuant to this Section
          11.07
          with respect to the period of time it was subject to this Agreement or
          provided
          services with respect to the Trust Fund, the Certificates or the Mortgage
          Loans.

         

        (b)           In
          the event the Master Servicer, any Subservicer, the Trustee or Reporting
          Subcontractor is terminated or resigns during the term of this Agreement,
          such
          Person shall provide documents and information required by this Section
          11.07
          with respect to the period of time it was subject to this Agreement or
          provided
          services with respect to the Trust Fund, the Certificates or the Mortgage
          Loans.

         

        (c)           Each
          assessment of compliance provided by a Subservicer pursuant to Section
          11.07(a)(3) shall address each of the Servicing Criteria specified on a
          certification substantially in the form of Exhibit W hereto delivered to
          the
          Depositor concurrently with the execution of this Agreement or, in the
          case of a
          Subservicer subsequently appointed as such, on or prior to the date of
          such
          appointment.  An assessment of compliance provided by a Subcontractor
          pursuant to Section 11.07(a)(3) or (4) need not address any elements of
          the
          Servicing Criteria other than those specified by the Master Servicer or
          the
          Trustee, as applicable, pursuant to Section 11.07(a)(1).

         

        
          	
                   

                	
                  SECTION
                    11.08.

                	
                  Use
                    of Subservicers and
                    Subcontractors.

                

        

         

        (a)           The
          Master Servicer shall cause any Subservicer used by the Master Servicer
          (or by
          any Subservicer) for the benefit of the Depositor to comply with the provisions
          of Section 3.16 and this Article XI to the same extent as if such Subservicer
          were the Master Servicer (except with respect to the Master Servicer’s duties
          with respect to preparing and filing any Exchange Act Reports or as the
          Certifying Person).  The Master Servicer shall be responsible for
          obtaining from each Subservicer and delivering to the Depositor any servicer
          compliance statement required to be delivered by such Subservicer under
          Section
          3.16, any assessment of compliance and attestation required to be delivered
          by
          such Subservicer under Section 11.07 and any certification required to
          be
          delivered to the Certifying Person under Section 11.05 as and when required
          to
          be delivered.  As a condition to the succession to any Subservicer as
          subservicer under this Agreement by any Person (i) into which such Subservicer
          may be merged or consolidated, or (ii) which may be appointed as a successor
          to
          any Subservicer, the Master Servicer shall provide to the Depositor, at
          least 15
          calendar days prior to the effective date of such succession or appointment,
          (x)
          written notice to the Depositor of such succession or appointment and (y)
          in
          writing and in form and substance reasonably satisfactory to the Depositor,
          all
          information reasonably requested by the Depositor in order to comply with
          its
          reporting obligation under Item 6.02 of Form 8-K.

         

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

         

        
          
            
            

          

          
            151

            
              

            

          

          
            
            

          

        

         

        Servicer,
          any Subservicer), specifying (i) the identity of each such Subcontractor,
          (ii)
          which (if any) of such Subcontractors are “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, and (iii) which
          elements of the Servicing Criteria will be addressed in assessments of
          compliance provided by each Subcontractor identified pursuant to clause
          (ii) of
          this paragraph.

         

        As
          a
          condition to the utilization of any Subcontractor determined to be a Reporting
          Subcontractor, the Master Servicer or the Trustee, as applicable, shall
          cause
          any such Subcontractor used by such Person (or in the case of the Master
          Servicer, any Subservicer) for the benefit of the Depositor to comply with
          the
          provisions of Sections 11.07 and 11.09 of this Agreement to the same extent
          as
          if such Subcontractor were the Master Servicer (except with respect to
          the
          Master Servicer’s duties with respect to preparing and filing any Exchange Act
          Reports or as the Certifying Person) or the Trustee, as
          applicable.  The Master Servicer or the Trustee, as applicable, shall
          be responsible for obtaining from each Subcontractor and delivering to
          the
          Depositor and the Master Servicer, any assessment of compliance and attestation
          required to be delivered by such Subcontractor under Section 11.05 and
          Section
          11.07, in each case as and when required to be delivered.

         

        
          	
                   

                	
                  SECTION
                    11.09.

                	
                  Amendments.

                

        

         

        In
          the
          event the parties to this Agreement desire to further clarify or amend
          any
          provision of this Article XI, this Agreement shall be amended to reflect
          the new
          agreement between the parties covering matters in this Article XI pursuant
          to
          Section 10.01, which amendment shall not require any Opinion of Counsel
          or
          Rating Agency confirmations or the consent of any Certificateholder or
          the NIM
          Insurer.  If, during the period that the Depositor is required to file
          Exchange Act Reports with respect to the Trust Fund, the Master Servicer
          is no
          longer an Affiliate of the Depositor, the Depositor shall assume the obligations
          and responsibilities of the Master Servicer in this Article XI with respect
          to
          the preparation and filing of the Exchange Act Reports and/or acting as
          the
          Certifying Person, if the Depositor has received indemnity from such successor
          Master Servicer satisfactory to the Depositor, and such Master Servicer
          has
          agreed to provide a Sarbanes-Oxley Certification to the Depositor substantially
          in the form of Exhibit Y and the certifications referred to in Section
          11.07.

         

        
          	
                   

                	
                  SECTION
                    11.10.

                	
                  Reconciliation
                    of Accounts.

                

        

         

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

         

        [SIGNATURE
          PAGES FOLLOW]

         

         

        
          
            
            

          

          
            152

            
              

            

          

          
            
            

          

        

         

         

      

      IN
        WITNESS WHEREOF, the Depositor, the Trustee, the Sellers and the Master Servicer
        have caused their names to be signed hereto by their respective officers
        thereunto duly authorized as of the day and year first above
        written.

       

      
        	 	
                CWALT,
                  INC.,

                 
                  as Depositor

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Schloessmann
                	 
	 	 	Name: 
Michael
                Schloessmann 	 
	 	 	Title: 
Managing
                Director	 

      

      
         

      

      
        	
              	
                
                  THE
                    BANK OF NEW YORK,

                   
                    as Trustee

                

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michelle
                Penson	 
	 	 	Name: 
Michelle
                Penson	 
	 	 	Title:  Vice
                President 	 

      

       

      
        	
              	
                COUNTRYWIDE
                  HOME LOANS, INC.,

                 
as
                  a Seller

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Schloessmann
                	 
	 	 	Name: 
Michael
                Schloessmann 	 
	 	 	Title: 
Managing
                Director	 

      

       

      
        	
              	
                PARK
                  GRANADA LLC,

                 
as
                  a Seller

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Schloessmann
                	 
	 	 	Name: 
Michael
                Schloessmann 	 
	 	 	Title: 
Managing
                Director	 

        	
              	
                PARK
                  MONACO INC.,

                 
as
                  a Seller

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Schloessmann
                	 
	 	 	Name: 
Michael
                Schloessmann 	 
	 	 	Title: 
Managing
                Director	 

      

      
         

      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      

        	
              	
                PARK
                  SIENNA LLC,

                 
as
                  a Seller

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Schloessmann
                	 
	 	 	Name: 
Michael
                Schloessmann 	 
	 	 	Title: 
Managing
                Director	 

      

      
         

         

        
          
            	
                  	
                    COUNTRYWIDE
                      HOME LOANS SERVICING LP,

                     
as
                      Master Servicer

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	COUNTRYWIDE
                    GP,
                    INC.	 
	 	 	 	 
	 	 	 	 

          

          
            	
                     

                  	
                    By:
                      

                  	/s/ Michael
                    Schloessmann
                    	 
	 	 	Name: 
Michael
                    Schloessmann 	 
	 	 	Title: 
Managing
                    Director	 

             

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

               

            

          

        

      

       

      
        	 	Acknowledged
                solely with respect to its obligations under Section 4.01(b): 	 
	 	 	 	 
	 	 	 	 
	 	THE
                BANK OF NEW YORK, in its individual capacity	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Paul
                Connolly	 
	 	 	Name: 
Paul
                Connolly	 
	 	 	Title: 
Vice
                President	 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      SCHEDULE
        I

       

      Mortgage
        Loan Schedule

       

      
        [Delivered
          at Closing to Trustee]

      

       

      
        
          
          

        

        
          S-I-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-A

      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        2007-OH2

      Representations
        and Warranties of Countrywide

       

      Countrywide
        Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
        set forth in this Schedule II-A to the Depositor, the Master Servicer and
        the
        Trustee, as of the Closing Date.  Capitalized terms used but not
        otherwise defined in this Schedule II-A shall have the meanings ascribed
        thereto
        in the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”)
        relating to the above-referenced Series, among Countrywide, as a seller,
        Park
        Granada LLC, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC,
        as a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

      (1)           Countrywide
        is duly organized as a New York corporation and is validly existing and in
        good
        standing under the laws of the State of New York and is duly authorized and
        qualified to transact any and all business contemplated by the Pooling and
        Servicing Agreement to be conducted by Countrywide in any state in which
        a
        Mortgaged Property is located or is otherwise not required under applicable
        law
        to effect such qualification and, in any event, is in compliance with the
        doing
        business laws of any such state, to the extent necessary to perform any of
        its
        obligations under the Pooling and Servicing Agreement in accordance with
        the
        terms thereof.

       

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

       

      (3)           The
        execution and delivery of the Pooling and Servicing Agreement and each
        Supplemental Transfer Agreement by Countrywide, the sale of the Countrywide
        Mortgage Loans by Countrywide under the Pooling and Servicing Agreement and
        each
        Supplemental Transfer Agreement, the consummation of any other of the
        transactions contemplated by the Pooling and Servicing Agreement and the
        fulfillment of or compliance with the terms thereof are in the ordinary course
        of business of Countrywide and will not (A) result in a material breach of
        any
        term or provision of the charter or by-laws of Countrywide or (B) materially
        conflict with, result in a material breach, violation or acceleration of,
        or
        result in a material default under, the 

       

       

      
        
          
          

        

        
          S-II-A-1

          
            

          

        

        
          
          

        

      

       

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

       

      (4)           Countrywide
        is an approved servicer of conventional mortgage loans for FNMA or FHLMC
        and is
        a mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to sections 203 and 211 of the National Housing Act.

       

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

       

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

       

      (7)           Countrywide
        intends to treat the transfer of the Countrywide Mortgage Loans to the Depositor
        as a sale of the Countrywide Mortgage Loans for all tax, accounting and
        regulatory purposes.

       

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

       

       

      
        
          
          

        

        
          S-II-A-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-B

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

      Representations
        and Warranties of Park Granada

       

      Park
        Granada LLC (“Park Granada”) and Countrywide Home Loans, Inc. (“Countrywide”),
        each hereby makes the representations and warranties set forth in this Schedule
        II-B to the Depositor, the Master Servicer and the Trustee, as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule II-B shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Park Granada, as a seller, Park Monaco Inc.,
        as a
        seller, Park Sienna LLC, as a seller, Countrywide, as a seller, Countrywide
        Home
        Loans Servicing LP, as master servicer, CWALT, Inc., as depositor, and The
        Bank
        of New York, as trustee.

       

      (1)           Park
        Granada is a limited liability company duly formed and validly existing and
        in
        good standing under the laws of the State of Delaware.

       

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

       

      (3)           The
        execution and delivery of the Pooling and Servicing Agreement and each
        Supplemental Transfer Agreement by Park Granada, the sale of the Park Granada
        Mortgage Loans by Park Granada under the Pooling and Servicing Agreement
        and
        each Supplemental Transfer Agreement, the consummation of any other of the
        transactions contemplated by the Pooling and Servicing Agreement and the
        fulfillment of or compliance with the terms thereof are in the ordinary course
        of business of Park Granada and will not (A) result in a material breach
        of any
        term or provision of the certificate of formation or the limited liability
        company agreement of Park Granada or (B) materially conflict with, result
        in a
        material breach, violation or acceleration of, or result in a material default
        under, the terms of any other material agreement or instrument to which Park
        Granada is a party or by which it may be bound, or (C) constitute a material
        violation of any statute, order or regulation applicable to Park Granada
        of any
        court, 

       

       

      
        
          
          

        

        
          S-II-B-1

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

       

       

      
        
          
          

        

        
          S-II-B-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-C

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

      Representations
        and Warranties of Park Monaco

       

      Park
        Monaco Inc. (“Park Monaco”) and Countrywide Home Loans, Inc. (“Countrywide”),
        each hereby makes the representations and warranties set forth in this Schedule
        II-C to the Depositor, the Master Servicer and the Trustee, as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule II-C shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Park Monaco, as a seller, Countrywide, as
        a
        seller, Park Granada LLC, as a seller, Park Sienna LLC, as a seller, Countrywide
        Home Loans Servicing LP, as master servicer, CWALT, Inc., as depositor, and
        The
        Bank of New York, as trustee.

       

      (1)           Park
        Monaco is a corporation duly formed and validly existing and in good standing
        under the laws of the State of Delaware.

       

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

       

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

       

       

      
        
          
          

        

        
          S-II-C-1

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

       

       

      
        
          
          

        

        
          S-II-C-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-D

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

      Representations
        and Warranties of Park Sienna

       

      Park
        Sienna LLC (“Park Sienna”) and Countrywide Home Loans, Inc. (“Countrywide”),
        each hereby makes the representations and warranties set forth in this Schedule
        II-D to the Depositor, the Master Servicer and the Trustee, as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule II-D shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Park Sienna, as a seller, Countrywide, as
        a
        seller, Park Granada LLC, as a seller, Park Monaco Inc., as a seller,
        Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc., as
        depositor, and The Bank of New York, as trustee.

       

      (1)           Park
        Sienna is a limited liability company duly formed and validly existing and
        in
        good standing under the laws of the State of Delaware.

