Document:

Exhibit 10.3

                            MUELLER INDUSTRIES, INC.
                             2002 STOCK OPTION PLAN

1. Purposes.
   ---------

     The Mueller Industries, Inc. 2002 Stock Option Plan (the "Plan") is
intended to attract and retain the best available personnel for positions of
substantial responsibility with Mueller Industries, Inc., a Delaware corporation
(the "Company"), and its subsidiary corporations, and to provide additional
incentive to such persons to exert their maximum efforts toward the success of
the Company and its subsidiary corporations. The above aims will be effectuated
through the granting of certain options ("Options") to purchase shares of the
Company's common stock, par value $.01 per share (the "Common Stock"). Under the
Plan, the Company may grant "incentive stock options" ("ISOs") within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code"), or Options which are not intended to be ISOs ("Non-Qualified Options").

2. Administration of the Plan.
   ---------------------------

     The Plan shall be administered by the Board of Directors of the Company
(the "Board of Directors"), or a committee consisting of at least two persons,
appointed by the Board of Directors, each of whom shall be a "non-employee
director" within the meaning of Rule 16b 3 under the Securities Exchange Act of
1934 (the "Exchange Act") (the entity administering the Plan hereinafter called
the "Committee"). The Committee may exercise the power and authority vested in
the Board of Directors under the Plan. Within the limits of the express
provisions of the Plan, the Committee shall have the authority, in its
discretion, to take the following actions under the Plan:

     (a) to determine the individuals to whom, and the time or times at which,
Options shall be granted, the number of shares of Common Stock to be subject to
each Option and whether such Options shall be ISOs or Non-Qualified Options;

     (b) to interpret the Plan;

     (c) to prescribe, amend and rescind rules and regulations relating to the
Plan;

     (d) to determine the terms and provisions of the respective stock option
agreements granting Options, including the date or dates upon which Options
shall become exercisable, which terms need not be identical;

     (e) to accelerate the vesting of any outstanding Options; and

     (f) to make all other determinations and take all other actions necessary
or advisable for the administration of the Plan.

     In making such determinations, the Committee may take into account the
nature of the services rendered by such individuals, their present and potential
contributions to the

<PAGE>

Company's success, and such other factors as the Committee, in its discretion,
shall deem relevant. An individual to whom an Option has been granted under the
Plan is referred to herein as an "Optionee". The Committee's determinations on
the matters referred to in this Section 2 shall be conclusive.

3. Shares Subject to the Plan.
   ---------------------------

     The total number of shares of Common Stock which shall be subject to
Options granted under the Plan shall not exceed 750,000, subject to adjustment
as provided in Section 7 hereof. The Company shall at all times while the Plan
is in force reserve such number of shares of Common Stock as will be sufficient
to satisfy the requirements of outstanding Options. The shares of Common Stock
to be issued upon exercise of Options shall be authorized and unissued or
reacquired shares of Common Stock. The shares of Common Stock relating to the
unexercised portion of any expired, terminated or cancelled Option shall
thereafter be available for the grant of Options under the Plan.

4. Eligibility.
   ------------

     (a) Options may be granted under the Plan only to (i) employees of the
Company and (ii) employees of any "subsidiary corporation" (a "Subsidiary") of
the Company within the meaning of Section 424(f) of the Code; provided, however,
that no person may be granted Options under the Plan with respect to more than
100,000 shares of Common Stock in any one year. The term "Company," when used in
the context of an Optionee's employment, shall be deemed to include Subsidiaries
of the Company.

     (b) Nothing contained in the Plan shall be construed to limit the right of
the Company to grant stock options otherwise than under the Plan for proper
corporate purposes.

     1. Terms of Options.
        -----------------

     The terms of each Option granted under the Plan shall be determined by the
Committee consistent with the provisions of the Plan, including the following:

     (a) The purchase price of the shares of Common Stock subject to each Option
shall be fixed by the Committee, in its discretion, at the time such Option is
granted; provided, however, that in no event shall such purchase price be less
than the Fair Market Value (as defined in paragraph (g) of this Section 5) of
the shares of Common Stock as of the date such Option is granted.

     (b) The dates on which each Option (or portion thereof) shall be
exercisable shall be fixed by the Committee, in its discretion, at the time such
Option is granted.

     (c) The expiration of each Option shall be fixed by the Committee, in its
discretion, at the time such Option is granted. No Option shall be exercisable
after the expiration of ten (10) years from the date of its grant and each
Option shall be subject to earlier termination as determined by the Committee,
in its discretion, at the time such Option is granted.

<PAGE>

     (d) Options shall be exercised by the delivery to the Company at its
principal office or at such other address as may be established by the Committee
(Attention: Corporate Treasurer) of written notice of the number of shares of
Common Stock with respect to which the Option is being exercised accompanied by
payment in full of the purchase price of such shares. Unless otherwise
determined by the Committee, payment for such shares may be made (i) in cash,
(ii) by certified check or bank cashier's check payable to the order of the
Company in the amount of such purchase price, (iii) by delivery to the Company
of shares of Common Stock (by attestation or otherwise) (held by the Optionee
for at least six months prior to such delivery) having a Fair Market Value equal
to such purchase price, (iv) by irrevocable instructions to a broker to deliver
promptly to the Company the amount of sale or loan proceeds necessary to pay
such purchase price and to sell the shares of Common Stock to be issued upon
exercise of the Option and deliver the cash proceeds less commissions and
brokerage fees to the Optionee or to deliver the remaining shares of Common
Stock to the Optionee, or (v) by any combination of the methods of payment
described in (i) through (iv) above.

     (e) An Optionee shall not have any of the rights of a holder of the Common
Stock with respect to the shares of Common Stock subject to an Option until such
shares are issued to such Optionee upon the exercise of such Option.

     (f) Generally, an Option shall not be transferable, except by will or the
laws of descent and distribution, and may be exercised, during the lifetime of
an Optionee, only by the Optionee; provided, however, that the Committee may, in
its sole discretion, at the time of grant or at any time thereafter, allow for
the transfer of Options that are not ISOs to other persons or entities, subject
to such conditions or limitations as it may establish. No Option granted under
the Plan shall be subject to execution, attachment or other process.

     (g) For purposes of the Plan, as of any date when the Common Stock is
listed on one or more national securities exchanges (including the New York
Stock Exchange) or quoted on the NASDAQ Stock Market, the "Fair Market Value" of
the Common Stock as of any date shall be deemed to be the mean between the
highest and lowest sale prices of the Common Stock reported on the principal
national securities exchange on which the Common Stock is listed and traded or
the NASDAQ Stock Market, on the immediately preceding date, or, if there is no
such sale on that date, then on the last preceding date on which such a sale was
reported. If the Common Stock is not listed on an exchange or quoted on the
NASDAQ Stock Market, or representative quotes are not otherwise available, the
"Fair Market Value" of the Common Stock shall mean the amount determined by the
Committee to be the fair market value based upon a good faith attempt to value
the Common Stock accurately.

6. Special Provisions Applicable to ISOs.
   --------------------------------------

     The following special provisions shall be applicable to ISOs granted under
the Plan.

     (a) No ISOs shall be granted under the Plan after ten (10) years from the
earlier of (i) the date the Plan is adopted or (ii) the date the Plan is
approved by the holders of the Common Stock.

<PAGE>

     (b) ISOs may not be granted to a person who owns stock possessing more than
10% of the total combined voting power of all classes of stock of the Company,
any of its Subsidiaries, or any "parent corporation" (a "Parent") of the
Company, within the meaning of Section 424(e) of the Code, unless (i) the
exercise price is no less than 110% of the Fair Market Value of the underlying
Common Stock on the date of grant and (ii) the ISO is not exercisable after the
expiration of five years from the date of grant.

     (c) If the aggregate Fair Market Value of the Common Stock with respect to
which ISOs are exercisable for the first time by any Optionee during a calendar
year (under all plans of the Company and its Parents and Subsidiaries) exceeds
$100,000, such ISOs shall be treated, to the extent of such excess, as
Non-Qualified Options. For purposes of the preceding sentence, the Fair Market
Value of the Common Stock shall be determined at the time the ISOs covering such
shares were granted.

7. Adjustment upon Changes in Capitalization.
   ------------------------------------------

     (a) In the event that the outstanding shares of Common Stock or the capital
structure of the Company are changed by reason of reorganization, merger,
consolidation, recapitalization, reclassification, stock split, reverse stock
split, combination or exchange of shares and the like, or dividends payable in
shares of Common Stock, the Committee shall make such appropriate adjustment to
the aggregate number of shares of Common Stock available under the Plan, the
number of shares of Common Stock subject to Options that may be granted to any
person in any one year, and in the number of shares of Common Stock and the
price per share of Common Stock subject to outstanding Options as determined by
the Committee, in its sole discretion to be appropriate. If the Company shall be
reorganized, consolidated or merged with another corporation, or if all or
substantially all of the assets of the Company shall be sold or exchanged, an
Optionee shall at the time of such corporate event be entitled to receive upon
the exercise of his Option the same number and kind of shares of stock or the
same amount of property, cash or securities as he would have been entitled to
receive upon the occurrence of any such corporate event as if he had been,
immediately prior to such event, the holder of the number of shares of Common
Stock covered by his Option; provided, however, that if any such event occurs or
if the Company enters into an agreement to undertake any such event, the
Committee may, in its sole discretion, cancel any outstanding Options and pay to
such Optionees, in cash or stock, or any combination thereof, the value of such
Options as determined by the Committee based on the price per share of Common
Stock received or to be received by the stockholders of the Company upon such
event. The immediately prior sentence is not intended to provide for any
automatic acceleration of vesting of any Option, which shall be left to the sole
discretion of the Committee.

     (b) Any adjustment under this Section 7 in the number of shares of Common
Stock subject to Options shall apply proportionately to only the unexercised
portion of any Option granted hereunder. If fractions of a share would result
from any such adjustment, the adjustment shall be revised to the next lower
whole number of shares.

<PAGE>

8. Further Conditions of Exercise.
   -------------------------------

     (a) The obligation of the Company to issue shares of Common Stock pursuant
to the exercise of Options shall be subject to all applicable laws, rules and
regulations, and to such approvals by governmental agencies as may be required.
Notwithstanding any of the provisions hereof, the Optionee may not exercise the
Options, and the Company will be under no obligation to offer to sell or to sell
and shall be prohibited from offering to sell or selling any shares of Common
Stock pursuant to the exercise of any Option, unless such exercise, offer or
sale shall be properly registered pursuant to the Securities Act of 1933 (as now
in effect or as hereafter amended) (the "Securities Act") with the Securities
and Exchange Commission or unless the Company has received an opinion of
counsel, satisfactory to the Company, that such shares may be offered or sold
without such registration pursuant to an available exemption therefrom and the
terms and conditions of such exemption have been fully complied with. Any
determination in this connection by the Committee shall be final, binding and
conclusive. The Company shall use reasonable efforts, when it deems appropriate,
to register the offer or sale of shares of Common Stock underlying any Option
pursuant to the Securities Act and to take any other affirmative action in order
to cause the exercise of the Options or the issuance or transfer of shares
pursuant thereto to comply with any law or regulation of any governmental
authority. If the shares of Common Stock offered for sale or sold under any
Option are offered or sold pursuant to an exemption from registration under the
Securities Act, the Company may restrict the transfer of such shares and may
legend the Common Stock certificates representing such shares in such manner as
it deems advisable to ensure the availability of any such exemption.

     (b) The Company is relieved from any liability for the non-issuance or
non-transfer or any delay in issuance or transfer of any shares of Common Stock
subject to Options which results from the inability of the Company to obtain or
in any delay in obtaining from any regulatory body having jurisdiction all
requisite authority to issue or transfer shares of Common Stock either upon
exercise of the Options or shares of Common Stock issued as a result of such
exercise if counsel for the Company deems such authority necessary for lawful
issuance or transfer of any such shares.

9. Termination, Modification and Amendment.
   ----------------------------------------

     (a) The Plan (but not Options previously granted under the Plan) shall
terminate ten (10) years from the date of its adoption by the Board of
Directors, and no Option shall be granted after termination of the Plan.

     (b) The Plan may at any time be terminated or, from time to time, be
modified or amended by the Board of Directors; provided, however, that the Board
of Directors shall not, without approval by the affirmative vote of the holders
of a majority of the shares of the capital stock of the Company present in
person or by proxy and entitled to vote at the meeting, amend the Plan to (i)
increase (except as provided by Section 7) the maximum number of shares of
Common Stock as to which Options may be granted under the Plan, (ii) increase
the maximum number of shares of Common Stock as to which Options may be granted
to any person in any single year, (iii) decrease the purchase price for Options
below Fair Market Value of the Common Stock at the time of grant, or (iv) change
the class of persons eligible to receive Options under the Plan.

<PAGE>

     (c) No termination, modification or amendment of the Plan may adversely
affect the rights conferred by any Options without the consent of the affected
Optionee.

10. Effectiveness of the Plan.
    --------------------------

     The Plan shall become effective upon adoption by the Board of Directors,
subject to the approval by the shareholders of the Company. Options may be
granted under the Plan prior to receipt of such approval, provided that, in the
event such approval is not obtained, the Plan and all Options granted under the
Plan shall be null and void and of no force and effect.

11. Not a Contract of Employment.
    -----------------------------

     Nothing contained in the Plan or in any stock option agreement executed
pursuant hereto shall be deemed to confer upon any Optionee any right to remain
in the employ of the Company or of any Subsidiary.

12. Governing Law.
    --------------

     The Plan shall be governed by the laws of the State of Delaware without
reference to principles of conflict of laws thereof.

13. Withholding.
    ------------

     As a condition to the exercise of any Option, the Committee may require
that an Optionee satisfy, through withholding from other compensation or
otherwise, the full amount of all federal, state and local income and other
taxes required to be withheld in connection with such exercise. The Committee
may, in its sole discretion, allow for the retention by the Company of shares of
Common Stock otherwise to be delivered to the Optionee upon the exercise of any
Option in order to satisfy this withholding requirement.

As adopted by the Board of Directors
of Mueller Industries, Inc. as of
February 12, 2002.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

                            ______________________,

                                    Trustee

                      ___________________________________

                        POOLING AND SERVICING AGREEMENT

                         Dated as of ___________, 200_

                      ___________________________________

                        ALTERNATIVE LOAN TRUST 200_-__

              MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 200_-__

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

<PAGE>

                               Table of Contents

                                                                          Page
                                                                          ----

                            ARTICLE I DEFINITIONS

    ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

SECTION 2.01.    Conveyance of Mortgage Loans.............................II-1
SECTION 2.02.    Acceptance by Trustee of the Mortgage Loans..............II-7
SECTION 2.03.    Representations, Warranties and Covenants of
                 the Sellers and  Master Servicer........................II-10
SECTION 2.04.    Representations and Warranties of the Depositor
                 as to the Mortgage Loans................................II-13
SECTION 2.05.    Delivery of Opinion of Counsel in Connection with
                 Substitutions...........................................II-13
SECTION 2.06.    Execution and Delivery of Certificates..................II-13
SECTION 2.07.    REMIC Matters...........................................II-14
SECTION 2.08.    Covenants of the Master Servicer........................II-14

          ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

SECTION 3.01.    Master Servicer to Service Mortgage Loans...............III-1
SECTION 3.02.    Subservicing; Enforcement of the Obligations
                 of Subservicers.........................................III-2
SECTION 3.03.    Rights of the Depositor, the NIM Insurer and
                 the Trustee in Respect of the Master Servicer...........III-2
SECTION 3.04.    Trustee to Act as Master Servicer.......................III-2
SECTION 3.05.    Collection of Mortgage Loan Payments; Certificate
                 Account; Distribution Account; Supplemental Loan
                 Account; Capitalized Interest Account; Carryover
                 Reserve Fund; Credit Comeback Excess Amount; Principal
                 Reserve Fund............................................III-3
SECTION 3.06.    Collection of Taxes, Assessments and Similar Items;
                 Escrow Accounts.........................................III-8
SECTION 3.07.    Access to Certain Documentation and Information
                 Regarding the Mortgage Loans............................III-9
SECTION 3.08.    Permitted Withdrawals from the Certificate Account,
                 the Distribution Account, the Carryover Reserve Fund
                 and the Principal Reserve Fund..........................III-9
SECTION 3.09.    Maintenance of Hazard Insurance; Maintenance of
                 Primary Insurance Policies.............................III-11
SECTION 3.10.    Enforcement of Due-on-Sale Clauses;
                 Assumption Agreements..................................III-12
SECTION 3.11.    Realization Upon Defaulted Mortgage Loans;
                 Repurchase of Certain Mortgage Loans...................III-13
SECTION 3.12.    Trustee to Cooperate; Release of Mortgage Files........III-16
SECTION 3.13.    Documents, Records and Funds in Possession of
                 Master Servicer to be Held for the Trustee.............III-17
SECTION 3.14.    Servicing Compensation.................................III-17
SECTION 3.15.    Access to Certain Documentation........................III-18
SECTION 3.16.    Annual Statement as to Compliance......................III-18
SECTION 3.17.    Errors and Omissions Insurance; Fidelity Bonds.........III-19
SECTION 3.18.    The Corridor Contract..................................III-19
SECTION 3.19.    Prepayment Charges.....................................III-20

                                      i

<PAGE>

         ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

SECTION 4.01.    Advances.................................................IV-1
SECTION 4.02.    Priorities of Distribution...............................IV-2
SECTION 4.03.    [Reserved]..............................................IV-17
SECTION 4.04.    [Reserved]..............................................IV-17
SECTION 4.05.    [Class [AF-5B] Policy; Rights of the
                  Class [AF-5B] Insurer..................................IV-17
SECTION 4.06.    Monthly Statements to Certificateholders................IV-20
SECTION 4.07.    Determination of Pass-Through Rates for
                 COFI Certificates.......................................IV-20
SECTION 4.08.    Determination of Pass-Through Rates for
                 LIBOR Certificates......................................IV-21

                          ARTICLE V THE CERTIFICATES

SECTION 5.01.    The Certificates..........................................V-1
SECTION 5.02.    Certificate Register; Registration of Transfer and
                 Exchange of Certificates..................................V-1
SECTION 5.03.    Mutilated, Destroyed, Lost or Stolen Certificates.........V-6
SECTION 5.04.    Persons Deemed Owners.....................................V-6
SECTION 5.05.    Access to List of Certificateholders' Names
                 and Addresses.............................................V-6
SECTION 5.06.    Maintenance of Office or Agency...........................V-6

               ARTICLE VI THE DEPOSITOR AND THE MASTER SERVICER

SECTION 6.01.    Respective Liabilities of the Depositor and
                 the Master Servicer......................................VI-1
SECTION 6.02.    Merger or Consolidation of the Depositor or
                 the Master Servicer......................................VI-1
SECTION 6.03.    Limitation on Liability of the Depositor, the Sellers,
                 the Master Servicer, the NIM Insurer and Others..........VI-1
SECTION 6.04.    Limitation on Resignation of Master Servicer.............VI-2

                              ARTICLE VII DEFAULT

SECTION 7.01.    Events of Default.......................................VII-1
SECTION 7.02.    Trustee to Act; Appointment of Successor................VII-2
SECTION 7.03.    Notification to Certificateholders......................VII-4

                      ARTICLE VIII CONCERNING THE TRUSTEE

SECTION 8.01.    Duties of Trustee......................................VIII-1
SECTION 8.02.    Certain Matters Affecting the Trustee..................VIII-2
SECTION 8.03.    Trustee Not Liable for Certificates or Mortgage Loans..VIII-3
SECTION 8.04.    Trustee May Own Certificates...........................VIII-3
SECTION 8.05.    Trustee's Fees and Expenses............................VIII-3
SECTION 8.06.    Eligibility Requirements for Trustee...................VIII-3
SECTION 8.07.    Resignation and Removal of Trustee.....................VIII-4
SECTION 8.08.    Successor Trustee......................................VIII-5
SECTION 8.09.    Merger or Consolidation of Trustee.....................VIII-5
SECTION 8.10.    Appointment of Co-Trustee or Separate Trustee..........VIII-6
SECTION 8.11.    Tax Matters............................................VIII-7

                            ARTICLE IX TERMINATION

SECTION 9.01.    Termination upon Liquidation or Purchase of all
                 Mortgage Loans...........................................IX-2

                                      ii

<PAGE>

SECTION 9.02.    Final Distribution on the Certificates...................IX-2
SECTION 9.03.    Additional Termination Requirements......................IX-3

                      ARTICLE X MISCELLANEOUS PROVISIONS

SECTION 10.01.   Amendment.................................................X-1
SECTION 10.02.   Recordation of Agreement; Counterparts....................X-2
SECTION 10.03.   Governing Law.............................................X-2
SECTION 10.04.   Intention of Parties......................................X-2
SECTION 10.05.   Notices...................................................X-3
SECTION 10.06.   Severability of Provisions................................X-4
SECTION 10.07.   Assignment................................................X-4
SECTION 10.08.   Limitation on Rights of Certificateholders................X-4
SECTION 10.09.   Inspection and Audit Rights...............................X-5
SECTION 10.10.   Certificates Nonassessable and Fully Paid.................X-5
SECTION 10.11.   [Reserved]................................................X-5
SECTION 10.12.   Protection of Assets......................................X-5

                       ARTICLE XI EXCHANGE ACT REPORTING

SECTION 11.01.   Filing Obligations.......................................XI-6
SECTION 11.02.   Form 10-D Filings........................................XI-6
SECTION 11.03.   Form 8-K Filings.........................................XI-7
SECTION 11.04.   Form 10-K Filings........................................XI-7
SECTION 11.05.   Sarbanes-Oxley Certification.............................XI-8
SECTION 11.06.   Form 15 Filing...........................................XI-8
SECTION 11.07.   Report on Assessment of Compliance and Attestation.......XI-8
SECTION 11.08.   Use of Subservicers and Subcontractors...................XI-9
SECTION 11.09.   Amendments..............................................XI-10

                                   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 Inc.]..S-II-C-1
Schedule II-D   Representations and Warranties of [Park Sienna LLC]...S-II-D-1
Schedule III-A  Representations and Warranties of [Countrywide]
                as to 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 Inc.]
                as to the [Park Monaco Inc.] Mortgage Loans..........S-III-D-1
Schedule III-E  Representations and Warranties of [Park Sienna LLC]
                as to the [Park Sienna LLC] 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-I

                                     iii

<PAGE>

                                   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 P Certificate..............................C-2-1
Exhibit C-3:    Form of Class C Certificate..............................C-3-1
Exhibit D:      [Reserved].................................................D-1
Exhibit E:      Form of Reverse of Certificates............................E-1
Exhibit F-1:    Form of Initial Certification of Trustee (Initial
                Mortgage Loans)..........................................F-1-1
Exhibit F-2:    Form of Initial Certification of Trustee
                (Supplemental Mortgage Loans)............................F-2-1
Exhibit G-1:    Form of Delay Delivery Certification 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:      Form of Rule 144A Letter...................................L-1
Exhibit M:      Form of Request for Release (for Trustee)..................M-1
Exhibit N:      Form of Request for Release of Documents (Mortgage
                Loan - Paid in Full, Repurchased and Replaced).............N-1
Exhibit O:      Form of Financial Guaranty Insurance Policy................O-1
Exhibit P:      Form of Supplemental Transfer Agreement....................P-1
Exhibit Q:      Standard & Poor's LEVELS(R) Version 5.6c Glossary
                Revised, Appendix E........................................Q-1
Exhibit R:      Form of Corridor Contract..................................R-1
Exhibit S-1:    Form of Corridor Contract Assignment Agreement...........S-1-1
Exhibit S-2:    Form of Corridor Contract Administration Agreement.......S-2-1
Exhibit T:      Form of Officer's Certificate with respect to Prepayments..T-1
Exhibit U:      Monthly Report.............................................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.......................Y-1

                                      iv

<PAGE>

            THIS POOLING AND SERVICING AGREEMENT, dated as of ___________,
200_, 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
______________________, a [banking corporation] organized under the laws of
the State of _______, as trustee (the "Trustee").

                                WITNESSETH THAT

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

      REMIC 1:

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

<PAGE>
                                      Initial      Pass-Through   Corresponding
REMIC 1 Interests                      Balance         Rate       Loan Group(s)
----------------------------------  ------------ --------------- ---------------
R-1-1-I.......................          (1)             (5)            [1]
R-1-1-S.......................          (2)             (6)            [1]
R-1-2-I.......................          (1)             (5)            [2]
R-1-2-S.......................          (2)             (6)            [2]
R-1-3-I.......................          (1)             (5)            [3]
R-1-3-S.......................          (2)             (6)            [3]
R-1-XF........................          (3)             (7)            [1]
R-1-XV........................          (3)             (7)          [2 and 3]
R-1-R.........................          (4)             (4)            N/A
_______________

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

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

(3)   This REMIC 1 Interest pays no principal.

(4)   The R-1-R Interest is the sole class of residual interest in REMIC 2. It
      has no principal balance and pays no principal or interest.

(5)   The interest rate for this REMIC 1 Interest with respect to any
      Distribution Date (and the related Interest Accrual Period) through the
      Distribution Date in ________ 200_ is a per annum rate equal to the
      weighted average of the Adjusted Net Mortgage Rates of the Initial
      Mortgage Loans in the Corresponding Loan Group. For any Distribution
      Date (and the related Interest Accrual Period) following the
      Distribution Date in ________ 200_, the interest rate for this REMIC 1
      Interest is a per annum rate equal to the weighted average of the
      Adjusted Net Mortgage Rates of all the Mortgage Loans in the
      Corresponding Loan Group.

(6)   The interest rate for this REMIC 1 Interest with respect to any
      Distribution Date (and the related Interest Accrual Period) through the
      Distribution Date in ________ 200_ is a per annum rate equal to _____%.
      For any Distribution Date (and the related Interest Accrual Period)
      following the Distribution Date in ________ 200_, the interest rate for
      this REMIC 1 Interest is a per annum rate equal to the weighted average
      of the Adjusted Net Mortgage Rates of all the Mortgage Loans in the
      Corresponding Loan Group.

(7)   For any Distribution Date (and the related Interest Accrual Period)
      through the Distribution Date in ________ 200_, this REMIC 1 Interest is
      entitled to all the interest payable with respect to the Supplemental
      Mortgage Loans in the Corresponding Loan Group (or Groups). For any
      Distribution Date (and the related Interest Accrual Period) following
      the Distribution Date in ________ 200_, the interest rate for this REMIC
      1 Interest is a per annum rate equal to ____%.

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

                                      2
<PAGE>

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

      (2) Principal. For any Distribution Date (and the related Interest
Accrual Period) through the Distribution Date in ________ 200_, the Principal
Distribution Amount with respect to the Initial Mortgage Loans in a Loan Group
shall be allocated to its corresponding "I" REMIC 1 Interests, and the
Principal Distribution Amount with respect to the Supplemental Mortgage Loans
in a Loan Group shall be allocated to its corresponding "S" REMIC 1 Interests.
For any Distribution Date (and the related Interest Accrual Period) after the
Distribution Date in ________ 200_, the Principal Distribution Amount with
respect to all Mortgage Loans in a Loan Group shall be allocated in proportion
to its corresponding REMIC 1 Interests.

      REMIC 2:

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

                                      Initial      Pass-Through   Corresponding
REMIC 2 Interests                     Balance          Rate         Loan Group
----------------------------------  ------------ --------------- ---------------
R-2-F ............................      (1)             (2)            [1]
R-2-A-2 ([0.9]% of SCB Group [2]).      (3)             (4)            [2]
R-2-B-2 ([0.1]% of SCB Group [2]).      (3)             (4)            [2]
R-2-C-2 ([0.9]% of ASCB Group [2])      (3)             (4)            [2]
R-2-D-2 ([0.1]% of ASCB Group [2])      (3)             (4)            [2]
R-2-E-2 (Excess of Group [2]).....      (3)             (4)            [2]
R-2-A-3 ([0.9]% of SCB Group [3]).      (3)             (5)            [3]
R-2-B-3 ([0.1]% of SCB Group [3]).      (3)             (5)            [3]
R-2-C-3 ([0.9]% of ASCB Group [3])      (3)             (5)            [3]
R-2-D-3 ([0.1]% of ASCB Group [3])      (3)             (5)            [3]
R-2-E-3 (Excess of Group [3]).....      (3)             (5)            [3]
R-2-[PF]..........................     $[100]           (6)            N/A
R-2-[PV]..........................     $[100]           (7)            N/A
R-2-R.............................      (8)             (8)            N/A
R-2-XF............................      (9)            (10)            N/A
R-2-XV............................      (9)            (11)            N/A
_______________

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

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

                                      3
<PAGE>

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

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

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

(6)   The R-2-PF Interest is entitled to all Prepayment Charges collected with
      respect to the Mortgage Loans in Group [1]. It pays no interest.

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

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

(9)   This REMIC 2 Interest pays no principal.

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

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

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

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

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

                                      4
<PAGE>

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

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

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

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

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

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

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

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

                                      5
<PAGE>

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

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

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

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

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

                                      6
<PAGE>

      REMIC 3:

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

--------------------------------------------------------------------------------
                                                                Corresponding
                      Initial Principal     Pass-Through          Class of
 REMIC 3 Interests         Balance               Rate           Certificates
--------------------------------------------------------------------------------
R-3-[AF-1A].........         (1)                 (2)               [AF-1A]
--------------------------------------------------------------------------------
R-3-[AF-1B].........         (1)                 (2)               [AF-1B]
--------------------------------------------------------------------------------
R-3-[AF-2]..........         (1)                 (2)               [AF-2]
--------------------------------------------------------------------------------
R-3-[AF-3]..........         (1)                 (2)               [AF-3]
--------------------------------------------------------------------------------
R-3-[AF-4]..........         (1)                 (2)               [AF-4]
--------------------------------------------------------------------------------
R-3-[AF-5A].........         (1)                 (2)               [AF-5A]
--------------------------------------------------------------------------------
R-3-[AF-5B].........         (1)                 (2)               [AF-5B]
--------------------------------------------------------------------------------
R-3-[AF-__].........         (1)                 (2)               [AF-__]
--------------------------------------------------------------------------------
R-3-[MF-1]..........         (1)                 (2)               [MF-1]
--------------------------------------------------------------------------------
R-3-[MF-2]..........         (1)                 (2)               [MF-2]
--------------------------------------------------------------------------------
R-3-[MF-3]..........         (1)                 (2)               [MF-3]
--------------------------------------------------------------------------------
R-3-[MF-__].........         (1)                 (2)               [MF-__]
--------------------------------------------------------------------------------
R-3-[MF-__].........         (1)                 (2)               [MF-__]
--------------------------------------------------------------------------------
R-3-[BF]............         (1)                 (2)                [BF]
--------------------------------------------------------------------------------
R-3-[PF]............       $[100]                (3)                [PF]
--------------------------------------------------------------------------------
R-3-F-Accrual.......            (1)              (2)                 N/A
--------------------------------------------------------------------------------
R-3-[2-AV-1]........         (4)                 (5)              [2-AV-1]
--------------------------------------------------------------------------------
R-3-[2-AV-2]........         (4)                 (5)              [2-AV-2]
--------------------------------------------------------------------------------
R-3-[2-AV-__].......         (4)                 (5)              [2-AV-__]
--------------------------------------------------------------------------------
R-3-[3-AV-1]........         (4)                 (6)              [3-AV-1]
--------------------------------------------------------------------------------
R-3-[3-AV-2]........         (4)                 (6)              [3-AV-2]
--------------------------------------------------------------------------------
R-3-[3-AV-__].......         (4)                 (6)              [3-AV-__]
--------------------------------------------------------------------------------
R-3-[MV-1]..........         (4)                 (7)               [MV-1]
--------------------------------------------------------------------------------
R-3-[MV-2]..........         (4)                 (7)               [MV-2]
--------------------------------------------------------------------------------
R-3-[MV-3]..........         (4)                 (7)               [MV-3]
--------------------------------------------------------------------------------
R-3-[MV-__].........         (4)                 (7)               [MV-__]
--------------------------------------------------------------------------------
R-3-[MV-__].........         (4)                 (7)               [MV-__]
--------------------------------------------------------------------------------
R-3-[BV]............         (4)                 (7)                [BV]
--------------------------------------------------------------------------------
R-3-$[100]..........          $[100]             (8)                 A-R
--------------------------------------------------------------------------------
R-3-V-Accrual.......         (4)                 (9)                 N/A
--------------------------------------------------------------------------------
R-3-[PV]............          $[100]            (10)                [PV]
--------------------------------------------------------------------------------
R-3-R...............        (11)                (11)                 N/A
--------------------------------------------------------------------------------
R-3-XF..............        (12)                (13)                [CF]
--------------------------------------------------------------------------------
R-3-XV..............        (12)                (14)                [CV]
--------------------------------------------------------------------------------

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

                                      7
<PAGE>

principal balance equal to (a) [50]% of the Loan Group [1] principal balance
plus (b) [50]% of the Fixed Rate Overcollateralized Amount for such
Distribution Date.

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

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

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

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

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

(7) The pass-through rate with respect to any Distribution Date (and the
related Interest Accrual Period) for this REMIC 3 Interest is a per annum rate
equal to the Adjusted Subordinate Net Rate Cap. For federal income tax
purposes the Adjusted Subordinate Net Rate Cap will equal the Calculation Rate
with respect to the R-2-C and R-2-D Interests.

