Document:

Exhibit 10.1

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                   BEAR STEARNS ASSET BACKED SECURITIES I LLC,
                                  as Depositor,

                      [Name of Seller and Master Servicer],
                          as Seller and Master Servicer

                            [Name of Issuing Entity]
                               as Issuing Entity,

                                       and

                           [Name of Indenture Trustee]
                              as Indenture Trustee

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

                          SALE AND SERVICING AGREEMENT

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

                         Dated as of __________ 1, 200__

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                                TABLE OF CONTENTS

                                                                            PAGE

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.   Definitions.....................................................
Section 1.02.   Interpretive Provisions.........................................
Section 1.03.   Interest Calculations...........................................

                             ARTICLE II

                    CONVEYANCE OF MORTGAGE LOANS

Section 2.01.   Conveyance of Mortgage Loans....................................
Section 2.02.   Treatment of Transfer...........................................
Section 2.03.   Mortgage File...................................................
Section 2.04.   Representations and Warranties of the Master Servicer...........
Section 2.05.   Representations and Warranties of the Issuing Entity............
Section 2.06.   Representations and Warranties of the Depositor.................
Section 2.07.   Representations and Warranties Regarding the Mortgage Loans.....
Section 2.08.   Enforcement of Representations and Warranties...................
Section 2.09.   Future Advances.................................................

                                   ARTICLE III

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01.   Appointment of the Master Servicer..............................
Section 3.02.   Subservicing Agreements Between the Master Servicer and
                Subservicers.......................
Section 3.03.   Collection of Mortgage Loan Payments............................
Section 3.04.   Permitted Withdrawals from the Collection Account...............
Section 3.05.   Maintenance of Insurance........................................
Section 3.06.   Fidelity Bond; Errors and Omissions Policy......................
Section 3.07.   Enforcement of Due-on-Sale Clauses; Assumption Agreements.......
Section 3.08.   Realization upon Defaulted Mortgage Loans.......................
Section 3.09.   Indenture Trustee to Cooperate; Release of Mortgage Files; Trust
                Estates; Related Documents......................................
Section 3.10.   Servicing Fee; Payment of Certain Expenses by Master Servicer...
Section 3.11.   Access to Certain Documentation and Information Regarding the
                Mortgage Loans...............
Section 3.12.   [Reserved.].....................................................
Section 3.13.   Recordation of Assignments......................................
Section 3.14.   Annual Statement as to Compliance...............................
Section 3.15.   Assessments of Compliance and Attestation Reports...............
Section 3.16.   Sarbanes-Oxley..................................................
Section 3.17.   Indemnification; Third-Party Claims.............................
Section 3.18.   Maintenance of Existence and Licenses; Merger or Consolidation
                of the Master Servicer..........................................
Section 3.19.   Excluded Amounts................................................
Section 3.20.   Intention of the Parties and Interpretation.....................

                                   ARTICLE IV

                              REPORT TO NOTEHOLDERS

Section 4.01.   Report to Noteholders...........................................

                                    ARTICLE V

                                  THE ACCOUNTS

Section 5.01.   Accounts........................................................
Section 5.02.   Collection Account..............................................
Section 5.03.   Trustee Collection Account......................................

                                   ARTICLE VI

                               THE MASTER SERVICER

Section 6.01.   Liability of the Master Servicer................................
Section 6.02.   Merger or Consolidation or Assumption of the Obligations of the
                Master Servicer............
Section 6.03.   Limitation on Liability of the Master Servicer and Others.......
Section 6.04.   Master Servicer Not to Resign...................................
Section 6.05.   Delegation of Duties............................................
Section 6.06.   Indenture Trustee Fees and Expenses; Indemnification............
Section 6.07.   Indemnification of Owner Trustee by Master Servicer.............

                                   ARTICLE VII

                                     DEFAULT

Section 7.01.   Default.........................................................
Section 7.02.   Indenture Trustee to Act; Appointment of Successor..............
Section 7.03.   Notification to Securityholders.................................

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

Section 8.01.   Amendment.......................................................
Section 8.02.   Governing Law...................................................
Section 8.03.   Notices.........................................................
Section 8.04.   Severability of Provisions......................................
Section 8.05.   Third-Party Beneficiaries.......................................
Section 8.06.   Counterparts....................................................
Section 8.07.   Effect of Headings and Table of Contents........................
Section 8.08.   Termination; Clean-Up Call......................................
Section 8.09.   Certain Matters Affecting the Indenture Trustee.................
Section 8.10.   Owner Trustee Not Liable for Mortgage Documents or Related
                Documents.......................
Section 8.11.   Limitation of Liability of Owner Trustee........................
Section 8.12.   Tax Treatment of Servicing Fee and Other Amounts................

EXHIBITS

Exhibit A  -    Mortgage Loan Purchase and Servicing Agreement
Exhibit B  -    Mortgage Loan Schedule
Exhibit C  -    Limited Power of Attorney
Exhibit D  -    Request for Release of Documents
Exhibit E  -    Form of Initial Certification of Trustee
Exhibit F  -    Form of Final Certification of Trustee
Exhibit G  -    Form of Certification to be Provided by the Master Servicer with
                Form 10-K
Exhibit H  -    Form of Request for Release

<PAGE>

         This SALE AND SERVICING AGREEMENT (the "Agreement"), dated as of ______
1, 200__, is among Bear Stearns Asset Backed Securities I LLC, as depositor (the
"Depositor"), [Name of Seller and Master Servicer], as seller (the "Seller") and
as master servicer (the "Master Servicer"), [Name of Issuing Entity], as issuer
(the "Issuing Entity") and [Name of Indenture Trustee], as indenture trustee
(the "Indenture Trustee").

                                   WITNESSETH:

         WHEREAS, pursuant to the terms of a Mortgage Loan Purchase and
Servicing Agreement, dated as of ________ __, 200__, attached as Exhibit A
hereto, Seller sold the Mortgage Loans to the Depositor, together with the
applicable Mortgage Documents and Related Documents on _______ __, 200__, and
thereafter, until the end of the Managed Amortization Period, Seller will sell
to the Issuing Entity all Additional Balances relating thereto created after the
Cut-Off Date;

         WHEREAS, the Depositor will sell the Mortgage Loans and assign all of
its rights under the Mortgage Loan Purchase and Servicing Agreement to the
Issuer, together with the applicable Mortgage Documents and Related Documents,
on the Closing Date;

         WHEREAS, pursuant to the terms of the Trust Agreement, the Issuer will
issue the Certificates;

         WHEREAS, pursuant to the terms of the Indenture, the Issuing Entity
will issue the Notes; and

         WHEREAS, pursuant to the terms of this Agreement, the Master Servicer
will service the Mortgage Loans directly or through one or more Subservicers.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

         Section 1.01. DEFINITIONS. For all purposes of this Agreement, except
as otherwise expressly provided herein or unless the context otherwise requires,
capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A to the indenture dated as of _____ 1,
200__ (the "Indenture"), between the Issuing Entity and the Indenture Trustee,
which is incorporated by reference herein. All other capitalized terms used
herein shall have the meanings specified herein.

         Section 1.02. INTERPRETIVE PROVISIONS. Unless the context otherwise
requires, (i) a term has the meaning assigned to it; (ii) an accounting term not
otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles as in effect from time to time; (iii) "or"
includes "and/or"; (iv) "including" means including without limitation; (v)
words in the singular include the plural and words in the plural include the
singular; (vi) the term "proceeds" has the meaning ascribed thereto in the UCC;
(vii) any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; and (viii)
references to a Person are also to such Person's permitted successors and
assigns.

         Section 1.03. INTEREST CALCULATIONS. [All calculations of interest
hereunder that are made in respect of any HELOC originated by the Master
Servicer shall be made on an average daily balance basis using a 365/366 day
year.] [All calculations of interest hereunder that are made in respect of any
HLTV or any HEL shall be made either on a daily basis using a 365/366-day year
or on the basis of a 360-day year assumed to consist of twelve 30-day months,
except upon loan payoff, when interest is calculated on an actual 365/366 day
basis.] All calculations of interest on the Notes (other than the Class [A-IO]
Notes) shall be made on the basis of the actual number of days in the related
Interest Period and a year assumed to consist of 360 days. All calculations of
interest on any other Security shall be made on the basis of a 360-day year
assumed to consist of twelve 30-day months. The calculation of the Servicing Fee
shall be made on the basis of the actual number of days in the related Interest
Period and a 360-day year.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS

         Section 2.01. CONVEYANCE OF MORTGAGE LOANS. In consideration of the
Issuing Entity's delivery to or upon the order of the Depositor of executed and
authenticated Notes and Certificates, in authorized denominations and in
aggregate amounts equal to the aggregate Initial Note Balance, the Depositor
does hereby sell, transfer, assign and otherwise convey to the Issuing Entity,
in trust for the benefit of the Securityholders, without recourse, subject to
the Depositor's obligations herein:

         (a) all right, title and interest of the Depositor in and to the
Mortgage Loans listed in Exhibit B hereto and all principal and interest
collected after the Cut-Off Date relating to the Cut-Off Date Principal Balances
of the Mortgage Loans, and any Additional Balances relating thereto created on
or after the Cut-Off Date until the end of the Managed Amortization Period;

         (b) all right, title and interest of the Depositor in the Lien on the
Mortgaged Properties created by the related Mortgage Documents;

         (c) all right, title and interest of the Depositor in any Liquidation
Proceeds and Insurance Proceeds covering the Mortgage Loans or the related
Mortgaged Properties or Mortgagors;

         (d) all right, title and interest (but none of the obligations) of the
Depositor under the Mortgage Loan Purchase and Servicing Agreement, including,
but not limited to, the right to enforce, on behalf of the Depositor, the
representations and warranties made by Seller in Section 7.01 thereof relating
to itself, the representations and warranties made by Seller in Section 7.02
thereof relating to the Mortgage Loans sold thereunder, and the rights of the
Depositor under Section 7.03 thereof for any breaches of those representations
and warranties; and

         (e) any proceeds of the foregoing and all other assets included or to
be included in the Trust for the benefit of the Securityholders.

         Section 2.02. TREATMENT OF TRANSFER. It is the intention of the
Depositor that the transfer and assignment contemplated by this Agreement shall
constitute, as of its execution, a sale of all of its right, title and interest
in and to the Mortgage Loans and other property of the Trust Estate from the
Depositor to the Issuing Entity and the beneficial interest in and title to the
Mortgage Loans and the other property shall not be part of the Depositor's
estate in the event of the filing of a bankruptcy petition by or against the
Depositor under any bankruptcy law. In the event that, notwithstanding the
intent of the Depositor, the transfer and assignment contemplated hereby is held
not to be a sale, this Agreement shall be deemed to have constituted a grant of
a security interest in the property referred to in this Section for the benefit
of the Securityholders.

         Notwithstanding the characterization of certain classes of the Notes as
debt for federal, state and local income and franchise tax purposes, the parties
hereto intend to treat the transfer of the Mortgage Loans to the Trust as
provided herein as a sale, for certain non-tax purposes, of all the Depositor's
right, title and interest in and to the Mortgage Loans, whether now existing or
hereafter created, and the other property described above and all proceeds
thereof. In the event such transfer is deemed not to be a sale for such
purposes, the Depositor shall be deemed to have granted to the Trust a security
interest in all of the Depositor's right, title and interest in, to and under
the Mortgage Loans, whether now existing or hereafter created, and the other
property described above and all proceeds thereof; and this Agreement shall
constitute a security agreement under applicable law.

         The Issuing Entity hereby appoints the Indenture Trustee as its
custodian for purposes of taking possession of the Trust Estate in order to
perfect any security interest arising as a result of the operation of this
Section 2.02.

         Section 2.03. MORTGAGE FILE. In connection with the sale of the
Mortgage Loans to the Depositor pursuant to the Mortgage Loan Purchase and
Servicing Agreement, the Mortgage File with respect to each Mortgage Loan was
delivered to [Name of Indenture Trustee]. In connection with the transfer of the
Mortgage Loans on the Closing Date, the Indenture Trustee will deliver an
initial certification, in the form of the certificate attached as Exhibit E
hereto, certifying that it has received a Mortgage File containing a Mortgage
Note or Loan Agreement for each such Mortgage Loan listed on the Mortgage Loan
Schedule to the Depositor. The Indenture Trustee shall not distribute the
initial certification to any other party. Within [120] days following each such
delivery of Mortgage Files, the Indenture Trustee shall review each such
Mortgage File to ascertain that the Mortgage Documents are contained therein and
that such Mortgage Documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule. Furthermore, the Indenture Trustee shall review the
following data elements contained in the Mortgage Loan Schedule (a) Seller's
loan number, (b) the Mortgagor's name, (c) the address (including city and
state) of the related Mortgaged Property, (d) the original principal balance and
(e) the maturity of the related Mortgage Note. In so doing, the Indenture
Trustee may rely on the purported due execution and genuineness of any signature
thereon. If, within such [120] day period, the Indenture Trustee finds any
Mortgage Document (other than a Mortgage Note for which the Indenture Trustee
has received a lost note affidavit) constituting a part of a Mortgage File not
to have been executed or received or to be unrelated to the Mortgage Loan
identified in the Mortgage Loan Schedule, the Indenture Trustee shall, promptly
upon the conclusion of its review, notify the Master Servicer and the Depositor
in the form of the certificate attached as Exhibit F hereto. The list of noted
exceptions included on such Exhibit F or of any exceptions still existing after
delivery of the initial certification shall not be provided by the Indenture
Trustee to any Securityholder (or beneficial owner thereof). The Master Servicer
shall cause Seller or, if applicable, the Depositor within [120] days of its
receipt of such notice, to correct or cure any such defect or to cause such
defect to be corrected or cured or to substitute for or repurchase the affected
Mortgage Loan pursuant to the terms of the Mortgage Loan Purchase and Servicing
Agreement.

         The Indenture Trustee shall have no responsibility for reviewing any
Mortgage File except as expressly provided in this Section. In reviewing any
Mortgage File pursuant to this Section, the Indenture Trustee shall have,
without limitation, no responsibility for determining whether any document is
valid and binding, whether the text of any assignment or endorsement is in
proper or recordable form (except, if applicable, to determine if the Indenture
Trustee is the assignee or endorsee thereof), whether any document has been
recorded in accordance with the requirements of any applicable jurisdiction,
whether a blanket assignment is permitted in any applicable jurisdiction,
whether any Person executing any document is authorized to do so or whether any
signature thereon is genuine, but shall only be required to determine whether a
document has been executed and that it appears to be what it purports to be.

         Section 2.04. REPRESENTATIONS AND WARRANTIES OF THE MASTER SERVICER.
The Master Servicer represents and warrants to the Issuing Entity and for the
benefit of the Indenture Trustee, as pledgee of the Mortgage Loans, as of the
Closing Date:

         (a) the Master Servicer is a [type of entity] duly organized and
validly existing under the laws of the State of _______, and has full power and
authority to own its assets and to transact the business in which it is
currently engaged. The Master Servicer (including, where appropriate, through
its subsidiaries), is duly qualified to do business and is in good standing in
each jurisdiction in which the character of the business transacted by it or
properties owned or leased by it requires such qualification and in which the
failure to so qualify would have a material adverse effect on the business,
properties, assets or condition (financial or otherwise) of the Master Servicer;

         (b) the Master Servicer has full power and authority to make, execute,
deliver and perform this Agreement and all of the transactions contemplated
hereunder (including, where appropriate, through its subsidiaries), and has
taken all necessary corporate action to authorize the execution, delivery and
performance of this Agreement;

         (c) the Master Servicer is not required to obtain the consent of any
other Person or any consent, license, approval or authorization from, or
registration or declaration with, any governmental authority, bureau or agency
in connection with the execution, delivery, performance, validity or
enforceability of this Agreement, except for such consent, license, approval or
authorization or registration or declaration as shall have been obtained or
filed, as the case may be;

         (d) the execution and delivery of this Agreement and the performance of
the transactions contemplated hereby by the Master Servicer will not violate any
material provision of any existing law or regulation or any order or decree of
any court applicable to the Master Servicer or any provision of the articles or
bylaws of the Master Servicer, or constitute a material breach of any mortgage,
indenture, contract or other agreement to which the Master Servicer is a party
or by which it may be bound; and

         (e) except as disclosed in the Prospectus Supplement, no Proceeding of
or before any court, tribunal or governmental body is currently pending or, to
the knowledge of the Master Servicer, threatened against the Master Servicer or
any of its properties or with respect to this Agreement or the Securities that
in the opinion of the Master Servicer has a reasonable likelihood of resulting
in a material adverse effect on the transactions contemplated by this Agreement.

         The foregoing representations and warranties shall survive the transfer
of the Mortgage Loans to the Trust and any termination of the Master Servicer
hereunder. Upon discovery of a breach of any representation or warranty that
materially and adversely affects the interests of the Securityholders, the party
discovering such breach shall give prompt written notice to the other parties
hereto. Within 90 days of its discovery or its receipt of notice of such breach
or, with the prior written consent of a Responsible Officer of the Indenture
Trustee, such longer period specified in such consent, the Master Servicer shall
cure such breach in all material respects.

         Section 2.05. REPRESENTATIONS AND WARRANTIES OF THE ISSUING ENTITY.
The Issuer hereby represents and warrants to the Master Servicer and for the
benefit of Indenture Trustee, as pledgee of the Mortgage Loans, as of the
Cut-Off Date, that:

         (a) the Issuing Entity is a [type of trust] duly formed and in good
standing under the laws of the State of __________ and has full power, authority
and legal right to execute and deliver this Agreement and to perform its
obligations under this Agreement, and has taken all necessary action to
authorize the execution, delivery and performance by it of this Agreement; and

         (b) the execution and delivery by the Issuing Entity of this Agreement
and the performance by the Issuing Entity of its obligations under this
Agreement will not violate any provision of any law or regulation governing the
Issuing Entity or any order, writ, judgment or decree of any court, arbitrator
or governmental authority or agency applicable to the Issuing Entity or any of
its assets. Such execution, delivery, authentication and performance will not
require the authorization, consent or approval of, the giving of notice to, the
filing or registration with, or the taking of any other action with respect to,
any governmental authority or agency regulating the activities of statutory
trusts. Such execution, delivery, authentication and performance will not
conflict with, or result in a breach or violation of, any mortgage, deed of
trust, lease or other agreement or instrument to which the Issuing Entity is a
party or by which it may be bound.

         Section 2.06. REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor represents and warrants to the Indenture Trustee, as of the Closing
Date, that:

         (a) Depositor is a limited liability company, validly existing and in
good standing under the laws of the State of Delaware, and has full power and
authority to own its assets and to transact the business in which it is
currently engaged. The Depositor is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction in which the character
of the business transacted by it or any properties owned or leased by it
requires such qualification and in which the failure so to qualify would have a
material adverse effect on the business, properties, assets or condition
(financial or otherwise) of the Depositor;

         (b) Depositor has full power and authority to make, execute, deliver
and perform this Agreement and all of the transactions contemplated hereunder,
and has taken all necessary action to authorize the execution, delivery and
performance of this Agreement. When executed and delivered, this Agreement will
constitute the legal, valid and binding obligation of the Depositor enforceable
in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors' rights generally, and by the
availability of equitable remedies;

         (c) Depositor is not required to obtain the consent of any other Person
or any consent, license, approval or authorization from, or registration or
declaration with, any governmental authority, bureau or agency in connection
with the execution, delivery, performance, validity or enforceability of this
Agreement;

         (d) the execution, delivery and performance of this Agreement by the
Depositor will not violate any provision of any existing law or regulation or
any order decree of any court applicable to the Depositor or any provision of
the certificate of formation or limited liability agreement of the Depositor, or
constitute a material breach of any mortgage, indenture, contract or other
agreement to which the Depositor is a party or by which it may be bound;

         (e) no Proceeding of or before any court, tribunal or governmental body
is currently pending or, to the knowledge of the Depositor, threatened against
the Depositor or any of its properties or with respect to this Agreement or the
Securities;

         (f) this Agreement (i) constitutes a valid transfer and assignment to
the Trust of all right, title and interest of the Depositor in and to the
Mortgage Loans, all monies due or to become due with respect thereto, all
proceeds of such Mortgage Loans, such funds as are from time to time on deposit
in the Collection Account or Trustee Collection Account and all other property
specified in the definition of "Trust Estate" as being part of the Trust Estate;
and upon payment for Additional Balances relating thereto, if any, will
constitute a valid transfer and assignment to the Trust of all right, title and
interest of the Depositor in and to such Additional Balances, all monies due or
to become due with respect thereto, all proceeds of such Additional Balances and
all other property relating thereto that is specified in the definition of
"Trust Estate" relating to Additional Balances or (ii) constitutes a grant of a
security interest, as defined in the UCC as in effect in the State of New York,
in such property in favor of the Trust or the Owner Trustee on behalf of the
Trust; PROVIDED, HOWEVER, that if the Indenture Trustee obtains and maintains
possession of the Mortgage File for each Mortgage Loan, the Trust shall have a
first priority perfected security interest in such property; and

         (g) immediately prior to the transfer and assignment to the Trust of
all of its right, title and interest in and to the Mortgage Loans, the Depositor
was the sole owner of record and was the holder of the Mortgage Loans and the
indebtedness evidenced by the related Mortgage Notes or Loan Agreements. Upon
the transfer and assignment to the Issuing Entity, the Mortgage Loans, including
the related Mortgage Notes or Loan Agreements and the Mortgages, were not
subject to an assignment, sale or pledge to any Person other than the Issuing
Entity and the Depositor had good and marketable title to and was the sole owner
thereof and had full right to transfer and sell the Mortgage Loans to the
Issuing Entity free and clear of any encumbrance, equity, lien, pledge, charge,
claim or security interest and has the full right and authority subject to no
interest or participation of, or agreement with, any other party, to sell and
assign the Mortgage Loans pursuant to this Agreement and following the sale of
the Mortgage Loans, the Issuing Entity will own the Mortgage Loans free and
clear of any encumbrance, equity, participation interest, lien other than
Permitted Liens, pledge, charge, claim or security interest. The Depositor
intends to relinquish all rights to possess, control and monitor the Mortgage
Loans, and the Depositor has taken all action necessary to transfer its
ownership of the Mortgage Loans to the Trust. The Depositor acquired any right,
title and interest in and to the Mortgage Loans in good faith and without notice
of any adverse claim.

         The foregoing representations and warranties shall survive the sale and
assignment of the Mortgage Loans to the Trust. Upon discovery of a breach of any
representation or warranty that materially and adversely affects the interests
of the Securityholders, the party discovering such breach shall give prompt
written notice to the other parties hereto. Within 90 days of its discovery or
its receipt of notice of such breach or, with the prior written consent of a
Responsible Officer of the Indenture Trustee, such longer period specified in
such consent, the Depositor shall cure such breach in all material respects.

         Section 2.07. REPRESENTATIONS AND WARRANTIES REGARDING THE MORTGAGE
LOANS.

         (a) Seller restates below, for the benefit of the Issuing Entity, with
respect to each Mortgage Loan, the same representations and warranties made by
Seller to the Depositor in Section 7.02 of the Mortgage Loan Purchase and
Servicing Agreement (all capitalized terms used and not defined herein shall
have the meanings given to such terms in the Mortgage Loan Purchase and
Servicing Agreement). Each representation and warranty set forth below is made
by Seller only as of ________ __, 200__.

                  (i) The information set forth in the Mortgage Loan Schedule to
         the Mortgage Loan Purchase and Servicing Agreement is complete, true
         and correct in all material respects.

                  (ii) [_____]% of the Mortgage Loans by Stated Principal
         Balance have a payment which is greater than 29 days past due and
         [___]% of the Mortgage Loans have no payment which is greater than 59
         days past due. To the best of Seller's knowledge, a Mortgage Loan has
         been dishonored and there are no material defaults under the terms of
         the Mortgage Loan, except as set forth in this clause ii;

                  (iii) To the best of Seller's knowledge, there is no valid
         offset, right of rescission, defense or counterclaim of any obligor
         under any Mortgage Note, Loan Agreement or Mortgage, including the
         obligation of the Mortgagor to pay the unpaid principal of or interest
         on such Mortgage Note or Loan Agreement, and any applicable right of
         rescission has expired, nor will the operation of any of the terms of
         such Mortgage Note, Loan Agreement or Mortgage, or the exercise of any
         right thereunder, render either the Mortgage Note, Loan Agreement or
         the Mortgage unenforceable, in whole or in part, or subject to any
         right of rescission, set-off, recoupment, counterclaim or defense,
         including, without limitation, the defense of usury, and no such right
         of rescission, set-off, recoupment, counterclaim or defense has been
         asserted with respect thereto. To the best of Seller's knowledge, no
         Mortgage Loan is subject to any pending bankruptcy, insolvency,
         reorganization or moratorium.

                  (iv) Other than amounts that constitute Permitted Liens, to
         the best of Seller's knowledge, there are no mechanics' liens,
         materialmen's liens or similar liens or claims for work, labor or
         material affecting any Mortgaged Property which have been filed (and no
         rights are outstanding that under law could give rise to such liens),
         which are or may be a lien prior to, or equal with, the lien of such
         Mortgage.

                  (v) To the best of Seller's knowledge, there was and there
         currently is no material damage to any such Mortgaged Property. To the
         best of Seller's knowledge, there is no proceeding pending or
         threatened for the total or partial condemnation of any of the
         Mortgaged Properties. Seller has not received notification that any
         such proceedings are scheduled to commence at a future date.

                  (vi) Each Mortgage is a valid, subsisting, enforceable and
         perfected first or more junior lien on the Mortgaged Property securing
         the related Mortgage Note or Loan Agreement, including all buildings on
         the Mortgaged Property and all installations and mechanical,
         electrical, plumbing, heating and air conditioning systems affixed to
         such buildings, and all additions, alterations and replacements made at
         any time with respect to the foregoing securing the Mortgage Note or
         Loan Agreement's original principal balance subject to principles of
         equity, bankruptcy, insolvency and other laws of general application
         affecting the rights of creditors. Each Mortgaged Property is owned by
         the Mortgagor in fee simple and is free and clear of all adverse
         claims, encumbrances and liens other than Permitted Liens having
         priority over the lien of the Mortgage. Any security agreement, chattel
         mortgage or equivalent document related to and delivered in connection
         with the Mortgage Loan establishes and creates a valid, subsisting
         enforceable, and perfected lien and security interest on the property
         described therein, and immediately prior to the sale of such Mortgage
         Loan to the Depositor pursuant to the Mortgage Loan Purchase and
         Servicing Agreement and the related Term Sheet, Seller had full right
         to sell and assign the same to the Depositor.

                  (vii) Each Mortgage Loan complies with, and Seller has
         complied with, applicable local, state and federal laws, regulations
         and other requirements including, without limitation, usury, equal
         credit opportunity, real estate settlement procedures, the federal
         Truth-In-Lending Act and disclosure laws and all applicable predatory
         and abusive lending laws, and the consummation of the transactions
         contemplated hereby, including without limitation, the receipt of
         interest by the owner of such Mortgage Loan, will not involve the
         violation of any such laws, rules or regulations. Not more than ___% of
         the Mortgage Loans are classified as "high cost" loans under Section 32
         of the Home Ownership and Equity Protection Act of 1994. Each Mortgage
         Loan is being (and has been) serviced in accordance with Accepted
         Servicing Practices and applicable state and federal laws, including,
         without limitation, the federal Truth-In-Lending Act and other consumer
         protection laws, real estate settlement procedures, usury, equal credit
         opportunity and disclosure laws. Seller shall maintain in its
         possession, available for the Depositor's inspection, as appropriate,
         and shall deliver to the Depositor or its designee upon demand,
         evidence of compliance with all such requirements.

                  (viii) Neither Seller nor any prior holder of any Mortgage
         Loan has in any material manner impaired, waived, altered or modified
         the Mortgage, Mortgage Note or Loan Agreement (except that a Mortgage
         Loan may have been modified by a written instrument (a copy of which is
         in the Mortgage File and the terms of which are reflected on the
         Mortgage Loan Schedule to the Mortgage Loan Purchase and Servicing
         Agreement) which has been recorded, if necessary to protect the
         interests of the owner of such Mortgage Loan; satisfied, canceled,
         rescinded or subordinated such Mortgage in whole or in part; released
         the applicable Mortgaged Property in whole or in part from the lien of
         such Mortgage; or executed any instrument of cancellation, rescission
         or satisfaction with respect thereto. No instrument of release or
         waiver has been executed in connection with any Mortgage Loan, and no
         Mortgagor has been released, in whole or in part from its obligations
         in connection with a Mortgage Loan.

                  (ix) A property profile, title search, limited coverage policy
         or title insurance policy was obtained with respect to each Mortgage
         Loan, to the extent consistent with the normal credit and underwriting
         policies of Seller.

                  (x) 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 wholly within the project with respect to a condominium
         unit), and no improvements on adjoining properties encroach upon the
         Mortgaged Property.

                  (xi) All parties that have had any interest in the Mortgage,
         whether as mortgagee, assignee, pledgee or otherwise, are (or, during
         the period in which they held and disposed of such interest, were) (A)
         in compliance with or exempt from any and all applicable licensing
         requirements of the laws of the state wherein the Mortgaged Property is
         located, and (B) (1) organized under the laws of such state, or (2)
         qualified to do business in such state, or (3) federal savings and loan
         associations or national banks having principal offices in such state,
         or (4) not doing business in such state.

                  (xii) Each Mortgage Note or Loan Agreement and the applicable
         Mortgage are original and genuine, and each is the legal, valid and
         binding obligation of the maker thereof, enforceable in accordance with
         its terms, except as limited by bankruptcy, insolvency, reorganization,
         moratorium, receivership and other similar laws relating to creditors'
         rights generally or by equitable principles (regardless of whether such
         enforcement is considered in a proceeding in equity or at law) and
         Seller has taken all action necessary to transfer such rights of
         enforceability to the Depositor. All parties to the Mortgage Note or
         Loan Agreement and the Mortgage had legal capacity to execute the
         Mortgage Note or Loan Agreement and the Mortgage and each Mortgage Note
         or Loan Agreement and Mortgage has been duly and properly executed by
         such parties.

                  (xiii) Other than with respect to the undrawn portion of the
         HELOCs, the proceeds of the Mortgage Loan have been fully disbursed.
         there is no requirement for future advances thereunder and any and all
         requirements as to completion of any on-site or off-site improvements.
         All costs, fees and expenses incurred in making, closing or recording
         the Mortgage Loan were paid and the Mortgagor is not entitled to any
         refund of amounts paid or due under the Mortgage Note or Loan Agreement
         or Mortgage.

                  (xiv) Each Mortgage contains customary and enforceable
         provisions that render the rights and remedies of the holder thereof
         adequate for the realization against the Mortgaged Property of the
         benefits of the security, including (i) in the case of a Mortgage
         designated as a deed of trust, by trustee's sale, and (ii) otherwise by
         judicial foreclosure or if applicable, non-judicial foreclosure. Upon
         default by a Mortgagor on a Mortgage Loan and foreclosure on, or
         trustee's sale of, the Mortgaged Property pursuant to the proper
         procedures, the holder of the Mortgage Loan will be able to deliver
         good and merchantable title to the property subject to any senior
         liens. There is no homestead or other exemption available to the
         Mortgagor which would interfere with such right to foreclose.

                  (xv) With respect to each Mortgage constituting a deed of
         trust, either 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 or if no duly qualified trustee has been
         properly designated and so serves, the Mortgage contains satisfactory
         provisions for the appointment of such trustee by the holder of the
         Mortgage at no cost or expense to such holder, and no fees or expenses
         are or will become payable by the Depositor to the trustee under the
         deed of trust, except in connection with a trustee's sale after default
         by the Mortgagor.

                  (xvi) There are no defaults by Seller in complying with the
         terms of the Mortgage, and to the best of Seller's knowledge all taxes,
         governmental assessments, water, sewer and municipal charges, leasehold
         payments or ground rents or other outstanding charges affecting the
         Mortgaged Property which previously became due and owing have been
         paid.

                  (xvii) The Mortgage Note or Loan Agreement is not and has not
         been secured by any collateral, pledged account or other security other
         than the lien of the corresponding Mortgage and such collateral does
         not serve as security for any other obligation (other than the related
         first lien mortgage and other Permitted Liens) and no Mortgage Loan is
         secured by more than one Mortgaged Property.

                  (xviii) There is no material default, breach or event of
         acceleration existing under the Mortgage or the applicable Mortgage
         Note or Loan Agreement, and no 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; and
         none of (i) Seller and any of its affiliates (ii) any servicer or
         subservicer and (iii) any prior mortgagee, of any Mortgage Loan has
         waived any material default, breach or event of acceleration. no
         foreclosure action is threatened or has been commenced with respect to
         the Mortgage Loan.

                  (xix) There is no obligation on the part of Seller or any
         other party to make any payments with respect to the related Mortgage
         Loan in addition to the Monthly Payments required to be made by the
         applicable Mortgagor and except in the case of the undrawn portion of
         the HELOCs as of ________ __, 200__, the Mortgage Note or Loan
         Agreement with respect to any Mortgage Loan does not permit or obligate
         Seller to make future advances to the Mortgagor at the option of the
         Mortgagor.

                  (xx) Seller 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 Loan.

                  (xxi) [Reserved.]

                  (xxii) Each of the Mortgaged Properties consists of a single
         parcel of real property with a detached single-family residence erected
         thereon (including a manufactured dwelling deemed to be real estate
         under applicable state law), or a two- to four-family dwelling, or a
         townhouse, or an individual condominium unit in a condominium project,
         or an individual unit in a planned unit development. No Mortgaged
         Property consists of cooperative housing or stock in a cooperative
         housing corporation. No Mortgaged Property is a timeshare.

                  (xxiii) None of the Mortgage Loans provide for deferred
         interest or negative amortization. The Mortgage Loan is not a graduated
         payment Mortgage Loan.

                  (xxiv) The Mortgage Loan does not contain provisions pursuant
         to which Monthly Payments are paid or partially paid with funds
         deposited in any separate account established by Seller, the Mortgagor
         or anyone on behalf of the Mortgagor, or paid by any source other than
         the Mortgagor.

                  (xxv) Seller is the sole owner of record and is the holder of
         the Mortgage Loan and the indebtedness evidenced by the Mortgage Note
         or Loan Agreement. Upon the sale of the Mortgage Loan to the Depositor,
         Seller will retain the Mortgage File or any part thereof with respect
         thereto not delivered to the Depositor or the Depositor's designee in
         trust only for the purpose of servicing and supervising the servicing
         of the Mortgage Loan. Upon the transfer and assignment to the
         Depositor, the Mortgage Loan, including the Mortgage Note or Loan
         Agreement and the Mortgage, was not subject to an assignment sale or
         pledge to any person other than Depositor and Seller had good and
         marketable title to and was the sole owner thereof and had full right
         to transfer and sell the Mortgage Loan to Depositor free and clear of
         any encumbrance, equity, lien, pledge, charge, claim or security
         interest and has the full right and authority subject to no interest or
         participation of, or agreement with, any other party, to sell and
         assign the Mortgage Loan pursuant to the Mortgage Loan Purchase and
         Servicing Agreement and following the sale of the Mortgage Loan, the
         Depositor will own such Mortgage Loan free and clear of any
         encumbrance, equity, participation interest, lien other than Permitted
         Liens, pledge, charge, claim or security interest. Seller intends to
         relinquish all rights to possess, control and monitor the Mortgage
         Loan, except for the purposes of servicing the Mortgage Loan as set
         forth in the Mortgage Loan Purchase and Servicing Agreement.]

         After ________ __, 200__, Seller will not have any right to modify or
         alter the terms of the sale of the Mortgage Loan and Seller will not
         have any obligation or right to repurchase the Mortgage Loan or
         substitute another Mortgage Loan, except as provided in the Mortgage
         Loan Purchase and Servicing Agreement, or as otherwise agreed to by
         Seller and Depositor. Seller acquired any right, title and interest in
         and to the Mortgage Loans in good faith and without notice of any
         adverse claim.

                  (xxvi) Other than with respect to the HELOCs, all of the
         Mortgage Loans are fixed-rate mortgage loans. Unless otherwise
         indicated on the Mortgage Loan Schedule to the Mortgage Loan Purchase
         and Servicing Agreement, other than with respect to the HELOCs, each
         Mortgage Note is payable in monthly installments of principal and
         interest, with interest calculated and payable in arrears, sufficient
         to amortize the Mortgage Loan fully by the stated maturity date, over
         an original term of not more than thirty years from origination. Each
         HELOC provides for an initial period (the "Revolving Period") during
         which the Mortgagor is required to make monthly payments of interest
         payable in arrears and requires repayment of the unpaid principal
         balance thereof over a period following the Revolving Period which is
         not in excess of [___] months. Except with respect to the HELOCs,
         principal payments on the Mortgage Loan commenced no more than ninety
         (90) days after the funds were disbursed in connection with the
         Mortgage Loan. All required notices of interest rate and payment amount
         adjustments have been sent to the Mortgagor on a timely basis and the
         computations of such adjustments were properly calculated. Installments
         of interest are subject to change due to the adjustments to the
         Mortgage Interest Rate of each interest rate adjustment, with interest
         calculated and payable in arrears. All Mortgage interest rate
         adjustments have been made in strict compliance with state and federal
         law and the terms of the related Note. Any interest paid has been
         properly credited pursuant to state and local law.

                  (xxvii) The Mortgage contains a provision for the acceleration
         of the payment of the unpaid principal balance of the Mortgage Loan in
         the event that the Mortgaged Property is sold or transferred without
         the prior written consent of the mortgagee thereunder, at the option of
         the mortgagee and such provision is enforceable.

                  (xxviii) Each of the Mortgage and, with respect to each
         Mortgage Loan that is not a MERS Mortgage Loan, the Assignment of
         Mortgage is in recordable form and is acceptable for recording under
         the laws of the jurisdiction in which the Mortgaged Property is
         located.

                  (xxix) Except with respect to [__] Mortgage Loans, no
         Mortgagor has notified Seller, and Seller has no other knowledge of any
         relief requested or allowed to any Mortgagor under the Soldiers' and
         Sailors' Civil Relief Act of 1940.

                  (xxx) To the best knowledge of Seller, there exists no
         violation of any local, state, or federal environmental law, rule or
         regulation with respect to the Mortgaged Property which violation has
         or could have a material adverse effect on the market value of such
         Mortgaged Property. Seller has no knowledge of any pending action or
         proceeding directly involving the related Mortgaged Property in which
         compliance with any environmental law, rule or regulation is an issue.
         and nothing further remains to be done to satisfy in full all
         requirements of each such law, rule or regulation constituting a
         prerequisite to the use and enjoyment of such Mortgaged Property.

                  (xxxi) For each Mortgage Loan, the related Mortgage File is
         complete and contains a true, accurate and correct copy of each of the
         documents and instruments specified to be included therein.

                  (xxxii) Each Mortgage Note, each Loan Agreement, each
         Mortgage, each Assignment of Mortgage and any other documents required
         pursuant to the Mortgage Loan Purchase and Servicing Agreement to be
         delivered by Seller hereunder has been delivered to Depositor or its
         agent.

                  (xxxiii) No more than [__]% (by Stated Principal Balance) of
         the Mortgage Loans constitute "real estate mortgages" for the purposes
         of Treasury Regulation ss. 301.7701(i)-1(d) under the Code. For this
         purpose a Mortgage Loan constitutes a "real estate mortgage" if it
         satisfies either test set out in paragraph (i) or paragraph (ii) below:

                           (i) The fair market value of the interest in real
                  property securing the obligation was at least equal to 80% of
                  the adjusted issue price of the obligation at the time the
                  obligation was originated (or, if later, the time the
                  obligation was significantly modified). For purposes of this
                  paragraph, the fair market value of the real property interest
                  must be first reduced by the amount of any lien on the real
                  property interest that is senior to the obligation being
                  tested, and must be further reduced by a proportionate amount
                  of any lien that is in parity with the obligation being
                  tested. The adjusted issue price of an obligation is its issue
                  price plus the amount of accrued original issue discount, if
                  any, as of the date of determination.

                           (ii) Substantially all of the proceeds of the
                  obligation were used for one or more of the following
                  purposes: (a) to acquire an interest in real property. (b) to
                  improve an interest in real property. or (c) to protect an
                  interest in real property, that, at the origination date, is
                  the only security for the obligation. For this purpose only,
                  substantially all of the proceeds of the obligations means
                  two-thirds or more of the gross proceeds. For purposes of this
                  paragraph, the use of the proceeds of the related Mortgage
                  Loan to retire an existing lien against the related Mortgaged
                  Property is considered use of the proceeds to protect an
                  interest in real property.

                  (xxxiv) Seller used no selection procedures that identified
         the Mortgage Loans as being less desirable or valuable than other
         comparable mortgage loans in Seller's portfolio. No statement, tape,
         diskette, form, report or other document furnished or to be furnished
         by Seller pursuant to the Mortgage Loan Purchase and Servicing
         Agreement or in connection with the transactions contemplated hereby
         contains or will contain any statement that is or will be inaccurate or
         misleading in any material respect or omits to state a material fact
         required to be stated therein or necessary to make the information and
         statements therein not misleading.

                  (xxxv) No fraud, error, negligence, misrepresentation or
         material omission of fact with respect to a Mortgage Loan has taken
         place on the part of Seller or the Mortgagor or any other party
         involved in the origination or servicing of the Mortgage Loan.

                  (xxxvi) The Mortgagor has received and has executed, where
         applicable, prior to origination of the Mortgage Loan, all disclosure
         and rescission materials required by applicable law with respect to the
         making of the Mortgage Loan.

                  (xxxvii) To the best of Seller's knowledge, there has been no
         default on any senior mortgage loan relating to a Mortgaged Property
         that has not been cured by a person other than Seller or an affiliate
         thereof.

                  (xxxviii) No HEL or HELOC has a Combined Loan-to-Value Ratio
         in excess of [__]%. No HLTV has a Combined Loan-to-Value Ratio in
         excess of [__]%. "Combined Loan-to-Value Ratio" means, with respect to
         any Mortgage Loan, the ratio, expressed as a percentage, of the sum of
         (a)(i) with respect to HELs or HLTVs, the original Principal Balance
         thereof or (ii) with respect to HELOCs, the credit limit of such HELOC
         at origination and (b) the outstanding principal balance at origination
         of such Mortgage Loan of all other mortgage loans, if any, secured by
         senior liens on the related Mortgaged Property, to the Appraised Value.

                  (xxxix) Excluding matters more specifically addressed in other
         subsections of this Section 2.07(a), Seller has no knowledge of any
         circumstances or condition with respect to the Mortgage, the Mortgaged
         Property, the Mortgagor or the Mortgagor's credit standing that could
         reasonably be expected to cause investors to regard the Mortgage Loan
         as an unacceptable investment, cause such Mortgage Loan to become
         delinquent or adversely affect the value or the marketability of the
         Mortgage Loan. Seller did not select the Mortgage Loans sold to
         Depositor based on any adverse selection of mortgage loans in its
         portfolio that met Depositor's purchase parameters for this
         transaction, including without limitation, the location or condition of
         the Mortgaged Property, payment pattern of the borrower or any other
         factor that may adversely affect the expected cost of foreclosing,
         owning or holding the Mortgage Loans or related Mortgaged Property or
         collecting the insurance or guarantee proceeds related thereto.

                  (xl) Each Mortgage Loan was originated by or for Seller
         pursuant to, and conforms with, Seller's underwriting guidelines as
         attached to the Mortgage Loan Purchase and Servicing Agreement.

                  (xli) No less than [__]% of the Mortgage Loans by Stated
         Principal Balance have a prepayment penalty and at least [__]% by
         Stated Principal Balance have a prepayment penalty for at least [__]
         years. With respect to each Mortgage Loan that has a prepayment penalty
         feature, each such prepayment penalty is enforceable and is permitted
         pursuant to federal, state and local law. Seller's business practices
         are to enforce such prepayment penalty features, subject to waiver at
         Seller's option for reasonable and prudent business purposes,
         including, without limiting the foregoing, a refinance of the Mortgage
         Loan by Seller or any parent, subsidiary or affiliate of Seller.

         No Mortgage Loan will impose a prepayment penalty for a term in excess
         of five years from the date such Mortgage Loan was originated.

                  (xlii) Each Mortgage Loan where the related Mortgage is in
         first lien position or where the balance at origination exceeded
         $[____].00 is covered by a valid and transferable tax service contract
         with Transamerica Real Estate Tax Services, Inc. or such other vendor
         as may be reasonably acceptable to the Depositor, which may be assigned
         without the payment of any fee by the Depositor.

                  (xliii) [Reserved.]

                  (xliv) The Mortgage Loans conform to the characteristics set
         forth in the Term Sheet.

                  (xlv) At least [__]% of the Mortgage Loans by Stated Principal
         Balance in each of the Groups have conforming balances under Fannie Mae
         and Freddie Mac published underwriting guidelines. xlvi. No Mortgage
         Loan secured by property located in the State of Georgia and originated
         on or after October 1, 2002 qualifies as a "high" cost loan as defined
         by applicable Georgia law.

                  (xlvi) No Mortgage Loan secured by property in The City of New
         York and originated on or after February 20, 2003 qualifies as a "high
         cost" loan under New York City Local Law No. 36 (2002).

                  (xlvii) No Mortgage Loan secured by property in the State of
         New York and originated on or after April 1, 2003 qualifies as a "high
         cost" loan under New York Banking Law ss.6-1.

         (b) [In addition to the representations and warranties made by Seller
in the Mortgage Loan Purchase and Servicing Agreement and assigned to the
Issuing Entity in Section 2.01 and restated by Seller, but only as of ________
__, 200__, for the benefit of the Issuing Entity in Section 2.07(a), the
Depositor hereby makes, for the benefit of the Issuing Entity, the
representations and warranties in Section 2.07(a)[(ii), (iii), (iv), (v) and
(vi) with respect to each Mortgage Loan, but only for the period of time from,
and excluding, ________ __, 200__ to, and including, the Closing Date (the
"Applicable Period"). The foregoing representations and warranties made by the
Depositor shall be deemed to be breached by the Depositor if any such
representation and warranty is inaccurate at any time during the Applicable
Period and such inaccuracy is due to events occurring or facts arising with
respect to the Mortgage Loans during the Applicable Period. The Depositor shall
have an obligation pursuant to Section 2.08 to cure or repurchase a Mortgage
Loan for which there is a breach of its representations and warranties. In the
case of any Eligible Substitute Mortgage Loans, the representations and
warranties of the Depositor shall be deemed to be made as of the related
Subsequent Transfer Date.] With respect to any representation or warranty that
was made by Seller in the Mortgage Loan Purchase and Servicing Agreement to
Seller's knowledge, if the substance of such representation or warranty is
inaccurate and such inaccuracy materially and adversely affects the value of the
related Mortgage Loan or the interests of the Trust, then such inaccuracy shall
be deemed a breach of the representation or warranty for all purposes under this
Agreement notwithstanding such qualification.

         (c) The representations and warranties of Seller in the Mortgage Loan
Purchase and Servicing Agreement and restated in Section 2.07(a) [and the
representations and warranties of the Depositor herein] shall survive the sale,
transfer and assignment of the Mortgage Loans to the Issuing Entity and the
pledge thereof to the Indenture Trustee pursuant to the Indenture. The
representations and warranties set forth in this Section shall survive delivery
of the Mortgage Files to the Indenture Trustee pursuant to Section 2.04 and the
termination of the rights and obligations of the Master Servicer pursuant to
Section 6.04 or Article VII.

         Section 2.08. ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES. The Master
Servicer, on behalf of and subject to the direction of the Indenture Trustee, as
pledgee of the Mortgage Loans, or the Issuing Entity, shall enforce the
representations and warranties of Seller in Sections 7.01 and 7.02 of the
Mortgage Loan Purchase and Servicing Agreement and in Section 2.07(a), and of
the Depositor in Sections 2.06(f), 2.06(g) [and 2.07(b)], as applicable. Upon
the discovery by the Depositor, the Master Servicer, the Issuing Entity, the
Indenture Trustee or the Custodian of a breach of any of the respective
representations and warranties made by Seller or by the Depositor, that
materially and adversely affects the interests of any Securityholder (or upon
the occurrence of a Repurchase Event), the Person discovering such breach shall
give prompt written notice to the other foregoing Persons and to Seller or the
Depositor, as applicable. The Master Servicer shall promptly demand of Seller or
the Depositor, as applicable, that within 90 days of receipt of notice making
such demand it (i) cure such breach in all material respects with respect to a
breach by Seller of its representations and warranties in Sections 7.01 and 7.02
of the Mortgage Loan Purchase and Servicing Agreement and Section 2.07(a), or a
breach by the Depositor of its representations and warranties in Sections
2.06(f), 2.06(g) [and 2.07(b]), respectively, or (ii) purchase the related
Mortgage Loan from the Issuing Entity or substitute an Eligible Substitute
Mortgage Loan (and remit to the Trustee Collection Account any related
Substitution Adjustment Amount), in the manner set forth in Section 7.03 of the
Mortgage Loan Purchasing and Servicing Agreement in the case of a breach by
Seller of its representation or warranty in Sections 7.01 and 7.02 of the
Mortgage Loan Purchase and Servicing Agreement and Section 2.07(a), or a breach
by Depositor of its representations or warranties in Sections 2.06(f), 2.06(g)
and [2.07(b)].