       

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

       

      (3)           The
        execution and delivery of the Pooling and Servicing Agreement and each
        Supplemental Transfer Agreement by Park Sienna, the sale of the Park Sienna
        Mortgage Loans by Park Sienna under the Pooling and Servicing Agreement and
        each
        Supplemental Transfer Agreement, the consummation of any other of the
        transactions contemplated by the Pooling and Servicing Agreement and the
        fulfillment of or compliance with the terms thereof are in the ordinary course
        of business of Park Sienna and will not (A) result in a material breach of
        any
        term or provision of the certificate of formation or the limited liability
        company agreement of Park Sienna or (B) materially conflict with, result
        in a
        material breach, violation or acceleration of, or result in a material default
        under, the terms of any other material agreement or instrument to which Park
        Sienna is a party or by which it may be bound, or (C) constitute a material
        violation of any statute, order or regulation applicable to Park Sienna of
        any
        court, regulatory body, administrative agency or governmental body having
        jurisdiction over Park Sienna; and

       

       

      
        
          
          

        

        
          S-II-D-1

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
          S-II-D-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-A

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

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

       

      Countrywide
        Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
        set forth in this Schedule III-A to the Depositor, the Master Servicer and
        the
        Trustee, with respect to all of the Initial Mortgage Loans as of the Closing
        Date, and with respect to all of the Supplemental Mortgage Loans as of the
        related Supplemental Transfer Date or if so specified herein, as of the related
        Supplemental Cut-off Date.  Capitalized terms used but not otherwise
        defined in this Schedule III-A shall have the meanings ascribed thereto in
        the
        Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) relating
        to the above-referenced Series, among Countrywide, as a seller, Park Granada
        LLC, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller,
        Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc., as
        depositor, and The Bank of New York, as trustee.

       

      (1)           The
        information set forth on Schedule I to the Pooling and Servicing Agreement
        with
        respect to each Initial Mortgage Loan (other than the information contained
        in
        clauses (xxi), (xxii) and (xxiii) of the Mortgage Loan Schedule) is true
        and
        correct in all material respects as of the Closing Date and with respect
        to each
        Supplemental Mortgage Loan is true and correct in all material respects as
        of
        the related Supplemental Transfer Date.

       

      (2)           As
        of the Closing Date, all payments with respect to each Initial Mortgage Loan
        due
        prior to the Initial Cut-off Date have been made. As of each Supplemental
        Transfer Date, all payments with respect to each related Supplemental Mortgage
        Loan due prior to the related Supplemental Cut-off Date have been
        made.

       

      (3)           No
        Initial Mortgage Loan had a Loan-to-Value Ratio at origination in excess
        of
        100.00%.

       

      (4)           Each
        Mortgage is a valid and enforceable first lien on the Mortgaged Property
        subject
        only to (a) the lien of non delinquent current real property taxes and
        assessments, (b) covenants, conditions and restrictions, rights of way,
        easements and other matters of public record as of the date of recording
        of such
        Mortgage, such exceptions appearing of record being acceptable to mortgage
        lending institutions generally or specifically reflected in the appraisal
        made
        in connection with the origination of the related Mortgage Loan, and (c)
        other
        matters to which like properties are commonly subject which do not materially
        interfere with the benefits of the security intended to be provided by such
        Mortgage.

       

      (5)           [Reserved].

       

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

       

       

      
        
          
          

        

        
          S-III-A-1

          
            

          

        

        
          
          

        

      

       

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

       

      (8)           There
        are no mechanics’ liens or claims for work, labor or material affecting any
        Mortgaged Property which are or may be a lien prior to, or equal with, the
        lien
        of such Mortgage, except those which are insured against by the title insurance
        policy referred to in item (12) below.

       

      (9)           As
        of the Closing Date with respect to the Initial Mortgage Loans and as of
        the
        related Supplemental Transfer Date with respect to the Supplemental Mortgage
        Loans, to the best of Countrywide’s knowledge, each Mortgaged Property is free
        of material damage and in good repair.

       

      (10)           Each
        Mortgage Loan at origination complied in all material respects with applicable
        local, state and federal laws, including, without limitation, usury, equal
        credit opportunity,  predatory and abusive lending laws, real estate
        settlement procedures, truth-in-lending and disclosure laws, and consummation
        of
        the transactions contemplated hereby will not involve the violation of any
        such
        laws.

       

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

       

      (12)           A
        lender’s policy of title insurance together with a condominium endorsement,
        adjustable rate rider, negative amortization endorsement and extended coverage
        endorsement, if applicable, in an amount at least equal to the Cut-off Date
        Stated Principal Balance of each such Mortgage Loan or a commitment (binder)
        to
        issue the same was effective on the date of the origination of each Mortgage
        Loan, each such policy is valid and remains in full force and effect, and
        each
        such policy was issued by a title insurer qualified to do business in the
        jurisdiction where the Mortgaged Property is located and acceptable to FNMA
        or
        FHLMC and is in a form acceptable to FNMA or FHLMC, which policy insures
        Countrywide and successor owners of indebtedness secured by the insured
        Mortgage, as to the first priority lien of the Mortgage subject to the
        exceptions set forth in paragraph (4) above and against any loss by reason
        of
        the invalidity or the unenforceability of the lien resulting from the provisions
        of the Mortgage providing for adjustment of the mortgage interest rate and/or
        the monthly payment including any negative amortization
        thereunder.  To the best of Countrywide’s knowledge, no claims have
        been made under such mortgage title insurance policy and no prior holder
        of the
        related Mortgage, including Countrywide, has done, by act or omission, anything
        which would impair the coverage of such mortgage title insurance
        policy.

       

       

      
        
          
          

        

        
          S-III-A-2

          
            

          

        

        
          
          

        

      

       

      (13)           With
        respect to each Mortgage Loan, all mortgage rate and payment adjustments,
        if
        any, made on or prior to the Cut-off Date have been made in accordance with
        the
        terms of the related Mortgage Note or subsequent modifications, if any, and
        applicable law.

       

      (14)           Each
        Mortgage Loan was originated (within the meaning of Section 3(a)(41) of the
        Securities Exchange Act of 1934, as amended) by an entity that satisfied
        at the
        time of origination the requirements of Section 3(a)(41) of the Securities
        Exchange Act of 1934, as amended.

       

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

       

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

       

      (17)           Each
        Mortgage Note and the related Mortgage are genuine, and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms and under applicable law.  To the best of Countrywide’s
        knowledge, all parties to the Mortgage Note and the Mortgage had legal capacity
        to execute the Mortgage Note and the Mortgage and each Mortgage Note and
        Mortgage have been duly and properly executed by such parties.

       

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

       

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

       

      (20)           With
        respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
        under applicable law to serve as such, has been properly designated and
        currently so serves and is named in such Mortgage, and no fees or expenses
        are
        or will become payable by the Certificateholders to the trustee under the
        deed
        of trust, except in connection with a trustee’s sale after default by the
        Mortgagor.

       

       

      
        
          
          

        

        
          S-III-A-3

          
            

          

        

        
          
          

        

      

       

      (21)           Each
        Mortgage Note and each Mortgage is in substantially one of the forms acceptable
        to FNMA or FHLMC, with such riders as have been acceptable to FNMA or FHLMC,
        as
        the case may be.

       

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

       

      (23)           The
        origination, underwriting and collection practices used by Countrywide with
        respect to each Mortgage Loan have been in all respects legal, prudent and
        customary in the mortgage lending and servicing business.

       

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

       

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

       

      (26)           Each
        Mortgage Loan contains a customary “due on sale” clause.

       

      (27)           Approximately
        48.15% of the Initial Mortgage Loans, by aggregate Stated Principal Balance
        of
        the Initial Mortgage Loans as of the Initial Cut-off Date, provide for a
        Prepayment Charge.

       

      (28)           Each
        Mortgage Loan that had a Loan-to-Value Ratio at origination in excess of
        80% is
        the subject of a Primary Insurance Policy that insures that portion of the
        principal balance equal to a specified percentage times the sum of the remaining
        principal balance of the related Mortgage Loan, the accrued interest thereon
        and
        the related foreclosure expenses.  The specified coverage percentage
        for mortgage loans with terms to maturity between 25 and 30 years is 12%
        for
        Loan-to-Value Ratios between 80.01% and 85.00%, 25% for Loan-to-Value Ratios
        between 85.01% and 90.00%, 30% for Loan-to-Value Ratios between 90.01% and
        95.00% and 35% for Loan-to-Value Ratios between 95.01% and 100%.  The
        specified coverage percentage for mortgage loans with terms to maturity of
        up to
        20 years ranges from 6% to 12% for Loan-to-Value Ratios between 80.01% and
        85.00%, from 12% to 20% for Loan-to-Value Ratios between 85.01% and 90.00%
        and
        20% to 25% for Loan-to-Value Ratios between 90.01% and 95.00%.  Each
        such Primary Insurance Policy is issued by a Qualified Insurer.  All
        provisions of any such Primary Insurance Policy have been and are being complied
        with, any such policy is in full force and effect, and all premiums due
        thereunder have been paid.  Any Mortgage subject to any such Primary
        Insurance Policy obligates either the Mortgagor or the mortgagee thereunder
        to
        maintain such insurance and to pay all premiums and charges in connection
        therewith, subject, in each case, to the provisions of Section 3.09(b) of
        the
        Pooling and Servicing Agreement.  The Mortgage Rate for each Mortgage
        Loan is net of any such insurance premium.

       

      (29)           As
        of the Closing Date or the related Supplemental Transfer Date, 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 

       

       

      
        
          
          

        

        
          S-III-A-4

          
            

          

        

        
          
          

        

      

       

      and
        coverage for such other hazards as are customary in the area where the Mortgaged
        Property is located in an amount which is at least equal to the lesser of
        (i)
        the maximum insurable value of the improvements securing such Mortgage Loan
        or
        (ii) the greater of (a) the outstanding principal balance of the Mortgage
        Loan
        and (b) an amount such that the proceeds of such policy shall be sufficient
        to
        prevent the Mortgagor and/or the mortgagee from becoming a
        co-insurer.  If the Mortgaged Property is a condominium unit, it is
        included under the coverage afforded by a blanket policy for the condominium
        unit.  All such individual insurance policies and all flood policies
        referred to in item (30) below contain a standard mortgagee clause naming
        Countrywide or the original mortgagee, and its successors in interest, as
        mortgagee, and Countrywide has received no notice that any premiums due and
        payable thereon have not been paid; the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance including flood insurance at the
        Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to obtain and maintain such insurance
        at
        the Mortgagor’s cost and expense and to seek reimbursement therefor from the
        Mortgagor.

       

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

       

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

       

      (32)           There
        is no material monetary default existing under any Mortgage or the related
        Mortgage Note and, to the best of Countrywide’s knowledge, there is no material
        event which, with the passage of time or with notice and the expiration of
        any
        grace or cure period, would constitute a default, breach, violation or event
        of
        acceleration under the Mortgage or the related Mortgage Note; and Countrywide
        has not waived any default, breach, violation or event of
        acceleration.

       

      (33)           Each
        Mortgaged Property is improved by a one- to four-family residential dwelling
        including condominium units and dwelling units in PUDs, which, to the best
        of
        Countrywide’s knowledge, does not include cooperatives or mobile homes and does
        not constitute other than real property under state law.

       

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

       

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

       

       

      
        
          
          

        

        
          S-III-A-5

          
            

          

        

        
          
          

        

      

       

      (36)           All
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or an escrow of funds has been established in an amount
        sufficient to pay for every such item which remains unpaid and which has
        been
        assessed, but is not yet due and payable.  Except for (A) payments in
        the nature of escrow payments, and (B) interest accruing from the date of
        the
        Mortgage Note or date of disbursement of the Mortgage proceeds, whichever
        is
        later, to the day which precedes by one month the Due 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.

       

      (37)           Each
        Mortgage Loan was underwritten in all material respects in accordance with
        the
        underwriting guidelines described in the Prospectus Supplement.

       

      (38)           Other
        than with respect to any Streamlined Documentation Mortgage Loan as to which
        the
        loan-to-value ratio of the related Original Mortgage Loan was less than 90%
        at
        the time of the origination of such Original Mortgage Loan, prior to the
        approval of the Mortgage Loan application, an appraisal of the related Mortgaged
        Property was obtained from a qualified appraiser, duly appointed by the
        originator, who had no interest, direct or indirect, in the Mortgaged Property
        or in any loan made on the security thereof, and whose compensation is not
        affected by the approval or disapproval of the Mortgage Loan; such appraisal
        is
        in a form acceptable to FNMA and FHLMC.

       

      (39)           None
        of the Initial Mortgage Loans is a graduated payment mortgage loan or a growing
        equity mortgage loan, and none of the Initial Mortgage Loans is subject to
        a
        buydown or similar arrangement.

       

      (40)           Any
        leasehold estate securing a Mortgage Loan has a term of not less than five
        years
        in excess of the term of the related Mortgage Loan.

       

      (41)           The
        Mortgage Loans were selected from among the outstanding adjustable-rate one-
        to
        four-family mortgage loans in the portfolios of the Sellers at the Closing
        Date
        as to which the representations and warranties made as to the Mortgage Loans
        set
        forth in this Schedule III-A can be made.  Such selection was not made
        in a manner intended to adversely affect the interests of
        Certificateholders.

       

      (42)           Except
        for 11.02% of the Initial Mortgage Loans, by aggregate Stated Principal Balance
        of the Mortgage Loans as of the Initial Cut-off Date, each Mortgage Loan
        transferred and assigned to the Trustee on the Closing Date has a payment
        date
        on or before July 1, 2007.

       

      (43)           With
        respect to any Mortgage Loan as to which an affidavit has been delivered
        to the
        Trustee certifying that the original Mortgage Note is a Lost Mortgage Note,
        if
        such Mortgage Loan is subsequently in default, the enforcement of such Mortgage
        Loan or of the related Mortgage by or on behalf of the Trustee will not be
        materially adversely affected by the 

      
        
          
          

        

        
          S-III-A-6

          
            

          

        

        
          
          

        

      

      absence
        of the original Mortgage Note.  A
“Lost Mortgage Note” is a Mortgage Note the original of which was permanently
        lost or destroyed and has not been replaced.
         