(8) This REMIC 3 Interest pays no interest.

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

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

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

(12) This REMIC 3 Interest pays no principal.

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

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

                                      8
<PAGE>

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

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

      (2) Principal. Principal Distribution Amounts shall be allocated among
the REMIC 3 Interests in the same manner that such items are allocated among
their corresponding Certificate Classes.

                                      9
<PAGE>

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

                                       Original Class
Class                               Certificate Balance   Pass-Through Rate
---------------------------------- --------------------- -------------------
Class [AF-1A] ...................      $__________               (1)
Class [AF-1B] ...................      $__________               (1)
Class [AF-2].....................      $__________               (1)
Class [AF-3].....................      $__________               (1)
Class [AF-4] ....................      $__________               (1)
Class [AF-5A] ...................      $__________               (1)
Class [AF-5B] ...................      $__________               (1)
Class [AF-__] ...................      $__________               (1)
Class [MF-1].....................      $__________               (1)
Class [MF-2].....................      $__________               (1)
Class [MF-3].....................      $__________               (1)
Class [MF-__]....................      $__________               (1)
Class [MF-__]....................      $__________               (1)
Class [BF].......................      $__________               (1)
Class [2-AV-1]...................      $__________               (1)
Class [2-AV-2]...................      $__________               (1)
Class [2-AV-__]..................      $__________               (1)
Class [3-AV-1]...................      $__________               (1)
Class [3-AV-2]...................      $__________               (1)
Class [3-AV-__]..................      $__________               (1)
Class [MV-1].....................      $__________               (1)
Class [MV-2].....................      $__________               (1)
Class [MV-3].....................      $__________               (1)
Class [MV-__]....................      $__________               (1)
Class [MV-__]....................      $__________               (1)
Class [BV].......................      $__________               (1)
Class [CF].......................              (2)               (3)
Class [CV].......................              (2)               (4)
Class [PF].......................           $[100]               (5)
Class [PV].......................           $[100]               (5)
Class A-R........................           $[100]               (6)

(1)   The Certificates will accrue interest at the related Pass-Through Rates
      identified in this Agreement. For federal income tax purposes, the pass
      through rate in respect of (i) each of the Class [AF] (other than the
      Class [AF-5B] Certificates), Class MF and Class [BF] Certificates will
      be subject to a cap equal to the Loan Group [1] Net Rate Cap, (ii) the
      Class [AF-5B] Certificates will be subject to a cap equal to the Loan
      Group [1] Net Rate Cap minus the Class [AF-5B] Policy Premium Rate),
      (iii) the Class [2-AV] Certificates will be subject to a cap equal to
      the Loan Group [2] Net Rate Cap, (iv) the Class [3-AV] Certificates will
      be subject to a cap equal to the Loan Group [3] Net Rate Cap, and (v)
      the Class MV Certificates and the Class [BV] Certificates will be
      subject to a cap equal to the Adjusted Subordinate Net Rate Cap. Any
      entitlement of any class of Certificates to Net Rate Carryover will be
      treated as paid by the Master REMIC to the Class [CF] Certificates, in
      the case of the Class [AF] Certificates, the Class MF Certificates and
      the Class [BF] Certificates, and to the Class [CV] Certificates, in the
      case of the Class [AV] Certificates, the Class MV Certificates and the
      Class [BV] Certificates, and then

                                      10
<PAGE>

      paid to such Class of Certificates pursuant to a limited recourse cap
      contract as described in Section 8.11 herein.
(2)   The Class [CF] and Class [CV] Certificates will have Class Certificate
      Balances equal to the Fixed Rate Overcollateralized Amount and
      Adjustable Rate Overcollateralized Amount, respectively.
(3)   For each Interest Accrual Period the Class [CF] Certificates are
      entitled to an amount (the "Class [CF] Distributable Amount") equal to
      the sum of (a) the interest payable on the R-3-XF Interests and (b) a
      specified portion of the interest on the REMIC 1 Group [1] "I" and "S"
      Interests equal to the excess of the Loan Group [1] Net Rate Cap over
      the product of two and the weighted average interest rate of the REMIC 3
      Regular Interests having an "F" designated in the column entitled "REMIC
      3 Interests" (other than the R-3-PF and R-3-XF Interests) with each such
      Class other than the R-3-F-Accrual Interest, subject to a cap equal to
      the Pass-Through Rate of the Corresponding Master REMIC Class and the
      R-3-F-Accrual Interest subject to a cap of [0.00]%. The Pass-Through
      Rate of the Class [CF] Certificates shall be a rate sufficient to
      entitle it to all interest accrued on the REMIC 1 Group [1] "I" and "S"
      Interests less the interest accrued on the other F Class interests
      issued by the Master REMIC. The Class [CF] Distributable Amount for any
      Distribution Date is payable from current interest on the Group [1]
      Mortgage Loans.
(4)   For each Interest Accrual Period the Class [CV] Certificates are
      entitled to an amount (the "Class [CV] Distributable Amount") equal to
      the sum of (a) the interest payable on the R-3-XV Interests and (b) a
      specified portion of the interest on the REMIC 1 Group [2] and Group [3]
      "I" and "S" Interests equal to the excess of the Loan Group [2]/3 Net
      Rate Cap over the product of two and the weighted average interest rate
      of the REMIC 3 Regular Interests having an "V" designated in the column
      entitled "REMIC 3 Interests" (other than the R-3-PV and R-3-XV
      Interests) with each such Class other than the R-3-V-Accrual Interest,
      subject to a cap equal to the Pass-Through Rate of the Corresponding
      Master REMIC Class and the R-3-V-Accrual Interest subject to a cap of
      [0.00]%. The Pass-Through Rate of the Class [CV] Certificates shall be a
      rate sufficient to entitle it to all interest accrued on the REMIC 1
      Group [2] and Group [3] "I" and "S" Interests less the interest accrued
      on the other V Class interests issued by the Master REMIC . The Class
      [CV] Distributable Amount for any Distribution Date is payable from
      current interest on the Group [2] and Group [3] Mortgage Loans.
(5)   For each Distribution Date the Class [PF] and Class [PV] Certificates
      are entitled to all Prepayment Charges distributed with respect to the
      R-3-PF and R-3-PV Interests, respectively.
(6)   The Class A-R Certificates represent the sole class of residual interest
      in each REMIC created hereunder. The Class A-R Certificates are not
      entitled to distributions of interest.

            The foregoing REMIC structure is intended to cause all of the cash
from the Mortgage Loans to flow through to the Master REMIC as cash flow on a
REMIC regular interest, without creating any shortfall--actual or potential
(other than for credit losses) to any REMIC regular interest. It is not
intended that the Class A-R be entitled to any cash flows pursuant to this
agreement except as provided in Sections 4.02(a)(1)(ii) and (iv)(y) hereunder,
(that is, its entitlement to $[100] in the waterfall).

                                      11
<PAGE>

      Set forth below are designations of Classes or Components of
Certificates and other defined terms to the categories used herein:
Accretion Directed Certificates. None.

Accretion Directed Components... None.

Accrual Certificates............ None.

Accrual Components.............. None.

Adjustable Rate Certificates.... The Class [AF-1A], Class [2-AV-1], Class
                                 [2-AV-2], Class [2-AV-__], Class [3-AV-1],
                                 Class [3-AV-2] and Class [3-AV-__]
                                 Certificates and the Adjustable Rate
                                 Subordinate Certificates.

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

Book-Entry Certificates......... All Classes of Certificates other than the
                                 Physical Certificates.

COFI Certificates............... None.

Combined 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:

                                                     Initial
                                                    Component    Pass-Through
                                     Designation     Balance         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 Residual Certificates and Private
                                 Certificates; until an ERISA-Qualifying
                                 Underwriting has occurred with respect to
                                 such Class and any Certificate of a Class
                                 that ceases to satisfy the applicable rating
                                 requirement under the Underwriter's
                                 Exemption.

Fixed Rate Certificates......... The Class [AF-1B], Class [AF-2], Class [AF-3],
                                 Class [AF-4], Class [AF-5A], Class [AF-5B]
                                 and Class [AF-__] Certificates and the
                                 Adjustable Rate Subordinate Certificates.

Fixed Rate Subordinate

                                      12
<PAGE>

Certificates.................... The Class [MF-1], Class [MF-2], Class [MF-3],
                                 Class [MF-__], Class [MF- __] and Class [BF]
                                 Certificates.

Floating Rate Certificates...... The Adjustable Rate Certificates.

Inverse Floating Rate
 Certificates.                   None.

LIBOR Certificates.............. Floating Rate Certificates and Inverse Floating
                                 Rate Certificates.

Non-Delay Certificates.......... LIBOR Certificates.

Notional Amount Certificates.... None.

Notional Amount Components...... None.

Offered Certificates............ All Classes of Certificates other than the
                                 Private Certificates.

Physical Certificates........... Private Certificates and the Residual
                                 Certificates.

Planned Principal Classes....... None.

Principal Only Certificates..... None.

Private Certificates............ Class [BF], Class [BV], Class [PF], Class [PV],
                                 Class [CF] and Class [CV] Certificates.

Rating Agencies................. _____________ and ________.

Regular Certificates............ All Classes of Certificates, other than the
                                 Residual Certificates.

Residual Certificates........... Class A-R Certificates.

Scheduled Principal Classes..... None.

Senior Certificates............. Class [AF-1A], Class [AF-1B], Class [AF-2],
                                 Class [AF-3], Class [AF-4], Class [AF-5A],
                                 Class [AF-5B], Class [AF-__] Class [2-AV-1],
                                 Class [2-AV-2], Class [2-AV-__], Class
                                 [3-AV-1], Class [3-AV-2], Class [3-AV-__] and
                                 Class A-R Certificates.

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

Targeted Principal Classes...... None.

Underwriter(s).................. _______________________________.

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

                                      13
<PAGE>

            If the aggregate Stated Principal Balance of the Initial Mortgage
Loans on the Closing Date is equal to or greater than the aggregate Class
Certificate Balance of the Certificates as of such date, all references herein
to "Aggregate Supplemental Purchase Amount", "Aggregate Supplemental Transfer
Amount", "Capitalized Interest Account", "Capitalized Interest Requirement",
"Conveyance Period", "Conveyance Period Distribution Date", "Supplemental
Amount", "Supplemental Cut-off Date", "Supplemental Loan Account",
"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.

                                      14
<PAGE>

                                   ARTICLE I

                                  DEFINITIONS

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

            Accretion Directed Certificates: As specified in the Preliminary
Statement.

            Accretion Direction Rule: Not Applicable.

            Accrual Amount: Not Applicable.

            Accrual Certificates: As specified in the Preliminary Statement.

            Accrual Components: As specified in the Preliminary Statement.

            Accrual Termination Date: Not Applicable.

            Additional Designated Information: As defined in Section 11.02.

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

            Adjustable Rate Cumulative Loss Trigger Event: With respect to a
Distribution Date on or after the Adjustable Rate Stepdown Date, an Adjustable
Rate Cumulative Loss Trigger Event occurs if (x) the aggregate amount of
Realized Losses on the Mortgage Loans in Loan Group [2] and Loan Group [3]
from the Cut-off Date for each such Mortgage Loan to (and including) the last
day of the related Due Period (reduced by the aggregate amount of any
Subsequent Recoveries related to the Mortgage Loans in Loan Group [2] and Loan
Group [3] received through the last day of that Due Period) exceeds (y) the
applicable percentage, for such Distribution Date, of the sum of the aggregate
Cut-off Date Principal Balance of the Initial Mortgage Loans in Loan Group [2]
and Loan Group [3], the Group [2] Supplemental Amount and the Group [3]
Supplemental Amount, as set forth below:

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

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

                                     I-1
<PAGE>

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

                               Class            Percentage

                       Class AV..............      _____%
                       Class [MV-1]..........      _____%
                       Class [MV-2]..........      _____%
                       Class [MV-3]..........      _____%
                       Class [MV-4]..........      _____%
                       Class [MV-__].........      _____%
                       Class [MV-__].........      _____%
                       Class [BV]............      _____%

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

            Adjustable Rate Loan Group Excess Cashflow: With respect to any
Distribution Date the sum of (i) the amount remaining after the distribution
of interest to Certificateholders for such Distribution Date pursuant to
Section 4.02(b)(iii)(j), (ii) the amount remaining after the distribution of
principal to Certificateholders for such Distribution Date, pursuant to
Section 4.02(d)(1)(B)(x) or 4.02(d)(2)(K) and (iii) the Adjustable Rate
Overcollateralization Reduction Amount for such Distribution Date, if any.

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

            Adjustable Rate OC Floor: For any Distribution Date, an amount
equal to ____% of the sum of the aggregate Cut-off Date Principal Balance of
the Initial Mortgage Loans in Loan Group [2] and Loan Group [3], the Group [2]
Supplemental Amount and the Group [3] Supplemental Amount.

            Adjustable Rate Overcollateralization Deficiency Amount: With
respect to any Distribution Date, the amount, if any, by which the Adjustable
Rate Overcollateralization Target Amount exceeds the Adjustable Rate
Overcollateralized Amount on such Distribution Date (after giving effect to
distribution of the Principal Distribution Amount (other than the portion
thereof consisting of the Extra Principal Distribution Amount) for Loan Group
[2] and Loan Group [3] on such Distribution Date).

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

                                     I-2
<PAGE>

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

            Adjustable Rate Overcollateralized Amount: With respect to any
Distribution Date, the amount, if any, by which (x) the sum of the aggregate
Stated Principal Balance of the Mortgage Loans in Loan Group [2] and Loan
Group [3] for such Distribution Date and any amount on deposit in the
Supplemental Loan Account in respect of Loan Group [2] and Loan Group [3]
exceeds (y) the sum of the aggregate Class Certificate Balance of the Class
[AV] Certificates and the Adjustable Rate Subordinate Certificates as of such
Distribution Date (after giving effect to distribution of the Principal
Remittance Amounts for Loan Group [2] and Loan Group [3] to be made on such
Distribution Date and, in the case of the Distribution Date immediately
following the end of the Conveyance Period, any amounts to be released from
the Supplemental Loan Account in respect of Loan Group [2] and Loan Group
[3]).

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

            Adjustable Rate Stepdown Date: The later to occur of (x) the
Distribution Date in ______ 200_ and (y) the first Distribution Date on which
the aggregate Class Certificate Balance of the Class [AV] Certificates (after
calculating anticipated distributions on such Distribution Date) is less than
or equal to ____% of the aggregate Stated Principal Balance of the Mortgage
Loans in Loan Group [2] and Loan Group [3] for such Distribution Date.

            Adjustable Rate Subordinate Class Principal Distribution Amount:
With respect to any Distribution Date and any Class of Adjustable Rate
Subordinate Certificates, the excess of (1) the sum of (a) the aggregate Class
Certificate Balance of the Class [AV] Certificates (after taking into account
distribution of the Class [AV] Principal Distribution Amount for such
Distribution Date), (b) the aggregate Class Certificate Balance of any
Class(es) of Adjustable Rate Subordinate Certificates that are senior to the
subject Class (in each case, after taking into account distribution of the
Adjustable Rate Subordinate Class Principal Distribution Amount(s) for such
senior Class(es) of Certificates for such Distribution Date), and (c) the
Class Certificate Balance of the subject Class of Adjustable Rate Subordinate
Certificates immediately prior to such Distribution Date over (2) the lesser
of (a) the product of (x) [100]% minus the Stepdown Target Subordination
Percentage for the subject Class of Certificates and (y) the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group [2] and Loan Group [3]
for such Distribution Date and (b) the aggregate Stated Principal Balance of
the Mortgage Loans in Loan Group [2] and Loan Group [3] for such Distribution
Date minus the Adjustable Rate OC Floor; provided, however, that if such Class
of Adjustable Rate Subordinate Certificates is the only Class of

                                     I-3
<PAGE>

Adjustable Rate Subordinate Certificates outstanding on such Distribution
Date, that Class will be entitled to receive the entire remaining Principal
Distribution Amount for Loan Group [2] and Loan Group [3] until the Class
Certificate Balance thereof is reduced to zero.

            Adjustable Rate Subordinate Certificates: Any Class [MV-1], Class
[MV-2], Class [MV-3], Class [MV-__], Class [MV-__] or Class [BV] Certificates.

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

            [Adjustable Rate Subordinate Corridor Contract Termination Date:
With respect to the Adjustable Rate Subordinate Corridor Contract, the
Distribution Date in _______ 200_.]

            Adjustable Rate Subordinate Net Rate Cap: With respect to any
Distribution Date and each Class of Adjustable Rate Subordinate Certificates,
the weighted average of (a) the weighted average Adjusted Net Mortgage Rate of
the Mortgage Loans in Loan Group [2] on such Distribution Date (weighted by an
amount equal to the positive difference (if any) of the sum of the aggregate
Stated Principal Balance of the Mortgage Loans in Loan Group [2] and the
amount on deposit in the Supplemental Loan Account in respect of Loan Group
[2] over the outstanding aggregate Class Certificate Balance of the Class
[2-AV] Certificates) and (b) the weighted average Adjusted Net Mortgage Rate
of the Mortgage Loans in Loan Group [3] on such Distribution Date (weighted by
an amount equal to the positive difference (if any) of the sum of the
aggregate Stated Principal Balance of the Mortgage Loans in Loan Group [3] and
the amount on deposit in the Supplemental Loan Account in respect of Loan
Group [3] over the outstanding aggregate Class Certificate Balance of the
Class [3-AV] Certificates), adjusted to an effective rate reflecting the
calculation of interest on the basis of the actual number of days elapsed
during the related Interest Accrual Period and a 360-day year.

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

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

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

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

            Advance: The aggregate of the advances required to be made by the
Master Servicer with respect to any Distribution Date pursuant to Section
4.01, the amount of any such advances being equal to the aggregate of payments
of principal of, and interest on the Stated Principal Balance of, the

                                     I-4
<PAGE>

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

            Aggregate Planned Balance: With respect to any group of Planned
Principal Classes or Components and any Distribution Date, the amount set
forth for such group for such Distribution Date in Schedule V hereto.

            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 Supplemental Loan
Account.

            Aggregate Targeted Balance: With respect to any group of Targeted
Principal Classes or Components and any Distribution Date, the amount set
forth for such group for such Distribution Date in Schedule V hereto.

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

            Amount Available for Senior Principal: As to any Distribution
Date, Available Funds for such Distribution Date, reduced by the aggregate
amount distributable (or allocable to the Accrual Amount, if applicable) on
such Distribution Date in respect of interest on the Senior Certificates
pursuant to Section 4.02(a)(ii).

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

            Applied Realized Loss Amount: With respect to any Distribution
Date and (i) Loan Group [1] and the Fixed Rate Subordinate Certificates, the
amount, if any, by which, the aggregate Class Certificate Balance of the Fixed
Rate Certificates (after all distributions of principal on such Distribution
Date) exceeds the sum of (x) the Stated Principal Balance of the Mortgage
Loans in Loan Group [1] for such Distribution Date and (y) the amount on
deposit in the Supplemental Loan Account in respect of Loan Group [1], (ii)
Loan Group [2] and Loan Group [3] and the Adjustable Rate Subordinate
Certificates, the amount, if any, by which, the aggregate Class Certificate
Balance of the Adjustable Rate

                                     I-5
<PAGE>

Certificates (after all distributions of principal on such Distribution Date)
exceeds the sum of (x) the aggregate Stated Principal Balance of the Mortgage
Loans in Loan Group [2] and Loan Group [3] and (y) the amount on deposit in
the Supplemental Loan Account in respect of Loan Group [2] and Loan Group [3]
and (iii) Loan Group [2] and the Class [2-A-2] Certificates, after the Class
Certificate Balances of the Adjustable Rate Subordinate Certificates have been
reduced to zero, the amount, if any, by which, the aggregate Class Certificate
Balance of the Class [2-AV] Certificates (after all distributions of principal
on such Distribution Date) exceeds the sum of (x) the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group [2] and (y) the amount
on deposit in the Supplemental Loan Account in respect of Loan Group [2].

            Applicable Credit Support Percentage:  Not applicable.

            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 sale 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 $__________ 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 loan being originated is greater than $_______, the
value of the Mortgaged Property based upon the appraisal (which may be a
drive-by appraisal) made at the time of the origination of such Streamlined
Documentation Mortgage Loan.

            [Available Funds: As to any Distribution Date, the sum of (a) the
aggregate amount held in the Certificate Account at the close of business on
the related Determination Date, including any Subsequent Recoveries, net of
the Amount Held for Future Distribution and net of amounts permitted to be
withdrawn from the Certificate Account pursuant to clauses (i)-(viii),
inclusive, of Section 3.08(a) and amounts permitted to be withdrawn from the
Distribution Account pursuant to clauses (i)-(v) inclusive of Section 3.08(b),
(b) the amount of the related Advance, (c) in connection with Defective
Mortgage Loans, as applicable, the aggregate of the Purchase Prices and
Substitution Adjustment Amounts deposited on the related Distribution Account
Deposit Date and (d) on each Conveyance Period Distribution Date, the amount,
if any, transferred from the Capitalized Interest Account in respect of the
applicable Capitalized Interest Requirement, and (e) on the last Conveyance
Period Distribution Date, the amount, if any, transferred from the
Supplemental Loan Account.]

            Bankruptcy Code: Title 11 of the United States Code.

            Blanket Mortgage: The mortgage or mortgages encumbering the
Cooperative Property.

            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.

                                     I-6
<PAGE>

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

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

            [Capitalized Interest Requirement: With respect to each Conveyance
Period Distribution Date, the excess, if any, of (a) the sum of (1) the amount
calculated pursuant to clause (i) of the definition of 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) minus (2) the Excess Master Servicing
Fee. On the Closing Date, the amount deposited in the Capitalized Interest
Account shall be $_____.]

            [Carryover Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.05 in the name of
the Trustee for the benefit of the Certificateholders and designated
"__________________ in trust for registered Holders of CWALT, Inc.,
Alternative Loan Trust 200_-__, Mortgage Pass-Through Certificates, Series
200_-__". Funds in the Carryover Reserve Fund shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement.]

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

            Certificate Account: The separate Eligible Account created and
initially maintained by the Master Servicer pursuant to Section 3.05 with a
depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of the Certificateholders and designated "[Countrywide
Home Loans Servicing LP] in trust for registered Holders of Alternative Loan
Trust 200_-__, Mortgage Pass-Through Certificates, Series 200_-__". Funds in
the Certificate Account shall be held in trust for the Certificateholders for
the uses and purposes set forth in this Agreement.

            Certificate Balance: With respect to any Certificate (other than
any Notional Amount Certificate) at any date, the maximum dollar amount of
principal to which the Holder thereof is then entitled hereunder, such amount
being equal to the Denomination thereof (A) plus any increase in the
Certificate Balance of such Certificate pursuant to Section 4.02 due to the
receipt of Subsequent Recoveries, (B) minus the sum of (i) all distributions
of principal previously made with respect thereto and (ii) all Realized Losses
allocated thereto and, in the case of any Subordinated Certificates, all other
reductions in Certificate Balance previously allocated thereto pursuant to
Section 4.03 and (C) in the case of any Class of Accrual Certificates,
increased by the Accrual Amount added to the Class Certificate Balance of such
Class prior to such date. The Notional Amount Certificates have no Certificate
Balances.

                                     I-7
<PAGE>

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

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

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

            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 Section 5.01 hereof.

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

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

            [Class [2-AV] Corridor Contract Termination Date: With respect to
the Class [2-AV] Corridor Contract, the Distribution Date in ________ 20__.]

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

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

            Class [2-AV] Principal Distribution Target Amount: With respect to
any Distribution Date, the excess of (1) the aggregate Class Certificate
Balance of the Class [2-AV] Certificates immediately prior to such
Distribution Date, over (2) the lesser of (x) _____% of the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group [2] for such
Distribution Date and (y) the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group [2] for such Distribution Date

                                     I-8
<PAGE>

minus ___% of the sum of the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group [2] and the original Group [2] Supplemental
Amount as of the Cut-off Date.

            Class [3-AV-1] Acceleration Event: With respect to any
Distribution Date, beginning with the Distribution Date in ____ 20__ until the
Class Certificate Balance of the Class [3-AV-1] Certificates has been reduced
to zero, a Class [3-AV-1] Acceleration Event shall exist if the Class
Certificate Balance of the Class [3-AV-1] Certificates (after taking into
account all prior distributions to the Class [3-AV-1] Certificates for such
Distribution Date other than the Class [3-AV-1] Acceleration Amount) exceeds
the Class [3-AV-1] Target Balance for such Distribution Date.

            Class [3-AV-1] Acceleration Amount: With respect to any
Distribution Date, an amount equal to the lesser of (a) the amount of funds
remaining after making payments pursuant to Section 4.02(e)(32), and (b) the
excess of (x) the Class Certificate Balance of the Class [3-AV-1] Certificates
(after taking into account all distributions to the Class [3-AV-1]
Certificates for such Distribution Date other than the Class [3-AV-1]
Acceleration Amount) over (y) the Class [3-AV-1] Target Balance for such
Distribution Date.

            Class [3-AV-1] Target Balance: With respect to each Distribution
Date, beginning with the Distribution Date in ____ 20__, the amount described
in Schedule III hereto.

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

            [Class [3-AV] Corridor Contract Termination Date: With respect to
the Class [3-AV] Corridor Contract, the Distribution Date in ________ 20__.]

            Class [3-AV] Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group [3] for
such Distribution Date, adjusted to an effective rate reflecting the
calculation of interest on the basis of the actual number of days elapsed
during the related Interest Accrual Period and a 360-day year.

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

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

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

            Class [AF] Principal Distribution Amount: With respect to any
Distribution Date, the excess of (1) the aggregate Class Certificate Balance
of the Class [AF] Certificates immediately prior to

                                     I-9
<PAGE>

such Distribution Date, over (2) the lesser of (x) ____% of the aggregate
Stated Principal Balance of the Mortgage Loans in Loan Group [1] for such
Distribution Date and (y) the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group [1] for such Distribution Date minus the Fixed
Rate OC Floor.

            Class AF-1 Certificate: Any Class [AF-1A] or Class [AF-1B]
Certificate.

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

            [Class [AF-1A] Corridor Contract Termination Date: With respect to
the Class [AF-1A] Corridor Contract, the Distribution Date in _________ 20__.]

            Class AF-[5] Certificate: Any Class [AF-5A] or Class [AF-5B]
Certificate.

            Class [AF-5B] Available Funds: With respect to any Distribution
Date, funds allocated from amounts available pursuant to this Agreement to
make distributions on the Class [AF-5B] Certificates on such Distribution
Date, other than any Insured Amounts.

            Class [AF-5B] Insurer: ________________ in its capacity as insurer
under the Class [AF-5B] Policy, and any permitted successor or assign.

            Class [AF-5B] Insurer Contact Person: The officer designated by
the Master Servicer to provide information to the Class [AF-5B] Insurer
pursuant to Section 4.05(i).

            Class [AF-5B] Insurer Default: As defined in Section 4.05(l).

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

            Class [AF-5B] Policy Payments Account: The separate Eligible
Account created and maintained by the Trustee pursuant to Section 4.05(c) in
the name of the Trustee for the benefit of the Class [AF-5B]
Certificateholders and designated "__________________ in trust for registered
holders of CWALT, Inc., Alternative Loan Trust 200_-__, Mortgage Pass-Through
Certificates, Series 200_-__, Class [AF-5B]". Funds in the Class [AF-5B]
Policy Payments Account shall be held in trust for the Class [AF-5B]
Certificateholders for the uses and purposes set forth in this Agreement.

            Class [AF-5B] Premium: For any Distribution Date is the fee
payable to the Class [AF-5B] Insurer in respect of its services as Class
[AF-5B] Insurer that accrues at the Class [AF-5B] Policy Premium Rate for the
Class [AF-5B] Certificates on a balance equal to the Class Certificate Balance
of the Class [AF-5B] Certificates immediately prior to such Distribution Date.
The Class [AF-5B] Premium shall be computed on the basis of a 360-day year
consisting of twelve 30-day months.

            Class [AF-5B] Policy Premium Rate: The "Premium Percentage" as
defined in the Class [AF-5B] Policy.

            Class [AF-5B] Reimbursement Amount: As to any Distribution Date,
(i) all Insured Payments paid by the Class [AF-5B] Insurer, but for which the
Class [AF-5B] Insurer has not been reimbursed prior to such Distribution Date
pursuant to Section 4.02 hereof, plus (ii) interest accrued on

                                     I-10
<PAGE>

such Insured Payments not previously repaid, calculated at the Late Payment
Rate from the date such Insured Payments were made.

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

            Class [AV] Certificate: Any Class [2-AV] or Class [3-AV]
Certificate.

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

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

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

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

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

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

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

            Closing Date: _________, 200_.

            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.

            Combined Certificates: As specified in the Preliminary Statement.

            Combined Certificates Payment Rule: Not applicable.

            Commission: The U.S. Securities and Exchange Commission

            Compensating Interest: As to any Distribution Date, an amount
equal to the product of one-twelfth of [0.125]% and the aggregate Stated
Principal Balance of the Mortgage Loans as of the Due Date in the prior
calendar month.

            Component: As specified in the Preliminary Statement.

            Component Balance: Not applicable.

                                     I-11
<PAGE>

            Component Certificates: As specified in the Preliminary Statement.

            Component Notional Amount: Not applicable

            [Confirmation: Any of the Confirmations dated ______________, 200_
evidencing a transaction between the Corridor Contract Counterparty and
[Countrywide] relating to the Corridor Contracts.]

            Conveyance Period: The period from the Closing Date until the
earliest of (i) the date on which the amount on deposit in the Supplemental
Loan Account is less than $[150,000], or (ii) an Event of Default occurs or
(iii) _________, 200_.

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

            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 where at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at
_________________________________ (Attention: ___________________), telephone:
_________________, facsimile: ______________.

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

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

            [Corridor Contract Administrator: ______________________, in its
capacity as corridor contract administrator under the Corridor Contract
Administration Agreement.]

                                     I-12
<PAGE>

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

            [Corridor Contract Counterparty: ____________________ and its
successors.]

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

            [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.]

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

            Credit Comeback Excess Account: The separate Eligible Account
created and initially maintained by the Trustee pursuant to Section 3.05 in
the name of the Trustee for the benefit of the Certificateholders and
designated "__________________ in trust for registered Holders of CWALT, Inc.,
Alternative Loan Trust 200_-__, Mortgage Pass-Through Certificates, Series
200_-__". Funds in the Credit Comeback Excess Account shall be held in trust
for the Certificateholders for the uses and purposes set forth in this
Agreement.

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

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

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

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

            Current Interest: With respect to each Class of Interest Bearing
Certificates and each Distribution Date, the interest accrued at the
applicable Pass-Through Rate for the applicable Interest

                                     I-13
<PAGE>

Accrual Period on the Class Certificate Balance of such Class immediately
prior to such Distribution Date, plus any amount previously distributed with
respect to interest for such Class that is recovered as a voidable preference
by a trustee in bankruptcy.

            Cut-off Date: In the case of any 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
the Initial Cut-off Date Pool Principal Balance plus the amount, if any,
deposited in the Supplemental Loan 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 such Mortgage Loan that became
final and non-appealable, except such a reduction resulting from a Deficient
Valuation or any other reduction that results in a permanent forgiveness of
principal.

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

            Deficiency Amount: With respect to:

            (a) any Distribution Date prior to the Last Scheduled Distribution
Date, the sum of (i) the excess, if any, of the Current Interest on the Class
[AF-5B] Certificates net of any interest shortfalls resulting from Prepayment
Interest Shortfalls and any interest shortfalls resulting from the application
of the Relief Act, or similar state or local laws, over Class [AF-5B]
Available Funds for such Distribution Date, and (ii) for any Distribution Date
after the Class Certificate Balance of the Fixed Rate Subordinate Certificates
has been reduced to zero, the excess, if any, of (A) the Class Certificate
Balance of the Class [AF-5B] Certificates over (B) the sum of the aggregate
Stated Principal Balance of the Group [1] Mortgage Loans and any amount on
deposit in the Supplemental Loan Account in respect of Loan Group [1], in each
case taking into account all distributions to be made on such Distribution
Date;

            (b) the Last Scheduled Distribution Date, an amount equal to the
sum of (i) the excess, if any, of the Current Interest on the Class [AF-5B]
Certificates net of any interest shortfalls resulting from Prepayment Interest
Shortfalls and any interest shortfalls resulting from the application of the
Relief Act, or similar state or local laws over the Class [AF-5B] Available
Funds for such Distribution Date and (ii) the Class Certificate Balance of the
Class [AF-5B] Certificates on such Last Scheduled Distribution Date (after
taking into account all distributions to be made to the Class [AF-5B]
Certificates on such Distribution Date); and

            (c) any date on which the acceleration of the Certificates has
been directed or consented to by the Class [AF-5B] Insurer, the excess of (i)
the amount required to pay the outstanding Class Certificate Balance of the
Class [AF-5B] Certificates in full, together with accrued and unpaid interest
thereon through the date of payment of the Class [AF-5B] Certificates and (ii)
the Class [AF-5B] Available Funds for that Distribution Date.

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

                                     I-14
<PAGE>

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

            Definitive Certificates:  As defined in Section 5.06.

            Delay Certificates: As specified in the Preliminary Statement.