         The obligation of Seller or the Depositor, as the case may be, to
accept a retransfer of a Mortgage Loan as to which a breach has occurred and is
continuing and to make any required deposit into the Collection Account or
Trustee Collection Account or to substitute an Eligible Substitute Mortgage
Loan, as the case may be, shall constitute the sole and exclusive remedy
hereunder against Seller or the Depositor, as applicable, respecting such breach
available therefor. Notwithstanding the foregoing limitation, (i) the Indenture
Trustee shall enforce the obligations of Seller in the Mortgage Loan Purchase
and Servicing Agreement to indemnify the Depositor, the Issuing Entity, the
Owner Trustee and the Indenture Trustee as "Purchaser" under the Mortgage Loan
Purchase and Servicing Agreement for the breach of any covenant, representation
or warranty of Seller pursuant to the terms of Section 12.01 of such agreement
and (ii) Seller hereby agrees to indemnify the Trust for any costs and damages
incurred by the Trust in connection with a breach of Seller's representations
and warranties in Section 2.07(a)(vii), (xlvi), (xlvii) or (xlviii), and that
materially and adversely affects the interests of any Securityholder.

         In connection with the purchase or substitution of any Mortgage Loan,
the Issuing Entity shall assign to Seller [or the Depositor, as applicable], all
of its right, title and interest in and to such Mortgage Loan. Upon receipt of
the Repurchase Price, or upon the completion of such substitution, the Master
Servicer shall notify the Custodian thereof, and the Custodian shall deliver the
Mortgage Files to the Master Servicer, together with all relevant endorsements
and assignments prepared by the Master Servicer that the Indenture Trustee shall
execute.

         Section 2.09. FUTURE ADVANCES. With respect to the HELOCs,
notwithstanding Section 2.01, neither the Indenture Trustee nor the Trust
assumes any obligation under any Loan Agreement that provides for the funding of
future advances to any Mortgagor thereunder, and neither the Trust nor the
Indenture Trustee shall be obligated or permitted to fund any such future
advances. Additional Balances that do not constitute Excluded Amounts shall be
part of the related Principal Balance of such HELOCs as they are created and are
hereby transferred to the Trust as part of the Trust Estate on the Closing Date
pursuant to this Section.

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

         Section 3.01.  APPOINTMENT OF THE MASTER SERVICER.

         (a) [Name of Master Servicer] agrees to act as the Master Servicer and
to perform all servicing duties under this Agreement, subject to the terms
hereof.

         (b) The Master Servicer shall service and administer the Mortgage Loans
in a manner consistent with the terms of this Agreement and as shall be normal
and usual in its general mortgage servicing activities and consistent with
mortgage servicing practices of prudent mortgage lending institutions which
service mortgage loans of the same type as the Mortgage Loans for their own
accounts in the jurisdictions in which the related Mortgaged Properties are
located, and shall have full power and authority, acting alone or through
Subservicers, to do any and all things in connection with such servicing and
administration as it may deem necessary or desirable; provided, that the Master
Servicer shall at all times remain responsible to the Issuing Entity, the
Indenture Trustee, as pledgee of the Mortgage Loans, for the performance of its
duties and obligations hereunder in accordance with the terms hereof. Without
limiting the generality of the foregoing, the Master Servicer shall continue,
and is hereby authorized and empowered by the Issuing Entity and the Indenture
Trustee, as pledgee of the Mortgage Loans, to execute and deliver, on behalf of
itself, the Issuing Entity, the Indenture Trustee 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 the Mortgaged Properties. The Issuing Entity, the Indenture Trustee
and the Custodian, as applicable, shall furnish the Master Servicer with any
powers of attorney or other documents necessary or appropriate to enable the
Master Servicer to carry out its servicing and administrative duties hereunder.
In addition, the Master Servicer may, at its own discretion and on behalf of the
Issuing Entity, obtain credit information in the form of a "credit score" from a
credit repository. Within 30 days of the Closing Date, the Indenture Trustee
shall deliver to the Master Servicer no less than [__] original limited powers
of attorney substantially in the form of Exhibit C hereto. Following the Closing
Date, the Indenture Trustee shall promptly deliver further powers of attorney as
reasonably requested by the Master Servicer.

         In servicing and administering the Mortgage Loans, the Master Servicer
shall employ procedures consistent with the Master Servicer's normal servicing
practices and in a manner consistent with recovery under any insurance policy
required to be maintained by a Mortgagor pursuant to the related Mortgage
Documents or by the Master Servicer pursuant to this Agreement. [With respect to
Mortgage Loans that have not come into default and that constitute not more than
5% (by Principal Balance) of the Mortgage Loans, the Master Servicer may (i)
permit an increase or decrease of up to 100 basis points in the Mortgage
Interest Rate of a Mortgage Loan and (ii) allow the substitution of collateral
for a Mortgage Loan in such Group, in both cases, in accordance with the Master
Servicer's customary servicing practices. With respect to Mortgage Loans that
have come into and continue in default and that constitute not more than 5% (by
Principal Balance) of the Mortgage Loans, the Master Servicer may (i) permit any
increase or decrease in the Mortgage Interest Rate of a Mortgage Loan in such
Group and (ii) allow the substitution of collateral for a Mortgage Loan in such
Group, in both cases, in accordance with the Master Servicer's customary
servicing practices.]

         The Master Servicer may, without prior approval from any Person,
increase the Credit Limit on any HELOC in a manner consistent with the Master
Servicer's customary servicing practices. The Master Servicer may, without prior
approval from any Person, repurchase Mortgage Loans from the Trust at the
Repurchase Price in cases where Mortgage Loans are found to be in breach of the
related purchase agreement that the Master Servicer has with brokers or
correspondent lenders, even if such Mortgage Loans are not otherwise in breach
of this Agreement.

         The relationship of the Master Servicer, and of any successor to the
Master Servicer as master servicer hereunder, to the Issuing Entity under this
Agreement is intended by the parties to be that of an independent contractor and
not that of a joint venturer, partner or general agent.

         The Master Servicer shall make any Mortgage Interest Rate adjustments
on each Interest Adjustment Date for any Mortgage Loan with an adjustable
Mortgage Interest Rate in compliance with applicable regulatory adjustable
mortgage loan requirements and the related Loan Agreements. The Master Servicer
shall establish procedures to monitor the Interest Adjustment Dates in order to
ensure that it uses a published interest rate in determining an interest rate
change, and it will comply with such procedures. In the event that a published
interest rate is no longer available, the Master Servicer shall choose a new
comparable published interest rate in accordance with the provisions hereof, the
related Loan Agreements and the Master Servicer's normal servicing practices,
and shall provide the related Mortgagor, the Issuing Entity, the Indenture
Trustee with notice of the new published interest rate sufficient under law and
the related Loan Agreement. The Master Servicer shall execute and deliver all
appropriate notices required by the applicable adjustable mortgage loan laws and
regulations and the related Loan Agreements regarding such adjustments. If the
Master Servicer fails to make a timely Mortgage Interest Rate adjustment in
accordance with the terms of the related Loan Agreement, the Master Servicer
shall use its own funds to satisfy any shortfall in Collections resulting
therefrom for so long as such shortfall shall continue. Any such amount paid by
the Master Servicer shall be reimbursable to it from any subsequent amounts
collected on account of the related Mortgage Loan with respect to such
adjustments.

         (c) On and after such time as the Owner Trustee receives the
resignation of, or notice of the removal of, the Master Servicer from its rights
and obligations under this Agreement, and with respect to a resignation pursuant
to Section 6.04, after receipt by the Owner Trustee of the Opinion of Counsel
required pursuant to Section 6.04, the Indenture Trustee or its designee shall
assume all of the rights and obligations of the Master Servicer, subject to
Section 7.02. The Master Servicer shall, upon request of the Indenture Trustee
and at the expense of the Master Servicer, deliver to the Indenture Trustee all
documents and records relating to the Mortgage Loans and an accounting of
amounts collected and held by the Master Servicer, and shall otherwise use its
best efforts to effect the orderly and efficient transfer of servicing rights
and obligations to the assuming Person.

         (d) The Master Servicer shall deliver a list of Servicing Officers to
the Issuer and the Indenture Trustee by the Closing Date, which list may from
time to time be amended, modified or supplemented by the subsequent delivery to
the Issuer and the Indenture Trustee of any superseding list of Servicing
Officers.

         (e) The Master Servicer and the Depositor hereby agree that all of the
servicing duties and obligations of [Name of Master Servicer] under the Mortgage
Loan Purchase and Servicing Agreement are hereby superseded in their entirety by
the servicing duties and obligations set forth in this Sale and Servicing
Agreement.

         Section 3.02. SUBSERVICING AGREEMENTS BETWEEN THE MASTER SERVICER AND
SUBSERVICERS.

         (a) The Master Servicer may enter into Subservicing Agreements with
Subservicers for the servicing and administration of certain of the Mortgage
Loans and for the performance of any and all other activities of the Master
Servicer hereunder. 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, and any amount
actually received by such Subservicer in respect of a Mortgage Loan shall be
deemed to have been received by the Master Servicer, whether or not actually
received by the Master Servicer. Each Subservicing Agreement shall be upon such
terms and conditions as are not inconsistent with this Agreement and as the
Master Servicer and the Subservicer shall have agreed. With the approval of the
Master Servicer, a Subservicer may delegate its servicing obligations to
third-party servicers, but such Subservicers shall remain obligated under the
related Subservicing Agreements. The Master Servicer and the related
Subservicers may enter into amendments to the Subservicing Agreements; provided,
that any such amendments shall not cause the Mortgage Loans to be serviced in a
manner that would be materially inconsistent with the standards set forth in
this Agreement. The Master Servicer shall be entitled to terminate any
Subservicing Agreement in accordance with the terms and conditions thereof and
without any limitation by virtue of this Agreement; provided, that in the event
of the termination of any Subservicing Agreement by the Master Servicer or the
related Subservicer, the Master Servicer shall either act as servicer of the
related Mortgage Loans or enter into a Subservicing Agreement with a successor
Subservicer that will be bound by the terms of the related Subservicing
Agreement. The Master Servicer shall be entitled to enter into any agreement
with a Subservicer for indemnification of the Master Servicer, and nothing
contained herein shall be deemed to limit or modify such indemnification.

         Each Subservicer shall be (i) a depository institution the accounts of
which are insured by the FDIC or (ii) another entity that engages in the
business of originating, acquiring or servicing mortgage loans, and in either
case shall be authorized to transact business in those States in which (x) the
related Mortgaged Properties are situated and (y) qualification is required to
conduct a subservicing business operation. In addition, each Subservicer shall
obtain and preserve its qualifications 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, the Securities or any
Mortgage Loan, and to perform or cause to be performed its duties under the
related Subservicing Agreement, which shall provide that the Subservicer's
rights will automatically terminate upon the termination, resignation or other
removal of the Master Servicer under this Agreement. Each account used by any
Subservicer for the deposit of payments on any Mortgage Loan shall be an
Eligible Account.

         (b) Notwithstanding any Subservicing Agreement, any of the provisions
of this Agreement relating to agreements or arrangements between the Master
Servicer and a Subservicer or any references to actions taken through a
Subservicer or otherwise, the Master Servicer shall remain obligated and
primarily liable to the Issuer and the Indenture Trustee 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
related 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.

         As part of its servicing activities hereunder, the Master Servicer, for
the benefit of the Issuer and the Indenture Trustee, shall use reasonable
efforts to enforce the obligations of each Subservicer under the related
Subservicing Agreement to the extent that the non-performance of any such
obligation would have a material adverse effect on any Mortgage Loan. Such
enforcement, including the legal prosecution of claims, termination of
Subservicing Agreements and the pursuit of other appropriate remedies, shall be
in such form and carried out to such an extent and at such time as the Master
Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only from (i) a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) a specific recovery of costs, expenses or attorneys' fees against the
Person against whom such enforcement is directed.

         In the event the Master Servicer shall for any reason no longer be the
Master Servicer, the Indenture Trustee or its designee may (i) assume all of the
rights and obligations of the Master Servicer under each Subservicing Agreement
that the Master Servicer may have entered into, which assumption shall not
violate the terms of the related Subservicing Agreement, (ii) notwithstanding
anything to the contrary contained in each such Subservicing Agreement,
terminate the related Subservicer without being required to pay any fee in
connection therewith or (iii) assume the terminated Master Servicer's rights and
obligations under such subservicing arrangements, which termination or
assumption shall not violate the terms of the related Subservicing Agreement.

         (c) With respect to each Payment Date, on the [twenty-first (21st)]
calendar day of each month (or if such day is not a Business Day, the following
Business Day), the Master Servicer shall furnish a statement to the Indenture
Trustee, in writing or in an electronic format as the Indenture Trustee shall
reasonably request, setting forth all information reasonably necessary to allow
the Indenture Trustee to make the distributions contemplated by Section 3.05 of
the Indenture and to deliver the statement required to be delivered pursuant to
Section 3.25 of the Indenture and Section 4.01 hereof.

         Section 3.03. COLLECTION OF MORTGAGE LOAN PAYMENTS. The Master Servicer
shall use commercially best efforts to collect all payments called for under the
terms and provisions of the Mortgage Documents and shall, to the extent such
procedures shall be consistent with this Agreement, follow such collection
procedures as shall constitute the Master Servicer's collection procedures for
mortgage loans serviced by it for its own account. Consistent with the
foregoing, and without limiting the generality of the foregoing, the Master
Servicer may in its discretion (i) waive any late payment charge, overlimit fee,
prepayment penalty or other fees that may be collected in the ordinary course of
servicing a Mortgage Loan; (ii) arrange with a Mortgagor a schedule for the
payment of principal and interest due and unpaid; provided, that such
arrangement is consistent with the Master Servicer's policies with respect to
mortgage loans; and provided further, that notwithstanding such arrangement,
such Mortgage Loans shall be included in the information regarding delinquent
Mortgage Loans set forth in the Loan Level Data Report, but shall not be
separately identified as being subject to a payment arrangement. The Master
Servicer may also extend the due date for payment due on a Mortgage Loan in
accordance with its normal servicing practices; provided, that the Master
Servicer shall first determine that any such waiver or extension will not
materially adversely affect the Lien of the related Mortgage Documents or the
interests of the Issuer or the Indenture Trustee and with respect to any
Mortgage Loan, the due date for any payment due under any Mortgage Loan may not
be extended beyond the maturity date of the Mortgage Loan with the latest
maturity date as of the Cut-Off Date. With respect to any Mortgage Loan that is
180 days or more delinquent, the Master Servicer will treat such loan as a
Liquidated Mortgage Loan. Notwithstanding such treatment, the Master Servicer
will continue to make reasonable efforts to collect all payments due on any such
delinquent Mortgage Loan. Consistent with the terms of this Agreement, the
Master Servicer may waive, modify or vary any term of any Mortgage Loan,
subject, if applicable, to the second paragraph of Section 3.01(b).
Notwithstanding the foregoing, in the ordinary course of its business, the
Master Servicer, including through its affiliates, may offer mortgage products
via promotions or solicitations as well as respond to unsolicited requests for
refinancing from Mortgagors on the Mortgage Loans. The Master Servicer may also
waive any prepayment penalties with respect to any refinancing of a Mortgage
Loan in accordance with its normal servicing practices.

         Consistent with the terms of this Agreement, the Master Servicer may
consent to the postponement of strict compliance with any such term or in any
manner grant indulgence to any Mortgagor; provided, that in the Master
Servicer's determination, such waiver, modification, postponement or indulgence
relates to a reasonable business purpose; and provided further, that such
waiver, modification, postponement or indulgence shall not materially and
adversely affect the interests of the Securityholders. In addition, and without
limitation, if a HELOC is in default or, in the judgment of the Master Servicer,
such default is reasonably foreseeable, the Master Servicer may, through
modification or otherwise, convert such HELOC to a fully amortizing HEL.

         Section 3.04. PERMITTED WITHDRAWALS FROM THE COLLECTION ACCOUNT. The
Master Servicer is hereby authorized from time to time to make withdrawals from
the Collection Account for the following purposes:

         (a) on each Master Servicer Remittance Date, to deposit the amount
required by Section 5.03 hereof for the related Payment Date into the Trustee
Collection Account;

         (b) on each Master Servicer Remittance Date prior to the end of the
Managed Amortization Period for Group II, Principal Collections with respect to
Mortgage Loans assigned to Group II shall be applied toward the purchase from
Seller of Additional Balances to be assigned to Group II; provided, that the
aggregate amount so paid to Seller in respect of Additional Balances at any time
during any related Collection Period shall not exceed the amount of Principal
Collections for Mortgage Loans assigned to Group II received during such
Collection Period;

         (c) to the extent deposited into the Collection Account, to reimburse
itself or the related Subservicer for previously unreimbursed expenses incurred
in maintaining insurance policies pursuant to Section 3.05, for Liquidation
Expenses paid pursuant to Section 3.08 or for expenses otherwise reimbursable
pursuant to the terms of this Agreement (including expenses incurred in
connection with a bankruptcy filing by a Mortgagor) to the extent not payable
pursuant to Section 3.08 (other than expenses incurred by the Master Servicer
pursuant to Sections 6.03, 6.06 and 6.07 of this Agreement); such withdrawal
right being limited to amounts received in respect of the Mortgage Loans, other
than any Repurchase Price in respect thereof, that represent late recoveries of
the payments for which such advances were made, or from Liquidation Proceeds or
the proceeds of the purchase of such Mortgage Loans;

         (d) to pay to itself out of each payment received in respect of
interest on a Mortgage Loan as contemplated by clause (b) of the last paragraph
of Section 3.08, an amount equal to the Servicing Fee, to the extent not
retained pursuant to Section 5.02;

         (e) to pay to Seller or the Depositor, as applicable, with respect to
any Mortgage Loan or Mortgaged Property that has been purchased or otherwise
transferred to Seller or the Depositor, all amounts received thereon that are
not required to be distributed to the Securityholders as of the date on which
the related Purchase Price or Repurchase Price is determined; and

         (f) to withdraw any other amount deposited into the Collection Account
that was not required to be deposited therein pursuant to Section 5.02.

         On each Master Servicer Remittance Date, the Master Servicer shall
transfer from the Collection Account to the Trustee Collection Account the
amount necessary for the Indenture Trustee to make the required distributions
pursuant to Section 3.05 of the Indenture. The Master Servicer shall keep and
maintain separate accounting on a loan-by-loan basis for the purpose of
justifying any withdrawal from the Collection Account pursuant to the foregoing
paragraphs. Notwithstanding any other provision of this Agreement, the Master
Servicer shall be entitled to reimburse itself for any previously unreimbursed
expenses relating to a Mortgage Loan incurred pursuant to Section 3.08 or
otherwise reimbursable pursuant to the terms of this Agreement that the Master
Servicer determines to be otherwise nonrecoverable, except with respect to any
Mortgage Loan as to which the Purchase Price or Repurchase Price shall have been
paid, by withdrawal from the Collection Account, on any Business Day prior to
the Payment Date succeeding the date of such determination, of amounts on
deposit therein attributable to the Mortgage Loan.

         Section 3.05. MAINTENANCE OF INSURANCE.

         (a) With respect to each Mortgage Loan, the Master Servicer shall
maintain accurate records reflecting the fire and casualty insurance coverage
maintained by the related Mortgagors with respect to the Mortgaged Properties in
accordance with its normal servicing practices. The Master Servicer may, if it
has received notice of a default or deficiency in respect of the payment of any
ground rents, taxes, assessments, water rates or casualty insurance premiums or
other charges that are or may become a Lien upon the related Mortgaged Property,
notify the related Mortgagor and the holder of the first Lien on the related
Mortgaged Property.

         (b) To the extent permitted under the related Mortgage Documents, and
to the extent the Master Servicer receives notice that a hazard insurance policy
has been cancelled, the Master Servicer shall, to the extent consistent with its
normal servicing practices, cause to be maintained for each Mortgage Loan hazard
insurance naming the Master Servicer or the related Subservicer as loss payee
thereunder, and providing extended coverage in an amount at least equal to the
lesser of (i) the maximum insurable value of the improvements securing such
Mortgage Loan from time to time or (ii) the principal balance owing on such
Mortgage Loan from time to time. The Master Servicer shall monitor the
maintenance of any such hazard insurance so obtained in accordance with its
normal servicing practices.

         (c) The Master Servicer shall cause to be maintained with respect to
any REO Property fire insurance with extended coverage in an amount at least
equal to the lesser of (i) the full insurable value of the improvements that are
a part of such property and (ii) the Principal Balance owing on the related
Mortgage Loan at the time of such foreclosure or deed in lieu of foreclosure.
Such insurance may be maintained in the form of one or more blanket insurance
policies. Amounts collected by the Master Servicer under any such policies,
other than amounts to be applied to the restoration or repair of Mortgaged
Property or REO Property or amounts released to the Mortgagor in accordance with
the Master Servicer's normal servicing practices, shall be deposited into the
Collection Account to the extent provided in Section 5.02.

         (d) If, upon the origination of a Mortgage Loan, the related Mortgaged
Property was in an area identified in the Federal Register by the Federal
Emergency Management Agency as having special flood hazards, and flood insurance
has been made available, the Master Servicer shall cause to be maintained, to
the extent required by the related Mortgage Documents, a flood insurance policy
meeting the requirements of the current guidelines of the Federal Insurance
Administration with a generally acceptable insurance carrier, in an amount
representing coverage at least equal to the lesser of (i) the unpaid Principal
Balance of such Mortgage Loan, (ii) the full insurable value of such Mortgaged
Property or (iii) the maximum amount of insurance available under the Flood
Disaster Protection Act of 1973, as amended. With respect to any REO Property
identified as being in a flood zone at origination, the Master Servicer shall
also maintain, if applicable, flood insurance in an amount at least equal to the
lesser of (i) the maximum insurable value of the improvements that are a part of
such property and (ii) the Principal Balance owing on the related Mortgage Loan
at the time of foreclosure or grant of deed in lieu of foreclosure plus accrued
interest and related Liquidation Expenses.

         (e) Pursuant to Section 3.03, any amounts collected by the Master
Servicer under any insurance policy maintained pursuant to this Section, other
than amounts to be applied to the restoration or repair of Mortgaged Property or
released to a Mortgagor in accordance with the Master Servicer's normal
servicing practices, shall be deposited into the Collection Account, subject to
withdrawal pursuant to Section 3.04. Any cost incurred by the Master Servicer in
maintaining any such insurance shall be added to the amount owing under the
related Mortgage Loan where the terms of the related Mortgage Documents so
permit; provided, that the addition of any such cost shall not be taken into
account for purposes of calculating the Principal Balance of such Mortgage Loan
or distributions to be made to Securityholders. Such costs shall be recoverable
by the Master Servicer pursuant to Section 3.04.

         (f) The Master Servicer shall be under no obligation to maintain or
require any Mortgagor to maintain earthquake, title or other additional
insurance, and shall be under no obligation itself to maintain any such
additional insurance on property acquired in respect of any Mortgage Loan, other
than pursuant to such applicable laws and regulations as shall at any time be in
force and as shall require such additional insurance.

Section 3.06.     FIDELITY BOND; ERRORS AND OMISSIONS POLICY.

         (a) The Master Servicer shall maintain with a responsible company, and
at its own expense, a banker's blanket fidelity bond (a "Fidelity Bond") and a
mortgage errors and omissions insurance policy (an "Errors and Omissions
Policy"), in amounts as required by Fannie Mae and Freddie Mac and as are
commercially available and at costs that are not generally regarded as excessive
by industry standards. Any fidelity bond shall protect against the dishonest
acts of officers and employees. Any such Fidelity Bond or Errors and Omissions
Policy shall not be canceled or modified by the Master Servicer in a manner
materially adverse to the Securityholders without the prior written consent of
the Issuer and the Indenture Trustee.

         (b) The Master Servicer shall be deemed to have complied with this
provision if any of its Affiliates has such a Fidelity Bond and Errors and
Omissions Policy and, by the terms of such policy, the coverage afforded
thereunder extends to the Master Servicer. The Master Servicer shall cause each
Subservicer to maintain an Errors and Omissions Policy and a Fidelity Bond
meeting the requirements of this Section.

         Section 3.07. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION
AGREEMENTS. In any case in which a Mortgaged Property is about to be conveyed by
the related Mortgagor, whether by absolute conveyance, contract of sale or
otherwise, and whether or not such Mortgagor remains liable thereon, and the
Master Servicer has knowledge of such prospective conveyance, the Master
Servicer shall enforce any due-on-sale provision contained in such Mortgage
Documents to the extent permitted by such Mortgage Documents, unless such
provision in the reasonable judgment of the Master Servicer is not exercisable
under applicable law, governmental regulations or in the Master Servicer's
reasonable judgment that it would be in the best financial interests of the
Trust, in which case the Master Servicer may enter into an assumption and
modification agreement or a substitution of liability agreement with such
Mortgagor.

         The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to (i) execute assumption agreements, substitution agreements
and instruments of satisfaction or cancellation or of partial or full release or
discharge, or any other document contemplated by this Agreement or other
comparable instruments with respect to the Mortgage Loans and the related
Mortgaged Properties; and the Issuer and the Indenture Trustee each shall
promptly execute any such documents upon the request of the Master Servicer, and
(ii) approve the granting of an easement on Mortgaged Property in favor of
another Person, any alteration or demolition of such Mortgaged Property or other
similar matters, if it has determined, exercising its good faith business
judgment in the same manner as it would if it were the owner of the related
Mortgage Loan, that the security for, and the timely and full collection of,
such Mortgage Loan would not be adversely affected thereby. The Master Servicer
shall notify the Indenture Trustee that any such assumption or substitution
agreement has been completed by forwarding to the Indenture Trustee the original
copy of such assumption or substitution agreement, which the Indenture Trustee
shall add to the related Mortgage File and which shall, for all purposes, be
considered part of such Mortgage File to the same extent as all other documents
and instruments constituting a part thereof. The Master Servicer shall retain as
servicing compensation any fee collected by the Master Servicer for entering
into an assumption or substitution of liability Agreement. A partial release
pursuant to this Section shall be permitted only if the Combined Loan-to-Value
Ratio for the related Mortgage Loan after such partial release does not exceed
the Combined Loan-to-Value Ratio for such Mortgage Loan as of the related
Cut-Off Date.

         Notwithstanding the provisions of this Section or any other provision
of this Agreement, the Master Servicer shall not be deemed to be in default,
breach or violation of any of its obligations hereunder by reason of any
conveyance by a Mortgagor of the related Mortgaged Property or any assumption of
a Mortgage Loan by operation of law with respect to which the Master Servicer
determines in good faith that it may be restricted by law from preventing, for
any reason whatsoever, or if the exercise of such right would impair or threaten
to impair any recovery under any applicable insurance policy or, in the Master
Servicer's judgment, would be reasonably likely to result in legal action by
such Mortgagor.

         Section 3.08. REALIZATION UPON DEFAULTED MORTGAGE LOANS. With respect
to each Mortgage Loan that comes into and continues in default, the Master
Servicer shall exercise its reasonable judgment to determine whether to (a)
foreclose on the related Mortgaged Property, (b) write off the unpaid Principal
Balance thereof as bad debt, (c) take a deed in lieu of foreclosure, (d) accept
a short sale, (e) arrange for a repayment plan, (f) agree to a modification
thereof in accordance with this Agreement, (g) sue on the underlying promissory
note, (h) sell the Mortgage Loan as a nonperforming asset to a third party not
an Affiliate of the Master Servicer or Depositor or (i) take an unsecured note,
in each case subject to the rights of any related senior lienholder, PROVIDED,
HOWEVER, that the Master Servicer may sell the Mortgage Loan or take an
unsecured note pursuant to clauses (h) and (i), respectively, only if the
Mortgage Loan has been charged off or constitutes a Liquidated Mortgage Loan.
The Master Servicer shall in no event expend funds in connection with any
foreclosure or attempted foreclosure that is not completed or towards the
correction of any default on a related senior mortgage loan or restoration of
any property if it shall determine that such expenditure would not increase the
related Liquidation Proceeds. In the event of a determination by the Master
Servicer that any such expenditure previously made pursuant to this Section will
not be reimbursable from Liquidation Proceeds, the Master Servicer shall be
entitled to reimbursement of its funds so expended pursuant to Section 3.04(c).

         Notwithstanding the foregoing provisions of this Subsection 3.08, with
respect to any Mortgage Loan as to which the Master Servicer has received actual
notice of, or has actual knowledge of, the presence of any toxic or hazardous
substance on the related Mortgaged Property, the Master Servicer shall not
either (i) obtain title to such Mortgaged Property as a result of or in lieu of
foreclosure or otherwise, or (ii) otherwise acquire possession of, or take any
other action, with respect to, such Mortgaged Property if, as a result of any
such action, the Trust would be considered to hold title to, to be a
mortgagee-in-possession of, or to be an owner or operator of such Mortgaged
Property within the meaning of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended from time to time, or any
comparable law, unless the Master Servicer has previously determined, based on
its reasonable judgment and a prudent report prepared by a Person who regularly
conducts environmental audits using customary industry standards, that:

                  (1) such Mortgaged Property is in compliance with applicable
environmental laws or, if not, that it would be in the best economic interest of
the Trust to take such actions as are necessary to bring the Mortgaged Property
into compliance therewith; and

                  (2) there are no circumstances present at such Mortgaged
Property relating to the use, management or disposal of any hazardous
substances, hazardous materials, hazardous wastes, or petroleum-based materials
for which investigation, testing, monitoring, containment, clean-up or
remediation could be required under any federal, state or local law or
regulation, or that if any such materials are present for which such action
could be required, that it would be in the best economic interest of the Trust
to take such actions with respect to the affected Mortgaged Property.

         The cost of the environmental audit report contemplated by this
Subsection 3.08 shall be advanced by the Master Servicer, subject to the Master
Servicer's right to be reimbursed therefor from the Collection Account as
provided in Section 3.04(c).

         If the Master Servicer determines that it is in the best economic
interest of the Trust to take such actions as are necessary to bring any such
Mortgaged Property into compliance with applicable environmental laws, or to
take such action with respect to the containment, clean-up or remediation of
hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
materials affecting any such Mortgaged Property, then the Master Servicer shall
take such action as it deems to be in the best economic interest of the Trust.
The cost of any such compliance, containment, cleanup or remediation shall be
advanced by the Master Servicer, subject to the Master Servicer's right to be
reimbursed therefor from the Collection Account as provided in Section 3.04(c).

         Notwithstanding any other provision of this Agreement, a defaulted
Mortgage Loan may be deemed to be finally liquidated if substantially all
amounts expected by the Master Servicer to be received in connection therewith
have been received; provided, that any subsequent collections with respect to
any such Mortgage Loan shall be deposited into the Collection Account. For
purposes of determining the amount of any Liquidation Proceeds or Insurance
Proceeds, or other unscheduled collections, the Master Servicer may take into
account amounts of additional receipts it expects to receive or any estimated
additional Liquidation Expenses it expects to incur in connection with such
Mortgage Loan.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Master Servicer, which shall hold the same on behalf of
the Issuer. Notwithstanding any such acquisition of title and cancellation of
the related Mortgage Loan, such Mortgaged Property shall, except as otherwise
expressly provided herein, be considered to be an outstanding Mortgage Loan held
as part of the Trust Estate until such time as such Mortgaged Property shall be
sold. Consistent with the foregoing, for purposes of all calculations hereunder,
so long as such Mortgaged Property shall be considered to be an outstanding
Mortgage Loan, it shall be assumed that, notwithstanding that the indebtedness
evidenced by the related Mortgage Documents shall have been discharged, such
Mortgage Documents in effect at the time of any such acquisition of title before
any adjustment thereto by reason of any bankruptcy or similar Proceeding or any
moratorium or similar waiver or grace period will remain in effect.

         Any proceeds from foreclosure Proceedings or the purchase or repurchase
of any Mortgage Loan pursuant to the terms of this Agreement and any recovery
resulting from a collection of Liquidation Proceeds or Insurance Proceeds, shall
be applied in the following order of priority: (a) to reimburse the Master
Servicer or the related Subservicer in accordance with this Section; (b) to pay
to the Master Servicer or the related Subservicer all Servicing Fees payable
therefrom (without duplication for any proceeds applied pursuant to clause (a));
(c) as accrued and unpaid interest on such Mortgage Loan at the related Mortgage
Interest Rate to the Payment Date in respect of which such amounts are to be
deposited into the Trustee Collection Account; and (d) as a recovery of
principal on such Mortgage Loan.

         Section 3.09. INDENTURE TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE
FILES; TRUST ESTATES; RELATED DOCUMENTS.

         (a) On or before each Payment Date, the Master Servicer shall notify
the Indenture Trustee or the Custodian (with a copy to the Issuer) of the
termination or payment in full of any Mortgage Loan during the preceding
Collection Period. Upon receipt of payment in full, the Master Servicer shall be
authorized to execute, pursuant to the authorization contained in the first
paragraph of Section 3.01(b), if the Assignments of Mortgage have been recorded
if required pursuant hereto or pursuant to the Mortgage Loan Purchase and
Servicing Agreement, an instrument of satisfaction regarding the related
Mortgage Documents, which instrument of satisfaction shall be recorded by the
Master Servicer if required by applicable law, and shall be delivered to the
Person entitled thereto. Any expenses incurred in connection with such
instrument of satisfaction or transfer shall be reimbursable from amounts on
deposit in the Collection Account. From time to time and as appropriate for the
servicing or foreclosure of any Mortgage Loan, the Indenture Trustee or the
Custodian shall, upon request of the Master Servicer and delivery to the
Indenture Trustee or the Custodian (with a copy to the Issuer) of two copies of
a Request for Release in the form of Exhibit D hereto, which shall be signed by
a Servicing Officer or be in a mutually agreeable electronic format that, in
lieu of being manually signed by a Servicing Officer, emanate from a Servicing
Officer, release or cause to be released the related Mortgage File to the Master
Servicer, and the Issuer and the Indenture Trustee shall promptly execute such
documents, in the forms provided by the Master Servicer, as shall be necessary
for the prosecution of any such Proceedings or the taking of other servicing
actions. The Request for Release shall obligate the Master Servicer to return
such Mortgage File to the Indenture Trustee or the Custodian (as specified
therein) when the need therefor by the Master Servicer no longer exists, unless
such Mortgage Loan shall have been liquidated.

         If an Assignment of Mortgage has been recorded, in order to facilitate
the foreclosure of the Mortgaged Property securing a Mortgage Loan that is in
default following such recordation, the Indenture Trustee or the Issuer shall,
if so requested in writing by the Master Servicer, promptly execute an
appropriate assignment in the form provided by the Master Servicer to assign
such Mortgage Loan for the purpose of collection to the Master Servicer, and any
such assignment shall unambiguously indicate that such assignment is for the
purpose of collection only. Upon such assignment, the Master Servicer, as
assignee for collection, will thereupon bring all required actions in its own
name and otherwise enforce the terms of such Mortgage Loan and deposit into or
credit to the Collection Account any Liquidation Proceeds received with respect
thereto. In the event that all delinquent payments due under any such Mortgage
Loan are paid by the related Mortgagor and any other defaults are cured, then
the Master Servicer, as assignee for collection, shall promptly reassign such
Mortgage Loan to the Indenture Trustee and return all Mortgage Documents and
Related Documents to the place where the related Mortgage File was being
maintained.

         The Indenture Trustee, as pledgee of the Mortgage Loans and as assignee
of record of the Mortgage Loans on behalf of the Issuer pursuant to Section 3.13
of the Indenture, shall, on behalf of the Issuer, take all such actions on
behalf of the Issuer and promptly execute and return all instruments reasonably
required by the Master Servicer in connection therewith; provided, that if the
Master Servicer requests a signature of the Indenture Trustee on behalf of the
Issuer, the Master Servicer shall deliver to the Indenture Trustee an Officer's
Certificate stating that such signature is necessary or appropriate to enable
the Master Servicer to carry out its servicing and administrative duties under
this Agreement.

         (b) Where the Issuer or the Indenture Trustee is required by this
Agreement to execute instruments to release property from the terms of the Trust
Agreement or the Indenture, as applicable, or convey the Issuer's or the
Indenture Trustee's interests in the same, the Issuer or the Indenture Trustee,
as applicable, shall do so in a manner and under circumstances that are not
inconsistent with the provisions of this Agreement. No Person relying upon any
instrument executed by the Issuer or the Indenture Trustee shall be bound to
ascertain the Issuer's or the Indenture Trustee's authority in connection
therewith, inquire into the satisfaction of any conditions precedent or see to
the application of any monies.

         (c) If from time to time the Master Servicer shall deliver to the
Custodian copies of any written assurance, assumption agreement or substitution
agreement or other similar agreement pursuant to Section 3.07, the Custodian
shall check that each of such documents purports to be an original executed copy
or, if the original executed copy has been submitted for recordation and has not
yet been returned, a copy of the original executed document; and if so, shall
file such documents, and upon receipt of the original executed copy from the
applicable recording office or receipt of a copy thereof certified by the
applicable recording office, shall file such originals or certified copies in
the related Mortgage File. If any such documents submitted by the Master
Servicer shall not meet the above qualifications, then the Custodian shall
promptly give the Master Servicer written notice of such occurrence or return
such documents to the Master Servicer, with a direction to the Master Servicer
to forward the correct documentation.

         (d) Upon receipt of two copies of a Request for Release from the Master
Servicer, substantially in the form of Exhibit D hereto, to the effect that a
Mortgage Loan has been the subject of a final payment or a prepayment in full
and has been terminated or that substantially all Liquidation Proceeds
determined by the Master Servicer in its reasonable judgment to be finally
recoverable have been recovered, and upon deposit into the Collection Account of
such final payment, prepayment in full or Liquidation Proceeds, the Custodian
shall promptly release the related Mortgage File to the Master Servicer, and the
Indenture Trustee shall execute the same, along with such documents as the
Master Servicer or the related Mortgagor may request to evidence satisfaction
and discharge of such Mortgage Loan. To the extent that (i) a Mortgage Loan has
been the subject of a final payment or a prepayment in full or substantially all
Liquidation Proceeds determined by the Master Servicer in its reasonable
judgment to be finally recoverable have been recovered, and a deposit into the
Collection Account of such final payment, prepayment in full or Liquidation
Proceeds has been made, and (ii) the Custodian and the Indenture Trustee have
not received a Request for Release from the Master Servicer within a reasonable
period of time following the occurrence of the events described in clause (i),
the Indenture Trustee may prepare and deliver to the Custodian a Request for
Release in duplicate whereupon the Custodian shall promptly release the related
Mortgage File to the Master Servicer in the manner described in the preceding
sentence.

         Section 3.10. SERVICING FEE; PAYMENT OF CERTAIN EXPENSES BY MASTER
SERVICER. The Master Servicer shall be entitled to receive the Servicing Fee in
accordance with Section 3.04(d) as compensation for its services in connection
with servicing the Mortgage Loans. Moreover, additional servicing compensation
in the form of late payment charges and other receipts not required to be
deposited into the Collection Account as specified in Section 5.02 may be
retained by the Master Servicer. The Master Servicer shall be required to pay
all expenses incurred by it in connection with its activities hereunder,
including payment of all fees and expenses not expressly stated hereunder to be
for the account of the Securityholders, and shall not be entitled to
reimbursement therefor. The Issuer shall pay the initial fees and expenses of
the Indenture Trustee from the proceeds of the Notes.

         Section 3.11. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE MORTGAGE LOANS. Whenever required by statute or regulation, the Master
Servicer shall provide each Securityholder or any regulator therefor, the
Indenture Trustee with reasonable access to all documentation relating to the
Mortgage Loans, such access being afforded without charge but only upon
reasonable request and during normal business hours at the offices of the Master
Servicer or any Subservicer. Nothing in this Section shall limit the obligation
of the Master Servicer to observe any applicable law prohibiting disclosure of
information regarding Mortgagors, and the failure of the Master Servicer to
provide access as provided in this Section as a result of such obligation shall
not constitute a breach of this Section.

         Section 3.12. [RESERVED.]

         Section 3.13. RECORDATION OF ASSIGNMENTS. (a) With respect to each MERS
Mortgage Loan, on or before the [10th] Business Day after the Closing Date, the
Master Servicer will cause MERS's records to reflect the Trust as owner of such
Mortgage Loans.

         (b) In the case of any Non-MERS Mortgage Loan, the original assignment
of Mortgage, in recordable form, sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property is located to reflect the conveyance of
the Mortgage Loan to the Trustee or in blank, which may be in the form of one or
more "blanket" assignments covering the Mortgage Loans secured by Mortgaged
Properties located in the same jurisdiction, shall be recorded by the Master
Servicer, at the expense of Seller, upon the earlier to occur of (i) the
occurrence and continuation of any Event of Default or (ii) a bankruptcy or
insolvency proceeding involving the Mortgagor is initiated or foreclosure
proceedings are initiated against the Mortgaged Property as a consequence of an
event of default under the Mortgage Loan. While such assignment is being
recorded, the Custodian shall retain a photocopy thereof. If any assignment is
lost or returned unrecorded to the Custodian because of any defect therein, the
Master Servicer shall prepare at its expense a substitute assignment or cure
such defect, and the Master Servicer shall cause such assignment to be recorded
in accordance with this Section.

         Section 3.14. ANNUAL STATEMENT AS TO COMPLIANCE. The Master Servicer
shall deliver to the Issuing Entity, the Indenture Trustee and each Rating
Agency not later than March 1st of each year, commencing in 2007, an Officer's
Certificate (an "Annual Statement of Compliance") stating, as to each signer
thereof that, (i) a review of the activities of the Master Servicer during the
preceding calendar year and of its performance under this Agreement or other
applicable servicing 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 of its obligations under this Agreement or
other applicable agreement throughout such year, 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 of cure provisions
thereof. Such Annual Statement of Compliance shall contain no restrictions or
limitations on its use. In the event that the Servicer has delegated any
servicing responsibilities with respect to the Mortgage Loans to a subservicer,
the Servicer shall deliver a similar Annual Statement of Compliance by that
subservicer to the Indenture Trustee as described above as and when required
with respect to the Servicer.

         If the Servicer cannot deliver the related Annual Statement of
Compliance by March 1st of such year, the Indenture Trustee, at its sole
option, may permit a cure period for the Servicer to deliver such Annual
Statement of Compliance, but in no event later than March 10th of such year.

         Failure of the Servicer to timely comply with this Section 3.14 shall
be deemed a Servicing Default, and the Indenture Trustee may, in addition to
whatever rights the Indenture Trustee may have under this Agreement and at law
or equity or to damages, including injunctive relief and specific performance,
upon notice immediately terminate all the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof
without compensating the Servicer for the same. This paragraph shall supercede
any other provision in this Agreement or any other agreement to the contrary.

         Section 3.15. ASSESSMENTS OF COMPLIANCE AND ATTESTATION REPORTS. On and
after January 1, 2006, the Servicer shall service and administer the Mortgage
Loans in accordance with all applicable requirements of the Servicing Criteria.
Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1123 of
Regulation AB, the Servicer shall deliver to the Issuing Entity, the Indenture
Trustee, the Depositor, the Credit Enhancer and each Rating Agency on or before
March 1st of each calendar year beginning in 2007, a report regarding the
Servicer's assessment of compliance (an "Assessment of Compliance") with the
Servicing Criteria during the preceding calendar year. The Assessment of
Compliance must be reasonably satisfactory to the Indenture Trustee, and as set
forth in Regulation AB, the Assessment of Compliance must contain the following:

         (a) A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the Servicer;

         (b) A statement by such officer that such officer used the Servicing
Criteria attached as Exhibit [__] hereto, and which will also be attached to the
Assement of Compliance, to assess compliance with the Servicing Criteria
applicable to the Servicer;

         (c) An assessment by such officer of the Servicer's compliance with the
applicable Servicing Criteria for the period consisting of the preceding
calendar year, including disclosure of any material instance of noncompliance
with respect thereto during such period, which assessment shall be based on the
activities it performs with respect to asset-backed securities transactions
taken as a whole involving the Servicer, that are backed by the same asset type
as the Mortgage Loans;

         (d) A statement that a registered public accounting firm has issued an
attestation report on the Servicer's Assessment of Compliance for the period
consisting of the preceding calendar year; and

         (e) A statement as to which of the Servicing Criteria, if any, are not
applicable to the Servicer, which statement shall be based on the activities it
performs with respect to asset-backed securities transactions taken as a whole
involving the Servicer, that are backed by the same asset type as the Mortgage
Loans.

         Such report at a minimum shall address each of the Servicing Criteria
specified on Exhibit [__] hereto which are indicated as applicable to the
Servicer.

         On or before March 1st of each calendar year beginning in 2007, the
Servicer shall furnish to the Issuing Entity, the Indenture Trustee, the
Depositor, the Credit Enhancer and each Rating Agency a report (an "Attestation
Report") by a registered public accounting firm that attests to, and reports on,
the Assessment of Compliance made by the Servicer, as required by Rules 13a-18
and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which
Attestation Report must be made in accordance with standards for attestation
reports issued or adopted by the Public Company Accounting Oversight Board.

         The Servicer shall cause any subservicer, and each subcontractor
determined by the Servicer to be "participating in the servicing function"
within the meaning of Item 1122 of Regulation AB, to deliver to the Company, the
Issuing Entity, the Indenture Trustee, the Depositor, the Credit Enhancer and
each Rating Agency an Assessment of Compliance and Attestation Report as and
when provided above.

         Such Assessment of Compliance, as to any subservicer, shall at a
minimum address each of the Servicing Criteria specified on Exhibit [__] hereto
which are indicated as applicable to any "primary servicer." Notwithstanding the
foregoing, as to any subcontractor, an Assessment of Compliance is not required
to be delivered unless it is required as part of a Form 10-K with respect to the
Trust Fund.

         If the Servicer cannot deliver any Assessment of Compliance or
Attestation Report by March 1st of such year, the Indenture Trustee, at its sole
option, may permit a cure period for the Servicer to deliver such Assessment of
Compliance or Attestation Report, but in no event later than March 10th of such
year.

         Failure of the Master Servicer to timely comply with this Section 3.15
shall be deemed a Servicing Default, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at
law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof without compensating the Servicer for the same. This paragraph
shall supercede any other provision in this Agreement or any other agreement to
the contrary.

         The Indenture Trustee shall also provide an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit [__] hereto which
are indicated as applicable to the "indenture trustee" or "securities
administrator." In addition, the Indenture Trustee shall cause the Custodian to
deliver to the Indenture Trustee and the Depositor an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit [__] hereto which
are indicated as applicable to a "custodian." Notwithstanding the foregoing, as
to any Custodian, an Assessment of Compliance is not required to be delivered
unless it is required as part of a Form 10-K with respect to the Trust Fund.

         Section 3.16. SARBANES-OXLEY. On or before March 10 of each year, the
Administrator shall deliver to the Master Servicer all filings it made (or will
make) for the Trust with the Commission with respect to the prior calendar year.
In addition, on or prior to the tenth day after a Form 8-K is filed, the
Administrator shall deliver a copy of it to the Master Servicer. On or before
March 10 of each year, the Administrator shall furnish to the Master Servicer a
certification with respect to any and all tasks performed by it and covered by
the certification to be provided by the Master Servicer in the form of Exhibit G
to this Agreement. On or before March 25 (or the previous Business Day if March
25 is not a Business Day) of each calendar year with respect to which a Form
10-K is required to be filed by the Trust, the Master Servicer shall deliver to
the Administrator a certification in the form of Exhibit G to this Agreement.

         Section 3.17. INDEMNIFICATION; THIRD-PARTY CLAIMS. The Master Servicer
(solely for the purpose of this Section, the "Indemnifying Party") agrees to
indemnify and to hold each of the Depositor, the Issuer, the Owner Trustee and
the Indenture Trustee (solely for the purpose of this Section, the "Indemnified
Parties") harmless against any and all claims, losses, penalties, fines,
forfeitures, legal fees and related costs, judgments, and any other costs, fees
and expenses that the Indemnified Parties may sustain in any way related to the
failure of the Indemnifying Party to perform its respective duties in compliance
with the terms of this Agreement. Each Indemnified Party and the Master Servicer
shall immediately notify the other Indemnified Parties if a claim is made by a
third party with respect to this Agreement, and the Master Servicer shall assume
the defense of such claim and pay all expenses in connection therewith,
including reasonable outside counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered into against the Indemnified
Parties in respect of such claim. The Indenture Trustee, shall, out of the
assets of the Trust Estate reimburse the Master Servicer in accordance with
Section 3.04(c) hereof for all amounts advanced by it pursuant to the preceding
sentence except where the claim relates directly to the failure of the Master
Servicer to service and administer the Mortgage Loans in compliance with the
terms of this Agreement; PROVIDED, HOWEVER, that the Master Servicer's indemnity
hereunder shall not in any manner be conditioned on the availability of funds
for such reimbursement. If the Master Servicer is unable to pay any such amounts
owed to the Indenture Trustee, such amounts shall be paid to the Indenture
Trustee out of the Trust Estate pursuant to Section 3.05(a) of the Indenture.
Solely to the extent that the Holders of the Certificate fail to indemnify the
Owner Trustee as required by Section 7.02 of the Trust Agreement, the Master
Servicer shall undertake such indemnification in accordance with the terms of
Section 7.02 of the Trust Agreement.

         Section 3.18. MAINTENANCE OF EXISTENCE AND LICENSES; MERGER OR
CONSOLIDATION OF THE MASTER SERVICER. The Master Servicer (or an appropriate
Affiliate thereof) shall keep in full force and effect its existence, rights and
franchises, shall obtain and preserve its qualification to do business in each
jurisdiction necessary to protect the validity and enforceability of this
Agreement or any Mortgage Loan and to perform its duties hereunder, and shall
Otherwise operate its business so as to cause the representations and warranties
under Section 2.04 to be true and correct at all times.