      

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

       

      (45)           No
        Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
        is
        governedby the Georgia Fair Lending Act.

       

      (46)           None
        of the Mortgage Loans are “high cost” loans as defined by applicable predatory
        and abusive lending laws.

       

      (47)           None
        of the Mortgage Loans are covered by the Home Ownership and Equity Protection
        Act of 1994 (“HOEPA”).

       

      (48)           No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et
        seq.).

       

      (49)           No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.).

       

      (50)           All
        of the Mortgage Loans were originated in compliance with all applicable laws,
        including, but not limited to, all applicable anti-predatory and abusive
        lending
        laws.

       

      (51)           No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable, and with
        respect to the foregoing, the terms “High Cost Loan” and “Covered Loan” have the
        meaning assigned to them in Standard & Poor’s LEVELS® Version 6.0 Glossary
        Revised, Appendix E which is attached hereto as Exhibit Q (the “Glossary”) where
        (x) a “High Cost Loan” is each loan identified in the column “Category under
        applicable anti-predatory lending law” of the table entitled “Standard &
Poor’s High Cost Loan Categorization” in the Glossary as each such loan is
        defined in the applicable anti-predatory lending law of the State or
        jurisdiction specified in such table and (y) a “Covered Loan” is each loan
        identified in the column “Category under applicable anti-predatory lending law”
of the table entitled “Standard & Poor’s Covered Loan Categorization” in the
        Glossary as each such loan is defined in the applicable anti-predatory lending
        law of the State or jurisdiction specified in such table.

       

       

      
        
          
          

        

        
          S-III-A-7

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III-B

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

      Representations
        and Warranties of Countrywide as to the Countrywide Mortgage
        Loans

       

      Countrywide
        Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
        set forth in this Schedule III-B to the Depositor, the Master Servicer and
        the
        Trustee, with respect to the Countrywide Mortgage Loans that are Mortgage
        Loans
        as of the Closing Date, or if so specified herein, as of the Cut-off
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-B shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide, as a seller, Park Granada LLC,
        as a
        seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller, Countrywide
        Home Loans Servicing LP, as master servicer, CWALT, Inc., as depositor, and
        The
        Bank of New York, as trustee.

       

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

       

       

      
        
          
          

        

        
          S-III-B-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III-C

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

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

       

      Park
        Granada LLC (“Park Granada”) hereby makes the representations and warranties set
        forth in this Schedule III-C to the Depositor, the Master Servicer and the
        Trustee, with respect to the Park Granada Mortgage Loans that are Mortgage
        Loans
        as of the Closing Date, or if so specified herein, as of the Cut-off
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-C shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
        Park
        Granada, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as
        a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

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

       

       

      
        
          
          

        

        
          S-III-C-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III-D

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

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

       

      Park
        Monaco Inc. (“Park Monaco”) hereby makes the representations and warranties set
        forth in this Schedule III-D to the Depositor, the Master Servicer and the
        Trustee, with respect to the Park Monaco Mortgage Loans that are Mortgage
        Loans
        as of the Closing Date, or if so specified herein, as of the Cut-off
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-D shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
        Park
        Monaco, as a seller, Park Granada LLC, as a seller, Park Sienna LLC, as a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

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

       

       

      
        
          
          

        

        
          S-III-D-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-E

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

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

       

      Park
        Sienna LLC (“Park Sienna”) hereby makes the representations and warranties set
        forth in this Schedule III-E to the Depositor, the Master Servicer and the
        Trustee, with respect to the Park Sienna Mortgage Loans that are Mortgage
        Loans
        as of the Closing Date, or if so specified herein, as of the Cut-off
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-E shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
        Park
        Sienna, as a seller, Park Monaco Inc., as a seller, Park Granada LLC, as
        a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

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

       

       

      
        
          
          

        

        
          S-III-E-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        IV

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-OH2

       

      Representations
        and Warranties of the Master Servicer

       

      Countrywide
        Home Loans Servicing LP (“Countrywide Servicing”) hereby makes the
        representations and warranties set forth in this Schedule IV to the Depositor,
        the Sellers and the Trustee, as of the Closing Date.  Capitalized
        terms used but not otherwise defined in this Schedule IV shall have the meanings
        ascribed thereto in the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”) relating to the above-referenced Series, among Countrywide
        Home Loans, Inc., as a seller, Park Granada LLC, as a seller, Park Monaco
        Inc.,
        as a seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing
        LP,
        as master servicer, CWALT, Inc., as depositor, and The Bank of New York,
        as
        trustee.

       

      (1)           Countrywide
        Servicing is duly organized as a limited partnership and is validly existing
        and
        in good standing under the laws of the State of Texas and is duly authorized
        and
        qualified to transact any and all business contemplated by the Pooling and
        Servicing Agreement to be conducted by Countrywide Servicing in any state
        in
        which a Mortgaged Property is located or is otherwise not required under
        applicable law to effect such qualification and, in any event, is in compliance
        with the doing business laws of any such state, to the extent necessary to
        perform any of its obligations under the Pooling and Servicing Agreement
        in
        accordance with the terms thereof.

       

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

       

      (3)           The
        execution and delivery of the Pooling and Servicing Agreement by Countrywide
        Servicing, the servicing of the Mortgage Loans by Countrywide Servicing under
        the Pooling and Servicing Agreement, the consummation of any other of the
        transactions contemplated by the Pooling and Servicing Agreement, and the
        fulfillment of or compliance with the terms thereof are in the ordinary course
        of business of Countrywide Servicing and will not (A) result in a material
        breach of any term or provision of the certificate of limited partnership,
        partnership agreement or other organizational document of Countrywide Servicing
        or 

       

       

      
        
          
          

        

        
          S-IV-1

          
            

          

        

        
          
          

        

      

      (B) materially
        conflict with, result in a material breach, violation or acceleration of,
        or
        result in a material default under, the terms of any other material agreement
        or
        instrument to which Countrywide Servicing is a party or by which it may be
        bound, or (C) constitute a material violation of any statute, order or
        regulation applicable to Countrywide Servicing of any court, regulatory body,
        administrative agency or governmental body having jurisdiction over Countrywide
        Servicing; and Countrywide Servicing is not in breach or violation of any
        material indenture or other material agreement or instrument, or in violation
        of
        any statute, order or regulation of any court, regulatory body, administrative
        agency or governmental body having jurisdiction over it which breach or
        violation may materially impair the ability of Countrywide Servicing to perform
        or meet any of its obligations under the Pooling and Servicing
        Agreement.

       

      (4)           Countrywide
        Servicing is an approved servicer of conventional mortgage loans for FNMA
        or
        FHLMC and is a mortgagee approved by the Secretary of Housing and Urban
        Development pursuant to sections 203 and 211 of the National Housing
        Act.

       

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

       

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

       

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

       

      
        
          
          

        

        
          S-IV-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        V

       

      Principal
        Balances Schedule

       

      

      *[Attached
        to Prospectus Supplement, if applicable.]

       

       

      
        
          
          

        

        
          S-V-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        VI

      Form
        of
        Monthly Master Servicer Report

      
        
          	
                  LOAN
                    LEVEL REPORTING SYSTEM

                
	
                  DATABASE
                    STRUCTURE

                
	
                  [MONTH,
                    YEAR]

                
	
                  Field
                    Number

                	
                  Field
                    Name

                	
                  Field
                    Type

                	
                  Field
                    Width

                	
                  Dec

                
	
                  1

                	
                  INVNUM

                	
                  Numeric

                	
                  4

                	 
	
                  2

                	
                  INVBLK

                	
                  Numeric

                	
                  4

                	 
	
                  3

                	
                  INACNU

                	
                  Character

                	
                  8

                	 
	
                  4

                	
                  BEGSCH

                	
                  Numeric

                	
                  15

                	
                  2

                
	
                  5

                	
                  SCHPRN

                	
                  Numeric

                	
                  13

                	
                  2

                
	
                  6

                	
                  TADPRN

                	
                  Numeric

                	
                  11

                	
                  2

                
	
                  7

                	
                  LIQEPB

                	
                  Numeric

                	
                  11

                	
                  2

                
	
                  8

                	
                  ACTCOD

                	
                  Numeric

                	
                  11

                	 
	
                  9

                	
                  ACTDAT

                	
                  Numeric

                	
                  4

                	 
	
                  10

                	
                  INTPMT

                	
                  Numeric

                	
                  8

                	 
	
                  11

                	
                  PRNPMT

                	
                  Numeric

                	
                  13

                	
                  2

                
	
                  12

                	
                  ENDSCH

                	
                  Numeric

                	
                  13

                	
                  2

                
	
                  13

                	
                  SCHNOT

                	
                  Numeric

                	
                  13

                	
                  2

                
	
                  14

                	
                  SCHPAS

                	
                  Numeric

                	
                  7

                	
                  3

                
	
                  15

                	
                  PRINPT

                	
                  Numeric

                	
                  7

                	
                  3

                
	
                  16

                	
                  PRIBAL

                	
                  Numeric

                	
                  11

                	
                  2

                
	
                  17

                	
                  LPIDTE

                	
                  Numeric

                	
                  13

                	
                  2

                
	
                  18

                	
                  DELPRN

                	
                  Numeric

                	
                  7

                	 
	
                  19

                	
                  PPDPRN

                	
                  Numeric

                	
                  11

                	
                  2

                
	
                  20

                	
                  DELPRN

                	
                  Numeric

                	
                  11

                	
                  2

                
	
                  21

                	
                  NXTCHG

                	
                  Numeric

                	
                  8

                	 
	
                  22

                	
                  ARMNOT

                	
                  Numeric

                	
                  7

                	
                  3

                
	
                  23

                	
                  ARMPAS

                	
                  Numeric

                	
                  7

                	
                  3

                
	
                  24

                	
                  ARMPMT

                	
                  Numeric

                	
                  11

                	
                  2

                
	
                  25

                	
                  ZZTYPE

                	
                  Character

                	
                  2

                	 
	
                  26

                	
                  ISSUID

                	
                  Character

                	
                  1

                	 
	
                  27

                	
                  KEYNAME

                	
                  Character

                	
                  8

                	 
	
                  TOTAL

                	 	 	
                  240

                	 
	
                  Suggested
                    Format:

                	
                  DBASE
                    file

                  Modem
                    transmission

                	 	 	 

        

      

       

       

      S-VI-1

      
        

      

    

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      A

     

    [FORM
      OF
      SENIOR CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    [SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).]

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ASSETS OF, AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE,
      OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.  SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN
      MADE TO THE TRUSTEE BY THE TRANSFEREE’S ACCEPTANCE OF A CERTIFICATE OF THIS
      CLASS AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN A CERTIFICATE OF
      THIS CLASS. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL THIS
      CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO, OR TO A PERSON INVESTING ASSETS
      OF,
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT
      TO
      SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
      TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Certificate
                  No.

              	
                :

              	 
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	 
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	 
	 	 	 
	
                Initial
                  Certificate Balance

              	 	 
	
                of
                  this Certificate

              	 	 
	
                (“Denomination”)

              	
                :

              	
                $

              
	 	 	 
	
                Initial
                  Certificate Balance

              	 	 
	
                of
                  all Certificates of

              	 	 
	
                this
                  Class

              	
                :

              	
                $

              
	 	 	 
	
                CUSIP

              	
                :

              	 
	 	 	 
	ISIN	:	 
	 	 	 
	
                Interest
                  Rate

              	
                :

              	 
	 	 	 
	
                Maturity
                  Date

              	
                :

              	 

      

    

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [   ]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
      liens on one- to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    This
      certifies that
                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Certificate Balance of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc. (the
      “Depositor”).  The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [Until
      this certificate has been the subject of an ERISA-Qualifying Underwriting,
      no
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, or (ii) in the
      case of any such Certificate presented for registration in the name of an
      employee benefit plan subject to ERISA or a plan or arrangement subject to
      Section 4975 of the Code (or comparable provisions of any subsequent
      enactments), a trustee of any such benefit plan or arrangement or any other
      person acting on behalf of any such benefit plan or arrangement, an Opinion
      of
      Counsel satisfactory to the Trustee to the effect that the purchase and holding
      of such Certificate will not result in a non-exempt prohibited transaction
      under
      Section 406 of ERISA or Section 4975 of the Code, and will not subject the
      Trustee or the Master Servicer to any obligation in addition to those undertaken
      in the Agreement, which Opinion of Counsel shall not be an expense of the
      Trustee, the Master Servicer or the Trust Fund.  Unless the transferee
      delivers the Opinion of Counsel described above, such representation shall
      be
      deemed to have been made to the Trustee by the Transferee’s acceptance of a
      Certificate of this Class and by a beneficial owner’s acceptance of its interest
      in a Certificate of this Class.  Notwithstanding anything else to the
      contrary herein, until such certificate has been the subject of an
      ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
      Class to, or to a person investing assets of, an employee benefit plan subject
      to ERISA or a plan or arrangement subject to Section 4975 of the Code without
      the opinion of counsel satisfactory to the Trustee as described above shall
      be
      void and of no effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *               *              *

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By
                ______________________

            

    

    

    Countersigned:

     

    By  ________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    [FORM
      OF
      SUBORDINATED CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT (I) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
      ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF
      OF
      OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
      TRANSFER, OR (II) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
      REPRESENTATION THAT THE TRANSFEREE IS PURCHASING SUCH CERTIFICATE WITH FUNDS
      CONTAINED IN AN  “INSURANCE COMPANY GENERAL ACCOUNT" AS SUCH TERM IS
      DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      95-60, AND THE PURCHASE AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS
      FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION
      OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
      CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
      ABOVE SHALL BE VOID AND OF NO EFFECT.]