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

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

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

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

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

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

            Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05 in the name of the Trustee
for the benefit of the Certificateholders and designated "__________________,
in trust for registered Holders of CWALT, Inc., Alternative Loan Trust
200_-__, Mortgage Pass-Through Certificates, Series 200_-__". Funds in the
Distribution Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in this Agreement.

            Distribution Account Deposit Date: As to any Distribution Date,
_______ [Pacific time] on the Business Day immediately preceding such
Distribution Date.

                                     I-15
<PAGE>

            Distribution Date: The [25th] day of each month, or if such day is
not a Business Day, on the first Business Day thereafter, commencing in
__________ 200_.

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

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

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

            Eligible Account: Any of (i) an account or accounts maintained
with a federal or state chartered depository institution or trust company, the
long-term unsecured debt obligations and short-term unsecured debt obligations
of which (or, in the case of a depository institution or trust company that is
the principal subsidiary of a holding company, the debt obligations of such
holding company, if Moody's is not a Rating Agency) are rated by each Rating
Agency in one of its two highest long-term and its highest short-term rating
categories respectively, at the time any amounts are held on deposit therein,
or (ii) an account or accounts in a depository institution or trust company in
which such accounts are insured by the FDIC (to the limits established by the
FDIC) and the uninsured deposits in which accounts are otherwise secured such
that, as evidenced by an Opinion of Counsel delivered to the Trustee and to
each Rating Agency, the Certificateholders have a claim with respect to the
funds in such account or a perfected first priority security interest against
any collateral (which shall be limited to Permitted Investments) securing such
funds that is superior to claims of any other depositors or creditors of the
depository institution or trust company in which such account is maintained,
or (iii) a trust account or accounts maintained with the corporate trust
department of a federal or state chartered depository institution or trust
company having capital and surplus of not less than $[50,000,000], acting in
its fiduciary capacity or (iv) any other account acceptable to the Rating
Agencies without reduction or withdrawal of their then-current ratings of the
Certificates (without regard to the Class [AF-5B] Policy, in the case of the
Class [AF-5B] Certificates) as evidenced by a letter from each Rating Agency
to the Trustee. Eligible Accounts may bear interest, and may include, if
otherwise qualified under this definition, accounts maintained with the
Trustee.

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

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

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

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

            Escrow Account: As defined in Section 3.06 hereof.

            Event of Default: As defined in Section 7.01 hereof.

            Excess Proceeds: With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds and Subsequent
Recoveries are in excess of the sum of (i) the unpaid principal balance of
such Liquidated Mortgage Loan as of the date of liquidation of such

                                     I-16
<PAGE>

Liquidated Mortgage Loan plus (ii) interest at the Mortgage Rate from the Due
Date as to which interest was last paid or advanced to Certificateholders (and
not reimbursed to the Master Servicer) up to the Due Date in the month in
which Liquidation Proceeds are required to be distributed on the Stated
Principal Balance of such Liquidated Mortgage Loan outstanding during each Due
Period as to which such interest was not paid or advanced.

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

            Exchange Act Filing Obligation: The obligations of the Master
Servicer under Section 6.02 and Section 6.04 with respect to notice and
information to be provided to the Depositor or Article XI (except Section
11.07).

            Exchange Act Reports: Any reports on Form 10-D, Form 8-K and Form
10-K required to be filed by the Depositor with respect to the Trust Fund
under the Exchange Act.Expense Fee Rate: With respect to any Mortgage Loan,
the sum of (i) the Master Servicing Fee Rate, (ii) the Trustee Fee Rate and
(iii) with respect to any Mortgage Loan covered by a lender paid mortgage
insurance policy, the related mortgage insurance policy.

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

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

            Fixed Rate Certificates: The Class [AF-1B], Class [AF-2], Class
[AF-3], Class [AF-4], Class [AF-5A], Class [AF-5B], Class [AF-__], Class
[MF-1], Class [MF-2], Class [MF-3], Class [MF-__], Class MF-__ and Class [BF]
Certificates.

            Fixed Rate Cumulative Loss Trigger Event: With respect to a
Distribution Date on or after the Fixed Rate Stepdown Date, a Fixed Rate
Cumulative Loss Trigger Event occurs if (x) the aggregate amount of Realized
Losses on the Mortgage Loans in Loan Group [1] from the Cut-off Date for each
such Mortgage Loan to (and including) the last day of the related Due Period
(reduced by the aggregate amount of any Subsequent Recoveries related to Loan
Group [1] received through the last day of that Due Period) exceeds (y) the
applicable percentage, for such Distribution Date, of the sum of the aggregate
Cut-off Date Principal Balance of the Initial Mortgage Loans in Loan Group [1]
and the Group [1] Supplemental Amount, as set forth below:

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

                                     I-17
<PAGE>

         Distribution Date                   Percentage
         -----------------                   ----------
         _____ 200_ -- _____ 200_............ _____% with respect to ______
                                             200_, plus an additional
                                             1/12th of ____% for each
                                             month thereafter through
                                             ______ 200_
         _____ 200_ -- _____ 200_............ _____% with respect to ______
                                             200_, plus an additional
                                             1/12th of ____% for each
                                             month thereafter through
                                             ______ 200_
         _____ 200_ -- _____ 200_............ _____% with respect to ______
                                             200_, plus an additional
                                             1/12th of ____% for each
                                             month thereafter through
                                             ______ 200_
         _____ 200_ and thereafter.......... ____%

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

                               Class Percentage

                       Class [AF]............     _______%
                       Class [MF-1]..........     _______%
                       Class [MF-2]..........     _______%
                       Class [MF-3]..........     _______%
                       Class [MF-__].........     _______%
                       Class [MF-__].........     _______%
                       Class [BF]............     _______%

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

            Fixed Rate Loan Group Excess Cashflow: With respect to any
Distribution Date the sum of (i) the amount remaining after the distribution
of interest to Certificateholders and the payment of the Class [AF-5B] Premium
and any Class [AF-5B] Reimbursement Amount to the Class [AF-5B] Insurer, in
each case for such Distribution Date pursuant to Section 4.02(a)(ii)(k), and
(ii) the amount remaining after the distribution of principal to
Certificateholders and the payment of any unpaid Class [AF-5B] Premium and any
unpaid Class [AF-5B] Reimbursement Amount to the Class [AF-5B] Insurer, in
each case for such Distribution Date pursuant to Section 4.02(c)(1)(K) or
4.02(c)(2)(L) and (iii) the Fixed Rate Overcollateralization Reduction Amount
for such Distribution Date, if any.

            Fixed Rate Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate on the Mortgage Loans in Loan Group [1] for
such Distribution Date, adjusted in the case

                                     I-18
<PAGE>

of the Class [AF-1A] Certificates only, to an effective rate reflecting the
calculation of interest on the basis of the actual number of days elapsed
during the related Interest Accrual Period and a 360-day year.

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

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

            Fixed Rate Overcollateralization Deficiency Amount: With respect
to any Distribution Date, the amount, if any, by which the Fixed Rate
Overcollateralization Target Amount exceeds the Fixed Rate Overcollateralized
Amount on such Distribution Date (after giving effect to distributions in
respect of the Principal Remittance Amount for Loan Group [1] on such
Distribution Date).

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

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

            Fixed Rate Overcollateralized Amount: With respect to any
Distribution Date, the amount, if any, by which (x) the sum of the aggregate
Stated Principal Balance of the Mortgage Loans in Loan Group [1] for such
Distribution Date and any amount on deposit in the Supplemental Loan Account
in respect of Loan Group [1] exceeds (y) the aggregate Class Certificate
Balance of the Class [AF] Certificates and the Fixed Rate Subordinate
Certificates as of such Distribution Date (after giving effect to
distributions of the Principal Remittance Amount for Loan Group [1] to be made
on such Distribution Date and, in the case of the Distribution Date
immediately following the end of the Conveyance Period, any amounts to be
released from the Supplemental Loan Account in respect of Loan Group [1]).

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

            Fixed Rate Subordinate Class Principal Distribution Amount: With
respect to any Distribution Date and any Class of Fixed Rate Subordinate
Certificates the excess of (1) the sum of (a) the

                                     I-19
<PAGE>

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

            Fixed Rate Stepdown Date: The later to occur of (x) the
Distribution Date in ______ 200_ and (y) the first Distribution Date on which
the aggregate Class Certificate Balance of the Class [AF] Certificates (after
calculating anticipated distributions on such Distribution Date) is less than
or equal to ______% of the aggregate Stated Principal Balance of the Mortgage
Loans in Loan Group [1] for such Distribution Date.

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

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

            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 thereto.

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

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

            Fiscal Agent: Not applicable.

            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 thereto.

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

                                     I-20
<PAGE>

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

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

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

            Group [1] Supplemental Amount: The portion of the Supplemental
Amount allocable for purchase of Supplemental Mortgage Loans as Group [1]
Mortgage Loans on the Closing Date, which shall equal $_________________.

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

            Group [2] Supplemental Amount: The portion of the Supplemental
Amount allocable for purchase of Supplemental Mortgage Loans as Group [2]
Mortgage Loans on the Closing Date, which shall equal $___________________.

            Group [2] Sequential Trigger Event: With respect to any
Distribution Date (i) prior to the Distribution Date in ______ 200_, if (x)
the aggregate amount of Realized Losses on the Mortgage Loans in Loan Group
[2] from the Cut-off Date for each such Mortgage Loan to (and including) the
last day of the related Due Period (reduced by the aggregate amount of any
Subsequent Recoveries related to the Mortgage Loans in Loan Group [2] received
through the last day of that Due Period) exceeds (y) ______% of the sum of the
aggregate Cut-off Date Principal Balance of the Initial Mortgage Loans in Loan
Group [2] and the Group [2] Supplemental Amount or (ii) on or after the
Distribution Date in ______ 200_, if an Adjustable Rate Trigger Event is in
effect.

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

            Group [3] Supplemental Amount: The portion of the Supplemental
Amount allocable for purchase of Supplemental Mortgage Loans as Group [3]
Mortgage Loans on the Closing Date, which shall equal $__________________.

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

            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.

                                     I-21
<PAGE>

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

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

            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)
_____________, 200_.

            Initial Cut-off Date Pool Principal Balance: $______________.

            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.

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

            Insolvency Proceeding: As defined in Section 4.05(h).

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

            Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
(other than by the Class [AF-5B] Insurer under the Class [AF-5B] Policy)
pursuant to any Insurance Policy or any other insurance policy covering a
Mortgage Loan, to the extent such proceeds are payable to the mortgagee under
the Mortgage, the Master Servicer or the trustee under the deed of trust and
are not applied to the restoration of the related Mortgaged Property or
released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account, in
each case other than any amount included in such Insurance Proceeds in respect
of Insured Expenses and received prior to such Mortgage Loan becoming a
Liquidated Mortgage Loan.

            Insured Amounts: With respect to any Distribution Date, the
Deficiency Amount for such Distribution Date.

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

            Insured Payments: With respect to any Distribution Date, the
aggregate amount actually paid by the Class [AF-5B] Insurer to the Trustee in
respect of (i) Insured Amounts for a Distribution Date and (ii) Preference
Amounts for any given Business Day.

            Interest Accrual Period: [With respect to any Distribution Date
and each Class of Adjustable Rate Certificates, the period commencing on the
immediately preceding Distribution Date (or, in the case of the first
Distribution Date, the Closing Date) and ending on the day immediately
preceding such Distribution Date. With respect to any Distribution Date and
each Class of Fixed Rate Certificates and the Class [C] Certificates, the
calendar month preceding the month in which such Distribution Date occurs. All
calculations of interest on the Adjustable Rate Certificates will be made on
the basis of the

                                     I-22
<PAGE>

actual number of days elapsed in the related Interest Accrual Period and on a
360-day year. All calculations of interest on the Fixed Rate Certificates and
Class [C] Certificates will be made on the basis of a 360-day year consisting
of twelve 30-day months].

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

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

            Interest Determination Date: With respect to (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 Accrual Period.

            Interest Distribution Amount:  Not applicable.

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

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

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

            Item 1119 Party: The Depositor, any Seller, the Master Servicer,
the Trustee, any Subservicer, any originator identified in the Prospectus
Supplement, the Corridor Contract Counterparty, the [Class AF-5B] Insurer and
any other material transaction party, as identified in Exhibit X hereto, as
updated pursuant to Section 11.04.

            Last Scheduled Distribution Date: With respect to the Class
[AF-5B] Certificates, the Distribution Date occurring in __________ 20__.

            Late Payment Rate: With respect to any Distribution Date, the
lesser of (i) the greater of (a) the rate of interest, as it is publicly
announced by ______________ at its principal office in New York, New York as
its prime rate (any change in such prime rate of interest to be effective on
the date such change is announced by __________) plus __% and (b) the then
applicable highest rate of interest on the Class [AF-5B] Certificates and (ii)
the maximum rate permissible under applicable usury or similar laws

                                     I-23
<PAGE>

limiting interest rates. The Late Payment Rate shall be computed on the basis
of the actual number of days elapsed over a year of 360 days.

            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 borrower) acquires the Primary Insurance Policy and
charges the related borrower 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 Business Day: Any day on which banks in the City of London,
England and New York City, U.S.A. are open and conducting transactions in
foreign currency and exchange.

            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 6.03 and Section 6.04 with
respect to notice and information to be provided to the Depositor and Article
XI (except Section 11.07(a)(1) and (2).

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

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

            Loan Group [1]: The Group [1] Mortgage Loans.

            Loan Group [2]: The Group [2] Mortgage Loans.

            Loan Group [3]: The Group [3] Mortgage Loans.

            Loan Number and Borrower Identification Mortgage Loan Schedule:
With respect to any Supplemental Transfer Date, the Loan Number and Borrower
Identification Mortgage Loan Schedule delivered in connection with such
Supplemental Transfer Date pursuant to Section 2.01(f). Each Loan Number and
Borrower Identification Mortgage Loan Schedule shall contain the information
specified in the definition of "Mortgage Loan Schedule" with respect to the
Supplemental Mortgage Loans conveyed

                                     I-24
<PAGE>

on such Supplemental Transfer Date, and each Loan Number and Borrower
Identification Mortgage Loan Schedule shall be deemed to be included in the
Mortgage Loan Schedule.

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

            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..

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

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

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

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

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

            Master 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

                                     I-25
<PAGE>

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, the
per annum rate set forth on the Mortgage Loan Schedule for such Mortgage Loan.

            Master Servicer Prepayment Charge Payment Amount: The amounts (i)
payable by the Master Servicer in respect of any Prepayment Charges waived
other than in accordance with the standard set forth in the first sentence of
Section 3.19(a), or (ii) collected from the Master Servicer in respect of a
remedy for the breach of the representation made by [Countrywide] set forth in
Section 3.19(c).

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

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

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

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

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

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

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

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

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

            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 or first priority ownership interest in an estate in fee
simple in real property securing a Mortgage Note.

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

            Mortgage Index: As to any Adjustable Rate Mortgage Loan on any
Adjustment Date related thereto, the index for the adjustment of the Mortgage
Rate set forth as such in the related

                                     I-26
<PAGE>

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

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

                  (i) the loan number;

                  (ii) the Loan Group;

                  (iii) the Appraised Value;

                  (iv) the Initial Mortgage Rate;

                  (v) the maturity date;

                  (vi) the original principal balance;

                  (vii) the Cut-off Date Principal Balance;

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

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

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

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

                  (xii) (x) a code indicating whether the residential dwelling
            is either (a) a detached 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;

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

                  (xiv) [Reserved];

                  (xv) [Reserved];

                  (xvi) the purpose of the Mortgage Loan;

                                     I-27
<PAGE>

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

   (a) the frequency of each Adjustment Date;

   (b) the next Adjustment Date;

   (c) the Maximum Mortgage Rate;

   (d) the Minimum Mortgage Rate;

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

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

   (g) the Gross Margin;

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

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

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

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

            Mortgage Loans: Such of the Group [1] Mortgage Loans, Group [2]
Mortgage Loans and Group [3] Mortgage Loans transferred and assigned to the
Trustee pursuant to the provisions hereof and any Supplemental Transfer
Agreement as from time to time are held as part of the Trust Fund (including
any REO Property), the mortgage loans so held being identified in the Mortgage
Loan Schedule, notwithstanding foreclosure or other acquisition of title of
the related Mortgaged Property. Any mortgage loan that was intended by the
parties hereto to be transferred to the Trust Fund as indicated by such
Mortgage Loan Schedule which is in fact not so transferred for any reason,
including a breach of the representation contained in Section 2.02 hereof,
shall continue to be a Mortgage Loan hereunder until the Purchase Price with
respect thereto has been paid to the Trust Fund.

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

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

            Mortgage Rate: The annual rate of interest borne by a Mortgage
Note from time to time; provided, however, the Mortgage Rate for each Credit
Comeback Loan shall be treated for all purposes of payments on the
Certificates, including the calculation of the Pass-Through Rates and the
applicable Net

                                     I-28
<PAGE>

Rate Cap, as reduced by [0.375]% on the Due Date following the end of each of
the first [four] annual periods after the origination date, irrespective of
whether the Mortgagor qualifies for the reduction by having a good payment
history.

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

            Mortgagor:  The obligors on a Mortgage Note.

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

        Distribution Date                                  Percentage
        ------------------------------------------------  ------------
        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ and thereafter.......................       __%

            NAS Principal Distribution Amount: For any Distribution Date, an
amount equal to the product of (i) the Class [AF-__] Portion for such
Distribution Date, (ii) any amounts distributed to the Class [AF] Certificates
pursuant to Section 4.02(c) and 4.02(e)(1) for such Distribution Date and
(iii) the NAS Factor for such Distribution Date.

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

            Net 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.

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

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

            Net Rate Carryover: With respect to any Class of Interest Bearing
Certificates and any Distribution Date, the sum of (A) the excess of (i) the
amount of interest that such Class would otherwise have accrued for such
Distribution Date had the Pass-Through Rate for such Class and the related
Interest Accrual Period not been determined based on the applicable Net Rate
Cap, over (ii) the amount of interest accrued on such Class at the applicable
Net Rate Cap for such Distribution Date and (B) the Net Rate Carryover for
such Class for all previous Distribution Dates not previously paid pursuant to
Section 4.02, together with interest thereon at the then-applicable
Pass-Through Rate for such Class, without giving effect to the applicable Net
Rate Cap.

                                     I-29
<PAGE>

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

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

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

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

            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.

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

            One-Month LIBOR: With respect to any Interest Accrual Period, the
rate determined according to Section 4.08.

            Opinion of Counsel: A written opinion of counsel, who may be
counsel for a Seller, the Depositor 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 a Seller, the
Depositor and the Master Servicer, (ii) not have any direct financial interest
in a Seller, the Depositor or the Master Servicer or in any affiliate thereof,
and (iii) not be connected with a Seller, the Depositor or the Master Servicer
as an officer, employee, promoter, underwriter, trustee, partner, director or
person performing similar functions.

                                     I-30
<PAGE>

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

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

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

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

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

            OTS: The Office of Thrift Supervision.

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

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

            [Park 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.]

                                     I-31
<PAGE>

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

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

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

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

          ------------------------------------------------------------
                                      Pass-Through     Pass-Through
                    Class               Rate (1)         Rate (2)
          ------------------------------------------------------------
                   [AF-1B]                ____%            ____%
          ------------------------------------------------------------
                   [AF-2]                 ____%            ____%
          ------------------------------------------------------------
                   [AF-3]                 ____%            ____%
          ------------------------------------------------------------
                   [AF-4]                 ____%            ____%
          ------------------------------------------------------------
                   [AF-5A]                ____%            ____%
          ------------------------------------------------------------
                   [AF-5B]                ____%            ____%
          ------------------------------------------------------------
                   [AF-__]                ____%            ____%
          ------------------------------------------------------------
                   [MF-1]                 ____%            ____%
          ------------------------------------------------------------
                   [MF-2]                 ____%            ____%
          ------------------------------------------------------------
                   [MF-3]                 ____%            ____%
          ------------------------------------------------------------
                   [MF-__]                ____%            ____%
          ------------------------------------------------------------
                   [MF-__]                ____%            ____%
          ------------------------------------------------------------
                    [BF]                  ____%            ____%
          ------------------------------------------------------------

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

            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], Class [P] and Class A-R Certificates, the portion of
the Class evidenced thereby, expressed as a percentage, as stated on the face
of such Certificate.

            Performance Certification: As defined in Section 11.05.

                                     I-32
<PAGE>

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

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

                  (ii) general obligations of or obligations guaranteed by any
            state of the United States or the District of Columbia receiving
            the highest long-term debt rating of each Rating Agency, or such
            lower rating as each Rating Agency has confirmed in writing is
            sufficient for the ratings originally assigned to the Certificates
            by such Rating Agency (without regard to the Class [AF-5B] Policy,
            in the case of Class [AF-5B] Certificates);

                  (iii) commercial or finance company paper which is then
            receiving the highest commercial or finance company paper rating
            of each Rating Agency, or such lower rating as each Rating Agency
            has confirmed in writing is sufficient for the ratings originally
            assigned to the Certificates by such Rating Agency (without regard
            to the Class [AF-5B] Policy, in the case of the Class [AF-5B]
            Certificates);

                  (iv) certificates of deposit, demand or time deposits, or
            bankers' acceptances issued by any depository institution or trust
            company incorporated under the laws of the United States or of any
            state thereof and subject to supervision and examination by
            federal and/or state banking authorities, provided that the
            commercial paper and/or long term unsecured debt obligations of
            such depository institution or trust company (or in the case of
            the principal depository institution in a holding company system,
            the commercial paper or long-term unsecured debt obligations of
            such holding company, but only if Moody's is not a Rating Agency)
            are then rated one of the two highest long-term and the highest
            short-term ratings of each such Rating Agency for such securities,
            or such lower ratings as each Rating Agency has confirmed in
            writing is sufficient for the ratings originally assigned to the
            Certificates by such Rating Agency (without regard to the Class
            [AF-5B] Policy, in the case of Class [AF-5B] Certificates);

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

                  (vi) securities (other than stripped bonds, stripped coupons
            or instruments sold at a purchase price in excess of [115]% of the
            face amount thereof) bearing interest or sold at a discount issued
            by any corporation incorporated under the laws of the United
            States or any state thereof which, at the time of such investment,
            have one of the two highest long term ratings of each Rating
            Agency (except (x) if the Rating Agency is Moody's, such rating
            shall be the highest commercial paper rating of S&P for any such
            securities) and (y), or such lower rating as each Rating Agency
            has confirmed in writing is sufficient for the ratings originally
            assigned to the Certificates by such Rating Agency (without regard
            to the Class [AF-5B] Policy, in the case of Class [AF-5B]
            Certificates);

                                     I-33
<PAGE>

                  (vii) interests in any money market fund which at the date
            of acquisition of the interests in such fund and throughout the
            time such interests are held in such fund has the highest
            applicable long term rating by each Rating Agency or such lower
            rating as each Rating Agency has confirmed in writing is
            sufficient for the ratings originally assigned to the Certificates
            by such Rating Agency (without regard to the Class [AF-5B] Policy,
            in the case of Class [AF-5B] Certificates);

                  (viii) short term investment funds sponsored by any trust
            company or national banking association incorporated under the
            laws of the United States or any state thereof which on the date
            of acquisition has been rated by each Rating Agency in their
            respective highest applicable rating category or such lower rating
            as each Rating Agency has confirmed in writing is sufficient for
            the ratings originally assigned to the Certificates by such Rating
            Agency (without regard to the Class [AF-5B] Policy, in the case of
            Class [AF-5B] Certificates); and

                  (ix) such other relatively risk free investments having a
            specified stated maturity and bearing interest or sold at a
            discount acceptable to each Rating Agency as will not result in
            the downgrading or withdrawal of the rating then assigned to the
            Certificates by any Rating Agency (without regard to the Class
            [AF-5B] Policy, in the case of Class [AF-5B] Certificates), as
            evidenced by a signed writing delivered by each Rating Agency, and
            reasonably acceptable to the NIM Insurer, as evidenced by a signed
            writing delivered by the NIM Insurer;

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

            Permitted Transferee: Any Person other than (i) the United States,
any State or political subdivision thereof, or any agency or instrumentality
of any of the foregoing, (ii) a foreign government, International Organization
or any agency or instrumentality of either of the foregoing, (iii) an
organization (except certain farmers' cooperatives described in section 521 of
the Code) that is exempt from tax imposed by Chapter 1 of the Code (including
the tax imposed by section 511 of the Code on unrelated business taxable
income) on any excess inclusions (as defined in section 860E(c)(1) of the
Code) with respect to any Class A-R Certificate, (iv) rural electric and
telephone cooperatives described in section 1381(a)(2)(C) of the Code, (v) an
"electing large partnership" as defined in section 775 of the Code, (vi) a
Person that is not a citizen or resident of the United States, a corporation,
partnership, or other entity (treated as a corporation or a partnership for
federal income tax purposes) created or

                                     I-34
<PAGE>

organized in or under the laws of the United States, any state thereof or the
District of Columbia, or an estate whose income from sources without the
United States is includible in gross income for United States federal income
tax purposes regardless of its connection with the conduct of a trade or
business within the United States, or a trust if a court within the United
States is able to exercise primary supervision over the administration of the
trust and one or more United States Persons have authority to control all
substantial decisions of the trustor unless such Person has furnished the
transferor and the Trustee with a duly completed Internal Revenue Service Form
W-8ECI, and (vii) any other Person so designated by the Trustee based upon an
Opinion of Counsel that the Transfer of an Ownership Interest in a Class A-R
Certificate to such Person may cause any REMIC formed hereunder to fail to
qualify as a REMIC at any time that any Certificates are Outstanding. The
terms "United States," "State" and "International Organization" shall have the
meanings set forth in section 7701 of the Code or successor provisions. A
corporation will not be treated as an instrumentality of the United States or
of any State or political subdivision thereof for these purposes if all of its
activities are subject to tax and, with the exception of the Federal Home Loan
Mortgage Corporation, a majority of its board of directors is not selected by
such government unit.

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

            Physical Certificate:  As specified in the Preliminary Statement.

            Planned Balance: With respect to any group of Planned Principal
Classes or Components in the aggregate and any Distribution Date appearing in
Schedule V hereto, the Aggregate Planned Balance for such group and
Distribution Date. With respect to any other Planned Principal Class or
Component and any Distribution Date appearing in Schedule V hereto, the
applicable amount appearing opposite such Distribution Date for such Class or
Component.

            Planned Principal Classes: As specified in the Preliminary
Statement.

            Pool Characteristics: With respect to the Mortgage Loans as of the
Cut-off Date, the characteristics set forth in the sixth bullet point under
"The Mortgage Pool--Conveyance of Supplemental Mortgage Loans" set forth on
page S-__ of the Prospectus Supplement.

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

            Preference Amount: Any payment of principal or interest on a Class
[AF-5B] Certificate which has become Due for Payment and which was made to a
Holder by or on behalf of the Trust Fund, which has been deemed a preferential
transfer and was previously recovered from the Holder pursuant to the United
States Bankruptcy Code in accordance with a final, non-appealable order of a
court of competent jurisdiction.

            Preference Claim: As defined in Section 4.05(h).

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

            Prepayment Charge: With respect to any Mortgage Loan, the charges
or premiums, if any, due in connection with a full or partial prepayment of
such Mortgage Loan within the related

                                     I-35
<PAGE>

Prepayment Charge Period in accordance with the terms thereof (other than any
Master Servicer Prepayment Charge Payment Amount).

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

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

                  (i) the Mortgage Loan identifying number;

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

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

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

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

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

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

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

            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 ___________, 200_) 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 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 related Due
Date, the period beginning with the opening of business on the [sixteenth] day
of the calendar month preceding the month in which such Distribution Date
occurs (or, with respect to the first Distribution Date, the period beginning
with the opening of business on the day immediately following the Initial
Cut-off Date) and ending on the close of business on the [fifteenth] day of
the month in which such Distribution Date occurs.

                                     I-36
<PAGE>

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

            Principal Distribution Amount: With respect to each Distribution
Date and a Loan Group, the sum of (i) the Principal Remittance Amount for such
Loan Group for such Distribution Date, (ii) the Extra Principal Distribution
Amount for such Loan Group for such Distribution Date, and (iii) with respect
to the Distribution Date immediately following the end of the Conveyance
Period, the amount, if any, remaining in the Supplemental Loan Account at the
end of the Conveyance Period (net of any investment income therefrom)
allocable to such Loan Group.

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

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

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

            Principal Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.05 in the name of
the Trustee for the benefit of the Certificateholders and designated
"__________________ in trust for registered Holders of CWALT, Inc.,
Alternative Loan Trust 200_-__, Mortgage Pass-Through Certificates, Series
200_-__". Funds in the Principal Reserve Fund shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement.

            Private Certificates: As specified in the Preliminary Statement.

                                     I-37
<PAGE>

            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 __________, 200_ generally
relating to mortgage pass-through certificates to be sold by the Depositor.

            Prospectus Supplement: The Prospectus Supplement, dated
_____________, 200_, relating to the Offered Certificates.

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

            PUD: A Planned Unit Development.

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

            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, as is designated by the
Depositor, notice of which designation shall be given to the Trustee.
References herein to a given rating category of a Rating Agency shall mean
such rating category without giving effect to any modifiers.

            Realized Loss: With respect to each Liquidated Mortgage Loan, an
amount (not less than zero or more than the Stated Principal Balance of the
Mortgage Loan) as of the date of such liquidation, equal to (i) the Stated
Principal Balance of 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. With respect to each
Mortgage Loan which has become the subject of a Debt Service Reduction and any
Distribution Date, the amount, if any, by which the principal portion of the
related Scheduled Payment has been reduced.

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

                                     I-38
<PAGE>

            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.

            Relief Act:  The Servicemembers Civil Relief Act.

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

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

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

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

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

            Regular Certificate: As specified in the Preliminary Statement.

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

            Relief Act: The Servicemembers Civil Relief Act.

                                     I-39
<PAGE>

            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.

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

            Remittance Report: A report prepared by the Master Servicer and
delivered to the Trustee and the NIM Insurer in accordance with Section 4.02.

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

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

                                     I-40
<PAGE>

or more of clauses (i), (ii), (iv), (viii) and/or (ix), to the extent, and
only to the extent, necessary to assure that the Replacement Mortgage Loan
otherwise complies with clause (x).]

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

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

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

                  (c) with respect to the Master Servicer only, if the Master
      Servicer becomes aware of any bankruptcy or receivership with respect to
      Countrywide, the Depositor, the Master Servicer, any Subservicer, the
      Trustee, the Co-Trustee, the Corridor Contract Counterparty, the Class
      AF-5B Insurer, 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 Trustee, the Master Servicer, any Subservicer or the Trustee;

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

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

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

            Reporting Subcontractor: With respect to the Master Servicer or
the Trustee, any Subcontractor determined by such Person pursuant to Section
11.08(b) to be "participating in the servicing function" within the meaning of
Item 1122 of Regulation AB. References to a Reporting

                                     I-41
<PAGE>

Subcontractor shall refer only to the Subcontractor of such Person and shall
not refer to Subcontractors generally.

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

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

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

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

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

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

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

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

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

            S&P: Standard & Poor's, 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.

            Schedule:  The Schedule set forth in Schedule V hereto.

            Scheduled Balances: With respect to any Scheduled Principal Class
or Component and any Distribution Date appearing in Schedule V hereto, the
applicable amount appearing opposite such Distribution Date for such Class or
Component.

            Scheduled 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

                                     I-42
<PAGE>

herein, 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.

            Scheduled Principal Distribution Amount:  Not Applicable.

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

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

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

            [Seller Shortfall Interest Requirement: With respect to the Master
Servicer Advance Date in each of ________ 200_, ________ 200_ and ________
200_, is the sum of:

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

            (b) the lesser of:

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

                  (ii) the excess of (x) the sum of the amount of Current
Interest and Interest Carry Forward Amount due and payable on the Interest
Bearing Certificates and the Class [AF-5B] Premium, in each case for such
Distribution Date, over (y) Interest Funds otherwise available to pay Current
Interest and the Interest Carry Forward Amount on the Interest Bearing
Certificates for such Distribution Date (after giving effect to the addition
of any amounts in clause (a) of this definition of Seller Shortfall Interest
Requirement to Interest Funds for such Distribution Date).]

            Senior Certificates: As specified in the Preliminary Statement.

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

                                     I-43
<PAGE>

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

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

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

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

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

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

                                               Stepdown Target
                                                Subordination
                                                 Percentage
                                               ---------------
            Class [MF-1].................           ____%
            Class [MF-2].................           ____%
            Class [MF-3].................           ____%

                                     I-44
<PAGE>

                                               Stepdown Target
                                                Subordination
                                                 Percentage
                                               ---------------
            Class [MF-__]................           ____%
            Class [MF-__]................           ____%
            Class [BF]...................           ____%
            Class [MV-1].................           ____%
            Class [MV-2].................           ____%
            Class [MV-3].................           ____%
            Class [MV-__]................           ____%
            Class [MV-__]................           ____%
            Class [BV]...................           ____%

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

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

            Subordinated Certificates: As specified in the Preliminary
Statement.

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

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

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

            Subservicer: As defined in Section 3.02(a).