         Section 3.19. EXCLUDED AMOUNTS. Each of (1) the portion of the
principal balance of any HELOC attributable to Draws made subsequent to the end
of the Managed Amortization Period and (2) the portion of the principal balance
of any HELOC attributable to Draws for which the Variable Funding Note could not
be increased to compensate Seller for the Draws (each, an "Excluded Amount")
shall not be transferred to the Trust, and the portion of the Principal
Collections and Interest Collections on such HELOC for each Collection Period
shall be allocated to the Excluded Amount pro rata between the Excluded Amount
and the Principal Balance of such HELOC in proportion to the respective amounts
outstanding as of the end of the calendar month preceding such Collection
Period.

         Section 3.20. INTENTION OF THE PARTIES AND INTERPRETATION. Each of the
parties acknowledges and agrees that the purpose of Sections 3.14 and 3.156 of
this Agreement is to facilitate compliance with the provisions of Regulation AB
promulgated by the SEC under the 1934 Act (17 C.F.R. ss.ss. 229.1100 -
229.1123), as such may be amended from time to time and subject to clarification
and interpretive advice as may be issued by the staff of the SEC from time to
time. Therefore, each of the parties agrees that (a) the obligations of the
parties hereunder shall be interpreted in such a manner as to accomplish that
purpose, (b) the parties' obligations hereunder will be supplemented and
modified as necessary to be consistent with any such amendments, interpretive
advice or guidance, convention or consensus among active participants in the
asset-backed securities markets, advice of counsel, or otherwise in respect of
the requirements of Regulation AB, (c) the parties shall comply with requests
made by the Indenture Trustee or the Depositor for delivery of additional or
different information as the Indenture Trustee or the Depositor may determine in
good faith is necessary to comply with the provisions of Regulation AB, and (d)
no amendment of this Agreement shall be required to effect any such changes in
the parties' obligations as are necessary to accommodate evolving
interpretations of the provisions of Regulation AB.

                                   ARTICLE IV

                              REPORT TO NOTEHOLDERS

         Section 4.01. REPORT TO NOTEHOLDERS. With respect to each Payment Date,
no later than the fifteenth (15th) calendar day of each month (or if such day is
not a Business Day, the following Business Day), the Master Servicer shall
forward the Loan Level Data Report to the Depositor and the Indenture Trustee.
Based primarily on the information in the Loan Level Data Report, the Indenture
Trustee shall prepare the Report to Noteholders with respect to each Payment
Date. The Indenture Trustee, pursuant to Section 3.25 of the Indenture, shall
make available to each Securityholder, the Owner Trustee, each Paying Agent (if
other than the Indenture Trustee) and each Rating Agency, the Report to
Noteholders setting forth the following information, to the extent applicable:

         (a) the aggregate amount of Collections received on the Mortgage Loans
during the related Collection Period;

         (b) the aggregate amount of (i) Interest Collections and (ii) Principal
Collections and, in the case of the Managed Amortization Period, Net Principal
Collections (in each case stated separately for each Group, for each collateral
type (i.e., HEL, HLTV and HELOC) and in the aggregate) for such Collection
Period;

         (c) the Principal Collection Distribution Amount for such Collection
Period;

         (d) the amount distributable to each Class of Offered Notes and the
Variable Funding Notes in respect of interest;

         (e) the amount of any Interest Carry-Forward Amounts;

         (f) the amount, if any, to be distributed to the Certificateholders;

         (g) any accrued and unpaid Servicing Fees for previous Collection
Periods and the Servicing Fee for such Collection Period; (h) the Excess Spread,
if any, for such Collection Period (stated separately for each Group);

         (i) the Liquidation Loss Amount and Principal Balance of Liquidated
Mortgage Loans (in each case stated separately for each Group, for each
collateral type and also in the aggregate) for (i) such Collection Period, (ii)
such Collection Period and the immediately preceding eleven Collection Periods
and (iii) such Collection Period and all previous Collection Periods and any
Overcollateralization Increase Amounts and Overcollateralization Release Amounts
for such Collection Period;

         (j) the aggregate Principal Balance of the Mortgage Loans (in each case
stated separately for each Group, for each collateral type and also in the
aggregate) as of the end of the preceding Collection Period and as of the end of
the second preceding Collection Period;

         (k) the Offered Note Balance and the Variable Funding Balance for each
Class of Notes after giving effect to any distribution on such Payment Date and
to any reduction on account of Liquidation Loss Amounts;

         (l) the Overcollateralization Amount and the Overcollateralization
Target Amount and whether the Loss and Delinquency Test has not been satisfied;

         (m) the Weighted Average Net Mortgage Rate for the related Collection
Period and the Weighted Average Net Mortgage Rate for the aggregate of the
Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable
Rate Mortgage Loans, for such collection period.

         (n) prior to the end of the Managed Amortization Period, the aggregate
amount of Additional Balances, if any, (i) created and (ii) purchased during the
preceding Collection Period;

         (o) whether an Amortization Event, specifying such event, has occurred
since the prior Determination Date;

         (p) whether a Servicing Default has occurred since the prior
Determination Date, specifying such Servicing Default;

         (q) the Net Loan Rate for the related Collection Period;

         (r) the number, Group, collateral type and Principal Balances of any
Mortgage Loans removed from the Trust;

         (s) the applicable record dates, accrual periods, determination dates
for calculating distributions and general distribution dates;

         (t) the total cash flows received and the general sources thereof;

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

         (v) the amount of any Net Swap Payment payable to the Derivative
Administrator, any Net Swap Payment payable to the Swap Provider, any Swap
Termination Payment payable to the Derivative Administrator and any Swap
Termination Payment payable to the Swap Provider;

         (w) the Interest Carry Forward Amount and any Basis Risk Shortfall
Carry Forward Amount for each Class of Certificates;

         (x) the Certificate Principal Balance or Certificate Notional Amount,
as applicable, of each Class after giving effect (i) to all distributions
allocable to principal on such Distribution Date and (ii) the allocation of any
Applied Realized Loss Amounts for such Distribution Date;

         (y) the number and Stated Principal Balance of the Mortgage Loans in
each Loan Group in respect of which (A) one Scheduled Payment is Delinquent, (B)
two Scheduled Payments are Delinquent, (C) three or more Scheduled Payments are
Delinquent and (D) foreclosure proceedings have been commenced, in each case as
of the close of business on the last day of the calendar month preceding such
Distribution Date and separately identifying such information for the (1) first
lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate
Mortgage Loans, in each such Loan Group; PROVIDED, HOWEVER, that such
information will not be provided on the statements relating to the first Payment
Date;

         (z) the amount of Advances included in the distribution on such
Distribution Date (including the general purpose of such Advances), the
aggregate amount of unreimbursed Advances at the close of business on the
Distribution Date, and the general source of funds for reimbursements;

         (aa) the cumulative amount of Applied Realized Loss Amounts to date;

         (bb) if applicable, material modifications, extensions or waivers to
Mortgage Loan terms, fees, penalties or payments during the preceding calendar
month or that have become material over time;

         (cc) with respect to any Mortgage Loan that was liquidated during the
preceding calendar month, the loan number and Stated Principal Balance of, and
Realized Loss on, such Mortgage Loan as of the close of business on the
Determination Date preceding such Distribution Date;

         (dd) the total number and principal balance of any real estate owned or
REO Properties as of the close of business on the Determination Date preceding
such Distribution Date;

         (ee) the three month rolling average of the percent equivalent of a
fraction, the numerator of which is the aggregate Stated Principal Balance of
the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or
foreclosure or are REO Properties, and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans in each case as of the
close of business on the last day of the calendar month preceding such
Distribution Date and separately identifying such information for the (1) first
lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans;

         (ff) the Realized Losses during the related Prepayment Period and the
cumulative Realized Losses through the end of the preceding month;

         (gg) whether a Trigger Event exists;

         (hh) updated pool composition data including the following with respect
to each Loan Group: average loan balance, weighted average mortgage rate,
weighted average loan-to-value ratio at origination, weighted average FICO at
origination weighted average remaining term; and

         (ii) information about any additions of, substitutions for or removal
of any Mortgage Loans from the Trust Fund, and any changes in the underwriting,
acquisition or selection criteria as to any Mortgage Loans added to the Trust
Fund.

         The Indenture Trustee shall conclusively rely upon the information
contained in each Loan Level Data Report for purposes of making distributions
pursuant to Section 3.05 of the Indenture, shall have no duty to inquire into
such information and shall have no liability in so relying. The format and
content of the Loan Level Data Report and the Report to Noteholders may be
modified by the mutual agreement of the Master Servicer and the Indenture
Trustee. The Administrator shall give notice of any such change to each Rating
Agency.

         The amounts furnished pursuant to clause (d) above shall be expressed
as an aggregate dollar amount per each Class of Offered Notes or Variable
Funding Notes, as the case may be, with a $1,000 denomination.

         The Master Servicer shall forward to the Indenture Trustee any other
information reasonably requested by the Indenture Trustee to make distributions
pursuant to Section 3.05 of the Indenture. Prior to the close of business on the
Business Day next succeeding each Determination Date, the Master Servicer shall
furnish a written statement to the Paying Agent and the Indenture Trustee
setting forth the aggregate amounts required to be withdrawn from the Collection
Account. The determination by the Master Servicer of such amounts shall be
presumptively deemed to be correct for all purposes hereunder, and the Owner
Trustee and the Indenture Trustee shall be protected in relying upon the same
without any independent verification thereof. In addition, upon the Issuer's
written request, the Master Servicer shall promptly furnish information
reasonably requested by the Issuer that is reasonably available to the Master
Servicer to enable the Issuer to perform its federal and state income tax
reporting obligations.

                                   ARTICLE V

                                  THE ACCOUNTS

         Section 5.01. ACCOUNTS. Prior to the Closing Date, the Master Servicer
shall establish or cause to be established the following accounts, each of which
shall be an Eligible Account:

         (a) an account (the "Collection Account") bearing a designation clearly
indicating that the funds on deposit therein are held for the benefit of the
Issuer, the Indenture Trustee and the Securityholders; and

         (b) an account in the name of the Indenture Trustee (the "Trustee
Collection Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Securityholders.

         Section 5.02. COLLECTION ACCOUNT. The Master Servicer shall deposit or
cause to be deposited any amounts representing payments and collections in
respect of the Mortgage Loans received by it subsequent to the Cut-Off Date,
other than in respect of the payments referred to in the following paragraph,
into the Collection Account within two (2) Business Days following receipt
thereof (or otherwise on or prior to the Closing Date), including the following
payments and collections received or made by it:

         (a) all payments of principal and interest in respect of the Mortgage
Loans received by the Master Servicer from the Mortgagors or the related
Subservicer (net of any portion of the interest thereof retained by such
Subservicer as subservicing fees);

         (b) the aggregate Purchase Price or Repurchase Price of any Mortgage
Loans purchased by Seller or the Depositor pursuant to Sections 2.03 or 2.08;

         (c) any Liquidation Proceeds and Insurance Proceeds;

         (d) any Substitution Adjustment Amounts; and

         (e) from the Master Servicer, any losses incurred upon Permitted
Investments of amounts deposited into the Collection Account;

PROVIDED, HOWEVER, that with respect to each Collection Period, the Master
Servicer shall be permitted to retain from payments in respect of interest on
the Mortgage Loans, the Servicing Fee for such Collection Period and any
prepayment penalties, late fees and other similar fees.

         The foregoing requirements respecting deposits into the Collection
Account are exclusive; PROVIDED, that without limiting the generality of the
foregoing, the Master Servicer need not deposit into the Collection Account any
amounts representing prepayment penalties or other ancillary servicing fees
payable by Mortgagors during a Collection Period such as late fees, assumption
fees, other administrative fees, release fees or bad check charges. In the event
that any amount not required to be deposited into the Collection Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Collection Account, any provision herein to the contrary notwithstanding.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Collection Account
that have been identified by it as being attributable to the Mortgage Loans and
shall hold all collections in the Collection Account to the extent they
represent collections on the Mortgage Loans for the benefit of the Issuer, the
Indenture Trustee and the Securityholders.

         The Master Servicer shall direct in writing the institution maintaining
the Collection Account to invest funds therein only in Permitted Investments. No
Permitted Investment may be sold or disposed of at a gain prior to maturity,
unless the Master Servicer shall have obtained an Opinion of Counsel at the
Master Servicer's expense addressed to the Indenture Trustee that such sale or
disposition will not cause the Trust to be to be treated as an association (or a
publicly-traded partnership) taxable as a corporation for federal income tax
purposes. All net income, other than any gain from a sale or disposition of the
type referred to in the preceding sentence, received from any such Permitted
Investment shall be paid to the Master Servicer as additional servicing
compensation. The amount of any losses incurred in respect therewith shall be
deposited into the Collection Account by the Master Servicer out of its own
funds immediately as incurred.

         The Master Servicer shall require each Subservicer to hold all funds
constituting collections on the Mortgage Loans, pending remittance thereof to
the Master Servicer, in one or more accounts meeting the requirements of an
Eligible Account (and amounts on deposit therein shall be invested in Permitted
Investments), unless all such collections are remitted on a daily basis to the
Master Servicer for deposit into the Collection Account.

         The Collection Account may, upon written notice to the Issuer and the
Indenture Trustee, be transferred to a different institution, provided that such
transfer is to an Eligible Account.

         On any Payment Date during the Managed Amortization Period with respect
to Mortgage Loans assigned to Group II, the Master Servicer shall withdraw from
the Collection Account and deliver to Seller, as payment for Additional
Balances, the lesser of (i) the aggregate amount of Additional Balances created
during the related Collection Period and (ii) Principal Collections with respect
to Mortgage Loans assigned to Group II.

         Section 5.03. TRUSTEE COLLECTION ACCOUNT. On each Master Servicer
Remittance Date, the Master Servicer shall transfer from the Collection Account
to the Trustee Collection Account the amount necessary for the Indenture Trustee
to make the required distributions pursuant to Section 3.05(a) of the Indenture.
Such requirement respecting deposits into the Trustee Collection Account is
exclusive. In the event that any amount not required to be deposited into the
Trustee Collection Account is so deposited, the Master Servicer may at any time
direct the Indenture Trustee to withdraw such amount from the Trustee Collection
Account and deliver it to or at the direction of Master Servicer, any provision
herein to the contrary notwithstanding.

         The Indenture Trustee may, but need not, invest funds in the Trustee
Collection Account, and if such funds are invested, they shall be invested only
in Permitted Investments selected by the Indenture Trustee. No Permitted
Investment may be sold or disposed of at a gain prior to maturity, unless the
Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture
Trustee's expense addressed to the Indenture Trustee that such sale or
disposition will not cause the Trust to be to be treated as an association (or a
publicly-traded partnership) taxable as a corporation for federal income tax
purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor
in writing, all net income for the period from and including the Master Servicer
Remittance Date up to and excluding the day prior to the related Payment Date
shall be for the account of the Indenture Trustee and the remainder of the net
income on the funds in the Trustee Collection Account shall be for the account
of the Depositor. The amount of any losses incurred in respect therewith shall
be deposited into the Trustee Collection Account by the Indenture Trustee and/or
the Depositor out of their own funds immediately as incurred.

         On the Closing Date the Depositor shall remit to the Indenture Trustee
for deposit in the Trustee Collection Account, or a subaccount of the Trustee
Collection Account created by the Indenture Trustee, an amount equal to
approximately $[____] representing the excess of the aggregate principal balance
of the Mortgage Loans as of the statistical calculation date of ________ __,
200__ over the aggregate Principal Balance of the Mortgage Loans as of the
Cut-Off Date. The principal amount deposited shall be paid on the first Payment
Date as principal to the Holders of the Offered Notes entitled to receive
principal on such Payment Date. In addition, following the Closing Date and
prior to the first Payment Date, the Depositor may also remit funds to the
Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount
of the Trustee Collection Account created by the Indenture Trustee, if the
Depositor and the Indenture Trustee determine that without such remittance there
would be a shortfall in the amount on deposit in the Trustee Collection Account
available to be applied towards the payment of interest due on the Offered Notes
on the initial Payment Date. All net income on such deposits from the Closing
Date up to and not including the first Payment Date shall be for the account of
the Depositor.

                                   ARTICLE VI

                               THE MASTER SERVICER

         Section 6.01. LIABILITY OF THE MASTER SERVICER. The Master Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically imposed upon and undertaken by it hereunder.

         Section 6.02. MERGER OR CONSOLIDATION OR ASSUMPTION OF THE OBLIGATIONS
OF THE MASTER SERVICER. Any Person into which the Master Servicer may be merged
or consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Master Servicer shall be a party, or any Person
succeeding to the business of the Master Servicer, shall be an established
mortgage loan servicing institution that has a net worth of at least
$15,000,000, and in all events shall be the successor of the Master Servicer,
without the execution or filing of any paper or any further action on the part
of any of the parties hereto, anything herein to the contrary notwithstanding.
The Master Servicer shall send timely notice of any such merger or consolidation
to the Indenture Trustee.

         The Master Servicer may assign its rights and delegate its duties and
obligations under this Agreement; provided, that the Person accepting such
assignment or delegation shall be a Person qualified to service the Mortgage
Loans, shall be satisfactory to the Issuer; and such person shall be willing to
service the Mortgage Loans and shall execute and deliver to the Indenture
Trustee and the Issuer an agreement, in form and substance reasonably
satisfactory to the Indenture Trustee and the Issuer, containing an assumption
by such Person of the due and punctual performance and observance of each
covenant and condition to be performed or observed by the Master Servicer under
this Agreement; and provided further, that no Rating Agency, after notice
thereto, shall have notified the Indenture Trustee in writing that such
assignment and delegation would result in a Rating Event; and provided further,
that the Owner Trustee shall have received an Opinion of Counsel to the effect
that such assignment or delegation would not cause the Trust to be treated as an
association (or a publicly-traded partnership) taxable as a corporation for
federal income tax purposes.

         Section 6.03. LIMITATION ON LIABILITY OF THE MASTER SERVICER AND
OTHERS. Neither the Master Servicer nor any of its directors, officers,
employees or agents shall be under any liability to the Issuer, the Owner
Trustee, the Indenture Trustee or the Securityholders for any action taken or
for refraining from the taking of any action in good faith pursuant to this
Agreement; provided, that this provision shall not protect the Master Servicer
or any such Person against any liability that would otherwise be imposed on it
by reason of its willful misfeasance, bad faith or gross negligence in the
performance of its duties hereunder or by reason of its reckless disregard
thereof. The Master Servicer and any director, officer, employee or agent
thereof 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 Master Servicer and any director, officer, employee or agent thereof shall
be indemnified by the Issuer and held harmless against any loss, liability or
expense incurred in connection with any Proceeding relating to this Agreement or
the Securities, including any amount paid to the Indenture Trustee pursuant to
Section 6.06(b), other than any loss, liability or expense incurred by reason of
its willful misfeasance, bad faith or gross negligence in the performance of its
duties hereunder or by reason of its reckless disregard thereof and shall be
entitled to reimbursement therefor pursuant to Section 3.05(a)(xiii) of the
Indenture. The Master Servicer shall be under no obligation to appear in,
prosecute or defend any legal action not incidental to its duties to service the
Mortgage Loans in accordance with this Agreement, and that in its opinion may
involve it in any expense or liability; provided, that the Master Servicer may
in its sole discretion undertake any action that it may deem necessary or
desirable in respect of this Agreement, the rights and duties of the parties
hereto and the interests of the Securityholders. In such event, the reasonable
legal expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Issuer, and the Master Servicer
shall be entitled to reimbursement therefor pursuant to Section 3.05(a)(xiii) of
the Indenture. The Master Servicer's right to indemnity or reimbursement
pursuant to this Section shall survive any resignation or termination of the
Master Servicer pursuant to Section 6.04 or Article VII in respect to any
losses, expenses, costs or liabilities arising prior to such resignation or
termination or from events that occurred prior to such resignation or
termination.

         Section 6.04. MASTER SERVICER NOT TO RESIGN. Subject to the provisions
of Section 6.02, the Master Servicer shall not assign this Agreement or resign
from the obligations and duties hereby imposed upon it except (a) upon a
determination that the performance of its obligations or duties hereunder are no
longer permissible under applicable law or are in material conflict by reason of
applicable law with other activities carried on by it or any Affiliate thereof,
the other activities of the Master Servicer so causing such a conflict being of
a type and nature carried on by the Master Servicer or such Affiliate at the
date of this Agreement or (b) upon the satisfaction of the following conditions:
(i) the Master Servicer shall have proposed a successor master servicer to the
Issuer and the Indenture Trustee in writing, and such proposed successor master
servicer shall be acceptable to the Issuer and the Indenture Trustee; and (ii)
each Rating Agency, after prior notice thereto, shall have delivered a letter to
the Issuer and the Indenture Trustee prior to the appointment of such proposed
successor master servicer stating that such proposed appointment would not
result in a Rating Event; provided, that no such resignation by the Master
Servicer shall become effective until such successor master servicer shall have
assumed the Master Servicer's responsibilities and obligations hereunder or the
Indenture Trustee shall have designated a successor master servicer in
accordance with Section 7.02. An Opinion of Counsel delivered to the Issuer and
the Indenture Trustee shall be required in connection with any such
determination permitting the resignation of the Master Servicer.

         Section 6.05. DELEGATION OF DUTIES. In the ordinary course of its
business, the Master Servicer may at any time delegate any of its duties
hereunder to any Person (including any Affiliate of the Master Servicer), that
agrees to conduct such duties in accordance with standards comparable to those
applicable to the Master Servicer hereunder. Such delegation shall not relieve
the Master Servicer of liability or responsibility with respect to such duties,
and shall not constitute a resignation of the Master Servicer pursuant to
Section 6.04.

         Section 6.06. INDENTURE TRUSTEE FEES AND EXPENSES; INDEMNIFICATION.

         (a) After the Closing Date, the Indenture Trustee and any co-trustee
from time to time shall be entitled to compensation in an amount equal to the
Indenture Trustee Fee payable to it on each Payment Date, together with the net
investment earnings on amounts on deposit in the Trustee Collection Account as
specified in Section 5.03, which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust,
for all services rendered by each of them in the execution of the trusts created
under the Indenture and in the exercise and performance of any of the powers and
duties under the Indenture of the Indenture Trustee and any such co-trustee. The
Indenture Trustee and any such co-trustee shall be entitled to payment or
reimbursement in accordance with Section 6.07 of the Indenture from amounts on
deposit in the Collection Account, upon request therefrom for all reasonable
expenses, disbursements and advances incurred or made by the Indenture Trustee
or any such co-trustee, respectively, in accordance with any of the provisions
of this Agreement or the other Basic Documents, except any such expenses,
disbursements or advances as may arise from the negligence, willful misfeasance
or bad faith of the Indenture Trustee or such co-trustee, as the case may be.
The Indenture Trustee shall be entitled to be reimbursed by the Master Servicer
(or, if the Master Servicer is unable to fulfill such obligation, in accordance
with Section 3.05(a) of the Indenture) for all costs associated with the
transfer of servicing from the Master Servicer to the Indenture Trustee,
including without limitation, any costs or expenses associated with the complete
transfer of all servicing data and the completion, correction or manipulation of
such servicing data as may be required by the Indenture Trustee to correct any
errors or insufficiencies in the servicing data or otherwise to enable the
Indenture Trustee to service the Mortgage Loans properly and effectively. If the
Indenture Trustee or an Affiliate thereof becomes the successor Master Servicer,
any custody fees and expenses shall also be paid pursuant to Section 3.05(a) of
the Indenture.

         (b) The Indenture Trustee shall be indemnified and held harmless by the
Master Servicer for any loss, liability or expense incurred without negligence,
bad faith or willful misconduct on the part of the Indenture Trustee, arising
out of or in connection with the performance of its duties under the Basic
Documents (but not with respect to the performance of any of its duties under
the Administration Agreement), including the costs and expenses (including
reasonable attorneys' fees and expenses) of defending the Indenture Trustee
against any claim in connection with the exercise or performance of any of its
powers or duties under any Basic Document; provided, that:

                  (1) with respect to any such claim, the Indenture Trustee
         shall have given the Master Servicer written notice thereof promptly
         after the Indenture Trustee shall have actual knowledge thereof;

                  (2) while maintaining control over its own defense, the
         Indenture Trustee shall cooperate and consult fully with the Master
         Servicer in preparing such defense; and

                  (3) notwithstanding anything herein to the contrary, the
         Master Servicer shall not be liable for the settlement of any claim by
         the Indenture Trustee entered into without the prior written consent of
         the Master Servicer.

         No termination of this Agreement shall affect the obligations created
by this Section of the Master Servicer to indemnify the Indenture Trustee under
the conditions and to the extent set forth herein.

         Notwithstanding the foregoing, the indemnification provided pursuant to
this paragraph shall not pertain to any loss, liability or expense of the
Indenture Trustee, including the costs and expenses of defending itself against
any claim, incurred in connection with (i) any actions taken by the Indenture
Trustee at the direction of the Securityholders pursuant to the terms of the
Basic Documents unless consented to by the Master Servicer (whose consent shall
not be unreasonably withheld) or (ii) any actions taken by the Indenture Trustee
in its capacity as administrator under the Administration Agreement.

         Section 6.07. INDEMNIFICATION OF OWNER TRUSTEE BY MASTER SERVICER. The
Owner Trustee and its successors, assigns, agents and servants (collectively the
"Indemnified Parties") shall be indemnified, defended and held harmless by the
Master Servicer for any liabilities, obligations, losses, damages, taxes,
claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable attorney's fees and expenses) of any kind
and nature whatsoever (collectively, "Expenses") that may at any time be imposed
on, incurred by, or asserted against the Owner Trustee or any Indemnified Party
in any way relating to or arising out of the Basic Documents, the Trust Estate
or the administration of the Trust Estate or the action or inaction of the Owner
Trustee, provided that:

         (a) The Master Servicer shall not be liable for or required to
indemnify an Indemnified Party from and against Expenses arising or resulting
from the Owner Trustee's negligence with respect to the handling of funds, or
gross negligence with respect to any other acts, willful misconduct or bad
faith, or as a result of any inaccuracy of an express representation or warranty
contained in Section 6.03 of the Trust Agreement;

         (b) With respect to any such claim, the Indemnified Party shall have
given the Master Servicer written notice thereof promptly after the Indemnified
Party shall have actual knowledge thereof;

         (c) While maintaining control over its own defense, the Indemnified
Party shall cooperate and consult fully with the Master Servicer in preparing
such defense;

         (d) Notwithstanding anything to the contrary, the Master Servicer shall
not be liable for the settlement of any claim by an Indemnified Party entered
into without the prior written consent of the Master Servicer.

         No termination of this Agreement shall affect the obligation created by
this Section of the Master Servicer to indemnify the Owner Trustee and the
Indemnified Parties under the conditions and to the extent set forth herein.

                                  ARTICLE VII

                                     DEFAULT

         Section 7.01. DEFAULT. If any one of the following events (each, a
"Servicing Default") shall occur and be continuing:

         (a) any failure by the Master Servicer to deposit into any Collection
Account or the Trustee Collection Account any deposit required to be made under
the terms of this Agreement that continues unremedied for a period of five (5)
Business Days after the date upon which written notice of such failure shall
have been given to the Master Servicer by the Issuer or the Indenture Trustee;
or

         (b) any failure on the part of the Master Servicer to duly observe or
perform in any material respect any other covenants or agreements of the Master
Servicer set forth in this Agreement, which failure materially and adversely
affects the interests of any Securityholder, and which failure continues
unremedied for a period of 45 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Master Servicer by the Issuer or the Indenture Trustee;

then, in the case of paragraphs (a) or (b), the Master Servicer shall
immediately notify the Indenture Trustee and the Owner Trustee in writing
thereof and, for so long as such Servicing Default shall not have been remedied
by the Master Servicer, then the Issuer or the Indenture Trustee may, by notice
then given in writing to the Master Servicer, terminate all rights and
obligations of the Master Servicer hereunder, other than the Master Servicer's
right to receive servicing compensation and reimbursement of expenses hereunder
during any period prior to the date of such termination, and the Indenture
Trustee, the Owner Trustee or the Issuer may exercise any and all other remedies
available at law or in equity. Any such notice to the Indenture Trustee shall
also be given to each Rating Agency and the Issuer. Subject to Section 7.02, on
or after receipt by the Master Servicer of such written notice in the case of
paragraphs (a) or (b), all authority and power of the Master Servicer under this
Agreement shall pass to and be vested in the Indenture Trustee as pledgee of the
Mortgage Loans pursuant to this Section. Without limitation, the Indenture
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 or
other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination under
paragraphs (a) or (b), whether to complete the transfer and endorsement of each
Mortgage Loan or the related Mortgage Documents or Related Documents, or
otherwise. The Master Servicer agrees to cooperate fully with the Owner Trustee
and the Indenture Trustee, as the case may be, in effecting the termination
under paragraphs (a) or (b) of the rights and responsibilities of the Master
Servicer hereunder, including the transfer to the Indenture Trustee (or other
applicable successor) for the administration by it of all cash relating to the
Mortgage Loans that shall at the time be held by the Master Servicer for deposit
into the Collection Account, or that have been thereafter received by the Master
Servicer with respect to the Mortgage Loans. All reasonable costs and expenses
(including attorneys' fees) incurred in connection with amending this Agreement
to reflect such succession as Master Servicer pursuant to this Section shall be
paid by the predecessor Master Servicer (or if the predecessor Master Servicer
is the Indenture Trustee, the initial Master Servicer and, in any event, if the
initial Master Servicer cannot pay any such amount, in accordance with Section
3.05 of the Indenture) upon presentation of reasonable documentation of such
costs and expenses.

         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 payment on a Mortgage Loan that was due prior to the notice
terminating the Master Servicer's rights and obligations hereunder and received
after such notice, that portion thereof to which the Master Servicer would have
been entitled hereunder, its Servicing Fee in respect thereof and any other
amounts payable to the Master Servicer hereunder the entitlement to which arose
prior to such termination.

         Notwithstanding the foregoing, a delay in or failure of performance
under paragraph (a) or (b) above, after the expiration of the applicable grace
periods, shall not constitute a Servicing Default if such delay or failure could
not have been prevented by the exercise of reasonable diligence by the Master
Servicer and such delay or failure was caused by an Act of God, any act of the
public enemy, declared or undeclared war, public disorder, rebellion or
sabotage, or epidemic, landslide, lightning, fire, hurricane, earthquake or
flood. The preceding sentence shall not relieve the Master Servicer from using
reasonable efforts to perform its obligations hereunder in a timely manner in
accordance with the terms hereof, and the Master Servicer shall provide the
Owner Trustee, the Indenture Trustee and the Securityholders with notice of such
failure or delay by it, together with a description of its efforts to so perform
its obligations.

         Section 7.02. INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

         (a) Within 90 days after the date the Master Servicer and the Indenture
Trustee receive a notice of termination of the Master Servicer pursuant to
Section 7.01 or sends a resignation notice pursuant to Section 6.04, the
Indenture Trustee, as pledgee of the Mortgage Loans, shall be the successor in
all respects to the Master Servicer in its capacity as Master Servicer hereunder
and with respect to the transactions set forth herein, and shall be subject to
all responsibilities, duties and liabilities relating thereto placed on the
Master Servicer by the terms hereof PROVIDED, HOWEVER, the Indenture Trustee
will use its reasonable best efforts to perform the duties of the Master
Servicer prior to the end of such 90-day period. Nothing in any Basic Document
shall be construed to permit or require the Indenture Trustee to (i) be
responsible or accountable for any act or omission of any prior Master Servicer
prior to the issuance of the related notice of termination hereunder, (ii) in
its capacity as successor Master Servicer, purchase, repurchase or substitute
any Mortgage Loan or fund any Additional Balances with respect thereto, (iii)
fund any losses on any Permitted Investment directed by any prior Master
Servicer hereunder or (iv) be responsible for the representations or warranties
of any such prior Master Servicer. As compensation therefor, the Indenture
Trustee shall be entitled to such compensation as the Master Servicer would have
been entitled to hereunder if no such notice of termination had been given. If
the Indenture Trustee is (i) unwilling to act as successor Master Servicer or
(ii) legally unable so to act, then the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint any established mortgage
loan servicing institution having a net worth of not less than $10,000,000 as
the successor to the Master Servicer hereunder with respect to all or any part
of the Master Servicer's responsibilities, duties or liabilities hereunder;
provided, that no Rating Agency, after prior notice thereto, shall have notified
the Indenture Trustee in writing that the appointment of such successor Master
Servicer would result in a Rating Event. Notwithstanding the foregoing, pending
the appointment of a successor Master Servicer hereunder, unless the Indenture
Trustee is prohibited by law from so acting, the Indenture Trustee shall act in
such capacity as provided above. In connection with such appointment and
assumption, the successor shall be entitled to receive compensation out of
payments on Mortgage Loans in an amount equal to the compensation that the
Master Servicer would otherwise have received pursuant to Section 3.10 (or such
lesser compensation as the Indenture Trustee and such successor shall agree).
The appointment of a successor Master Servicer shall not affect any liability of
the predecessor Master Servicer that may have arisen under this Agreement prior
to its termination as Master Servicer, nor shall any successor Master Servicer
be liable for any acts or omissions of any predecessor Master Servicer or for
any breach by such Master Servicer of any of its representations or warranties
contained herein or in any other Basic Document. The Indenture Trustee and such
successor Master Servicer shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession.

         (b) Any successor Master Servicer, including the Indenture Trustee
shall not be deemed to be in default or to have breached its duties hereunder if
the predecessor Master Servicer shall fail to make any required deposit into the
Collection Account or otherwise cooperate with any required servicing transfer
or succession hereunder.

         Section 7.03. NOTIFICATION TO SECURITYHOLDERS. Upon any termination of
or appointment of a successor Master Servicer hereunder, the Indenture Trustee
shall give prompt written notice thereof to the Issuer, the Indenture Trustee
and each Rating Agency.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

         Section 8.01. AMENDMENT. This Agreement may be amended from time to
time by the parties hereto to cure any ambiguity, correct or supplement any
provision of this Agreement that may be inconsistent with any other provision of
this Agreement, add any provision that provides additional rights to the
Certificateholders or Noteholders or ensure that the Trust is not classified as
an association (or a publicly traded partnership) taxable as a corporation for
federal income tax purposes; provided, that (A) (i) such amendment will not, in
the good faith judgment of the parties thereto, materially and adversely affect
the interest of any Certificateholder or Noteholder and (ii) an Opinion of
Counsel is delivered to the Indenture Trustee to the effect that such amendment
will not materially and adversely affect the interest of any Certificateholder
or Noteholder or (B) to the extent affected thereby, with the consent of the
Holders of Notes evidencing not less than a majority of the Note Balance of the
Notes and, to the extent affected thereby, the consent of the Holders of
Certificates evidencing not less than a majority of the Percentage Interests of
the Certificates 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 Noteholders or the Certificateholders; provided
that no such amendment shall (a) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Mortgage Loans
or distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of
the Note Balance of the Notes and the Percentage Interests of the Certificates
required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes and Holders of all outstanding Certificates; and
provided further, that the Indenture Trustee shall consent thereto.

         Promptly after the execution of any such amendment or consent, the
Master Servicer shall furnish written notification of the substance of such
amendment or consent to each Certificateholder and the Indenture Trustee. It
shall not be necessary for the consent of the Certificateholder or Noteholder
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents (and any other
consents of the Certificateholder or Noteholders provided for in this Agreement
or in any other Basic Document) and of evidencing the authorization of the
execution thereof by the Certificateholder or Noteholders shall be subject to
such reasonable requirements as the Owner Trustee or Indenture Trustee may
prescribe from time to time.

         Section 8.02. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT CONSIDERATION OF THE
CHOICE OF LAW PRINCIPLES THEREOF, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 8.03. NOTICES. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered or mailed by certified mail, return receipt requested or by
facsimile, (a) if to the Depositor, to 383 Madison Avenue, 10th Floor, New York,
New York 10179, Attention: Asset Backed Securities Group; (b) if to the Master
Servicer, to __________________________________________________________________;
(c) if to [Moody's, to 99 Church Street, 4th Floor, New York, New York 10001,
Attention: Home Mortgage Loan Monitoring Group]; (d) if to [Standard & Poor's,
to 55 Water Street, New York, New York 10041, Attention: Residential Mortgage
Surveillance Group and Structured Finance Residential Department]; (e) if to the
Owner Trustee, to ______________________________________________________________
(with a copy to each Rating Agency); (f) if to the Issuer, to c/o
________________________________________________________________________________
___________________________________________________________; (g) if to the
Indenture Trustee, to
___________________________________________________________________; and (h) as
to each of the foregoing Persons, at such other address or facsimile numbers as
shall be designated by such Person in a written notice to the other foregoing
Persons.

         Section 8.04. 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 Securities
or the rights of the Securityholders.

         Section 8.05. THIRD-PARTY BENEFICIARIES. This Agreement shall inure to
the benefit of and be binding upon the parties hereto, the Securityholders, the
Owner Trustee, and their respective successors and permitted assigns. Except as
otherwise provided herein, no other Person shall have any right or obligation
hereunder.

         Section 8.06. COUNTERPARTS. This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all of which shall together constitute but one and the same
instrument.

         Section 8.07. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and in the Table of Contents are for convenience of
reference only and shall not affect the construction hereof.

Section 8.08.     TERMINATION; CLEAN-UP CALL.

         (a) The respective obligations and responsibilities of the parties
hereto shall terminate upon the last action required to be taken by the Issuer
pursuant to the Trust Agreement and by the Indenture Trustee pursuant to the
Indenture, following the earlier of (i) the date on or before which the
Indenture or the Trust Agreement is terminated; or (ii) the purchase by the
Depositor or the Master Servicer of all Mortgage Loans pursuant to paragraph (b)
below.

         (b) Subject to the provisions of paragraphs (d) and (e) below,
Depositor, or if the Depositor declines the Master Servicer with the permission
of the Depositor, shall have the right to purchase the Mortgage Loans and the
Trust Estate on any Payment Date on which the aggregate Principal Balance of the
Mortgage Loans (after applying payments received in the related Collection
Period) is less than 10% of the Initial Aggregate Principal Balance, at a price
equal to the lesser of (i) 100% of the aggregate unpaid Principal Balance of all
such remaining Mortgage Loans, plus accrued and unpaid interest thereon at the
weighted average of the Mortgage Interest Rates thereon up to the date preceding
the Payment Date on which such amounts are to be distributed to the
Securityholders (and any unpaid Servicing Fee shall be deemed to have been paid
at such time) and (ii) the fair market value of all such remaining Mortgage
Loans.

         (c) Notwithstanding the provisions in paragraph (b) above, the
Depositor or the Master Servicer, as applicable, may not exercise the option in
paragraph (b) above unless the purchase price for the Mortgage Loans equals or
exceeds the sum of (i) all accrued and unpaid interest (including any Interest
Carry-Forward Amounts) on the Outstanding Classes of Notes, (ii) the outstanding
Note Balances of the Outstanding Class or Classes of Notes, including the
adjusted issue prices payable pursuant to the immediately following two
sentences and (iii) any unpaid amounts owed to the Indenture Trustee, the Owner
Trustee and the Administrator. [If the Notes are redeemed prior to the Payment
Date in _________, 200__, the Class [A-IO] Notes will be entitled to receive
their adjusted issue price, which will be equal to the present value of the
remaining payments on the Class [A-IO] Notes, using a discount rate equal to the
discount rate reflected in the price paid by the initial purchaser of the Class
[A-IO] Notes on the Closing Date.] If the Depositor or the Master Servicer
exercises any such right, the Depositor or the Master Servicer, as applicable,
shall deposit the amount calculated above with the Indenture Trustee for
distribution to the Securityholders and, upon the receipt of such deposit, the
Indenture Trustee or the Custodian shall release the related Mortgage Files to
the Depositor or the Master Servicer, as applicable.

         (d) The Master Servicer, at its expense, shall prepare and deliver to
the Indenture Trustee for execution at the time the Mortgage Loans are to be
released to the Depositor or the Master Servicer, appropriate documents
assigning each such Mortgage Loan from the Indenture Trustee or the Issuer to
the Depositor or the Master Servicer, as applicable.

         Section 8.09. CERTAIN MATTERS AFFECTING THE INDENTURE TRUSTEE. For all
purposes of this Agreement, in the performance of any of its duties or in the
exercise of any of its powers hereunder (except in its capacity as successor
Servicer after a Servicer Default), the Indenture Trustee shall be subject to
and entitled to the benefits of Article VI of the Indenture.

         Section 8.10. OWNER TRUSTEE NOT LIABLE FOR MORTGAGE DOCUMENTS OR
RELATED DOCUMENTS. The Owner Trustee makes no representations as to the validity
or sufficiency of this Agreement, any Basic Document, the Securities (other than
the signature of the Owner Trustee on the Certificate), or any Mortgage Document
or Related Document. The Owner Trustee shall at no time have any responsibility
or liability with respect to the sufficiency of the Trust Estate or its ability
to generate the payments to be distributed to the Securityholders, including the
compliance by the Depositor or Seller with any representation or warranty made
in any Basic Document or the accuracy of any such representation or warranty, or
any action of the Paying Agent, the Certificate Paying Agent, the Certificate
Registrar or the Indenture Trustee taken in the name of the Owner Trustee.

         Section 8.11. LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned
by [Name of Owner Trustee] not in its individual capacity but solely in its
capacity as Owner Trustee, and in no event shall [Name of Owner Trustee] in its
individual capacity or any beneficial owner of the Issuer have any liability for
the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder, as to all of which recourse shall be had solely to the
assets of the Issuer. For all purposes of this Agreement, in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement.

         Section 8.12. TAX TREATMENT OF SERVICING FEE AND OTHER AMOUNTS. The
Master Servicer covenants and agrees that it and its Affiliates will treat all
compensation derived by it or any of its Affiliates under this Agreement,
including, without limitation, the Servicing Fee, late payment charges and other
receipts not required to be deposited into the Collection Account as specified
in Section 5.02 and net income from Permitted Investments of funds in the
Collection Account, as compensation for services for all federal, state and
local income tax purposes. In addition, the Master Servicer covenants and agrees
that it and its Affiliates will treat, for all federal, state and local income
tax purposes, all amounts not provided for in this Agreement that are to be paid
to it or any of its Affiliates in respect of its activities as Master Servicer
or that are determined directly or indirectly by reference to payments on the
Mortgage Loans as compensation for services.

                                      * * *

<PAGE>

         IN WITNESS WHEREOF, the Depositor, Seller, the Master Servicer, the
Issuer and the Indenture Trustee have caused this Agreement to be duly executed
by their respective officers or representatives as of the date and year first
above written.

                                  BEAR STEARNS ASSET BACKED SECURITIES I LLC,
                                  as Depositor

                                  By:________________________________________
                                     Name:
                                     Title:

                                  [NAME OF SELLER AND MASTER SERVICER],
                                     as Seller and as Master Servicer

                                  By:________________________________________
                                     Name:
                                     Title:

                                  [NAME OF OWNER TRUSTEE]
                                     as Issuer

                                  By:  [NAME OF ISSUING ENTITY], not in its
                                       individual capacity but  solely as Owner
                                       Trustee

                                       By:___________________________________
                                          Name:
                                          Title:

                                  [NAME OF INDENTURE TRUSTEE],
                                  as Indenture Trustee

                                  By:________________________________________
                                     Name:
                                     Title:

<PAGE>

                                    EXHIBIT A

                 MORTGAGE LOAN PURCHASE AND SERVICING AGREEMENT

<PAGE>

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

<PAGE>

                                    EXHIBIT C

                            LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PREMISES:

         That [Name of Indenure Trustee] (the "Indenture Trustee") under the
indenture dated as of _________ 1, 200__ (the "Indenture"), between [Name of
Issuing Entity] and the Indenture Trustee, a national banking association
existing under the laws of the United States of America and having its principal
office located at ___________________________________________
_____________________________________, hath made, constituted and appointed, and
does by these presents make, constitute and appoint [Name of Master Servicer], a
bank organized and existing under the laws of the State of [________], as Master
Servicer under the Sale and Servicing Agreement (defined below) and
[_____________], a [_______________] organized under the laws of [__________],
as initial subservicer thereunder, its true and lawful attorney-in-fact, with
full power and authority to sign, execute, acknowledge, deliver, file for
recordation and record any instrument on its behalf and to perform such other
act or acts as may be customarily and reasonably necessary and appropriate to
effectuate the following enumerated transactions in respect of any of the
Mortgage Loans or the related Mortgaged Properties, Mortgage Documents or
Related Documents, for which the undersigned is acting as Indenture Trustee
(whether the undersigned is named therein as mortgagee or beneficiary or has
become mortgagee by virtue of endorsement of related Mortgage Documents) and for
which [Name of Master Servicer] is acting as Master Servicer pursuant to the
sale and servicing agreement dated as of _________, 200__ (the "Sale and
Servicing Agreement"). Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in Appendix A to the Indenture.

         This appointment shall apply to the following enumerated transactions
only:

1.       The modification or re-recording of a Mortgage Loan, where such
         modification or re-recording is for the purpose of correcting the
         Mortgage Loan to conform same to the original intent of the parties
         thereto or to correct title errors discovered after such title
         insurance was issued and such modification or re-recording, in either
         instance, does not adversely affect the Lien of the Mortgage Loan as
         insured.

2.       The subordination of the Lien of a Mortgage Loan to an easement in
         favor of a public utility company or a government agency or unit with
         powers of eminent domain; this paragraph shall include the execution of
         partial satisfactions/releases, partial reconveyances or the execution
         of requests to trustees to accomplish the same.

3.       With respect to a Mortgage Loan, the foreclosure, the taking of a deed
         in lieu of foreclosure, or the completion of judicial or non-judicial
         foreclosure or termination, cancellation or rescission of any such
         foreclosure, including any and all of the following acts:

         a.       the substitution of trustee(s) serving under a deed of trust,
                  in accordance with state law and such deed of trust;

         b.       statements of breach or non-performance;

         c.       notices of default;

         d.       cancellations/rescissions of notices of default and/or notices
                  of sale;

         e.       the taking of a deed in lieu of foreclosure; and

         f.       such other documents and actions as may be necessary under the
                  terms of the Mortgage Loan or state law to expeditiously
                  complete such transactions.

4.       The conveyance of mortgaged properties to a mortgage insurer, or the
         closing of the title to the property to be acquired as real estate
         owned, or conveyance of title to real estate owned.

5.       The completion of loan assumption agreements.

6.       The full satisfaction and/or release of a Mortgage Loan or full
         reconveyance upon payment and discharge of all sums secured thereby,
         including cancellation of any related Mortgage Documents.

7.       The assignment of any Mortgage Loan and the related Mortgage Documents
         in connection with the repurchase of such Mortgage Loan.

8.       The full assignment of a Mortgage Loan upon payment and discharge of
         all sums secured thereby in conjunction with the refinancing thereof
         including, without limitation, the endorsement of the related Mortgage
         Documents.

9.       The subordination of the Lien of a Mortgage Loan, where such
         subordination is in connection with any modification pursuant to
         Section 3.01(b) of the Sale and Servicing Agreement, and the execution
         of partial satisfactions or releases in connection with such Section.

10.      The modification or re-recording of a Mortgage Loan, where such
         modification or re-recording is for the purpose of any modification
         pursuant to Section 3.03 of the Sale and Servicing Agreement.

11.      Any other modification of the terms of a Mortgage Loan (including the
         Mortgage Interest Rate thereon) made in accordance with the Sale and
         Servicing Agreement.

         The undersigned gives such attorneys-in-fact full power and authority
to execute such instruments and to do and perform all and every act and thing
necessary and proper to carry into effect the power or powers granted by or
under this Limited Power of Attorney as fully as the undersigned might or could
do, and does hereby ratify and confirm to all that such attorneys-in-fact shall
lawfully do or cause to be done by authority hereof.

         Third parties without actual notice may rely upon the exercise of the
power granted under this Limited Power of Attorney, and may be satisfied that
this Limited Power of Attorney shall continue in full force and effect has not
been revoked unless an instrument of revocation shall have been made in writing
by the undersigned.