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    
      
         

        
          	
                  Certificate
                    No.

                	
                  :

                	 
	 	 	 
	
                  Cut-off
                    Date

                	
                  :

                	 
	 	 	 
	
                  First
                    Distribution Date

                	
                  :

                	 
	 	 	 
	
                  Initial
                    Certificate Balance

                	 	 
	
                  of
                    this Certificate

                	 	 
	
                  (“Denomination”)

                	
                  :

                	
                  $

                
	 	 	 
	
                  Initial
                    Certificate Balance

                	 	 
	
                  of
                    all Certificates of

                	 	 
	
                  this
                    Class

                	
                  :

                	
                  $

                
	 	 	 
	
                  CUSIP

                	
                  :

                	 
	 	 	 
	ISIN	:	 
	 	 	 
	
                  Interest
                    Rate

                	
                  :

                	 
	 	 	 
	
                  Maturity
                    Date

                	
                  :

                	 

        

      

       

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [  ]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
      liens on one- to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    This
      certifies that
                                
is the registered owner of the Percentage Interest evidenced by this
      Certificate (obtained by dividing the denomination of this Certificate by the
      aggregate Initial Certificate Balance of all Certificates of the Class to which
      this Certificate belongs) in certain monthly distributions with respect to
      a
      Trust Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc.
      (the “Depositor”).  The Trust Fund was created pursuant to a Pooling
      and Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Securities Act
      and any applicable state securities laws or is exempt from the registration
      requirements under said Act and such laws.  In the event that a
      transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such transfer and such
      Certificateholder’s prospective transferee shall each certify to the Trustee in
      writing the facts surrounding the transfer.  In the event that such a
      transfer is to be made within three years from the date of the initial issuance
      of Certificates pursuant hereto, there shall also be delivered (except in the
      case of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee
      an Opinion of Counsel that such transfer may be made pursuant to an exemption
      from the Securities Act and such state securities laws, which Opinion of Counsel
      shall not be obtained at the expense of the Trustee, the Sellers, the Master
      Servicer or the Depositor.  The Holder hereof desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.]

    

    [No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Certificate of this Class to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.]

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *           *          *

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

              By
                ______________________

            

    

    

    Countersigned:

     

    By  ________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-1

     

    [FORM
      OF
      RESIDUAL CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT (I) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
      ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF
      OF
      OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
      TRANSFER, OR (II) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
      REPRESENTATION THAT THE TRANSFEREE IS PURCHASING SUCH CERTIFICATE WITH FUNDS
      CONTAINED IN AN  “INSURANCE COMPANY GENERAL ACCOUNT" AS SUCH TERM IS
      DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      95-60, AND THE PURCHASE AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS
      FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION
      OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
      CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
      ABOVE SHALL BE VOID AND OF NO EFFECT.

     

    [THIS
      CERTIFICATE REPRESENTS THE “TAX MATTERS PERSON RESIDUAL INTEREST” ISSUED UNDER
      THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW AND MAY NOT BE TRANSFERRED
      TO ANY PERSON EXCEPT IN CONNECTION WITH THE ASSUMPTION BY THE TRANSFEREE OF
      THE
      DUTIES OF THE SERVICER UNDER SUCH AGREEMENT.]

     

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

    

    
      
         

        
          	
                  Certificate
                    No.

                	
                  :

                	 
	 	 	 
	
                  Cut-off
                    Date

                	
                  :

                	 
	 	 	 
	
                  First
                    Distribution Date

                	
                  :

                	 
	 	 	 
	
                  Initial
                    Certificate Balance

                	 	 
	
                  of
                    this Certificate

                	 	 
	
                  (“Denomination”)

                	
                  :

                	
                  $

                
	 	 	 
	
                  Initial
                    Certificate Balance

                	 	 
	
                  of
                    all Certificates of

                	 	 
	
                  this
                    Class

                	
                  :

                	
                  $

                
	 	 	 
	
                  CUSIP

                	
                  :

                	 
	 	 	 
	ISIN	:	 
	 	 	 
	
                  Interest
                    Rate

                	
                  :

                	 
	 	 	 
	
                  Maturity
                    Date

                	
                  :

                	 

        

      

       

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

     

    Class
      A-R

     

    evidencing
      the distributions allocable to the Class A-R Certificates with respect to a
      Trust Fund consisting primarily of a pool of conventional mortgage loans (the
      “Mortgage Loans”) secured by first liens on one- to four-family residential
      properties

     

    CWALT,
      Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

    

    This
      certifies that
                   
      is the registered owner of the Percentage Interest (obtained by dividing the
      Denomination of this Certificate by the aggregate Initial Certificate Balance
      of
      all Certificates of the Class to which this Certificate belongs) in certain
      monthly distributions with respect to a Trust Fund consisting of the Mortgage
      Loans deposited by CWALT, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, Countrywide Home
      Loans, Inc., as a seller (“CHL”), Park Granada LLC, as a seller (“Park
      Granada”), Park Monaco, Inc., as a seller (“Park Monaco”), and Park Sienna LLC,
      as a seller (“Park Sienna” and, together with CHL, Park Granada and Park Monaco,
      the “Sellers”), Countrywide Home Loans Servicing LP, as master servicer (the
“Master Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

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

     

    No
      transfer of a Class A-R Certificate shall be made unless the Trustee shall
      have
      received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Class A-R Certificate to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.

     

    
      
        
        

      

      
        C-1-3

        
          

        

      

      
        
        

      

    

    

    Each
      Holder of this Class A-R Certificate will be deemed to have agreed to be bound
      by the restrictions of the Agreement, including but not limited to the
      restrictions that (i) each person holding or acquiring any Ownership Interest
      in
      this Class A-R Certificate must be a Permitted Transferee, (ii) no Ownership
      Interest in this Class A-R Certificate may be transferred without delivery
      to
      the Trustee of (a) a transfer affidavit of the proposed transferee and (b)
      a
      transfer certificate of the transferor, each of such documents to be in the
      form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Class A-R Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Class A-R Certificate must agree not to transfer an Ownership
      Interest in this Class A-R Certificate if it has actual knowledge that the
      proposed transferee is not a Permitted Transferee and (v) any attempted or
      purported transfer of any Ownership Interest in this Class A-R Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *         *        *

     

    
      
        
        

      

      
        C-1-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

              By
                ______________________

            

    

    

    Countersigned:

     

    By  ________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        C-1-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-2

     

    [RESERVED]

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    [FORM
      OF
      NOTIONAL AMOUNT CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTION
      IN
      RESPECT OF PRINCIPAL.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ASSETS OF, AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE,
      OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.  SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN
      MADE TO THE TRUSTEE BY THE TRANSFEREE’S ACCEPTANCE OF A CERTIFICATE OF THIS
      CLASS AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN A CERTIFICATE OF
      THIS CLASS. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL THIS
      CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO, OR A PERSON INVESTING ASSETS OF,
      AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO
      SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
      TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  Certificate
                    No.

                	
                  :

                	 
	 	 	 
	
                  Cut-off
                    Date

                	
                  :

                	 
	 	 	 
	
                  First
                    Distribution Date

                	
                  :

                	 
	 	 	 
	
                  Initial
                    Certificate Balance

                	 	 
	
                  of
                    this Certificate

                	 	 
	
                  (“Denomination”)

                	
                  :

                	
                  $

                
	 	 	 
	
                  Initial
                    Certificate Balance

                	 	 
	
                  of
                    all Certificates of

                	 	 
	
                  this
                    Class

                	
                  :

                	
                  $

                
	 	 	 
	
                  CUSIP

                	
                  :

                	 
	 	 	 
	
                  Interest
                    Rate

                	
                  :

                	Interest
                  Only
	 	 	 
	
                  Maturity
                    Date

                	
                  :

                	 

        

      

       

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [  ]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
      liens on one- to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    The
      Notional Amount of this certificate at any time, may be less than the Notional
      Amount as set forth herein.  This Certificate does not evidence an
      obligation of, or an interest in, and is not guaranteed by the Depositor, the
      Sellers, the Master Servicer or the Trustee referred to below or any of their
      respective affiliates.  Neither this Certificate nor the Mortgage
      Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    This
      certifies that
                                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Notional Amount of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc. (the
      “Depositor”).  The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [Until
      this certificate has been the subject of an ERISA-Qualifying Underwriting,
      no
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, or (ii) in the
      case of any such Certificate presented for registration in the name of an
      employee benefit plan subject to ERISA or a plan or arrangement subject to
      Section 4975 of the Code (or comparable provisions of any subsequent
      enactments), a trustee of any such benefit plan or arrangement or any other
      person acting on behalf of any such benefit plan or arrangement, an Opinion
      of
      Counsel satisfactory to the Trustee to the effect that the purchase and holding
      of such Certificate will not result in a non-exempt prohibited transaction
      under
      Section 406 of ERISA or Section 4975 of the Code, and will not subject the
      Trustee or the Master Servicer to any obligation in addition to those undertaken
      in the Agreement, which Opinion of Counsel shall not be an expense of the
      Trustee, the Master Servicer or the Trust Fund.  When the transferee
      delivers the Opinion of Counsel described above, such representation shall
      be
      deemed to have been made to the Trustee by the Transferee’s acceptance of a
      Certificate of this Class and by a beneficial owner’s acceptance of its interest
      in a Certificate of this Class.  Notwithstanding anything else to the
      contrary herein, until such certificate has been the subject of an
      ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
      Class to, or a person investing assets of, an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code without
      the
      opinion of counsel satisfactory to the Trustee as described above shall be
      void
      and of no effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *       *       *

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

              By
                ______________________

            

    

    

    Countersigned:

     

    By  ________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    [FORM
      OF]
      REVERSE OF CERTIFICATES

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      CWALT, Inc. Mortgage Pass-Through Certificates, of the Series specified on
      the
      face hereof (herein collectively called the “Certificates”), and representing a
      beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 20th day
      of
      each month or, if such day is not a Business Day, the Business Day immediately
      following (the “Distribution Date”), commencing on the first Distribution Date
      specified on the face hereof, to the Person in whose name this Certificate
      is
      registered at the close of business on the applicable Record Date in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to Holders of Certificates of the
      Class to which this Certificate belongs on such Distribution Date pursuant
      to
      the Agreement.  The Record Date applicable to each Distribution Date
      is the last Business Day of the month next preceding the month of such
      Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register.  The final distribution on each Certificate will
      be made in like manner, but only upon presentment and surrender of such
      Certificate at the Corporate Trust Office or such other location specified
      in
      the notice to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer and the Trustee with the consent of the Holders
      of Certificates affected by such amendment evidencing the requisite Percentage
      Interest, as provided in the Agreement.  Any such consent by the
      Holder of this Certificate shall be conclusive and binding on such Holder and
      upon all future Holders of this Certificate and of any Certificate issued upon
      the transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate.  The Agreement
      also permits the amendment thereof, in certain limited circumstances, without
      the consent of the Holders of any of the Certificates.

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the Corporate Trust Office or the office or agency maintained by the Trustee
      in
      New York, New York, accompanied by a written instrument of transfer in form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      Fund will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement.  As provided in the
      Agreement and subject to certain limitations therein set forth, Certificates
      are
      exchangeable for new Certificates of the same Class in authorized denominations
      and evidencing the same aggregate Percentage Interest, as requested by the
      Holder surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Master Servicer, the Sellers and the Trustee and any agent of
      the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and neither the Depositor,
      the
      Trustee, nor any such agent shall be affected by any notice to the
      contrary.

    

    On
      any
      Distribution Date on which the Pool Stated Principal Balance is less than or
      equal to 10% of the Cut-off Date Pool Principal Balance,
      the Master Servicer will have the option, subject to the limitations set forth
      in the Agreement, to repurchase, in whole, from the Trust Fund all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement.  In the event
      that no such optional termination occurs, the obligations and responsibilities
      created by the Agreement will terminate upon the later of the maturity or other
      liquidation (or any advance with respect thereto) of the last Mortgage Loan
      remaining in the Trust Fund or the disposition of all property in respect
      thereof and the distribution to Certificateholders of all amounts required
      to be
      distributed pursuant to the Agreement.  In no event, however, will the
      trust created by the Agreement continue beyond the expiration of 21 years from
      the death of the last survivor of the descendants living at the date of the
      Agreement of a certain person named in the Agreement.

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    
      

      ASSIGNMENT

       

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

      ___________________________________________________________________________________________________________________________________________

      ___________________________________________________________________________________________________________________________________________

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

       

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

       

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

       

      _______________________________________________________________________                                                                                                                     

       

      Dated:

       

                                                                            

      ________________________________

      Signature
        by or on behalf of
        assignor          

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

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

      ________________________________________________________________________________________________________________________________________

      ________________________________________________________________________________________________________________________________________,

      for
        the
        account
        of __________________________________________________________________________________________________________________________,

      account
        number ________________________, or, if mailed by check, to,
        ________________________________________________________________________________________________________________________________________

      ________________________________________________________________________________________________________________________________________

      ________________________________________________________________________________________________________________________________________,

      for
        the account of
        __________________________________________________________________________________________________________________________,

      account
        number _______________________________________,
        or, if mailed by check, to
        ________________________________________________________________.

      Applicable
        statements should be mailed to
        _______________________________________________________________________________________________________,

      ________________________________________________________________________________________________________________________________________

      ________________________________________________________________________________________________________________________________________

      ________________________________________________________________________________________________________________________________________.

                                                                                                                                                

      This
        information is provided by
        _________________________________________________________________________________________________________,

      the
        assignee named above, or
        __________________________________________________________________________________________________________________,

      as
        its
        agent.