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

            Substitute Mortgage Loan: A Mortgage Loan substituted by a Seller
for a Deleted Mortgage Loan which must, on the date of such substitution, as
confirmed in a Request for 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

                                     I-45
<PAGE>

[10]% less than the Stated Principal Balance of the Deleted Mortgage Loan;
(ii) be accruing interest at a rate no lower than and not more than [1]% per
annum higher than, that of the Deleted Mortgage Loan; (iii) have a
Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv)
have a remaining term to maturity no greater than (and not more than one year
less than that of) the Deleted Mortgage Loan; (v) not be a Cooperative Loan
unless the Deleted Mortgage Loan was a Cooperative Loan and (vi) comply with
each representation and warranty set forth in Section 2.03 hereof.

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

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

            Supplemental Amount: The amount deposited in the Supplemental Loan
Account on the Closing Date, which shall equal $___________.

            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 Loan Account: The separate Eligible Account created
and maintained by the Trustee pursuant to Section 3.05 in the name of the
Trustee for the benefit of the Certificateholders and designated
"______________________, in trust for registered holders of Alternative Loan
Trust 200_-__, Mortgage Pass-Through Certificates, Series 200_-__." Funds in
the Supplemental Loan 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
Supplemental Loan Account shall be for the account of the Depositor.

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

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

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

            Targeted Balance: Not applicable.

            Targeted Principal Classes: As specified in the Preliminary
Statement.

                                     I-46
<PAGE>

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

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

            Terminator: As defined in Section 9.01.

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

            Transaction Documents: This Agreement, each Corridor Contract, the
Corridor Contract Administration Agreement, the Class [AF-5B] Policy and any
other document or agreement entered into in connection with the Trust Fund,
the Certificates or the Mortgage Loans.

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

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

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

            Trust Fund: The corpus of the trust created hereunder consisting
of (i) the Mortgage Loans and all interest and principal received on or with
respect thereto on and after the Cut-off Date to the extent not applied in
computing the Cut-off Date Principal Balance thereof, exclusive of interest
not required to be deposited in the Certificate Account pursuant to Section
3.05(b)(2); (ii) the Certificate Account, the Distribution Account, the
Principal Reserve Fund, the Carryover Reserve Fund, the Credit Comeback Excess
Account, the Capitalized Interest Account, the Supplemental Loan Account and
all amounts deposited therein pursuant to the applicable provisions of this
Agreement; (iii) the rights to receive certain proceeds of the Corridor
Contracts as provided in the Corridor Contract Administration Agreement, (iv)
property that secured a Mortgage Loan and has been acquired by foreclosure,
deed in lieu of foreclosure or otherwise; (v) the mortgagee's rights under the
Insurance Policies with respect to the Mortgage Loan; (vi) the rights of the
Trustee for the benefit of the Class AF-[5] Certificateholders under the Class
[AF-5B] Policy; and (vii) all proceeds of the conversion, voluntary or
involuntary, of any of the foregoing into cash or other liquid property. The
Trust Fund created hereunder is referred to as the "{Alternative Loan Trust
200_-__, Mortgage Backed Certificates, Series 200_-__}."

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

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

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

                                     I-47
<PAGE>

            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 plus (ii) any amounts remaining in the Supplemental
Loan Account (excluding any investment earnings thereon) with respect to such
Distribution Date.

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

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

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

            Underwriter(s): As specified in the Preliminary Statement.

            Unpaid Realized Loss Amount: For the Class [2-AV-2] Certificates
and any Class of Subordinate Certificates and any Distribution Date, (x) the
portion of the aggregate Applied Realized Loss Amount previously allocated to
that Class remaining unpaid from prior Distribution Dates minus (y) any
increase in the Class Certificate Balance of that Class due to the allocation
of Subsequent Recoveries to the Class Certificate Balance of that Class
[P]ursuant to Section 4.02(l) or 4.02(m).

            Voting Rights: The voting rights of all the Certificates that are
allocated to any Certificates for purposes of the voting provisions hereunder.
Voting Rights allocated to each Class of Certificates shall be allocated [95]%
to the Certificates other than the Class A-R, Class [CF], Class [CV], Class
[PF] and Class [PV] Certificates (with the allocation among the Certificates
to be in proportion to the Class Certificate Balance of each Class relative to
the Class Certificate Balance of all other such Classes), and [1]% to each of
the Class A-R, Class [CF], Class [CV], Class [PF] and Class [PV] Certificates.
Voting Rights will be allocated among the Certificates of each such Class in
accordance with their respective Percentage Interests. Notwithstanding any of
the foregoing, on any date on which any Class [AF-5B] Certificates are
outstanding or any amounts are owed the Class [AF-5B] Insurer under this
Agreement, unless a Class [AF-5B] Insurer Default shall have occurred and be
continuing, the Class [AF-5B] Insurer will be entitled to exercise the Voting
Rights of the Class [AF-5B] Certificateholders, without the consent of the
Class [AF-5B] Certificateholders, and the Class [AF-5B] Certificateholders may
exercise such rights only with the prior written consent of the Class [AF-5B]
Insurer.

                                     I-48
<PAGE>

                                  ARTICLE II

                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

            SECTION 2.01.   Conveyance of Mortgage Loans.

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

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

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

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

                                     II-1
<PAGE>

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

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

            (v) except as provided below, the original or duplicate original
      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;

                                     II-2
<PAGE>

                  (E) The executed UCC-1 financing statement with evidence of
            recording thereon which have been filed in all places required to
            perfect the 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(R) 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(R) 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, (b) all interim recorded assignments or (c) 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 hereof 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 such interim
assignment, 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.

                                     II-3
<PAGE>

            As promptly as practicable subsequent to such transfer and
assignment, and in any event, within [thirty] ([30]) days thereafter, the
Trustee shall (i) as the assignee thereof, affix the following language to
each assignment of Mortgage: "CWALT Series 200_-__, ______________________, as
trustee", (ii) cause such assignment to be in proper form for recording in the
appropriate public office for real property records and (iii) 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, 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 that
the Trustee need not cause to be recorded any assignment which relates to a
Mortgage Loan (a) the Mortgaged Property and Mortgage File relating to which
are located in California or (b) in any other jurisdiction (including Puerto
Rico) under the laws of which in the opinion of counsel the recordation of
such assignment is not necessary to protect the Trustee's and the
Certificateholders' interest in the related Mortgage Loan.

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

            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.

            Notwithstanding anything to the contrary in this Agreement, within
[twenty] ([20]) days after a Supplemental Transfer Date with respect to all of
the Supplemental Mortgage Loans sold to the Depositor on such Supplemental
Transfer Date, [Countrywide] (on its own behalf and on behalf of [Park
Granada], [Park Monaco] and [Park Sienna]) shall either (i) deliver to the
Depositor, or at the Depositor's direction, to the Trustee or other designee
of the Depositor the Mortgage File as required pursuant to this Section 2.01
for each Delay Delivery Mortgage Loan or (ii) (A) substitute a Substitute
Mortgage Loan for the Delay Delivery Mortgage Loan or (B) repurchase the Delay
Delivery Mortgage Loan, which substitution or repurchase shall be accomplished
in the manner and subject to the conditions set forth in Section 2.03
(treating each Delay Delivery Mortgage Loan as a Deleted Mortgage Loan for
purposes of such Section 2.03); provided, however, that if [Countrywide] fails
to deliver a Mortgage File for any Delay Delivery Mortgage Loan within the
[twenty] ([20]) day period provided in the prior sentence,

                                     II-4
<PAGE>

[Countrywide] (on its own behalf and on behalf of [Park Granada], [Park
Monaco] and [Park Sienna]) shall use its best reasonable efforts to effect a
substitution, rather than a repurchase of, such Deleted Mortgage Loan and
provided further that the cure period provided for in Section 2.02 or in
Section 2.03 shall not apply to the initial delivery of the Mortgage File for
such Delay Delivery Mortgage Loan, but rather [Countrywide] (on its own behalf
and on behalf of [Park Granada], [Park Monaco] and [Park Sienna]) shall have
[five] ([5]) Business Days to cure such failure to deliver. At the end of such
[twenty] ([20]) day period the Trustee shall send a Delay Delivery
Certification for the Delay Delivery Mortgage Loans delivered during such
[twenty] ([20]) day period in accordance with the provisions of Section 2.02.

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

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

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

            (e) Upon [five] ([5]) Business Days written notice to the Trustee,
the Depositor, the Master Servicer (if the Master Servicer is not a Seller)
and the Rating Agencies, on any other Business Day during the Conveyance
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 Supplemental Loan 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,

                                     II-5
<PAGE>

      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 Underwriters 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 Underwriters 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;

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

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

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

            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
portion of the Aggregate Supplemental Transfer Amount used to purchase
Supplemental Mortgage Loans from such Seller from those funds that were set
aside in the Supplemental Loan 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 Supplemental Loan Account.

                                     II-6
<PAGE>

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

            Within [thirty] days after 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)

            (d) Neither the Depositor nor the Trust will acquire or hold any
Mortgage Loan that would violate the representations made by [Countrywide] set
forth in clause (46) 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 use and benefit of all present and future Certificateholders. The
Trustee acknowledges that it will maintain possession of the Mortgage Notes in
the State of California, unless otherwise permitted by the Rating Agencies.

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

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

                                     II-7
<PAGE>

within such period, [Countrywide] (on its own behalf and on behalf of [Park
Granada], [Park Monaco] and [Park Sienna]) shall either (a) substitute for the
related Mortgage Loan a Substitute Mortgage Loan, which substitution shall be
accomplished in the manner and subject to the conditions set forth in Section
2.03, or (b) purchase such Mortgage Loan from the Trustee within [90] days
from the date [Countrywide] (on its own behalf and on behalf of [Park
Granada], [Park Monaco] and [Park Sienna]) was notified of such defect in
writing at the Purchase Price of such Mortgage Loan; provided, however, that
in no event shall such substitution or purchase occur more than [540] days
from the Closing Date, except that if the substitution or purchase of a
Mortgage Loan pursuant to this provision is required by reason of a delay in
delivery of any documents by the appropriate recording office, and there is a
dispute between either the Master Servicer or [Countrywide] (on its own behalf
and on behalf of [Park Granada], [Park Monaco] and [Park Sienna]) and the
Trustee over the location or status of the recorded document, then such
substitution or purchase shall occur within [720] days from the Closing Date.
The Trustee shall deliver written notice to each Rating Agency within [270]
days from the Closing Date indicating each Mortgage Loan (a) which has not
been returned by the appropriate recording office or (b) as to which there is
a dispute as to location or status of such Mortgage Loan. Such notice shall be
delivered every [90] days thereafter until the related Mortgage Loan is
returned to the Trustee. Any such substitution pursuant to (a) above or
purchase pursuant to (b) above shall not be effected prior to the delivery to
the Trustee of the Opinion of Counsel required by Section 2.05 hereof, if any,
and any substitution pursuant to (a) above shall not be effected prior to the
additional delivery to the Trustee of a Request for Release substantially in
the form of Exhibit N. No substitution is permitted to be made in any calendar
month after the Determination Date for such month. The Purchase Price for any
such Mortgage Loan shall be deposited by [Countrywide] (on its own behalf and
on behalf of [Park Granada], [Park Monaco] and [Park Sienna]) in the
Certificate Account on or prior to the Distribution Account Deposit Date for
the Distribution Date in the month following the month of repurchase and, upon
receipt of such deposit and certification with respect thereto in the form of
Exhibit N hereto, the Trustee shall release the related Mortgage File to
[Countrywide] (on its own behalf and on behalf of [Park Granada], [Park
Monaco] and [Park Sienna]) and shall execute and deliver at [Countrywide]'s
(on its own behalf and on behalf of [Park Granada], [Park Monaco] and [Park
Sienna]) request such instruments of transfer or assignment prepared by
[Countrywide], in each case without recourse, as shall be necessary to vest in
[Countrywide] (on its own behalf and on behalf of [Park Granada], [Park
Monaco] and [Park Sienna]), or a designee, the Trustee's interest in any
Mortgage Loan released pursuant hereto. If pursuant to the foregoing
provisions [Countrywide] (on its own behalf and on behalf of [Park Granada],
[Park Monaco] and [Park Sienna]) repurchases 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(R)
System in accordance with MERS' rules and regulations or (ii) cause MERS to
designate on the MERS(R) 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.

            (c) 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-

                                     II-8
<PAGE>

2. Based on its review and examination, and only as to the documents
identified in such Supplemental Certification, the Trustee shall acknowledge
that such documents appear regular on their face and relate to such
Supplemental Mortgage Loan. The Trustee shall be under no duty or obligation
to inspect, review or examine said documents, instruments, certificates or
other papers to determine that the same are genuine, enforceable or
appropriate for the represented purpose or that they have actually been
recorded in the real estate records or that they are other than what they
purport to be on their face.

            (d) 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.

            (e) 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.

            (f) 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 or on behalf
of [Park Granada], [Park Monaco] and [Park Sienna]) was notified of such
defect in writing at the Purchase Price of such Mortgage Loan; provided,
however, that in no event shall such substitution or purchase occur more than
[540] days from the Closing Date, except that if the substitution or purchase
of a Mortgage Loan pursuant to this provision is required by reason of a delay
in delivery of any documents by the appropriate recording office, and there is
a dispute between either the Master Servicer or [Countrywide] (on its own
behalf and on behalf of [Park Granada], [Park Monaco] and [Park Sienna]) and
the Trustee over the location or status of the recorded document, then such
substitution or purchase shall occur within [720] days from the Closing Date.
The Trustee shall deliver written notice to each Rating Agency within [270]
days from the Closing Date indicating each Mortgage Loan (a) which has not
been returned by the appropriate recording office or (b) as to which there is
a dispute as to location or status of such Mortgage Loan. Such notice shall be
delivered every [90] days thereafter until the related Mortgage Loan is
returned to the Trustee. Any such substitution pursuant to (a) above or
purchase pursuant to (b) above shall not be effected prior to the delivery to
the Trustee of the Opinion of Counsel required by Section 2.05 hereof, if any,
and any substitution pursuant to (a) above shall not be effected prior to the
additional delivery to the Trustee of a Request for Release substantially in
the form of Exhibit N. No substitution is permitted to be made in any calendar
month after the Determination Date for such month. The Purchase Price for any
such Mortgage Loan shall be deposited by [Countrywide] (on its own behalf and
on behalf of [Park Granada], [Park Monaco] and [Park Sienna]) in the
Certificate Account on or prior to the Distribution Account Deposit Date for
the Distribution Date in the month

                                     II-9
<PAGE>

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(R) System in accordance with MERS' rules and
regulations or (ii) cause MERS to designate on the MERS(R) 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.

            (g) The Trustee shall retain possession and custody of each
Mortgage File in accordance with and subject to the terms and conditions set
forth herein. The 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.

            (h) 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 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,

                                    II-10
<PAGE>

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

            With respect to any Substitute Mortgage Loan or Loans, sold to the
Depositor by a Seller, [Countrywide] (on its own behalf and on behalf of [Park
Granada], [Park Monaco] and [Park Sienna]) shall deliver to the Trustee for
the benefit of the Certificateholders the Mortgage Note, the Mortgage, the
related assignment of the Mortgage, and such other documents and agreements as
are required by Section 2.01, with the Mortgage Note endorsed and the Mortgage
assigned as required by Section 2.01. No substitution is permitted to be made
in any calendar month after the Determination Date for such month. Scheduled
Payments due with respect to Substitute Mortgage Loans in the month of
substitution shall not

                                    II-11
<PAGE>

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
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.

                                    II-12
<PAGE>

            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 Initial Mortgage Loan as of the date hereof or such other date
set forth herein that as of the Closing Date, and following the transfer of
the Initial Mortgage Loans to it by each Seller, the Depositor had good title
to the Initial 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)(ii) hereof, together with all rights of the Depositor to
require each 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.

            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 each REMIC created hereunder 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 hereto in the same manner, and on the
same terms and conditions, as it would a Mortgage Loan repurchased for breach
of a representation or warranty contained in Section 2.03.

            SECTION 2.06.   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

                                    II-13
<PAGE>

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:

            (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.

                                    II-14
<PAGE>

                                 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 hereof, subject to the terms
hereof (i) to execute and deliver, on behalf of the Certificateholders and the
Trustee, customary consents or waivers and other instruments and documents,
(ii) to consent to transfers of any Mortgaged Property and assumptions of the
Mortgage Notes and related Mortgages (but only in the manner provided in this
Agreement), (iii) to collect any Insurance Proceeds and other Liquidation
Proceeds (which, for the purpose of this Section, 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 hereunder 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(R) System, or cause the removal from the registration of any Mortgage
Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee
and the Certificateholders or any of them, any and all instruments of
assignment and other comparable instruments with respect to such assignment or
re-recording of a Mortgage in the name of MERS, solely as nominee for the
Trustee and its successors and assigns.

            In accordance with the standards of the preceding paragraph, the
Master Servicer shall advance or cause to be advanced funds as necessary for
the purpose of effecting the payment of taxes and assessments on the Mortgaged
Properties, which advances shall be reimbursable in the first instance from
related collections from the Mortgagors pursuant to Section 3.06, and further
as provided in Section 3.08. 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

                                    III-1
<PAGE>

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

            SECTION 3.04.   Trustee to Act as Master Servicer.

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

                                    III-2
<PAGE>

warranties of the Master Servicer hereunder). Any such assumption shall be
subject to Section 7.02 hereof. If the Master Servicer shall for any reason no
longer be the Master Servicer (including by reason of any Event of Default or
termination by the Depositor), the Trustee or 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; Supplemental Loan
                            Account; Capitalized Interest Account; Carryover
                            Reserve Fund; Credit Comeback Excess Amount;
                            Principal 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 any prepayment
charge or penalty interest in connection with the prepayment of a Mortgage
Loan and (ii) extend the due dates for payments due on a Mortgage Note for a
period not greater than [180] days; provided, however, that the Master
Servicer cannot extend the maturity of any such Mortgage Loan past the date on
which the final payment is due on the latest maturing Mortgage Loan as of the
Cut-off Date. In the event of any such arrangement, the Master Servicer shall
make Advances on the related Mortgage Loan in accordance with the provisions
of Section 4.01 during the scheduled period in accordance with the
amortization schedule of such Mortgage Loan without modification thereof by
reason of such arrangements. The Master Servicer shall not be required to
institute or join in litigation with respect to collection of any payment
(whether under a Mortgage, Mortgage Note or otherwise or against any public or
governmental authority with respect to a taking or condemnation) if it
reasonably believes that enforcing the provision of the Mortgage or other
instrument pursuant to which such payment is required is prohibited by
applicable law.

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

            (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 Master Servicing Fee, Prepayment Interest Excess and any
      lender-paid mortgage insurance premiums;

                                    III-3
<PAGE>

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

            (iv) any amount required to be 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;

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

            (vi) all Substitution Adjustment Amounts;

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

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

            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 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 prepayment penalties,
late payment charges or assumption fees, if collected, need not be remitted by
the Master Servicer. In the event that the Master Servicer shall remit any
amount not required to be remitted, it may at any time withdraw or direct the
institution maintaining the Certificate Account to withdraw such amount from
the Certificate Account, any provision herein to the contrary notwithstanding.
Such withdrawal or direction may be accomplished by delivering written notice
thereof to the 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 therein 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-4
<PAGE>

            (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 herein to the
contrary notwithstanding. Such direction may be accomplished by delivering an
Officer's Certificate to the Trustee which describes the amounts deposited in
error in the Distribution Account. All funds deposited in the Distribution
Account shall be held by the Trustee in trust for the Certificateholders until
disbursed in accordance with this Agreement or withdrawn in accordance with
Section 3.08. In no event shall the Trustee incur liability for withdrawals
from the Distribution Account at the direction of the Master Servicer.

            (e) Each institution at which the Certificate Account, the
Supplemental Loan 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 Supplemental
Loan 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. Each institution
at which the Supplemental Loan Account is maintained shall invest the funds
therein in Permitted Investments that satisfy the requirements of category
(vi) of the definition thereof, which do not represent a direct issuance from
the respective obligor and which mature and shall be reinvested daily. 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 herein. 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 Supplemental Loan
Account or the Capitalized Interest Account incurred in respect of any such
investments shall promptly be deposited by the Depositor in the Supplemental
Loan 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 Capitalized Interest
Account, the Supplemental Loan 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 Capitalized Interest Account; the Supplemental Loan Account or
the Corridor Contract Reserve Fund prior to any change thereof..

            (g) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Supplemental Loan Account. On the Closing Date
[Countrywide] shall remit the Supplemental Amount

                                    III-5
<PAGE>

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

            If any funds remain in the Supplemental Loan Account at the end of
the Conveyance Period, to the extent that they represent earnings on the
amounts originally deposited into the Supplemental Loan 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 principal
distributions.

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

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

            (i) On the Closing Date, the Trustee shall establish and maintain
in its name, in trust for the benefit of the Holders of the Certificates, the
Carryover Reserve Fund and shall deposit $[10,000] therein. The Carryover
Reserve Fund shall be an Eligible Account, and funds on deposit therein shall
be held separate and apart from, and shall not be commingled with, any other
moneys, including without limitation, other moneys held by the Trustee
pursuant to this Agreement.

            On each Distribution Date, the Trustee shall deposit all amounts
received in respect of the Corridor Contracts in the Carryover Reserve Fund.
The Trustee shall make withdrawals from the Carryover Reserve Fund to make
distributions in respect of Net Rate Carryover as to the extent required by
Section 4.02.

            Any amounts received on the Class [AF-1A] Corridor Contract, Class
[2-AV] Corridor Contract, Class [3-AV] Corridor Contract and Adjustable Rate
Subordinate Corridor Contract with respect to a Distribution Date and
remaining after the distributions required pursuant to Section 4.02(g) shall
be distributed (i) in the case of any such amounts relating to the Class
[AF-1A] Corridor Contract, to the Class [CF] Certificates, and (ii) in the
case of any such amounts relating to the Class [2-AV] Corridor Contract, Class
[3-AV] Corridor Contract and Adjustable Rate Subordinate Corridor Contract, to
the [CV] Certificates; provided, however, that if the Class [AF-1A] Corridor
Contract, Class [2-AV] Corridor

                                    III-6
<PAGE>

Contract, Class [3-AV] Corridor Contract or Adjustable Rate Subordinate
Corridor Contract is subject to early termination, early termination payments
received in respect of such Corridor Contract shall be deposited by the
Trustee in the Carryover Reserve Fund and withdrawn from the Carryover Reserve
Fund to pay any Net Rate Carryover for the applicable Classes of Certificates
as provided in Section 4.02(g) on the Distribution Dates following such
termination to and including the applicable Corridor Contract Termination
Date, but such early termination payments shall not be available for
distribution to the Class [C] Certificates on future Distribution Dates until
the applicable Corridor Contract Termination Date.

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

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

            The Trustee shall not be liable for the amount of any loss
incurred in respect of any investment or lack of investment of funds held in
the Carryover Reserve Fund and made in accordance with this Section 3.05. The
Carryover Reserve Fund shall not constitute an asset of any REMIC created
hereunder. The Class [C] Certificates shall evidence ownership of the
Carryover Reserve Fund for federal tax purposes.]

            (j) On the Closing Date, the Trustee shall establish and maintain
in its name, in trust for the benefit of the Holders of the Certificates, the
Credit Comeback Excess Account. The Credit Comeback Excess Account shall be an
Eligible Account, and funds on deposit therein shall be held separate and
apart from, and shall not be commingled with, any other moneys, including
without limitation, other moneys held by the Trustee pursuant to this
Agreement.

                                    III-7
<PAGE>

            On each Distribution Date, the Trustee shall deposit all Credit
Comeback Excess Amounts in the Credit Comeback Excess Account. The Trustee
shall make withdrawals from the Credit Comeback Excess Account to make
distributions as and to the extent required by Section 4.02.

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

            The Trustee shall not be liable for the amount of any loss
incurred in respect of any investment or lack of investment of funds held in
the Credit Comeback Excess Account and made in accordance with this Section
3.05. The Credit Comeback Excess Account shall not constitute an asset of any
REMIC created hereunder. The Class [CF] Certificates shall evidence ownership
of the Credit Comeback Excess Account for federal tax purposes.

            (k) The Trustee shall establish and maintain, on behalf of the
Certificateholders, a Principal Reserve Fund in the name of the Trustee. On
the Closing Date, [Countrywide] shall deposit into the Principal Reserve Fund
$[300.00]. Funds on deposit in the Principal Reserve Fund shall not be
invested. The Principal Reserve Fund shall be treated as an "outside reserve
fund" under applicable Treasury regulations and shall not be part of any REMIC
created under this Agreement.

            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 herein 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 hereof (with respect to taxes and assessments
and insurance premiums) and 3.09 hereof (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 hereof. The Escrow Accounts shall not be a part of the Trust Fund.

                                    III-8
<PAGE>

            (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 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, the Carryover Reserve Fund
                            and the Principal Reserve Fund.

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

            (i) to pay to the Master Servicer (to the extent not previously
      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) which represent
      late

                                    III-9
<PAGE>

      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 hereof;

            (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 thereon 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 hereof;

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

            (ix) on or prior to the Distribution Account Deposit Date, to
      withdraw an amount equal to the related Available Funds 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 hereof.

            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 the Class [AF-5B] Insurer in the
manner specified in this Agreement (and to withhold from the amounts so
withdrawn, the amount of any taxes that it is authorized to withhold pursuant
to the second to last 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;

                                    III-10
<PAGE>

            (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;

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

            (vii) [Reserved];

            (viii) [Reserved].

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

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

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

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

            On the Business Day before the Class [PF] Principal Distribution
Date, the Trustee shall transfer $[100.00] from the Principal Reserve Fund to
the Distribution Account and shall distribute such amount to the Class [PF]
Certificates on the Class [PF] Principal Distribution Date. On the Business
Day before the Class [PV] Principal Distribution Date, the Trustee shall
transfer from the Principal Reserve Fund to the Distribution Account $[100.00]
and shall distribute such amount to the Class [PV] Certificates on the Class
[PV] Principal Distribution Date. Following the distributions to be made in
accordance with the two preceding sentences, the Trustee shall then terminate
the Principal Reserve Fund.

            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

                                    III-11
<PAGE>

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 hereof. It is understood and agreed that no
earthquake or other additional insurance is to be required of any Mortgagor or
maintained on property acquired in respect of a Mortgage other than pursuant
to such applicable laws and regulations as shall at any time be in force and
as shall require such additional insurance. If the Mortgaged Property is
located at the time of origination of the Mortgage Loan in a federally
designated special flood hazard area and such area is participating in the
national flood insurance program, the Master Servicer shall cause flood
insurance to be maintained with respect to such Mortgage Loan. Such flood
insurance shall be in an amount equal to the 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) The Master Servicer shall not take any action which would
result in non-coverage under any applicable Primary Insurance Policy of any
loss which, but for the actions of the Master Servicer, would have been
covered thereunder. The Master Servicer shall not cancel or refuse to renew
any such Primary Insurance Policy that is in effect at the date of the initial
issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or
non-renewed policy is maintained with a Qualified Insurer.

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

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

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

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

            (a) Except as otherwise provided in this Section, when any
property subject to a Mortgage has been conveyed by the Mortgagor, the Master
Servicer shall to the extent that it has knowledge of such conveyance, enforce
any due-on-sale clause contained in any Mortgage Note or Mortgage, to the
extent permitted under applicable law and governmental regulations, but only
to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing,
the Master Servicer is not required to exercise such rights with respect to a
Mortgage Loan if the Person to whom the related Mortgaged Property has been
conveyed or is proposed to be conveyed satisfies the terms and conditions
contained in the Mortgage Note

                                    III-12
<PAGE>

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

            (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) hereof, in any
case in which a Mortgaged Property has been conveyed to a Person by a
Mortgagor, and such Person is to enter into an assumption agreement or
modification agreement or supplement to the Mortgage Note or Mortgage that
requires the signature of the Trustee, or if an instrument of release signed
by the Trustee is required releasing the Mortgagor from liability on the
Mortgage Loan, the Master Servicer shall prepare and deliver or cause to be
prepared and delivered to the Trustee for signature and shall direct, in
writing, the Trustee to execute the assumption agreement with the Person to
whom the Mortgaged Property is to be conveyed and such modification agreement
or supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or
Mortgage or otherwise to comply with any applicable laws regarding assumptions
or the transfer of the Mortgaged Property to such Person. In connection with
any such assumption, no material term of the Mortgage Note 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

                                    III-13
<PAGE>

funds in connection with any foreclosure or towards the restoration of any
property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan
after reimbursement to itself of such expenses and (ii) that such expenses
will be recoverable to it through the proceeds of liquidation of the Mortgage
Loan and Subsequent Recoveries (respecting which it shall have priority for
purposes of withdrawals from the Certificate Account). The Master Servicer
shall be responsible for all other costs and expenses incurred by it in any
such proceedings; provided, however, that it shall be entitled to
reimbursement thereof 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
1 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. Pursuant to its
efforts to sell such REO Property, the Master Servicer shall either itself or
through an agent selected by the Master Servicer protect and conserve such REO
Property in the same manner and to such extent as is customary in the locality
where such REO Property is located and may, incident to its conservation and
protection of the interests of the Certificateholders, rent the same, or any
part thereof, as the Master Servicer deems to be in the best interest of the
Certificateholders for the period prior to the sale of such REO Property. The
Master Servicer shall prepare for and deliver to the Trustee a statement with
respect to each REO Property that has been rented showing the aggregate rental
income received and all expenses incurred in connection with the maintenance
of such REO Property at such times as is necessary to enable the Trustee to
comply with the reporting requirements of the REMIC Provisions. The net
monthly rental income, if any, from such REO Property shall be deposited in
the Certificate Account no later than the close of business on each
Determination Date. The Master Servicer shall perform the tax reporting and
withholding 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 that event, the Trustee shall have been supplied with an
Opinion of Counsel to the effect that the holding by the Trust Fund of such
Mortgaged Property subsequent to a three-year period, if applicable, will not
result in the imposition of taxes on "prohibited transactions" of any REMIC
hereunder as defined in section 860F of the Code or cause any REMIC hereunder
to fail to qualify as a REMIC at any time that any Certificates are
outstanding, the Trust Fund may continue to hold such Mortgaged Property
(subject to any conditions contained in such Opinion of Counsel) after the
expiration of such three-year period. Notwithstanding any other provision of
this Agreement, no Mortgaged Property acquired by the Trust Fund shall be
rented (or allowed to continue to be rented) or otherwise used for the
production of income

                                    III-14
<PAGE>

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 management 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 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 in 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
Purchase Price for any Mortgage Loan purchased hereunder 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 hereto, shall release or cause to
be released

                                    III-15
<PAGE>

to the purchaser of such Mortgage Loan the related Mortgage File and shall
execute and deliver such instruments of transfer or assignment prepared by the
purchaser of such Mortgage Loan, in each case without recourse, as shall be
necessary to vest in the purchaser of such Mortgage Loan any Mortgage Loan
released pursuant hereto and the purchaser of such Mortgage Loan shall succeed
to all the Trustee's right, title and interest in and to such Mortgage Loan
and all security and documents related thereto. Such assignment shall be an
assignment outright and not for security. The purchaser of such Mortgage Loan
shall thereupon own such Mortgage Loan, and all security and documents, free
of any further obligation to the Trustee or the Certificateholders with
respect thereto.

            (b) The Master Servicer may agree to a modification of any
Mortgage Loan (the "Modified Mortgage Loan") if (i) the modification is in
lieu of a refinancing and (ii) the Mortgage Rate on the Modified Mortgage Loan
is approximately a prevailing market rate for newly-originated mortgage loans
having similar terms and (iii) the Master Servicer purchases the Modified
Mortgage Loan from the Trust Fund as described below. Effective immediately
after the modification, and, in any event, on the same Business Day on which
the modification occurs, all interest of the Trustee in the Modified Mortgage
Loan shall automatically be deemed transferred and assigned to the Master
Servicer and all benefits and burdens of ownership thereof, including the
right to accrued interest thereon from the date of modification and the risk
of default thereon, shall pass to the Master Servicer. The Master Servicer
shall promptly deliver to the Trustee a certification of a Servicing Officer
to the effect that all requirements of this paragraph have been satisfied with
respect to the Modified Mortgage Loan. For federal income tax purposes, the
Trustee shall account for such purchase as a prepayment in full of the
Modified Mortgage Loan.

            The Master Servicer shall deposit the Purchase Price for any
Modified Mortgage Loan in the Certificate Account pursuant to Section 3.05
within [one] Business Day after the purchase of the Modified Mortgage Loan.
Upon receipt by the Trustee of written notification of any such deposit signed
by a Servicing Officer, the Trustee shall release to the Master Servicer the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary
to vest in the Master Servicer any Modified Mortgage Loan previously
transferred and assigned pursuant hereto. The Master Servicer covenants and
agrees to indemnify the Trust Fund against any liability for any "prohibited
transaction" taxes and any related interest, additions, and penalties imposed
on the Trust Fund established hereunder as a result of any modification of a
Mortgage Loan effected pursuant to this subsection (b), any holding of a
Modified Mortgage Loan by the Trust Fund or any purchase of a Modified
Mortgage Loan by the Master Servicer (but such obligation shall not prevent
the Master Servicer or any other appropriate Person from in good faith
contesting any such tax in appropriate proceedings and shall not prevent the
Master Servicer from withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The Master Servicer shall have no
right of reimbursement for any amount paid pursuant to the foregoing
indemnification, except to the extent that the amount of any tax, interest,
and penalties, together with interest thereon, is refunded to the Trust Fund
or the Master Servicer.