                                  [NAME OF INDENTURE TRUSTEE], not in its
                                  individual capacity but solely as Indenture
                                  Trustee

                                  By:_________________________________________
                                     Name:
                                     Title:

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

<PAGE>

                                    EXHIBIT D

                        REQUEST FOR RELEASE OF DOCUMENTS

To:                [Name of Indenture Trustee]
                   ___________________________
                   ___________________________
                   ___________________________

                   Re:     Sale and Servicing Agreement dated as of _________ 1,
                           200__, among Bear Stearns Asset Backed Securities I
                           LLC, [Name of Seller and Master Servicer], [Name of
                           Issuing Entity] and [Name of Indenture Trustee]
                           _____________________________________________________
                           _____________________________________________________

         In connection with the administration of the Mortgage Loans held by you
as Indenture Trustee pursuant to the above-captioned Agreement, we request the
release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage
Loan described below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & ZIP Code:

Reason for Requesting Documents (check one):

_____     1.    Mortgage Paid in Full

_____     2.    Foreclosure

_____     3.    Substitution

_____     4.    Other Liquidation (Repurchased, etc.)

_____     5.    Nonliquidation   Reason:____________________________

Address to which Indenture Trustee should
Deliver the Mortgage File:          _____________________________
                                    _____________________________
                                    _____________________________

<PAGE>

                                  By: _____________________________________
                                              (authorized signer)

                                  Issuer: __________________________________

                                  Address: _________________________________

                                  Date: ____________________________________

[Name of Indenture Trustee]

Please acknowledge the execution of the above request by your signature and date
below:

____________________________________________         ___________________________
Signature                                                  Date

Documents returned to Indenture Trustee:

____________________________________________         ___________________________
Indenture Trustee                                          Date

<PAGE>

                                    EXHIBIT E

               FORM OF INITIAL CERTIFICATION OF INDENTURE TRUSTEE

Bear Stearns Asset Backed Securities I LLC
383 Madison Avenue, 10th Floor
New York, New York 10179
Attention: Asset Backed Securities Group

[Name of Seller]
_________________________
_________________________
_________________________

Re:      [NAME OF ISSUING ENTITY]

         The undersigned, a duly authorized representative of [Name of Indenture
Trustee], as Indenture Trustee (the "Indenture Trustee") and pursuant to the
Sale and Servicing Agreement dated as of _________ 1, 200__, between Bear
Stearns Asset Backed Securities I LLC as Depositor of the Trust, [Name of Seller
and Master Servicer], as Seller and Master Servicer, [Name of Issuing Entity]
and the Indenture Trustee (hereinafter as such agreement may have been, or may
from time to time be, amended, supplemented or otherwise modified, the "Sale and
Servicing Agreement"), does hereby certify as follows:

         A. Capitalized terms used in this Certificate have their respective
meanings set forth in the Sale and Servicing Agreement. References herein to
certain subsections are references to the respective subsections of the Sale and
Servicing Agreement.

         B. This Certificate is being delivered pursuant to Section 2.03.

         C. The Undersigned is a Responsible Officer.

         D. This Certificate is being delivered by the date specified in Section
2.03

         E. Pursuant to and in accordance with the limitations set forth in
Section 2.03, the Indenture Trustee hereby certifies and declares that, with
noted exceptions on attached schedule, (i) all documents required to be
delivered pursuant to Section 2.03 are in its possession, (ii) each such
document has been reviewed by it and has not been mutilated, damaged, torn, or
otherwise physically altered (handwritten additions, changes or corrections
shall not constitute physical alteration if initialed by the Mortgagor), appears
regular on its face and relates to such Mortgage Loan, and (iii) it has received
a Mortgage File containing the Mortgage and Mortgage Note or Loan Agreement, as
applicable, for each Mortgage Loan listed on the attached schedule.

<PAGE>

IN WITNESS WHEREOF, the Indenture Trustee has caused this Certificate to
be duly executed this _____ day of ___________, 20__.

                                      [NAME OF INDENTURE TRUSTEE],
                                      as Indenture Trustee

                                       By:______________________________________
                                                  Authorized Officer

<PAGE>

                                    EXHIBIT F

                FORM OF FINAL CERTIFICATION OF INDENTURE TRUSTEE

Bear Stearns Asset Backed Securities I LLC
383 Madison Avenue, 10th Floor
New York, New York 10179
Attention: Asset Backed Securities Group

[Name of Seller]
______________________________
______________________________
______________________________

Re:      [NAME OF ISSUING ENTITY]

         The undersigned, a duly authorized representative of [Name of Indenture
Trustee], as Indenture Trustee (the "Indenture Trustee") and pursuant to the
Sale and Servicing Agreement dated as of _____________ __, 200__, between Bear
Stearns Asset Backed Securities, Inc., as Depositor of the Trust, [Name of
Seller and Master Servicer, as Seller and Master Servicer, the [Name of Issuing
Entity] and the Indenture Trustee (hereinafter as such agreement may have been,
or may from time to time be, amended, supplemented or otherwise modified, the
"Sale and Servicing Agreement"), does hereby certify as follows:

         A. Capitalized terms used in this Certificate have their respective
meanings set forth in the Sale and Servicing Agreement. References herein to
certain subsections are references to the respective subsections of the Sale and
Servicing Agreement.

         B. This Certificate is being delivered pursuant to Section 2.03.

         C. The Undersigned is a Responsible Officer.

         D. This Certificate is being delivered by the date specified in Section
2.03

         E. Pursuant to and in accordance with the limitations set forth in
Section 2.03, the Indenture Trustee hereby certifies and declares that, with the
exceptions noted on the attached schedule, that with respect to the Mortgage
Documents relating to each Mortgage Loan listed on the attached Mortgage Loan
Schedule to the Sale and Servicing Agreement, the following data elements on
such Mortgage Documents are the same as set forth on the Mortgage Loan Schedule
to the Sale and Servicing Agreement for such Mortgage Loan: (a) Seller's loan
number, (b) the Mortgagor's name, (c) the address (including city and state) of
the related Mortgaged Property, (d) the original principal balance, and (e) the
maturity of the related Mortgage Note.

<PAGE>

         IN WITNESS WHEREOF, the Indenture Trustee has caused this Certificate
to be duly executed this _____ day of ___________, 20__.

                                       [NAME OF INDENTURE TRUSTEE],
                                       as Indenture Trustee

                                       By:_____________________________________
                                                    Authorized Officer

<PAGE>

                                    EXHIBIT G

                           FORM OF CERTIFICATION TO BE
                 PROVIDED BY THE MASTER SERVICER WITH FORM 10-K

Re:       [Name of Issuing Entity]

         I, ____________, the [senior officer] of [Name of Issuing Entity] (the
"Master Servicer") in charge of servicing, certify that:

         1. I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution and servicing reports filed in respect of
periods included in the year covered by this annual report, for [Name of Issuing
Entity] (the "Trust").

         2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report.

         3. Based on my knowledge, the distribution information and the
servicing information required to be provided to the Indenture Trustee by the
Master Servicer under the Sale and Servicing Agreement is included in these
reports.

         4. I am responsible for reviewing the activities performed by the
Master Servicer under the Sale and Servicing Agreement and based upon my
knowledge and the annual compliance review required under the Sale and Servicing
Agreement, and except as disclosed in the reports, the Master Servicer has
fulfilled its obligations under the Sale and Servicing Agreement.

         5. The reports disclose all significant deficiencies relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a review
in compliance with the Uniform Single Attestation Program for Mortgage Bankers
or similar standard as set forth in the Sale and Servicing Agreement that is
included in these reports.

         Capitalized terms used but not defined herein have the meanings
ascribed to them in the Sale and Servicing Agreement, dated _________ 1, 200__
(the "Sale and Servicing Agreement"), among Bear Stearns Asset Backed Securities
I LLC, as depositor, the Master Servicer, the Trust and [Name of Indenture
Trustee], as indenture trustee (the "Indenture Trustee").

<PAGE>

         [In giving the certifications above, I have reasonably relied on
information provided by the following unaffiliated third parties: Bear Stearns
Asset Backed Securities I LLC, and [Name of Indenture Trustee]]

                                       [NAME OF MASTER SERVICER]

                                       By:   ___________________________________
                                       Name: ___________________________________
                                       Title:___________________________________

<PAGE>
                                    EXHIBIT H

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE
                          (RMBS unless otherwise noted)

KEY:
X - obligation

WHERE THERE ARE MULTIPLE CHECKS FOR CRITERIA THE ATTESTING PARTY WILL IDENTIFY
IN THEIR MANAGEMENT ASSERTION THAT THEY ARE ATTESTING ONLY TO THE PORTION OF THE
DISTRIBUTION CHAIN THEY ARE RESPONSIBLE FOR IN THE RELATED TRANSACTION
AGREEMENTS.

<TABLE>
<CAPTION>
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
REG AB REFERENCE   SERVICING CRITERIA                         SERVICERS     MASTER     SECURITIES    CUSTODIAN     PAYING AGENT
                                                                           SERVICER    ADMINISTRATOR
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
<S>                <C>                                       <C>          <C>          <C>          <C>           <C>
                   GENERAL SERVICING CONSIDERATIONS
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(1)(i)      Policies and  procedures  are instituted       X            X            X
                   to  monitor  any  performance  or  other
                   triggers   and   events  of  default  in
                   accordance    with    the    transaction
                   agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(1)(ii)     If  any  material  servicing  activities       X            X
                   are   outsourced   to   third   parties,
                   policies and  procedures  are instituted
                   to    monitor    the    third    party's
                   performance  and  compliance  with  such
                   servicing activities.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Any   requirements  in  the  transaction
                   agreements   to   maintain   a   back-up
                   servicer   for  the  Pool   Assets   are
1122(d)(1)(iii)    maintained.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(1)(iv)     A   fidelity   bond   and   errors   and       X            X
                   omissions  policy  is in  effect  on the
                   party  participating  in  the  servicing
                   function    throughout   the   reporting
                   period  in  the   amount   of   coverage
                   required by and  otherwise in accordance
                   with  the   terms  of  the   transaction
                   agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   CASH COLLECTION AND ADMINISTRATION
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(2)(i)      Payments  on pool  assets are  deposited       X            X            X                            X
                   into  the  appropriate   custodial  bank
                   accounts  and  related   bank   clearing
                   accounts no more than two business  days
                   following receipt,  or such other number
                   of  days  specified  in the  transaction
                   agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Disbursements  made via wire transfer on       X            X            X                            X
                   behalf of an obligor  or to an  investor
1122(d)(2)(ii)     are made only by authorized personnel.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Advances   of   funds   or    guarantees       X            X
                   regarding  collections,  cash  flows  or
                   distributions,   and  any   interest  or
                   other fees  charged  for such  advances,
                   are  made,   reviewed  and  approved  as
                   specified     in     the     transaction
1122(d)(2)(iii)    agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   The    related    accounts    for    the       X            X            X                            X
                   transaction,   such  as   cash   reserve
                   accounts  or accounts  established  as a
                   form  of  over  collateralization,   are
                   separately    maintained   (e.g.,   with
                   respect to  commingling  of cash) as set
1122(d)(2)(iv)     forth in the transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Each custodial  account is maintained at       X            X            X
                   a    federally    insured     depository
                   institution   as   set   forth   in  the
                   transaction agreements.  For purposes of
                   this   criterion,   "federally   insured
                   depository  institution" with respect to
                   a foreign financial  institution means a
                   foreign   financial   institution   that
                   meets   the    requirements    of   Rule
                   13k-1(b)(1) of the  Securities  Exchange
1122(d)(2)(v)      Act.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Unissued  checks are  safeguarded  so as       X
1122(d)(2)(vi)     to prevent unauthorized access.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(2)(vii)    Reconciliations   are   prepared   on  a       X            X            X                            X
                   monthly   basis  for  all   asset-backed
                   securities    related   bank   accounts,
                   including    custodial    accounts   and
                   related bank  clearing  accounts.  These
                   reconciliations  are (A)  mathematically
                   accurate;   (B)   prepared   within   30
                   calendar  days after the bank  statement
                   cutoff  date,  or such  other  number of
                   days   specified   in  the   transaction
                   agreements;  (C)  reviewed  and approved
                   by  someone  other  than the  person who
                   prepared  the  reconciliation;  and  (D)
                   contain   explanations  for  reconciling
                   items.   These   reconciling  items  are
                   resolved  within  90  calendar  days  of
                   their original  identification,  or such
                   other  number of days  specified  in the
                   transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   INVESTOR REMITTANCES AND REPORTING
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(3)(i)      Reports to  investors,  including  those       X            X            X
                   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 Pool  Assets  serviced  by
                   the Servicer.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Amounts due to investors  are  allocated       X            X            X                            X
                   and   remitted   in   accordance    with
                   timeframes,  distribution  priority  and
                   other    terms    set   forth   in   the
1122(d)(3)(ii)     transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Disbursements  made to an  investor  are       X            X            X                            X
                   posted  within two business  days to the
                   Servicer's  investor  records,  or  such
                   other  number of days  specified  in the
1122(d)(3)(iii)    transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Amounts  remitted to  investors  per the       X            X            X                            X
                   investor  reports  agree with  cancelled
                   checks,  or other  form of  payment,  or
1122(d)(3)(iv)     custodial bank statements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                            POOL ASSET ADMINISTRATION
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(i)      Collateral  or  security  on pool assets       X                                      X
                   is   maintained   as   required  by  the
                   transaction  agreements  or related pool
                   asset documents.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(ii)     Pool  assets and related  documents  are       X                                      X
                   safeguarded    as    required   by   the
                   transaction agreements
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(iii)    Any      additions,      removals     or       X            X
                   substitutions  to  the  asset  pool  are
                   made,    reviewed    and   approved   in
                   accordance   with  any   conditions   or
                   requirements    in    the    transaction
                   agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(iv)     Payments on pool assets,  including  any       X
                   payoffs,  made in  accordance  with  the
                   related pool asset  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 pool asset documents.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   The  Servicer's  records  regarding  the       X
                   pool  assets  agree with the  Servicer's
                   records  with  respect  to an  obligor's
1122(d)(4)(v)      unpaid principal balance.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Changes  with  respect to the terms or         X
                   status  of  an  obligor's   pool  assets
                   (e.g., loan  modifications or re-agings)
                   are  made,   reviewed  and  approved  by
                   authorized  personnel in accordance with
                   the transaction agreements and related
1122(d)(4)(vi)     pool asset documents.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Loss  mitigation  or  recovery   actions       X
                   (e.g., forbearance plans,  modifications
                   and   deeds  in  lieu  of   foreclosure,
                   foreclosures   and   repossessions,   as
                   applicable)  are  initiated,   conducted
                   and  concluded  in  accordance  with the
                   timeframes    or   other    requirements
                   established    by    the     transaction
1122(d)(4)(vii)    agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(viii)   Records  documenting  collection efforts       X
                   are maintained  during the period a pool
                   asset 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
                   pool  assets  including,   for  example,
                   phone   calls,   letters   and   payment
                   rescheduling   plans  in   cases   where
                   delinquency is deemed  temporary  (e.g.,
                   illness or unemployment).
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(ix)     Adjustments to interest rates or rates         X
                   of return for pool assets with  variable
                   rates are computed  based on the related
                   pool asset documents.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
1122(d)(4)(x)      Regarding  any  funds  held in trust for       X
                   an  obligor  (such as escrow  accounts):
                   (A)  such   funds   are   analyzed,   in
                   accordance   with  the  obligor's   pool
                   asset  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  pool  asset  documents
                   and state  laws;  and (C) such funds are
                   returned  to  the   obligor   within  30
                   calendar  days of full  repayment of the
                   related  pool  assets,   or  such  other
                   number   of   days   specified   in  the
                   transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Payments  made on behalf  of an  obligor       X
                   (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          X
                   connection  with any  payment to be made
                   on  behalf of an  obligor  are paid from
                   the Servicer's  funds and not charged to
                   the obligor, unless the late payment was
                   due to the obligor's error or
1122(d)(4)(xii)    omission.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Disbursements  made  on  behalf  of an         X
                   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.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Delinquencies,      charge-offs      and       X            X            X
                   uncollectible  accounts  are  recognized
                   and  recorded  in  accordance  with  the
1122(d)(4)(xiv)    transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------
                   Any   external   enhancement   or  other                                 X
                   support,  identified in Item  1114(a)(1)
                   through  (3) or Item 1115 of  Regulation
                   AB, is maintained as set forth in the
1122(d)(4)(xv)     transaction agreements.
------------------ ----------------------------------------- ------------ ------------ ------------ ------------- ----------------

<CAPTION>

[TABLE CONTINUED]

------------------ -----------------------------------------  ----------------- -------------------------------------------
REG AB REFERENCE   SERVICING CRITERIA                             TRUSTEE                         NOTES

------------------ -----------------------------------------  ----------------- -------------------------------------------
<S>                <C>                                        <C>               <C>
                   GENERAL SERVICING CONSIDERATIONS
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(1)(i)      Policies and  procedures  are instituted         X-1         1 - ATTEST TO KNOWLEDGE BUT NOT TO PROCESS
                   to  monitor  any  performance  or  other
                   triggers   and   events  of  default  in
                   accordance    with    the    transaction
                   agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(1)(ii)     If  any  material  servicing  activities
                   are   outsourced   to   third   parties,
                   policies and  procedures  are instituted
                   to    monitor    the    third    party's
                   performance  and  compliance  with  such
                   servicing activities.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Any   requirements  in  the  transaction                     NA
                   agreements   to   maintain   a   back-up
                   servicer   for  the  Pool   Assets   are
1122(d)(1)(iii)    maintained.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(1)(iv)     A   fidelity   bond   and   errors   and
                   omissions  policy  is in  effect  on the
                   party  participating  in  the  servicing
                   function    throughout   the   reporting
                   period  in  the   amount   of   coverage
                   required by and  otherwise in accordance
                   with  the   terms  of  the   transaction
                   agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   CASH COLLECTION AND ADMINISTRATION
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(2)(i)      Payments  on pool  assets are  deposited
                   into  the  appropriate   custodial  bank
                   accounts  and  related   bank   clearing
                   accounts no more than two business  days
                   following receipt,  or such other number
                   of  days  specified  in the  transaction
                   agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Disbursements  made via wire transfer on
                   behalf of an obligor  or to an  investor
1122(d)(2)(ii)     are made only by authorized personnel.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Advances   of   funds   or    guarantees          X
                   regarding  collections,  cash  flows  or
                   distributions,   and  any   interest  or
                   other fees  charged  for such  advances,
                   are  made,   reviewed  and  approved  as
                   specified     in     the     transaction
1122(d)(2)(iii)    agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   The    related    accounts    for    the
                   transaction,   such  as   cash   reserve
                   accounts  or accounts  established  as a
                   form  of  over  collateralization,   are
                   separately    maintained   (e.g.,   with
                   respect to  commingling  of cash) as set
1122(d)(2)(iv)     forth in the transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Each custodial  account is maintained at          X
                   a    federally    insured     depository
                   institution   as   set   forth   in  the
                   transaction agreements.  For purposes of
                   this   criterion,   "federally   insured
                   depository  institution" with respect to
                   a foreign financial  institution means a
                   foreign   financial   institution   that
                   meets   the    requirements    of   Rule
                   13k-1(b)(1) of the  Securities  Exchange
1122(d)(2)(v)      Act.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Unissued  checks are  safeguarded  so as
1122(d)(2)(vi)     to prevent unauthorized access.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(2)(vii)    Reconciliations   are   prepared   on  a
                   monthly   basis  for  all   asset-backed
                   securities    related   bank   accounts,
                   including    custodial    accounts   and
                   related bank  clearing  accounts.  These
                   reconciliations  are (A)  mathematically
                   accurate;   (B)   prepared   within   30
                   calendar  days after the bank  statement
                   cutoff  date,  or such  other  number of
                   days   specified   in  the   transaction
                   agreements;  (C)  reviewed  and approved
                   by  someone  other  than the  person who
                   prepared  the  reconciliation;  and  (D)
                   contain   explanations  for  reconciling
                   items.   These   reconciling  items  are
                   resolved  within  90  calendar  days  of
                   their original  identification,  or such
                   other  number of days  specified  in the
                   transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   INVESTOR REMITTANCES AND REPORTING
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(3)(i)      Reports to  investors,  including  those
                   to be  filed  with the  Commission,  are
                   maintained   in   accordance   with  the
                   transaction  agreements  and  applicable
                   Commission  requirements.  Specifically,
                   such   reports   (A)  are   prepared  in
                   accordance  with  timeframes  and  other
                   terms  set  forth  in  the   transaction
                   agreements;   (B)  provide   information
                   calculated in accordance  with the terms
                   specified     in     the     transaction
                   agreements;   (C)  are  filed  with  the
                   Commission  as required by its rules and
                   regulations;    and   (D)   agree   with
                   investors' or the  trustee's  records as
                   to the total  unpaid  principal  balance
                   and number of Pool  Assets  serviced  by
                   the Servicer.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Amounts due to investors  are  allocated
                   and   remitted   in   accordance    with
                   timeframes,  distribution  priority  and
                   other    terms    set   forth   in   the
1122(d)(3)(ii)     transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Disbursements  made to an  investor  are
                   posted  within two business  days to the
                   Servicer's  investor  records,  or  such
                   other  number of days  specified  in the
1122(d)(3)(iii)    transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Amounts  remitted to  investors  per the
                   investor  reports  agree with  cancelled
                   checks,  or other  form of  payment,  or
1122(d)(3)(iv)     custodial bank statements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                            POOL ASSET ADMINISTRATION
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(i)      Collateral  or  security  on pool assets
                   is   maintained   as   required  by  the
                   transaction  agreements  or related pool
                   asset documents.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(ii)     Pool  assets and related  documents  are
                   safeguarded    as    required   by   the
                   transaction agreements
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(iii)    Any      additions,      removals     or
                   substitutions  to  the  asset  pool  are
                   made,    reviewed    and   approved   in
                   accordance   with  any   conditions   or
                   requirements    in    the    transaction
                   agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(iv)     Payments on pool assets,  including  any
                   payoffs,  made in  accordance  with  the
                   related pool asset  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 pool asset documents.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   The  Servicer's  records  regarding  the
                   pool  assets  agree with the  Servicer's
                   records  with  respect  to an  obligor's
1122(d)(4)(v)      unpaid principal balance.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Changes  with  respect to the terms or
                   status  of  an  obligor's   pool  assets
                   (e.g., loan  modifications or re-agings)
                   are  made,   reviewed  and  approved  by
                   authorized  personnel in accordance with
                   the transaction agreements and related
1122(d)(4)(vi)     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
                   timeframes    or   other    requirements
                   established    by    the     transaction
1122(d)(4)(vii)    agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(viii)   Records  documenting  collection efforts
                   are maintained  during the period a pool
                   asset 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
                   pool  assets  including,   for  example,
                   phone   calls,   letters   and   payment
                   rescheduling   plans  in   cases   where
                   delinquency is deemed  temporary  (e.g.,
                   illness or unemployment).
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(ix)     Adjustments to interest rates or rates
                   of return for pool assets with  variable
                   rates are computed  based on the related
                   pool asset documents.
------------------ -----------------------------------------  ----------------- -------------------------------------------
1122(d)(4)(x)      Regarding  any  funds  held in trust for
                   an  obligor  (such as escrow  accounts):
                   (A)  such   funds   are   analyzed,   in
                   accordance   with  the  obligor's   pool
                   asset  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  pool  asset  documents
                   and state  laws;  and (C) such funds are
                   returned  to  the   obligor   within  30
                   calendar  days of full  repayment of the
                   related  pool  assets,   or  such  other
                   number   of   days   specified   in  the
                   transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   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 was
                   due to the obligor's error or
1122(d)(4)(xii)    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.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Delinquencies,      charge-offs      and
                   uncollectible  accounts  are  recognized
                   and  recorded  in  accordance  with  the
1122(d)(4)(xiv)    transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------
                   Any   external   enhancement   or  other          X
                   support,  identified in Item  1114(a)(1)
                   through  (3) or Item 1115 of  Regulation
                   AB, is maintained as set forth in the
1122(d)(4)(xv)     transaction agreements.
------------------ -----------------------------------------  ----------------- -------------------------------------------

</TABLE>Exhibit 4.1

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

                                 CWABS, INC.,
                                   Depositor

                         COUNTRYWIDE HOME LOANS, INC.,
                                    Seller

                               PARK MONACO INC.,
                                    Seller

                               PARK SIENNA LLC,
                                    Seller

                     COUNTRYWIDE HOME LOANS SERVICING LP,
                                Master Servicer

                                      and

                             THE BANK OF NEW YORK,
                                    Trustee

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

                        POOLING AND SERVICING AGREEMENT

                         Dated as of December 1, 2005

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

                   ASSET-BACKED CERTIFICATES, SERIES 2005-15

<PAGE>

<TABLE>
<CAPTION>
                                                  Table of Contents

                                                                                                               Page

                                                     ARTICLE I.
                                                     DEFINITIONS

<S>                                                                                                            <C>
Section 1.01      Defined Terms..................................................................................10
Section 1.02      Certain Interpretive Provisions................................................................56

                                                     ARTICLE II.
                            CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

Section 2.01      Conveyance of Mortgage Loans...................................................................57
Section 2.02      Acceptance by Trustee of the Mortgage Loans....................................................64
Section 2.03      Representations, Warranties and Covenants of the Master Servicer and the Sellers...............70
Section 2.04      Representations and Warranties of the Depositor................................................88
Section 2.05      Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases................89
Section 2.06      Authentication and Delivery of Certificates....................................................90
Section 2.07      Covenants of the Master Servicer...............................................................90

                                                    ARTICLE III.
                                   ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01      Master Servicer to Service Mortgage Loans......................................................90
Section 3.02      Subservicing; Enforcement of the Obligations of Master Servicer................................92
Section 3.03      Rights of the Depositor, the Sellers, the Certificateholders, the NIM Insurer and the
                  Trustee in Respect of the Master Servicer......................................................93
Section 3.04      Trustee to Act as Master Servicer..............................................................93
Section 3.05      Collection of Mortgage Loan Payments; Certificate Account; Distribution Account;
                  Pre-Funding Account; Seller Shortfall Interest Requirement.....................................94
Section 3.06      Collection of Taxes, Assessments and Similar Items; Escrow Accounts............................97
Section 3.07      Access to Certain Documentation and Information Regarding the Mortgage Loans...................98
Section 3.08      Permitted Withdrawals from the Certificate Account, Distribution Account, Carryover
                  Reserve Fund and the Principal Reserve Fund....................................................98
Section 3.09      [Reserved]....................................................................................101
Section 3.10      Maintenance of Hazard Insurance...............................................................101
Section 3.11      Enforcement of Due-On-Sale Clauses; Assumption Agreements.....................................102
Section 3.12      Realization Upon Defaulted Mortgage Loans; Determination of Excess Proceeds and
                  Realized Losses; Repurchase of Certain Mortgage Loans.........................................103
Section 3.13      Trustee to Cooperate; Release of Mortgage Files...............................................107
Section 3.14      Documents, Records and Funds in Possession of Master Servicer to be Held for the
                  Trustee.......................................................................................108

                                                         i
<PAGE>

Section 3.15      Servicing Compensation........................................................................108
Section 3.16      Access to Certain Documentation...............................................................109
Section 3.17      Annual Statement as to Compliance.............................................................109
Section 3.18      Annual Independent Public Accountants' Servicing Statement; Financial Statements..............110
Section 3.19      Corridor Contract.............................................................................110
Section 3.20      Prepayment Charges............................................................................111
Section 3.21      Swap Contract.................................................................................112

                                                     ARTICLE IV.
                                  DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

Section 4.01      Advances; Remittance Reports..................................................................113
Section 4.02      Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls.........115
Section 4.03      [Reserved]....................................................................................115
Section 4.04      Distributions.................................................................................115
Section 4.05      Monthly Statements to Certificateholders......................................................124
Section 4.06      Class 1-AF-5 Policy; Rights of the Class 1-AF-5 Insurer.......................................127
Section 4.07      Carryover Reserve Fund........................................................................130
Section 4.08      Credit Comeback Excess Account................................................................131
Section 4.09      Swap Trust and Swap Account...................................................................132

                                                     ARTICLE V.
                                                  THE CERTIFICATES

Section 5.01      The Certificates..............................................................................132
Section 5.02      Certificate Register; Registration of Transfer and Exchange of Certificates...................134
Section 5.03      Mutilated, Destroyed, Lost or Stolen Certificates.............................................138
Section 5.04      Persons Deemed Owners.........................................................................138
Section 5.05      Access to List of Certificateholders' Names and Addresses.....................................138
Section 5.06      Book-Entry Certificates.......................................................................139
Section 5.07      Notices to Depository.........................................................................140
Section 5.08      Definitive Certificates.......................................................................140
Section 5.09      Maintenance of Office or Agency...............................................................140

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

Section 6.01      Respective Liabilities of the Depositor, the Master Servicer and the Sellers..................141
Section 6.02      Merger or Consolidation of the Depositor, the Master Servicer or the Sellers..................141
Section 6.03      Limitation on Liability of the Depositor, the Sellers, the Master Servicer, the NIM
                  Insurer and Others............................................................................141
Section 6.04      Limitation on Resignation of Master Servicer..................................................142

                                                         ii
<PAGE>

Section 6.05      Errors and Omissions Insurance; Fidelity Bonds................................................142

                                                    ARTICLE VII.
                                       DEFAULT; TERMINATION OF MASTER SERVICER

Section 7.01      Events of Default.............................................................................143
Section 7.02      Trustee to Act; Appointment of Successor......................................................145
Section 7.03      Notification to Certificateholders............................................................146

                                                    ARTICLE VIII.
                                               CONCERNING THE TRUSTEE

Section 8.01      Duties of Trustee.............................................................................146
Section 8.02      Certain Matters Affecting the Trustee.........................................................148
Section 8.03      Trustee Not Liable for Mortgage Loans.........................................................149
Section 8.04      Trustee May Own Certificates..................................................................149
Section 8.05      Master Servicer to Pay Trustee's Fees and Expenses............................................149
Section 8.06      Eligibility Requirements for Trustee..........................................................150
Section 8.07      Resignation and Removal of Trustee............................................................150
Section 8.08      Successor Trustee.............................................................................151
Section 8.09      Merger or Consolidation of Trustee............................................................152
Section 8.10      Appointment of Co-Trustee or Separate Trustee.................................................152
Section 8.11      Tax Matters...................................................................................153
Section 8.12      Access to Records of the Trustee..............................................................156
Section 8.13      Suits for Enforcement.........................................................................157

                                                     ARTICLE IX.
                                                     TERMINATION

Section 9.01      Termination upon Liquidation or Repurchase of all Mortgage Loans..............................157
Section 9.02      Final Distribution on the Certificates........................................................158
Section 9.03      Additional Termination Requirements...........................................................159

                                                     ARTICLE X.
                                              MISCELLANEOUS PROVISIONS

Section 10.01     Amendment.....................................................................................160
Section 10.02     Recordation of Agreement; Counterparts........................................................162
Section 10.03     Governing Law.................................................................................162
Section 10.04     Intention of Parties..........................................................................163
Section 10.05     Notices.......................................................................................163
Section 10.06     Severability of Provisions....................................................................164
Section 10.07     Assignment....................................................................................165
Section 10.08     Limitation on Rights of Certificateholders....................................................165
Section 10.09     Inspection and Audit Rights...................................................................166
Section 10.10     Certificates Nonassessable and Fully Paid.....................................................166
Section 10.11     Rights of NIM Insurer.........................................................................166

                                                        iii
<PAGE>

<CAPTION>
Exhibits
--------

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

                                                         iv

EXHIBIT R                           Class 1-AF-5 Policy
EXHIBIT S-1                         Form of Corridor Contract Assignment Agreement
EXHIBIT S-2                         Form of Corridor Contract Administration Agreement
EXHIBIT T                           Officer's Certificate with respect to Prepayments
EXHIBIT U                           Form of Swap Contract
EXHIBIT V-1                         Form of Swap Contract Assignment Agreement
EXHIBIT V-2                         Form of Swap Contract Administration Agreement
EXHIBIT V-3                         Form of Swap Guarantee
SCHEDULE I                          Prepayment Charge Schedule and Prepayment Charge Summary
SCHEDULE II                         Collateral Schedule
</TABLE>

                                                         v
<PAGE>

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

                             PRELIMINARY STATEMENT

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

            None of the REMICs described herein shall hold any interest in the
Swap Trust, Swap Contract or Swap Account.

      REMIC 1:

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

<TABLE>
<CAPTION>
                                                       Initial          Pass-Through     Corresponding
REMIC 1 Interests                                      Balance              Rate         Loan Group(s)
----------------------------------------------    ----------------- ----------------- --------------------
<S>                                                    <C>                   <C>          <C>
R-1-1-I.....................................             (1)                 (5)              1
R-1-1-S.....................................             (2)                 (6)              1
R-1-2-I.....................................             (1)                 (5)              2
R-1-2-S.....................................             (2)                 (6)              2

<PAGE>

R-1-X.......................................             (3)                 (7)           1 and 2
R-1-P                                                  $100.00               (8)             N/A
R-1-R.......................................             (4)                 (4)             N/A

</TABLE>

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

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

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

            (3)   This REMIC 1 Interest pays no principal.

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

            (5)   The interest rate for this REMIC 1 Interest with respect to
                  any Distribution Date (and the related Accrual Period)
                  through the Distribution Date in March 2006 is a per annum
                  rate equal to the weighted average of the Adjusted Net
                  Mortgage Rates of the Initial Mortgage Loans in the
                  Corresponding Loan Group. For any Distribution Date (and the
                  related Accrual Period) following the Distribution Date in
                  March 2006, the interest rate for this REMIC 1 Interest is a
                  per annum rate equal to the weighted average of the Adjusted
                  Net Mortgage Rates of all the Mortgage Loans in the
                  Corresponding Loan Group.

            (6)   The interest rate for this REMIC 1 Interest with respect to
                  any Distribution Date (and the related Accrual Period)
                  through the Distribution Date in March 2006 is a per annum
                  rate equal to 0.00%. For any Distribution Date (and the
                  related Accrual Period) following the Distribution Date in
                  March 2006, the interest rate for this REMIC 1 Interest is a
                  per annum rate equal to the weighted average of the Adjusted
                  Net Mortgage Rates of all the Mortgage Loans in the
                  Corresponding Loan Group.

            (7)   For any Distribution Date (and the related Accrual Period)
                  through the Distribution Date in March 2006, this REMIC 1
                  Interest is entitled to all the interest payable with
                  respect to the Subsequent Mortgage Loans in the
                  Corresponding Loan Group (or Groups). For any Distribution
                  Date (and the related Accrual Period) following the
                  Distribution Date in March 2006, the interest rate for this
                  REMIC 1 Interest is a per annum rate equal to 0.00%.

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

                                      2
<PAGE>

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

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

      (2) Principal. For any Distribution Date (and the related Accrual
Period) through the Distribution Date in March 2006, the Principal
Distribution Amount with respect to the Initial Mortgage Loans in a Loan Group
shall be allocated to its corresponding "I" REMIC 1 Interests, and the
Principal Distribution Amount with respect to the Subsequent Mortgage Loans in
a Loan Group shall be allocated to its corresponding "S" REMIC 1 Interests.
For any Distribution Date (and the related Accrual Period) after the
Distribution Date in March 2006, 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.

<TABLE>
<CAPTION>

                                                                     Pass-Through    Corresponding
REMIC 2 Interests                                Initial Balance        Rate          Loan Group
---------------------------------------------- ------------------- ---------------- -----------------
<S>                                                 <C>                <C>             <C>
R-2-A-1 (0.9% of SCB Group 1)...............           (1)               (2)              1
R-2-B-1 (0.1% of SCB Group 1)...............           (1)               (2)              1
R-2-C-1 (Excess of Group 1).................           (1)               (2)              1
R-2-A-2 (0.9% of SCB Group 2)...............           (1)               (3)              2
R-2-B-2 (0.1% of SCB Group 2)...............           (1)               (3)              2
R-2-C-2 (Excess of Group 2).................           (1)               (3)              2
R-2-P.......................................          $100               (4)             N/A
R-2-R.......................................           (5)               (5)             N/A
R-2-X.......................................           (6)               (7)             N/A

---------------
</TABLE>

            (1)   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. The initial principal
                  balance of each REMIC 2 Interest having an "R-2-C-"
                  designation (each, an "R-2-C Interest") will equal the
                  excess of its Corresponding Loan Group over the initial
                  aggregate principal balances of the R-2-A and R-2-B
                  Interests corresponding to such Loan Group.

                                      3
<PAGE>

            (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)   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").

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

            (5)   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.

            (6)   This REMIC 2 Interest pays no principal.

            (7)   This REMIC 2 Interest is entitled to all amounts payable
                  with respect to the R-1-X 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 if no Cross-Over Situation Exists. If no Cross-Over
Situation exists with respect to any REMIC 2 Interest, then the Principal
Distribution Amounts payable with respect to each Loan Group will be payable:
first to cause the Loan Group's corresponding R-2-A and R-2-B Interests to
equal, respectively, 0.9% of the SCB and 0.1% of the SCB, and then to the
corresponding R-2-C Interest.

      (3) 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 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 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 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 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 Subordinate Net Rate Cap. With respect to each 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

                                      4
<PAGE>

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 Loan Group's R-2-C Interest.

      (c) The outstanding aggregate R-2-A and R-2-B Interests for both Loan
Groups will not be reduced below 1 percent of the excess of (i) the aggregate
outstanding Stated Principal Balances of all Loan Groups as of the end of any
Due Period over (ii) the Senior Certificates related to the 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 Loan Group,
and if the Loan Group's corresponding R-2-C Interest has already been reduced
to zero, then the excess principal from that Loan Group will be paid to the
R-2-C Interest of the other 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 Loan Group of the corresponding R-2-C Interest that receives
such payment has a Group Net Rate Cap below the Group Net Rate Cap of the Loan
Group making the payment, then the payment will be treated by REMIC 2 as a
Realized Loss. Conversely, if the Loan Group of the R-2-C Interest that
receives such payment has a Group Net Rate Cap above the Group Net Rate Cap of
the Loan Group making the payment, then the payment will be treated by REMIC 2
as a reimbursement for prior Realized Losses.

      REMIC 3:

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

<TABLE>
<CAPTION>
------------------------------- ---------------------------- ---------------------------- ----------------------------
                                                                    Pass-Through            Corresponding Class of
      REMIC 3 Interests          Initial Principal Balance               Rate                    Certificates
------------------------------- ---------------------------- ---------------------------- ----------------------------
<S>                                         <C>                          <C>                        <C>
R-3-1-AF-1....................              (1)                          (2)                        1-AF-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-1-AF-2                                  (1)                          (2)                        1-AF-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-1-AF-3                                  (1)                          (2)                        1-AF-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-1-AF-4                                  (1)                          (2)                        1-AF-4
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-1-AF-5                                  (1)                          (2)                        1-AF-5
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-1-AF-6                                  (1)                          (2)                        1-AF-6
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-2-AV-1....................              (1)                          (2)                        2-AV-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-2-AV-2                                  (1)                          (2)                        2-AV-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-2-AV-3                                  (1)                          (2)                        2-AV-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-1.......................              (1)                          (2)                          M-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-2.......................              (1)                          (2)                          M-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-3.......................              (1)                          (2)                          M-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-4.......................              (1)                          (2)                          M-4
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-5.......................              (1)                          (2)                          M-5
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-6.......................              (1)                          (2)                          M-6
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-7.......................              (1)                          (2)                          M-7
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-M-8.......................              (1)                          (2)                          M-8
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-B.........................              (1)                          (2)                           B
------------------------------- ---------------------------- ---------------------------- ----------------------------

                                      5
<PAGE>

<CAPTION>
------------------------------- ---------------------------- ---------------------------- ----------------------------
                                                                    Pass-Through            Corresponding Class of
      REMIC 3 Interests          Initial Principal Balance               Rate                    Certificates
------------------------------- ---------------------------- ---------------------------- ----------------------------
<S>                                         <C>                          <C>                        <C>
R-3-$100......................                   $100                    (3)                          A-R
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-C.........................              (1)                          (2)                          N/A
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-P.........................                   $100                    (4)                           P
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-R.........................              (5)                          (5)                          N/A
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-X.........................              (6)                          (7)                          N/A
------------------------------- ---------------------------- ---------------------------- ----------------------------
</TABLE>

(1) On each Distribution Date, following the allocation of scheduled
principal, principal prepayments and Realized Losses, the Class R-3-1-AF-1
Interest, Class R-3-1-AF-2 Interest, Class R-3-1-AF-3 Interest, Class
R-3-1-AF-4 Interest, Class R-3-1-AF-5 Interest, Class R-3-1-AF-6 Interest,
Class R-3-2-AV-1 Interest, Class R-3-2-AV-2 Interest, Class R-3-2-AV-3
Interest, Class R-3-M-1 Interest, Class R-3-M-2 Interest, Class R-3-M-3
Interest, Class R-3-M-4 Interest, Class R-3-M-5 Interest, Class R-3-M-6
Interest, Class R-3-M-7 Interest and Class R-3-M-8 Interest, will each have a
principal balance that is equal to 100% of its corresponding Certificate Class
issued by the Master REMIC, and the Class R-3-B Interest will have a principal
balance that is equal to the Overcollateralized Amount.

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

(3) This REMIC 3 Interest pays no interest.

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

(5) 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...

(6) This REMIC 3 Interest pays no principal.

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

      On each Distribution Date, the Available Funds payable with respect to
the REMIC 2 Regular Interests (including Prepayment Charges) will 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) Prepayment Charges. All Prepayment Charges allocated to the Class
      R-2-P Interest will be allocated to the Class R-3-P Interest.

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

                                      6
<PAGE>

      On each Distribution Date, Realized Losses (and increases in Principal
Balances attributable to Subsequent Recoveries) shall be allocated among the
REMIC 3 Interests in the same manner that Realized Losses (and increases in
Class Certificate Balances attributable to Subsequent Recoveries) are
allocated among each REMIC 3 Interest's Corresponding Class or Classes of
Certificates.

                                      7
<PAGE>

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

Class                           Original Certificate
                                  Principal Balance      Pass-Through Rate
------------------------------- ----------------------  --------------------
Class 1-AF-1.................         $71,799,000               (1)
Class 1-AF-2.................          $8,675,000               (1)
Class 1-AF-3.................         $41,508,000               (1)
Class 1-AF-4.................          $9,179,000               (1)
Class 1-AF-5.................         $15,209,000               (1)
Class 1-AF-6.................         $21,000,000               (1)
Class 2-AV-1.................         $77,851,000               (1)
Class 2-AV-2.................         $59,841,000               (1)
Class 2-AV-3.................         $13,738,000               (1)
Class M-1....................         $12,200,000               (1)
Class M-2....................         $11,600,000               (1)
Class M-3....................          $7,200,000               (1)
Class M-4....................          $6,400,000               (1)
Class M-5....................          $6,000,000               (1)
Class M-6....................          $5,600,000               (1)
Class M-7....................          $4,400,000               (1)
Class M-8....................          $4,400,000               (1)
Class B......................          $4,600,000               (1)
Class C......................             (2)                   (3)
Class P......................                $100               (4)
Class A-R....................                $100               (5)

(1)   The Certificates will accrue interest at the related Pass-Through Rates
      identified in this Agreement.

(2)   For Income Tax purposes, the Class C Certificates have an Original Class
      Certificate Balance equal to the Overcollateralization Amount.

(3)   For each Accrual Period the Class C Certificates are entitled to the
      "Class C Distributable Amount," which shall consist of (i) a specified
      portion of the interest on each of the REMIC 3 Regular Interests
      (excluding the R-3-P and R-3-$100 Interests) in an amount equal to the
      excess of the pass-through rate in respect of the REMIC 3 Regular
      Interest over the pass-through rate in respect of the Corresponding
      Class Certificate of each such REMIC 3 Regular Interest, and (ii) all
      accruals of interest and collections of scheduled principal and
      principal prepayments allocated to the R-3-C Interest.

(4)   For each Distribution Date the Class P Certificates are entitled to all
      Prepayment Charges distributed with respect to the Class R2-P Interests.

(5)   The Class A-R Certificates represent the sole class of residual interest
      in each REMIC created hereunder. The Class A-R Certificates are not
      entitled to distributions of interest.

                                      8
<PAGE>

            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
REMIC regular interests, 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 Section 3.08(a) hereunder (that is, its
entitlement to $100.00).

                                      9
<PAGE>

                                  ARTICLE I.
                                  DEFINITIONS

            Section 1.01 Defined Terms.

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

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

            Adjustable Rate Certificates: The Class 1-AF-1, the Class 2-AV and
the Subordinate Certificates.

            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.

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

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

            Advance: The aggregate of the advances required to be made by the
Master Servicer with respect to any Distribution Date pursuant to Section
4.01, the amount of any such advances being equal to the aggregate of payments
of principal of, and interest on the Stated Principal Balance of, the Mortgage
Loans (net of the Servicing Fees) that were due on the related 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.

                                      10
<PAGE>

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

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

            Applied Realized Loss Amount: With respect to any Distribution
Date and any Loan Group or Loan Groups, the amount, if any, by which the
aggregate Certificate Principal Balance of the Class(es) of Certificates
listed opposite such Loan Group(s) in the following table (after all
distributions of principal on such Distribution Date) exceeds the sum of (x)
the State Principal Balance of the Mortgage Loans in such Loan Group(s) for
such Distribution Date and (y) the amount on deposit in the Pre-Funding
Account in respect of such Loan Group(s).

                  Loan Group(s)         Class(es) of Certificates
                  -------------         -------------------------

                     1 and 2                 Interest-Bearing
                        1                          1-AF
                        2                          2-AV

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

            Bankruptcy Code: Title 11 of the United States Code.

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

            Business Day: Any day other than (i) a Saturday or a Sunday or
(ii) a day on which the Class 1-AF-5 Insurer or banking institutions in the
State of New York or California or the city in which the Corporate Trust
Office of the Trustee is located are authorized or obligated by law or
executive order to be closed.

            Calculation Rate: For each Distribution Date, 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

                                      11
<PAGE>

as capped at zero or reduced by a fixed percentage of 100% of the interest
accruing on such Class.

            Carryover Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 4.07 in the name of
the Trustee for the benefit of the Certificateholders and designated "The Bank
of New York in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-15". Funds in the Carryover Reserve Fund shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

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

            Certificate Account: The separate Eligible Account created and
initially maintained by the Master Servicer pursuant to Section 3.05(b) with a
depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of the Certificateholders and the Class 1-AF-5 Insurer
and designated "Countrywide Home Loans Servicing LP in trust for registered
Holders of CWABS, Inc., Asset-Backed Certificates, Series 2005-15". Funds in
the Certificate Account shall be held in trust for the Certificateholders and
the Class 1-AF-5 Insurer for the uses and purposes set forth in this
Agreement.

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

            Certificate Principal Balance: As to any Certificate (other than
the Class C Certificates) and as of any Distribution Date, the Initial
Certificate Principal Balance of such Certificate (A) less the sum of (i) all
amounts distributed with respect to such Certificate in reduction of the
Certificate Principal Balance thereof on previous Distribution Dates pursuant
to Section 4.04(b), (ii) with respect to the Class 1-AF-5 Certificates only,
payments under the Class 1-AF-5 Policy relating to principal (except that any
payment under the Class 1-AF-5 Policy with respect to an Applied Realized Loss
Amount allocated to the Class 1-AF-5 Certificates shall not result in a
further reduction of the Certificate Principal Balance of the Class 1-AF-5
Certificates) and (iii) any Applied Realized Loss Amounts allocated to such
Certificate on previous Distribution Dates pursuant to Section 4.04(h), and
(B) increased by any Subsequent Recoveries allocated to such Certificate
pursuant to Section 4.04(i) on such Distribution Date. References herein to
the Certificate Principal Balance of a Class of Certificates shall mean the
Certificate Principal Balances of all Certificates in such Class. The Class C
Certificates do not have a Certificate Principal Balance. With respect to any
Certificate (other than the Class C Certificates) of a Class and any
Distribution Date, the portion of the Certificate Principal Balance of such
Class represented by such Certificate equal to the product of the Percentage
Interest evidenced by such Certificate and the Certificate Principal Balance
of such Class. Exclusively for the purpose of determining any subrogation
rights of the Class 1-AF-5 Insurer arising under Section 4.06 hereof, the
"Certificate Principal Balance" of the Class 1-AF-5 Certificates shall not be
reduced by the amount of any payments made by the Class 1-AF-5 Insurer in
respect of principal of such Certificates under the Class 1-AF-5 Policy,
except to the extent such payment

                                      12
<PAGE>

shall have been reimbursed to the Class 1-AF-5 Insurer pursuant to the
provisions of this Agreement.

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

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

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

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

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

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

            Class 1-AF Net Rate Cap: The Class 1-AF Net Rate Cap has the
meaning set forth in clause (i) of the definition of Net Rate Cap.

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

            Class 1-AF Principal Distribution Target Amount: With respect to
any Distribution Date, the excess of (1) the aggregate Certificate Principal
Balance of the Class 1-AF Certificates immediately prior to such Distribution
Date, over (2) the lesser of (x) 59.40% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 1 for such Distribution Date and
(y) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
1 for such Distribution Date minus 0.50% of the sum of the aggregate Cut-off
Date Principal Balance of the Initial Mortgage Loans in Loan Group 1 and the
original Group 1 Pre-Funded Amount.

                                      13
<PAGE>

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

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

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

            Class 1-AF-4 Certificate: Any Certificate designated as a "Class
1-AF-4" Certificate on the face thereof, in the form of Exhibit A-4 hereto,
representing the right to distributions as set forth therein.

            Class 1-AF-5 Certificate: Any Certificate designated as a "Class
1-AF-5" Certificate on the face thereof, in the form of Exhibit A-5 hereto,
representing the right to distributions as set forth therein.

            Class 1-AF-5 Insurer: Financial Security Assurance Inc., a
subsidiary of Financial Security Assurances Holdings Ltd., organized and
created under the laws of the State of New York, or any successor thereto.

            Class 1-AF-5 Insurer Contact Person: The officer designated by the
Master Servicer to provide information to the Class 1-AF-5 Insurer pursuant to
Section 4.06(i).

            Class 1-AF-5 Insurer Default: a default by the Class 1-AF-5
Insurer on its obligations under the Class 1-AF-5 Policy.

            Class 1-AF-5 Late Payment Rate: The rate of interest publicly
announced by Citibank, N.A. at its principal office in New York, New York, as
its prime rate (any change in such prime rate of interest to be effective on
the date such change is announced by Citibank, N.A.) plus 3%. The Class 1-AF-5
Late Payment Rate shall be computed on the basis of a year of 365 days
calculating the actual number of days elapsed. In no event shall the Class
1-AF-5 Late Payment Rate exceed the maximum rate permissible under law
applicable to this Agreement limiting interest rates.