       

    

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )  ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        E-5

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      F-1

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

     

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

    _____________________

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
                Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                Home Loans Servicing LP, as Master Servicer, and The Bank of New
                York, as
                Trustee, Mortgage Pass-Through Certificates, Series
                200_-_

            

    

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that, as to each Initial Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Initial Mortgage Loan paid in full or listed
      on
      the attached schedule) it has received:

     

    (i)  (a)
      the original Mortgage Note endorsed in the following form:  “Pay to
      the order of __________, without recourse” or (b) with respect to any Lost
      Mortgage Note, a lost note affidavit from Countrywide stating that the original
      Mortgage Note was lost or destroyed; and

     

    (ii)  a
      duly executed assignment of the Mortgage (which may be included in a blanket
      assignment or assignments).

     

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

     

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

    
      
        
        

      

      
        F-1-1

        
          

        

      

      
        
        

      

    

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

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By:  ________________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        F-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-2

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

     

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

     [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

    _____________________

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco,
                Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,
                Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                Transfer Agreement dated as of [month] ____, 200_ among CWALT, Inc.,
                as
                Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada
                LLC, as
                a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller,
                and The Bank of New York, as
                Trustee

            

    

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”) and the Supplemental Transfer
      Agreement, dated as of [month] ____, 200_, the undersigned, as Trustee, hereby
      certifies that, as to each Supplemental Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Supplemental Mortgage Loan paid in full or listed
      on the attached schedule) it has received:

     

    (i)  (a)
      the original Mortgage Note endorsed in the following form:  “Pay to
      the order of __________, without recourse” or (b) with respect to any Lost
      Mortgage Note, a lost note affidavit from the Seller stating that the original
      Mortgage Note was lost or destroyed; and

     

    (ii)  a
      duly executed assignment of the Mortgage (which may be included in a blanket
      assignment or assignments)

     

    
      
        
        

      

      
        F-2-1

        
          

        

      

      
        
        

      

    

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

     

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

    
      
        
        

      

      
        F-2-2

        
          

        

      

      
        
        

      

    

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

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By:  ________________________________

              Name:

              Title:

            

    

     

    
 

    
      
        
        

      

      
        F-2-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

     

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

    _____________________

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
                Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                Home Loans Servicing LP, as Master Servicer, and The Bank of New
                York, as
                Trustee, Mortgage Pass-Through Certificates, Series
                200_-_

            

    

    

    Gentlemen:

     

    Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto (the “Schedule A”),
      delivered by the undersigned, as Trustee, on the Closing Date in accordance
      with
      Section 2.02 of the above-captioned Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”).  The undersigned hereby certifies
      that, as to each Delay Delivery Initial Mortgage Loan listed on Schedule A
      attached hereto (other than any Initial Mortgage Loan paid in full or listed
      on
      Schedule B attached hereto) it has received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by Countrywide or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to Countrywide, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                Countrywide, stating that the original Mortgage Note was lost or
                destroyed, together with a copy of the related Mortgage
                Note;

            

      	 	 	 

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

            

      	 	 	 

      	 	(iii)	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan, a
                duly executed assignment of the Mortgage to “The Bank of New York, as
                trustee under the Pooling and Servicing Agreement dated as of [month]
                1,
                200[_], without recourse”, or, in the case of each Initial Mortgage Loan
                with respect to property located in the State of California that
                is not a
                MERS Mortgage Loan, a duly executed assignment of the Mortgage in
                blank
                (each such assignment, when duly and validly completed, to be in
                recordable form and sufficient to effect the assignment of and transfer
                to
                the assignee thereof, under the Mortgage to which such assignment
                relates);

            

      	 	 	 

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

    

     

    
      	
               

            	
              (v)

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

            

      	 	 	 

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

            

    

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      Countrywide cannot deliver the original recorded Mortgage or all interim
      recorded assignments of the Mortgage satisfying the requirements of clause
      (ii),
      (iii) or (iv), as applicable, the Trustee has received, in lieu thereof, a
      true
      and complete copy of such Mortgage and/or such assignment or assignments of
      the
      Mortgage, as applicable, each certified by Countrywide, the applicable title
      company, escrow agent or attorney, or the originator of such Initial Mortgage
      Loan, as the case may be, to be a true and complete copy of the original
      Mortgage or assignment of Mortgage submitted for recording

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Initial Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Article I of the Pooling and Servicing Agreement accurately reflects information
      set forth in the Mortgage File.

     

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

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

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

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By:  ________________________________

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        G-1-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G-2

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco,
                Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,
                Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                Transfer Agreement dated as of [month] ____, 200_ among CWALT, Inc.,
                as
                Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada
                LLC, as
                a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller,
                and The Bank of New York, as
                Trustee

            

    

    

    Gentlemen:

     

    Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto (the “Schedule A”),
      delivered by the undersigned, as Trustee, on [month] __, 200_ (such date being
      the related “Supplemental Transfer Date” in accordance with Section 2.02 of the
      above-captioned Pooling and Servicing Agreement (the “Pooling and Servicing
      Agreement”).  The undersigned hereby certifies that, as to each Delay
      Delivery Supplemental Mortgage Loan listed on Schedule A attached hereto (other
      than any Supplemental Mortgage Loan paid in full or listed on Schedule B
      attached hereto) it has received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                the
                Seller, stating that the original Mortgage Note was lost or destroyed,
                together with a copy of the related Mortgage
                Note;

            

    

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              (ii)

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

            

      	 	 	 

      	 	(iii)	 in
              the case of each Supplemental Mortgage Loan that is not a MERS Mortgage
              Loan, a duly executed assignment of the Mortgage to “The Bank of New York,
              as trustee under the Pooling and Servicing Agreement dated as of [month]
              1, 2004, without recourse”, or, in the case of each Supplemental Mortgage
              Loan with respect to property located in the State of California that
              is
              not a MERS Mortgage Loan, a duly executed assignment of the Mortgage
              in
              blank (each such assignment, when duly and validly completed, to be
              in
              recordable form and sufficient to effect the assignment of and transfer
              to
              the assignee thereof, under the Mortgage to which such assignment
              relates);

      	 	 	 

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

    

    
      	 	 	 

      	
               

            	
              (v)

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

            

      	 	 	 

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

    

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      the Seller cannot deliver the original recorded Mortgage or all interim recorded
      assignments of the Mortgage satisfying the requirements of clause (ii), (iii)
      or
      (iv), as applicable, the Trustee has received, in lieu thereof, a true and
      complete copy of such Mortgage and/or such assignment or assignments of the
      Mortgage, as applicable, each certified by the Seller, the applicable title
      company, escrow agent or attorney, or the originator of such Supplemental
      Mortgage Loan, as the case may be, to be a true and complete copy of the
      original Mortgage or assignment of Mortgage submitted for
      recording.

     

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

    

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Supplemental Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Section 1.01 of the Pooling and Servicing Agreement accurately reflects
      information set forth in the Mortgage File.

     

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

     

    
      
        
        

      

      
        G-2-3

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By:  ________________________________

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        G-2-4

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      H-1

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

     

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    Countrywide]

     

    _____________________

    _____________________

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
                Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                Home Loans Servicing LP, as Master Servicer, and The Bank of New
                York, as
                Trustee, Mortgage Pass-Through Certificates, Series
                200_-_

            

    

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that as to each Initial Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Initial Mortgage Loan paid in full or listed
      on
      the attached Document Exception Report) it has received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by Countrywide or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to Countrywide, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                Countrywide, stating that the original Mortgage Note was lost or
                destroyed, together with a copy of the related Mortgage
                Note;

            

    

     

    
      	
               

            	
              (ii)

            	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan,
                the original recorded Mortgage, [and in the case of each Initial
                Mortgage
                Loan that is 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];

            

    

     

    
      
        
        

      

      
        H-1-1

        
          

        

      

      
        
        

      

    

     

    
    

    
      	 	(iii)	in
              the case of each Initial Mortgage Loan that is not a MERS Mortgage
              Loan, a
              duly executed assignment of the Mortgage to “The Bank of New York, as
              trustee under the Pooling and Servicing Agreement dated as of [month]
              1,
              200[_], without recourse”, or, in the case of each Initial Mortgage Loan
              with respect to property located in the State of California that is
              not a
              MERS Mortgage Loan, a duly executed assignment of the Mortgage in blank
              (each such assignment, when duly and validly completed, to be in
              recordable form and sufficient to effect the assignment of and transfer
              to
              the assignee thereof, under the Mortgage to which such assignment
              relates);

    

     

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

            

    

     

    
      	
               

            	
              (v)

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

            

      	 	 	 

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

    

     

    In
      the
      event that in connection with any Initial Mortgage Loan that is not a MERS
      Mortgage Loan Countrywide cannot deliver the original recorded Mortgage or
      all
      interim recorded assignments of the Mortgage satisfying the requirements of
      clause (ii), (iii) or (iv), as applicable, the Trustee has received, in lieu
      thereof, a true and complete copy of such Mortgage and/or such assignment or
      assignments of the Mortgage, as applicable, each certified by Countrywide,
      the
      applicable title company, escrow agent or attorney, or the originator of such
      Initial Mortgage Loan, as the case may be, to be a true and complete copy of
      the
      original Mortgage or assignment of Mortgage submitted for
      recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Initial Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Article I of the Pooling and Servicing Agreement accurately reflects information
      set forth in the Mortgage File.

     

    
      
        
        

      

      
        H-1-2

        
          

        

      

      
        
        

      

    

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

     

    
      
        
        

      

      
        H-1-3

        
          

        

      

      
        
        

      

    

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

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By:  ________________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        H-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H-2

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

     

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

    _____________________

    _____________________

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco,
                Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,
                Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                Transfer Agreement dated as of [month] ____, 200_ among CWALT, Inc.,
                as
                Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada
                LLC, as
                a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller,
                and The Bank of New York, as
                Trustee

            

    

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that as to each Supplemental Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Supplemental Mortgage Loan paid in full
      or listed on the attached Document Exception Report) it has
      received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                the
                Seller, stating that the original Mortgage Note was lost or destroyed,
                together with a copy of the related Mortgage
                Note;

            

    

     

    
      
        
        

      

      
        H-2-1

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              (ii)

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

            

      	 	 	 

      	 	(iii)	in
              the case of each Supplemental Mortgage Loan that is not a MERS Mortgage
              Loan, a duly executed assignment of the Mortgage to “The Bank of New York,
              as trustee under the Pooling and Servicing Agreement dated as of [month]
              1, 2004, without recourse”, or, in the case of each Supplemental Mortgage
              Loan with respect to property located in the State of California that
              is
              not a MERS Mortgage Loan, a duly executed assignment of the Mortgage
              in
              blank (each such assignment, when duly and validly completed, to be
              in
              recordable form and sufficient to effect the assignment of and transfer
              to
              the assignee thereof, under the Mortgage to which such assignment
              relates);

      	 	 	 

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

    

     

    
      	
               

            	
              (v)

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

            

      	 	 	 

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

    

     

    In
      the
      event that in connection with any Supplemental Mortgage Loan that is not a
      MERS
      Mortgage Loan the Seller cannot deliver the original recorded Mortgage or all
      interim recorded assignments of the Mortgage satisfying the requirements of
      clause (ii), (iii) or (iv), as applicable, the Trustee has received, in lieu
      thereof, a true and complete copy of such Mortgage and/or such assignment or
      assignments of the Mortgage, as applicable, each certified by the Seller, the
      applicable title company, escrow agent or attorney, or the originator of such
      Supplemental Mortgage Loan, as the case may be, to be a true and complete copy
      of the original Mortgage or assignment of Mortgage submitted for
      recording.

     

    
      
        
        

      

      
        H-2-2

        
          

        

      

      
        
        

      

    

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Supplemental Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Section 1.01 of the Pooling and Servicing Agreement accurately reflects
      information set forth in the Mortgage File.

     

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

     

    
      
        
        

      

      
        H-2-3

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By:  ________________________________

              Name:

              Title:

            

    

    

     

    
      
        
        

      

      
        H-2-4

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        I

       

      [FORM
        OF]
        TRANSFER AFFIDAVIT

       

      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        200_-_

       

      STATE
        OF                             
   )

                           )
        ss.:

      COUNTY
        OF                            )

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.           The
        undersigned is an officer of
                          ,
        the proposed Transferee of an Ownership Interest in a Class A-R Certificate
        (the
“Certificate”) issued pursuant to the Pooling and Servicing Agreement, dated as
        of _________ __, 2___ (the “Agreement”), by and among CWALT, Inc., as depositor
        (the “Depositor”), Countrywide Home Loans, Inc. (the “Company”), as a Seller,
        Park Granada LLC, as a Seller, Park Monaco, Inc., as a Seller, Park Sienna
        LLC,
        as a Seller (and together with the Company, Park Granada and Park Monaco,
        the
“Sellers”), Countrywide Home Loans Servicing LP, as Master Servicer and The Bank
        of New York, as Trustee.  Capitalized terms used, but not defined
        herein or in Exhibit 1 hereto, shall have the meanings ascribed to such terms
        in
        the Agreement.  The Transferee has authorized the undersigned to make
        this affidavit on behalf of the Transferee.

       

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

       

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

       

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

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      8.           The
        Transferee’s taxpayer identification number is ______________.

       

      9.           The
        Transferee is a U.S. Person as defined in Code section
        7701(a)(30) and, unless the Transferor (or any subsequent
        transferor) expressly waives such requirement, will not cause income from
        the
        Certificate to be attributable to a foreign permanent establishment or fixed
        base (within the meaning of an applicable income tax treaty) of the Transferee
        or another U.S. taxpayer.

      

      10.           The
        Transferee is aware that the Class A-R Certificates may be “noneconomic residual
        interests” within the meaning of Treasury Regulation Section 1.860E-1(c) and
        that the transferor of a noneconomic residual interest will remain liable
        for
        any taxes due with respect to the income on such residual interest, unless
        no
        significant purpose of the transfer was to impede the assessment or collection
        of tax.  In addition, as the Holder of a noneconomic residual
        interest, the Transferee may incur tax liabilities in excess of any cash
        flows
        generated by the interest and the Transferee hereby represents that it intends
        to pay taxes associated with holding the residual interest as they become
        due.