            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. 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

                                    III-16
<PAGE>

thereon. The Master Servicer is authorized to cause the removal from the
registration on the MERS System of such Mortgage and to execute and deliver,
on behalf of the Trustee and the Certificateholders or any of them, any and
all instruments of satisfaction or cancellation or of partial or full release.
Expenses incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the related Mortgagor. From time to time
and as shall be appropriate for the servicing or foreclosure of any Mortgage
Loan, including for such purpose, collection under any policy of flood
insurance, any fidelity bond or errors or omissions policy, or for the
purposes of effecting a partial release of any Mortgaged Property from the
lien of the Mortgage or the making of any corrections to the Mortgage Note or
the Mortgage or any of the other documents included in the Mortgage File, the
Trustee shall, upon delivery to the Trustee of a Request for Release in the
form of Exhibit M signed by a Servicing Officer, release the Mortgage File to
the Master Servicer. Subject to the further limitations set forth below, the
Master Servicer shall cause the Mortgage File or documents so released to be
returned to the Trustee when the need therefor by the Master Servicer no
longer exists, unless the Mortgage Loan is liquidated and the proceeds thereof
are deposited in the Certificate Account, in which case the Master Servicer
shall deliver to the Trustee a Request for Release in the form of Exhibit N,
signed by a Servicing Officer.

            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,

                                    III-17
<PAGE>

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 on all of the Mortgage Loans, if any, with respect to such
Distribution Date, but not to exceed the Compensating Interest for such
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, prepayment penalties, 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 hereof. 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.

            As part of its servicing activities, the Master Servicer shall
furnish in accordance with the Fair Credit Reporting Act and its implementing
regulations, accurate and complete information on its borrower credit files
related to the Mortgage Loans to the nationally recognized credit bureaus on a
monthly basis.

            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 2005 fiscal
year, an Officer's Certificate stating, as to the signer thereof, that (i) a
review of the activities of the Master Servicer during the preceding calendar
year (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 status
thereof.

            (b) The Master Servicer shall cause each Subservicer to deliver to
the Depositor and the Trustee on or before March 15 of each year, commencing
with its 2007 fiscal year, an Officer's Certificate stating, as to the signer
thereof, that (i) a review of the activities of such Subservicer during the
preceding calendar year (or applicable portion thereof) and of the performance
of the Subservicer under the applicable Subservicing Agreement or primary
servicing agreement, has been made under such officer's supervision and (ii)
to the best of such officer's knowledge, based on such review, such
Subservicer has fulfilled all its obligations under the applicable
Subservicing Agreement or primary

                                    III-18
<PAGE>

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.   The Corridor Contract

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

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

            The Trustee shall direct the Corridor Contract Administrator to
terminate a Corridor Contract upon the occurrence of certain events of default
or termination events to the extent specified thereunder. Upon any such
termination, the Corridor Contract Counterparty will be obligated to pay the
Corridor Contract Administrator an amount in respect of such termination, and
the portion of such amount that is distributable to the Trust Fund pursuant to
the Corridor Contract Administration Agreement and received by the Trustee or
the Master Servicer for the benefit of the Trust Fund, as the case may be, in
respect of such termination shall be deposited and held in the Carryover
Reserve Fund to pay Net Rate Carryover for the applicable Classes of
Certificates as provided in Section 4.02(e) on the Distribution Dates
following such termination to and including the applicable Corridor Contract
Termination Date, but shall not be available for distribution to the
applicable Class of Class [C] Certificates pursuant to Section 3.05(c) until
such Corridor Contract Termination Date. On each Corridor Contract Termination
Date, after all other distributions on such date, if any such amounts in
respect of early termination of the related Corridor Contract remain in the
Carryover Reserve Fund, such amounts shall be distributed by the Trustee to
(i) in the case of any such amounts relating to the Class [AF-1A] Corridor
Contract, the Class [CF] Certificates, and (ii) in the case of any such
amounts relating to the

                                    III-19
<PAGE>

Class [2-AV] Corridor Contract, Class [3-AV] Corridor Contact and Adjustable
Rate Subordinate Corridor Contract, the [CV] Certificates.

            SECTION 3.19. Prepayment Charges.

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

            (d) Upon discovery by the Master Servicer or a Responsible Officer
of the Trustee of a breach of the foregoing clause (c) that materially and
adversely affects right of the Holders of the Class [P] Certificates to any
Prepayment Charge, the party discovering the breach shall give prompt written
notice to the other parties. Within __ 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.

                                    III-20
<PAGE>

                                  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
___________________, on the Business Day immediately preceding the related
Master Servicer Advance Date, specifying the amount that it will be unable to
deposit (each such amount an "Advance Deficiency") and certifying that such
Advance Deficiency constitutes an Advance hereunder and is not a
Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or
before _________________ on a Master Servicer Advance Date, the Trustee shall,
not later than _____________, on the related Distribution Date, deposit in the
Distribution Account an amount equal to the Advance Deficiency identified in
such Trustee Advance Notice unless it is prohibited from so doing by
applicable law. Notwithstanding the foregoing, the Trustee shall not be
required to make such deposit if the Trustee shall have received written
notification from the Master Servicer that the Master Servicer has deposited
or caused to be deposited in the Certificate Account an amount equal to such
Advance Deficiency. All Advances made by the Trustee pursuant to this Section
4.01(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.

            (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

                                     IV-1
<PAGE>

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 for Loan Group [1]. [On each
Distribution Date, the Interest Funds for such Distribution Date for Loan
Group [1] shall be allocated from the Distribution Account [in the following
order of priority]:

            (i) from the Interest Funds for Loan Group [1], [concurrently] to
      the Class [AF-5B] Insurer, the Class [AF-5B] Premium for such
      Distribution Date and to each Class of Class [AF] Certificates, the
      Current Interest and Interest Carry Forward Amount for each such Class
      and such Distribution Date, [pro rata], based on their respective
      entitlements,

            (ii) from the remaining Interest Funds for Loan Group [1],
      [sequentially]:

                  (a) to the Class [AF-5B] Insurer, any Class [AF-5B]
            Reimbursement Amount,

                  (b) to the Class [MF-1] Certificates, the Current Interest
            for such Class,

                  (c) to the Class [MF-2] Certificates, the Current Interest
            for such Class,

                  (d) to the Class [MF-3] Certificates, the Current Interest
            for such Class,

                  (e) to the Class [MF-__] Certificates, the Current Interest
            for such Class,

                  (f) to the Class [MF-__] Certificates, the Current Interest
            for such Class,

                  (g) to the Class [BF] Certificates, the Current Interest for
            such Class, and

                  (h) [any remainder as part of the Fixed Rate Loan Group
            Excess Cashflow.]

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

            (i) [concurrently]:

                  (a) from Interest Funds for Loan Group [2], [concurrently]
            to each Class of Class [2-AV] Certificates, the Current Interest
            and Interest Carry

                                     IV-2
<PAGE>

            Forward Amount for each such Class and such Distribution Date,
            [pro rata], based on their respective entitlements,

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

            (ii) from the remaining Interest Funds for Loan Group [2] and Loan
      Group [3], to each Class of Class [AV] Certificates, any remaining
      Current Interest and Interest Carry Forward Amount not paid pursuant to
      Section 4.02(b)(i), [pro rata], based on the Class Certificate Balances
      thereof, to the extent needed to pay any Current Interest and Interest
      Carry Forward Amount for each such Class; provided that Interest Funds
      remaining after such allocation to pay any Current Interest and Interest
      Carry Forward Amount based on the Class Certificate Balances of the
      Certificates will be distributed to each Class of Class [AV]
      Certificates with respect to which there remains any unpaid Current
      Interest and Interest Carry Forward Amount (after the distribution based
      on Class Certificate Balances), [pro rata], based on the amount of such
      remaining unpaid Current Interest and Interest Carry Forward Amount,

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

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

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

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

                  (d) to the Class [MV-__] Certificates, the Current Interest
            for such Class,

                  (e) to the Class [MV-__] Certificates, the Current Interest
            for such Class,

                  (f) to the Class [BV] Certificates, the Current Interest for
            such Class, and

                  (g) [any remainder as part of the Adjustable Rate Loan Group
            Excess Cashflow.]

                                     IV-3
<PAGE>

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

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

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

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

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

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

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

                  (F) to the Class [MF-__] Certificates, until the Class
            Certificate Balance thereof is reduced to zero,

                  (G) to the Class [BF] Certificates, until the Class
            Certificate Balance thereof is reduced to zero, and

                  (H) [any remainder as part of the Fixed Rate Loan Group
            Excess Cashflow].

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

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

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

                  (C) to the Class [MF-1] Certificates, the Fixed Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                                     IV-4
<PAGE>

                  (D) to the Class [MF-2] Certificates, the Fixed Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                  (E) to the Class [MF-3] Certificates, the Fixed Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                  (F) to the Class [MF-__] Certificates, the Fixed Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                  (G) to the Class [MF-__] Certificates, the Fixed Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                  (H) to the Class [BF] Certificates, the Fixed Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,
            and

                  (I) [any remainder as part of the Fixed Rate Loan Group
            Excess Cashflow].

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

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

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

                  (ii) [concurrently], to the Class [AF-1A] and Class [AF-1B]
            Certificates, [pro rata] based on their respective Class
            Certificate Balances, until their respective Class Certificate
            Balances are reduced to zero,

                  (iii) [sequentially], to the Class [AF-2], Class [AF-3] and
            Class [AF-4] Certificates, in that order, in each case until the
            Class Certificate Balance thereof is reduced to zero,

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

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

                                     IV-5
<PAGE>

                        (b) [sequentially]:

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

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

                  (v) to the Class [AF-__] Certificates without regard to the
            NAS Principal Distribution Amount, until the Class Certificate
            Balance thereof is reduced to zero, and

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

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

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

                  (ii) [concurrently], to the Class [AF-1A] and Class [AF-1B]
            Certificates, [pro rata] based on their respective Class
            Certificate Balances, until their respective Class Certificate
            Balances are reduced to zero,

                  (iii) [sequentially], to the Class [AF-2], Class [AF-3] and
            Class [AF-4] Certificates, in that order, in each case until the
            Class Certificate Balance thereof is reduced to zero,

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

                  (v) to the Class [AF-__] Certificates without regard to the
            NAS Principal Distribution Amount, until the Class Certificate
            Balance thereof is reduced to zero.

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

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

                                     IV-6
<PAGE>

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

                  (A) [concurrently]:

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

                        (a) to each Class of Class [2-AV] Certificates, in the
                  order and priorities set forth in Section 4.02(d)(3) below,
                  until the Class Certificate Balances thereof are reduced to
                  zero; and

                        (b) to each Class of Class [3-AV] Certificates (after
                  the distribution of the Principal Distribution Amount from
                  Loan Group [3] as provided in Section 4.02(d)(1)(A)(ii)(a)
                  below), in the order and priorities set forth in Section
                  4.02(d)(4) below, until the Class Certificate Balances
                  thereof are reduced to zero;

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

                        (a) to each Class of Class [3-AV] Certificates, in the
                  order and priorities set forth in Section 4.02(d)(4) below,
                  until the Class Certificate Balances thereof are reduced to
                  zero; and

                        (b) to each Class of Class [2-AV] Certificates (after
                  the distribution of the Principal Distribution Amount from
                  Loan Group [2] as provided in Section 4.02(d)(1)(A)(i)(a)
                  above), in the order and priorities set forth in Section
                  4.02(d)(3) below, until the Class Certificate Balances
                  thereof are reduced to zero;

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

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

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

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

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

                  (v) to the Class [MV-__] Certificates, until the Class
            Certificate Balance thereof is reduced to zero,

                  (vi) to the Class [BV] Certificates, until the Class
            Certificate Balance thereof is reduced to zero, and

                                     IV-7
<PAGE>

                  (vii) [any remainder as part of the Adjustable Rate Loan
            Group Excess Cashflow].

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

                  (A) in an amount up to the Class [AV] Principal Distribution
            Target Amount, [pro rata] based on the related Class [AV]
            Principal Distribution Allocation Amount for the Class [2-AV]
            Certificates and the Class [3-AV] Certificates, respectively,
            [concurrently], to (I) each Class of Class [2-AV] Certificates, in
            an amount up to the Class [2-AV] Principal Distribution Amount in
            the order and priorities set forth in clause (3) below, until the
            Class Certificate Balances thereof are reduced to zero and (II)
            each Class of Class [3-AV] Certificates, in an amount up to the
            Class [3-AV] Principal Distribution Amount in the order and
            priorities set forth in clause (4) below, until the Class
            Certificate Balances thereof are reduced to zero; provided,
            however, that if the aggregate Class Certificate Balance of the
            Class [2-AV] Certificates or Class [3-AV] Certificates is reduced
            to zero then any remaining unpaid Class [AV] Principal
            Distribution Target Amount will be distributed to the remaining
            Class [AV] Certificates in the order and priorities set forth in
            clause (3) or clause (4) below, as the case may be,

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

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

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

                  (E) to the Class [MV-__] Certificates, the Adjustable Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                  (F) to the Class [MV-__] Certificates, the Adjustable Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,

                  (G) to the Class [BV] Certificates, the Adjustable Rate
            Subordinate Class Principal Distribution Amount for such Class
            until the Class Certificate Balance thereof is reduced to zero,
            and

                  (H) [any remainder as part of the Adjustable Rate Loan Group
            Excess Cashflow].

                  (3) On each Distribution Date on which any principal amounts
      are to be distributed to the Class [2-AV] Certificates, such amounts
      shall be distributed [concurrently], to the Class [2-AV-1], Class
      [2-AV-2] and Class [2-AV-__] Certificates [pro rata], based on the

                                     IV-8
<PAGE>

      Class Certificate Balances thereof, in each case until the Class
      Certificate Balance thereof is reduced to zero; provided, however, that
      if a Group [2] Sequential Trigger Event is in effect, then any principal
      amounts to be distributed to the Class [2-AV] Certificates will be
      distributed [sequentially], to the Class [2-AV-1] and Class [2-AV-2]
      Certificates, in that order, in each case until the Class Certificate
      Balance thereof is reduced to zero.

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

            (e) [With respect to any Distribution Date, any Fixed Rate Loan
Group Excess Cashflow and, in the case of clauses (1), (3), (5), (7), (9),
(11), (13), (15), (17) and (19) below, any amounts in the Credit Comeback
Excess Account available for such Distribution Date, shall be paid to the
Classes of Certificates [in the following order of priority], in each case
first to the extent of the remaining Credit Comeback Excess Cashflow, if
applicable, and second to the extent of the remaining Fixed Rate Loan Group
Excess Cashflow:

                  (1) to the Holders of the Class or Classes of Class [AF]
      Certificates and Fixed Rate Subordinate Certificates then entitled to
      receive distributions in respect of principal, in an amount equal to the
      Extra Principal Distribution Amount for Loan Group [1], payable to such
      Holders as part of the Principal Distribution Amount for Loan Group [1]
      pursuant to Section 4.02(c) above; provided, however, that Credit
      Comeback Excess Cashflow (if any) shall only be distributed pursuant to
      this clause, if the Fixed Rate Overcollateralization Target Amount has
      at any previous time been met;

                  (2) to the Holders of the Class [MF-1] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (3) to the Holders of the Class [MF-1] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (4) to the Holders of the Class [MF-2] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (5) to the Holders of the Class [MF-2] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (6) to the Holders of the Class [MF-3] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                                     IV-9
<PAGE>

                  (7) to the Holders of the Class [MF-3] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (8) to the Holders of the Class [MF-__] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (9) to the Holders of the Class [MF-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (10) to the Holders of the Class [MF-__] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (11) to the Holders of the Class [MF-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (12) to the Holders of the Class [BF] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (13) to the Holders of the Class [BF] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

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

                  (15) if the Adjustable Rate Overcollateralization Target
      Amount has at any previous time been met, to the Holders of the Class or
      Classes of Class [AV] Certificates and Adjustable Rate Subordinate
      Certificates then entitled to receive distributions in respect of
      principal, payable to such Holders as part of the Principal Distribution
      Amount as described under Section 4.02(d) above, in an amount equal to
      the Extra Principal Distribution Amount for Loan Group [2] and Loan
      Group [3] not covered by the Adjustable Rate Loan Group Excess Cashflow
      allocated [pro rata] based on the Extra Principal Distribution Amount
      for Loan Group [2] and Loan Group [3] not covered by the Adjustable Rate
      Loan Group Excess Cashflow;

                  (16) to the holders of the Class [2-AV-2] Certificates, in
      an amount equal to the Unpaid Realized Loss Amount for the Class
      [2-AV-2] Certificates remaining undistributed after application of the
      Adjustable Rate Loan Group Excess Cashflow;

                  (17) to the Holders of the Class [MV-1] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MV-1]
      Certificates remaining undistributed after application of the Adjustable
      Rate Loan Group Excess Cashflow;

                                    IV-10
<PAGE>

                  (18) to the Holders of the Class [MV-2] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MV-2]
      Certificates remaining undistributed after application of the Adjustable
      Rate Loan Group Excess Cashflow;

                  (19) to the Holders of the Class [MV-3] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MV-3]
      Certificates remaining undistributed after application of the Adjustable
      Rate Loan Group Excess Cashflow;

                  (20) to the Holders of the Class [MV-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MV-__]
      Certificates remaining undistributed after application of the Adjustable
      Rate Loan Group Excess Cashflow;

                  (21) to the Holders of the Class [MV-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MV-__]
      Certificates remaining undistributed after application of the Adjustable
      Rate Loan Group Excess Cashflow;

                  (22) to the Holders of the Class [BV] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [BV]
      Certificates remaining undistributed after application of the Adjustable
      Rate Loan Group Excess Cashflow;

                  (23) to the Carryover Reserve Fund, in an amount equal to
      the Required Carryover Reserve Fund Deposit (after giving effect to
      other deposits and withdrawals therefrom on such Distribution Date
      without regard to any amounts allocated to the Trust Fund in respect of
      any Corridor Contract not required to cover Net Rate Carryover on the
      related Class(es) of Certificates on such Distribution Date);

                  (24) in the event that a Class [3-AV-1] Acceleration Event
      is in effect, to the Holders of the Class [3-AV-1] Certificates, in an
      amount equal to the Class [3-AV-1] Acceleration Amount;

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

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

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

                  (1) to the Holders of the Class or Classes of Class [AV]
      Certificates and Adjustable Rate Subordinate Certificates then entitled
      to receive distributions in respect of principal, in an aggregate amount
      equal to the Extra Principal Distribution Amount for the Adjustable Rate
      Loan Group, payable to such Holders of each such Class as part of the
      Principal Distribution Amount for Loan Group [2] and Loan Group [3]
      pursuant to Section 4.02(d) above;

                  (2) [pro rata], to the Holders of the Class [2-AV-2]
      Certificates, in an amount equal to the Unpaid Realized Loss Amount for
      such Class;

                  (3) to the Holders of the Class [MV-1] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                                    IV-11
<PAGE>

                  (4) to the Holders of the Class [MV-1] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (5) to the Holders of the Class [MV-2] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (6) to the Holders of the Class [MV-2] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (7) to the Holders of the Class [MV-3] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (8) to the Holders of the Class [MV-3] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (9) to the Holders of the Class [MV-__] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (10) to the Holders of the Class [MV-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (11) to the Holders of the Class [MV-__] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (12) to the Holders of the Class [MV-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

                  (13) to the Holders of the Class [BV] Certificates, in an
      amount equal to any Interest Carry Forward Amount for such Class;

                  (14) to the Holders of the Class [BV] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

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

                  (16) if the Fixed Rate Overcollateralization Target Amount
      has at any previous time been met, to the Holders of the Class or
      Classes of Class [AF] Certificates and Fixed Rate Subordinate
      Certificates then entitled to receive distributions in respect of
      principal, payable to such Holders as part of the Principal Distribution
      Amount pursuant to Section 4.02(c)

                                    IV-12
<PAGE>

      above, in an amount equal to the Extra Principal Distribution Amount for
      Loan Group [1] not covered by the Fixed Rate Loan Group Excess Cashflow
      or Credit Comeback Excess Cashflow;

                  (17) to the Holders of the Class [MF-1] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MF-1]
      Certificates remaining undistributed after application of the Fixed Rate
      Loan Group Excess Cashflow and Credit Comeback Excess Cashflow;

                  (18) to the Holders of the Class [MF-2] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MF-2]
      Certificates remaining undistributed after application of the Fixed Rate
      Loan Group Excess Cashflow and Credit Comeback Excess Cashflow;

                  (19) to the Holders of the Class [MF-3] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MF-3]
      Certificates remaining undistributed after application of the Fixed Rate
      Loan Group Excess Cashflow and Credit Comeback Excess Cashflow;

                  (20) to the Holders of the Class [MF-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MF-__]
      Certificates remaining undistributed after application of the Fixed Rate
      Loan Group Excess Cashflow and Credit Comeback Excess Cashflow;

                  (21) to the Holders of the Class [MF-__] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [MF-__]
      Certificates remaining undistributed after application of the Fixed Rate
      Loan Group Excess Cashflow and Credit Comeback Excess Cashflow;

                  (22) to the Holders of the Class [BF] Certificates, in an
      amount equal to the Unpaid Realized Loss Amount for the Class [BF]
      Certificates remaining undistributed after application of the Fixed Rate
      Loan Group Excess Cashflow and Credit Comeback Excess Cashflow;

                  (23) to the Carryover Reserve Fund, in an amount equal to
      the Required Carryover Reserve Fund Deposit (after giving effect to
      other deposits and withdrawals therefrom on such Distribution Date
      without regard to any amounts allocated to the Trust Fund in respect of
      any Corridor Contract not required to cover Net Rate Carryover on the
      related Class(es) of Certificates on such Distribution Date));

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

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

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

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

                                    IV-13
<PAGE>

                  (2) in the case of any such amounts received on the Class
      [2-AV] Corridor Contract, [concurrently] to each Class of Class [2-AV]
      Certificates, [pro rata], based on the Class Certificate Balances
      thereof, to the extent needed to pay any Net Rate Carryover for each
      such Class; and then, any amounts remaining after such allocation to pay
      Net Rate Carryover based on the Class Certificate Balances of the Class
      [2-AV] Certificates shall be distributed to each Class of Class [2-AV]
      Certificates to the extent needed to pay any remaining unpaid Net Rate
      Carryover, [pro rata], based on the amount of such remaining unpaid Net
      Rate Carryover;

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

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

                  (5) any remaining amounts to the Holders of the Class [CF]
      and Class [CV] Certificates as provided in Section 3.08.]

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

            (i) On each Distribution Date, all Prepayment Charges (including
amounts deposited in connection with the full or partial waiver of such
Prepayment Charges pursuant to Section 3.19) with respect to Loan Group [1]
shall be allocated to the Class [PF] Certificates. On each Distribution Date,
all Prepayment Charges (including amounts deposited in connection with the
full or partial waiver of such Prepayment Charges pursuant to Section 3.19)
with respect to Loan Group [2] and Loan Group [3] shall be allocated to the
Class [PV] Certificates. On the Class [PF] Principal Distribution Date, the
Trustee shall make the $[100.00] distribution to the Class [PF] Certificates
as specified in Section 3.08. On the Class [PV] Principal Distribution Date,
the Trustee shall make the $[100.00] distribution to the Class [PV]
Certificates as specified in Section 3.08.

                                    IV-14
<PAGE>

            (j) [On each Distribution Date, the Trustee shall allocate any
Applied Realized Loss Amount for Loan Group [1] to reduce the Class
Certificate Balances of the Fixed Rate Subordinate Certificates [in the
following order of priority]:

                  (1) to the Class [BF] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (2) to the Class [MF-__] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (3) to the Class [MF-__] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (4) to the Class [MF-3] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (5) to the Class [MF-2] Certificates until the Class
      Certificate Balance thereof is reduced to zero; and

                  (6) to the Class [MF-1] Certificates until the Class
      Certificate Balance thereof is reduced to zero.]

            (k) [On each Distribution Date, the Trustee shall allocate any
Applied Realized Loss Amount for Loan Group [2] and Loan Group [3] to reduce
the Class Certificate Balances of the Adjustable Rate Subordinate Certificates
[in the following order of priority]:

                  (1) to the Class [BV] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (2) to the Class [MV-__] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (3) to the Class [MV-__] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (4) to the Class [MV-3] Certificates until the Class
      Certificate Balance thereof is reduced to zero;

                  (5) to the Class [MV-2] Certificates until the Class
      Certificate Balance thereof is reduced to zero; and

                  (6) to the Class [MV-1] Certificates until the Class
      Certificate Balance thereof is reduced to zero.

            On each Distribution Date after the Class Certificate Balances of
the Adjustable Rate Subordinate Certificates have been reduced to zero, the
Trustee shall allocate the Applied Realized Loss Amount with respect to the
Class [2-AV-2] Certificates to reduce the Class Certificate Balance of the
Class [2-AV-2] Certificates until the Class Certificate Balance thereof is
reduced to zero.]

            (l) [On each Distribution Date, the Trustee shall allocate the
amount of the Subsequent Recoveries for Loan Group [1], if any, to increase
the Class Certificate Balances of the Fixed

                                    IV-15
<PAGE>

Rate Subordinate Certificates to which Applied Realized Loss Amounts have been
previously allocated [in the following order of priority]:

                  (1) to the Class [MF-1] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MF-1]
      Certificates;

                  (2) to the Class [MF-2] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MF-2]
      Certificates;

                  (3) to the Class [MF-3] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MF-3]
      Certificates;

                  (4) to the Class [MF-__] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MF-__]
      Certificates;

                  (5) to the Class [MF-__] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MF-__]
      Certificates; and

                  (6) to the Class [BF] Certificates, but not by more than the
      amount of the Unpaid Realized Loss Amount of the Class [BF]
      Certificates.]

            (m) [On each Distribution Date, the Trustee shall allocate the
amount of the Subsequent Recoveries for Loan Group [2] and Loan Group [3], if
any, to increase the Class Certificate Balance of the Class [2-AV-2]
Certificates and the Adjustable Rate Subordinate Certificates to which Applied
Realized Loss Amounts have been previously allocated [in the following order
of priority]:

                  (1) to the Class [2-AV-2] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [2-AV-2]
      Certificates;

                  (2) to the Class [MV-1] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MV-1]
      Certificates;

                  (3) to the Class [MV-2] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MV-2]
      Certificates;

                  (4) to the Class [MV-3] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MV-3]
      Certificates;

                  (5) to the Class [MV-__] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MV-__]
      Certificates;

                  (6) to the Class [MV-__] Certificates, but not by more than
      the amount of the Unpaid Realized Loss Amount of the Class [MV-__]
      Certificates; and

                  (7) to the Class [BV] Certificates, but not by more than the
      amount of the Unpaid Realized Loss Amount of the Class [BV]
      Certificates;

            Holders of Certificates to which any Subsequent Recoveries have
been allocated shall not be entitled to any payment in respect of Current
Interest on the amount of such increases for any Interest Accrual Period
preceding the Distribution Date on which such increase occurs.]

                                    IV-16
<PAGE>

            Subject to Section 9.02 hereof respecting the final distribution,
on each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire
transfer in immediately available funds to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if (i) such
Holder has so notified the Trustee at least [five] Business Days prior to the
related Record Date and (ii) such Holder shall hold Regular Certificates with
an aggregate initial Class Certificate Balance of not less than $[1,000,000]
or evidencing a Percentage Interest aggregating [10]% or more with respect to
such Class or, if not, by check mailed by first class mail to such
Certificateholder at the address of such Holder appearing in the Certificate
Register. Notwithstanding the foregoing, but subject to Section 9.02 hereof
respecting the final distribution, distributions with respect to Certificates
registered in the name of a Depository shall be made to such Depository in
immediately available funds. Payments to the Class [AF-5B] Insurer shall be
made by wire transfer of immediately available funds to the following account,
unless the Class [AF-5B] Insurer notifies the Trustee in writing: Account
Name: ___________________, _______, ABA # ________________, DDA#
_______________, RE: _______________ CWALT 200_-__.

            On or before ______ [Pacific time] on the [fifth] Business Day
following each Determination Date (but in no event later than _____ [Pacific
time] on the [third] Business Day before the related Distribution Date), the
Master Servicer shall deliver a report to the Trustee (in the form of a
computer readable magnetic tape or by such other means as the Master Servicer
and the Trustee may agree from time to time) containing such data and
information as agreed to by the Master Servicer and the Trustee (including,
without limitation, the actual mortgage rate for each Credit Comeback Loan)
such as to permit the Trustee to prepare the Monthly Statement to
Certificateholders and make the required distributions for the related
Distribution Date (the "Remittance Report"). The Trustee shall not be
responsible to recompute, recalculate or verify information provided to it by
the Master Servicer and shall be permitted to conclusively rely on any
information provided to it by the Master Servicer.

                  SECTION   4.03. [Reserved].

                  SECTION   4.04. [Reserved].

                  SECTION   4.05. [Class [AF-5B] Policy; Rights of the Class
                            [AF-5B] Insurer.

            (a) If, on the [third] Business Day before any Distribution Date,
the Trustee determines that a there will be a Deficiency Amount for such
Distribution Date, the Trustee shall determine the amount of any such
deficiency and shall give notice to the Class [AF-5B] Insurer by telephone or
telecopy of the amount of such deficiency, confirmed in writing by notice
substantially in the form of Exhibit A to the Class [AF-5B] Policy, by
________, [New York time] on such [third] Business Day. The Trustee's
responsibility for delivering the notice to the Class [AF-5B] Insurer as
provided in the preceding sentence is limited to the availability, timeliness
and accuracy of the information provided by the Master Servicer.

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

                                    IV-17
<PAGE>

subsequently recovered from the affected Holders, and the dates on which such
payments were made by the Trustee.

            (c) At the time of the execution hereof, and for the purposes
hereof, the Trustee shall establish a special purpose trust account in the
name of the Trustee for the benefit of Holders of the Class [AF-5B]
Certificates (the "Class [AF-5B] Policy Payments Account") over which the
Trustee shall have exclusive control and sole right of withdrawal. The Class
[AF-5B] Policy Payments Account shall be an Eligible Account. The Trustee
shall deposit any amount paid under the Class [AF-5B] Policy into the Class
[AF-5B] Policy Payments Account and distribute such amount only for the
purposes of making the payments to Holders of the Class [AF-5B] Certificates,
in respect of the related Deficiency Amount for which the related claim was
made under the Class [AF-5B] Policy. Such amounts shall be allocated by the
Trustee to Holders of Class [AF-5B] Certificates affected by such shortfalls
in the same manner as principal and interest payments are to be allocated with
respect to such Certificates pursuant to Section 4.02. It shall not be
necessary for such payments to be made by checks or wire transfers separated
from the checks or wire transfers used to make regular payments hereunder with
funds withdrawn from the Distribution Account. However, any payments made on
the Class [AF-5B] Certificates from funds in the Class [AF-5B] Policy Payments
Account shall be noted as provided in subsection (e) below. Funds held in the
Class [AF-5B] Policy Payments Account shall not be invested by the Trustee.

            (d) Any funds received from the Class [AF-5B] Insurer for deposit
into the Class [AF-5B] Policy Payments Account pursuant to the Class [AF-5B]
Policy in respect of a Distribution Date or otherwise as a result of any claim
under the Class [AF-5B] Policy shall be applied by the Trustee directly to the
payment in full (i) of the related Deficiency Amount on such Distribution Date
or (ii) of other amounts payable under the Class [AF-5B] Policy. Funds
received by the Trustee as a result of any claim under the Class [AF-5B]
Policy shall be used solely for payment to the Holders of the Class [AF-5B]
Certificates and may not be applied for any other purpose, including, without
limitation, satisfaction of any costs, expenses or liabilities of the Trustee,
the Master Servicer or the Trust Fund. Any funds remaining in the Class
[AF-5B] Policy Payments Account on the [first] Business Day after each
Distribution Date shall be remitted promptly to the Class [AF-5B] Insurer in
accordance with the instructions set forth in Section 4.02(i).

            (e) The Trustee shall keep complete and accurate records in
respect of (i) all funds remitted to it by the Class [AF-5B] Insurer and
deposited into the Class [AF-5B] Policy Payments Account and (ii) the
allocation of such funds to (A) payments of interest on and principal in
respect of any Class [AF-5B] Certificates and (B) the amount of funds
available to make distributions on the Class [AF-5B] Certificates pursuant to
Sections 4.02(a), (b) and (d). The Class [AF-5B] Insurer shall have the right
to inspect such records at reasonable times during normal business hours upon
[three] Business Days' prior notice to the Trustee.

            (f) The Trustee acknowledges, and each Holder of a Class [AF-5B]
Certificate by its acceptance of the Class [AF-5B] Certificate agrees, that,
without the need for any further action on the part of the Class [AF-5B]
Insurer or the Trustee, to the extent the Class [AF-5B] Insurer makes
payments, directly or indirectly, on account of principal of or interest on
any Class [AF-5B] Certificates, the Class [AF-5B] Insurer will be fully
subrogated to the rights of the Holders of such Class [AF-5B] Certificates to
receive such principal and interest from the Trust Fund. The Holders of the
Class [AF-5B] Certificates, by acceptance of the Class [AF-5B] Certificates,
assign their rights as Holders of the Class [AF-5B] Certificates to the extent
of the Class [AF-5B] Insurer's interest with respect to amounts paid under the
Class [AF-5B] Policy. Anything herein to the contrary notwithstanding, solely
for purposes of determining the Class [AF-5B] Insurer's rights, as applicable,
as subrogee for payments distributable pursuant to Section 4.02, any payment
with respect to distributions to the Class [AF-5B] Certificates which is made
with funds received pursuant to the terms of the Class [AF-5B] Policy shall
not be

                                    IV-18
<PAGE>

considered payment of the Class [AF-5B] Certificates from the Trust Fund and
shall not result in the distribution or the provision for the distribution in
reduction of the Class Certificate Balance of the Class [AF-5B] Certificates
within the meaning of Article IV.