            Class 1-AF-5 Policy: The irrevocable Financial Guaranty Insurance
Policy, No. 51707-N, including any endorsements thereto, issued by the Class
1-AF-5 Insurer with respect to the Class 1-AF-5 Certificates, in the form
attached hereto as Exhibit R.

            Class 1-AF-5 Policy Payments Account: The separate Eligible
Account created and maintained by the Trustee pursuant to Section 4.06(c) in
the name of the Trustee for the benefit of the Class 1-AF-5 Certificateholders
and designated "The Bank of New York in trust for registered holders of CWABS,
Inc., Asset-Backed Certificates, Series 2005-15, Class 1-AF-5". Funds in the
Class 1-AF-5 Policy Payments Account shall be held in trust for the Class
1-AF-5 Certificateholders for the uses and purposes set forth in this
Agreement.

                                      14
<PAGE>

            Class 1-AF-5 Policy Premium Rate: the premium percentage set forth
in the Commitment Letter, dated as of December 30, 2005, between the Class
1-AF-5 Insurer and Countrywide Securities Corporation relating to the Class
1-AF-5 Policy.

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

            Class 1-AF-5 Reimbursement Amount: With respect to any
Distribution Date, (i) the amount of all Guaranteed Distributions paid and all
other payments made by the Class 1-AF-5 Insurer pursuant to the Class 1-AF-5
Policy for which the Class 1-AF-5 Insurer has not been reimbursed prior to
such Distribution Date pursuant to Section 4.04 hereof, plus (ii) interest
accrued on such amount not previously repaid, calculated at the Class 1-AF-5
Late Payment Rate from the date such payments were made.

            Class 1-AF-6 Certificate: Any Certificate designated as a "Class
1-AF-6" Certificate on the face thereof, in the form of Exhibit A-6 hereto,
representing the right to distributions as set forth therein.

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

            Class 2-AV Principal Distribution Amount: With respect to any
Distribution Date, the product of (x) the Class A 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 1-AF Principal Distribution Target Amount and the Class 2-AV
Principal Distribution Target Amount.

            Class 2-AV Principal Distribution Target Amount: With respect to
any Distribution Date, the excess of: (1) the aggregate Certificate Principal
Balance of the Class 2-AV Certificates immediately prior to such Distribution
Date, over (2) the lesser of (x) 59.40% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 2 for such Distribution Date and
(y) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
2 for such Distribution Date minus 0.50% of the sum of the aggregate Cut-off
Date Principal Balance of the Initial Mortgage Loans in Loan Group 2 and the
Group 2 Pre-Funded Amount.

            Class 2-AV-1 Certificate: Any Certificate designated as a "Class
2-AV-1 Certificate" on the face thereof, in the form of Exhibit A-7 hereto,
representing the right to distributions as set forth herein.

            Class 2-AV-2 Certificate: Any Certificate designated as a "Class
2-AV-2 Certificate" on the face thereof, in the form of Exhibit A-8 hereto,
representing the right to distributions as set forth herein.

                                      15
<PAGE>

            Class 2-AV-3 Certificate: Any Certificate designated as a "Class
2-AV-3 Certificate" on the face thereof, in the form of Exhibit A-9 hereto,
representing the right to distributions as set forth herein.

            Class 2-AV Net Rate Cap: Class 2-AV Net Rate Cap shall have the
meaning set forth in clause (ii) of the definition of Net Rate Cap.

            Class 2-AV Tax Net Rate Cap: For federal income tax purposes, the
Net Rate Cap with respect to each Class of Class 2-AV Certificates will equal
the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan
Group 2 as of the first day of the related Due Period (after giving effect to
Principal Prepayments received during the Prepayment Period that ends during
such Due Period), adjusted to an effective rate reflecting the calculation of
interest on the basis of the actual number of days elapsed during the related
Accrual Period and a 360-day year.

            Class A Certificates:  The Class 1-AF  Certificates  and the Class
2-AV Certificates.

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

            Class A Principal Distribution Target Amount: for any Distribution
Date, the excess of (i) the aggregate Certificate Principal Balance of the
Class A Certificates immediately prior to such Distribution Date, over (ii)
the lesser of (x) 59.40% of the aggregate Stated Principal Balance of the
Mortgage Loans for such Distribution Date and (y) the aggregate Stated
Principal Balance of the Mortgage Loans for such Distribution Date minus the
OC Floor.

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

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

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

            Class M-1 Certificate: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, in the form of Exhibit A-10 hereto,
representing the right to distributions as set forth herein.

                                      16
<PAGE>

            Class M-2 Certificate: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, in the form of Exhibit A-11 hereto,
representing the right to distributions as set forth herein.

            Class M-3 Certificate: Any Certificate designated as a "Class M-3
Certificate" on the face thereof, in the form of Exhibit A-12 hereto,
representing the right to distributions as set forth herein.

            Class M-4 Certificate: Any Certificate designated as a "Class M-4
Certificate" on the face thereof, in the form of Exhibit A-13 hereto,
representing the right to distributions as set forth herein.

            Class M-5 Certificate: Any Certificate designated as a "Class M-5
Certificate" on the face thereof, in the form of Exhibit A-14 hereto,
representing the right to distributions as set forth herein.

            Class M-6 Certificate: Any Certificate designated as a "Class M-6
Certificate" on the face thereof, in the form of Exhibit A-15 hereto,
representing the right to distributions as set forth herein.

            Class M-7 Certificate: Any Certificate designated as a "Class M-7
Certificate" on the face thereof, in the form of Exhibit A-16 hereto,
representing the right to distributions as set forth herein.

            Class M-8 Certificate: Any Certificate designated as a "Class M-8
Certificate" on the face thereof, in the form of Exhibit A-17 hereto,
representing the right to distributions as set forth herein.

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

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

            Closing Date:  December 30, 2005.

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

            Collateral Schedule: Schedule II hereto.

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

                                      17
<PAGE>

            Confirmation: The confirmation, reference number 2000005069534,
200000506535, with a trade date of December 6, 2005 evidencing a transaction
between the Corridor Contract Counterparty and CHL relating to the Corridor
Contract and the confirmation, reference number Global Deal ID: 2337075, with
a trade date of December 5, 2005 evidencing a transaction between the Swap
Counterparty and CHL relating to the Swap Contract, as applicable.

            Corporate Trust Office: The designated office of the Trustee in
the State of New York where at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 101 Barclay Street,
New York, New York 10286 (Attention: Corporate Trust MBS Administration),
telephone: (212) 815-3236, facsimile: (212) 815-3986.

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

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

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

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

            Corridor Contract Counterparty: Bear Stearns Financial Products
Inc. and its successors.

            Corridor Contract Termination Date: The Distribution Date in
November 2007.

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

            Credit Comeback Excess Account: The separate Eligible Account
created and initially maintained by the Trustee pursuant to Section 4.08 in
the name of the Trustee for the benefit of the Certificateholders and the
Class 1-AF-5 Insurer and designated "The Bank of New York in trust for
registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2005-15".
Funds in the Credit Comeback Excess Account shall be held in trust for the
Certificateholders and the Class 1-AF-5 Insurer for the uses and purposes set
forth in this Agreement.

            Credit Comeback Excess Amount: With respect to the Credit Comeback
Loans in any Loan Group 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

                                      18
<PAGE>

Comeback Loan in such Loan Group 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 in such Loan Group, (ii) all interest on
prepayments received during the related Prepayment Period with respect to the
Credit Comeback Loans in such Loan Group, other than Prepayment Interest
Excess, (iii) all Advances relating to interest with respect to the Credit
Comeback Loans in such Loan Group, (iv) all Compensating Interest with respect
to the Credit Comeback Loans in such Loan Group and (v) Liquidation Proceeds
with respect to the Credit Comeback Loans in such Loan Group 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 Excess Cashflow: With respect to any Distribution
Date, any amounts in the Credit Comeback Excess Account available for such
Distribution Date.

            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: For any Distribution Date and for each Loan
Group (after taking into account principal distributions on such Distribution
Date) with respect to (1) the Class A and Class B REMIC 2 Interests, a
situation in which the Class A and Class B Interests corresponding to any Loan
Group are in the aggregate less than 1% of the Subordinate Component Balance
of the Loan Group to which they correspond and (2) the Class C and Class D
REMIC 2 Interests, a situation in which the Class C and Class D Interests
corresponding to any Loan Group are in the aggregate less than 1% of the
Adjusted Subordinate Component Balance of the Loan Group to which they
correspond.

            Cumulative Loss Trigger Event: With respect to any Distribution
Date on or after the Stepdown Date, a Cumulative Loss Trigger Event will be in
effect if (x) the aggregate amount of Realized Losses on the Mortgage Loans
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 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
and the original Pre-Funded Amount, as set forth below:

<TABLE>
<CAPTION>
     Distribution Date                                  Percentage
     -----------------                                  ----------
<S>                                                     <C>
     January 2008 -- December 2008..................    1.05% with respect to January 2008,
                                                        plus an additional 1/12th of 1.30%
                                                        for each month thereafter through
                                                        December 2008
     January 2009 -- December 2009..................    2.35% with respect to January 2009,
                                                        plus an additional 1/12th of 1.50%
                                                        for each month thereafter through
                                                        December 2009
     January 2010 -- December 2010..................    3.85% with respect to January 2010,
                                                        plus an additional 1/12th of 1.15% for

                                      19
<PAGE>

     Distribution Date                                  Percentage
     -----------------                                  ----------
                                                        each month thereafter through
                                                        December 2010
     January 2011 -- December 2011..................    5.00% with respect to January 2011,
                                                        plus an additional 1/12th of 0.25%
                                                        for each month thereafter through
                                                        December 2011
     December 2012 and thereafter..................     5.25%
</TABLE>

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

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

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

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

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

            Definitive Certificates: As defined in Section 5.06.

            Delay Delivery Mortgage Loans: (i) The Initial Mortgage Loans
identified on the schedule of Mortgage Loans hereto set forth on Exhibit F-2
hereof for which all or a portion of a related Mortgage File is not delivered
to the Trustee on or prior to the Closing Date, and (ii) the Subsequent
Mortgage Loans identified on the schedule of Subsequent Mortgage Loans set
forth in Annex A to each related Subsequent Transfer Agreement for which all
or a portion of the related Mortgage File is not delivered to the Trustee on
or prior to the related Subsequent Transfer Date. The Depositor shall deliver
(or cause delivery of) the Mortgage Files to the Trustee: (A) with respect to
at least 50% of the Initial Mortgage Loans, not later than the

                                      20
<PAGE>

Closing Date and with respect to at least 10% of the Subsequent Mortgage Loans
conveyed on a Subsequent Transfer Date, not later than such Subsequent
Transfer Date, (B) with respect to at least an additional 40% of the Initial
Mortgage Loans, not later than 20 days after the Closing Date, and not later
than 20 days after the relevant Subsequent Transfer Date with respect to the
remaining Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date,
and (C) with respect to the remaining Initial Mortgage Loans, not later than
thirty days after the Closing Date. To the extent that Countrywide Home Loans,
Inc. shall be in possession of any Mortgage Files with respect to any Delay
Delivery Mortgage Loan, until delivery to of such Mortgage File to the Trustee
as provided in Section 2.01, Countrywide Home Loans, Inc. shall hold such
files as agent and in trust for the Trustee.

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

            Delinquency Trigger Event: With respect to any Distribution Date
on or after the Stepdown Date a Delinquency Trigger Event shall be in effect
if the Rolling Sixty-Day Delinquency Rate for the Outstanding Mortgage Loans
equals or exceeds the product of (x) the Senior Enhancement Percentage for
such Distribution Date and (y) the applicable percentage listed below for the
most senior Class of outstanding Interest-Bearing Certificates:

                               Class             Percentage
                         -------------------  ------------------

                               Class A             40.00%
                               Class M-1           47.07%
                               Class M-2           56.59%
                               Class M-3           64.70%
                               Class M-4           74.16%
                               Class M-5           85.93%
                               Class M-6           100.87%
                               Class M-7           116.83%
                               Class M-8           138.80%
                               Class B             172.77%

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

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

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

                                      21
<PAGE>

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

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

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

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

            Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05(c) in the name of the
Trustee for the benefit of the Certificateholders and the Class 1-AF-5 Insurer
and designated "The Bank of New York, in trust for registered Holders of
CWABS, Inc., Asset-Backed Certificates, Series 2005-15". Funds in the
Distribution Account shall be held in trust for the Certificateholders and the
Class 1-AF-5 Insurer for the uses and purposes set forth in this Agreement.

            Distribution Account Deposit Date: As to any Distribution Date,
1:00 p.m. Pacific time on the Business Day immediately preceding such
Distribution Date.

            Distribution Date: The 25th day of each month, or if such day is
not a Business Day, on the first Business Day thereafter, commencing in
January 2006.

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

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

            Eligible Account: Any of (i) an account or accounts maintained
with a federal or state chartered depository institution or trust company, the
long-term unsecured debt obligations and short-term unsecured debt obligations
of which (or, in the case of a depository institution or trust company that is
the principal subsidiary of a holding company, the debt obligations of such
holding company, if Moody's is not a Rating Agency) are rated by each Rating
Agency in one of its two highest long-term and its highest short-term rating
categories respectively, at the time any amounts are held on deposit therein,
or (ii) an account or accounts in a depository institution or trust company in
which such accounts are insured by the FDIC (to the limits established by the

                                      22
<PAGE>

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 1-AF-5 Policy, in the case of the
Class 1-AF-5 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 Cashflow: With respect to any Distribution Date the sum of
(i) the amount remaining after the distribution of interest for such
Distribution Date pursuant to Section 4.04(a)(iv)(B), (ii) the amount
remaining after the distribution of principal for such Distribution Date,
pursuant to Section 4.04(b)(i)(B)(2) or 4.04(b)(ii)(D) and (iii) the
Overcollateralization Reduction Amount for such Distribution Date.

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

            Excess Proceeds: With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds 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 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

                                      23
<PAGE>

Mortgage Loan outstanding during each Due Period as to which such interest was
not paid or advanced.

            Expense Fee Rate: With respect to any Mortgage Loan, the sum of
(i) the Servicing Fee Rate, (ii) the Trustee Fee Rate and (iii) with respect
to any Mortgage Loan covered by a lender paid mortgage insurance policy, the
related mortgage insurance premium rate.

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

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

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

            Five-Year Hybrid Mortgage Loan: A Mortgage Loan having a Mortgage
Rate that is fixed for 60 months after origination thereof before such
Mortgage Rate becomes subject to adjustments.

            Fixed Rate Certificates: The Class 1-AF-2, Class 1-AF-3, Class
1-AF-4, Class 1-AF-5 and Class 1-AF-6 Certificates.

            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.

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

            Funding Period: The period from the Closing Date to and including
the earlier to occur of (x) the date the amount in the Pre-Funding Account is
less than $175,000 and (y) February 13, 2006.

            Gross Margin: The percentage set forth in the related Mortgage
Note to be added to the Index for use in determining the Mortgage Rate for
each Adjustable Rate Mortgage Loan on each of its Adjustment Dates.

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

                                      24
<PAGE>

            Group 1 Overcollateralization Reduction Amount: With respect to
any Distribution Date, the Overcollateralization Reduction Amount for such
Distribution Date multiplied by a fraction, the numerator of which is (x) the
Principal Remittance Amount for Loan Group 1 for such Distribution Date, and
the denominator of which is (y) the aggregate Principal Remittance Amount for
Loan Group 1 and Loan Group 2 for such Distribution Date.

            Group 1 Pre-Funded Amount: The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as Group 1 Mortgage Loans
on the Closing Date, which shall equal $0.00.

            Group 1 Swap Percentage: With respect to any Distribution Date is
a fraction, expressed as a percentage, the numerator of which is equal to the
Subordinate Fix Portion for such Distribution Date and the denominator of
which is equal to the sum of the Senior Arm Portion, the Subordinate Arm
Portion and the Subordinate Fix Portion for such Distribution Date.

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

            Group 2 Overcollateralization Reduction Amount: With respect to
any Distribution Date, the Overcollateralization Reduction Amount for such
Distribution Date multiplied by a fraction, the numerator of which is the
Principal Remittance Amount for Loan Group 2 for such Distribution Date, and
the denominator of which is the aggregate Principal Remittance Amount for Loan
Group 1 and Loan Group 2 for such Distribution Date.

            Group 2 Pre-Funded Amount: The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as Group 2 Mortgage Loans
on the Closing Date, which shall equal $727.66.

            Group 2 Swap Percentage: With respect to any Distribution Date is
a fraction, expressed as a percentage, the numerator of which is equal to the
sum of the Senior Arm Portion and the Subordinate Arm Portion for such
Distribution Date and the denominator of which is equal to the sum of the
Senior Arm Portion, the Subordinate Arm Portion and the Subordinate Fix
Portion for such Distribution Date.

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

            Guaranteed Distributions: As defined in the Class 1-AF-5 Policy.

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

                                      25
<PAGE>

the Index shall be a new index selected by the Master Servicer, based on
comparable information.

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

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

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

            Initial Cut-off Date: In the case of any Initial Mortgage Loan,
the later of (x) December 1, 2005 and (y) the date of origination of such
Mortgage Loan.

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

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

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

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

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

            Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
(other than by the Class 1-AF-5 Insurer under the Class 1-AF-5 Policy)
pursuant to any Insurance Policy or any other insurance policy covering a
Mortgage Loan, to the extent such proceeds are payable to the mortgagee under
the Mortgage, the Master Servicer or the trustee under the deed of trust and
are not applied to the restoration of the related Mortgaged Property or
released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account, in
each case other than any amount included in such Insurance Proceeds in respect
of Insured Expenses and received prior to such Mortgage Loan becoming a
Liquidated Mortgage Loan.

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

                                      26
<PAGE>

            Interest-Bearing Certificates: The Class A Certificates and the
Subordinate Certificates.

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

            Interest Determination Date: With respect to the first Accrual
Period for the Adjustable Rate Certificates, December 28, 2005. With respect
to any Accrual Period for the Adjustable Rate Certificates thereafter, the
second LIBOR Business Day preceding the commencement of such Accrual Period.

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

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

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

            ISDA Credit Support Annex: The International Swaps and Derivatives
Association, Inc. form of Credit Support Annex, dated as of December 30, 2005,
between the Swap Counterparty and the Swap Contract Administrator.

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

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

            Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan that has been liquidated through deed-in-lieu of
foreclosure, foreclosure sale, trustee's sale or other realization as provided
by applicable law governing the real property subject to the related Mortgage
and any security agreements and as to which the Master Servicer

                                      27
<PAGE>

has certified in the related Prepayment Period that it has received all
amounts it expects to receive in connection with such liquidation.

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

            Loan Group: Either of Loan Group 1 or Loan Group 2.

            Loan Group 1: The Group 1 Mortgage Loans.

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

            Loan Group 2: The Group 2 Mortgage Loans.

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

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

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

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

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

            ------------------------------------------------------
                        Class              Margin (1) Margin (2)
            ------------------------------------------------------
            Class 1-AF-1                     0.140%     0.140%
            ------------------------------------------------------
            Class 2-AV-1                     0.100%     0.200%
            ------------------------------------------------------
            Class 2-AV-2                     0.250%     0.500%
            ------------------------------------------------------
            Class 2-AV-3                     0.370%     0.740%
            ------------------------------------------------------
            Class M-1                        0.450%     0.675%
            ------------------------------------------------------

                                      28
<PAGE>

            ------------------------------------------------------
                        Class              Margin (1) Margin (2)
            ------------------------------------------------------
            Class M-2                        0.470%     0.705%
            ------------------------------------------------------
            Class M-3                        0.520%     0.780%
            ------------------------------------------------------
            Class M-4                        0.730%     1.095%
            ------------------------------------------------------
            Class M-5                        0.780%     1.170%
            ------------------------------------------------------
            Class M-6                        0.850%     1.275%
            ------------------------------------------------------
            Class M-7                        1.750%     2.625%
            ------------------------------------------------------
            Class M-8                        1.750%     2.625%
            ------------------------------------------------------
            Class B                          1.750%     2.625%
            ------------------------------------------------------

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

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

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

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

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

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

            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).

                                      29
<PAGE>

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

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

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

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

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

            Mortgage Loan Schedule: The list of Mortgage Loans (as from time
to time amended by the Master Servicer to reflect the deletion of Liquidated
Mortgage Loans and Deleted Mortgage Loans and the addition of (x) Replacement
Mortgage Loans pursuant to the provisions of this Agreement and (y) Subsequent
Mortgage Loans pursuant to the provisions of this Agreement and any Subsequent
Transfer Agreement) transferred to the Trustee as part of the Trust Fund and
from time to time subject to this Agreement, attached hereto as Exhibit F-1,
setting forth in the following information with respect to each Mortgage Loan:

                  (i) the loan number;

                  (ii) the Loan Group;

                  (iii) the Appraised Value;

                  (iv) the Initial Mortgage Rate;

                  (v) the maturity date;

                  (vi) the original principal balance;

                  (vii) the Cut-off Date Principal Balance;

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

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

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

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

                  (xii) a code indicating whether the residential dwelling is
            either (a) a detached single-family dwelling, (b) a two-family
            residential property, (c) a three-

                                      30
<PAGE>

            family residential property, (d) a four-family residential
            property, (e) planned unit development, (f) a low-rise condominium
            unit, (g) a high-rise condominium unit or (h) manufactured
            housing;

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

                  (xiv) the purpose of the Mortgage Loan;

                  (xv)  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;

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

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

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

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

            Mortgage Loans: Such of the mortgage loans transferred and
assigned to the Trustee pursuant to the provisions hereof and any Subsequent
Transfer Agreement as from time to time are held as part of the Trust Fund
(including any REO Property), the mortgage loans so held being identified in
the Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition
of title of the related Mortgaged Property. Any mortgage loan that was
intended by the parties hereto to be transferred to the Trust Fund as
indicated by such Mortgage Loan

                                      31
<PAGE>

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

            Mortgaged Property: The underlying property securing a Mortgage
Loan.

            Mortgagor: The obligors on a Mortgage Note.

            NAS Principal Distribution Amount: For any Distribution Date, the
NAS Distribution Amount is the product of:

            (1) a fraction, the numerator of which is the Certificate
      Principal Balance of the Class 1-AF-6 Certificates and the denominator
      of which is the aggregate Certificate Principal Balance of the Class
      1-AF Certificates, in each case immediately prior to such Distribution
      Date,

            (2) any amounts to be distributed to the Class 1-AF Certificates
      on such Distribution Date pursuant to Section 4.04(b)(iii)(A) or
      (b)(iii)(B), and

            (3) the applicable percentage for such Distribution Date set forth
      in the following table:

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

                     January 2006 -- December 2008        0%
                     January 2009 -- December 2010        45%
                     January 2011 -- December 2011        80%
                     January 2012 -- December 2012       100%
                     January 2013 and thereafter        300%

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

            Net Rate Cap: With respect to any Distribution Date:

                                      32
<PAGE>

            (i) with respect to the Class 1-AF Certificates (other than the
      1-AF-5 Certificates), the weighted average Adjusted Net Mortgage Rate of
      the Mortgage Loans in Loan Group 1 as of the first day of the related
      Due Period (after giving effect to Principal Prepayments received during
      the Prepayment Period that ends during such Due Period), adjusted, in
      the case of the Class 1-AF-1 Certificates only, to an effective rate
      reflecting the calculation of interest on the basis of the actual number
      of days elapsed during the related Accrual Period and a 360-day year;

            (ii) with respect to the Class 1-AF-5 Certificates, the Net Rate
      Cap with respect to the Class 1-AF Certificates less the Class 1-AF-5
      Policy Premium Rate;

            (iii) with respect to each Class of Class 2-AV Certificates, the
      weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in
      Loan Group 2 as of the first day of the related Due Period (after giving
      effect to Principal Prepayments received during the Prepayment Period
      that ends during such Due Period), adjusted to an effective rate
      reflecting the calculation of interest on the basis of the actual number
      of days elapsed during the related Accrual Period and a 360-day year,
      minus a fraction, expressed as a percentage, the numerator of which is
      the product of (a) the sum of (x) the Net Swap Payment payable to the
      Swap Counterparty with respect to such Distribution Date times a
      fraction, the numerator of which is equal to 360 and the denominator of
      which is equal to the actual number of days in the related Accrual
      Period and (y) any Swap Termination Payment payable to the Swap
      Counterparty for such Distribution Date (other than a Swap Termination
      Payment due to a Swap Counterparty Trigger Event) and (b) the Senior
      Swap Percentage for such Distribution Date, and the denominator of which
      is equal to the aggregate Certificate Principal Balance of the Class
      2-AV Certificates immediately prior to that Distribution Date; and

            (iv) with respect to each Class of Subordinate Certificates, the
      weighted average of (a) the weighted average Adjusted Net Mortgage Rate
      of the Mortgage Loans in Loan Group 1 as of the first day of the related
      Due Period (after giving effect to Principal Prepayments received during
      the Prepayment Period that ends during such Due Period) (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 1
      and the amount on deposit in the Pre-Funding Account in respect of Loan
      Group 1 over the outstanding aggregate Certificate Principal Balance of
      the Class 1-AF Certificates) and (b) the weighted average Adjusted Net
      Mortgage Rate of the Mortgage Loans in Loan Group 2 as of the first day
      of the related Due Period (after giving effect to Principal Prepayments
      received during the Prepayment Period that ends during such Due Period)
      (weighted by an amount equal to the positive difference (if any) of the
      sum of the aggregate Stated Principal Balance of the Mortgage Loans in
      Loan Group 2 and the amount on deposit in the Pre-Funding Account in
      respect of Loan Group 2 over the outstanding aggregate Certificate
      Principal Balance of the Class 2-AV Certificates), adjusted to an
      effective rate reflecting the calculation of interest on the basis of
      the actual number of days elapsed during the related Accrual Period and
      a 360-day year, minus a fraction, expressed as a percentage, the
      numerator of which is the product of (a) the sum of (x) the Net Swap
      Payment payable to the Swap Counterparty with respect to such
      Distribution Date times a fraction, the numerator of which is equal to
      360 and the

                                      33
<PAGE>

      denominator of which is equal to the actual number of days in the
      related Accrual Period and (y) any Swap Termination Payment payable to
      the Swap Counterparty for such Distribution Date (other than a Swap
      Termination Payment due to a Swap Counterparty Trigger Event) and (b)
      the Subordinate Swap Percentage for such Distribution Date, and the
      denominator of which is the excess of (x) the sum of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the first day of
      the related Due Period (after giving effect to Principal Prepayments
      received during the Prepayment Period that ends during such Due Period)
      and the amount on deposit in the Pre-Funding Account as of the first day
      of that Due Period over (y) the aggregate Certificate Principal Balance
      of the Class A Certificates immediately prior to that Distribution Date.

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

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

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

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

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

                                      34
<PAGE>

            OC Floor: An amount equal to 0.50% of the sum of the aggregate
Cut-off Date Principal Balance of the Initial Mortgage Loans and the original
Pre-Funded Amount.

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

            One-Month LIBOR: With respect to any Accrual Period for the
Adjustable-Rate Certificates, the rate determined by the Trustee on the
related Interest Determination Date on the basis of the rate for U.S. dollar
deposits for one month that appears on Telerate Screen Page 3750 as of 11:00
a.m. (London time) on such Interest Determination Date; provided that the
parties hereto acknowledge that One-Month LIBOR calculated for the first
Accrual Period for the Adjustable Rate Certificates shall equal 4.388750% per
annum. If such rate does not appear on such page (or such other page as may
replace that page on that service, or if such service is no longer offered,
such other service for displaying One-Month LIBOR or comparable rates as may
be reasonably selected by the Trustee), One-Month LIBOR for the applicable
Accrual Period for the Adjustable Rate Certificates will be the Reference Bank
Rate. If no such quotations can be obtained by the Trustee and no Reference
Bank Rate is available, One-Month LIBOR will be One-Month LIBOR applicable to
the preceding Accrual Period for the Adjustable Rate Certificates.

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

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

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

            Original Value: The value of the property underlying a Mortgage
Loan based, in the case of the purchase of the underlying Mortgaged Property,
on the lower of an appraisal

                                      35
<PAGE>

satisfactory to the Master Servicer or the sales price of such property or, in
the case of a refinancing, on an appraisal satisfactory to the Master
Servicer.

            OTS: The Office of Thrift Supervision.

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

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

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

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

            Overcollateralization Deficiency Amount: With respect to any
Distribution Date, the amount, if any, by which the Overcollateralization
Target Amount exceeds the Overcollateralized Amount on such Distribution Date
(after giving effect to distribution of the Principal Distribution Amount
(other than the portion thereof consisting of the Extra Principal Distribution
Amount) on such Distribution Date).

            Overcollateralization Reduction Amount: With respect to any
Distribution Date, an amount equal to the lesser of (i) the Excess
Overcollateralization Amount for such Distribution Date and (ii) the aggregate
Principal Remittance Amount for Loan Group 1 and Loan Group 2 for such
Distribution Date.

            Overcollateralization Target Amount: With respect to any
Distribution Date, (a) prior to the Stepdown Date, an amount equal to 4.70% of
the sum of the aggregate Cut-off Date Principal Balance of the Initial
Mortgage Loans and the original Pre-Funded Amount and (b) on or after the
Stepdown Date, the greater of (i) an amount equal to 9.40% of the aggregate
Stated Principal Balance of the Mortgage Loans for the current Distribution
Date and (ii) the OC Floor; provided, however, that if a Trigger Event is in
effect on any Distribution Date, the Overcollateralization Target Amount will
be the Overcollateralization Target Amount as in effect for the prior
Distribution Date.

            Overcollateralized Amount: 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 for such Distribution Date and any amount on
deposit in the Pre-Funding Account exceeds (y) the aggregate Certificate
Principal Balance of the Interest-Bearing Certificates as of such Distribution
Date (after giving effect to distribution of the Principal Remittance Amounts
to be made on such Distribution Date and, in the case of the Distribution Date
immediately following the end of the Funding Period, any amounts to be
released from the Pre-Funding Account).

                                      36
<PAGE>

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

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

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

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

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

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

          ------------------------------------------------------------
                                      Pass-Through     Pass-Through
                    Class               Rate (1)         Rate (2)
          ------------------------------------------------------------
                   1-AF-2                5.282%           5.282%
          ------------------------------------------------------------
                   1-AF-3                5.450%           5.450%
          ------------------------------------------------------------
                   1-AF-4                5.704%           5.704%
          ------------------------------------------------------------
                   1-AF-5                5.935%            6.435%
          ------------------------------------------------------------
                   1-AF-6                5.525%            5.525%
          ------------------------------------------------------------

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

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

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

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

                                      37
<PAGE>

                  (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 1-AF-5 Policy,
            in the case of the Class 1-AF-5 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 1-AF-5 Policy, in the case of the Class 1-AF-5
            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
            1-AF-5 Policy, in the case of the Class 1-AF-5 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 1-AF-5 Policy, in the case of the Class 1-AF-5
            Certificates);

                  (vii) interests in any money market fund which at the date
            of acquisition of the interests in such fund and throughout the
            time such interests are held in

                                      38
<PAGE>

            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 1-AF-5 Policy, in the case of the Class 1-AF-5
            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 1-AF-5 Policy, in the case of
            the Class 1-AF-5 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
            1-AF-5 Policy, in the case of the Class 1-AF-5 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

                                      39
<PAGE>

"electing large partnership" as defined in section 775 of the Code, (vi) a
Person that is not a citizen or resident of the United States, a corporation,
partnership, or other entity (treated as a corporation or a partnership for
federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, or an estate
whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States,
or a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
Persons have authority to control all substantial decisions of the trustor
unless such Person has furnished the transferor and the Trustee with a duly
completed Internal Revenue Service Form W-8ECI, and (vii) any other Person so
designated by the Trustee based upon an Opinion of Counsel that the Transfer
of an Ownership Interest in a Class A-R Certificate to such Person may cause
any REMIC formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are Outstanding. The terms "United States," "State" and
"International Organization" shall have the meanings set forth in section 7701
of the Code or successor provisions. A corporation will not be treated as an
instrumentality of the United States or of any State or political subdivision
thereof for these purposes if all of its activities are subject to tax and,
with the exception of the Federal Home Loan Mortgage Corporation, a majority
of its board of directors is not selected by such government unit.

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

            Plan: An "employee benefit plan" as defined in section 3(3) of
ERISA that is subject to Title I of ERISA, a "plan" as defined in section 4975
of the Code that is subject to section 4975 of the Code, or any Person
investing on behalf of or with plan assets (as defined in 29 CFR ss.2510.3-101
or otherwise under ERISA) of such an employee benefit plan or plan.

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

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

            Pre-Funded Amount: The amount deposited in the Pre-Funding Account
on the Closing Date, which shall equal $727.66.

            Pre-Funding Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05 in the name of the Trustee
for the benefit of the Certificateholders and the Class 1-AF-5 Insurer and
designated "The Bank of New York, in trust for registered holders of CWABS,
Inc., Asset-Backed Certificates, Series 2005-15." Funds in the Pre-Funding
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement and shall not be a part of any REMIC
created hereunder, provided, however that any investment income earned from
Permitted Investments made with funds in the Pre-Funding Account will be for
the account of CHL.

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

                                      40
<PAGE>

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

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

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

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

                  (i) the Mortgage Loan identifying number;

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

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

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

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

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

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

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

            Prepayment Interest Shortfall: With respect to any Distribution
Date, for each Mortgage Loan that was the subject of a partial Principal
Prepayment or a Principal Prepayment in full during the period from the
beginning of the related Prepayment Period to the Due Date in

                                      41
<PAGE>

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

            Prepayment Period: As to any Distribution Date and related Due
Date, the period beginning with the opening of business on the sixteenth day
of the calendar month preceding the month in which such Distribution Date
occurs (or, with respect to the first Distribution Date, the period beginning
with the opening of business on the day immediately following the Initial
Cut-off Date) and ending on the close of business on the fifteenth day of the
month in which such Distribution Date occurs.

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

            Principal Distribution Amount: With respect to each Distribution
Date and a Loan Group, the sum of (i) the Principal Remittance Amount for such
Loan Group for such Distribution Date, less any portion of such amount used to
cover any payment due to the Swap Counterparty with respect to such
Distribution Date pursuant to Section 4.09, (ii) the Extra Principal
Distribution Amount for such Loan Group for such Distribution Date and (iii)
with respect to the Distribution Date immediately following the end of the
Funding Period, the amount, if any, remaining in the Pre-Funding Account at
the end of the Funding Period (net of any investment income therefrom)
allocable to such Loan Group, minus (iv) (a) the Group 1 Overcollateralization
Reduction Amount for such Distribution Date, in the case of Loan Group 1 and
(b) the Group 2 Overcollateralization Reduction Amount for such Distribution
Date, in the case of Loan Group 2.

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

            Principal Relocation Payment: 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.

                                      42
<PAGE>

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

            Principal Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.08 in the name of
the Trustee for the benefit of the Certificateholders and designated "The Bank
of New York in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-15". Funds in the Principal Reserve Fund shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

            Private Certificates: The Class M-6, Class M-7, Class M-8, Class C
and Class P Certificates.

            Prospectus: The prospectus dated November 16, 2005, relating to
asset-backed securities to be sold by the Depositor.

            Prospectus Supplement: The prospectus supplement dated December
28, 2005, relating to the public offering of the certain Classes of
Certificates offered thereby.

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

            PUD: A Planned Unit Development.

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

                                      43
<PAGE>

from any violation of any predatory or abusive lending law in connection with
such Mortgage Loan.

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

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

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

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

                                      44
<PAGE>

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

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

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

            Relief Act: The Servicemembers Civil Relief Act.

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

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

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

            Replacement Mortgage Loan: A Mortgage Loan substituted by a Seller
for a Deleted Mortgage Loan which must, on the date of such substitution, as
confirmed in a Request for File Release, (i) have a Stated Principal Balance,
after deduction of the principal portion of the Scheduled Payment due in the
month of substitution, not in excess of, and not less than 90% of the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) with respect to any Fixed
Rate Mortgage Loan, have a Mortgage Rate not less than or no more than 1% per
annum higher than the Mortgage Rate of the Deleted Mortgage Loan and, with
respect to any Adjustable Rate Mortgage Loan: (a) have a Maximum Mortgage Rate
no more than 1% per annum higher or lower than the Maximum Mortgage Rate of
the Deleted Mortgage Loan; (b) have a Minimum Mortgage Rate no more than 1%
per annum higher or lower than the Minimum Mortgage Rate of the Deleted
Mortgage Loan; (c) have the same Index and intervals between Adjustment Dates
as that of the Deleted Mortgage Loan; (d) have a Gross Margin not more than 1%
per annum higher or lower than that of the Deleted Mortgage Loan; and (e) have
an Initial Periodic Rate Cap and a Subsequent Periodic Rate Cap each not more
than 1% lower than that of the Deleted Mortgage Loan; (iii) have the same or
higher credit quality characteristics than that of the Deleted Mortgage Loan;
(iv) be accruing interest at a rate not more than 1% per annum higher or lower
than that of the Deleted Mortgage Loan; (v) have a Loan-to-Value Ratio no
higher than that of the Deleted Mortgage Loan; (vi) have a remaining term to
maturity not greater than (and not more than one year less than) that of the
Deleted Mortgage Loan; (vii) not permit conversion of the Mortgage Rate from a
fixed rate to a variable rate or vice versa; (viii) provide for a Prepayment
Charge on terms substantially similar to those of the Prepayment Charge, if
any, of

                                      45
<PAGE>

the Deleted Mortgage Loan; (ix) have the same occupancy type and lien priority
as the Deleted Mortgage Loan; and (x) comply with each representation and
warranty set forth in Section 2.03 as of the date of substitution; provided,
however, that notwithstanding the foregoing, to the extent that compliance
with clause (x) of this definition would cause a proposed Replacement Mortgage
Loan to fail to comply with one or more of clauses (i), (ii), (iv), (viii)
and/or (ix) of this definition, then such proposed Replacement Mortgage Loan
must comply with clause (x) and need not comply with one or more of clauses
(i), (ii), (iv), (viii) and/or (ix), to the extent, and only to the extent,
necessary to assure that the Replacement Mortgage Loan otherwise complies with
clause (x).

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

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

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

            Required Carryover Reserve Fund Deposit: With respect to any
Distribution Date, an amount equal to the excess, if any, of (i) $10,000 over
(ii) the amount of funds on deposit in the Carryover Reserve Fund following
all other deposits to, and withdrawals from, the Carryover Reserve Fund on
such Distribution Date.

            Required Distributions: As defined in the Class 1-AF-5 Policy.

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

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

            Rolling Sixty-Day Delinquency Rate: With respect to any
Distribution Date 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 Ratings Services, a division of The
McGraw-Hill Companies, Inc. and its successors.

                                      46
<PAGE>

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

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

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

            Seller Shortfall Interest Requirement: With respect to the
Distribution Date in each of January, February and March 2006 is the sum of:

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

            (b) the lesser of:

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

                  (ii) the excess of (x) the sum of (1) amount of Current
            Interest and Interest Carry Forward Amount due and payable on the
            Interest-Bearing Certificates for such Distribution Date and (2)
            the Class 1-AF-5 Premium for such Distribution Date over (y) the
            sum of (1) Interest Funds (less any portion of Interest Funds
            allocated to the Swap Trust to cover any Net Swap Payment due to
            the Swap Counterparty with respect to such Distribution Date)
            available to pay (A) Current Interest and

                                      47
<PAGE>

            the Interest Carry Forward Amount on the Interest-Bearing
            Certificates for such Distribution Date and (B) the Class 1-AF-5
            Premium 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) and (2) any Net Swap Payment received by the
            Swap Contract Administrator from the Swap Counterparty for such
            Distribution Date and allocated to the Swap Trust to pay Current
            Interest and Interest Carry Forward Amounts on the Swap
            Certificates for such Distribution Date.

            Senior Arm Portion: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is equal to (1)
the product of (x) the Certificate Principal Balance of the Class 2-AV
Certificates immediately prior to that Distribution Date multiplied by (y) the
Interest Funds for Loan Group 2 for such Distribution Date and the denominator
of which is equal to (2) the sum of the aggregate Stated Principal Balance of
the Mortgage Loans in Loan Group 2 as of the first day of the related Due
Period (after giving effect to Principal Prepayments received during the
Prepayment Period that ends during such Due Period) and the amount on deposit
in the Pre-Funding Account in respect of Loan Group 2 as of the first day of
that Due Period.

            Senior Certificates: The Class A and Class A-R Certificates.

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

            Senior Swap Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is equal to the
Senior Arm Portion for such Distribution Date and the denominator of which is
equal to the sum of the Senior Arm Portion, the Subordinate Arm Portion and
the Subordinate Fix Portion for such Distribution Date.

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

            Servicing Fee: As to each Mortgage Loan and any Distribution Date,
an amount equal to one month's interest at the Servicing Fee Rate on the
Stated Principal Balance of such

                                      48
<PAGE>

Mortgage Loan for the preceding Distribution Date or, in the event of any
payment of interest that accompanies a Principal Prepayment in full made by
the Mortgagor, interest at the Servicing Fee Rate on the Stated Principal
Balance of such Mortgage Loan for the period covered by such payment of
interest.

            Servicing Fee Rate: With respect to each Mortgage Loan, 0.50% per
annum.

            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 Date: The earlier to occur of (a) the Distribution Date
on which the aggregate Certificate Principal Balance of the Senior
Certificates is reduced to zero, and (b) the

                                      49
<PAGE>

later to occur of (x) the Distribution Date in January 2009 and (y) the first
Distribution Date on which the aggregate Certificate Principal Balance of the
Senior Certificates (after calculating anticipated distributions on such
Distribution Date) is less than or equal to 59.40% of the aggregate Stated
Principal Balance of the Mortgage Loans for such Distribution Date.

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

                                               Stepdown Target
                                                Subordination
                                                 Percentage
                                             -------------------
            Class M-1....................           34.50%
            Class M-2....................           28.70%
            Class M-3....................           25.10%
            Class M-4....................           21.90%
            Class M-5....................           18.90%
            Class M-6....................           16.10%
            Class M-7....................           13.90%
            Class M-8....................           11.70%
            Class B......................            9.40%

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

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

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

                                      50
<PAGE>

the Class 2-AV Certificates in the case of Loan Group 2, in each case
immediately prior to that Distribution Date.

            Subordinate Net Rate Cap: For federal income tax purposes, the
weighted average of (a) the weighted average Adjusted Net Mortgage Rate of the
Mortgage Loans in Loan Group 1 as of the first day of the related Due Period
(after giving effect to Principal Prepayments received during the Prepayment
Period that ends during such Due Period) (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 1 and the amount on deposit in the
Pre-Funding Account in respect of Loan Group 1 over the outstanding aggregate
Certificate Principal Balance of the Class 1-AF Certificates) and (b) the
weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan
Group 2 as of the first day of the related Due Period (after giving effect to
Principal Prepayments received during the Prepayment Period that ends during
such Due Period) (weighted by an amount equal to the positive difference (if
any) of the sum of the aggregate Stated Principal Balance of the Mortgage
Loans in Loan Group 2 and the amount on deposit in the Pre-Funding Account in
respect of Loan Group 2 over the outstanding aggregate Certificate Principal
Balance of the Class 2-AV Certificates), adjusted to an effective rate
reflecting the calculation of interest on the basis of the actual number of
days elapsed during the related Accrual Period and a 360-day year.

            Subordinate Arm Portion: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is equal to (1)
the product of (x) the excess of (i) the sum of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 2 as of the first day of the
related Due Period (after giving effect to Principal Prepayments received
during the Prepayment Period that ends during such Due Period) and the amount
on deposit in the Pre-Funding Account in respect of Loan Group 2 as of the
first day of that Due Period over (ii) the aggregate Certificate Principal
Balance of the Class 2-AV Certificates immediately prior to that Distribution
Date multiplied by (y) the Interest Funds for Loan Group 2 for that
Distribution Date and the denominator of which is equal to (2) the sum of the
aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2 as of
the first day of the related Due Period (after giving effect to Principal
Prepayments received during the Prepayment Period that ends during such Due
Period) and the amount on deposit in the Pre-Funding Account in respect of
Loan Group 2 as of the first day of that Due Period.

            Subordinate Fix Portion: With respect to any Distribution Date,
the Subordinate Fix Portion is a fraction, expressed as a percentage, the
numerator of which is equal to (1) the product of (x) the excess of (i) the
sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan
Group 1 as of the first day of the related Due Period (after giving effect to
Principal Prepayments received during the Prepayment Period that ends during
such Due Period) and the amount on deposit in the Pre-Funding Account in
respect of Loan Group 1 as of the first day of that Due Period over (ii) the
aggregate Certificate Principal Balance of the Class 1-AF Certificates
immediately prior to that Distribution Date multiplied by (y) the Interest
Funds for Loan Group 1 for that Distribution Date and the denominator of which
is equal to (2) the sum of the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 1 as of the first day of the related Due Period
(after giving effect to Principal Prepayments received during the Prepayment
Period that ends during such Due Period) and the amount on deposit in the
Pre-Funding Account in respect of Loan Group 1 as of the first day of that Due
Period.

                                      51
<PAGE>

            Subordinate Swap Percentage: With respect to any Distribution
Date, the Subordinate Swap Percentage is a fraction, expressed as a
percentage, the numerator of which is equal to the sum of the Subordinate Arm
Portion and the Subordinate Fix Portion for such Distribution Date and the
denominator of which is equal to the sum of the Senior Arm Portion, the
Subordinate Arm Portion and the Subordinate Fix Portion for such Distribution
Date.

            Subsequent Certificate Account Deposit: With respect to any
Subsequent Transfer Date, an amount equal to the aggregate of all amounts in
respect of (i) principal of the related Subsequent Mortgage Loans due after
the related Subsequent Cut-off Date and received by the Master Servicer on or
before such Subsequent Transfer Date and not applied in computing the Cut-off
Date Principal Balance thereof and (ii) interest on the such Subsequent
Mortgage Loans due after such Subsequent Cut-off Date and received by the
Master Servicer on or before the Subsequent Transfer Date.

            Subsequent Cut-off Date: In the case of any Subsequent Mortgage
Loan, the later of (x) the first day of the month of the related Subsequent
Transfer Date and (y) the date of origination of such Subsequent Mortgage
Loan.

            Subsequent Mortgage Loan: Any Mortgage Loan conveyed to the
Trustee on a Subsequent Transfer Date, and listed on the related Loan Number
and Borrower Identification Mortgage Loan Schedule delivered pursuant to
Section 2.01(f). When used with respect to a single Subsequent Transfer Date,
"Subsequent Mortgage Loan" shall mean a Subsequent Mortgage Loan conveyed to
the Trustee on such Subsequent Transfer Date.

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

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

            Subsequent Transfer Agreement: A Subsequent Transfer Agreement
substantially in the form of Exhibit P hereto, executed and delivered by the
Sellers, the Depositor and the Trustee as provided in Section 2.01(d).

            Subsequent Transfer Date: For any Subsequent Transfer Agreement,
the "Subsequent Transfer Date" identified in such Subsequent Transfer
Agreement; provided, however, the Subsequent Transfer Date for any Subsequent
Transfer Agreement must be a Business Day and may not be a date earlier than
the date on which the Subsequent Transfer Agreement is executed and delivered
by the parties thereto pursuant to Section 2.01(d).

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

                                      52
<PAGE>

            Subsequent Transfer Date Transfer Amount: With respect to any
Subsequent Transfer Date, an amount equal to the lesser of (i) the aggregate
Stated Principal Balances as of the related Subsequent Cut-off Dates of the
Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date, as listed
on the related Loan Number and Borrower Identification Mortgage Loan Schedule
delivered pursuant to Section 2.01(f) and (ii) the amount on deposit in the
Pre-Funding Account.

            Subservicer: As defined in Section 3.02(a).

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

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

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

            Swap Account: The separate Eligible Account created and initially
maintained by the Swap Trustee pursuant to Section 4.09.

            Swap Certificates: The Class 2-AV and the Subordinate
Certificates.

            Swap Contract: The transaction evidenced by the Confirmation (as
assigned to the Swap Contract Administrator pursuant to the Swap Contract
Assignment Agreement), a form of which is attached hereto as Exhibit U.

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

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

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

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

            Swap Guarantee: The guaranty, dated as of December 30, 2005, by
the Swap Guarantor in favor of the Swap Contract Administrator, a form of
which is attached hereto as Exhibit V-3.

            Swap Guarantor: Lehman Brothers Holdings Inc.

            Swap Contract Termination Date: The Distribution Date in December
2010.

                                      53
<PAGE>

            Swap Counterparty Trigger Event: A Swap Termination Payment that
is triggered upon (i) an "Event of Default" under the Swap Contract with
respect to which the Swap Counterparty is the sole "Defaulting Party" (as
defined in the Swap Contract) or (ii) a "Termination Event" or "Additional
Termination Event" under the Swap Contract with respect to which the Swap
Counterparty is the sole "Affected Party" (as defined in the Swap Contract).

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

            Swap Trust: The trust fund established by Section 4.09.

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

            Tax Matters Person: The person designated as "tax matters person"
in the manner provided under Treasury regulation 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.