       

      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

       

      11.           The
        Transferee has provided financial statements or other financial information
        requested by the Transferor in connection with the transfer of the Certificate
        to permit the Transferor to assess the financial capability of the Transferee
        to
        pay such taxes.  The Transferee historically has paid its debts as
        they have come due and intends to pay its debts as they come due in the
        future.

      

      12.           Unless
        the Transferor (or any subsequent transferor) expressly waives such requirement,
        the Transferee (and any subsequent transferee) certifies (or will certify),
        respectively, that the transfer satisfies either the “Asset Test” imposed by
        Treasury Regulation    § 1.860E-1(c)(5) or the “Formula
        Test” imposed by Treasury Regulation § 1.860E-1(c)(7). 

      

      *           *           *

      

      
        
          
                

            
            

          

          
            I-3

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf by its duly authorized officer, this_____ day of ___________,
        2___.

       

                                                                    

      _______________________________________

      PRINT
        NAME OF TRANSFEREE

       

      By:  ____________________________________                                                            

      Name:

      Title:

       

      [Corporate
        Seal]

       

      ATTEST:

       

                                                            

      _____________________________

      [Assistant]
        Secretary

       

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

       

      Subscribed
        and sworn before me this      day of
         ,
        20  .

       

      ________________________                    
                                  
NOTARY
        PUBLIC

       

      My
        Commission expires the

      ___
        day
        of  ____________________, 20__

       

      

      
        
          
                

            
            

          

          
            I-4

            
              

            

          

          
            
            

          

        

      

      

      WAIVER
        OF
        REQUIREMENT THAT TRANSFEREE CERTIFIES TRANSFER OF CERTIFICATE SATISFIES CERTAIN
        REGULATORY “SAFE HARBORS”

       

      The
        Transferor hereby waives the requirement that the Transferee certify that
        the
        transfer of the Certificate satisfies either the “Asset Test” imposed by
        Treasury Regulation § 1.860E-1(c)(5) or the “Formula Test” imposed by
        Treasury Regulation § 1.860E-1(c)(7). 

       

      
        	 	CWALT,
                INC	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

       

      
        
          
                

            
            

          

          
            I-5

            
              

            

          

          
            
            

          

        

      

      
        

        EXHIBIT
          1
          to

        EXHIBIT
          I

         

        Certain
          Definitions

         

        “Asset
          Test”: A transfer satisfies the Asset Test if: (i) At
          the time of the transfer, and
          at the close of each of the transferee's two fiscal years preceding the
          transferee's fiscal year of transfer, the transferee's gross assets for
          financial reporting purposes exceed $100 million and its net assets for
          financial reporting purposes exceed $10 million. The gross assets and net
          assets
          of a transferee do not include any obligation of any “related person” or any
          other asset if a principal purpose for holding or acquiring the other asset
          is
          to permit the transferee to satisfy such monetary conditions; (ii) The
          transferee must be
          an “eligible corporation” and must agree in writing that any subsequent transfer
          of the interest will be to another eligible corporation in a transaction
          that
          satisfies paragraphs 9 through 11 of this Transfer Affidavit and the Asset
          Test.
          A transfer fails to meet the Asset Test if the transferor knows, or has
          reason
          to know, that the transferee will not honor the restrictions on subsequent
          transfers of the Certificate; and (iii)
A
          reasonable person would not conclude, based on the facts
          and circumstances known to the transferor on or before the date of the
          transfer,
          that the taxes associated with the Certificate will not be paid. The
          consideration given to the transferee to acquire the Certificate is only
          one
          factor to be considered, but the transferor will be deemed to know that
          the
          transferee cannot or will not pay if the amount of consideration is so
          low
          compared to the liabilities assumed that a reasonable person would conclude
          that
          the taxes associated with holding the Certificate will not be
          paid.  For purposes of applying the Asset Test, (i) an “eligible
          corporation” means any
          domestic C corporation (as defined in section 1361(a)(2) of the Code) other
          than (A)
a
          corporation which is exempt from, or is not subject to, tax under section
          11 of
          the Code, (B) an
          entity described in section 851(a) or 856(a) of the Code, (C) A
          REMIC, or (D) an
          organization to
          which part I of subchapter T of chapter 1 of subtitle A of the Code applies;
          (ii) a
“related
          person” is any person that (A)
bears
          a relationship to the transferee enumerated in section
          267(b) or 707(b)(1) of the Code, using “20 percent” instead of “50 percent”
where it appears under the provisions, or (B)
is
          under common
          control (within the meaning of section 52(a) and (b)) with the transferee.
          

         

        “Formula
          Test”: A transfer satisfies the formula test if the present value of the
          anticipated tax liabilities associated with holding the Certificate does
          not
          exceed the sum of
          (i) the present value of any
          consideration given to the
          transferee to acquire the Certificate; (ii)
the
          present value of the expected future distributions
          on the Certificate; and (iii) the
          present value of the anticipated tax savings associated
          with holding the Certificate as the issuing REMIC generates
          losses.  For
          purposes of applying the Formula Test: (i) The
          transferee is assumed to pay tax at a rate equal to the
          highest rate of tax specified in section 11(b)(1) of the Code. If the transferee
          has been subject to the alternative minimum tax under section 55 of the
          Code in
          the preceding two years and will compute its taxable income in the current
          taxable year using the alternative minimum tax rate, then the tax rate
          specified
          in section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
          specified in section 11(b)(1) of the Code; (ii)
The
          transfer must satisfy paragraph 9 of the Transfer
          Affidavit; and (iii) Present
          values are computed using a discount rate equal to
          the Federal short-term rate prescribed by section 1274(d) of the Code for
          the
          month of the transfer and the compounding period used by the
          taxpayer.

         

         

        
          
            
            

          

          
            I-6

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

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

         

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

         

        

        
          
            
                  

              
              

            

            
              I-7

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          2
          to

        EXHIBIT
          I

         

        Section
          5.02(c) of the Agreement

         

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

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            I-8

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        

        
          
            
                  

              
              

            

            
              I-9

              
                

              

            

            
              
              

            

          

        

         

      

    

    EXHIBIT
      J-1

     

    [FORM
      OF]
      TRANSFEROR CERTIFICATE

    (RESIDUAL)

     

    _____________________

    Date                 
      

     

    CWALT,
      Inc.

    4500
      Park
      Granada

    Calabasas,
      California  91302

    Attention:    Josh
      Adler

     

    The
      Bank
      of New York

    101
      Barclay Street – 8W

    New
      York,
      New York 10286

    

    Attention:         Mortgage-Backed
      Securities Group

    Series
      200_-_

    Re:   
      CWALT, Inc. Mortgage Pass-Through Certificates,

    Series
      200_-_,
      Class                                          

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that to
      the
      extent we are disposing of a Class A-R Certificate, we have no knowledge the
      Transferee is not a Permitted Transferee.

    
       

      Very
        truly yours,

       

       

                                                              

      _________________________________

      Print
        Name of Transferor

       

      By: ______________________________                                                                     

      Authorized
        Officer

      
 

      
        
          
          

        

        
          J-1-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J-2

    

     

    [FORM
      OF]
      TRANSFEROR CERTIFICATE

    (PRIVATE)

    
       

      _____________________

      Date                 
        

       

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:    Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:         Mortgage-Backed
        Securities Group

      Series
        200_-_

      Re:   
        CWALT, Inc. Mortgage Pass-Through Certificates,

      Series
        200_-_,
        Class                                          

       

    

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the
      Act.

    
       

      Very
        truly yours,

       

       

                                                              

      _________________________________

      Print
        Name of Transferor

       

      By: ______________________________                                                                     

      Authorized
        Officer

        
          
            
            

          

          
            J-2-1

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        K

      [FORM
        OF]
        INVESTMENT LETTER (NON-RULE 144A)

    

    
       

      _____________________

      Date                 
        

       

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:    Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York 10286

      

      Attention:         Mortgage-Backed
        Securities Group

      Series
        200_-_

       

      Re: 
           CWALT, Inc. Mortgage Pass-Through Certificates,

      Series
        200_-_,
        Class                                          

       

    

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Regulation D under the Act, and have such knowledge and experience
      in financial and business matters that we are capable of evaluating the merits
      and risks of investments in the Certificates, (c) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (d)
      either (i) we are not an employee benefit plan that is subject to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan or
      arrangement that is subject to Section 4975 of the Internal Revenue Code of
      1986, as amended, nor are we acting on behalf of or investing the assets of
      any
      such benefit plan or arrangement to effect such acquisition or (ii) if the
      Certificates have been the subject of an ERISA-Qualifying Underwriting and
      we
      are an insurance company, we are purchasing such Certificates with funds
      contained in an “insurance company general account” (as such term is defined in
      Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and
      the purchase and holding of such Certificates satisfy the requirements for
      exemptive relief under Sections I and III of PTCE 95-60, (e) we are acquiring
      the Certificates for investment for our own account and not with a view to
      any
      distribution of such Certificates (but without prejudice to our right at all
      times to sell or otherwise dispose of the Certificates in accordance with clause
      (g) below), (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act or is exempt from such registration requirements, and if
      requested, we will at our expense provide an opinion of counsel satisfactory
      to
      the addressees of this Certificate that such sale, transfer or other disposition
      may be made pursuant to an exemption from the Act, (2) the purchaser or
      transferee of such Certificate has executed and delivered to you a certificate
      to substantially the same effect as this certificate, and (3) the purchaser
      or
      transferee has otherwise complied with any conditions for transfer set forth
      in
      the Pooling and Servicing Agreement.

    
       

      Very
        truly yours,

       

                                                                    

      ____________________________________

      Print
        Name of Transferee

       

      By: _________________________________                                                      

      Authorized
        Officer

      
         

        
           

          
            K-1

            
              

            

          

          
            
            

          

        

    

    EXHIBIT
      L-1

     

    [FORM
      OF]
      RULE 144A LETTER

    
      
         

        _____________________

        Date                 
          

         

        CWALT,
          Inc.

        4500
          Park
          Granada

        Calabasas,
          California  91302

        Attention:    Josh
          Adler

         

        The
          Bank
          of New York

        101
          Barclay Street – 8W

        New
          York,
          New York 10286

        

        
          

          Attention:         Mortgage-Backed
            Securities Group

          Series
            200_-_

           

          Re: 
               CWALT, Inc. Mortgage Pass-Through Certificates,

          Series
            200_-_,
            Class                                          

           

        

      

    

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have such knowledge and
      experience in financial and business matters that we are capable of evaluating
      the merits and risks of investments in the Certificates, (c) we have had the
      opportunity to ask questions of and receive answers from the Depositor
      concerning the purchase of the Certificates and all matters relating thereto
      or
      any additional information deemed necessary to our decision to purchase the
      Certificates, (d) either (i) we are not an employee benefit plan that is subject
      to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      a plan or arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended, nor are we acting on behalf of or investing the assets
      of any such benefit plan or arrangement to effect such acquisition or (ii)
      if
      the Certificates have been the subject of an ERISA-Qualifying Underwriting
      and
      we are an insurance company, we are purchasing such Certificates with funds
      contained in an “insurance company general account” (as such term is defined in
      Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and
      the purchase and holding of such Certificates satisfy the requirements for
      exemptive relief under Sections I and III of PTCE 95-60, (e) we have not, nor
      has anyone acting on our behalf offered, transferred, pledged, sold or otherwise
      disposed of the Certificates, any interest in the Certificates or any other
      similar security to, or solicited any offer to buy or accept a transfer, pledge
      or other disposition of the Certificates, any interest in the Certificates
      or
      any other similar security from, or otherwise approached or negotiated with
      respect to the Certificates, any interest in the Certificates or any other
      similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates, (f) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act and have completed either of the forms of certification to that effect
      attached hereto as Annex 1 or Annex 2.  We are aware that the sale to
      us is being made in reliance on Rule 144A.  We are acquiring the
      Certificates for our own account or for resale pursuant to Rule 144A and
      further, understand that such Certificates may be resold, pledged or transferred
      only (i) to a person reasonably believed to be a qualified institutional buyer
      that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A, or (ii) pursuant to another exemption
      from registration under the Securities Act.

     

    
       

      Very
        truly yours,

       

                                                                    

      ____________________________________

      Print
        Name of Transferee

       

      By: _________________________________                                                      

              Authorized
        Officer

    
       

      
         

        
          L-1-1

          
            

          

        

        
          
          

        

      

    

     

    ANNEX
      1 TO EXHIBIT L-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.  In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis either at least $100,000 in securities or, if Buyer is
      a
      dealer, Buyer must own and/or invest on a discretionary basis at least
      $10,000,000 in securities (except for the excluded securities referred to below)
      as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A and (ii) the Buyer satisfies the
      criteria in the category marked below.

     

    
      	
               

            	
              ___

            	
              Corporation,
                etc.  The Buyer is a corporation (other than a bank, savings
                and loan association or similar institution), Massachusetts or similar
                business trust, partnership, or charitable organization described
                in
                Section 501(c)(3) of the Internal Revenue Code of 1986, as
                amended.

            

    

     

    
      	
               

            	
              ___

            	
              Bank.  The
                Buyer (a) is a national bank or banking institution organized under
                the
                laws of any State, territory or the District of Columbia, the business
                of
                which is substantially confined to banking and is supervised by the
                State
                or territorial banking commission or similar official or is a foreign
                bank
                or equivalent institution, and (b) has an audited net worth of at
                least
                $25,000,000 as demonstrated in its latest annual financial statements,
                a copy of which is attached
                hereto.