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

            (h) The Trustee shall promptly notify the Class [AF-5B] Insurer of
either of the following as to which it has actual knowledge: (A) the
commencement of any proceeding by or against the Depositor commenced under the
United States bankruptcy code or any other applicable bankruptcy, insolvency,
receivership, rehabilitation or similar law (an "Insolvency Proceeding") and
(B) the making of any claim in connection with any Insolvency Proceeding
seeking the avoidance as a preferential transfer (a "Preference Claim") of any
distribution made with respect to the Class [AF-5B] Certificates as to which
it has actual knowledge. Each Holder of a Class [AF-5B] Certificate, by its
purchase of Class [AF-5B] Certificates, and the Trustee hereby agrees that the
Class [AF-5B] Insurer (so long as no Class [AF-5B] Insurer Default exists) may
at any time during the continuation of any proceeding relating to a Preference
Claim direct all matters relating to such Preference Claim, including, without
limitation, (i) the direction of any appeal of any order relating to any
Preference Claim and (ii) the posting of any surety, supersedes or performance
bond pending any such appeal. In addition and without limitation of the
foregoing, the Class [AF-5B] Insurer shall be subrogated to the rights of the
Trustee and each Holder of a Class [AF-5B] Certificate in the conduct of any
Preference Claim, including, without limitation, all rights of any party to an
adversary proceeding action with respect to any court order issued in
connection with any such Preference Claim.

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

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

            (k) The Trustee shall send to the Class [AF-5B] Insurer the
reports prepared pursuant to Sections 3.17 and 3.18 and the statements
prepared pursuant to Section 4.06, as well as any other statements or
communications sent to Holders of the Class [AF-5B] Certificates, in each case
at the same time such reports, statements and communications are otherwise
sent.

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

            (m) With respect to this Section 4.06, the terms "Receipt" and
"Received" shall mean actual delivery to the Class [AF-5B] Insurer, if any,
prior to _______, [New York time], on a Business Day; delivery either on a day
that is not a Business Day or after _____, [New York time], shall be deemed to
be Receipt on the next succeeding Business Day. If any notice or certificate
given under the Class [AF-5B] Policy by the Trustee is not in proper form or
is not properly completed, executed or delivered, it

                                    IV-19
<PAGE>

shall be deemed not to have been Received. The Class [AF-5B] Insurer shall
promptly so advise the Trustee and the Trustee may submit an amended notice.

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

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

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

            SECTION 4.06.   Monthly Statements to Certificateholders.

            (a) Not later than each Distribution Date, the Trustee shall
prepare and cause to be forwarded by first class mail to each Holder of a
Class of Certificates of the Trust Fund, the Master Servicer, each Seller, the
Class [AF-5B] Insurer and the Depositor a statement in the form attached as
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) on 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 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.

                                    IV-20
<PAGE>

            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.

            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 for a Class of LIBOR
Certificates, so long as such LIBOR 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 Bloomberg Terminal (or such other service as may replace that service for
the purpose of displaying comparable rates or prices). for each LIBOR
Determination Date.

            (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:

                                    IV-21
<PAGE>

            (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 LIBOR Determination Date,
      the Trustee is required but unable to determine LIBOR in the manner
      provided above, LIBOR for the next Interest Accrual Period shall be
      _____%.

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

            (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 LIBOR Certificates are outstanding
on the basis of LIBOR and the respective formulae appearing in footnotes
corresponding to the LIBOR Certificates in the table relating to the
Certificates in the Preliminary Statement.

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

                                    IV-22
<PAGE>

effort, to obtain such quotations from, the BBA designated banks, the
Reference Banks or the New York City banks or to determine such arithmetic
mean, all as provided for in this Section 4.08.

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

                                    IV-23
<PAGE>

                                  ARTICLE V

                               THE CERTIFICATES

            SECTION 5.01.   The Certificates.

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

            Subject to Section 9.02 hereof 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 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 thereof.

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

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

            (a) The Trustee shall maintain, or cause to be maintained in
accordance with the provisions of Section 5.06 hereof, a Certificate Register
for the Trust Fund in which, subject to the provisions of subsections (b) and
(c) below and to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided. Upon surrender for registration
of transfer of any Certificate, the Trustee shall 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

                                      V-1
<PAGE>

Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate, and deliver the Certificates which the Certificateholder making
the exchange is entitled to receive. Every Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer in form satisfactory to the Trustee duly
executed by the holder thereof or his attorney duly authorized in writing.

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

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

            (b) No transfer of a Private Certificate shall be made unless such
transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under said Act and such state securities laws. In
the event that a transfer is to be made in reliance upon an exemption from the
Securities Act and such laws, in order to assure compliance with the
Securities Act and such laws, the Certificateholder desiring to effect such
transfer and such Certificateholder's prospective transferee shall each
certify to the Trustee in writing the facts surrounding the transfer in
substantially the forms set forth in Exhibit J (the "Transferor Certificate")
and (i) deliver a letter in substantially the form of either Exhibit K (the
"Investment Letter") or Exhibit L (the "Rule 144A Letter") or (ii) there shall
be delivered to the Trustee at the expense of the transferor an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the
Securities Act t; provided, however, that in the case of the delivery of an
Investment Letter in connection with the transfer of any Class C or Class P
Certificate to a transferee that is formed with the purpose of issuing notes
backed by such Class C or Class P Certificate, as the case may be, clause (b)
and (c) of the form of Investment Letter shall not be applicable and shall be
deleted by such transferee. The Depositor shall provide to any Holder of a
Private Certificate and any prospective transferee designated by any such
Holder, information regarding the related Certificates and the Mortgage Loans
and such other information as shall be necessary to satisfy the condition to
eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate
without registration thereof under the Securities Act pursuant to the
registration exemption provided by Rule 144A. The Trustee and the Master
Servicer shall cooperate with the Depositor in providing the Rule 144A
information referenced in the preceding sentence, including providing to the
Depositor such information regarding the Certificates, the Mortgage Loans and
other matters regarding the Trust Fund as the Depositor shall reasonably
request to meet its obligation under the preceding sentence. Each Holder of a
Private Certificate desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee 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, 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 ("Similar Law"), 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

                                     V-2
<PAGE>

representation that the transferee is an insurance company which is purchasing
such Certificate with funds contained in an "insurance company general
account" (as such term is defined in Section V(e) of Prohibited Transaction
Class Exemption 95-60 ("PTCE 95-60")) and that the purchase and holding of
such Certificate satisfy the requirements for exemptive relief under Sections
I and III of PTCE 95-60 or (ii) in the case of any ERISA-Restricted
Certificate presented for registration in the name of an employee benefit plan
or arrangement subject to ERISA, or a plan or arrangement subject to Section
4975 of the Code (or comparable provisions of any subsequent enactments), or a
trustee 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 either 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. For
purposes of the preceding sentence, with respect to an ERISA-Restricted
Certificate that is not a Residual Certificate, in the event the
representation letter or Opinion of Counsel 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 acquiror's) acceptance of the
ERISA-Restricted Certificate. Notwithstanding anything else to the contrary
herein, any purported transfer of an ERISA-Restricted Certificate to or on
behalf of an employee benefit plan or other plan of arrangement subject to
ERISA or to Section 4975 of the Code without the delivery to the Trustee of an
Opinion of Counsel satisfactory to the Trustee as described above shall be
void and of no effect.

            During the period the Supplemental Interest Trust is in effect, no
transfer of a Class A-1 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 to the effect that such transferee is not a Plan, or (ii) a
representation that the purchase and holding of the Certificate 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, or in the case of a Plan
subject to Similar Law, will not constitute a non-exempt violation of such
Similar Law. In the event such a representation letter is not delivered, one
of the foregoing representations, as appropriate, shall be deemed to have been
made by the transferee's (including the initial acquirer's) acceptance of such
Certificate. In the event that such representation is violated, such transfer
or acquisition shall be void and of no effect.

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

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

            (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.

                                     V-3
<PAGE>

            (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 hereto as Exhibit
      I.

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

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

                                     V-4
<PAGE>

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 references herein to obligations imposed upon or
to be performed by the Depository shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates and the Trustee shall recognize the Holders of 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.

                                     V-5
<PAGE>

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

            If (a) any mutilated Certificate is surrendered to the Trustee, or
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate and (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 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.

                                     V-6
<PAGE>

                                  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 herewith only to the extent of the obligations specifically and
respectively imposed upon and undertaken by them herein.

            SECTION 6.02.   Merger or Consolidation of the Depositor 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 herein 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, the NIM Insurer, any Seller or any such
Person against any breach of representations or warranties made by it herein
or protect the Depositor, the Master Servicer, the NIM Insurer, 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

                                     VI-1
<PAGE>

of the Depositor, the Master Servicer, the NIM Insurer or each Seller may rely
in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising 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 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 (i) upon determination that its duties
hereunder are no longer permissible under applicable law or (ii) upon
appointment of a successor servicer that is reasonably acceptable to the
Trustee and the NIM Insurer and the written confirmation from each Rating
Agency (which confirmation shall be furnished to the Depositor, the Trustee
and the NIM Insurer) that such resignation will not cause such Rating Agency
to reduce the then-current rating of the Certificates (such determination to
be made without regard to the Class [AF-5B] Policy). Any such determination
pursuant to clause (i) of the preceding sentence permitting the resignation of
the Master Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustee. No resignation of the Master Servicer shall become
effective until the Trustee shall have assumed the Master Servicer's
responsibilities, duties, liabilities (other than those liabilities arising
prior to the appointment of such successor) and obligations under this
Agreement 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.

                                     VI-2
<PAGE>

                                  ARTICLE VII

                                    DEFAULT

            SECTION 7.01. Events of Default.

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

            (i) any failure by the Master Servicer to deposit in the
      Certificate Account or 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 and the NIM
      Insurer by the Trustee 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) or any representation or warranty shall prove to be untrue,
      which failure or breach shall continue unremedied for a period of 60
      days after the date on which written notice of such failure shall have
      been given to the Master Servicer by the Trustee, the NIM Insurer or the
      Depositor, or to the Trustee by the Holders of Certificates evidencing
      not less than [25]% of the Voting Rights; provided that the sixty-day
      cure period shall not apply to the initial delivery of the Mortgage File
      for Delay Delivery Mortgage Loans or the failure to repurchase or
      substitute in lieu thereof;

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

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

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

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

            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 (a)

                                    VII-1
<PAGE>

the Holders of Certificates evidencing not less than [66-2/3]% of the Voting
Rights, evidenced by the Certificates (subject to the consent of the Class
[AF-5B] Insurer, which consent shall not be unreasonably withheld); 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 set forth in Section
3.16(a) or Section 11.01(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 gin 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 hereof whether or not
the obligations of the Master Servicer have been terminated pursuant to this
Section. The Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice
of termination, whether to complete the transfer and endorsement or assignment
of the Mortgage Loans and related documents, or otherwise. Unless expressly
provided in such written notice, no such termination shall affect any
obligation of the Master Servicer to pay amounts owed pursuant to Article
VIII. The Master Servicer agrees to cooperate with the Trustee in effecting
the termination of the Master Servicer's responsibilities and rights
hereunder, including, without limitation, the transfer to the Trustee of all
cash amounts which shall at the time be credited to the Certificate Account,
or thereafter be received with respect to the Mortgage Loans.

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

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

            SECTION 7.02.   Trustee to Act; Appointment of Successor.

            On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 hereof, the Trustee shall, to the extent
provided in Section 3.04, be the successor to the Master Servicer in its
capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the

                                    VII-2
<PAGE>

Master Servicer by the terms and provisions hereof and applicable law
including the obligation to make advances pursuant to Section 4.01. As
compensation therefor, the Trustee shall be entitled to all fees, costs and
expenses relating to the Mortgage Loans that the Master Servicer would have
been entitled to if the Master Servicer had continued to act hereunder.
Notwithstanding the foregoing, if the Trustee has become the successor to the
Master Servicer in accordance with Section 7.01 hereof, the Trustee may, if it
shall be unwilling to so act, or shall, if it is prohibited by applicable law
from making Advances pursuant to Section 4.01 hereof or if it is otherwise
unable to so act, (i) appoint any established mortgage loan servicing
institution reasonably acceptable to the NIM Insurer (as evidenced by the
prior written consent of the NIM Insurer), or (ii) if it is unable for [60]
days to appoint a successor servicer reasonably acceptable to the NIM Insurer,
petition a court of competent jurisdiction to appoint any established mortgage
loan servicing institution, the appointment of which does not adversely affect
the then-current rating of the Certificates (without regard to the Class
[AF-5B] Policy, in the case of the Class [AF-5B] Certificates) and the NIM
Insurer guaranteed notes (without giving any effect to any policy or guaranty
provided by the NIM Insurer) by each Rating Agency as the successor to the
Master Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder. Any
successor Master Servicer shall be an institution that is a FNMA and FHLMC
approved seller/servicer in good standing, that has a net worth of at least
$[15,000,000] and that is willing to service the Mortgage Loans and executes
and delivers to the Depositor and the Trustee an agreement accepting such
delegation and assignment, that contains an assumption by such Person of the
rights, powers, duties, responsibilities, obligations and liabilities of the
Master Servicer (other than liabilities and indemnities of the Master Servicer
under Section 6.03 hereof incurred prior to termination of the Master Servicer
under Section 7.01), with like effect as if originally named as a party to
this Agreement; and provided further that each Rating Agency acknowledges that
its rating of the Certificates in effect immediately prior to such assignment
and delegation will not be qualified or reduced as a result of such assignment
and delegation (without regard to the Class [AF-5B] Policy, in the case of the
Class [AF-5B] Certificates) 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 this Section. The Trustee shall not resign as servicer
until a successor servicer has been appointed and has accepted such
appointment. Pending appointment of a successor to the Master Servicer
hereunder, the Trustee, unless the Trustee is prohibited by law from so
acting, shall, subject to Section 3.04 hereof, act in such capacity as herein
above provided. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out
of payments on Mortgage Loans as it and such successor shall agree; provided
that no such compensation shall be in excess of that permitted the Master
Servicer hereunder. The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. Neither the Trustee nor any other successor servicer shall be
deemed to be in default hereunder by reason of any failure to make, or any
delay in making, any distribution hereunder or any portion thereof or any
failure to perform, or any delay in performing, any duties or responsibilities
hereunder, in either case caused by the failure of the Master Servicer to
deliver or provide, or any delay in delivering or providing, any cash,
information, documents or records to it.

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

                                    VII-3
<PAGE>

the Mortgage Loans that are registered with MERS, or (ii) the predecessor
Master Servicer shall cooperate with the successor Master Servicer in causing
MERS to execute and deliver an assignment of Mortgage in recordable form to
transfer the Mortgage from MERS to the Trustee and to execute and deliver such
other notices, documents and other instruments as may be necessary or
desirable to effect a transfer of such Mortgage Loan or servicing of such
Mortgage Loan on the MERS(R) System to the successor Master Servicer. The
predecessor Master Servicer shall file or cause to be filed any such
assignment in the appropriate recording office. The successor Master Servicer
shall cause such assignment to be delivered to the Trustee promptly upon
receipt of the original with evidence of recording thereon or a copy certified
by the public recording office in which such assignment was recorded.

            SECTION 7.03.   Notification to Certificateholders.

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

                                    VII-4
<PAGE>

                                 ARTICLE VIII

                            CONCERNING THE TRUSTEE

            SECTION 8.01.   Duties of Trustee.

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

            The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments
furnished to the Trustee that are specifically required to be furnished
pursuant to any provision of this Agreement shall examine them to determine
whether they 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 hereof, the Trustee shall be entitled to rely
      conclusively on the information delivered to it by the Master Servicer
      in a Trustee Advance Notice in determining whether or not it is required
      to make an Advance under Section 4.01(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

                                    VIII-1
<PAGE>

      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.

            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 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 the 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;

            (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.

                                    VIII-2
<PAGE>

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

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

            SECTION 8.04.   Trustee May Own Certificates.

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

            SECTION 8.05.   Trustee's Fees and Expenses.

            The Trustee, as compensation for its activities hereunder, shall
be entitled to withdraw from the Distribution Account on each Distribution
Date an amount equal to the Trustee Fee for such Distribution Date. The
Trustee and any director, officer, employee or agent of the Trustee shall be
indemnified by the Master Servicer and held harmless against any loss,
liability or expense (including reasonable attorney's fees) (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 herein, 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

                                    VIII-3
<PAGE>

condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 8.06 the combined capital and surplus of such corporation or
association shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. In case at any time
the Trustee shall cease to be eligible in accordance with the provisions of
this Section 8.06, the Trustee shall resign immediately in the manner and with
the effect specified in Section 8.07 hereof. The entity serving as Trustee may
have normal banking and trust relationships with the Depositor and its
affiliates or the Master Servicer and its affiliates; provided, however, that
such entity cannot be an affiliate of the Master Servicer other than the
Trustee in its role as successor to the Master Servicer.

            SECTION 8.07.   Resignation and Removal of Trustee.

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

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

            If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 hereof and shall fail to resign
after written request thereto by the NIM Insurer or the Depositor, (ii) the
Trustee shall become incapable of acting, or shall be adjudged as bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, (iii)(A) a tax is imposed with respect to the Trust Fund by any
state in which the Trustee or the Trust Fund is located, (B) the imposition of
such tax would be avoided by the appointment of a different trustee and (C)
the Trustee fails to indemnify the Trust Fund against such tax, or (iv) during
the period 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 and one copy of which shall be delivered to the successor
trustee.

            The Holders evidencing at least [51]% of the Voting Rights of each
Class of Certificates may at any time remove the Trustee and appoint a
successor trustee by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set
of which instruments shall be delivered by the successor Trustee to the Master
Servicer one complete set to the Trustee so removed, one complete set to the
successor so appointed, one complete set to the NIM Insurer

                                    VIII-4
<PAGE>

and one complete set to the Depositor, together with a written description of
the basis for such removal. Notice of any removal of the Trustee shall be
given to each Rating Agency by the successor Trustee.

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

            SECTION 8.08.   Successor Trustee.

            Any successor trustee appointed as provided in Section 8.07 hereof
shall execute, acknowledge and deliver to the Depositor 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 herein. 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 any Corridor 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 Corridor
Contract Administrator under the Corridor Contract Administration Agreement.

            No successor trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 hereof, is reasonably
acceptable to the NIM Insurer, its appointment shall not adversely affect the
then-current ratings of the Certificates (without regard to the Class [AF-5B]
Policy, in the case of the Class [AF-5B] Certificates) and has provided to the
Depositor in writing and in form and substance reasonably satisfactory to the
Depositor, all information reasonably requested by the Depositor in order to
comply with its reporting obligation under Item 6.02 of Form 8-K with respect
to a replacement Trustee.

            Upon acceptance of appointment by a successor trustee as provided
in this Section 8.08, the Depositor shall mail notice of the succession of
such trustee hereunder to all Holders of Certificates and the NIM Insurer. 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 hereof without the execution or
filing of any paper or further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding.

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

                                    VIII-5
<PAGE>

            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.

            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

                                    VIII-6
<PAGE>

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
(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 last 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

                                    VIII-7
<PAGE>

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
herein, 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 herein. The Depositor hereby indemnifies the Trustee for any losses,
liabilities, damages, claims or expenses of the Trustee arising from any
errors or miscalculations of the Trustee that result from any failure of the
Depositor to provide, or to cause to be provided, accurate information or data
to the Trustee on a timely basis.

            In the event that any tax is imposed on "prohibited transactions"
of 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

                                    VIII-8
<PAGE>

            Trustee of any of its obligations under this Agreement, (ii) the
Master Servicer, in the case of any such minimum tax, or if such tax arises
out of or results from a breach by the Master Servicer or a Seller of any of
their obligations under this Agreement, (iii) any Seller, if any such tax
arises out of or results from that Seller's obligation to repurchase a
Mortgage Loan pursuant to Section 2.02 or 2.03 or (iv) in all other cases, or
in the event that the Trustee, the Master Servicer or any Seller fails to
honor its obligations under the preceding clauses (i),(ii) or (iii), any such
tax will be paid with amounts otherwise to be distributed to the
Certificateholders, as provided in Section 3.08(b).

            The Trustee shall treat the Carryover Reserve Fund as an outside
reserve fund within the meaning of Treasury Regulation 1.860G-2(h) that is
owned by the Holders of the Class [C] Certificates, and that is not an asset
of any REMIC created hereunder. The Trustee shall treat the rights of the
Holders of each Class of Certificates (other than the Class [P] and Class A R
Certificates) to receive payments from the Carryover Reserve Fund as rights in
an interest rate corridor contract written by: (i) the Corridor Contract
Counterparty in respect of any Net Rate Carryover funded by any Corridor
Contract and in respect of any residual payments from such Corridor Contract
received by the Class [CF] or Class [CV] Certificates, as the case may be, and
(ii) the Holders of the Class [CF] and Class [CV] Certificates in respect of
(a) any monies distributed pursuant to Sections 4.02(e)(20) and 4.02(f)(21)
herein, in favor of the other Certificateholders. Thus, the Class [AF-1A],
Class [2-AV] and Class [3-AV] Certificates and the Adjustable Rate Subordinate
Certificates, shall be treated as representing ownership of not only an Master
REMIC regular interest, but also ownership of an interest in an interest rate
corridor contract. For purposes of determining the issue price of the Master
REMIC regular interests, the Trustee shall assume that the Class [AF-1A]
Corridor Contract, the Class [2-AV] Corridor Contract, the Class [3-AV]
Corridor Contract and the Adjustable Rate Subordinate Corridor Contract have
values of $________, $________, $________ and $_______, respectively. The
Trustee shall treat the entitlement to Credit Comeback Excess Amounts as owned
by the Holders of the Class [CF] Certificates and not as an asset of, or
interest in, any REMIC created hereunder. Further, the Trustee shall treat any
payments of Credit Comeback Excess Amounts to Persons other than the Holders
of the Class [CF] Certificates as payments made by the Holders of the Class
[CF] Certificates pursuant to a credit enhancement contract under Treasury
Regulation 1.860G-2(c). The Trustee shall also treat any amount payable to a
Class [CF] Certificate with respect to an R-3-X Interest as deposited into the
Carryover Reserve Fund.

                                    VIII-1
<PAGE>

                                  ARTICLE IX

                                  TERMINATION

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

            Subject to Section 9.03, the obligations and responsibilities of
the Depositor, the Sellers, the Master Servicer and the Trustee created hereby
with respect to the Trust Fund shall terminate upon the earlier of (a) the
purchase by the Master Servicer or NIM Insurer (the party exercising such
purchase option, the "Terminator") of all of the Mortgage Loans (and REO
Properties) remaining in the Trust Fund at the price equal to the sum of (i)
100% of the Stated Principal Balance of each Mortgage Loan in the Trust Fund
(other than in respect of an REO Property), (ii) accrued interest thereon at
the applicable Mortgage Rate (or, if such repurchase is effected by the Master
Servicer, at the applicable Adjusted Mortgage Rate, (iii) the appraised value
of any REO Property in the Trust Fund (up to the Stated Principal Balance of
the related Mortgage Loan), such appraisal to be conducted by an appraiser
mutually agreed upon by the Terminator and the Trustee and (iv) plus, if the
Terminator is the NIM Insurer, any unreimbursed Servicing Advances, and the
principal portion of any unreimbursed Advances, made on the Mortgage Loans
prior to the exercise of such repurchase, and (b) the later of (i) the
maturity or other liquidation (or any Advance with respect thereto) of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the distribution to related Certificateholders of all
amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the Court of St. James's, living on the date hereof and (ii) the
Latest Possible Maturity Date.

            The right to purchase all Mortgage Loans and REO Properties by the
Terminator pursuant to clause (a) of the immediately preceding paragraph 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.

            SECTION 9.02.   Final Distribution on the Certificates.

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

            Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders may surrender their Certificates
for payment of the final distribution and cancellation, shall be given
promptly by the Trustee by letter to Certificateholders mailed not earlier
than the [10]th

                                     IX-2
<PAGE>

day and no later than the [15]th day of the month next preceding the month of
such final distribution. Any such notice shall specify (a) the Distribution
Date upon which final distribution on the Certificates will be made upon
presentation and surrender of Certificates at the office therein designated,
(b) the amount of such final distribution, (c) the location of the office or
agency at which such presentation and surrender must be made, and (d) that the
Record Date otherwise applicable to such Distribution Date is not applicable,
distributions being made only upon presentation and surrender of the
Certificates at the office therein specified. The Terminator will give such
notice to each Rating Agency at the time such notice is given to
Certificateholders.

            In the event such notice is given, the Master Servicer shall cause
all funds in the Certificate Account to be remitted to the Trustee for deposit
in the Distribution Account on or before the Business Day prior to the
applicable Distribution Date in an amount equal to the final distribution in
respect of the Certificates. Upon such final deposit with respect to the 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.

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

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

            SECTION 9.03.   Additional Termination Requirements.

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

            (i) Within [90] days prior to the final Distribution Date set
      forth in the notice given by the Master Servicer under Section 9.02, the
      Master Servicer shall prepare and the Trustee, at

                                     IX-3
<PAGE>

      the expense of the "tax matters person," shall adopt a plan of complete
      liquidation within the meaning of section 860F(a)(4) of the Code which,
      as evidenced by an Opinion of Counsel (which opinion shall not be an
      expense of the Trustee or the Tax Matters Person), meets the
      requirements of a qualified liquidation; and

            (ii) 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 for cash in accordance with Section 9.01.

            (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 Terminator, 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.

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

                                     IX-4
<PAGE>

                                  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 herein or to supplement any provision herein which may
be inconsistent with any other provision herein, (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 (v),
(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 Certificates; provided,
however, that no such amendment shall (i) reduce in any manner the amount of,
or delay the timing of, payments required to be distributed on any Certificate
without the consent of the Holder of such Certificate, (ii) adversely affect
in any material respect the interests of the Holders of any Class of
Certificates in a manner other than as described in (i), without the consent
of the Holders of Certificates of such Class evidencing, as to such Class,
Percentage Interests aggregating [66-2/3]%, or (iii) reduce the aforesaid
percentages of Certificates the Holders of which are required to consent to
any such amendment, without the consent of the Holders of all such
Certificates then outstanding.

                                     X-1
<PAGE>

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

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

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

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

            SECTION 10.02.  Recordation of Agreement; Counterparts.

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

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

            SECTION 10.03.  Governing Law.

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

            SECTION 10.04.  Intention of Parties.

            It is the express intent of the parties hereto that the conveyance
of the (i) of the 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

                                     X-2
<PAGE>

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 (i) by each Seller to the Depositor or (ii) by the
Depositor to the Trustee, for the benefit of the Certificateholders, of a
security interest in all of the assets that constitute the Trust Fund, whether
now owned or hereafter acquired.

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

            SECTION 10.05.  Notices.

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

            1. Any material change or amendment to this Agreement;

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

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

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

            5. The final payment to Certificateholders; and

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

            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.

            (b) All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when delivered by first
class mail, by courier or by facsimile

                                     X-3
<PAGE>

transmission to (1) in the case of the Depositor, CWALT, Inc., 4500 Park
Granada, Calabasas, California 91302, facsimile number: (818) 225-4053,
Attention: David A. Spector, (2) in the case of [Countrywide],[Countrywide
Home Loans, Inc.], [4500 Park Granada, Calabasas, California 91302, facsimile
number: (818) 225-4053, Attention: David A. Spector] or such other address as
may be hereafter furnished to the Depositor 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) 225-4041, Attention: David A. Spector] 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) 225-4041, Attention: David A. Spector] 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) 225-4041, Attention: David A. Spector] 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, 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, ______________________,
____________________________________________, or such 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 and (9) in the case of the
Class [AF-5B] Insurer, ________________________________, Attention:
_____________________ or such other address as may be hereafter furnished by
the Class [AF-5B] Insurer. Notices to Certificateholders shall be deemed given
when mailed, first class postage prepaid, to their respective addresses
appearing in the Certificate Register.

            SECTION 10.06.  Severability of Provisions.

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

            SECTION 10.07.  Assignment.

            Notwithstanding anything to the contrary contained herein, except
as provided in Section 6.02, this Agreement may not be assigned by the Master
Servicer without the prior written consent of the Trustee and 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 hereby, or otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

            No Certificateholder shall have any right to vote (except as
provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth or contained in the terms of the Certificates
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor

                                     X-4
<PAGE>

shall any Certificateholder be under any liability to any third party by
reason of any action taken by the parties to this Agreement pursuant to any
provision hereof.

            No Certificateholder shall have any right by virtue or by availing
itself of any provisions of this Agreement to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this
Agreement, unless such Holder previously shall have given to the Trustee a
written notice of an Event of Default and of the continuance thereof, as
herein provided, 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 herein provided and for the common benefit of
all Certificateholders. For the protection and enforcement of the provisions
of this Section 10.08, each and every Certificateholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

            SECTION 10.09.  Inspection and Audit Rights.

            The Master Servicer agrees that, on reasonable prior notice, it
will permit 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.

            (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:

                                     X-5
<PAGE>

            (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 after the Certificates
have been paid.

                                  ARTICLE XI

                            EXCHANGE ACT REPORTING

            SECTION 11.01.  Filing Obligations.

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

            SECTION 11.02.  Form 10-D Filings.

            (a) In accordance with the Exchange Act, the Trustee shall prepare
for filing and file within 15 days after each Distribution Date (subject to
permitted extensions under the Exchange Act) with the Commission with respect
to the Trust Fund, a Form 10-D with copies of the Monthly Report 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

                                     XI-6
<PAGE>

provide such information which is available to the Master Servicer and the
Trustee, as applicable, without unreasonable effort or expense regarding the
performance or servicing of the Mortgage Loans (in the case of the Trustee,
based on the information provided by the Master Servicer) as is reasonably
required to facilitate preparation of distribution reports in accordance with
Item 1121 of Regulation AB. Such information shall be provided concurrently
with the delivering 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 Supplemental Transfer,
[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 200_ (or such
earlier date as may be required by the Exchange Act), the Depositor shall
prepare and file on behalf of the Trust Fund a Form 10-K, in form and
substance as required by the Exchange Act. A senior officer in charge of the
servicing function of the Master Servicer shall sign each Form 10-K filed on
behalf of the Trust Fund. Such Form 10-K shall include as exhibits each (i)
annual compliance statement described under Section 3.17, (ii) annual report
on assessments of compliance with servicing criteria described under Section
11.07 and (iii) accountant's report described under Section 11.07. Each Form
10-K shall also include any Sarbanes-Oxley Certification required to be
included therewith, as described in Section 11.05.

            If the Item 1119 Parties listed on Exhibit 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 200_, the Master Servicer and the Trustee shall notify (and the Master
Servicer shall cause any Subservicer to notify) the Depositor and the Master
Servicer of any Form 10-K Disclosure Item, together with a description of any
such Form 10-K Disclosure Item in form and substance reasonably acceptable to
the Depositor. Additionally, each of the Master Servicer and the Trustee shall
provide, and shall cause each Reporting Subcontractor retained by the Master
Servicer or the Trustee, as applicable, and in the case of the Master Servicer
shall cause each Subservicer, to provide, the following information no later
than [March 15] of each year in

                                     XI-7
<PAGE>

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 200_, the Master Servicer and the Trustee shall
(unless such person is the Certifying Person), and the Master Servicer shall
cause each Subservicer 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) and Exhibit V-2 (in the case 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 3{1}] of the first year in which the Depositor
is able to do so under applicable law, the Depositor shall file a Form 15
relating to the automatic suspension of reporting in respect of the Trust Fund
under the Exchange Act.

            SECTION 11.07.  Report on Assessment of Compliance and Attestation.

            (a) On or before [March 15] of each calendar year, commencing in
200_:

            (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

                                     XI-8
<PAGE>

Depositor and the Master Servicer, and each of their respective officers and
directors shall be entitled to rely on upon each such servicing criteria
assessment.

            (2) Each of the Master Servicer and the Trustee shall deliver to
the Depositor and the Master Servicer a report of a registered public
accounting firm reasonably acceptable to the Depositor that attests to, and
reports on, the assessment of compliance made by Master Servicer or the
Trustee, as applicable, and delivered pursuant to the preceding paragraphs.
Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act, including,
without limitation that in the event that an overall opinion cannot be
expressed, such registered public accounting firm shall state in such report
why it was unable to express such an opinion. Such report must be available
for general use and not contain restricted use language. To the extent any of
the Servicing Criteria are not applicable to such Person, with respect to
asset-backed securities transactions taken as a whole involving such Person
and that are backed by the same asset type backing the Certificates, such
report shall include such a statement that that effect.

            (3) The Master Servicer shall cause each Subservicer and each
Reporting Subcontractor to deliver to the Depositor an assessment of
compliance and accountant's attestation as and when provided in paragraphs (a)
and (b) of this Section 11.07.

            (4) The Trustee shall cause each Reporting Subcontractor to
deliver to the Depositor and the Master Servicer an assessment of compliance
and accountant's attestation as and when provided in paragraphs (a) and (b) of
this Section.