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

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

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

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

            Trust Fund: The corpus of the trust created hereunder consisting
of (i) the Mortgage Loans and all interest and principal received on or with
respect thereto 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

                                      54
<PAGE>

Carryover Reserve Fund, the Credit Comeback Excess Account, the Pre-Funding
Account and all amounts deposited therein pursuant to the applicable
provisions of this Agreement; (iii) the rights to receive certain proceeds of
the Corridor Contract 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 1-AF-5
Certificateholders under the Class 1-AF-5 Policy; and (vii) all proceeds of
the conversion, voluntary or involuntary, of any of the foregoing into cash or
other liquid property.

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

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

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

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

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

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

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

            Underwriters: Countrywide Securities Corporation, and Greenwich
Capital Markets, Inc.

            Unpaid Realized Loss Amount: For any Class of 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 (in the case of the Class 1-AF-5 Certificates, without
regard to any payment made by the Class 1-AF-5 Insurer in respect of an
Applied Realized Loss Amount allocated to the Class 1-AF-5 Certificates under
the Class 1-AF-5

                                      55
<PAGE>

Policy) minus (y) (1) any increase in the Certificate Principal
Balance of that Class due to the allocation of Subsequent Recoveries to the
Certificate Principal Balance of that Class pursuant to Section 4.04(i) or (2)
in the case of the Class 1-AF-5 Certificates, the amount of any Subsequent
Recovery paid to the Class 1-AF-5 Insurer in respect of that Class.

            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 97%
to the Certificates other than the Class A-R, Class C and Class P Certificates
(with the allocation among the Certificates to be in proportion to the
Certificate Principal Balance of each Class relative to the Certificate
Principal Balance of all other such Classes), and 1% to each of the Class A-R,
Class C and Class P 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 1-AF-5 Certificates are outstanding or any amounts are owed the Class
1-AF-5 Insurer under this Agreement, unless a Class 1-AF-5 Insurer Default
shall have occurred and be continuing, the Class 1-AF-5 Insurer will be
entitled to exercise the Voting Rights of the Class 1-AF-5 Certificateholders,
without the consent of the Class AF-5 Certificateholders, and the Class 1-AF-5
Certificateholders may exercise such rights only with the prior written
consent of the Class 1-AF-5 Insurer.

            Section 1.02 Certain Interpretive Provisions.

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

                                      56
<PAGE>

                                 ARTICLE II.
                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

            Section 2.01 Conveyance of Mortgage Loans.

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

            Immediately upon the conveyance of the Initial Mortgage Loans
referred to in the preceding paragraph, the Depositor (i) sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for benefit of the
Certificateholders and the Class 1-AF-5 Insurer, without recourse, all right
title and interest in the Initial Mortgage Loans and (ii) agrees to cause the
Class 1-AF-5 Insurer to deliver the Class 1-AF-5 Policy to the Trustee.

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

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

            (b) Subject to the execution and delivery of the related
Subsequent Transfer Agreement as provided by Section 2.01(d) and the terms and
conditions of this Agreement, each Seller sells, transfers, assigns, sets over
and otherwise conveys to the Depositor, without recourse, on each Subsequent
Transfer Date, all the right, title and interest of such Seller in and to the
related Subsequent Mortgage Loans, including all interest and principal
received and receivable by such Seller on or with respect to such Subsequent
Mortgage Loans after the related Subsequent Cut-off Date (to the extent not
applied in computing the Cut-off Date Principal Balance thereof) or deposited
into the Certificate Account by the Master Servicer on behalf of such Seller
as part of any related Subsequent Certificate Account Deposit as provided in
this

                                      57
<PAGE>

Agreement, other than principal due on such Subsequent Mortgage Loans on
or prior to the related Subsequent Cut-off Date and interest accruing prior to
the related Subsequent Cut-off Date.

            Immediately upon the conveyance of the Subsequent Mortgage Loans
referred to in the preceding paragraph, the Depositor sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for benefit of the
Certificateholders and the Class 1-AF-5 Insurer, without recourse, all right
title and interest in the Subsequent Mortgage Loans.

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

            (d) On any Business Day during the Funding Period designated by
CHL to the Trustee, the Sellers, the Depositor and the Trustee shall complete,
execute and deliver a Subsequent Transfer Agreement. After the execution and
delivery of such Subsequent Transfer Agreement, on the Subsequent Transfer
Date, the Trustee shall set aside in the Pre-Funding Account an amount equal
to the related Subsequent Transfer Date Purchase Amount.

            (e) The transfer of Subsequent Mortgage Loans on the Subsequent
Transfer Date is subject to the satisfaction of each of the following
conditions:

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

                  (2) the execution and delivery of such Subsequent Transfer
      Agreement or conveyance of the related Subsequent Mortgage Loans does
      not result in a reduction or withdrawal of any ratings assigned to the
      Certificates by the Rating Agencies (without regard to the Class 1-AF-5
      Policy, in the case of the Class 1-AF-5 Certificates);

                  (3) the Depositor shall deliver to the Trustee an Officer's
      Certificate confirming the satisfaction of each of the conditions set
      forth in this Section 2.01(e) required to be satisfied by such
      Subsequent Transfer Date;

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

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<PAGE>

      against such Seller respecting such breach available to
      Certificateholders, the Depositor or the Trustee;

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

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

                  (7) following the conveyance of the Subsequent Mortgage
      Loans on such Subsequent Transfer Date, the characteristics of each Loan
      Group will not vary by more than the amount specified below (other than
      the percentage of Mortgage Loans secured by Mortgaged Properties located
      in the State of California, which will not exceed 50% of the Mortgage
      Pool and the percentage of mortgage loans in the Credit Grade Categories
      of "C" or below, which will not exceed 10% of the Mortgage Loans in each
      Loan Group) from the characteristics listed below; provided that for the
      purpose of making such calculations, the characteristics for any Initial
      Mortgage Loan made will be taken as of the Initial Cut-off Date and the
      characteristics for any Subsequent Mortgage Loans will be taken as of
      the Subsequent Cut-off Date;

Loan Group 1
                                                                     Permitted
                                                                   Variance or
Characteristic                                       Value            Range
-------------------------                      ----------------- --------------
Average Stated Principal Balance............   $     196,826           10%
Weighted Average Mortgage Rate..............          6.652%         0.10%
Weighted Average Original Loan-to-Value Ratio         75.44%            3%
Weighted Average Remaining Term to Maturity.         354 months     3 months
Weighted Average Credit Bureau Risk Score...         613 points     5 points

Loan Group 2
                                                                     Permitted
                                                                   Variance or
Characteristic                                       Value            Range
-------------------------                      ----------------- --------------
Average Stated Principal Balance............   $     224,951             10%
Weighted Average Mortgage Rate..............          6.960%           0.10%
Weighted Average Original Loan-to-Value Ratio         78.15%              3%
Weighted Average Remaining Term to Maturity.         358 months     3 months
Weighted Average Credit Bureau Risk Score...         600 points     5 points

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

                  (9) the Trustee and the Underwriters will be provided with
      an Opinion of Counsel, which Opinion of Counsel shall not be at the
      expense of either the Trustee or

                                      59
<PAGE>

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

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

            (f) Within six Business Days after each Subsequent Transfer Date,
upon (1) delivery to the Trustee by the Depositor of the Opinions of Counsel
referred to in Section 2.01(e)(1) and (e)(9), (2) delivery to the Trustee by
CHL (on behalf of each Seller) of a Loan Number and Borrower Identification
Mortgage Loan Schedule reflecting the Subsequent Mortgage Loans conveyed on
such Subsequent Transfer Date and the Loan Group into which each Subsequent
Mortgage Loan was conveyed, (3) deposit in the Certificate Account by the
Master Servicer on behalf of the Sellers of the applicable Subsequent
Certificate Account Deposit, and (4) delivery to the Trustee by the Depositor
of an Officer's Certificate confirming the satisfaction of each of the
conditions precedent set forth in this Section 2.01(f), the Trustee shall pay
the applicable Seller the Subsequent Transfer Date Transfer Amount from such
funds that were set aside in the Pre-Funding Account pursuant to Section
2.01(d). The positive difference, if any, between the Subsequent Transfer Date
Transfer Amount and the Subsequent Transfer Date Purchase Amount shall be
re-invested by the Trustee in the Pre-Funding Account.

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

            Within thirty days after each Subsequent Transfer Date, the
Depositor shall deliver to the Trustee a letter of a nationally recognized
firm of independent public accountants stating whether or not the Subsequent
Mortgage Loans conveyed on such Subsequent Transfer Date conform to the
characteristics described in Section 2.01(e)(6) and (7).

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

                        (i) the original Mortgage Note, endorsed by manual or
            facsimile signature in blank in the following form: "Pay to the
            order of ________________ without recourse", with all intervening
            endorsements that show a complete chain of endorsement from the
            originator to the Person endorsing the Mortgage Note (each such
            endorsement being

                                      60
<PAGE>

            sufficient to transfer all right, title and interest of the party
            so endorsing, as noteholder or assignee thereof, in and to that
            Mortgage Note), or, if the original Mortgage Note has been lost or
            destroyed and not replaced, an original lost note affidavit,
            stating that the original Mortgage Note was lost or destroyed,
            together with a copy of the related Mortgage Note and all such
            intervening endorsements;

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

                        (iii) in the case of each Mortgage Loan that is not a
            MERS Mortgage Loan, a duly executed assignment of the Mortgage to
            "Asset-Backed Certificates, Series 2005-15, CWABS, Inc., by The
            Bank of New York, a New York banking corporation, as trustee under
            the Pooling and Servicing Agreement dated as of December 1, 2005,
            without recourse" or a copy of such assignment, with recording
            information, (each such assignment, when duly and validly
            completed, to be in recordable form and sufficient to effect the
            assignment of and transfer to the assignee thereof, under the
            Mortgage to which such assignment relates);

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

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

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

            In addition, in connection with the assignment of any MERS
Mortgage Loan, each Seller agrees that it will cause, at such Seller's own
expense, the MERS(R) System to indicate (and provide evidence to the Trustee
that it has done so) that such Mortgage Loans have been assigned by such
Seller to the Trustee in accordance with this Agreement for the benefit of

                                      61
<PAGE>

the Certificateholders by including (or deleting, in the case of Mortgage
Loans which are repurchased in accordance with this Agreement) in such
computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field
"[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b)
the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field"
which identifies the series of the Certificates issued in connection with such
Mortgage Loans. The Sellers further agree that they will not, and will not
permit the Master Servicer to, and the Master Servicer agrees that it will
not, alter the codes referenced in this paragraph with respect to any Mortgage
Loan during the term of this Agreement unless and until such Mortgage Loan is
repurchased in accordance with the terms of this Agreement.

            In the event that in connection with any Mortgage Loan that is not
a MERS Mortgage Loan a Seller cannot deliver the original recorded Mortgage or
all interim recorded assignments of the Mortgage satisfying the requirements
of clause (ii), (iii) or (iv) concurrently with the execution and delivery
hereof, such Seller shall deliver or cause to be delivered to the Trustee a
true copy of such Mortgage and of each such undelivered interim assignment of
the Mortgage each certified by such Seller, the applicable title company,
escrow agent or attorney, or the originator of such Mortgage, as the case may
be, to be a true and complete copy of the original Mortgage or assignment of
Mortgage submitted for recording. For any such Mortgage Loan that is not a
MERS Mortgage Loan each Seller shall promptly deliver or cause to be delivered
to the Trustee such original Mortgage and such assignment or assignments with
evidence of recording indicated thereon upon receipt thereof from the public
recording official, or a copy thereof, certified, if appropriate, by the
relevant recording office, but in no event shall any such delivery be made
later than 270 days following the Closing Date; provided that in the event
that by such date such Seller is unable to deliver or cause to be delivered
each such Mortgage and each interim assignment by reason of the fact that any
such documents have not been returned by the appropriate recording office, or,
in the case of each interim assignment, because the related Mortgage has not
been returned by the appropriate recording office, such Seller shall deliver
or cause to be delivered such documents to the Trustee as promptly as possible
upon receipt thereof. If the public recording office in which a Mortgage or
interim assignment thereof is recorded retains the original of such Mortgage
or assignment, a copy of the original Mortgage or assignment so retained, with
evidence of recording thereon, certified to be true and complete by such
recording office, shall satisfy a Seller's obligations in Section 2.01. If any
document submitted for recording pursuant to this Agreement is (x) lost prior
to recording or rejected by the applicable recording office, the applicable
Seller shall immediately prepare or cause to be prepared a substitute and
submit it for recording, and shall deliver copies and originals thereof in
accordance with the foregoing or (y) lost after recording, the applicable
Seller shall deliver to the Trustee a copy of such document certified by the
applicable public recording office to be a true and complete copy of the
original recorded document. Each Seller shall promptly forward or cause to be
forwarded to the Trustee (x) from time to time additional original documents
evidencing an assumption or modification of a Mortgage Loan and (y) any other
documents required to be delivered by the Depositor or the Master Servicer to
the Trustee within the time periods specified in this Section 2.01.

            With respect to each Mortgage Loan other than a MERS Mortgage Loan
as to which the related Mortgaged Property and Mortgage File are located in
(a) the State of California or (b) any other jurisdiction under the laws of
which the recordation of the assignment specified

                                      62
<PAGE>

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

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

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

            Notwithstanding anything to the contrary in this Agreement, within
thirty days after the Closing Date (in the case of Initial Mortgage Loans) or
within twenty days after the related Subsequent Transfer Date (in the case of
Subsequent Mortgage Loans), CHL (on behalf of each Seller) shall either (i)
deliver to the Trustee the Mortgage File as required pursuant to this

                                      63
<PAGE>

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

            Section 2.02 Acceptance by Trustee of the Mortgage Loans.

            (a) The Trustee acknowledges receipt, subject to the limitations
contained in and any exceptions noted in the Initial Certification in the form
annexed hereto as Exhibit G-1 and in the list of exceptions attached thereto,
of the documents referred to in clauses (i) and (iii) of Section 2.01(g) above
with respect to the Initial Mortgage Loans and all other assets included in
the Trust Fund and declares that it holds and will hold such documents and the
other documents delivered to it constituting the Mortgage Files, and that it
holds or will hold such other assets included in the Trust Fund, in trust for
the exclusive use and benefit of all present and future Certificateholders and
the Class 1-AF-5 Insurer.

            The Trustee agrees to execute and deliver on the Closing Date to
the Depositor, the Master Servicer and CHL (on behalf of each Seller) an
Initial Certification substantially in the form annexed hereto as Exhibit G-1
to the effect that, as to each Initial Mortgage Loan listed in the Mortgage
Loan Schedule (other than any Initial Mortgage Loan paid in full or any
Initial Mortgage Loan specifically identified in such certification as not
covered by such certification), the documents described in Section 2.01(g)(i)
and, in the case of each Initial Mortgage Loan that is not a MERS Mortgage
Loan, the documents described in Section 2.01(g)(iii) with respect to such
Initial Mortgage Loans as are in the Trustee's possession and based on its
review and examination and only as to the foregoing documents, such documents
appear regular on their face and relate to such Initial Mortgage Loan. The
Trustee agrees to execute and deliver within 30 days after the Closing Date to
the Depositor, the Master Servicer and CHL (on behalf of each Seller) an
Interim Certification substantially in the form annexed hereto as Exhibit G-2
to the effect that, as to each Initial Mortgage Loan listed in the Mortgage
Loan Schedule (other than any Initial Mortgage Loan paid in full or any
Initial Mortgage Loan specifically identified in such certification as not
covered by such certification) all documents required to be delivered to the
Trustee pursuant to the Agreement with respect to such Initial Mortgage Loans
are in its possession (except those documents described in Section
2.01(g)(vi)) and based on its review and examination and only as to the
foregoing documents, (i) such documents appear regular on

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<PAGE>

their face and relate to such Initial Mortgage Loan, and (ii) the information
set forth in items (i), (iv), (v), (vi), (viii), (ix) and (xv) of the
definition of the "Mortgage Loan Schedule" accurately reflects information set
forth in the Mortgage File. On or before the thirtieth (30th) day after the
Closing Date (or if such thirtieth day is not a Business Day, the succeeding
Business Day), the Trustee shall deliver to the Depositor, the Master Servicer
and CHL (on behalf of each Seller) a Delay Delivery Certification with respect
to the Initial Mortgage Loans substantially in the form annexed hereto as
Exhibit G-3, with any applicable exceptions noted thereon. The Trustee shall
be under no duty or obligation to inspect, review or examine such documents,
instruments, certificates or other papers to determine that the same are
genuine, enforceable or appropriate for the represented purpose or that they
have actually been recorded in the real estate records or that they are other
than what they purport to be on their face.

            Not later than 180 days after the Closing Date, the Trustee shall
deliver to the Depositor, the Master Servicer and CHL (on behalf of each
Seller), the Class 1-AF-5 Insurer and to any Certificateholder that so
requests, a Final Certification with respect to the Initial Mortgage Loans
substantially in the form annexed hereto as Exhibit H, with any applicable
exceptions noted thereon.

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

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

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

                        (iii) in the case of each Initial Mortgage Loan that
            is not a MERS Mortgage Loan, a duly executed assignment of the
            Mortgage or a

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<PAGE>

            copy thereof with recording information, in either case in the
            form permitted by Section 2.01;

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

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

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

            If, in the course of such review, the Trustee finds any document
or documents constituting a part of such Mortgage File that do not meet the
requirements of clauses (i)-(iv) and (vi) above, the Trustee shall include
such exceptions in such Final Certification (and the Trustee shall state in
such Final Certification whether any Mortgage File does not then include the
original or duplicate original lender's title policy or a printout of the
electronic equivalent and all riders thereto). If the public recording office
in which a Mortgage or assignment thereof is recorded retains the original of
such Mortgage or assignment, a copy of the original Mortgage or assignment so
retained, with evidence of recording thereon, certified to be true and
complete by such recording office, shall be deemed to satisfy the requirements
of clause (ii), (iii) or (iv) above, as applicable. CHL (on its own behalf and
on behalf of Park Monaco and Park Sienna) shall promptly correct or cure such
defect referred to above within 90 days from the date it was so notified of
such defect and, if CHL does not correct or cure such defect within such
period, CHL (on its own behalf and on behalf of Park Monaco and Park Sienna)
shall either (A) if the time to cure such defect expires prior to the end of
the second anniversary of the Closing Date, substitute for the related Initial
Mortgage Loan a Replacement Mortgage Loan, which substitution shall be
accomplished in the manner and subject to the conditions set forth in Section
2.03, or (B) purchase such Initial Mortgage Loan from the Trust Fund within 90
days from the date CHL (on its own behalf and on behalf of Park Monaco and
Park Sienna) was notified of such defect in writing at the Purchase Price of
such Initial Mortgage Loan; provided that any such substitution pursuant to
(A) above or repurchase pursuant to (B) above shall not be effected prior to
the delivery to the Trustee of the Opinion of Counsel required by Section 2.05
hereof and any substitution pursuant to (A) above shall not be effected prior
to the additional delivery to the Trustee of a Request for File Release. No
substitution will be made in any calendar month after the Determination Date
for such month. The Purchase Price for any such Initial Mortgage Loan shall be
deposited by CHL (on its own behalf and on behalf of Park Monaco and Park
Sienna) in the Certificate Account and, upon receipt of such deposit and
Request for File Release with respect thereto, the Trustee shall release the
related Mortgage File to CHL (on its own behalf and on behalf of Park Monaco
and Park Sienna) and shall execute and deliver at CHL's (on its own behalf and
on behalf of Park Monaco and Park Sienna) request such instruments of transfer
or assignment as CHL has prepared, in each case without recourse, as shall be
necessary to vest in CHL (on its own behalf and on behalf of Park Monaco and
Park

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<PAGE>

Sienna), or a designee, the Trustee's interest in any Initial Mortgage Loan
released pursuant hereto. If pursuant to the foregoing provisions CHL (on its
own behalf and on behalf of Park Monaco and Park Sienna) repurchases an
Initial Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer shall
cause MERS to execute and deliver an assignment of the Mortgage in recordable
form to transfer the Mortgage from MERS to CHL (on its own behalf and on
behalf of 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.

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

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

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

            (b) The Trustee agrees to execute and deliver on the Subsequent
Transfer Date to the Depositor, the Master Servicer and CHL (on behalf of each
Seller) an Initial Certification substantially in the form annexed hereto as
Exhibit G-4 to the effect that, as to each Subsequent Mortgage Loan listed in
the Mortgage Loan Schedule (other than any Subsequent Mortgage Loan paid in
full or any Subsequent Mortgage Loan specifically identified in such
certification as not covered by such certification), the documents described
in Section 2.01(g)(i) and, in the case of each Subsequent Mortgage Loan that
is not a MERS Mortgage Loan, the documents described in Section 2.01(g)(iii),
with respect to such Subsequent Mortgage Loan are in its possession, and based
on its review and examination and only as to the foregoing documents, such
documents appear regular on their face and relate to such Subsequent Mortgage
Loan.

            The Trustee agrees to execute and deliver within 30 days after the
Subsequent Transfer Date to the Depositor, the Master Servicer and CHL (on
behalf of each Seller), an Interim Certification substantially in the form
annexed hereto as Exhibit G-2 to the effect that, as to each Subsequent
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Subsequent
Mortgage Loan paid in full or any Subsequent Mortgage Loan specifically
identified in such certification as not covered by such certification), all
documents required to be delivered to it pursuant to this Agreement with
respect to such Subsequent Mortgage Loan are in its possession (except those
described in Section 2.01(g)(vi)) and based on its review and examination and
only as to the foregoing documents, (i) such documents appear regular on their

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<PAGE>

face and relate to such Subsequent Mortgage Loan, and (ii) the information set
forth in items (i), (iv), (v), (vi), (viii), (ix) and (xv) of the definition
of the "Mortgage Loan Schedule" accurately reflects information set forth in
the Mortgage File. On or before the thirtieth (30th) day after the Subsequent
Transfer Date (or if such thirtieth day is not a Business Day, the succeeding
Business Day), the Trustee shall deliver to the Depositor, the Master Servicer
and CHL (on behalf of each Seller) a Delay Delivery Certification with respect
to the Subsequent Mortgage Loans substantially in the form annexed hereto as
Exhibit G-3, with any applicable exceptions noted thereon, together with a
Subsequent Certification substantially in the form annexed hereto as Exhibit
G-4. The Trustee shall be under no duty or obligation to inspect, review or
examine such documents, instruments, certificates or other papers to determine
that the same are genuine, enforceable or appropriate for the represented
purpose or that they have actually been recorded in the real estate records or
that they are other than what they purport to be on their face.

            Not later than 180 days after the Subsequent Transfer Date, the
Trustee shall deliver to the Depositor, the Master Servicer, CHL (on behalf of
each Seller), the Class 1-AF-5 Insurer and to any Certificateholder that so
requests a Final Certification with respect to the Subsequent Mortgage Loans
substantially in the form annexed hereto as Exhibit H, with any applicable
exceptions noted thereon.

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

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

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

                  (iii) in the case of each Subsequent Mortgage Loan that is
      not a MERS Mortgage Loan, a duly executed assignment of the Mortgage or
      a copy thereof with recording information, in either case in the form
      permitted by Section 2.01;

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<PAGE>

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

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

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

            If, in the course of such review, the Trustee finds any document
or documents constituting a part of such Mortgage File that do not meet the
requirements of clauses (i)-(iv) and (vi) above, the Trustee shall include
such exceptions in such Final Certification (and the Trustee shall state in
such Final Certification whether any Mortgage File does not then include the
original or duplicate original lender's title policy or a printout of the
electronic equivalent and all riders thereto). If the public recording office
in which a Mortgage or assignment thereof is recorded retains the original of
such Mortgage or assignment, a copy of the original Mortgage or assignment so
retained, with evidence of recording thereon, certified to be true and
complete by such recording office, shall be deemed to satisfy the requirements
of clause (ii), (iii) or (iv) above, as applicable. CHL shall promptly correct
or cure such defect referred to above within 90 days from the date it was so
notified of such defect and, if CHL does not correct or cure such defect
within such period, CHL shall either (A) if the time to cure such defect
expires prior to the end of the second anniversary of the Closing Date,
substitute for the related Subsequent Mortgage Loan a Replacement Mortgage
Loan, which substitution shall be accomplished in the manner and subject to
the conditions set forth in Section 2.03, or (B) purchase such Subsequent
Mortgage Loan from the Trust Fund within 90 days from the date CHL was
notified of such defect in writing at the Purchase Price of such Subsequent
Mortgage Loan; provided that any such substitution pursuant to (A) above or
repurchase pursuant to (B) above shall not be effected prior to the delivery
to the Trustee of the Opinion of Counsel required by Section 2.05 hereof and
any substitution pursuant to (A) above shall not be effected prior to the
additional delivery to the Trustee of a Request for File Release. No
substitution will be made in any calendar month after the Determination Date
for such month. The Purchase Price for any such Subsequent Mortgage Loan shall
be deposited by CHL in the Certificate Account and, upon receipt of such
deposit and Request for File Release with respect thereto, the Trustee shall
release the related Mortgage File to CHL and shall execute and deliver at
CHL's request such instruments of transfer or assignment as CHL has prepared,
in each case without recourse, as shall be necessary to vest in CHL, or a
designee, the Trustee's interest in any Subsequent Mortgage Loan released
pursuant hereto. If pursuant to the foregoing provisions CHL repurchases a
Subsequent Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer
shall cause MERS to execute and deliver an assignment of the Mortgage in
recordable form to transfer the Mortgage from MERS to CHL and shall cause such
Mortgage to be removed from registration on the MERS(R) System in accordance
with MERS' rules and regulations.

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

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<PAGE>

promptly deliver to the Trustee, upon the execution or receipt thereof, the
originals of such other documents or instruments constituting the Mortgage
File that come into the possession of such Seller from time to time.

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

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

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

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

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

                  (3) The execution and delivery of this Agreement by the
      Master Servicer, the servicing of the Mortgage Loans by the Master
      Servicer under this Agreement, the consummation of any other of the
      transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in the ordinary

                                      70
<PAGE>

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

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

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

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

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

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

                  (1) CHL is duly organized as a New York corporation and is
      validly existing and in good standing under the laws of the State of New
      York and is duly

                                      71
<PAGE>

      authorized and qualified to transact any and all business contemplated
      by this Agreement and each Subsequent Transfer Agreement to be conducted
      by CHL in any state in which a Mortgaged Property is located or is
      otherwise not required under applicable law to effect such qualification
      and, in any event, is in compliance with the doing business laws of any
      such state, to the extent necessary to ensure its ability to enforce
      each Mortgage Loan, to sell the CHL Mortgage Loans in accordance with
      the terms of this Agreement and each Subsequent Transfer Agreement and
      to perform any of its other obligations under this Agreement and each
      Subsequent Transfer Agreement in accordance with the terms hereof and
      thereof.

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

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

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

                                      72
<PAGE>

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

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

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

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

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

                  (10) No Mortgage Loan had a Loan-to-Value Ratio at
      origination in excess of 100.00%.

                  (11) Each Mortgage Loan is secured by a valid and
      enforceable first lien on the related Mortgaged Property subject only to
      (1) the lien of non-delinquent current real property taxes and
      assessments, (2) covenants, conditions and restrictions, rights of way,
      easements and other matters of public record as of the date of recording
      of such Mortgage, such exceptions appearing of record being acceptable
      to mortgage lending institutions generally or specifically reflected in
      the appraisal made in connection with the origination of the related
      Mortgage Loan and (3) other matters to which like properties are
      commonly subject that do not materially interfere with the benefits of
      the security intended to be provided by such Mortgage.

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

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

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<PAGE>

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

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

                  (16) As of the Closing Date in the case of the Initial
      Mortgage Loans and as of the related Subsequent Transfer Date in the
      case of the Subsequent Mortgage Loans, to the best of CHL's knowledge,
      each Mortgaged Property is free of material damage and is in good
      repair.

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

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

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

                  (20) To the best of CHL's knowledge, all of the improvements
      that were included for the purpose of determining the Appraised Value of
      the Mortgaged

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      Property lie wholly within the boundaries and building restriction lines
      of such property, and no improvements on adjoining properties encroach
      upon the Mortgaged Property.

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

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

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

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

                  (25) With respect to each Mortgage constituting a deed of
      trust, a trustee, duly qualified under applicable law to serve as such,
      has been properly designated and currently so serves and is named in
      such Mortgage, and no fees or expenses are or will become payable by the
      Certificateholders to the trustee under the deed of trust, except in
      connection with a trustee's sale after default by the Mortgagor.

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

                  (27) There exist no deficiencies with respect to escrow
      deposits and payments, if such are required, for which customary
      arrangements for repayment thereof

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<PAGE>

      have not been made, and no escrow deposits or payments of other charges
      or payments due the Sellers have been capitalized under the Mortgage or
      the related Mortgage Note.

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

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

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

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

                  (32) No less than approximately the percentage specified in
      the Collateral Schedule of the Initial Mortgage Loans in Loan Group 1
      and Loan Group 2 are secured by single family detached dwellings. No
      more than approximately the percentage specified in the Collateral
      Schedule of the Initial Mortgage Loans in Loan Group 1 and Loan Group 2
      are secured by two- to four-family dwellings. No more than approximately
      the percentage specified in the Collateral Schedule of the Initial
      Mortgage Loans in Loan Group 1 and Loan Group 2 are secured by low-rise
      condominium units. No more than approximately the percentage specified
      in the Collateral Schedule of the Initial Mortgage Loans in Loan Group 1
      and Loan Group 2 are secured by high-rise condominium units. No more
      than approximately the percentage specified in the Collateral Schedule
      of the Initial Mortgage Loans in Loan Group 1 and Loan Group 2 are
      secured by manufactured housing. No more than approximately the
      percentage specified in the Collateral Schedule of the Initial Mortgage
      Loans in Loan Group 1 and Loan Group 2 are secured by PUDs.

                  (33) Each Initial Mortgage Loan in Loan Group 1 and Loan
      Group 2 was originated on or after the date specified in the Collateral
      Schedule.

                  (34) Each Initial Mortgage Loan that is an Adjustable Rate
      Mortgage Loan, other than a Two-Year Hybrid Mortgage Loan, a Three-Year
      Hybrid Mortgage Loan or a Five-Year Hybrid Mortgage Loan, had an initial
      Adjustment Date no later than the applicable date specified on the
      Collateral Schedule; each Initial Mortgage Loan that is a Two-Year
      Hybrid Mortgage Loan had an initial Adjustment Date no later than the
      applicable date specified on the Collateral Schedule; each Initial
      Mortgage Loan that is a Three-Year Hybrid Mortgage Loan had an initial
      Adjustment Date no later than the applicable date specified on the
      Collateral Schedule; and each Initial Mortgage Loan that is a Five-Year
      Hybrid Mortgage Loan had an initial Adjustment Date no later than the
      applicable date specified on the Collateral Schedule.

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<PAGE>

                  (35) Approximately the percentage specified in the
      Collateral Schedule of the Initial Mortgage Loans in Loan Group 1 and
      Loan Group 2 provide for a Prepayment Charge.

                  (36) On the basis of representations made by the Mortgagors
      in their loan applications, no more than approximately the percentage
      specified in the Collateral Schedule of the Initial Mortgage Loans in
      Loan Group 1 and Loan Group 2, respectively, are secured by investor
      properties, and no less than approximately the percentage specified in
      the Collateral Schedule of the Initial Mortgage Loans in Loan Group 1
      and Loan Group 2 respectively, are secured by owner-occupied Mortgaged
      Properties that are primary residences.

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

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

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

                  (40) There is no material monetary default existing under
      any Mortgage or the related Mortgage Note and, to the best of CHL's
      knowledge, there is no material event that, with the passage of time or
      with notice and the expiration of any grace or cure

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<PAGE>

      period, would constitute a default, breach, violation or event of
      acceleration under the Mortgage or the related Mortgage Note; and no
      Seller has waived any default, breach, violation or event of
      acceleration.

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

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

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

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

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

                  (46) Prior to the approval of the Mortgage Loan application,
      an appraisal of the related Mortgaged Property was obtained from a
      qualified appraiser, duly appointed by the originator, who had no
      interest, direct or indirect, in the Mortgaged Property or in any loan
      made on the security thereof, and whose compensation is not affected by
      the approval or disapproval of the Mortgage Loan; such appraisal is in a
      form acceptable to Fannie Mae and Freddie Mac.

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<PAGE>

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

                  (48) The Mortgage Rates borne by the Initial Mortgage Loans
      in Loan Group 1 and Loan Group 2 as of the Cut-off Date ranged between
      the approximate per annum percentages specified on the Collateral
      Schedule and the weighted average Mortgage Rate as of the Cut-off Date
      was approximately the per annum rate specified on the Collateral
      Schedule.

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

                  (50) The Gross Margins on the Initial Mortgage Loans in Loan
      Group 1 and Loan Group 2 range between the approximate percentages
      specified on the Collateral Schedule, and the weighted average Gross
      Margin was approximately the percentage specified in the Collateral
      Schedule.

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

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

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

                  (54) Any leasehold estate securing a Mortgage Loan has a
      term of not less than five years in excess of the term of the related
      Mortgage Loan.

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

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

                  (57) To the extent required under applicable law, each
      originator and subsequent mortgagee or servicer of the Mortgage Loan
      complied with all licensing requirements and was authorized to transact
      and do business in the jurisdiction in which the related Mortgaged
      Property is located at all times when it held or serviced the

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<PAGE>

      Mortgage Loan. Any and all requirements of any federal, state or local
      laws or regulations, including, without limitation, usury,
      truth-in-lending, real estate settlement procedures, consumer credit
      protection, anti-predatory lending, fair credit reporting, unfair
      collection practice, equal credit opportunity, fair housing and
      disclosure laws and regulations, applicable to the solicitation,
      origination, collection and servicing of such Mortgage Loan have been
      complied with in all material respects; and any obligations of the
      holder of the Mortgage Note, Mortgage and other loan documents have been
      complied with in all material respects; servicing of each Mortgage Loan
      has been in accordance with prudent mortgage servicing standards, any
      applicable laws, rules and regulations and in accordance with the terms
      of the Mortgage Notes, Mortgage and other loan documents, whether such
      origination and servicing was done by the applicable Seller, its
      affiliates, or any third party which originated the Mortgage Loan on
      behalf of, or sold the Mortgage Loan to, any of them, or any servicing
      agent of any of the foregoing.

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

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

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

                  (61) The Mortgaged Property complies with all applicable
      laws, rules and regulations relating to environmental matters, including
      but not limited to those relating to radon, asbestos and lead paint and
      no Seller nor, to the best of CHL's knowledge, the Mortgagor, has
      received any notice of any violation or potential violation of such law.

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

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<PAGE>

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

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

                  (65) No Mortgagor has notified CHL or the Master Servicer on
      CHL's behalf, and CHL has no knowledge, of any relief requested or
      allowed to a Mortgagor under the Relief Act or any similar state or
      local law.

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

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

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

                  (69) None of the Mortgage Loans is a "high cost" mortgage
      loan as defined by applicable federal, state and local predatory and
      abusive lending laws.

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

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

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

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<PAGE>

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

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

                  (75) No Mortgage Loan in the Trust Fund is a "high cost
      home," "covered" (excluding home loans defined as "covered home loans"
      in the New Jersey Home Ownership Security Act of 2002 that were
      originated between November 26, 2003 and July 7, 2004), "high risk home"
      or "predatory" loan under any applicable state, federal or local law (or
      a similarly classified loan using different terminology under a law
      imposing heightened regulatory scrutiny or additional legal liability
      for residential mortgage loans having high interest rates, points and/or
      fees).

                  (76) There is no Mortgage Loan in the Trust Fund that was
      originated on or after October 1, 2002 and before March 7, 2003, which
      is secured by property located in the State of Georgia.

                  (77) [Reserved.]

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

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

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

                  (2) Park Monaco has the full company power and authority to
      sell each Park Monaco Mortgage Loan, and to execute, deliver and
      perform, and to enter into

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<PAGE>

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

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

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

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

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<PAGE>

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

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

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

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

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

                  (3) The execution and delivery of this Agreement and each
      Subsequent Transfer Agreement by Park Sienna, the sale of the Park
      Sienna Mortgage Loans by Park Sienna under this Agreement and each
      Subsequent Transfer Agreement, the consummation of any other of the
      transactions contemplated by this Agreement and each Subsequent Transfer
      Agreement and the fulfillment of or compliance with the terms hereof are
      in the ordinary course of business of Park Sienna and will not (A)
      result in a material breach of any term or provision of the certificate
      of formation or limited liability

                                      84
<PAGE>

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

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

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

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

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

            (e) Upon discovery by any of the parties hereto of a breach of a
representation or warranty set forth in Section 2.03(a) through (d) that
materially and adversely affects the interests of the Certificateholders or
the Class 1-AF-5 Insurer in any Mortgage Loan, the party discovering such
breach shall give prompt notice thereof to the other parties, the NIM Insurer,
the Class 1-AF-5 Insurer and the Swap Counterparty. Each of the Master
Servicer and the Sellers (each, a "Representing Party") hereby covenants with
respect to the representations and warranties set forth in Sections 2.03(a)
through (d) that within 90 days of the earlier of the discovery by such
Representing Party or receipt of written notice by such Representing Party
from any party of a breach of any representation or warranty set forth herein
made that materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan or the Class 1-AF-5 Insurer, it shall
cure such breach in all material respects and, if such breach is not so cured,
shall, (i) if such 90-day period expires prior to the second anniversary of
the Closing Date, remove such Mortgage Loan (a "Deleted Mortgage Loan") from
the Trust Fund and substitute in

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

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

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representations and warranties set forth in Section 2.03(b), (c) or (d) with
respect to such Mortgage Loan. Upon any such substitution and the deposit to
the Certificate Account of the amount required to be deposited therein in
connection with such substitution as described in the following paragraph, the
Trustee shall release to the Representing Party the Mortgage File relating to
such Deleted Mortgage Loan and held for the benefit of the Certificateholders
and shall execute and deliver at the Master Servicer's direction such
instruments of transfer or assignment as have been prepared by the Master
Servicer, in each case without recourse, as shall be necessary to vest in the
applicable Seller, or its respective designee, title to the Trustee's interest
in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

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

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

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

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            Section 2.04 Representations and Warranties of the Depositor.

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

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

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

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

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

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<PAGE>

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

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

            It is understood and agreed that the representations and
warranties set forth in the two immediately preceding paragraphs shall survive
delivery of the Mortgage Files to the Trustee. Upon discovery by the Depositor
or the Trustee, of a breach of any of the foregoing representations and
warranties set forth in the immediately preceding paragraph (referred to
herein as a "breach"), which breach materially and adversely affects the
interest of the Certificateholders, the party discovering such breach shall
give prompt written notice to the others and to each Rating Agency, the NIM
Insurer, the Class 1-AF-5 Insurer and the Swap Counterparty. The Depositor
hereby covenants with respect to the representations and warranties made by it
in this Section 2.04 that within 90 days of the earlier of the discovery by it
or receipt of written notice by it from any party of a breach of any
representation or warranty set forth herein made that materially and adversely
affects the interests of the Certificateholders or the Class 1-AF-5 Insurer in
any Mortgage Loan, it shall cure such breach in all material respects and, if
such breach is not so cured, shall repurchase or replace the affected Mortgage
Loan or Loans in accordance with the procedure set forth in Section 2.03(e).

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

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

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

            Section 2.06 Authentication and Delivery of Certificates.

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

            Section 2.07 Covenants of the Master Servicer.

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

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

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

                                 ARTICLE III.
                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

            Section 3.01 Master Servicer to Service Mortgage Loans.

            For and on behalf of the Certificateholders, the Master Servicer
shall service and administer the Mortgage Loans in accordance with customary
and usual standards of practice of prudent mortgage loan lenders in the
respective states in which the Mortgaged Properties are located, including
taking all required and appropriate actions under each Required Insurance
Policy. In connection with such servicing and administration, the Master
Servicer shall have full power and authority, acting alone and/or through
subservicers as provided in Section 3.02 hereof,

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subject to the terms hereof (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages (but only
in the manner provided in this Agreement), (iii) to collect any Insurance
Proceeds, other Liquidation Proceeds and Subsequent Recoveries, and (iv)
subject to Section 3.12(b), to effectuate foreclosure or other conversion of
the ownership of the Mortgaged Property securing any Mortgage Loan; provided
that the Master Servicer shall take no action that is inconsistent with or
prejudices the interests of the Trustee or the Certificateholders in any
Mortgage Loan or the rights and interests of the Depositor and the Trustee
under this Agreement. The Master Servicer shall represent and protect the
interest of the Trustee in the same manner as it currently protects its own
interest in mortgage loans in its own portfolio in any claim, proceeding or
litigation regarding a Mortgage Loan and shall not make or permit any
modification, waiver or amendment of any term of any Mortgage Loan which would
(i) cause any REMIC formed hereunder to fail to qualify as a REMIC or (ii)
result in the imposition of any tax under section 860(a) or 860(d) of the
Code, but in any case the Master Servicer shall not act in any manner that is
a lesser standard than that provided in the first sentence of this Section
3.01. Without limiting the generality of the foregoing, the Master Servicer,
in its own name or in the name of the Depositor and the Trustee, is hereby
authorized and empowered by the Depositor and the Trustee, when the Master
Servicer believes it appropriate in its reasonable judgment, to execute and
deliver, on behalf of the Trustee, the Depositor, the Certificateholders or
any of them, any and all instruments of satisfaction or cancellation, or of
partial or full release or discharge and all other comparable instruments,
with respect to the Mortgage Loans, and with respect to the Mortgaged
Properties held for the benefit of the Certificateholders. The Master Servicer
shall prepare and deliver to the Depositor and/or the Trustee such documents
requiring execution and delivery by any or all of them as are necessary or
appropriate to enable the Master Servicer to service and administer the
Mortgage Loans. Upon receipt of such documents, the Depositor and/or the
Trustee shall execute such documents and deliver them to the Master Servicer.
The Master Servicer further is authorized and empowered by the Trustee, on
behalf of the Certificateholders and the Trustee, in its own name or in the
name of the Subservicer, when the Master Servicer or the Subservicer, as the
case may be, believes it appropriate in its best judgment to register any
Mortgage Loan on the MERS(R) System, or cause the removal from the
registration of any Mortgage Loan on the MERS(R) System, to execute and
deliver, on behalf of the Trustee and the Certificateholders or any of them,
any and all instruments of assignment and other comparable instruments with
respect to such assignment or re-recording of a Mortgage in the name of MERS,
solely as nominee for the Trustee and its successors and assigns.

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

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

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

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

            (a) The Master Servicer may arrange for the subservicing of any
Mortgage Loan by a subservicer (each, a "Subservicer") pursuant to a
subservicing agreement (each, a "Subservicing Agreement"); provided that (i)
such subservicing arrangement and the terms of the related subservicing
agreement must provide for the servicing of such Mortgage Loans in a manner
consistent with the servicing arrangements contemplated hereunder, (ii) that
such subservicing agreements would not result in a withdrawal or a downgrading
by any Rating Agency of the ratings on any Class of Certificates (without
regard to the Class 1-AF-5 Policy in the case of the Class 1-AF-5
Certificates), as evidenced by a letter to that effect delivered by each
Rating Agency to the Depositor and the NIM Insurer and (iii) the NIM Insurer
shall have consented to such subservicing agreements (which consent shall not
be unreasonably withheld) with Subservicers, for the servicing and
administration of the Mortgage Loans. The Master Servicer shall deliver to the
Trustee copies of all Sub-Servicing Agreements, and any amendments or
modifications thereof, promptly upon the Master Servicer's execution and
delivery of such instruments. The Master Servicer, with the written consent of
the NIM Insurer (which consent shall not be unreasonably withheld), shall be
entitled to terminate any Subservicing Agreement and the rights and
obligations of any Subservicer pursuant to any Subservicing Agreement in
accordance with the terms and conditions of such Subservicing Agreement.
Notwithstanding the provisions of any subservicing agreement, any of the
provisions of this Agreement relating to agreements or arrangements between
the Master Servicer or a subservicer or reference to actions taken through a
Master Servicer or otherwise, the Master Servicer shall remain obligated and
liable to the Depositor, the Trustee and the Certificateholders for the
servicing and administration of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or
liability by virtue of such subservicing agreements or arrangements or by
virtue of indemnification from the subservicer and to the same extent and
under the same terms and conditions as if the Master Servicer alone were
servicing and administering the Mortgage Loans. Every subservicing agreement
entered into by the Master Servicer shall contain a provision giving the
successor Master Servicer the option to terminate such agreement without cost
in the event a successor Master Servicer is appointed. All actions of each
subservicer performed pursuant to the related

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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 Sellers, the
                         Certificateholders, the NIM Insurer, the Class 1-AF-5
                         Insurer and the Trustee in Respect of the Master
                         Servicer.

            None of the Trustee, the Sellers, the Certificateholders, the NIM
Insurer, the Class 1-AF-5 Insurer or the Depositor shall have any
responsibility or liability for any action or failure to act by the Master
Servicer, and none of them is obligated to supervise the performance of the
Master Servicer hereunder or otherwise. The Master Servicer shall afford (and
any Subservicing Agreement shall provide that each Subservicer shall afford)
the Depositor, the Class 1-AF-5 Insurer, the NIM Insurer and the Trustee, upon
reasonable notice, during normal business hours, access to all records
maintained by the Master Servicer (and any such Subservicer) in respect of the
Master Servicer's rights and obligations hereunder and access to officers of
the Master Servicer (and those of any such Subservicer) responsible for such
obligations. Upon request, the Master Servicer shall furnish to the Depositor,
the Class 1-AF-5 Insurer, the NIM Insurer and the Trustee its (and any such
Subservicer's) most recent financial statements and such other information
relating to the Master Servicer's capacity to perform its obligations under
this Agreement that it possesses. To the extent such information is not
otherwise available to the public, the Depositor, the NIM Insurer, the Class
1-AF-5 Insurer and the Trustee shall not disseminate any information obtained
pursuant to the preceding two sentences without the Masters Servicer's (or any
such Subservicer's) written consent, except as required pursuant to this
Agreement or to the extent that it is necessary to do so (i) in working with
legal counsel, auditors, taxing authorities or other governmental agencies,
rating agencies or reinsurers or (ii) pursuant to any law, rule, regulation,
order, judgment, writ, injunction or decree of any court or governmental
authority having jurisdiction over the Depositor, the Trustee, the Class
1-AF-5 Insurer, the NIM Insurer or the Trust Fund, and in either case, the
Depositor, the NIM Insurer, the Class 1-AF-5 Insurer or the Trustee, as the
case may be, shall use its reasonable best efforts to assure the
confidentiality of any such disseminated non-public information. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer
under this Agreement and may, but is not obligated to, perform, or cause a
designee to perform, any defaulted obligation of the Master Servicer under
this Agreement or exercise the rights of the Master Servicer under this
Agreement; provided by virtue of such performance by the Depositor of its
designee. The Depositor shall not have any responsibility or liability for any
action or failure to act by the Master Servicer and is not obligated to
supervise the performance of the Master Servicer under this Agreement or
otherwise.

            Section 3.04 Trustee to Act as Master Servicer.

            In the event that the Master Servicer shall for any reason no
longer be the Master Servicer hereunder (including by reason of an Event of
Default), the Trustee or its designee shall

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thereupon assume all of the rights and obligations of the Master Servicer
hereunder arising thereafter (except that the Trustee shall not be (i) liable
for losses of the Master Servicer pursuant to Section 3.10 hereof or any acts
or omissions of the predecessor Master Servicer hereunder, (ii) obligated to
make Advances if it is prohibited from doing so by applicable law, (iii)
obligated to effectuate repurchases or substitutions of Mortgage Loans
hereunder, including pursuant to Section 2.02 or 2.03 hereof, (iv) responsible
for expenses of the Master Servicer pursuant to Section 2.03 or (v) deemed to
have made any representations and warranties hereunder, including pursuant to
Section 2.03 or the first paragraph of Section 6.02 hereof). If the Master
Servicer shall for any reason no longer be the Master Servicer (including by
reason of any Event of Default), the Trustee (or any other successor servicer)
may, at its option, succeed to any rights and obligations of the Master
Servicer under any subservicing agreement in accordance with the terms
thereof; provided that the Trustee (or any other successor servicer) shall not
incur any liability or have any obligations in its capacity as servicer under
a subservicing agreement arising prior to the date of such succession unless
it expressly elects to succeed to the rights and obligations of the Master
Servicer thereunder; and the Master Servicer shall not thereby be relieved of
any liability or obligations under the subservicing agreement arising prior to
the date of such succession.

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

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

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

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Mortgage or other instrument pursuant to which such payment is required is
prohibited by applicable law.

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

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

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

                  (3) all Insurance Proceeds;

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

                  (5) all Compensating Interest;

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

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

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

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

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

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

            The foregoing requirements for remittance by the Master Servicer
into the Certificate Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the
nature of late payment charges or assumption fees, if collected, need not be
remitted by the Master Servicer. In the event that the Master Servicer shall
remit any amount not required to be remitted and not otherwise subject to
withdrawal pursuant to Section 3.08 hereof, it may at any time withdraw or
direct the institution maintaining

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the Certificate Account, to withdraw such amount from the Certificate Account,
any provision herein to the contrary notwithstanding. Such withdrawal or
direction may be accomplished by delivering written notice thereof to the
institution maintaining the Certificate Account, that describes the amounts
deposited in error in the Certificate Account. The Master Servicer shall
maintain adequate records with respect to all withdrawals made pursuant to
this Section. All funds deposited in the Certificate Account shall be held in
trust for the Certificateholders until withdrawn in accordance with Section
3.08.