            

    

     

    
      	
               

            	
              ___

            	
              Savings
                and Loan.  The Buyer (a) is a savings and loan association,
                building and loan association, cooperative bank, homestead association
                or
                similar institution, which is supervised and examined by a State
                or
                Federal authority having supervision over any such institutions or
                is a
                foreign savings and loan association or equivalent institution and
                (b) has
                an audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a copy of which is attached
                hereto.

            

    

     

    
      
        
        

      

      
        L-1-2

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              ___

            	
              Broker-dealer.  The
                Buyer is a dealer registered pursuant to Section 15 of the Securities
                Exchange Act of 1934.

            

    

     

    
      	
               

            	
              ___

            	
              Insurance
                Company.  The Buyer is an insurance company whose primary
                and predominant business activity is the writing of insurance or
                the
                reinsuring of risks underwritten by insurance companies and which
                is
                subject to supervision by the insurance commissioner or a similar
                official
                or agency of a State, territory or the District of
                Columbia.

            

    

     

    
      	
               

            	
              ___

            	
              State
                or Local Plan.  The Buyer is a plan established and
                maintained by a State, its political subdivisions, or any agency
                or
                instrumentality of the State or its political subdivisions, for the
                benefit of its employees.

            

    

     

    
      	
               

            	
              ___

            	
              ERISA
                Plan.  The Buyer is an employee benefit plan within the
                meaning of Title I of the Employee Retirement Income Security Act
                of
                1974.

            

    

     

    
      	
               

            	
              ___

            	
              Investment
                Advisor.  The Buyer is an investment advisor registered
                under the Investment Advisors Act of
                1940.

            

    

     

    
      	
               

            	
              ___

            	
              Small
                Business Investment Company.  Buyer is a small business
                investment company licensed by the U.S. Small Business Administration
                under Section 301(c) or (d) of the Small Business Investment Act
                of
                1958.

            

    

     

    
      	
               

            	
              ___

            	
              Business
                Development Company.  Buyer is a business development
                company as defined in Section 202(a)(22) of the Investment Advisors
                Act of
                1940.

            

    

     

    3.  The
      term
“securities” as used herein does not include (i) securities of
      issuers that are affiliated with the Buyer, (ii) securities that are part of
      an
      unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
      (iii) securities issued or guaranteed by the U.S. or any instrumentality
      thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
      participations, (vi) repurchase agreements, (vii) securities owned but subject
      to a repurchase agreement and (viii) currency, interest rate and commodity
      swaps.

     

    4.  For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published.  If clause (ii) in the preceding sentence applies, the
      securities may be valued at market.  Further, in determining such
      aggregate amount, the Buyer may have included securities owned by subsidiaries
      of the Buyer, but only if such subsidiaries are consolidated with the Buyer
      in
      its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Buyer’s direction.  However, such securities were not
      included if the Buyer is a majority-owned, consolidated subsidiary of another
      enterprise and the Buyer is not itself a reporting company under the Securities
      Exchange Act of 1934, as amended.

     

    
      
        
        

      

      
        L-1-3

        
          

        

      

      
        
        

      

    

     

    5.  The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    6.  Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein.  Until such notice is given, the Buyer’s
      purchase of the Certificates will constitute a reaffirmation of this
      certification as of the date of such purchase.  In addition, if the
      Buyer is a bank or savings and loan is provided above, the Buyer agrees that
      it
      will furnish to such parties updated annual financial statements promptly after
      they become available.

     

                   _____________________________________

    Print
      Name of Buyer

     

    By: ______________________________________                                                                     

    Name:

    Title:

     

    Date:  ____________________________________                                                                    

    

    
      
        
              

          
          

        

        
          L-1-4

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT L-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2.  In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal
      year.  For purposes of determining the amount of securities owned by
      the Buyer or the Buyer’s Family of Investment Companies, the cost of such
      securities was used, except (i) where the Buyer or the Buyer’s Family of
      Investment Companies reports its securities holdings in its financial statements
      on the basis of their market value, and (ii) no current information with respect
      to the cost of those securities has been published.  If clause (ii) in
      the preceding sentence applies, the securities may be valued at
      market.

     

    
      	
               

            	
              ___

            	
              The
                Buyer owned
                $            
                in securities (other than the excluded securities referred to below)
                as of
                the end of the Buyer’s most recent fiscal year (such amount being
                calculated in accordance with Rule
                144A).

            

    

     

    
      	
               

            	
              ___

            	
              The
                Buyer is part of a Family of Investment Companies which owned in
                the
                aggregate $         in
                securities (other than the excluded securities referred to below)
                as of
                the end of the Buyer’s most recent fiscal year (such amount being
                calculated in accordance with Rule
                144A).

            

    

     

    3.  The
      term
“Family of Investment Companies” as used herein means two or more
      registered investment companies (or series thereof) that have the same
      investment adviser or investment advisers that are affiliated (by virtue of
      being majority owned subsidiaries of the same parent or because one investment
      adviser is a majority owned subsidiary of the other).

     

     

    
      
        
        

      

      
        L-1-5

        
          

        

      

      
        
        

      

    

     

    4.  The
      term
“securities” as used herein does not include (i) securities of issuers
      that are affiliated with the Buyer or are part of the Buyer’s Family of
      Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5.  The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A.  In addition, the Buyer
      will only purchase for the Buyer’s own account.

     

    6.  Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions
      herein.  Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification by the
      undersigned as of the date of such purchase.

     

                                                                    

    ____________________________________

     Print
      Name of Buyer or
      Adviser

     

    By: _________________________________                                                               

    Name:

    Title:

     

    IF
      AN
      ADVISER:

     

                                                                    

    
      ____________________________________
Print
      Name of Buyer

     

    Date: ________________________________________                                                               

    

    
      
        
                 

          
          

        

        
          L-1-6

          
            

          

        

        
          
          

        

      

    EXHIBIT
      L-2

     

    [FORM
      OF]
      ERISA LETTER (COVERED CERTIFICATES)

    
      
         

        _____________________

        Date                 
          

         

        CWALT,
          Inc.

        4500
          Park
          Granada

        Calabasas,
          California  91302

        Attention:    Josh
          Adler

         

        The
          Bank
          of New York

        101
          Barclay Street – 8W

        New
          York,
          New York 10286

        

        
          

          Attention:         Mortgage-Backed
            Securities Group

          Series
            200_-_

           

          Re: 
               CWALT, Inc. Mortgage Pass-Through Certificates,

          Series
            200_-_,
            Class                                          

           

        

         

      

    

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates, we certify that
      we
      are not, and are not acquiring the Certificates on behalf of or with plan assets
      of an “employee benefit plan” as defined in section 3(3) of ERISA that is
      subject to Title I of ERISA, a “plan” as defined in section 4975 of the Code
      that is subject to section 4975 of the Code, or any person investing on behalf
      of or with plan assets (as defined in 29 CFR §2510.3-101 or otherwise under
      ERISA) of such an employee benefit plan or plan, or (ii) the purchase and
      holding of the Certificates satisfy the requirements for exemptive relief under
      PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar
      exemption.  We understand that, in the event that such representation
      is violated, such transfer or acquisition shall be void and of no
      effect.

     

    Very
      truly yours,

     

    

    __________________________________________

    Print
      Name of Transferee

     

    By: _________________________________                                                      

            Authorized
      Officer

    
       

       

      
        
          
          

        

        
          L-2-1

          
            

          

        

        
          
          

        

         

      

    

    EXHIBIT
      M

     

    [FORM
      OF]
      REQUEST FOR RELEASE

    (for
      Trustee)

     

    
      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        200_-_

       

      
        	 Loan
                Information	 
	 	 
	
                Name
                  of Mortgagor:

              	 
	 	 
	
                Servicer
                  Loan No.:

              	 
	 	 
	
                Trustee

              	 
	 	 
	
                Name:

              	 
	 	 
	
                Address:

              	 
	 	 
	 	 
	
                Trustee

              	 
	
                Mortgage
                  File No.:

              	 

      

       

    

    The
      undersigned Master Servicer hereby acknowledges that it has received from The
      Bank of New York, as Trustee for the Holders of Mortgage Pass-Through
      Certificates, of the above-referenced Series, the documents referred to below
      (the “Documents”).  All capitalized terms not otherwise defined in
      this Request for Release shall have the meanings given them in the Pooling
      and
      Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
      above-referenced Series among the Trustee, Countrywide Home Loans, Inc., as
      a
      Seller, Park Granada LLC, as a Seller, Park Monaco, Inc., as a Seller, Park
      Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer
      and CWALT, Inc., as Depositor.

     

    
      	
              ( )

            	
              Mortgage
                Note dated _______________, 20__, in the original principal sum of
                $___________, made by ____________________________, payable to, or
                endorsed to the order of, the
                Trustee.

            

    

     

    
      	
              ( )

            	
              Mortgage
                recorded on __________________ as instrument no.
                ______________________ in the County Recorder’s Office of the County
                of _________________________, State of
                _______________________ in book/reel/docket
                _________________________ of official records at page/image
                _______________________________.

            

    

     

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    
       

      
        	
                ( )

              	
                Deed
                  of Trust recorded on ______________________ as instrument no. ___________
                  in the County Recorder’s Office of the County of
                  __________________________, State of _____________________
                  in book/reel/docket _________________________ of official records
                  at page/image
                  ____________________________.

              

      

       

      
        	
                ( )

              	
                Assignment
                  of Mortgage or Deed of Trust to the Trustee, recorded on
                  _____________________ as instrument no. __________________ in the
                  County
                  Recorder’s Office of the County of _____________________, State of
                  ___________________ in book/reel/docket ________________ of official
                  records at page/image
                  ______________________.

              

      

       

      
        	
                ( )

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

              

      

       

      (   ) ___________________________________________________________________________                                                                                                                               

       

      (   ) ___________________________________________________________________________                                                                                                                               

       

      (   ) ___________________________________________________________________________                                                                                                                               

       

      (   ) ___________________________________________________________________________                                                                                                                               

       

      The
        undersigned Master Servicer hereby acknowledges and agrees as
        follows:

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          M-2

          
            

          

        

        
          
          

        

      

       

      COUNTRYWIDE
        HOME LOANS
SERVICING
        LP

       

      By  _____________________________________                                                              

       

      Its  _____________________________________                                                              

       

      Date:_________________,
        20__

      

      
        
          
                        

            
            

          

          
            M-3

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        N

       

      [FORM
        OF]
        REQUEST FOR RELEASE OF DOCUMENTS

       

      To:          The
        Bank of New
        York                                                                                 Attn:  Mortgage
        Custody Services

       

      
        	
                 

              	
                Re:

              	
                The
                  Pooling & Servicing Agreement dated [month] 1, 200_, among Countrywide
                  Home Loans, Inc., as a Seller,
Park Granada LLC, as a Seller, Park
                  Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                  Home
Loans Servicing LP, as Master Servicer, CWALT, Inc. and
                  The
                  Bank of New  York, as Trustee

              	 

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        for CWALT, Inc., we request the release of the Mortgage Loan File for the
        Mortgage Loan(s) described below, for the reason indicated.

       

      FT
        Account
        #:                                                                                   Pool
        #:

       

      Mortgagor’s
        Name, Address and Zip Code:

       

      Mortgage
        Loan Number:

       

      Reason
        for Requesting Documents (check one)

       

      
        	
                 

              	
                1.

              	
                Mortgage
                  Loan paid in full (Countrywide Home Loans, Inc. hereby certifies
                  that all
                  amounts have been received).

              

      

       

      
        	
                 

              	
                2.

              	
                Mortgage
                  Loan Liquidated (Countrywide Home Loans, Inc. hereby certifies
                  that all
                  proceeds of foreclosure, insurance, or other liquidation have been
                  finally
                  received).

              

      

       

      
        	
                 

              	
                3.

              	
                Mortgage
                  Loan in Foreclosure.

              

      

       

      
        	
                 

              	
                4.

              	
                Mortgage
                  Loan repurchased by the Master Servicer pursuant to Section 3.11(a)
                  (Countrywide Home Loans Servicing LP hereby certifies that the
                  Purchase
                  Price for the Mortgage Loan has been deposited in the Certificate
                  Account).

              

      

       

      
        	
                 

              	
                5.

              	
                Other
                  (explain):

              

      

       

      If
        item 1
        or 2 above is checked, and if all or part of the Mortgage File was previously
        released to us, please release to us our previous receipt on file with you,
        as
        well as any additional documents in your possession relating to the
        above-specified Mortgage Loan.  If item 3, 4 or 5 is checked, upon
        return of all of the above documents to you as Trustee, please acknowledge
        your
        receipt by signing in the space indicated below, and returning this
        form.

       

      

      
        
          
                

            
            

          

          
            N-1

            
              

            

          

          
            
            

          

        

      

      

      COUNTRYWIDE
        HOME LOANS, INC.

      4500
        Park
        Granada

      Calabasas,
        California  91302

       

      By: _________________________________                                                             

      Name: _______________________________                                                             

      Title: ________________________________                                                             

      Date: ________________________________                                                             

       

      [COUNTRYWIDE
        HOME LOANS SERVICING LP]

       

      
        By: _________________________________                                                             

        Name: _______________________________                                                             

        Title: ________________________________                                                             

        Date: ________________________________                                                             

         
TRUSTEE
        CONSENT TO RELEASE AND

      ACKNOWLEDGEMENT
        OF RECEIPT

       

      
        By: _________________________________                                                             

        Name: _______________________________                                                             

        Title: ________________________________                                                             

        Date: ________________________________                                                             

         

        
          
            
            

          

          
            N-2

            
              

            

          

          
            
            

          

        

         

      

    

    
      

      EXHIBIT
        O

      

      GLOSSARY
        of TERMS for STANDARD & POOR’S LEVELS® VERSION FILE FORMAT

      

      APPENDIX  E
        – Standard & Poor’s Predatory Lending Categories

      

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

      

      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

                 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101
                  etseq.

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101
                  etseq.

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan Lending Practices 

                Act,
                  Conn. Gen. Stat. §§ 36a-746 et seq.