            (5) The Master Servicer and the Trustee shall execute (and the
Master Servicer shall cause each Subservicer to execute, and the Master
Servicer and the Trustee shall cause each Reporting Subcontractor to execute)
a reliance certificate to enable the Certification Parties to rely upon each
(i) annual compliance statement provided pursuant to Section 3.17, (ii) annual
report on assessments of compliance with servicing criteria provided pursuant
to this Section 11.07 and (iii) accountant's report provided pursuant to this
Section 11.07 and shall include a certification that each such annual
compliance statement or report discloses any deficiencies or defaults
described to the registered public accountants of such Person to enable such
accountants to render the certificates provided for in this Section 11.07. 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) 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 3.17 and this Article XI to the same
extent as if such Subservicer were the Master Servicer (except with respect to
the Master Servicer's duties with respect to preparing and filing any Exchange
Act Reports or as the Certifying Person). The Master Servicer shall be
responsible for obtaining from each Subservicer and delivering to the
Depositor any servicer compliance statement required to be delivered by such

                                     XI-9
<PAGE>

Subservicer under Section 3.17, any assessment of compliance and attestation
required to be delivered by such Subservicer under Section 11.07 and any
certification required to be delivered to the Certifying Person under Section
11.05 as and when required to be delivered. As a condition to the succession
to any Subservicer as subservicer under this Agreement by any Person (i) into
which such Subservicer may be merged or consolidated, or (ii) which may be
appointed as a successor to any Subservicer, the Master Servicer shall provide
to the Depositor, at least [15] calendar days prior to the effective date of
such succession or appointment, (x) written notice to the Depositor of such
succession or appointment and (y) in writing and in form and substance
reasonably satisfactory to the Depositor, all information reasonably requested
by the Depositor in order to comply with its reporting obligation under Item
6.02 of Form 8-K.

            (b) It shall not be necessary for the Master Servicer, any
Subservicer or the Trustee to seek the consent of the Depositor or any other
party hereto to the utilization of any Subcontractor. The Master Servicer or
the Trustee, as applicable, shall promptly upon request provide to the
Depositor (or any designee of the Depositor, such as the Master Servicer or
administrator) a written description (in form and substance satisfactory to
the Depositor) of the role and function of each Subcontractor utilized by such
Person (or in the case of the Master Servicer or 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 or 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
11.07, 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.

                            *   *   *   *   *   *

                                    XI-10
<PAGE>

            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.

<PAGE>

                                    CWALT, INC.,
                                        as Depositor

                                    By:___________________________________
                                        Name:
                                        Title:

                                    ______________________,
                                      as Trustee

                                    By:___________________________________
                                        Name:
                                        Title:

                                    [COUNTRYWIDE] HOME LOANS, INC.], as a
                                      Seller

                                    By:___________________________________
                                        Name:
                                        Title:

                                    [PARK GRANADA LLC],
                                        as a Seller

                                    By: [COUNTRYWIDE FINANCIAL CORPORATION]

                                    By:___________________________________
                                        Name:
                                        Title:

                                    [PARK MONACO INC.],
                                        as a Seller

                                    By: [COUNTRYWIDE FINANCIAL CORPORATION]

                                    By:___________________________________
                                        Name:
                                        Title:

                                      12

<PAGE>

                                   [PARK SIENNA LLC],
                                       as a Seller

                                    By: [COUNTRYWIDE FINANCIAL CORPORATION]

                                    By:___________________________________
                                        Name:
                                        Title:

                                    [Countrywide Home Loans Servicing LP],
                                        as Master Servicer

                                    By:  [COUNTRYWIDE GP, INC.]

                                    By:___________________________________
                                        Name:
                                        Title:

                                      13

<PAGE>

                                    Acknowledged solely with respect to the
                                       Trustee's obligations under Section
                                       4.01(b)

                                    ______________________, in its individual
                                        capacity

                                    By:___________________________________
                                        Name:
                                        Title:

<PAGE>

                                  SCHEDULE I

                            Mortgage Loan Schedule

                       [Delivered at Closing to Trustee]

                                    S-I-1

<PAGE>

                                 SCHEDULE II-A

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

                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, or if
so specified herein, as of the Initial Cut-off 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
______________________, 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 any Supplemental Transfer Agreement; and the
      Pooling and Servicing Agreement and each Supplemental Transfer
      Agreement, assuming the due authorization, execution and delivery
      thereof by the other parties thereto, constitutes a legal, valid and
      binding obligation of [Countrywide], enforceable against [Countrywide]
      in accordance with its terms, except that (a) the enforceability thereof
      may be limited by bankruptcy, insolvency, moratorium, receivership and
      other similar laws relating to creditors' rights generally and (b) the
      remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to equitable defenses and to the
      discretion of the court before which any proceeding therefor may be
      brought.

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

                                   S-II-A-1
<PAGE>

      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
<PAGE>

                                 SCHEDULE II-B

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

               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, or if so specified herein, as of the Initial
Cut-off Date, and with respect to all of the Supplemental Mortgage Loans as of
the related Supplemental Transfer Date or if so specified herein, as of the
related Supplemental Cut-off Date. Capitalized terms used but not otherwise
defined in this Schedule 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 ______________________, 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 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, assuming the due
authorization, execution and delivery thereof by the other parties thereto,
constitutes a legal, valid and binding obligation of [Park Granada],
enforceable against [Park Granada] in accordance with its terms, except that
(a) the enforceability thereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors' rights
generally and (b) the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the
discretion of the court before which any proceeding therefor may be brought.

            (3) The execution and delivery of the Pooling and Servicing
Agreement and each Supplemental Transfer Agreement by [Park Granada], the sale
of the [Park Granada] Mortgage Loans by [Park Granada] under the Pooling and
Servicing Agreement and each Supplemental Transfer Agreement, the consummation
of any other of the transactions contemplated by the Pooling and Servicing
Agreement, and the fulfillment of or compliance with the terms thereof are in
the ordinary course of business of [Park Granada] and will not (A) result in a
material breach of any term or provision of the certificate of formation or
the limited liability company agreement of [Park Granada] or (B) materially
conflict with, result in a material breach, violation or acceleration of, or
result in a material default under, the terms of any other material agreement
or instrument to which [Park Granada] is a party or by which it may be bound,
or (C) constitute a material violation of any statute, order or regulation
applicable to [Park Granada] of any court, regulatory body, administrative
agency or governmental body having jurisdiction over [Park Granada]; and [Park
Granada] is not in breach or violation of any material indenture or other
material agreement or instrument, or in violation of any statute, order or
regulation of any court, regulatory body, administrative agency or
governmental body having jurisdiction over it which breach or

                                   S-II-B-1
<PAGE>

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
<PAGE>

                                 SCHEDULE II-C

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

                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, or if so specified herein, as of the Initial
Cut-off Date, and with respect to all of the Supplemental Mortgage Loans as of
the related Supplemental Transfer Date or if so specified herein, as of the
related Supplemental Cut-off Date. Capitalized terms used but not otherwise
defined in this Schedule 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 ______________________, 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 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 [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 formation or
the limited liability company agreement of [Park Monaco] or (B) materially
conflict with, result in a material breach, violation or acceleration of, or
result in a material default under, the terms of any other material agreement
or instrument to which [Park Monaco] is a party or by which it may be bound,
or (C) constitute a material violation of any statute, order or regulation
applicable to [Park Monaco] of any court, regulatory body, administrative
agency or governmental body having jurisdiction over [Park Monaco]; and [Park
Monaco] is not in breach or violation of any material indenture or other
material agreement or instrument, or in violation of any statute, order or
regulation of any court, regulatory body, administrative agency or
governmental body having jurisdiction over it which breach or

                                   S-II-C-1
<PAGE>

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
<PAGE>

                                 SCHEDULE II-D

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

                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, or if so specified herein, as of the Initial
Cut-off Date, and with respect to all of the Supplemental Mortgage Loans as of
the related Supplemental Transfer Date or if so specified herein, as of the
related Supplemental Cut-off Date. Capitalized terms used but not otherwise
defined in this Schedule 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 ______________________, 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 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 [Park Sienna], enforceable against
[Park Sienna] in accordance with its terms, except that (a) the enforceability
thereof may be limited by bankruptcy, insolvency, moratorium, receivership and
other similar laws relating to creditors' rights generally and (b) the remedy
of specific performance and injunctive and other forms of equitable relief may
be subject to equitable defenses and to the discretion of the court before
which any proceeding therefor may be brought.

      (3) The execution and delivery of the Pooling and Servicing Agreement
and each Supplemental Transfer Agreement by [Park Sienna], the sale of the
[Park Sienna] Mortgage Loans by [Park Sienna] under the Pooling and Servicing
Agreement and each Supplemental Transfer Agreement, the consummation of any
other of the transactions contemplated by the Pooling and Servicing Agreement,
and the fulfillment of or compliance with the terms thereof are in the
ordinary course of business of [Park Sienna] and will not (A) result in a
material breach of any term or provision of the certificate of formation or
the limited liability company agreement of [Park Sienna] or (B) materially
conflict with, result in a material breach, violation or acceleration of, or
result in a material default under, the terms of any other material agreement
or instrument to which [Park Sienna] is a party or by which it may be bound,
or (C) constitute a material violation of any statute, order or regulation
applicable to [Park Sienna] of any court, regulatory body, administrative
agency or governmental body having jurisdiction over [Park Sienna]; and [Park
Sienna] is not in breach or violation of any material indenture or other
material agreement or instrument, or in violation of any statute, order or
regulation of any court, regulatory body, administrative agency or
governmental body having jurisdiction over it which breach or violation may
materially impair

                                   S-II-D-1
<PAGE>

[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
<PAGE>

                                SCHEDULE III-A

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

Representations and Warranties of [Countrywide] as to all of the Mortgage Loans
-------------------------------------------------------------------------------

            [Countrywide Home Loans, Inc.] ("[Countrywide]") hereby makes the
representations and warranties set forth in this Schedule III-A to the
Depositor, the Master Servicer and the Trustee, with respect to all of the
Initial Mortgage Loans as of the Closing Date, or if so specified herein, as
of the Initial Cut-off Date, and with respect to all of the Supplemental
Mortgage Loans as of the related Supplemental Transfer Date or if so specified
herein, as of the related Supplemental Cut-off Date. Capitalized terms used
but not otherwise defined in this Schedule III-A shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") relating to the above-referenced Series, among
[Countrywide], as a seller, [Park Granada LLC], as a seller, [Park Monaco
Inc.], as a seller, [Park Sienna LLC], as a seller, [Countrywide Home Loans
Servicing LP], as master servicer, CWALT, Inc., as depositor, and
______________________, as trustee.

            (1) The information set forth on Schedule I to the Pooling and
Servicing Agreement with respect to each Initial Mortgage Loan is true and
correct in all material respects as of the Closing Date and with respect to
each Supplemental Mortgage Loan is true and correct in all material respects
as of the related Supplemental Transfer Date.

            (2) As of the Closing Date, all payments due with respect to each
Initial Mortgage Loan prior to the Initial Cut-off Date have been made; and as
of the Initial Cut-off Date, no Mortgage Loan has been contractually
delinquent for [30] or more days more than once during the twelve months prior
to the Initial Cut-off Date. As of each Supplemental Transfer Date, all
payments due with respect to each related Supplemental Mortgage Loan prior to
the related Supplemental Cut-off Date will have been made; and as of each
Supplemental Cut-off Date, no related Supplemental Mortgage Loan will have
been contractually delinquent for [30] or more days more than once during the
twelve months prior to that Supplemental Cut-off Date.

            (3) No Initial Mortgage Loan had a Loan-to-Value Ratio at
origination in excess of [95.00]%.

            (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
<PAGE>

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

            (12) A lender's policy of title insurance together with a
condominium endorsement 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; 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.

            (13) 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.

            (14) 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.

                                  S-III-A-2
<PAGE>

            (15) 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.

            (16) 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.

            (17) 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.

            (18) 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.

            (19) 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.

            (20) 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.

            (21) 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.

            (22) 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.

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

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

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

                                  S-III-A-3
<PAGE>

            (26) As of the Closing Date, [ ] Initial Mortgage Loans provide
for a prepayment penalty.

            (27) [Each Mortgage Loan which had a Loan-to-Value Ratio at
origination in excess of [80.00]% 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% to 85.00%, from 12% to 20% for
Loan-to-Value Ratios between 85.01% to 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].

            (28) 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 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 (29) 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.

            (29) 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.

            (30) 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.

                                  S-III-A-4
<PAGE>

            (31) 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.

            (32) 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.

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

            (34) 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.

            (35) 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.

            (36) Each Mortgage Loan was underwritten in all material respects
in accordance with [Countrywide]'s underwriting guidelines as set forth in the
Prospectus Supplement.

            (37) 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.

            (38) None of the Initial Mortgage Loans are graduated payment
mortgage loans or a growing equity mortgage loans, and none of the Initial
Mortgage Loans are subject to a buydown or similar arrangement.

            (39) 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.

            (40) The Mortgage Loans were selected from among the outstanding
fixed-rate one- to four-family mortgage loans in the portfolios of the Sellers
at the Closing Date as to which the

                                  S-III-A-5
<PAGE>

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.

            (41) Except for [ ] Initial Mortgage Loans, each Initial Mortgage
Loan has a payment date on or before the Due Date in the month of the first
Distribution Date.

            (42) With respect to any Mortgage Loan as to which an affidavit
has been delivered to the Trustee certifying that the original Mortgage Note
is a Lost Mortgage Note, if such Mortgage Loan is subsequently in default, the
enforcement of such Mortgage Loan or of the related Mortgage by or on behalf
of the Trustee will not be materially adversely affected by the absence of the
original Mortgage Note. A "Lost Mortgage Note" is a Mortgage Note the original
of which was permanently lost or destroyed and has not been replaced.

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

            (44) [The aggregate principal balance of the Discount Mortgage
Loans will not exceed $[ ].]

            (45) None of the Mortgage Loans are subject to the Georgia Fair
Lending Act, as amended.

            (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.
ss.ss. 58-21a-1 et seq.).

            (50) No Mortgage Loan is a "High-Cost Home Mortgage Loan" as
defined in the Massachusetts Predatory Home Loan Practices Act effective
November 7, 2004 (Mass. Gen. Laws ch. 183C).

            (51) No Mortgage Loan originated on or after January 1, 2005 is a
"High Cost Home Loan" as defined in the Indiana Home Loan Practices Act,
effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9).

            (52) 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.

            (53) 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 the then current Standard
& Poor's LEVELS(R) Version 5.6c 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

                                  S-III-A-6
<PAGE>

"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.

            (54) No Mortgage Loan originated on or after October 1, 2002
through March 6, 2003 is governed by the Georgia Fair Lending Act.

            (55) No proceeds from any Mortgage Loan underlying the
Certificates were used to finance single-premium credit insurance policies.

            (56) [The Master Servicer for each Mortgage Loan in any Loan Group
has fully furnished, in accordance with the Fair Credit Reporting Act and its
implementing regulations, accurate and complete information (i.e., favorable
and unfavorable) on its borrower credit files to Equifax, Experian and Trans
Union Credit Information Company (three of the credit repositories) on a
monthly basis.]

            (57) [Each Mortgage Loan had an original principal balance that
conforms to Freddie Mac and Fannie Mae guidelines concerning original
principal balance limits at the time of the origination of such Mortgage
Loan.]

            (58) No Mortgage Loan in any Loan Group originated between October
1, 2002 and March 7, 2003 is subject to the Georgia Fair Lending Act, as
amended. No Mortgage Loan in any Loan Group originated between October 1, 2002
and March 7, 2003 is secured by a Mortgaged Property located in the state of
Georgia, and there is no Mortgage Loan originated on or after March 7, 2003
that is a "high cost home loan" as defined under the Georgia Fair Lending Act.

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

            (60) No Mortgage Loan in any Loan Group originated prior to
October 1, 2002 will impose prepayment penalties for a term in excess of five
years after origination.

            (61) [With respect to all of the Mortgage Loans originated from
August 1, 2004 through April 30, 2005, if the related Mortgage Loan or the
related Mortgage Note, or any document relating to the loan transaction,
contains a mandatory arbitration clause (that is, a clause that requires the
borrower to submit to arbitration to resolve any dispute arising out of or
relating in any way to the mortgage loan transaction), Countrywide will (i)
notify the related borrower in writing within 60 days after the Closing Date
that none of the related seller, the related servicer or any subsequent party
that acquires an interest in the Mortgage Loan or services the Mortgage Loan
will enforce the arbitration clause against the borrower, but that the
borrower will continue to have the right to submit a dispute to arbitration,
and (ii) place a copy of that notice in the Mortgage File. With respect to all
of the Mortgage Loans originated on or after May 1, 2005, neither the related
mortgage nor the related mortgage note

                                  S-III-A-7
<PAGE>

requires the borrower to submit to arbitration to resolve any dispute arising
out of or relating in any way to the mortgage loan transaction.]

            (62) [Each Mortgage Loan constitutes a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code.]

                                  S-III-A-8
<PAGE>

                                SCHEDULE III-B

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

               Representations and Warranties of [Countrywide]
                    as to the [Countrywide] Mortgage Loans
               -----------------------------------------------

            [Countrywide Home Loans, Inc.] ("[Countrywide]") hereby makes the
representations and warranties set forth in this Schedule III-B to the
Depositor, the Master Servicer and the Trustee, with respect to the
[Countrywide] Mortgage Loans that are Initial Mortgage Loans as of the Closing
Date, or if so specified herein, as of the Initial Cut-off Date, and with
respect to the [Countrywide] Mortgage Loans that are 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-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 ______________________, 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

<PAGE>

                                SCHEDULE III-C

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

               Representations and Warranties of [Park Granada]
                    as to the [Park Granada] Mortgage Loans
               ------------------------------------------------

            [Park Granada LLC] ("[Park Granada]") hereby makes the
representations and warranties set forth in this Schedule III-C to the
Depositor, the Master Servicer and the Trustee, with respect to the [Park
Granada] Mortgage Loans that are Initial Mortgage Loans as of the Closing
Date, or if so specified herein, as of the Initial Cut-off Date, and with
respect to the [Park Granada] Mortgage Loans that are 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-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
______________________, 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

<PAGE>

                                SCHEDULE III-D

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

                Representations and Warranties of [Park Monaco]
                    as to the [Park Monaco] Mortgage Loans
                -----------------------------------------------

            [Park Monaco Inc.] ("[Park Monaco]") hereby makes the
representations and warranties set forth in this Schedule III-D to the
Depositor, the Master Servicer and the Trustee, with respect to the [Park
Monaco] Mortgage Loans that are Initial Mortgage Loans as of the Closing Date,
or if so specified herein, as of the Initial Cut-off Date, and with respect to
the [Park Monaco] Mortgage Loans that are 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-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 ______________________, 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

<PAGE>

                                SCHEDULE III-E

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

                Representations and Warranties of [Park Sienna]
                    as to the [Park Sienna] Mortgage Loans
                -----------------------------------------------

            [Park Sienna LLC] ("[Park Sienna]") hereby makes the
representations and warranties set forth in this Schedule III-E to the
Depositor, the Master Servicer and the Trustee, with respect to the [Park
Sienna] Mortgage Loans that are Initial Mortgage Loans as of the Closing Date,
or if so specified herein, as of the Initial Cut-off Date, and with respect to
the [Park Sienna] Mortgage Loans that are 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-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 Sienna LLC], as a seller, [Countrywide Home Loans Servicing LP], as
master servicer, CWALT, Inc., as depositor, and ______________________, 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

<PAGE>

                                  SCHEDULE IV

                                  CWALT, Inc.

                      Mortgage Pass-Through Certificates

                                Series 200_-__

             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 ______________________, 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 each Supplemental Transfer 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 each Supplemental Transfer 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 and each Supplemental Transfer Agreement by [Countrywide] Servicing,
the servicing of the Mortgage Loans by [Countrywide] Servicing under the
Pooling and Servicing Agreement and each Supplemental Transfer Agreement, the
consummation of any other of the transactions contemplated by the Pooling and
Servicing Agreement and each Supplemental Transfer Agreement, and the
fulfillment of or compliance with the terms thereof are in the ordinary course
of business of [Countrywide] Servicing and will not (A) result in a material
breach of any term or provision of the certificate of limited partnership,
partnership agreement or other organizational document of [Countrywide]
Servicing or (B) materially conflict with, result in a material breach,
violation or acceleration of, or result in a material default under, the terms
of any other material agreement or instrument to which [Countrywide] Servicing
is a party or by which it may be

                                    S-IV-1
<PAGE>

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

<PAGE>

                                  SCHEDULE V

                          Principal Balance Schedules

              [Attached to Prospectus Supplement, if applicable]

                                    S-V-1

<PAGE>

                                  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

<PAGE>

                                   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
<PAGE>

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                   :

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.

      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
___________________, as trustee (the "Trustee"). To the extent

                                     A-2
<PAGE>

not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.

      [Until this certificate has been the subject of an ERISA-Qualifying
Underwriting, no transfer of a Certificate of this Class shall be made unless
the Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or a plan or arrangement
subject to Section 4975 of the Code, or a person acting on behalf of or
investing plan assets of any such benefit plan or arrangement, which
representation letter shall not be an expense of the Trustee, the Master
Servicer or the Trust Fund, or (ii) in the case of any such Certificate
presented for registration in the name of an employee benefit plan subject to
ERISA or a plan or arrangement subject to Section 4975 of the Code (or
comparable provisions of any subsequent enactments), a trustee of any such
benefit plan or arrangement or any other person acting on behalf of any such
benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
to the effect that the purchase and holding of such Certificate will not
result in a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code, and will not subject the Trustee or the Master
Servicer to any obligation in addition to those undertaken in the Agreement,
which Opinion of Counsel shall not be an expense of the Trustee, the Master
Servicer or the Trust Fund. Unless the transferee delivers the Opinion of
Counsel described above, such representation shall be deemed to have been made
to the Trustee by the Transferee's acceptance of a Certificate of this Class
and by a beneficial owner's acceptance of its interest in a Certificate of
this Class. Notwithstanding anything else to the contrary herein, until such
certificate has been the subject of an ERISA-Qualifying Underwriting, any
purported transfer of a Certificate of this Class to, or to a person investing
assets of, an employee benefit plan subject to ERISA or a plan or arrangement
subject to Section 4975 of the Code without the opinion of counsel
satisfactory to the Trustee as described above shall be void and of no
effect.]

      Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

      This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                 *    *    *

                                     A-3
<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:  ____________, 20__

                                  ___________________,
                                  as Trustee

                                  By ______________________

Countersigned:

By__________________________________________
      Authorized Signatory of
      ___________________,
      as Trustee

                                     A-4
<PAGE>

                                   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
<PAGE>

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                   :

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.

      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"),

                                     B-2
<PAGE>

[Countrywide Home Loans Servicing LP], as master servicer (the "Master
Servicer"), and ___________________, as trustee (the "Trustee"). To the extent
not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.

      [No transfer of a Certificate of this Class shall be made unless such
transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under said Act and such laws. In the event that a
transfer is to be made in reliance upon an exemption from the Securities Act
and such laws, in order to assure compliance with the Securities Act and such
laws, the Certificateholder desiring to effect such transfer and such
Certificateholder's prospective transferee shall each certify to the Trustee
in writing the facts surrounding the transfer. In the event that such a
transfer is to be made within three years from the date of the initial
issuance of Certificates pursuant hereto, there shall also be delivered
(except in the case of a transfer pursuant to Rule 144A of the Securities Act)
to the Trustee an Opinion of Counsel that such transfer may be made pursuant
to an exemption from the Securities Act and such state securities laws, which
Opinion of Counsel shall not be obtained at the expense of the Trustee, the
Sellers, the Master Servicer or the Depositor. The Holder hereof desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trustee
and the Depositor against any liability that may result if the transfer is not
so exempt or is not made in accordance with such federal and state laws.]

      [No transfer of a Certificate of this Class shall be made unless the
Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or a plan or arrangement
subject to Section 4975 of the Code, or a person acting on behalf of or
investing plan assets of any such benefit plan or arrangement, which
representation letter shall not be an expense of the Trustee, the Master
Servicer or the Trust Fund, (ii) if such certificate has been the subject of
an ERISA-Qualifying Underwriting and the transferee is an insurance company, a
representation that the transferee is purchasing such Certificate with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and that the purchase and holding of such Certificate satisfy the
requirements for exemptive relief under Sections I and III of PTCE 95-60, or
(iii) in the case of any such Certificate presented for registration in the
name of an employee benefit plan subject to ERISA or a plan or arrangement
subject to Section 4975 of the Code (or comparable provisions of any
subsequent enactments), a trustee of any such benefit plan or arrangement or
any other person acting on behalf of any such benefit plan or arrangement, an
Opinion of Counsel satisfactory to the Trustee to the effect that the purchase
and holding of such Certificate will not result in a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code, and will not subject
the Trustee or the Master Servicer to any obligation in addition to those
undertaken in the Agreement, which Opinion of Counsel shall not be an expense
of the Trustee, the Master Servicer or the Trust Fund. Notwithstanding
anything else to the contrary herein, any purported transfer of a Certificate
of this Class to or on behalf of an employee benefit plan subject to ERISA or
a plan or arrangement subject to Section 4975 of the Code without the opinion
of counsel satisfactory to the Trustee as described above shall be void and of
no effect.]

      Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

      This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                     B-3
<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:  ____________, 20__

                                   ___________________,
                                   as Trustee

                                   By ______________________

Countersigned:

By____________________________________
      Authorized Signatory of
      ___________________,
      as Trustee

                                     B-4
<PAGE>

                                  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
<PAGE>

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                   :

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.

      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 ___________________, 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

                                    C-1-2
<PAGE>

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.

      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-1-3
<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:  ____________, 20__

                                    ___________________,
                                    as Trustee

                                    By ______________________

Countersigned:

By ___________________________
      Authorized Signatory of
      ___________________,
      as Trustee

                                    C-1-4
<PAGE>

                                  EXHIBIT C-2

                         [FORM OF CLASS P CERTIFICATE]

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 (THE "CODE").

THIS CLASS P CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES TO THE
EXTENT DESCRIBED HEREIN AND IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.

THIS CLASS P CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAWS OF
ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION
THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING 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.

                                    C-2-1
<PAGE>

Certificate No.                 :

Initial Certificate Balance
of this Certificate
("Denomination")                :     $

Initial Certificate Balance
of all Certificates of
this Class                      :     $

CUSIP                           :

ISIN                            :

Interest Rate                   :

Maturity Date                   :

                                  CWALT, INC.
                      Alternative Loan Trust 200____-____
            Mortgage Pass-Through Certificates, Series 200____-____

      evidencing a percentage interest in the distributions allocable to the
      Class P Certificates with respect to a Trust Fund consisting primarily
      of a pool of conventional mortgage loans (the "Mortgage Loans") secured
      by first and second liens on one- to four-family residential properties

                           CWALT, Inc., as Depositor

      This Certificate does not evidence an obligation of, or an interest in,
and is not guaranteed by the Depositor, the Master Servicer or the Trustee
referred to below or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.

      This certifies that __________________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
denomination of this Certificate by the aggregate Initial Notional Amount of
all Certificates of the Class to which this Certificate belongs) in certain
monthly distributions with respect to a Trust Fund consisting primarily of the
Mortgage Loans deposited by CWALT, Inc. (the "Depositor"). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
Date specified above (the "Agreement") among the Depositor, [Countrywide Home
Loans, Inc.], as a seller ("[CHL]"), [Park Granada LLC], as a seller ("[Park
Granada]"), [Park Monaco, Inc.], as a seller ("[Park Monaco]"), and [Park
Sienna LLC], as a seller ("[Park Sienna]" and, together with [CHL], [Park
Granada] and [Park Monaco], the "Sellers"), [Countrywide Home Loans Servicing
LP], as master servicer (the "Master Servicer"), and ___________________, 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

                                    C-2-2
<PAGE>

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.

      Pursuant to the terms of the Agreement, a distribution will be made on
the [25]th day of each month or, if such [25]th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, 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 Class
P Certificates on such Distribution Date pursuant to Section 4.02 of the
Agreement. The Record Date applicable to each Distribution Date is the last
Business Day of the month immediately preceding 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 hold 100% of
a Class of Regular Certificates or of Certificates with an aggregate Initial
Certificate Balance of $[1,000,000] or more, 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.

      No transfer of a Class P Certificate shall be made unless such transfer
is made pursuant to an effective registration statement under the Act and any
applicable state securities laws or is exempt from the registration
requirements under the Act and such laws. In the event that a transfer is to
be made in reliance upon an exemption from the Act and such laws, in order to
assure compliance with the 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 two years
from the date of the initial issuance of Certificates, there shall also be
delivered (except in the case of a transfer pursuant to Rule 144A of the
Regulations promulgated pursuant to the Act) to the Trustee an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the Act
and such state securities laws, which Opinion of Counsel shall not be obtained
at the expense of the Trustee, the Master Servicer or the Depositor. The
Holder hereof desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Certificate 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 Class P Certificate shall be made unless the Trustee
shall have received either (i) a representation letter from the transferee of
a Class P 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 Class P 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 Class P 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 Class P Certificate satisfy the requirements
for exemptive relief under Sections I and III of PTCE 95-60, or (iii) in the
case of a Class P 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

                                    C-2-3
<PAGE>

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 P 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 Class P Certificate may not be pledged or used as collateral for
any other obligation if it would cause any portion of the Trust Fund to be
treated as a taxable mortgage pool under Section 7701(i) of the Code.

      Each Holder of this Class P Certificate will be deemed to have agreed to
be bound by the transfer restrictions set forth in the Agreement and all other
terms and provisions of the Agreement.

      This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless the certificate of authentication
hereon has been manually executed by an authorized officer of the Trustee.

                                *     *     *

                                    C-2-4
<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:  ____________, 20__

                                    ___________________,
                                    as Trustee

                                    By ______________________
                                       Name:
                                       Title:

Countersigned:

By ___________________________
      Authorized Signatory of
      ___________________,
      as Trustee

                                    C-2-5
<PAGE>

                                  EXHIBIT C-3

                         [FORM OF CLASS C CERTIFICATE]

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 (THE "CODE").

THIS CLASS C CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES TO THE
EXTENT DESCRIBED HEREIN AND IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.

THIS CLASS C CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

[THIS CLASS C CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAWS OF
ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION
THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING 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 SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A
PLAN SUBJECT TO SECTION 4975 OF THE CODE NOR A PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF THAT PLAN OR ARRANGEMENT TO
EFFECT THAT TRANSFER, 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 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-3-1
<PAGE>

Certificate No.                 :

Initial Certificate Balance
of this Certificate
("Denomination")                :     $

Initial Certificate Balance
of all Certificates of
this Class                      :     $

CUSIP                           :

ISIN                            :

Interest Rate                   :

Maturity Date                   :

                                  CWALT, INC.
                      Alternative Loan Trust 200____-____
            Mortgage Pass-Through Certificates, Series 200____-____

      evidencing a percentage interest in the distributions allocable to the
      Class C Certificates with respect to a Trust Fund consisting primarily
      of a pool of conventional mortgage loans (the "Mortgage Loans") secured
      by first and second liens on one- to four-family residential properties

                           CWALT, Inc., as Depositor

      This Certificate does not evidence an obligation of, or an interest in,
and is not guaranteed by the Depositor, the Master Servicer or the Trustee
referred to below or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.

      This certifies that __________________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
denomination of this Certificate by the aggregate Initial Notional Amount of
all Certificates of the Class to which this Certificate belongs) in certain
monthly distributions with respect to a Trust Fund consisting primarily of the
Mortgage Loans deposited by CWALT, Inc. (the "Depositor"). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
Date specified above (the "Agreement") among the Depositor, [Countrywide Home
Loans, Inc.], as a seller ("[CHL]"), [Park Granada LLC], as a seller ("[Park
Granada]"), [Park Monaco, Inc.], as a seller ("[Park Monaco]"), and [Park
Sienna LLC], as a seller ("[Park Sienna]" and, together with [CHL], [Park
Granada] and [Park Monaco], the "Sellers"), [Countrywide Home Loans Servicing
LP], as master servicer (the "Master Servicer"), and ___________________, 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

                                    C-3-2
<PAGE>

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.

      Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, 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 Class
C Certificates on such Distribution Date pursuant to Section 4.02 of the
Agreement. The Record Date applicable to each Distribution Date is the last
Business Day of the month immediately preceding 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 hold [100]%
of a Class of Regular Certificates or of Certificates with an aggregate
Initial Certificate Balance of $[1,000,000] or more, 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.