            No later than 1:00 p.m. Pacific time on the Business Day prior to
the Master Servicer Advance Date in each of January, February and March 2006,
CHL shall remit to the Master Servicer, and the Master Servicer shall deposit
in the Certificate Account, the Seller Shortfall Interest Requirement (if any)
for such Master Servicer Advance Date.

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

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

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

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

            (d) If the Pre-Funded Amount is greater than zero, the Trustee
shall establish and maintain, on behalf of the Certificateholders, the
Pre-Funding Account, and on the Closing Date, CHL shall remit the Pre-Funded
Amount to the Trustee for deposit in the Pre-Funding Account.

            On the Business Day before the Distribution Date following the end
of the Funding Period, the Trustee shall (i) withdraw the amount on deposit in
the Pre-Funding Account (net of investment income), (ii) promptly deposit such
amount in the Distribution Account, and (iii) distribute each amount to the
Certificates on the Distribution Date pursuant to Section 4.04.

            (e) Each institution that maintains the Certificate Account, the
Distribution Account or the Pre-Funding Account shall invest the funds in each
such account, as directed by

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the Master Servicer, in Permitted Investments, which shall mature not later
than (x) in the case of the Certificate Account, the second Business Day next
preceding the related Distribution Account Deposit Date (except that if such
Permitted Investment is an obligation of the institution that maintains such
Certificate Account, then such Permitted Investment shall mature not later
than the Business Day next preceding such Distribution Account Deposit Date)
and (y) in the case of the Distribution Account and the Pre-Funding Account,
the Business Day immediately preceding the first Distribution Date that
follows the date of such investment (except that if such Permitted Investment
is an obligation of the institution that maintains such Distribution Account
or Pre-Funding Account, then such Permitted Investment shall mature not later
than such Distribution Date), in each case, shall not be sold or disposed of
prior to its maturity. All such Permitted Investments shall be made in the
name of the Trustee, for the benefit of the Certificateholders. In the case of
(i) the Certificate Account and the Distribution Account, all income and gain
net of any losses realized from any such investment shall be for the benefit
of the Master Servicer as servicing compensation and shall be remitted to it
monthly as provided herein and (ii) the Pre-Funding Account, all income and
gain net of any losses realized from any such investment shall be for the
benefit of the Depositor and shall be remitted to the Depositor as provided
herein. The amount of any losses incurred in the Certificate Account or the
Distribution Account in respect of any such investments shall be deposited by
the Master Servicer in the Certificate Account or paid to the Trustee for
deposit into the Distribution Account out of the Master Servicer's own funds
immediately as realized. The amount of any losses incurred in the Pre-Funding
Account in respect of any such investments shall be paid by the Master
Servicer to the Trustee for deposit into the Pre-Funding Account out of the
Master Servicer's own funds immediately as realized. The Trustee shall not be
liable for the amount of any loss incurred in respect of any investment or
lack of investment of funds held in the Certificate Account, the Distribution
Account or the Pre-Funding Account and made in accordance with this Section
3.05.

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

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

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

            To the extent required by the related Mortgage Note, the Master
Servicer shall establish and maintain one or more accounts (each, an "Escrow
Account") and deposit and retain therein all collections from the Mortgagors
(or advances by the Master Servicer) for the payment of taxes, assessments,
hazard insurance premiums or comparable items for the account of the

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Mortgagors. Nothing herein shall require the Master Servicer to compel a
Mortgagor to establish an Escrow Account in violation of applicable law.

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

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

            The Master Servicer shall afford the Depositor, the NIM Insurer,
the Class 1-AF-5 Insurer and the Trustee reasonable access to all records and
documentation regarding the Mortgage Loans and all accounts, insurance
policies and other matters relating to this Agreement, such access being
afforded without charge, but only upon reasonable request and during normal
business hours at the offices of the Master Servicer designated by it. Upon
request, the Master Servicer shall furnish to the Trustee and the NIM Insurer
its most recent publicly available financial statements and any other
information relating to its capacity to perform its obligations under this
Agreement reasonably requested by the NIM Insurer.

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

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

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

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

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            servicing compensation to the Master Servicer, those other amounts
            set forth in Section 3.15;

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

                        (iii) [Reserved];

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

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

                        (vi) to pay the Master Servicer any unpaid Servicing
            Fees and to reimburse it for any unreimbursed Servicing Advances,
            the Master Servicer's right to reimbursement of Servicing Advances
            pursuant to this subclause (vi) with respect to any Mortgage Loan
            being limited to amounts received on particular Mortgage Loan(s)
            (including, for this purpose, Liquidation Proceeds, Insurance
            Proceeds and Subsequent Recoveries and purchase and repurchase
            proceeds) that represent late recoveries of the payments for which
            such advances were made pursuant to Section 3.01 or Section 3.06;

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

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

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

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

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

            In addition, no later than 1:00 p.m. Pacific time on the
Distribution Account Deposit Date, the Master Servicer shall withdraw from the
Certificate Account and remit to the Trustee the Interest Remittance Amount
and Principal Remittance Amount for each Loan Group, and the Trustee shall
deposit such amount in the Distribution Account.

            The Trustee shall establish and maintain, on behalf of the
Certificateholders, a Principal Reserve Fund in the name of the Trustee. On
the Closing Date, CHL shall deposit into the Principal Reserve Fund $200.00.
Funds on deposit in the Principal Reserve Fund shall not be invested. The
Principal Reserve Fund shall be treated as an "outside reserve fund" under
applicable Treasury regulations and shall not be part of any REMIC created
under this Agreement.

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

            On the Business Day before the Class P 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 P
Certificates on the Class P Principal Distribution Date. Following the
distributions to be made in accordance with the preceding sentence, the
Trustee shall then terminate the Principal Reserve Fund.

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

            (b) The Trustee shall withdraw funds from the Distribution Account
for distribution to the Certificateholders and the Class 1-AF-5 Insurer and
remittance to the Swap Account in the manner specified in this Agreement (and
to withhold from the amounts so withdrawn, the amount of any taxes that it is
authorized to retain pursuant to the penultimate paragraph of Section 8.11).
In addition, the Trustee may from time to time make withdrawals from the
Distribution Account for the following purposes:

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

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

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

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

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

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

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

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

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

            Section 3.09 [Reserved].

            Section 3.10 Maintenance of Hazard Insurance.

            The Master Servicer shall cause to be maintained, for each
Mortgage Loan, hazard insurance with extended coverage in an amount that is at
least equal to the lesser of (i) the maximum insurable value of the
improvements securing such Mortgage Loan and (ii) the greater of (a) the
outstanding principal balance of the Mortgage Loan and (b) an amount such that
the proceeds of such policy shall be sufficient to prevent the related
Mortgagor and/or mortgagee from becoming a co-insurer. Each such policy of
standard hazard insurance shall contain, or have an accompanying endorsement
that contains, a standard mortgagee clause. The Master Servicer shall also
cause flood insurance to be maintained on property acquired upon foreclosure

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

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

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

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with the prior approval of the insurers under any Required Insurance Policies
to enter into a substitution of liability agreement with such Person, pursuant
to which the original Mortgagor is released from liability and such Person is
substituted as Mortgagor and becomes liable under the Mortgage Note. The
Master Servicer shall notify the Trustee that any such substitution,
modification or assumption agreement has been completed by forwarding to the
Trustee the executed original of such substitution or assumption agreement,
which document shall be added to the related Mortgage File and shall, for all
purposes, be considered a part of such Mortgage File to the same extent as all
other documents and instruments constituting a part thereof.

            (b) Subject to the Master Servicer's duty to enforce any
due-on-sale clause to the extent set forth in Section 3.11(a) hereof, in any
case in which a Mortgaged Property has been conveyed to a Person by a
Mortgagor, and such Person is to enter into an assumption agreement or
modification agreement or supplement to the Mortgage Note or Mortgage that
requires the signature of the Trustee, or if an instrument of release signed
by the Trustee is required releasing the Mortgagor from liability on the
Mortgage Loan, the Master Servicer shall prepare and deliver or cause to be
prepared and delivered to the Trustee for signature and shall direct, in
writing, the Trustee to execute the assumption agreement with the Person to
whom the Mortgaged Property is to be conveyed and such modification agreement
or supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or
Mortgage or otherwise to comply with any applicable laws regarding assumptions
or the transfer of the Mortgaged Property to such Person. In connection with
any such assumption, no material term of the Mortgage Note (including, but not
limited to, the Mortgage Rate, the amount of the Scheduled Payment, the
Maximum Mortgage Rate, the Minimum Mortgage Rate, the Gross Margin, the
Initial Periodic Rate Cap, the Subsequent Periodic Rate Cap, the Adjustment
Date and any other term affecting the amount or timing of payment on the
Mortgage Loan) may be changed. In addition, the substitute Mortgagor and the
Mortgaged Property must be acceptable to the Master Servicer in accordance
with its underwriting standards as then in effect. The Master Servicer shall
notify the Trustee that any such substitution or assumption agreement has been
completed by forwarding to the Trustee the original of such substitution or
assumption agreement, which in the case of the original shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of
such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. Any fee collected by the Master Servicer for
entering into an assumption or substitution of liability agreement will be
retained by the Master Servicer as additional servicing compensation.

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

            (a) The Master Servicer may agree to a modification of any
Mortgage Loan (the "Modified Mortgage Loan") if (i) CHL purchases the Modified
Mortgage Loan from the Trust Fund immediately following the modification as
described below and (ii) the Stated Principal Balance of such Mortgage Loan,
when taken together with the aggregate of the Stated Principal Balances of all
other Mortgage Loans in the same Loan Group that have been so modified since
the Closing Date at the time of those modifications, does not exceed an amount
equal to 5% of the aggregate Certificate Principal Balance of the related
Certificates. Effective

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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 CHL 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 CHL. 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. CHL shall remit the Purchase Price to the Master Servicer for deposit
into the Certificate Account pursuant to Section 3.05 within one Business Day
after the purchase of the Modified Mortgage Loan. Upon receipt by the Trustee
of written notification of any such deposit signed by a Servicing Officer, the
Trustee shall release to CHL or its designee 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 CHL any Modified
Mortgage Loan previously transferred and assigned pursuant hereto. CHL
covenants and agrees to indemnify the Trust Fund against any liability for any
"prohibited transaction" taxes and any related interest, additions, and
penalties imposed on the Trust Fund established hereunder as a result of any
modification of a Mortgage Loan effected pursuant to this subsection (a), any
holding of a Modified Mortgage Loan by the Trust Fund or any purchase of a
Modified Mortgage Loan by CHL (but such obligation shall not prevent CHL or
any other appropriate Person from in good faith contesting any such tax in
appropriate proceedings and shall not prevent the CHL from withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings).
CHL 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 CHL. If the Master Servicer agrees to a modification of any
Mortgage Loan pursuant to this Section 3.12(a), and if such Mortgage Loan
carries a Prepayment Charge provision, CHL shall deliver to the Trustee the
amount of the Prepayment Charge, if any, that would have been due had such
Mortgage Loan been prepaid at the time of such modification, for deposit into
the Certificate Account (not later than 1:00 p.m. Pacific time on the Master
Servicer Advance Date immediately succeeding the date of such modification)
for distribution in accordance with the terms of this Agreement.

            (b) The Master Servicer shall use reasonable efforts to foreclose
upon or otherwise comparably convert the ownership of properties securing such
of the Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments.
In connection with such foreclosure or other conversion, the Master Servicer
shall follow such practices and procedures as it shall deem necessary or
advisable and as shall be normal and usual in its general mortgage servicing
activities and the requirements of the insurer under any Required Insurance
Policy; provided that the Master Servicer shall not be required to expend its
own funds in connection with any foreclosure or towards the restoration of any
property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan
after reimbursement to itself of such expenses and (ii) that such expenses
will be recoverable to it through Liquidation Proceeds (respecting which it
shall have priority for purposes of withdrawals from the Certificate Account
pursuant to Section 3.08 hereof). The Master Servicer shall be responsible for
all other costs and expenses incurred by it in any such proceedings; provided
that it shall be entitled to reimbursement thereof from the proceeds of
liquidation of the related Mortgaged Property and

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any related Subsequent Recoveries, as contemplated in Section 3.08 hereof. If
the Master Servicer has knowledge that a Mortgaged Property that the Master
Servicer is contemplating acquiring in foreclosure or by deed-in-lieu of
foreclosure is located within a one-mile radius of any site with environmental
or hazardous waste risks known to the Master Servicer, the Master Servicer
will, prior to acquiring the Mortgaged Property, consider such risks and only
take action in accordance with its established environmental review
procedures.

            With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee for the benefit of the
Certificateholders (or the Trustee's nominee on behalf of the
Certificateholders). The Trustee's name shall be placed on the title to such
REO Property solely as the Trustee hereunder and not in its individual
capacity. The Master Servicer shall ensure that the title to such REO Property
references this Agreement and the Trustee's capacity thereunder. Pursuant to
its efforts to sell such REO Property, the Master Servicer shall either itself
or through an agent selected by the Master Servicer protect and conserve such
REO Property in the same manner and to such extent as is customary in the
locality where such REO Property is located and may, incident to its
conservation and protection of the interests of the Certificateholders, rent
the same, or any part thereof, as the Master Servicer deems to be in the best
interest of the Master Servicer and the Certificateholders for the period
prior to the sale of such REO Property. The Master Servicer shall prepare for
and deliver to the Trustee a statement with respect to each REO Property that
has been rented showing the aggregate rental income received and all expenses
incurred in connection with the management and maintenance of such REO
Property at such times as is necessary to enable the Trustee to comply with
the reporting requirements of the REMIC Provisions. The net monthly rental
income, if any, from such REO Property shall be deposited in the Certificate
Account no later than the close of business on each Determination Date. The
Master Servicer shall perform the tax reporting and withholding related to
foreclosures, abandonments and cancellation of indebtedness income as
specified by Sections 1445, 6050J and 6050P of the Code by preparing and
filing such tax and information returns, as may be required.

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

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Trust Fund to the imposition of any federal, state or local income taxes on
the income earned from such Mortgaged Property under section 860G(c) of the
Code or otherwise, unless the Master Servicer has agreed to indemnify and hold
harmless the Trust Fund with respect to the imposition of any such taxes.

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

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

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

            (c) [Reserved].

            (d) The Master Servicer, in its sole discretion, shall have the
right to elect (by written notice sent to the Trustee) to purchase for its own
account from the Trust Fund any Mortgage Loan that is 150 days or more
delinquent at a price equal to the Purchase Price; provided, however, that the
Master Servicer may only exercise this right on or before the last day of the
calendar month in which such Mortgage Loan became 150 days delinquent (such
month, the "Eligible Repurchase Month"); provided further, that any such
Mortgage Loan which becomes current but thereafter becomes delinquent may be
purchased by the Master Servicer pursuant to this Section in any ensuing
Eligible Repurchase Month. The Purchase Price for any

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Mortgage Loan purchased hereunder shall be deposited in the Certificate
Account. Any purchase of a Mortgage Loan pursuant to this Section 3.12(d)
shall be accomplished by remittance to the Master Servicer for deposit in the
Certificate Account of the Purchase Price. The Trustee, upon receipt of
certification from the Master Servicer of such deposit and a Request for File
Release from the Master Servicer, shall release or cause to be released to the
purchaser of such Mortgage Loan the related Mortgage File and shall execute
and deliver such instruments of transfer or assignment prepared by the
purchaser of such Mortgage Loan, in each case without recourse, as shall be
necessary to vest in the purchaser of such Mortgage Loan any Mortgage Loan
released pursuant hereto and the purchaser of such Mortgage Loan shall succeed
to all the Trustee's right, title and interest in and to such Mortgage Loan
and all security and documents related thereto. Such assignment shall be an
assignment outright and not for security. The purchaser of such Mortgage Loan
shall thereupon own such Mortgage Loan, and all security and documents, free
of any further obligation to the Trustee or the Certificateholders with
respect thereto.

            Section 3.13 Trustee to Cooperate; Release of Mortgage Files.

            Upon the payment in full of any Mortgage Loan, or the receipt by
the Master Servicer of a notification that payment in full will be escrowed in
a manner customary for such purposes, the Master Servicer will promptly notify
the Trustee by delivering a Request for File Release. Upon receipt of such
request, the Trustee shall promptly release the related Mortgage File to the
Master Servicer, and the Trustee shall at the Master Servicer's direction
execute and deliver to the Master Servicer the request for reconveyance, deed
of reconveyance or release or satisfaction of mortgage or such instrument
releasing the lien of the Mortgage in each case provided by the Master
Servicer, together with the Mortgage Note with written evidence of
cancellation thereon. The Master Servicer is authorized to cause the removal
from the registration on the MERS(R) System of such Mortgage and to execute
and deliver, on behalf of the Trust Fund and the Certificateholders or any of
them, any and all instruments of satisfaction or cancellation or of partial or
full release. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Certificate
Account, the Distribution Account, the Carryover Reserve Fund or the related
subservicing account. From time to time and as shall be appropriate for the
servicing or foreclosure of any Mortgage Loan, including for such purpose,
collection under any policy of flood insurance any fidelity bond or errors or
omissions policy, or for the purposes of effecting a partial release of any
Mortgaged Property from the lien of the Mortgage or the making of any
corrections to the Mortgage Note or the Mortgage or any of the other documents
included in the Mortgage File, the Trustee shall, upon delivery to the Trustee
of a Request for Document Release or a Request for File Release, as
applicable, release the documents specified in such request or the Mortgage
File, as the case may be, to the Master Servicer. Subject to the further
limitations set forth below, the Master Servicer shall cause the Mortgage File
or documents so released to be returned to the Trustee when the need therefor
by the Master Servicer no longer exists, unless the Mortgage Loan is
liquidated and the proceeds thereof are deposited in the Certificate Account,
in which case the Master Servicer shall deliver to the Trustee a Request for
File Release for any remaining documents in the Mortgage File not in the
possession of the Master Servicer.

            If the Master Servicer at any time seeks to initiate a foreclosure
proceeding in respect of any Mortgaged Property as authorized by this
Agreement, the Master Servicer shall

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

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

            Notwithstanding any other provisions of this Agreement, the Master
Servicer shall transmit to the Trustee as required by this Agreement all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the Master Servicer from time to time and shall account fully to
the Trustee for any funds received by the Master Servicer or that otherwise
are collected by the Master Servicer as Liquidation Proceeds, Insurance
Proceeds or Subsequent Recoveries in respect of any Mortgage Loan. All
Mortgage Files and funds collected or held by, or under the control of, the
Master Servicer in respect of any Mortgage Loans, whether from the collection
of principal and interest payments or from Liquidation Proceeds or Subsequent
Recoveries including but not limited to, any funds on deposit in the
Certificate Account, shall be held by the Master Servicer for and on behalf of
the Trust Fund and shall be and remain the sole and exclusive property of the
Trust Fund, subject to the applicable provisions of this Agreement. The Master
Servicer also agrees that it shall not create, incur or subject any Mortgage
File or any funds that are deposited in the Certificate Account, the
Distribution Account, the Carryover Reserve Fund or in any Escrow Account (as
defined in Section 3.06), or any funds that otherwise are or may become due or
payable to the Trustee for the benefit of the Certificateholders or the Class
1-AF-5 Insurer, to any claim, lien, security interest, judgment, levy, writ of
attachment or other encumbrance, or assert by legal action or otherwise any
claim or right of set off against any Mortgage File or any funds collected on,
or in connection with, a Mortgage Loan, except, however, that the Master
Servicer shall be entitled to set off against and deduct from any such funds
any amounts that are properly due and payable to the Master Servicer under
this Agreement.

            Section 3.15 Servicing Compensation.

            As compensation for its activities hereunder, the Master Servicer
shall be entitled to retain or withdraw from the Certificate Account out of
each payment of interest on a Mortgage

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Loan included in the Trust Fund an amount equal to interest at the applicable
Servicing Fee Rate on the Stated Principal Balance of the related Mortgage
Loan for the period covered by such interest payment.

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

            Section 3.16 Access to Certain Documentation.

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

            Section 3.17 Annual Statement as to Compliance.

            The Master Servicer shall deliver to the Depositor and the Trustee
on or before the 80th day after the end of the Master Servicer's fiscal year,
commencing with its 2005 fiscal year, an Officer's Certificate stating, as to
the signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year and of the performance of the Master
Servicer under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status thereof and (iii) to the best of such officer's
knowledge, each Subservicer has fulfilled all its obligations under its
Subservicing Agreement throughout such year, or, if there has been a default
in the fulfillment of any such obligation specifying each such default known
to such officer and the nature and status thereof. The Trustee shall forward a
copy of each such statement to each Rating Agency. Copies of such statement
shall be provided by the Trustee to any Certificateholder or Certificate Owner
upon request at the Master Servicer's expense, provided such statement is
delivered by the Master Servicer to the Trustee.

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

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

            Section 3.19 The Corridor Contract.

            CHL shall cause The Bank of New York to enter into the Corridor
Contract Administration Agreement and shall assign all of its right, title and
interest in and to the interest rate corridor transaction evidenced by the
Corridor Contract to, and shall 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.
The Trustee's rights to receive certain proceeds of the Corridor Contract 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 the 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 the 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 Certificate Principal Balance of the Class 1-AF-1 Certificates
after all distributions on such Distribution Date.

            The Trustee shall direct the Corridor Contract Administrator to
terminate the 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 Class 1-AF-1
Certificates as provided in Section 4.04(c) on the Distribution Dates
following such termination to and including the Corridor Contract Termination
Date, but shall not be available for distribution to the Class C Certificates
pursuant to Section 4.07 until such Corridor Contract

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Termination Date. On the Corridor Contract Termination Date, after all other
distributions on such date, if any such amount in respect of early termination
of the Corridor Contract remains in the Carryover Reserve Fund, such amounts
shall be distributed by the Trustee to the Class C Certificates.

            Section 3.20 Prepayment Charges.

            (a) Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment in full or in part of a Mortgage Loan, the
Master Servicer may not waive any Prepayment Charge or portion thereof
required by the terms of the related Mortgage Note unless (i) such Mortgage
Loan is in default or the Master Servicer believes that such a default is
imminent, and the Master Servicer determines that such waiver would maximize
recovery of Liquidation Proceeds for such Mortgage Loan, taking into account
the value of such Prepayment Charge, or (ii) (A) the enforceability thereof is
limited (1) by bankruptcy, insolvency, moratorium, receivership, or other
similar law relating to creditors' rights generally or (2) due to acceleration
in connection with a foreclosure or other involuntary payment, or (B) the
enforceability is otherwise limited or prohibited by applicable law. In the
event of a Principal Prepayment in full or in part with respect to any
Mortgage Loan, the Master Servicer shall deliver to the Trustee an Officer's
Certificate substantially in the form of Exhibit T no later than the third
Business Day following the immediately succeeding Determination Date with a
copy to the Class P Certificateholders. If the Master Servicer has waived or
does not collect all or a portion of a Prepayment Charge relating to a
Principal Prepayment in full or in part due to any action or omission of the
Master Servicer, other than as provided above, the Master Servicer shall
deliver to the Trustee, together with the Principal Prepayment in full or in
part, the amount of such Prepayment Charge (or such portion thereof as had
been waived) for deposit into the Certificate Account (not later than 1:00
p.m. Pacific time on the immediately succeeding Master Servicer Advance Date,
in the case of such Prepayment Charge) for distribution in accordance with the
terms of this Agreement.

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

            (c) CHL represents and warrants to the Depositor and the Trustee,
as of the Closing Date and each Subsequent Transfer Date, that the information
in the Prepayment Charge Schedule (including the attached prepayment charge
summary) is complete and accurate in all material respects at the dates as of
which the information is furnished and each Prepayment Charge is permissible
and enforceable in accordance with its terms under applicable state law,
except as the enforceability thereof is limited due to acceleration in
connection with a foreclosure or other involuntary payment.

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

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of the Prepayment Charge that would otherwise be due from the Mortgagor, less
any amount representing such Prepayment Charge previously collected and paid
by the Master Servicer into the Certificate Account.

            Section 3.21 Swap Contract.

            CHL shall cause The Bank of New York to enter into the Swap
Contract Administration Agreement and shall assign all of its right, title and
interest in and to the interest rate swap transaction evidenced by the Swap
Contract to, and shall cause all of its obligations in respect of such
transaction to be assumed by, the Swap Contract Administrator, on the terms
and conditions set forth in the Swap Contract Assignment Agreement. The
Trustee's rights to receive certain proceeds of the Swap Contract as provided
in the Swap Contract Administration Agreement shall be rights of the Trustee
as Swap Trustee hereunder, shall be an asset of the Swap Trust and shall not
be an asset of the Trust Fund nor of any REMIC. The Swap Trustee shall deposit
any amounts received from time to time from the Swap Contract Administrator
with respect to the Swap Contract into the Swap Account. The Master Servicer
shall deposit any amounts received on behalf of the Swap Trustee from time to
time with respect to the Swap Contract into the Swap Account.

            On the Business Day preceding each Distribution Date, the Swap
Trustee shall notify the Swap Contract Administrator of any amounts
distributable to the Swap Certificates pursuant to Section 4.04(d)(3) through
(8) that will remain unpaid following all distributions to be made on such
Distribution Date pursuant to Section 4.04(a) through (c).

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

            Upon the Swap Contract Administrator obtaining actual knowledge of
the rating of the Swap Counterparty falling below the Approved Rating
Thresholds (as defined in the Swap Contract), the Swap Trustee shall direct
the Swap Contract Administrator to demand payment of the Delivery Amount (as
defined in the ISDA Credit Support Annex). If a Delivery Amount is demanded,
the Swap Trustee shall set up an account in accordance with Section 4.09 to
hold cash or other eligible investments pledged under the ISDA Credit Support
Annex. Any cash or other eligible investments pledged under the ISDA Credit
Support Annex shall not be part of the Distribution Account or the Swap
Account unless they are applied in accordance with the ISDA Credit Support
Annex to make a payment due to the Swap Contract Administrator pursuant to the
Swap Contract.

            Upon the Swap Trustee obtaining actual knowledge of a Failure to
Pay or Deliver (as defined in the Swap Contract), the Swap Trustee shall
direct the Swap Contract Administrator to demand payment under the Swap
Guarantee.

            Upon the Swap Trustee obtaining actual knowledge of an Event of
Default (as defined in the Swap Contract) or Termination Event (as defined in
the Swap Contract) for which the Swap Contract Administrator has the right to
designate an Early Termination Date (as

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defined in the Swap Contract), the Swap Trustee shall act at the written
direction of the Depositor as to whether to direct the Swap Contract
Administrator to designate an Early Termination Date; provided, however, that
the Swap Trustee shall provide written notice to each Rating Agency following
the Event of Default or Termination Event. Upon the termination of the Swap
Contract under the circumstances contemplated by this Section 3.21, the Swap
Trustee shall use its reasonable best efforts to enforce the rights of the
Swap Contract Administrator as may be permitted by the terms of the Swap
Contract and consistent with the terms hereof, and CHL shall assist the Swap
Contract Administrator in procuring a replacement swap contract with terms
approximating those of the original Swap Contract.

            In the event that the swap counterparty in respect of a
replacement swap contract pays any upfront amount to the Swap Contract
Administrator in connection with entering into the replacement swap contract,
the Swap Trustee shall notify the Swap Contract Administrator of the amount of
Interest Funds for Loan Group 1 and Loan Group 2 and the Principal
Distribution Amounts for Loan Group 1 and Loan Group 2 that were used on prior
Distribution Dates to cover any Swap Termination Payment due to the Swap
Counterparty under the original Swap Contract, and any portion of such upfront
amount paid by a swap counterparty in respect of a replacement swap contract
that is remitted by the Swap Contract Administrator to the Swap Trustee shall
be included in Interest Funds for Loan Group 1 and Loan Group 2 and the
Principal Distribution Amounts for Loan Group 1 and Loan Group 2 on the next
Distribution Date to the extent, and in the respective amounts, that such
Interest Funds for Loan Group 1 and Loan Group 2 and Principal Distribution
Amounts for Loan Group 1 and Loan Group 2 were used on prior Distribution
Dates to cover any Swap Termination Payment due to the Swap Counterparty under
the original Swap Contract.

            Any portion of any Net Swap Payment or Swap Termination Payment
payable by the Swap Counterparty and not remitted by the Swap Contract
Administrator to the Swap Trustee with respect to any Distribution Date will
be remitted to CHL and will not be available to make distributions in respect
of any Class of Certificates.

            The Swap Counterparty shall be an express third party beneficiary
of this Agreement for the purpose of enforcing the provisions hereof to the
extent of the Swap Counterparty's rights explicitly specified herein as if a
party hereto.

                                 ARTICLE IV.
               DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

            Section 4.01 Advances; Remittance Reports.

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

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            (b) Subject to the conditions of this Article IV, the Master
Servicer, as required below, shall make an Advance and deposit such Advance in
the Certificate Account. Each such Advance shall be remitted to the
Certificate Account no later than 1:00 p.m. Pacific time on the Master
Servicer Advance Date in immediately available funds. The Trustee will provide
notice to the Master Servicer by facsimile by the close of business on any
Master Servicer Advance Date in the event that the amount remitted by the
Master Servicer to the Trustee on the Distribution Account Deposit Date is
less than the Advances required to be made by the Master Servicer for such
Distribution Date. The Master Servicer shall be obligated to make any such
Advance only to the extent that such advance would not be a Nonrecoverable
Advance. If the Master Servicer shall have determined that it has made a
Nonrecoverable Advance or that a proposed Advance or a lesser portion of such
Advance would constitute a Nonrecoverable Advance, the Master Servicer shall
deliver (i) to the Trustee for the benefit of the Certificateholders funds
constituting the remaining portion of such Advance, if applicable, and (ii) to
the Depositor, each Rating Agency and the Trustee an Officer's Certificate
setting forth the basis for such determination.

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

            (d) If the Master Servicer determines that it will be unable to
comply with its obligation to make the Advances as and when described in
paragraphs (b) and (c) immediately above, it shall use its best efforts to
give written notice thereof to the Trustee (each such notice a "Trustee
Advance Notice"; and such notice may be given by facsimile), not later than
3:00 p.m., New York time, on the Business Day immediately preceding the
related Master Servicer Advance Date, specifying the amount that it will be
unable to deposit (each such amount an "Advance Deficiency") and certifying
that such Advance Deficiency constitutes an Advance hereunder and is not a
Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or
before 3:30 p.m., (New York time) on a Master Servicer Advance Date, the
Trustee shall, not later than 3:00 p.m., (New York time), on the related
Distribution Date, deposit in the Distribution Account an amount equal to the
Advance Deficiency identified in such Trustee Advance Notice unless it is
prohibited from so doing by applicable law. Notwithstanding the foregoing, the
Trustee shall not be required to make such deposit if the Trustee shall have
received written notification from the Master Servicer that the Master
Servicer has deposited or caused to be deposited in the Certificate Account an
amount equal to such Advance Deficiency. All Advances made by the Trustee
pursuant to this Section 4.01(d) shall accrue interest on behalf

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of the Trustee at the Trustee Advance Rate from and including the date such
Advances are made to but excluding the date of repayment, with such interest
being an obligation of the Master Servicer and not the Trust Fund. The Master
Servicer shall reimburse the Trustee for the amount of any Advance made by the
Trustee pursuant to this Section 4.01(d) together with accrued interest, not
later than 6:00 p.m. (New York time) on the Business Day following the related
Distribution Date. In the event that the Master Servicer does not reimburse
the Trustee in accordance with the requirements of the preceding sentence, the
Trustee shall immediately (i) terminate all of the rights and obligations of
the Master Servicer under this Agreement in accordance with Section 7.01 and
(ii) subject to the limitations set forth in Section 3.04, assume all of the
rights and obligations of the Master Servicer hereunder.

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

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

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

            Section 4.03 [Reserved].

            Section 4.04 Distributions.

            (a) Distribution of Interest Funds. On each Distribution Date, the
Interest Funds for such Distribution Date shall be distributed by the Trustee
from the Distribution Account in the following order of priority, until such
Interest Funds have been fully distributed:

                  (i) from the Interest Funds for Loan Group 1 and Loan Group
      2, pro rata based on the Group 1 Swap Percentage and the Group 2 Swap
      Percentage, respectively, to the Swap Account, the amount of any Net
      Swap Payment and any Swap Termination Payment (other than a Swap
      Termination Payment due to a Swap Counterparty Trigger Event) payable to
      the Swap Counterparty with respect to such Distribution Date;

                  (ii) concurrently:

                              (A) from the Interest Funds for Loan Group 1,
                        sequentially:

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                                    (1) concurrently, to the Class 1-AF-5
                              Insurer, the Class 1-AF-5 Premium for such
                              Distribution Date, and to each Class of Class
                              1-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, and

                                    (2) to the Class 1-AF-5 Insurer, any Class
                              1-AF-5 Reimbursement Amount;

                              (B) from the Interest Funds for Loan Group 2,
                        concurrently to each Class of Class 2-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,

                  (iii) from the remaining Interest Funds for Loan Group 1 and
      Loan Group 2, concurrently to each Class of Class A Certificates and the
      Class 1-AF-5 Insurer, any remaining Current Interest and Interest Carry
      Forward Amount or any Class 1-AF-5 Premium or Class 1-AF-5 Reimbursement
      Amount, as applicable, not paid pursuant to clause (ii)(A) or (ii)(B)
      above, pro rata, based on (a) the Certificate Principal Balances
      thereof, to the extent needed to pay any Current Interest and Interest
      Carry Forward Amount for each such Class and (b) any remaining Class
      1-AF-5 Premium and any remaining Class 1-AF-5 Reimbursement Amount, as
      applicable (provided, however, that any such Interest Funds allocated to
      the Class 1-AF Certificates and the Class 1-AF-5 Insurer shall be
      distributed as provided in clause (ii)(A), above); provided that
      Interest Funds remaining after such allocation to pay any Current
      Interest and Interest Carry Forward Amount based on the Certificate
      Principal Balances of the Certificates shall be distributed to each
      Class of Class A Certificates with respect to which there remains any
      unpaid Current Interest and Interest Carry Forward Amount (after the
      distribution based on Certificate Principal Balances), pro rata, based
      on the amount of such remaining unpaid Current Interest and Interest
      Carry Forward Amount,

                  (iv) from the remaining Interest Funds for Loan Group 1 and
      Loan Group 2, sequentially,

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

                        (B) any remainder as part of the Excess Cashflow,
            pursuant to Section 4.04(c).

            (b) On each Distribution Date, the Principal Distribution Amount
for such Distribution Date for Loan Group 1 and Loan Group 2 shall be
distributed by the Trustee from the Distribution Account in the following
order of priority:

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

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                        (A) concurrently:

                              (1) from the Principal Distribution Amount for
                  Loan Group 1, sequentially:

                                    (a) to the Classes of Class 1-AF
                        Certificates, and to the Class 1-AF-5 Insurer in the
                        order and priorities set forth in clause (iii)(A)
                        below, until the Certificate Principal Balances
                        thereof are reduced to zero, and

                                    (b) to the Classes of Class 2-AV
                        Certificates (after the distribution of the Principal
                        Distribution Amount from Loan Group 2 as provided in
                        clause (i)(A)(2)(a) below), in the order and priorities
                        set forth in clause (iv) below, until the Certificate
                        Principal Balances thereof are reduced to zero,

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

                                    (a) to the Classes of Class 2-AV
                        Certificates, in the order and priorities set forth in
                        clause (iv) below, until the Certificate Principal
                        Balances thereof are reduced to zero, and

                                    (b) to the Classes of Class 1-AF
                        Certificates, and to the Class 1-AF-5 Insurer, in the
                        order and priorities set forth in clause (iii)(A)
                        below (after the distribution of the Principal
                        Distribution Amount from Loan Group 1 as provided in
                        clause (i)(A)(1)(a) above), until the Certificate
                        Principal Balances thereof are reduced to zero,

                        (B) from the remaining Principal Distribution Amounts
                  for Loan Group 1 and Loan Group 2, sequentially:

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

                              (2) any remainder as part of the Excess
                        Cashflow, pursuant to Section 4.04(c).

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

                        (A) in an amount up to the Class A Principal
                  Distribution Target Amount, pro rata based on the related
                  Class A Principal Distribution Allocation Amount for the
                  Class 1-AF Certificates and the

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                  Class 2-AV Certificates, respectively, concurrently, to (I)
                  the Classes of Class 1-AF Certificates, in an amount up to
                  the Class 1-AF Principal Distribution Amount in the order
                  and priorities set forth in clause (iii)(B) below, until the
                  Certificate Principal Balances thereof are reduced to zero;
                  and (II) the Classes 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 (iv) below,
                  until the Certificate Principal Balances thereof are reduced
                  to zero; provided, however, that if the Certificate
                  Principal Balance of the Class 1-AF Certificates is reduced
                  to zero then any remaining unpaid Class A Principal
                  Distribution Target Amount shall be distributed to the Class
                  2-AV Certificates in the order and priorities set forth in
                  clause (iv) below; provided further, however, that if the
                  aggregate Certificate Principal Balance of the Class 2-AV
                  Certificates is reduced to zero then any remaining unpaid
                  Class 2-AV Principal Distribution Target Amount shall be
                  distributed to the Class 1-AF Certificates in the order and
                  priorities set forth in clause (iii)(B) below,

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

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

                        (D) any remainder as part of the Excess Cashflow,
                  pursuant to Section 4.04(c).

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

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

                              (1) the NAS Principal Distribution Amount to the
                  Class 1-AF-6 Certificates, until the Certificate Principal
                  Balance thereof is reduced to zero,

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

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                               (3) sequentially:

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

                                    (b) to the Class 1-AF-5 Certificates,
                        until the Certificate Principal Balance thereof is
                        reduced to zero,

                              (4) to the Class 1-AF-6 Certificates without
                  regard to the NAS Principal Distribution Amount, until the
                  Certificate Principal Balance thereof is reduced to zero,
                  and

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

                        (B) With respect to each Distribution Date on or after
                  the Stepdown Date and so long as a Trigger Event is not in
                  effect,

                              (1) the NAS Principal Distribution Amount to the
                        Class 1-AF-6 Certificates, until the Certificate
                        Principal Balance thereof is reduced to zero,

                              (2) sequentially, to the Class 1-AF-1, Class
                        1-AF-2, Class 1-AF-3, Class 1-AF-4 and Class 1-AF-5
                        Certificates, in that order, until the Certificate
                        Principal Balances thereof are reduced to zero, and

                              (3) to the Class 1-AF-6 Certificates without
                        regard to the NAS Principal Distribution Amount, until
                        the Certificate Principal Balance thereof is reduced
                        to zero.

                  (iv) With respect to each Distribution Date on which any
      principal amounts are to be distributed to the Class 2-AV Certificates,
      pursuant to clauses (i)(A) and (ii)(A) above, such amounts shall be
      distributed sequentially, to the Class 2-AV-1, Class 2-AV-2 and Class
      2-AV-3 Certificates, in that order, in each case until Certificate
      Principal Balance thereof is reduced to zero.

Notwithstanding the foregoing priority of distributions, distributions made to
the Class 1-AF and Class 2-AV Certificates pursuant to clauses (i)(A)(1),
(i)(A)(2) and (ii)(A) in this Section 4.04(b), shall be deemed to have been
made from collections in respect of Loan Group 1 and Loan Group 2,
respectively.

            (c) With respect to any Distribution Date, any Excess
Cashflow and, in the case of clauses (i) and (ii) below and in the case of the
payment of Unpaid Realized Loss Amounts pursuant to clause (iii) below, any
amounts in the Credit Comeback Excess Cashflow shall be distributed by the
Trustee from the Distribution Account to the Classes of Certificates in

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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 Excess Cashflow:

                  (i) to the Holders of the Class or Classes of
            Interest-Bearing Certificates then entitled to receive
            distributions in respect of principal, in an aggregate amount
            equal to the Extra Principal Distribution Amount for Loan Group 1
            and Loan Group 2, payable to such Holders of each such Class as
            part of the related Principal Distribution Amounts pursuant to
            Section 4.04(b) above;

                  (ii) concurrently, to the Holders of the Class A
            Certificates, pro rata based on the Unpaid Realized Loss Amounts
            for such Classes, in each case in an amount equal to the Unpaid
            Realized Loss Amount for such Class; provided, however, to the
            extent that an Applied Realized Loss Amount was covered by the
            Class 1-AF-5 Policy, then any related Unpaid Realized Loss Amount
            otherwise payable to the Class 1-AF-5 Certificateholders pursuant
            to this clause shall instead be paid to the Class 1-AF-5 Insurer;

                  (iii) sequentially, to the Holders of the Class M-1, Class
            M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
            M-8 and Class B Certificates, in that order, in each case first in
            an amount equal to any Interest Carry Forward Amount for such
            Class and then in an amount equal to the Unpaid Realized Loss
            Amount for such Class;

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

                  (v) 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 the Corridor Contract not required to cover Net Rate
            Carryover on the Class 1-AF-1 Certificates on such Distribution
            Date);

                  (vi) to the Swap Account, in an amount equal to any Swap
            Termination Payment due to the Swap Counterparty as a result of a
            Swap Counterparty Trigger Event;

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                  (vii) to the Class C Certificateholders, the Class C
            Distributable Amount for such Distribution Date; and

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

      Following the distributions pursuant to clauses (i) through (iv) of the
preceding paragraph but prior to the distributions pursuant to clauses (v)
through (viii) of the preceding paragraph, the Trustee shall make certain
distributions from the Swap Account, as described in further detail below
under Section 4.04(d).

            (d) Following the distributions of Excess Cashflow and Credit
Comeback Excess Cashflow pursuant to clauses (i) through (iv) of Section
4.04(c), above, the Trustee, acting on behalf of the Swap Trust, shall
distribute all amounts on deposit in the Swap Account in the following amounts
and order of priority:

                (1) to the Swap Contract Administrator for payment to the Swap
      Counterparty, any Net Swap Payment payable to the Swap Counterparty with
      respect to such Distribution Date;

                (2) to the Swap Contract Administrator for payment to the Swap
      Counterparty, any Swap Termination Payment (other than a Swap
      Termination Payment due to a Swap Counterparty Trigger Event) payable to
      the Swap Counterparty with respect to such Distribution Date;

                (3) concurrently to the Holders of each Class of Class 2-AV
      Certificates, any remaining Current Interest and Interest Carry Forward
      Amount, pro rata based on their respective entitlements;

                (4) sequentially, to the Holders of the Class M-1, Class M-2,
      Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and
      Class B Certificates, in that order, in each case in an amount equal to
      any remaining Current Interest and Interest Carry Forward Amount for
      such Class;

                (5) to the Holders of the Class or Classes of Swap Certificates
      then entitled to receive distributions in respect of principal, in an
      aggregate amount equal to the Overcollateralization Deficiency Amount
      remaining unpaid following the distribution of Excess Cashflow and
      Credit Comeback Excess Cashflow as described above under Section
      4.04(c), payable to such Holders of each such Class in the same manner
      in which the Extra Principal Distribution Amount in respect of Loan
      Group 1 and Loan Group 2 would be distributed to such Classes as
      described under Section 4.04(c);

                (6) to the Holders of each Class of Swap Certificates, to the
      extent needed to pay any remaining Net Rate Carryover for each such
      Class, pro rata, based on the amount of such remaining Net Rate
      Carryover;

                (7) concurrently, to the Holders of each Class of Class 2-AV
      Certificates, pro rata based on the remaining Unpaid Realized Loss
      Amounts for such

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      Classes, in each case in an amount equal to the remaining Unpaid
      Realized Loss Amount for such Class; and

                (8) sequentially, to the Holders of the Class M-1, Class M-2,
      Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and
      Class B Certificates, in that order, in each case in an amount equal to
      the remaining Unpaid Realized Loss Amount for such Class.

      On each Distribution Date on or prior to the Swap Contract Termination
Date, following the distributions of Excess Cashflow and Credit Comeback
Excess Cashflow pursuant to clauses (v) through (viii) under Section 4.04(c),
the Trustee, acting on behalf of the Swap Trust, shall distribute any
remaining amount on deposit in the Swap Account to the Swap Contract
Administrator for payment to the Swap Counterparty, only to the extent
necessary to cover any Swap Termination Payment due to a Swap Counterparty
Trigger Event payable to the Swap Counterparty with respect to such
Distribution Date.

            (e) On each Distribution Date on or prior to the Corridor Contract
Termination Date, amounts received by the Trustee in respect of the Corridor
Contract for such Distribution Date shall be withdrawn from the Carryover
Reserve Fund and distributed to the Class 1-AF-1 Certificates to the extent
needed to pay any Net Rate Carryover with respect to such Class. Any amounts
remaining in the Carryover Reserve Fund in respect of the Corridor Contract
shall be distributed to the Holders of the Class C Certificates as provided in
Section 4.07(c).

            (f) To the extent that a Class of Interest-Bearing Certificates
receives interest in excess of the applicable Net Rate Cap, if such interest
is paid pursuant to Section 4.04(c), then it shall be deemed to have been paid
to the Carryover Reserve Fund and then paid by the Carryover Reserve Fund to
those Certificateholders, and if such interest is paid pursuant to Section
4.04(d), then such interest shall be deemed to have been paid to the Swap
Account and then paid by the Swap Account to those Certificateholders. For
purposes of the Code, amounts deemed deposited in the Carryover Reserve Fund
shall be deemed to have first been distributed to the Class C Certificates.

            (g) On each Distribution Date, all Prepayment Charges (including
amounts deposited in connection with the full or partial waiver of such
Prepayment Charges pursuant to Section 3.20) shall be allocated to the Class P
Certificates. On the Class P Principal Distribution Date, the Trustee shall
make the $100.00 distribution to the Class P Certificates as specified in
Section 3.08.

            (h) On each Distribution Date, the Trustee shall allocate any
Applied Realized Loss Amount to reduce the Certificate Principal Balances of
the Class B, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3,
Class M-2 and Class M-1 Certificates, sequentially, in that order, in each
case until the Certificate Principal Balance thereof is reduced to zero. After
the Certificate Principal Balances of the Subordinate Certificates have been
reduced to zero, (i) the Trustee shall allocate any Applied Realized Loss
Amount with respect to Loan Group 1 to reduce the Certificate Principal
Balances of each Class of Class 1-AF Certificates, on a pro rata basis
according to their respective Certificate Principal Balances, until

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the Certificate Principal Balances of such classes have been reduced to zero,
and (ii) the Trustee shall allocate any Applied Realized Loss Amount with
respect to Loan Group 2 to reduce the Certificate Principal Balances of each
Class of Class 2-AV Certificates, on a pro rata basis according to their
respective Certificate Principal Balances, until the Certificate Principal
Balances of such Classes have been reduced to zero.

            (i) On each Distribution Date, the Trustee shall allocate the
amount of the Subsequent Recoveries with respect to either Loan Group, if any,
first to increase the Certificate Principal Balances of the Class 1-AF
Certificates (in the case of any Subsequent Recoveries with respect to Loan
Group 1) or the Classes of Class 2-AV Certificates (in the case of any
Subsequent Recoveries with respect to Loan Group 2) to which Applied Realized
Loss Amounts have been previously allocated (such increases, in the case of
Subsequent Recoveries with respect to Loan Group 2, to be made among the
Classes of Class 2-AV Certificates on a pro rata basis according to their
respective Certificate Principal Balances), in each case by not more than the
amount of the Unpaid Realized Loss Amount of such Class, and then to increase
the Certificate Principal Balance of the Subordinate Certificates to which
Applied Realized Loss Amounts have been previously allocated, sequentially, to
the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
M-7, Class M-8 and Class B Certificates, in that order, in each case by not
more than the amount of the Unpaid Realized Loss Amount of such Class;
provided, however, to the extent that an Applied Realized Loss Amount was
covered by the Class 1-AF-5 Policy, then any related Unpaid Realized Loss
Amount otherwise payable to the Class 1-AF-5 Certificateholders to this clause
shall instead be paid to the Class 1-AF-5 Insurer.

            (j) Holders of Certificates to which any Subsequent Recoveries
have been allocated shall not be entitled to any payment in respect of Current
Interest on the amount of such increases for any Accrual Period preceding the
Distribution Date on which such increase occurs.

            (k) Subject to Section 9.02 hereof respecting the final
distribution, on each Distribution Date the Trustee shall make distributions
to each Certificateholder of record on the preceding Record Date either by
wire transfer in immediately available funds to the account of such Holder at
a bank or other entity having appropriate facilities therefor, if (i) such
Holder has so notified the Trustee at least five Business Days prior to the
related Record Date and (ii) such Holder shall hold Regular Certificates with
an aggregate initial Certificate Principal Balance of not less than $1,000,000
or evidencing a Percentage Interest aggregating 10% or more with respect to
such Class or, if not, by check mailed by first class mail to such
Certificateholder at the address of such Holder appearing in the Certificate
Register. Notwithstanding the foregoing, but subject to Section 9.02 hereof
respecting the final distribution, distributions with respect to Certificates
registered in the name of a Depository shall be made to such Depository in
immediately available funds. Payments to the Class 1-AF-5 Insurer shall be
made by wire transfer of immediately available funds to the following account,
unless the Class 1-AF-5 Insurer notifies the Trustee in writing: Financial
Security Assurance Inc., Account Number 8900297263, The Bank of New York, ABA
Number 0201000018, Re: CWABS 2005-15, Policy No. 51707-N, Class 1-AF-5
Certificates.