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01
                  etseq.

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              

      

       

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

      
 

      Standard & Poor’s High Cost Loan
        Categorization

       

      
        	
                 State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory
Lending Law

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq.

                Effective
                  October 2, 2002

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1
etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 – current)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1
etseq.

                Effective
                  for loans closed on or after March 7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection Act of 1994, 

                15
                  U.S.C. § 1639, 12 C.F.R. §§ 226.32 and 226.34

                Effective
                  October 1, 1995, amendments October 1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5
                  etseq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101
etseq.

                Sections
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999

              	
                High
                  Loan to Value Consumer Loan (id. § 16a-3-207)
                  and;

              
	
                High
                  APR Consumer Loan (id. § 16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 – High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                  etseq.

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              

      

       

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

      
 

      Standard & Poor’s High Cost Loan
        Categorization

       

      
        	
                 State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory
Lending
                  Law

              

      

      
        	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101
                  etseq.

                Effective
                  September 29, 1995 and as amended from time to time

              	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01
                  etseq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010
etseq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1
                  etseq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 etseq.

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              

      

       

       

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

      
Standard & Poor’s High Cost Loan
        Categorization

       

      
        

        
          	
                  State/Jurisdiction

                	
                  Name
                    of Anti-Predatory Lending Law/Effective Date

                	
                  Category
                    under Applicable Anti-Predatory Lending
                    Law

                

        

      

       

      
        	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W. Va. Code
                  Ann. §§ 31-17-1 etseq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

       

      

       

      Standard
        & Poor’s Covered Loan Categorization

       

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1
etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, 

                N.J.
                  Rev. Stat. §§ 46:10B-22 etseq.

                Effective
                  November 27, 2003 – July 5, 2004

              	
                Covered
                  Home Loan

              

      

       

       

      
        
          
          

        

        
          O-4

          
            

          

        

        
          
          

        

      

      
 

      
        	
                Standard
                  & Poor’s Home Loan Categorization

                 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1
etseq.

                Effective
                  October 1, 2002 – March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  etseq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              

      

      
        	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1
                  etseq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  etseq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  etseq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

      

      

      
        
          
            
            

          

          
            O-5

            
              

            

          

          
            
            

          

        

    

    EXHIBIT
      P

    

    

    [FORM
      OF]
      SUPPLEMENTAL TRANSFER AGREEMENT

    

    THIS
      SUPPLEMENTAL TRANSFER AGREEMENT,  dated as of ____________, 200_ (this
“Supplemental Transfer Agreement”), among CWALT, INC., a Delaware corporation,
      as depositor (the “Depositor”), COUNTRYWIDE HOME LOANS, INC. (“CHL”), a New York
      corporation, as a seller (a “Seller”), PARK GRANADA LLC (“Park Granada”), a
      Delaware limited liability company, as a seller (a “Seller”), PARK MONACO INC.
      (“Park Monaco”), a Delaware limited liability corporation, as a seller (a
“Seller”), PARK SIENNA LLC (“Park Sienna”), a Delaware limited liability
      company, as a seller (a “Seller” and together with CHL, Park Granada and Park
      Monaco, the “Sellers”) under the Pooling and Servicing Agreement referred to
      below, and THE BANK OF NEW YORK, a New York banking corporation, as trustee
      (the
“Trustee”);

     

    WHEREAS,
      the Depositor, the Sellers, the Trustee and Countrywide Home Loans Servicing
      LP,
      as Master Servicer, have entered in the Pooling and Servicing Agreement, dated
      as of [month] 1, 200[•]
      (the “Pooling and Servicing Agreement”), in relation to the CHL Mortgage
      Pass-Through Trust 200_-_, Mortgage Pass-Through Certificates, Series
      200_-_;

     

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

     

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

     

    (a)           The
      “Supplemental Transfer Date” with respect to this Supplemental Transfer
      Agreement shall be ________, 200_.

     

    (b)           The
      “Aggregate Supplemental Purchase Amount” with respect to this Supplemental
      Transfer Agreement shall be $________; provided, however, that such amount
      shall
      not exceed the amount on deposit in the Supplemental Loan Account.

     

    (c)           The
      “Capitalized Interest Requirement” with respect to this Supplemental Transfer
      Agreement shall be $________; provided, however, that such amount shall not
      exceed the amount on deposit in the Capitalized Interest Account.

     

    (d)           [Reserved]

     

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

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        P-2

        
          

        

      

      
        
        

      

    

    

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

     

    CWALT,
      INC.,

      as
      Depositor

     

    By:_____________________________________                                                                          

          Name:

          Title:

    

    

    

    COUNTRYWIDE
      HOME LOANS, INC.,

      as
      Seller

     

    By:_____________________________________                                                                          

          Name:

          Title:

    

    

    

    PARK
      GRANADA LLC,

      as
      a Seller

     

    By:_____________________________________                                                                          

    Name:

    Title:

    

    

    

    PARK
      MONACO, INC.,

      as
      a Seller

     

    By:_____________________________________                                                                          

    Name:

    Title:

    

    

    
      
        
        

      

      
        P-3

        
          

        

      

      
        
        

      

    

    

    

    PARK
      SIENNA LLC,

      as
      a Seller

     

    By:_____________________________________                                                                          

    Name:

    Title:

    

    

    

    THE
      BANK
      OF NEW YORK,

      not
      in its individual capacity,

      but
      solely as Trustee

     

    By:_____________________________________                                                                          

          Name:

          Title:

    

     

    

     

    Acknowledged
      and Agreed:

     

    COUNTRYWIDE
      HOME LOANS SERVICING LP,

     
        as Master Servicer

     

    By:  COUNTRYWIDE
      GP, INC.

     

    By:  _____________________________

            Name:

            Title:

     

     

    
      
        
        

      

      
        P-4

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      Q

     

    MONTHLY
      REPORT

     

    [On
      file
      with Trustee]

    

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      R-1

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

     

    (Subservicer)

     

    
      	
              Re:  

            	
              The
                Pooling and Servicing Agreement dated as of [________] (the “Pooling and
                Servicing Agreement”) among CWALT, Inc., as Depositor, Countrywide Home
                Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna
                LLC,
                as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer,
                the
                undersigned, as Trustee and [Subservicing Agreement] dated as of
                [           ] (the
                “Agreement”)

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Company’s compliance with the servicing criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans by the Company during 200[ ] that were delivered by the
      Company to the Depositor, the Master Servicer or the Trustee pursuant to the
      Agreement (collectively, the “Company Servicing Information”);

     

    (2)           Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)           Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the Depositor,
      the Master Servicer or the Trustee, as applicable;

     

    (4)           I
      am responsible for reviewing the activities performed by the Company as a
      servicer under the Agreement, and based on my knowledge and the compliance
      review conducted in preparing the Compliance Statement and except as disclosed
      in the Compliance Statement, the Servicing Assessment or the Attestation Report,
      the Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    
      
        
        

      

      
        R-1-1

        
          

        

      

      
        
        

      

    

     

    (5)           The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the Master Servicer.  Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      Master Servicer.  Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

     

    Date:_________________________

     

    By:  ________________________________

    Name:
Title:

     

    

    
      
        
        

      

      
        R-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R-2

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

     

    (Trustee)

     

    
      	
              Re:  

            	
              The
                Pooling and Servicing Agreement dated as of [________], (the “Pooling and
                Servicing Agreement”) among CWALT, Inc., as Depositor, Countrywide Home
                Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna
                LLC,
                as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer,
                the
                undersigned, as Trustee

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the report on assessment of the Company’s compliance with the
      servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing
      Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities
      Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of
      Regulation AB (the “Servicing Assessment”), the registered public accounting
      firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18
      under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”), [all reports on Form 10-D containing statements to certificateholders
      filed in respect of the period included in the year covered by the annual report
      of the Trust Fund] (collectively, the “Distribution Date
      Statements”);

     

    (2)           Assuming
      the accuracy and completeness of the information delivered to the Company by
      the
      Master Servicer as provided in the Pooling and Servicing Agreement and subject
      to paragraph (4) below, the distribution information determined by the Company
      and set forth in the Distribution Date Statements contained in all Form 10-D’s
      included in the year covered by the annual report of such Trust on Form 10-K
      for
      the calendar year 200[  ], is complete and does not contain any
      material misstatement of fact as of the last day of the period covered by such
      annual report;

     

    (3)           Based
      solely on the information delivered to the Company by the Master Servicer as
      provided in the Pooling and Servicing Agreement, (i) the distribution
      information required under the Pooling and Servicing Agreement to be contained
      in the Trust Fund’s Distribution Date Statements and (ii) the servicing
      information required to be provided by the Master Servicer to the trustee for
      inclusion in the Trust Fund’s Distribution Date Statements, to the extent
      received by the Trustee from the Master Servicer in accordance with the Pooling
      and Servicing Agreement, is included in such Distribution Date
      Statements;

     

    (4)           The
      Company is not certifying as to the accuracy, completeness or correctness of
      the
      information which it received from the Master Servicer and did not independently
      verify or confirm the accuracy, completeness or correctness of the information
      provided by the Master Servicer;

     

    
      
        
        

      

      
        R-2-1

        
          

        

      

      
        
        

      

    

     

    (5)           I
      am responsible for reviewing the activities performed by the Company as a person
      “performing a servicing function” under the Pooling and Servicing Agreement, and
      based on my knowledge and the compliance review conducted in preparing the
      Servicing Assessment and except as disclosed in the Servicing Assessment or
      the
      Attestation Report, the Company has fulfilled its obligations under the Pooling
      and Servicing Agreement; and

     

    (6)           The
      Servicing Assessment and Attestation Report required to be provided by the
      Company and by Subcontractor pursuant to the Pooling and Servicing Agreement,
      have been provided to the Master Servicer and the Depositor.  Any
      material instances of noncompliance described in such reports have been
      disclosed to the Master Servicer and the Depositor.  Any material
      instance of noncompliance with the Servicing Criteria has been disclosed in
      such
      reports.

     

    
       

      Date:_________________________

       

      By:  ________________________________

      Name:
Title:

       

      

      
        
          
          

        

        
          R-2-2

          
            

          

        

        
          
          

        

      

    EXHIBIT
      S

    

    [FORM
      OF]

    SERVICING
      CRITERIA TO BE ADDRESSED IN

    ASSESSMENT
      OF COMPLIANCE STATEMENT

    

    The
      assessment of compliance to be delivered by [the Master Servicer] [Trustee]
      [Name of Subservicer] shall address, at a minimum, the criteria identified
      as
      below as “Applicable Servicing Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	 
	 	
              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
               Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	 	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
               Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements.

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
               Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 
	 	 	 

    

     

    [NAME
      OF
      MASTER SERVICER] [NAME OF TRUSTEE] [NAME OF SUBSERVICER]

     

    Date: _______________________________

     

    By:  ________________________________

    Name:

    Title:

     

    

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

    

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ALTERNATIVE
      LOAN TRUST 200_-__

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    Series
      200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

     

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      U

    

    FORM
      OF
      SARBANES-OXLEY CERTIFICATION

    (REPLACEMENT
      OF MASTER SERVICER)

    

    

    Re:           Alternative
      Loan Trust 200[ ]-OA[  ], Mortgage Pass-Through Certificates, Series
      200[ ]-OA[  ]

    

    

    The
      undersigned Servicer hereby
      certifies to the Depositor and its officers, directors and Affiliates
      (collectively, the “Certification Parties”) as follows, with the knowledge and
      intent that the Certification Parties will rely on this Certification in
      connection with the certification concerning the Trust Fund to be signed by
      an
      officer of the Depositor and submitted to the Securities and Exchange Commission
      pursuant to the Sarbanes-Oxley Act of 2002:

    

    1.  I
      have
      reviewed the servicer compliance statement of the Master Servicer provided
      in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Servicer’s compliance with the servicing criteria
      set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
      in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Master Servicer during 200[ ] that were
      delivered by the Master Servicer to the Trustee pursuant to the Agreement
      (collectively, the “Servicing Information”);

    

    2.  Based
      on
      my knowledge, the Servicing Information, taken as a whole, does not contain
      any
      untrue statement of a material fact or omit to state a material fact necessary
      to make the statements made, in the light of the circumstances under which
      such
      statements were made, not misleading with respect to the period of time covered
      by the Servicing Information;

    

    3.  Based
      on
      my knowledge, all of the Servicing Information required to be provided by the
      Master Servicer under the Agreement has been provided to the Depositor or the
      Trustee, as applicable;

    

    4.  I
      am
      responsible for reviewing the activities performed by the Master Servicer as
      servicer under the Servicing Agreement (the “Pooling and Servicing Agreement”)
      relating to the above-referenced Series, among Countrywide Home Loans, Inc.,
      as
      a seller, Park Granada LLC, as a seller, Park Sienna LLC, as a seller, Park
      Monaco Inc., as a seller,
      [            ], as
      master servicer, CWALT, Inc., as depositor, and The Bank of New York, as
      trustee, and based on my knowledge and the compliance review conducted in
      preparing the Compliance Statement and except as disclosed in the Compliance
      Statement, the Pooling and Servicing Assessment or the Attestation Report,
      the
      Master Servicer has fulfilled its obligations under the Agreement in all
      material respects; and

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

     

    5.  The
      Compliance Statement required to be delivered by the Master Servicer pursuant
      to
      the Pooling and Agreement, and the Servicing Assessment and Attestation Report
      required to be provided by the Master Servicer and by any Subservicer or
      Reporting Subcontractor pursuant to the Agreement, have been provided to the
      Depositor.  Any material instances of noncompliance described in such
      reports have been disclosed to the Depositor.  Any material instance
      of noncompliance with the Servicing Criteria has been disclosed in such
      reports.

    

    [MASTER
      SERVICER]

    

    By:________________________________

         
Name:

         
Title:

     

    Date:______________________________

     

    U-2

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