      No transfer of a Class C Certificate shall be made unless such transfer
is made pursuant to an effective registration statement under the Act and any
applicable state securities laws or is exempt from the registration
requirements under the Act and such laws. In the event that a transfer is to
be made in reliance upon an exemption from the Act and such laws, in order to
assure compliance with the 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 two years
from the date of the initial issuance of Certificates, there shall also be
delivered (except in the case of a transfer pursuant to Rule 144A of the
Regulations promulgated pursuant to the Act) to the Trustee an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the Act
and such state securities laws, which Opinion of Counsel shall not be obtained
at the expense of the Trustee, the Master Servicer or the Depositor. The
Holder hereof desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Certificate 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 Class C 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, to the effect that such transferee is not an employee benefit plan
subject to section 406 of ERISA or a plan subject to section 4975 of the Code,
or a Person acting on behalf of any such plan or using the assets of any such
plan, or (ii) in the case of any Class C Certificate presented for
registration in the name of an employee benefit plan subject to ERISA, or a
plan subject to section 4975 of the Code (or comparable provisions of any
subsequent enactments), or a trustee of any such plan or any other person
acting on behalf of or investing plan assets of any such plan, an Opinion of
Counsel satisfactory to the Trustee to the effect that the purchase or holding
of such Class C Certificate will not result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the
Trustee to any obligation in addition to those expressly undertaken in the
Agreement, which Opinion of Counsel shall not be an expense of the Trustee.
Notwithstanding anything else to the contrary herein, any purported transfer
of a Class C Certificate to or on behalf of an employee benefit plan subject

                                    C-3-3
<PAGE>

to section 406 of ERISA or a plan subject to section 4975 of the Code without
the delivery to the Trustee of an Opinion of Counsel satisfactory to the
Trustee as described above shall be void and of no effect.

      This Class C Certificate may not be pledged or used as collateral for
any other obligation if it would cause any portion of the Trust Fund to be
treated as a taxable mortgage pool under Section 7701(i) of the Code.

      Each Holder of this Class C Certificate will be deemed to have agreed to
be bound by the transfer restrictions set forth in the Agreement and all other
terms and provisions of the Agreement.

      This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless the certificate of authentication
hereon has been manually executed by an authorized officer of the Trustee.

                                *     *     *

                                    C-3-4
<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:  ____________, 20__

                                    _______________________,
                                    as Trustee

                                    By ______________________
                                       Name:
                                       Title:

Countersigned:

By ___________________________
      Authorized Signatory of
      ______________________,
      as Trustee

                                    C-3-5
<PAGE>

                                   EXHIBIT D

                                  [RESERVED]

                                      D-1

<PAGE>

                                   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 [25]th 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.

      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

                                     E-1
<PAGE>

for registration of transfer at the Corporate Trust Office or the office or
agency maintained by the Trustee in New York, New York, accompanied by a
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon one or more new
Certificates of the same Class in authorized denominations and evidencing the
same aggregate Percentage Interest in the Trust Fund will be issued to the
designated transferee or transferees.

      The Certificates are issuable only as registered Certificates without
coupons in denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

      No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      The Depositor, the Master Servicer, the Sellers and the Trustee and any
agent of the Depositor or the Trustee may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither
the Depositor, the Trustee, nor any such agent shall be affected by any notice
to the contrary.

      On any Distribution Date on which the Pool Stated Principal Balance is
less than or equal to [10]% of the Cut-off Date Pool Principal Balance, the
Master Servicer will have the option, subject to the limitations set forth in
the Agreement, to repurchase, in whole, from the Trust Fund all remaining
Mortgage Loans and all property acquired in respect of the Mortgage Loans at a
purchase price determined as provided in the Agreement. In the event that no
such optional termination occurs, the obligations and responsibilities created
by the Agreement will terminate upon the later of the maturity or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property in respect
thereof and the distribution to Certificateholders of all amounts required to
be distributed pursuant to the Agreement. In no event, however, will the trust
created by the Agreement continue beyond the expiration of 21 years from the
death of the last survivor of the descendants living at the date of the
Agreement of a certain person named in the Agreement.

      Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

                                     E-2
<PAGE>

                                  ASSIGNMENT
                                  ----------

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto ___________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)

the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to
assignee on the Certificate Register of the Trust Fund.

     I (We) further direct the Trustee to issue a new Certificate of a like
denomination and Class, to the above named assignee and deliver such
Certificate to the following address:

                ________________________________________________________________

Dated:

                                      __________________________________________
                                      Signature by or on behalf of assignor

                           DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to, ________________________________________________
________________________________________________________________________________
_______________________________________________________________________________,
for the account of ____________________________________________________________,
account number _________________, or, if mailed by check, to __________________.
Applicable statements should be mailed to _____________________________________,
________________________________________________________________________________
_______________________________________________________________________________.

     This information is provided by __________________________________________,
the assignee named above, or __________________________________________________,
as its agent.

                                     E-3
<PAGE>

STATE OF                   )
                           )  ss.:
COUNTY OF                  )

On the _____day of ___________________, 20__ before me, a notary public in and
for said State, personally appeared _____________________________________,
known to me who, being by me duly sworn, did depose and say that he executed
the foregoing instrument.

                                        ________________________________________
                                                     Notary Public

                                [Notarial Seal]

                                     E-4
<PAGE>

                                  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
                  ___________________,  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

<PAGE>

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

                                       ___________________,
                                       as Trustee

                                       By:___________________________________
                                       Name:
                                       Title:

                                     F-1-2

<PAGE>

                                  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
                  ___________________, 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
                  ___________________, as Trustee
                  -------------------------------

Gentlemen:

      In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement") and the
Supplemental Transfer Agreement, dated as of [month] ____, 200_, the
undersigned, as Trustee, hereby certifies that, as to each Supplemental
Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Supplemental Mortgage Loan paid in full or listed on the attached schedule) it
has received:

      (i) (a) the original Mortgage Note endorsed in the following form: "Pay
to the order of __________, without recourse" or (b) with respect to any Lost
Mortgage Note, a lost note affidavit from the Seller stating that the original
Mortgage Note was lost or destroyed; and

      (ii) a duly executed assignment of the Mortgage (which may be included
in a blanket assignment or assignments).

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

                                    F-2-1
<PAGE>

      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
<PAGE>

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

                                       ___________________,
                                       as Trustee

                                       By:__________________________________
                                       Name:
                                       Title:

                                    F-2-3
<PAGE>

                                  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
                  ___________________,  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];

                                    G-1-1
<PAGE>

      (iii) in the case of each Initial Mortgage Loan that is not a MERS
            Mortgage Loan, a duly executed assignment of the Mortgage to
            "___________________, 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.

      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
<PAGE>

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

                                    ___________________,
                                      as Trustee

                                    By:___________________________________
                                    Name:
                                    Title:

                                    G-1-3
<PAGE>

                                  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
                    ___________________,   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
                    ___________________, 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;

      (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

                                    G-2-1
<PAGE>

            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
            "___________________, as trustee under the Pooling and Servicing
            Agreement dated as of [month] 1, 200_, 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.

      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-2-2
<PAGE>

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

                                    ___________________,
                                      as Trustee

                                    By:__________________________________
                                    Name:
                                    Title:

                                    G-2-3
<PAGE>

                                  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
                        ___________________,  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
<PAGE>

      (iii) in the case of each Initial Mortgage Loan that is not a MERS
            Mortgage Loan, a duly executed assignment of the Mortgage to
            "___________________, 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.

      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-1-2
<PAGE>

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

                                       ___________________,
                                         as Trustee

                                       By :________________________________
                                       Name:
                                       Title:

                                    H-1-3
<PAGE>

                                  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 ___________________,  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
                        ___________________, 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;

      (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

                                    H-2-1
<PAGE>

            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
            "___________________, as trustee under the Pooling and Servicing
            Agreement dated as of [month] 1, 200_, 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.

      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-2-2
<PAGE>

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

                                       ___________________,
                                        as Trustee

                                       By :________________________________
                                       Name:
                                       Title:

                                    H-2-3
<PAGE>

                                   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 ___________________, as Trustee. Capitalized terms
used, but not defined herein or in Exhibit 1 hereto, shall have the meanings
ascribed to such terms in the Agreement. The Transferee has authorized the
undersigned to make this affidavit on behalf of the Transferee.

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

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

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

                                     I-1
<PAGE>

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

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

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

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

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

            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 ss. 1.860E-1(c)(5) or the
"Formula Test" imposed by Treasury Regulation ss. 1.860E-1(c)(7).

                                *     *     *

                                     I-2
<PAGE>

            IN WITNESS WHEREOF, the Transferee has caused this instrument to
be executed on its behalf by its duly authorized officer, this_____ day of
___________, 2___.

                                       ________________________________________
                                       PRINT NAME OF TRANSFEREE

                                       By:_____________________________________
                                       Name:
                                       Title:

[Corporate Seal]

ATTEST:

_______________________________________
[Assistant] Secretary

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

      Subscribed and sworn before me this _____ day of _________, 20__.

                                       ______________________________________
                                       NOTARY PUBLIC

                                       My Commission expires the
                                       ___ day of ________, 20__

                                     I-3
<PAGE>

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 ss. 1.860E-1(c)(5) or the "Formula Test"
imposed by Treasury Regulation ss. 1.860E-1(c)(7).

                                    CWALT, INC.

                                    By: ________________________________
                                        Name:
                                        Title:

                                     I-4
<PAGE>

                                                                  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.

            "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)

                                     I-5
<PAGE>

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

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

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

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

                                     I-6
<PAGE>

                                                                  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.

            (5) The Depositer 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

                                     I-7
<PAGE>

      860E(e) of the Code as a result of a Transfer of an Ownership Interest
      in a Class A-R Certificate to any Holder who is not a Permitted
      Transferee.

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

                                     I-8
<PAGE>

                                  EXHIBIT J-1

                       [FORM OF] TRANSFEROR CERTIFICATE
                                  (RESIDUAL)

                                                      _____________________
                                                      Date

CWALT, Inc.
[4500 Park Granada
Calabasas, California  91302
Attention:  David A. Spector]

[Trustee's Address]___________________
_______________________
_______________________

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
<PAGE>

                                  EXHIBIT J-2

                       [FORM OF] TRANSFEROR CERTIFICATE
                                   (PRIVATE)

                                                      _____________________
                                                      Date

CWALT, Inc.
[4500 Park Granada
Calabasas, California  91302
Attention:  David A. Spector]

[Trustee's Address]___________________
_______________________
_______________________

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
<PAGE>

                                   EXHIBIT K

                  [FORM OF] INVESTMENT LETTER (NON-RULE 144A)

                                                ___________________________
                                                Date

CWALT, Inc.
[4500 Park Granada
Calabasas, California  91302
Attention:  David A. Spector]

[Trustee's Address]___________________
_______________________
_______________________

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

                                     K-1
<PAGE>

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-2
<PAGE>

                                   EXHIBIT L

                          [FORM OF] RULE 144A LETTER

                                                ________________________
                                                Date

CWALT, Inc.
[4500 Park Granada
Calabasas, California  91302
Attention:  David A. Spector]

[Trustee's Address]___________________
_______________________
_______________________

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

                                     L-1
<PAGE>

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-2
<PAGE>

                                                          ANNEX 1 TO EXHIBIT L
                                                          --------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           --------------------------------------------------------

         [For Transferees Other Than Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

            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.

            ___   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.

                                     L-3
<PAGE>

            ___   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.

            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.

                                     L-4
<PAGE>

                                        ________________________________________
                                                   Print Name of Buyer

                                       By:______________________________________
                                       Name:
                                       Title:

                                       Date:____________________________________

                                     L-5
<PAGE>

                                                          ANNEX 2 TO EXHIBIT L
                                                          --------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           --------------------------------------------------------

          [For Transferees That are Registered Investment Companies]

            The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

1.          As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

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).

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

                                     L-6
<PAGE>

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-7
<PAGE>

                                   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 ___________________, 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 _______________________________.

(  )  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

                                     M-1
<PAGE>

      _____________________, 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.

                                          [COUNTRYWIDE HOME LOANS
                                          SERVICING LP]

                                          By__________________________________

                                          Its_________________________________

Date:_________________, 20__

                                     M-2
<PAGE>

                                   EXHIBIT N

                  [FORM OF] REQUEST FOR RELEASE OF DOCUMENTS

To:   ___________________                             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 ________________, 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.    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 or 4 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

<PAGE>

[Countrywide Home Loans, Inc.]
[4500 Park Granada
Calabasas, California  91302]

By:__________________________________
Name:________________________________
Title:_______________________________
Date:________________________________

TRUSTEE CONSENT TO RELEASE AND
ACKNOWLEDGEMENT OF RECEIPT

By:__________________________________
Name:________________________________
Title:_______________________________
Date:________________________________

                                      N-2

<PAGE>

                                   EXHIBIT O

                 [FORM OF] FINANCIAL GUARANTY INSURANCE POLICY

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

                                      O-1
<PAGE>

                                   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 ___________________, a New York
banking corporation, as trustee (the "Trustee");

WHEREAS, the Depositor, the Sellers, the Trustee and [Countrywide Home Loans
Servicing LP], as Master Servicer, have entered in the Pooling and Servicing
Agreement, dated as of [month] 1, 200_ (the "Pooling and Servicing
Agreement"), in relation to the [CHL] Mortgage Pass-Through Trust 200_-_,
Mortgage Pass-Through Certificates, Series 200_-_;

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

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

      (a) The "Supplemental Transfer Date" with respect to this Supplemental
Transfer Agreement shall be ________, 200_.

      (b) The "Aggregate Supplemental Purchase Amount" with respect to this
Supplemental Transfer Agreement shall be $________; provided, however, that
such amount shall not exceed the amount on deposit in the Supplemental Loan
Account.

      (c) The "Capitalized Interest Requirement" with respect to this
Supplemental Transfer Agreement shall be $________; provided, however, that
such amount shall not exceed the amount on deposit in the Capitalized Interest
Account.

      (d) [Reserved]

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

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

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

                                     P-1
<PAGE>

      (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
<PAGE>

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
<PAGE>

                                    [Park Sienna LLC],
                                        as a Seller

                                    By:________________________________________
                                       Name:
                                       Title:

                                    ___________________,
                                       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
<PAGE>

                                   EXHIBIT Q

     STANDARD & POOR'S LEVELS(R) VERSION 5.6c GLOSSARY REVISED, APPENDIX E

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

--------------------------------------------------------------------------------
                                                               Category under
                                                               --------------
 State/Jurisdiction       Name of Anti-Predatory Lending         Applicable
 ------------------       ------------------------------         ----------
                                Law/Effective Date             Anti-Predatory
                                ------------------             -------------
                                                                 Lending Law
                                                                 -----------
--------------------------------------------------------------------------------
Arkansas               Arkansas Home Loan Protection Act,   High Cost Home Loan
                       Ark. Code Ann. ss.ss. 23-53-101
                       et seq.

                       Effective July 16, 2003
--------------------------------------------------------------------------------
Cleveland Heights, OH  Ordinance No. 72-2003 (PSH), Mun.    Covered Loan
                       Code ss.ss. 757.01 et seq.

                       Effective June 2, 2003
--------------------------------------------------------------------------------
Colorado               Consumer Equity Protection, Colo.    Covered Loan
                       Stat. Ann. ss.ss. 5-3.5-101 et seq.

                       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
--------------------------------------------------------------------------------
Connecticut            Connecticut Abusive Home Loa         High Cost Home Loan
                       Lending Practices Act, Conn. Gen.
                       Stat ss.ss. 36a-746 et seq.

                       Effective October 1, 2001
--------------------------------------------------------------------------------
District of Columbia   Home Loan Protection Act, D.C. Code  Covered Loan
                       ss.ss. 26-1151.01 et seq.

                       Effective for loans closed on or
                       after January 28, 2003
--------------------------------------------------------------------------------
Florida                Fair Lending Act, Fla. Stat.         High Cost Home Loan
                       Ann. ss.ss. 494.0078 et seq.

                       Effective October 2, 2002
--------------------------------------------------------------------------------
Georgia (Oct. 1,       Georgia Fair Lending Act, Ga. Code   High Cost Home Loan
2002 - Mar. 6, 2003)   Ann. ss.ss. 7-6A-1 et seq.

                       Effective October 1, 2002 -
                       March 6, 2003
--------------------------------------------------------------------------------

                                      Q-1
<PAGE>

Standard & Poor's High Cost Loan Categorization

--------------------------------------------------------------------------------
                                                               Category under
                                                               --------------
 State/Jurisdiction       Name of Anti-Predatory Lending         Applicable
 ------------------       ------------------------------         ----------
                                Law/Effective Date             Anti-Predatory
                                ------------------             -------------
                                                                 Lending Law
                                                                 -----------
--------------------------------------------------------------------------------
Georgia as amended     Georgia Fair Lending Act, Ga. Code   High Cost Home Loan
(Mar. 7, 2003 -        Ann. ss.ss. 7-6A-1 et seq.
current)
                       Effective for loans closed on or
                       after March 7, 2003
--------------------------------------------------------------------------------
HOEPA Section 32       Home Ownership and Equity Protection   High Cost Loan
                       Act of 1994, 15 U.S.C. ss. 1639, 12
                       C.F.R. ss.ss. 226.32 and 226.34

                       Effective October 1, 1995, amendments
                       October 1, 2002
--------------------------------------------------------------------------------
Illinois               High Risk Home Loan Act, Ill. Comp.  High Risk Home Loan
                       Stat. tit. 815, ss.ss. 137/5 et seq.

                       Effective January 1, 2004 (prior to
                       this date, regulations under
                       Residential Mortgage License Act
                       effective from May 14, 2001)
--------------------------------------------------------------------------------
Kansas                 Consumer Credit Code, Kan. Stat.     High Loan to Value
                       Ann. ss.ss. 16a-1-101 et seq.        Consumer Loan (id.
                                                            ss. 16a-3-207) and;

                       Sections 16a-1-301 and 16a-3-207     ____________________
                       became effective April 14, 1999;     High APR Consumer
                       Section 16a-3-308a became effective  Loan (id. ss.
                       July 1, 1999                         16a-3-308a)
--------------------------------------------------------------------------------
Kentucky               2003 KY H.B. 287 - High Cost Home    High Cost Home Loan
                       Loan Act, Ky. Rev. Stat.
                       ss.ss. 360.100 et seq.

                       Effective June 24, 2003
--------------------------------------------------------------------------------
Maine                  Truth in Lending, Me. Rev. Stat.     High Rate High Fee
                       tit. 9 A, ss.ss. 8-101 et seq.       Mortgage

                       Effective September 29, 1995 and as
                       amended from time to time
--------------------------------------------------------------------------------
Massachusetts          Part 40 and Part 32, 209 C.M.R.      High Cost Home Loan
                       ss.ss. 32.00 et seq. and 209 C.M.R.
                       ss.ss. 40.01 et seq.

                       Effective March 22, 2001 and amended
                       from time to time
--------------------------------------------------------------------------------
Nevada                 Assembly Bill No. 284, Nev. Rev.     Home Loan
                       Stat. ss.ss. 598D.010 et seq.

                       Effective October 1, 2003
--------------------------------------------------------------------------------

                                      Q-2
<PAGE>

Standard & Poor's High Cost Loan Categorization

--------------------------------------------------------------------------------
                                                               Category under
                                                               --------------
 State/Jurisdiction       Name of Anti-Predatory Lending         Applicable
 ------------------       ------------------------------         ----------
                                Law/Effective Date             Anti-Predatory
                                ------------------             -------------
                                                                 Lending Law
                                                                 -----------
--------------------------------------------------------------------------------
New Jersey             New Jersey Home Ownership Security   High Cost Home Loan
                       Act of 2002, N.J. Rev. Stat. ss.ss.
                       46:10B  22 et seq.

                       Effective for loans closed on or
                       after November 27, 2003
--------------------------------------------------------------------------------
New Mexico             Home Loan Protection Act, N.M. Rev.  High Cost Home Loan
                       Stat. ss.ss. 58-21A-1 et seq.

                       Effective as of January 1, 2004;
                       Revised as of February 26, 2004
--------------------------------------------------------------------------------
New York               N.Y. Banking Law Article 6-l         High Cost Home Loan

                       Effective for applications made on or
                       after April 1, 2003
--------------------------------------------------------------------------------
North Carolina         Restrictions and Limitations on      High Cost Home Loan
                       High Cost Home Loans, N.C. Gen.
                       Stat. ss.ss. 24-1.1E et seq.

                       Effective July 1, 2000; amended
                       October 1, 2003 (adding open-end
                       lines of credit)
--------------------------------------------------------------------------------
Ohio                   H.B. 386 (codified in various        Covered Loan
                       sections of the Ohio Code), Ohio
                       Rev. Code Ann. ss.ss. 1349.25
                       et seq.

                       Effective May 24, 2002
--------------------------------------------------------------------------------
Oklahoma               Consumer Credit Code (codified in    Subsection 10
                       various sections of Title 14A)       Mortgage

                       Effective July 1, 2000; amended
                       effective January 1, 2004
--------------------------------------------------------------------------------
South Carolina         South Carolina High Cost and         High Cost Home Loan
                       Consumer Home Loans Act, S.C. Code
                       Ann. ss.ss. 37-23-10 et seq.

                       Effective for loans taken on or after
                       January 1, 2004
--------------------------------------------------------------------------------
 West Virginia         West Virginia Residential Mortgage   West Virginia
                       Lender, Broker and Servicer Act, W.  Mortgage Loan Act
                       Va. Code Ann. ss.ss. 31-17-1 et seq.
                       Loan

                       Effective June 5, 2002
--------------------------------------------------------------------------------

                                      Q-3
<PAGE>

Standard & Poor's Covered Loan Categorization

--------------------------------------------------------------------------------
                                                               Category under
                                                               --------------
 State/Jurisdiction       Name of Anti-Predatory Lending         Applicable
 ------------------       ------------------------------         ----------
                                Law/Effective Date             Anti-Predatory
                                ------------------             -------------
                                                                 Lending Law
                                                                 -----------
--------------------------------------------------------------------------------
Georgia (Oct. 1, 2002  Georgia Fair Lending Act, Ga. Code   Covered Loan
- Mar. 6, 2003)        Ann. ss.ss. 7-6A-1 et seq.

                       Effective October 1, 2002 - March
                       6, 2003
--------------------------------------------------------------------------------
New Jersey             New Jersey Home Ownership Security   Covered Home Loan

                       Act of 2002, N.J. Rev. Stat.
                       ss.ss. 46:10B 22 et seq. Effective
                       November 27, 2003 - July 5, 2004
--------------------------------------------------------------------------------

Standard & Poor's Home Loan Categorization

--------------------------------------------------------------------------------
                                                               Category under
                                                               --------------
 State/Jurisdiction       Name of Anti-Predatory Lending         Applicable
 ------------------       ------------------------------         ----------
                                Law/Effective Date             Anti-Predatory
                                ------------------             -------------
                                                                 Lending Law
                                                                 -----------
--------------------------------------------------------------------------------
Georgia (Oct. 1, 2002  Georgia Fair Lending Act, Ga. Code   Home Loan
- Mar. 6, 2003)        Ann. ss.ss. 7-6A-1 et seq.

                       Effective October 1, 2002 - March
                       6, 2003
--------------------------------------------------------------------------------
New Jersey             New Jersey Home Ownership Security   Home Loan
                       Act of 2002, N.J. Rev. Stat. ss.ss.
                       46:10B 22 et seq.

                       Effective for loans closed on or
                       after November 27, 2003
--------------------------------------------------------------------------------
New Mexico             Home Loan Protection Act, N.M.       Home Loan
                       Rev.Stat. ss.ss. 58-21A-1 et seq.

                       Effective as of January 1, 2004;
                       Revised as of February 26, 2004
--------------------------------------------------------------------------------
North Carolina         Restrictions and Limitations on      Consumer Home Loan
                       High Cost Home Loans, N.C. Gen.
                       Stat. ss.ss. 24-1.1E et seq.

                       Effective July 1, 2000; amended
                       October 1, 2003 (adding open-end
                       lines of credit)
--------------------------------------------------------------------------------
South Carolina         South Carolina High Cost and         Consumer Home Loan
                       Consumer Home Loans Act, S.C. Code
                       Ann. ss.ss. 37-23-10 et seq.

                       Effective for loans taken on or
                       after January 1, 2004
--------------------------------------------------------------------------------

                                      Q-4
<PAGE>

                                   EXHIBIT R

                          [FORM OF] CORRIDOR CONTRACT

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

                                      R-1

<PAGE>

                                  EXHIBIT S-1

                        [FORM OF] ASSIGNMENT AGREEMENT

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

                                     S-1-1

<PAGE>

                                  EXHIBIT S-2

                      [FORM OF] ADMINISTRATION AGREEMENT

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

                                     S-2-1

<PAGE>

                                   EXHIBIT T

          [FORM OF] OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS

                         MORTGAGE BACKED CERTIFICATES,
                                Series 200_-__

                                       [Date]

Via Facsimile

__________________,
      as Trustee
________________
_______________________

Dear Sir or Madam:

            Reference is made to the Pooling and Servicing Agreement, dated as
of _________, 200_, (the "Pooling and Servicing Agreement") among [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
__________________, as Trustee. Capitalized terms used herein shall have the
meanings ascribed to such terms in the Pooling and Servicing Agreement.

            __________________ hereby certifies that he/she is a Servicing
Officer, holding the office set forth beneath his/her name and hereby further
certifies as follows:

            With respect to the Distribution Date in _________ 200_ and each
Mortgage Loan set forth in the attached schedule:

            1. A Principal Prepayment in full or in part was received during
the related Prepayment Period;

            2. Any Prepayment Charge due under the terms of the Mortgage Note
with respect to such Principal Prepayment was or was not, as indicated on the
attached schedule using "Yes" or "No", received from the Mortgagor and
deposited in the Certificate Account;

            3. As to each Mortgage Loan set forth on the attached schedule for
which all or part of the Prepayment Charge required in connection with the
Principal Prepayment was waived by the Master Servicer, such waiver was, as
indicated on the attached schedule, based upon:

                  (i) the Master Servicer's determination that such waiver
      would maximize recovery of Liquidation Proceeds for such Mortgage Loan,
      taking into account the value of such Prepayment Charge, or

                  (ii)(A) the enforceability thereof is limited (1) by
      bankruptcy, insolvency, moratorium, receivership, or other similar law
      relating to creditors' rights generally or (2) due to

                                     T-1
<PAGE>

      acceleration in connection with a foreclosure or other involuntary
      payment, or (B) the enforceability is otherwise limited or prohibited by
      applicable law; and

            4. We certify that all amounts due in connection with the waiver
of a Prepayment Charge inconsistent with clause 3 above which are required to
be deposited by the Master Servicer pursuant to Section 3.19 of the Pooling
and Servicing Agreement, have been or will be so deposited.

                                       [COUNTRYWIDE HOME LOANS, INC.],
                                         as Master Servicer

                                     T-2
<PAGE>

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

--------------------------------------------------------------------------------
Loan Number                 Clause 2:  Yes/No          Clause 3:  (i) or (ii)
--------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

                                     T-3
<PAGE>

                                   EXHIBIT U

                               MONTHLY STATEMENT

                                      U-1

<PAGE>

                                  EXHIBIT V-1

                      [FORM OF] PERFORMANCE CERTIFICATION
                                 (Subservicer)

                            [On file with Trustee]

                                     V-1-1

<PAGE>

                                  EXHIBIT V-2

                      [FORM OF] PERFORMANCE CERTIFICATION
                                   (Trustee)

                            [On file with Trustee]

                                     V-2-1

<PAGE>

                                   EXHIBIT W

                                   [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":

--------------------------------------------------------------------------------
                                                                  Applicable
                                                                   Servicing
                       Servicing Criteria                          Criteria
--------------------------------------------------------------------------------

  Reference                        Criteria
--------------------------------------------------------------------------------
                       General Servicing Considerations
---------------                                                 ----------------
                 Policies and procedures are instituted to
                 monitor any performance or other triggers and
                 events of default in accordance with the
1122(d)(1)(i)    transaction agreements.
---------------                                                 ----------------
                 If any material servicing activities are
                 outsourced to third parties, policies and
                 procedures are instituted to monitor the third
                 party's performance and compliance
1122(d)(1)(ii)   with such servicing activities.
---------------                                                 ----------------
                 Any requirements in the transaction
                 agreements to maintain a back-up servicer
1122(d)(1)(iii)  for the mortgage loans are maintained.
---------------                                                 ----------------
                 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
1122(d)(1)(iv)   the transaction agreements.
---------------                                                 ----------------
                      Cash Collection and Administration
---------------                                                 ----------------
                 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
1122(d)(2)(i)    agreements.
---------------                                                 ----------------
                 Disbursements made via wire transfer on
                 behalf of an obligor or to an investor are
1122(d)(2)(ii)   made only by authorized personnel.
---------------                                                 ----------------
                 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
1122(d)(2)(iii)  specified in the transaction agreements.
---------------                                                 ----------------

                                      W-1
<PAGE>

--------------------------------------------------------------------------------
                                                                  Applicable
                                                                   Servicing
                       Servicing Criteria                          Criteria
--------------------------------------------------------------------------------

  Reference                        Criteria
--------------------------------------------------------------------------------
                 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
1122(d)(2)(iv)   transaction agreements.
---------------                                                 ----------------
                 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
1122(d)(2)(v)    Securities Exchange Act.
---------------                                                 ----------------
                 Unissued checks are safeguarded so as to
1122(d)(2)(vi)   prevent unauthorized access.
---------------                                                 ----------------
                 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
1122(d)(2)(vii)  transaction agreements.
---------------                                                 ----------------
                      Investor Remittances and Reporting
---------------                                                 ----------------
                 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
1122(d)(3)(i)    by the Servicer.
---------------                                                 ----------------
                 Amounts due to investors are allocated and
                 remitted in accordance with timeframes,
1122(d)(3)(ii)   distribution priority and
---------------                                                 ----------------

                                      W-2
<PAGE>

--------------------------------------------------------------------------------
                                                                  Applicable
                                                                   Servicing
                       Servicing Criteria                          Criteria
--------------------------------------------------------------------------------

  Reference                        Criteria
--------------------------------------------------------------------------------
                 other terms set forth in the transaction
                 agreements.
---------------                                                 ----------------
                 Disbursements made to an investor are posted
                 within two business days to the Servicer's
                 investor records, or such other number of
1122(d)(3)(iii)  days specified in the transaction agreements.
---------------                                                 ----------------
                 Amounts remitted to investors per the investor
                 reports agree with cancelled checks, or other
1122(d)(3)(iv)   form of payment, or custodial bank statements.
---------------                                                 ----------------
                           Pool Asset Administration
---------------                                                 ----------------
                 Collateral or security on mortgage loans is
                 maintained as required by the transaction
                 agreements or related mortgage loan
1122(d)(4)(i)    documents.
---------------                                                 ----------------
                 Mortgage loan and related documents are
                 safeguarded as required by the transaction
1122(d)(4)(ii)   agreements.
---------------                                                 ----------------
                 Any additions, removals or substitutions to the
                 asset pool are made, reviewed and approved in
                 accordance with any conditions or requirements
1122(d)(4)(iii)  in the transaction agreements.
---------------                                                 ----------------
                 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
1122(d)(4)(iv)   mortgage loan documents.
---------------                                                 ----------------
                 The Servicer's records regarding the mortgage
                 loans agree with the Servicer's records with
                 respect to an obligor's unpaid principal
1122(d)(4)(v)    balance.
---------------                                                 ----------------
                 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
1122(d)(4)(vi)   related pool asset documents.
---------------                                                 ----------------
                 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
1122(d)(4)(vii)  timeframes or other requirements established by
---------------                                                 ----------------

                                      W-3
<PAGE>

--------------------------------------------------------------------------------
                                                                  Applicable
                                                                   Servicing
                       Servicing Criteria                          Criteria
--------------------------------------------------------------------------------

  Reference                        Criteria
--------------------------------------------------------------------------------
                 the transaction agreements.
---------------                                                 ----------------
                 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

1122(d)(4)(viii) unemployment).
---------------                                                 ----------------
                 Adjustments to interest rates or rates of
                 return for mortgage loans with variable rates
                 are computed based on the related mortgage
1122(d)(4)(ix)   loan documents.
---------------                                                 ----------------
                 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)(x)
---------------                                                 ----------------
                 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
1122(d)(4)(xi)   transaction agreements.
---------------                                                 ----------------
                 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
1122(d)(4)(xii)  was due to the obligor's error or omission.
---------------                                                 ----------------
                 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
1122(d)(4)(xiii) transaction agreements.
---------------                                               ----------------

                                      W-4
<PAGE>

--------------------------------------------------------------------------------
                                                                  Applicable
                                                                   Servicing
                       Servicing Criteria                          Criteria
--------------------------------------------------------------------------------

  Reference                        Criteria
--------------------------------------------------------------------------------
                 Delinquencies, charge-offs and uncollectible
                 accounts are recognized and recorded in
1122(d)(4)(xiv)  accordance with the transaction agreements.
---------------                                                 ----------------
                 Any external enhancement or other support, identified in Item
                 1114(a)(1) through (3) or Item 1115 of Regulation AB, is
                 maintained as
1122(d)(4)(xv)   set forth in the transaction agreements.
--------------------------------------------------------------------------------

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

                                    [NAME OF MASTER SERVICER] [NAME OF
                                    TRUSTEE] [NAME OF CO-TRUSTEE]
                                    [NAME OF SUBSERVICER]

                                    Date: _________________________

                                    By:  ________________________________
                                    Name:
                                    Title:

                                      W-5

<PAGE>

                                   EXHIBIT X

                      [FORM OF] LIST OF ITEM 1119 PARTIES

                        ALTERNATIVE LOAN TRUST 200_-__

                      MORTGAGE PASS-THROUGH CERTIFICATES,
                                Series 200_-__

                                    [Date]

--------------------------------------------------------------------------------
Party                       Contact Information
--------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

                                     X-1

<PAGE>

                                   EXHIBIT Y

                    [FORM OF] SARBANES-OXLEY CERTIFICATION

                       (Replacement of Master Servicer)

                                     Y-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]