            (l) On or before 5:00 p.m. Pacific time on the fifth Business Day
following each Determination Date (but in no event later than 5:00 p.m.
Pacific time on the third Business

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Day before the related Distribution Date), the Master Servicer shall deliver a
report to the Trustee (in the form of a computer readable magnetic tape or by
such other means as the Master Servicer and the Trustee may agree from time to
time) containing such data and information as agreed to by the Master Servicer
and the Trustee (including, without limitation, the actual mortgage rate for
each Credit Comeback Loan) such as to permit the Trustee to prepare the
Monthly Statement to Certificateholders and make the required distributions
for the related Distribution Date (the "Remittance Report"). The Trustee shall
not be responsible to recompute, recalculate or verify information provided to
it by the Master Servicer and shall be permitted to conclusively rely on any
information provided to it by the Master Servicer.

            Section 4.05 Monthly Statements to Certificateholders.

            (a) Not later than each Distribution Date, the Trustee shall
prepare and cause to be forwarded by first class mail to each Holder of a
Class of Certificates of the Trust Fund, the Master Servicer, each Seller, the
Class 1-AF-5 Insurer and the Depositor a statement setting forth for the
Certificates:

                (1) the amount of the related distribution to Holders of each
      Class allocable to principal, separately identifying (A) the aggregate
      amount of any Principal Prepayments included therein and (B) the
      aggregate of all scheduled payments of principal included therein;

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

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

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

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

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

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

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

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

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

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

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

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

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

                (15) whether a Trigger Event is in effect;

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

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

                (18) the amount of Applied Realized Loss Amounts and Subsequent
      Recoveries, if any, applied to each Class of Certificates for such
      Distribution Date;

                (19) the amount of any Net Swap Payment and any Swap
      Termination Payment (a) payable to the Swap Counterparty with respect to
      such Distribution Date or (b) payable to the Swap Contract Administrator
      for such Distribution Date and allocated to the Swap Trust;

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

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

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

                (23) the amounts paid by the Class 1-AF-5 Insurer under the
      Class 1-AF-5 Policy for such Distribution Date; and

                (24) all amounts paid to the Class 1-AF-5 Insurer in respect
      of the Class 1-AF-5 Reimbursement Amount for such Distribution Date.

            (b) The Trustee's responsibility for disbursing the above
information to the Certificateholders is limited to the availability,
timeliness and accuracy of the information derived from the Master Servicer.
The Trustee shall send a copy of each statement provided pursuant to this
Section 4.05 to each Rating Agency, the Class 1-AF-5 Insurer and the NIM
Insurer. The Trustee may make the above information available to
Certificateholders and the Class 1-AF-5 Insurer via the Trustee's website at
http://www.bnyinvestorreporting.com.

            (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at
any time during the calendar year was a Certificateholder, a statement
containing the information set forth in clauses (a)(1), (a)(2) and (a)(6) of
this Section 4.05 aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of
the Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trustee pursuant
to any requirements of the Code as from time to time in effect.

            (d) Upon filing with the Internal Revenue Service, the Trustee
shall furnish to the Holders of the Class A-R Certificates the Form 1066 and
each Form 1066Q and shall respond promptly to written requests made not more
frequently than quarterly by any Holder of Class A-R Certificates with respect
to the following matters:

                (1) The original projected principal and interest cash flows on
      the Closing Date on each related Class of regular and residual interests
      created hereunder and on the Mortgage Loans, based on the Prepayment
      Assumption;

                (2) The projected remaining principal and interest cash flows
      as of the end of any calendar quarter with respect to each related Class
      of regular and residual interests created hereunder and the Mortgage
      Loans, based on the Prepayment Assumption;

                (3) The applicable Prepayment Assumption and any interest rate
      assumptions used in determining the projected principal and interest
      cash flows described above;

                (4) The original issue discount (or, in the case of the
      Mortgage Loans, market discount) or premium accrued or amortized through
      the end of such calendar quarter with respect to each related Class of
      regular or residual interests created hereunder and to the Mortgage
      Loans, together with each constant yield to maturity used in computing
      the same;

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                (5) The treatment of losses realized with respect to the
      Mortgage Loans or the regular interests created hereunder, including the
      timing and amount of any cancellation of indebtedness income of the
      related REMIC with respect to such regular interests or bad debt
      deductions claimed with respect to the Mortgage Loans;

                (6) The amount and timing of any non-interest expenses of the
      related REMIC; and

                (7) Any taxes (including penalties and interest) imposed on
      the related REMIC, including, without limitation, taxes on "prohibited
      transactions," "contributions" or "net income from foreclosure property"
      or state or local income or franchise taxes.

            The information pursuant to clauses (1), (2), (3) and (4) above
shall be provided by the Depositor pursuant to Section 8.11.

            Section 4.06 Class 1-AF-5 Policy; Rights of the Class 1-AF-5
Insurer.

            (a) If, on the third Business Day before any Distribution Date,
the Trustee determines that the amounts available for such Distribution Date
distributable to the Holders of the Class 1-AF-5 Certificates pursuant to
Section 4.04 will be insufficient to pay the related Required Distributions
due on such Distribution Date, the Trustee shall determine the amount of any
such deficiency and shall give notice to the Class 1-AF-5 Insurer and the
Fiscal Agent, if any, by telephone or telecopy of the amount of such
deficiency, confirmed in writing by notice substantially in the form of
Exhibit A to the Class 1-AF-5 Policy, by 12:00 p.m., New York City time on
such third Business Day. The Trustee's responsibility for delivering the
notice to the Class 1-AF-5 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 1-AF-5 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 1-AF-5 Insurer and the Fiscal Agent, if any, and
(ii) comply with the provisions of the Class 1-AF-5 Policy, to obtain payment
by the Class 1-AF-5 Insurer of such voided scheduled payment. In addition, the
Trustee shall mail notice to all Holders of the Class 1-AF-5 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 1-AF-5 Policy, a copy of which shall be made available to such
Holders by the Trustee. The Trustee shall furnish to the Class 1-AF-5 Insurer
and the Fiscal Agent, if any, its records listing the payments on the affected
Class 1-AF-5 Certificates, if any, that have been made by the Trustee and
subsequently recovered from the affected Holders, and the dates on which such
payments were made by the Trustee.

            (c) At the time of the execution hereof, and for the purposes
hereof, the Trustee shall establish a special purpose trust account in the
name of the Trustee for the benefit of Holders of the Class 1-AF-5
Certificates (the "Class 1-AF-5 Policy Payments Account") over which the
Trustee shall have exclusive control and sole right of withdrawal. The Class
1-AF-5 Policy Payments Account shall be an Eligible Account. The Trustee shall
deposit any amount

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paid under the Class 1-AF-5 Policy into the Class 1-AF-5 Policy Payments
Account and distribute such amount only for the purposes of making the
payments to Holders of the Class 1-AF-5 Certificates, in respect of the
related Required Distributions for which the related claim was made under the
Class 1-AF-5 Policy. Such amounts shall be allocated by the Trustee to Holders
of Class 1-AF-5 Certificates affected by such shortfalls in the same manner as
principal and interest payments are to be allocated with respect to such
Certificates pursuant to Section 4.04. It shall not be necessary for such
payments to be made by checks or wire transfers separated from the checks or
wire transfers used to make regular payments hereunder with funds withdrawn
from the Distribution Account. However, any payments made on the Class 1-AF-5
Certificates from funds in the Class 1-AF-5 Policy Payments Account shall be
noted as provided in subsection (e) below. Funds held in the Class 1-AF-5
Policy Payments Account shall not be invested by the Trustee.

            (d) Any funds received from the Class 1-AF-5 Insurer for deposit
into the Class 1-AF-5 Policy Payments Account pursuant to the Class 1-AF-5
Policy in respect of a Distribution Date or otherwise as a result of any claim
under the Class 1-AF-5 Policy shall be applied by the Trustee directly to the
payment in full (i) of the related Required Distributions due on such
Distribution Date on the Class 1-AF-5 Certificates or (ii) of other amounts
payable under the Class 1-AF-5 Policy. Funds received by the Trustee as a
result of any claim under the Class 1-AF-5 Policy shall be used solely for
payment to the Holders of the Class 1-AF-5 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 1-AF-5 Policy Payments Account on
the first Business Day after each Distribution Date shall be remitted promptly
to the Class 1-AF-5 Insurer in accordance with the instructions set forth in
Section 4.04(k).

            (e) The Trustee shall keep complete and accurate records in
respect of (i) all funds remitted to it by the Class 1-AF-5 Insurer and
deposited into the Class 1-AF-5 Policy Payments Account and (ii) the
allocation of such funds to (A) payments of interest on and principal in
respect of any Class 1-AF-5 Certificates (B) Applied Realized Loss Amounts
allocated to the Class 1-AF-5 Certificates and (C) the amount of funds
available to make distributions on the Class 1-AF-5 Certificates pursuant to
Sections 4.04(a), (c), (e) and (f). The Class 1-AF-5 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 1-AF-5
Certificate by its acceptance of the Class 1-AF-5 Certificate agrees, that,
without the need for any further action on the part of the Class 1-AF-5
Insurer or the Trustee, to the extent the Class 1-AF-5 Insurer makes payments,
directly or indirectly, on account of principal of or interest on any Class
1-AF-5 Certificates, the Class 1-AF-5 Insurer will be fully subrogated to the
rights of the Holders of such Class 1-AF-5 Certificates to receive such
principal and interest from the Trust Fund. The Holders of the Class 1-AF-5
Certificates, by acceptance of the Class 1-AF-5 Certificates, assign their
rights as Holders of the Class 1-AF-5 Certificates to the extent of the Class
1-AF-5 Insurer's interest with respect to amounts paid under the Class 1-AF-5
Policy. Anything herein to the contrary notwithstanding, solely for purposes
of determining the Class 1-AF-5 Insurer's rights, as applicable, as subrogee
for payments distributable pursuant to Section 4.04, any payment with respect
to distributions to the Class 1-AF-5 Certificates which is made with funds

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received pursuant to the terms of the Class 1-AF-5 Policy shall not be
considered payment of the Class 1-AF-5 Certificates from the Trust Fund and
shall not result in the distribution or the provision for the distribution in
reduction of the Certificate Principal Balance of the Class 1-AF-5
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 1-AF-5 Insurer of such
Event of Default.

            (h) The Trustee shall promptly notify the Class 1-AF-5 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 1-AF-5 Certificates as to which it
has actual knowledge. Each Holder of a Class 1-AF-5 Certificate, by its
purchase of Class 1-AF-5 Certificates, and the Trustee hereby agrees that the
Class 1-AF-5 Insurer (so long as no Class 1-AF-5 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 1-AF-5 Insurer shall be subrogated to the rights of the
Trustee and each Holder of a Class 1-AF-5 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 1-AF-5 Insurer
Contact Person who shall be available to the Class 1-AF-5 Insurer to provide
reasonable access to information regarding the Mortgage Loans. The initial
Class 1-AF-5 Insurer Contact Person is to the attention of Secondary
Marketing.

            (j) The Trustee shall surrender the Class 1-AF-5 Policy to the
Class 1-AF-5 Insurer for cancellation upon the reduction of the Certificate
Principal Balance of the Class 1-AF-5 Certificates to zero.

            (k) The Trustee shall send to the Class 1-AF-5 Insurer the reports
prepared pursuant to Sections 3.17 and 3.18 and the statements prepared
pursuant to Section 4.05, as well as any other statements or communications
sent to Holders of the Class 1-AF-5 Certificates, in each case at the same
time such reports, statements and communications are otherwise sent.

            (l) For so long as no Class 1-AF-5 Insurer Default shall have
occurred and be continuing, each Holder of a Class 1-AF-5 Certificate agrees
that the Class 1-AF-5 Insurer shall be treated by the Depositor, the Master
Servicer and the Trustee as if the Class 1-AF-5 Insurer were the Holder of all
of the Class 1-AF-5 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
1-AF-5 Certificates hereunder.

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            (m) With respect to this Section 4.06, the terms "Receipt" and
"Received" shall mean actual delivery to the Class 1-AF-5 Insurer and the
Fiscal Agent, if any, prior to 12:00 p.m., New York City time, on a Business
Day; delivery either on a day that is not a Business Day or after 12:00 p.m.,
New York time, shall be deemed to be Receipt on the next succeeding Business
Day. If any notice or certificate given under the Class 1-AF-5 Policy by the
Trustee is not in proper form or is not properly completed, executed or
delivered, or contains any misstatement, it shall be deemed not to have been
Received. The Class 1-AF-5 Insurer or the Fiscal Agent, if any, shall promptly
so advise the Trustee and the Trustee may submit an amended notice.

            (n) All notices, statements, reports, certificates or opinions
required by this Agreement to be sent to the Rating Agencies or the Class
1-AF-5 Certificateholders shall also be sent at such time to the Class 1-AF-5
Insurer at the notice address set forth in Section 10.05.

            (o) The Class 1-AF-5 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 1-AF-5 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 1-AF-5 Policy, in the case of the Class 1-AF-5
Certificates.

            Section 4.07 Carryover Reserve Fund.

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

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

            (c) Any amounts received in respect of the Corridor Contract with
respect to a Distribution Date and remaining after the distributions required
pursuant to Section 4.04(e) shall be distributed to the Class C Certificates;
provided, however, that if the Corridor Contract is subject to early
termination, early termination payments received in respect of the 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 provided for in Section 4.04(c) on the
Distribution Date following such termination to and including the 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 Corridor Contract Termination Date.

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

                (2) The Trustee shall not be liable for the amount of any loss
      incurred in respect of any investment or lack of investment of funds
      held in the Carryover Reserve Fund and made in accordance with this
      Section 4.07. The Carryover Reserve Fund shall not constitute an asset
      of any REMIC created hereunder. The Class C Certificates shall evidence
      ownership of the Carryover Reserve Fund for federal tax purposes.

            Section 4.08 Credit Comeback Excess Account.

            On the Closing Date, the Trustee shall establish and maintain in
its name, in trust for the benefit of the Certificateholders, 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.

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

            Funds in the Credit Comeback Excess Account with respect to Loan
Group 1 may be invested in Permitted Investments at the written direction of
the Majority Holder of the Class C Certificates, which Permitted Investments
shall mature not later than the Business Day immediately preceding the first
Distribution Date that follows the date of such investment (except that if
such Permitted Investment is an obligation of the institution that maintains
the Credit Comeback Excess Account, then such Permitted Investment shall
mature not later than such Distribution Date) and shall not be sold or
disposed of prior to maturity. All such Permitted Investments shall be made in
the name of the Trustee, for the benefit of the Certificateholders. In the
absence of such written direction, all funds in the Credit Comeback Excess
Account shall be invested by the Trustee in The Bank of New York cash
reserves. Any net investment earnings on amounts in the Credit Comeback Excess
Account with respect to Loan Group 1 shall be payable pro rata to the Holders
of the Class C Certificates in accordance with their Percentage

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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
4.08. The Credit Comeback Excess Account shall not constitute an asset of any
REMIC created hereunder. The Class C Certificates shall evidence ownership of
the Credit Comeback Excess Account for federal tax purposes.

            Section 4.09 Swap Trust and Swap Account.

            On the Closing Date, there is hereby established a separate trust
(the "Swap Trust"), the assets of which shall consist of the Trustee's rights
and obligations under the Swap Contract Administration Agreement. The Swap
Trust shall be maintained by the Swap Trustee, who initially, shall be the
Trustee. The Swap Trustee shall hold the assets of the Swap Trust in trust for
the benefit of the Holders of the Swap Certificates and the Swap Counterparty.
No later than the Closing Date, the Swap Trustee shall establish and maintain
a separate, segregated trust account to be held in the Swap Trust, titled,
"Swap Account, The Bank of New York, as Swap Trustee, in trust for the Swap
Counterparty and the registered holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-15." Such account shall be an Eligible Account and
funds on deposit therein shall be held separate and apart from, and shall not
be commingled with, any other moneys, including, without limitation, other
moneys of the Trustee held pursuant to this Agreement. Amounts therein shall
be held uninvested. Funds on deposit in the Swap Account shall be distributed
in the amounts and in the order of priority described under Section 4.04(d).
For federal income tax purposes, the Swap Trust, including the Swap Account,
shall be owned by the Class C Certificates.

            On each Distribution Date, the Trustee shall make a deposit to the
Swap Account pursuant to Section 4.04(a)(i), and to the extent that the amount
of such deposit is insufficient to pay any Net Swap Payment and/or Swap
Termination Payment (other than a Swap Termination Payment due to a Swap
Counterparty Trigger Event) due to the Swap Counterparty with respect to such
Distribution Date, the Trustee shall withdraw, out of amounts on deposit in
the Distribution Account in respect of the Principal Remittance Amount for
Loan Group 1 and Loan Group 2, pro rata on the basis of those respective
Principal Remittance Amounts, such additional amount as is necessary to cover
the remaining portion of any such Net Swap Payment and/or Swap Termination
Payment (other than a Swap Termination Payment due to a Swap Counterparty
Trigger Event) due to the Swap Counterparty with respect to such Distribution
Date.

                                  ARTICLE V.
                               THE CERTIFICATES

            Section 5.01 The Certificates.

            The Certificates shall be substantially in the forms attached
hereto as Exhibits A-1 through A-14, Exhibit B, Exhibit C, Exhibit D and
Exhibit E. The Certificates shall be issuable

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in registered form, in the minimum dollar denominations, integral dollar
multiples in excess thereof and aggregate dollar denominations as set forth in
the following table:

                                       Integral Multiples       Original
                         Minimum          in Excess of         Certificate
     Class            Denomination           Minimum        Principal Balance
-------------------------------------------------------------------------------
     1-AF-1              $20,000             $1,000           $71,799,000
     1-AF-2              $20,000             $1,000            $8,675,000
     1-AF-3              $20,000             $1,000           $41,508,000
     1-AF-4              $20,000             $1,000            $9,179,000
     1-AF-5              $20,000             $1,000           $15,209,000
     1-AF-6              $20,000             $1,000           $21,000,000
     2-AV-1              $20,000             $1,000           $77,851,000
     2-AV-2              $20,000             $1,000           $59,841,000
     2-AV-3              $20,000             $1,000           $13,738,000
      M-1                $20,000             $1,000           $12,200,000
      M-1                $20,000             $1,000           $11,600,000
      M-3                $20,000             $1,000            $7,200,000
      M-4                $20,000             $1,000            $6,400,000
      M-5                $20,000             $1,000            $6,000,000
      M-6               $100,000             $1,000            $5,600,000
      M-7               $100,000             $1,000            $4,400,000
      M-8               $100,000             $1,000            $4,400,000
       B                 $20,000             $1,000            $4,600,000
      A-R               $99.95(1)              N/A                   $100
       C                   N/A                 N/A                    N/A
       P                   N/A                 N/A                   $100

            (1)   The Tax Matters Person Certificate may be issued in a
                  denomination of $0.05.

            The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by an authorized officer. Certificates
bearing the manual or facsimile signatures of individuals who were, at the
time when such signatures were affixed, authorized to sign on behalf of the
Trustee shall bind the Trustee, notwithstanding that such individuals or any
of them have ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
authentication and delivery. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless there appears on
such Certificate a certificate of authentication substantially in the form set
forth as attached hereto executed by the Trustee by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication. On the Closing Date, the Trustee shall
authenticate the Certificates to be issued at the written direction of the
Depositor, or any affiliate thereof.

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

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

            (a) The Trustee shall maintain a Certificate Register for the
Trust Fund in which, subject to the provisions of subsections (b) and (c)
below and to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of Transfers and
exchanges of Certificates as herein provided. Upon surrender for registration
of Transfer of any Certificate, the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class and of like aggregate Percentage Interest.

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

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

            All Certificates surrendered for registration of Transfer or
exchange shall be canceled and subsequently destroyed by the Trustee in
accordance with the Trustee's customary procedures.

            (b) No Transfer of a Private Certificate shall be made unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a transfer is to be made in reliance upon an exemption
from the Securities Act and such state securities laws, in order to assure
compliance with the Securities Act and such state securities laws, the
Certificateholder desiring to effect such Transfer and such
Certificateholder's prospective transferee shall (except in connection with
any transfer of a Private Certificate to an affiliate of the Depositor (either
directly or through a nominee) in connection with the initial issuance of the
Certificates) each certify to the Trustee in writing the facts surrounding the
Transfer in substantially the forms set forth in Exhibit J-2 and, in the case
of a Class A-R Certificate, Exhibit J-1 (the "Transferor Certificate") and (i)
deliver a letter in substantially the form of either Exhibit K (in the case of
the Class P and Class C Certificates only) (the "Investment Letter") or
Exhibit L (in the case of any Private Certificate) (the "Rule 144A Letter") or
(ii) there shall be delivered to the Trustee at the expense of the
Certificateholder desiring to effect such transfer an Opinion of Counsel that
such Transfer may be made pursuant to an exemption from the Securities Act;
provided, however, that in the case of the delivery of an Investment Letter in
connection with the transfer of any Class C or Class P Certificate to a
transferee that is formed with the purpose of issuing notes backed by such
Class

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C or Class P Certificate, as the case may be, clause (b) and (c) of the form
of Investment Letter shall not be applicable and shall be deleted by such
transferee. The Depositor shall provide to any Holder of a Private Certificate
and any prospective transferee designated by any such Holder, information
regarding the related Certificates and the Mortgage Loans and such other
information as shall be necessary to satisfy the condition to eligibility set
forth in Rule 144A(d)(4) for transfer of any such Certificate without
registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. The Trustee and the Master Servicer shall
cooperate with the Depositor in providing the Rule 144A information referenced
in the preceding sentence, including providing to the Depositor such
information regarding the Certificates, the Mortgage Loans and other matters
regarding the Trust Fund as the Depositor shall reasonably request to meet its
obligation under the preceding sentence. Each Holder of a Private Certificate
desiring to effect such Transfer shall, and does hereby agree to, indemnify
the Trustee, the Depositor, the Trust Fund, each Seller, the Master Servicer,
the Class 1-AF-5 Insurer and the NIM Insurer against any liability that may
result if the Transfer is not so exempt or is not made in accordance with such
federal and state laws.

            No Transfer of an ERISA-Restricted Certificate (other than a
transfer of an ERISA-Restricted Certificate to an affiliate of the Depositor
(either directly or through a nominee) in connection with the initial issuance
of the Certificates) shall be made unless the Trustee shall have received
either (i) a representation from the transferee of such Certificate acceptable
to and in form and substance satisfactory to the Trustee (in the event such
Certificate is a Private Certificate, such requirement is satisfied only by
the Trustee's receipt of a representation letter from the transferee
substantially in the form of Exhibit K or Exhibit L, or in the event such
Certificate is a Residual Certificate, such requirement is satisfied only by
the Trustee's receipt of a representation letter from the transferee
substantially in the form of Exhibit I), to the effect that (x) such
transferee is not a Plan, or (y) in the case of an ERISA-Restricted
Certificate that has been the subject of an ERISA-Qualifying Underwriting, a
representation that the transferee is an insurance company which is purchasing
such Certificate with funds contained in an "insurance company general
account" (as such term is defined in section V(e) of Prohibited Transaction
Class Exemption 95-60 ("PTCE 95-60")) and that the purchase and holding of
such Certificate satisfy the requirements for exemptive relief under Sections
I and III of PTCE 95-60 or (ii) in the case of any ERISA-Restricted
Certificate presented for registration in the name of an employee benefit plan
or arrangement subject to ERISA, or a plan or arrangement subject to Section
4975 of the Code (or comparable provisions of any subsequent enactments), or a
trustee of any such plan or arrangement or any other person acting on behalf
of any such plan or arrangement, an Opinion of Counsel satisfactory to the
Trustee, addressed to the Trustee and the Master Servicer, to the effect that
the purchase or holding of such ERISA-Restricted Certificate will not result
in a non-exempt prohibited transaction under ERISA or the Code and will not
subject the Trustee or the Master Servicer to any obligation in addition to
those expressly undertaken in this Agreement, which Opinion of Counsel shall
not be an expense of the Trustee, the Master Servicer, or the Trust Fund. For
purposes of the preceding sentence, one of such representations, as
appropriate, shall be deemed to have been made to the Trustee by the
transferee's acceptance of an ERISA-Restricted Certificate (or the acceptance
by a Certificate Owner of the beneficial interest in any such Class of
ERISA-Restricted Certificates) unless the Trustee shall have received from the
transferee an Opinion of Counsel as described in clause (ii) or a
representation letter acceptable in form and substance to the Trustee.
Notwithstanding anything else to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate to

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or on behalf of an employee benefit plan subject to Section 406 of ERISA or a
plan subject to Section 4975 of the Code without the delivery to the Trustee
of an Opinion of Counsel satisfactory to the Trustee meeting the requirements
of clause (i) of the first sentence of this paragraph as described above shall
be void and of no effect. The Trustee shall be under no liability to any
Person for any registration of transfer of any ERISA-Restricted Certificate
that is in fact not permitted by this Section 5.02(b) or for making any
payments due on such Certificate to the Holder thereof or taking any other
action with respect to such Holder under the provisions of this Agreement so
long as the Trustee, with respect to the transfer of such Classes of
Certificates, required delivery of such certificates and other documentation
or evidence as are expressly required by the terms of this Agreement and
examined such certificates and other documentation or evidence to determine
compliance as to form with the express requirements hereof. The Trustee shall
be entitled, but not obligated, to recover from any Holder of any
ERISA-Restricted Certificate that was in fact an employee benefit plan or
arrangement subject to Section 406 of ERISA or a plan or arrangement subject
to Section 4975 of the Code or a Person acting on behalf of any such plan or
arrangement at the time it became a Holder or, at such subsequent time as it
became such a plan or arrangement or Person acting on behalf of such a plan or
arrangement, all payments made on such ERISA-Restricted Certificate at and
after either such time. Any such payments so recovered by the Trustee shall be
paid and delivered by the Trustee to the last preceding Holder of such
Certificate that is not such a plan or arrangement or Person acting on behalf
of a plan or arrangement.

            No transfer of a Swap Certificate (other than a transfer of a Swap
Certificate to an affiliate of the Depositor (either directly or through a
nominee) in connection with the initial issuance of the Certificates) shall be
made unless the Trustee shall have received either (i) a representation from
the transferee of such Swap 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 Swap
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. In the
event that 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 an initial acquiror's) acceptance of the Swap
Certificate. In the event that such representation is violated, such transfer
or acquisition shall be void and of no effect.

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

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

                (2) Except in connection with (i) the registration of the Tax
      Matters Person Certificate in the name of the Trustee or (ii) any
      registration in the name of, or transfer of a Class A-R Certificate to,
      an affiliate of the Depositor (either directly or through a nominee) in
      connection with the initial issuance of the Certificates, no Ownership
      Interest in a Class A-R Certificate may be registered or transferred,
      and the

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      Trustee shall not register the Transfer of any Class A-R Certificate,
      unless the Trustee shall have been furnished with an affidavit (a
      "Transfer Affidavit") of the initial owner or the proposed transferee in
      the form attached hereto as Exhibit I.

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

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

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

            The restrictions on Transfers of a Class A-R Certificate set forth
in this Section 5.02(c) shall cease to apply (and the applicable portions of
the legend on a Class A-R Certificate may be deleted) with respect to
Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trustee, any Seller or
the Master Servicer, to the effect that the elimination of such restrictions
will not cause any REMIC formed hereunder to fail to qualify as a REMIC at any
time that the Certificates are outstanding or result in the imposition of any
tax on the Trust Fund, a Certificateholder or another Person. Each Person
holding or acquiring any Ownership Interest in a Class A-R Certificate, by

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acceptance of its Ownership Interest, shall be deemed to consent to any
amendment of this Agreement that, based on an Opinion of Counsel furnished to
the Trustee, is reasonably necessary (a) to ensure that the record ownership
of, or any beneficial interest in, a Class A-R Certificate is not transferred,
directly or indirectly, to a Person that is not a Permitted Transferee and (b)
to provide for a means to compel the Transfer of a Class A-R Certificate that
is held by a Person that is not a Permitted Transferee to a Holder that is a
Permitted Transferee.

            (d) The preparation and delivery of all affidavits, certifications
and opinions referred to above in this Section 5.02 shall not be an expense of
the Trust Fund, the Trustee, the Depositor, any Seller or the Master Servicer.

            Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

            If (a) any mutilated Certificate is surrendered to the Trustee, or
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate and of the ownership thereof and (b) there is
delivered to the Master Servicer and the Trustee (and with respect to the
Class 1-AF-5 Holders, the Class 1-AF-5 Insurer) such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of
notice to the Trustee that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like Class, tenor and Percentage Interest. In connection
with the issuance of any new Certificate under this Section 5.03, the Trustee
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership in the Trust Fund,
as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time. All Certificates surrendered to the
Trustee under the terms of this Section 5.03 shall be canceled and destroyed
by the Trustee in accordance with its standard procedures without liability on
its part.

            Section 5.04 Persons Deemed Owners.

            The Master Servicer, the Trustee, the NIM Insurer, the Class
1-AF-5 Insurer and any agent of the Master Servicer, the Trustee, the NIM
Insurer or the Class 1-AF-5 Insurer may treat the person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of
receiving distributions as provided in this Agreement and for all other
purposes whatsoever, and none of the Master Servicer, the Trustee, the NIM
Insurer or the Class 1-AF-5 Insurer or any agent of the Master Servicer, the
Trustee, the NIM Insurer or the Class 1-AF-5 Insurer shall be affected by any
notice to the contrary.

            Section 5.05 Access to List of Certificateholders' Names and
Addresses.

            If three or more Certificateholders or Certificate Owners (a)
request such information in writing from the Trustee, (b) state that such
Certificateholders or Certificate Owners desire to communicate with other
Certificateholders or Certificate Owners with respect to their rights under
this Agreement or under the Certificates and (c) provide a copy of the
communication that such Certificateholders or Certificate Owners propose to
transmit or if the

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Depositor or Master Servicer shall request such information in writing from
the Trustee, then the Trustee shall, within ten Business Days after the
receipt of such request, provide the Depositor, the Master Servicer or such
Certificateholders or Certificate Owners at such recipients' expense the most
recent list of the Certificateholders of the Trust Fund held by the Trustee,
if any. The Depositor and every Certificateholder or Certificate Owner, by
receiving and holding a Certificate, agree that the Trustee shall not be held
accountable by reason of the disclosure of any such information as to the list
of the Certificateholders hereunder, regardless of the source from which such
information was derived.

            Section 5.06 Book-Entry Certificates.

            The Book-Entry Certificates, upon original issuance, shall be
issued in the form of one typewritten Certificate (or more than one, if
required by the Depository) for each Class of such Certificates, to be
delivered to the Depository by or on behalf of the Depositor. Such
Certificates shall initially be registered on the Certificate Register in the
name of the Depository or its nominee, and no Certificate Owner of such
Certificates will receive a definitive certificate representing such
Certificate Owner's interest in such Certificates, except as provided in
Section 5.08. Unless and until definitive, fully registered Certificates
("Definitive Certificates") have been issued to the Certificate Owners of such
Certificates pursuant to Section 5.08:

            (a) the provisions of this Section shall be in full force and
effect;

            (b) the Depositor, the Sellers, the Master Servicer and the
Trustee may deal with the Depository and the Depository Participants for all
purposes (including the making of distributions) as the authorized
representative of the respective Certificate Owners of such Certificates;

            (c) registration of the Book-Entry Certificates may not be
transferred by the Trustee except to another Depository;

            (d) the rights of the respective Certificate Owners of such
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of such Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and
until Definitive Certificates are issued pursuant to Section 5.08, the
Depository will make book-entry transfers among the Depository Participants
and receive and transmit distributions of principal and interest on the
related Certificates to such Depository Participants;

            (e) the Depository may collect its usual and customary fees,
charges and expenses from its Depository Participants;

            (f) the Trustee may rely and shall be fully protected in relying
upon information furnished by the Depository with respect to its Depository
Participants; and

            (g) to the extent the provisions of this Section conflict with any
other provisions of this Agreement, the provisions of this Section shall
control.

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            For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of,
Certificateholders evidencing a specified percentage of the aggregate unpaid
principal amount of any Class of Certificates, such direction or consent may
be given by Certificate Owners (acting through the Depository and the
Depository Participants) owning Book-Entry Certificates evidencing the
requisite percentage of principal amount of such Class of Certificates.

            Section 5.07 Notices to Depository.

            Whenever any notice or other communication is required to be given
to Certificateholders of the Class with respect to which Book-Entry
Certificates have been issued, unless and until Definitive Certificates shall
have been issued to the related Certificate Owners, the Trustee shall give all
such notices and communications to the Depository.

            Section 5.08 Definitive Certificates.

            If, after Book-Entry Certificates have been issued with respect to
any Certificates, (a) the Depositor advises the Trustee that the Depository is
no longer willing or able to discharge properly its responsibilities under the
Depository Agreement with respect to such Certificates and the Trustee or the
Depositor is unable to locate a qualified successor or (b) after the
occurrence and continuation of an Event of Default, Certificate Owners of such
Book-Entry Certificates having not less than 51% of the Voting Rights
evidenced by any Class of Book-Entry Certificates advise the Trustee and the
Depository in writing through the Depository Participants that the
continuation of a book-entry system with respect to Certificates of such Class
through the Depository (or its successor) is no longer in the best interests
of the Certificate Owners of such Class, then the Trustee shall notify all
Certificate Owners of such Certificates, through the Depository, of the
occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners of such Class requesting the same. The
Depositor shall provide the Trustee with an adequate inventory of Certificates
to facilitate the issuance and transfer of Definitive Certificates. Upon
surrender to the Trustee of any such Certificates by the Depository,
accompanied by registration instructions from the Depository for registration,
the Trustee shall authenticate and deliver such Definitive Certificates.
Neither the Depositor nor the Trustee shall be liable for any delay in
delivery of such instructions and each may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of such
Definitive Certificates, all references herein to obligations imposed upon or
to be performed by the Depository shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates and the Trustee shall recognize the Holders of such
Definitive Certificates as Certificateholders hereunder.

            Section 5.09 Maintenance of Office or Agency.

            The Trustee will maintain or cause to be maintained at its expense
an office or offices or agency or agencies in New York City where Certificates
may be surrendered for registration of transfer or exchange. The Trustee
initially designates its offices at 101 Barclay Street, New York, New York
10286, Attention: Corporate Trust MBS Administration, as offices for such
purposes. The Trustee will give prompt written notice to the
Certificateholders and the Class 1-AF-5 Insurer of any change in such location
of any such office or agency.

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

            Section 6.01 Respective Liabilities of the Depositor, the Master
                         Servicer and the Sellers.

            The Depositor, the Master Servicer and each Seller shall each be
liable in accordance herewith only to the extent of the obligations
specifically and respectively imposed upon and undertaken by them herein.

            Section 6.02 Merger or Consolidation of the Depositor, the Master
                         Servicer or the Sellers.

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

            Any Person into which the Depositor, the Master Servicer or any
Seller may be merged or consolidated, or any Person resulting from any merger
or consolidation to which the Depositor, the Master Servicer or any Seller
shall be a party, or any person succeeding to the business of the Depositor,
the Master Servicer or any Seller, shall be the successor of the Depositor,
the Master Servicer or such Seller, as the case may be, hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided that
the successor or surviving Person to the Master Servicer shall be qualified to
service mortgage loans on behalf of Fannie Mae and Freddie Mac.

            Section 6.03 Limitation on Liability of the Depositor, the
                         Sellers, the Master Servicer, the NIM Insurer
                         and Others.

            None of the Depositor, the Sellers, the NIM Insurer or the Master
Servicer or any of the directors, officers, employees or agents of the
Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be under
any liability to the Trustee (except as provided in Section 8.05), the Trust
Fund or the Certificateholders for any action taken or for refraining from the
taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided that this provision shall not protect the Depositor, the
Sellers, the Master Servicer or any such Person against any breach of
representations or warranties made by it herein or protect the Depositor, the
Sellers, the Master Servicer or any such Person from any liability that would
otherwise be imposed by reasons of willful misfeasance, bad faith or gross
negligence in the

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performance of duties or by reason of reckless disregard of obligations and
duties hereunder. The Depositor, the Sellers, the NIM Insurer, the Master
Servicer and any director, officer, employee or agent of the Depositor, the
Sellers, the NIM Insurer or the Master Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Sellers, the NIM
Insurer, the Master Servicer and any director, officer, employee or agent of
the Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense incurred in connection with any audit, controversy or judicial
proceeding relating to a governmental taxing authority or any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense related to any specific Mortgage Loan or Mortgage Loans (except as
any such loss, liability or expense shall be otherwise reimbursable pursuant
to this Agreement) and any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or gross negligence in the performance of
duties hereunder or by reason of reckless disregard of obligations and duties
hereunder. None of the Depositor, the Sellers, the NIM Insurer or the Master
Servicer shall be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its respective duties hereunder and
that in its opinion may involve it in any expense or liability; provided that
any of the Depositor, the Sellers, the NIM Insurer or the Master Servicer may,
in its discretion undertake any such action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the
parties hereto and interests of the Trustee and the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be, expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Sellers, the NIM Insurer and the Master
Servicer shall be entitled to be reimbursed therefor out of the Certificate
Account as provided by Section 3.08 hereof.

            Section 6.04 Limitation on Resignation of Master Servicer.

            The Master Servicer shall not resign from the obligations and
duties hereby imposed on it except (i) upon determination that its duties
hereunder are no longer permissible under applicable law or (ii) upon
appointment of a successor servicer that is reasonably acceptable to the
Trustee and the NIM Insurer and the written confirmation from each Rating
Agency (which confirmation shall be furnished to the Depositor, the Trustee
and the NIM Insurer) that such resignation will not cause such Rating Agency
to reduce the then-current rating of the Certificates (such determination to
be made without regard to the Class 1-AF-5 Policy). Any such determination
pursuant to clause (i) of the preceding sentence permitting the resignation of
the Master Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustee. No resignation of the Master Servicer shall become
effective until the Trustee shall have assumed the Master Servicer's
responsibilities, duties, liabilities (other than those liabilities arising
prior to the appointment of such successor) and obligations under this
Agreement.

            Section 6.05 Errors and Omissions Insurance; Fidelity Bonds.

            The Master Servicer shall, for so long as it acts as servicer
under this Agreement, obtain and maintain in force (a) a policy or policies of
insurance covering errors and omissions in the performance of its obligations
as servicer hereunder, and (b) a fidelity bond in respect of its officers,
employees and agents. Each such policy or policies and bond shall, together,
comply

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with the requirements from time to time of Fannie Mae and Freddie Mac
for persons performing servicing for mortgage loans purchased by Fannie Mae
and Freddie Mac. In the event that any such policy or bond ceases to be in
effect, the Master Servicer shall use its reasonable best efforts to obtain a
comparable replacement policy or bond from an insurer or issuer, meeting the
requirements set forth above as of the date of such replacement.

            The Master Servicer shall provide the Trustee, the Class 1-AF-5
Insurer and the NIM Insurer (upon such party's reasonable request) with copies
of any such insurance policies and fidelity bond. The Master Servicer shall be
deemed to have complied with this provision if an Affiliate of the Master
Servicer has such errors and omissions and fidelity bond coverage and, by the
terms of such insurance policy or fidelity bond, the coverage afforded
thereunder extends to the Master Servicer.

                                 ARTICLE VII.
                   DEFAULT; TERMINATION OF MASTER SERVICER

            Section 7.01 Events of Default.

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

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

                (2) any failure by the Master Servicer to observe or perform
      in any material respect any other of the covenants or agreements on the
      part of the Master Servicer contained in this Agreement or any
      representation or warranty shall prove to be untrue, which failure or
      breach shall continue unremedied for a period of 60 days after the date
      on which written notice of such failure shall have been given to the
      Master Servicer by the Trustee, the NIM Insurer or the Depositor, or to
      the Trustee by the Holders of Certificates evidencing not less than 25%
      of the Voting Rights; provided that the sixty-day cure period shall not
      apply to the initial delivery of the Mortgage File for Delay Delivery
      Mortgage Loans nor the failure to repurchase or substitute in lieu
      thereof; or

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

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

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

                (6) the Master Servicer shall fail to reimburse in full the
      Trustee not later than 6:00 p.m. (New York time) on the Business Day
      following the related Distribution Date for any Advance made by the
      Trustee pursuant to Section 4.01(d) together with accrued and unpaid
      interest.

            If an Event of Default shall occur, then, and in each and every
such case, so long as such Event of Default shall not have been remedied, the
Trustee shall, but only at the direction of either the NIM Insurer or the
Holders of Certificates evidencing not less than 25% of the Voting Rights
(subject to the consent of the Class 1-AF-5 Insurer, which consent shall not
be unreasonably withheld), by notice in writing to the Master Servicer (with a
copy to each Rating Agency), terminate all of the rights and obligations of
the Master Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof, other than its rights as a Certificateholder hereunder.
On or after the receipt by the Master Servicer of such written notice, all
authority and power of the Master Servicer hereunder, whether with respect to
the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee.
The Trustee shall thereupon make any Advance described in Section 4.01 hereof
subject to Section 3.04 hereof. The Trustee is hereby authorized and empowered
to execute and deliver, on behalf of the Master Servicer, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents, or
otherwise. Unless expressly provided in such written notice, no such
termination shall affect any obligation of the Master Servicer to pay amounts
owed pursuant to Article VIII. The Master Servicer agrees to cooperate with
the Trustee in effecting the termination of the Master Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee of all cash amounts which shall at the time be
credited to the Certificate Account, or thereafter be received with respect to
the Mortgage Loans. The Trustee shall promptly notify the Rating Agencies of
the occurrence of an Event of Default.

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

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            Section 7.02 Trustee to Act; Appointment of Successor.

            On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 hereof, the Trustee shall, to the extent
provided in Section 3.04, be the successor to the Master Servicer in its
capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Master Servicer by the terms
and provisions hereof and applicable law including the obligation to make
advances pursuant to Section 4.01. As compensation therefor, the Trustee shall
be entitled to all fees, costs and expenses relating to the Mortgage Loans
that the Master Servicer would have been entitled to if the Master Servicer
had continued to act hereunder. Notwithstanding the foregoing, if the Trustee
has become the successor to the Master Servicer in accordance with Section
7.01 hereof, the Trustee may, if it shall be unwilling to so act, or shall, if
it is prohibited by applicable law from making Advances pursuant to Section
4.01 hereof or if it is otherwise unable to so act, (i) appoint any
established mortgage loan servicing institution reasonably acceptable to the
NIM Insurer (as evidenced by the prior written consent of the NIM Insurer), or
(ii) 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 1-AF-5 Policy, in the case of the Class 1-AF-5
Certificates) and the NIM Insurer guaranteed notes (without giving any effect
to any policy or guaranty provided by the NIM Insurer) by each Rating Agency
as the successor to the Master Servicer hereunder in the assumption of all or
any part of the responsibilities, duties or liabilities of the Master Servicer
hereunder. Any successor Master Servicer shall be an institution that is a
Fannie Mae and Freddie Mac approved seller/servicer in good standing, that has
a net worth of at least $15,000,000 and that is willing to service the
Mortgage Loans and executes and delivers to the Depositor and the Trustee an
agreement accepting such delegation and assignment, that contains an
assumption by such Person of the rights, powers, duties, responsibilities,
obligations and liabilities of the Master Servicer (other than liabilities and
indemnities of the Master Servicer under Section 6.03 hereof incurred prior to
termination of the Master Servicer under Section 7.01), with like effect as if
originally named as a party to this Agreement; and provided further that each
Rating Agency acknowledges that its rating of the Certificates in effect
immediately prior to such assignment and delegation will not be qualified or
reduced as a result of such assignment and delegation (without regard to the
Class 1-AF-5 Policy, in the case of the Class 1-AF-5 Certificates). No
appointment of a successor to the Master Servicer hereunder shall be effective
until the Trustee shall have consented thereto, and written notice of such
proposed appointment shall have been provided by the Trustee to each
Certificateholder and the Class 1-AF-5 Insurer. The Trustee shall not resign
as servicer until a successor servicer has been appointed and has accepted
such appointment. Pending appointment of a successor to the Master Servicer
hereunder, the Trustee, unless the Trustee is prohibited by law from so
acting, shall, subject to Section 3.04 hereof, act in such capacity as herein
above provided. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out
of payments on Mortgage Loans as it and such successor shall agree; provided
that no such compensation shall be in excess of that permitted the Master
Servicer hereunder. The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. Neither the Trustee nor any other successor servicer shall be
deemed to be in default hereunder by reason of any failure to

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make, or any delay in making, any distribution hereunder or any portion
thereof or any failure to perform, or any delay in performing, any duties or
responsibilities hereunder, in either case caused by the failure of the Master
Servicer to deliver or provide, or any delay in delivering or providing, any
cash, information, documents or records to it.

            Any successor to the Master Servicer as servicer shall give notice
to the NIM Insurer and the Mortgagors of such change of servicer and shall,
during the term of its service as servicer maintain in force the policy or
policies that the Master Servicer is required to maintain pursuant to Section
6.05.

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

            Section 7.03 Notification to Certificateholders.

            (a) Upon any termination of or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders, to the Class 1-AF-5 Insurer and to each Rating Agency.

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

                                ARTICLE VIII.
                            CONCERNING THE TRUSTEE

            Section 8.01 Duties of Trustee.

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

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            The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments
furnished to the Trustee that are specifically required to be furnished
pursuant to any provision of this Agreement shall examine them to determine
whether they conform to the requirements of this Agreement, to the extent
provided in this Agreement. If any such instrument is found not to conform to
the requirements of this Agreement in a material manner, the Trustee shall
take action as it deems appropriate to have the instrument corrected.

            No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own grossly negligent action, its own gross
negligent failure to act or its own misconduct, its grossly negligent failure
to perform its obligations in compliance with this Agreement, or any liability
that would be imposed by reason of its willful misfeasance or bad faith;
provided that:

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

                (2) the Trustee shall not be liable, individually or as
      Trustee, for an error of judgment made in good faith by a Responsible
      Officer or Responsible Officers of the Trustee, unless the Trustee was
      grossly negligent or acted in bad faith or with willful misfeasance;

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

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

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            Section 8.02 Certain Matters Affecting the Trustee.

            (a) Except as otherwise provided in Section 8.01:

                (1) the Trustee may request and rely upon and shall be
      protected in acting or refraining from acting upon any resolution,
      Officer's Certificate, certificate of auditors or any other certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      appraisal, bond or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or parties;

                (2) the Trustee may consult with counsel and any Opinion of
      Counsel shall be full and complete authorization and protection in
      respect of any action taken or suffered or omitted by it hereunder in
      good faith and in accordance with such Opinion of Counsel;

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

                (4) prior to the occurrence of an Event of Default hereunder
      and after the curing of all Events of Default that may have occurred,
      the Trustee shall not be bound to make any investigation into the facts
      or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or
      other paper or document, unless requested in writing so to do by the NIM
      Insurer or the Holders of each Class of Certificates evidencing not less
      than 25% of the Voting Rights of such Class; provided, however, that if
      the payment within a reasonable time to the Trustee of the costs,
      expenses or liabilities likely to be incurred by it in the making of
      such investigation is, in the opinion of the Trustee not reasonably
      assured to the Trustee by the NIM Insurer or such Certificateholders,
      the Trustee may require reasonable indemnity against such expense, or
      liability from the NIM Insurer or such Certificateholders as a condition
      to taking any such action;

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

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

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

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

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                (9) the Trustee shall be under no obligation to exercise any
      of the trusts or powers vested in it by this Agreement or to make any
      investigation of matters arising hereunder or to institute, conduct or
      defend any litigation hereunder or in relation hereto at the request,
      order or direction of the NIM Insurer or any of the Certificateholders,
      pursuant to the provisions of this Agreement, unless the NIM Insurer or
      such Certificateholders, as applicable, shall have offered to the
      Trustee reasonable security or indemnity against the costs, expenses and
      liabilities that may be incurred therein or thereby.

            (b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by the Trustee
without the possession of any of the Certificates, or the production thereof
at the trial or other proceeding relating thereto, and any such suit, action
or proceeding instituted by the Trustee shall be brought in its name for the
benefit of all the Holders of the Certificates, subject to the provisions of
this Agreement.

            The Depositor hereby directs the Trustee to execute, deliver and
perform its obligations under the Swap Contract Administration Agreement (in
its capacity as Swap Trustee). The Sellers, the Depositor, the Master Servicer
and the Holders of the Swap Certificates by their acceptance of such
Certificates acknowledge and agree that the Trustee shall execute, deliver and
perform its obligations under the Swap Contract Administration Agreement and
shall do so solely in its capacity as Swap Trustee, as the case may be, and
not in its individual capacity. Every provision of this Agreement relating to
the conduct or affecting the liability of or affording protection to the
Trustee shall apply to the Trustee's execution of the Swap Contract
Administration Agreement in its capacity as Swap Trustee, and the performance
of its duties and satisfaction of its obligations thereunder.

            Section 8.03 Trustee Not Liable for Mortgage Loans.

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

            Section 8.04 Trustee May Own Certificates.

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

            Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses.

            The Master Servicer covenants and agrees to pay or reimburse the
Trustee, upon its request, for all reasonable expenses, disbursements and
advances incurred or made by the Trustee on behalf of the Trust Fund in
accordance with any of the provisions of this Agreement

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(including, without limitation: (A) the reasonable compensation and the
expenses and disbursements of its counsel, but only for representation of the
Trustee acting in its capacity as Trustee hereunder and (B) to the extent that
the Trustee must engage persons not regularly in its employ to perform acts or
services on behalf of the Trust Fund, which acts or services are not in the
ordinary course of the duties of a trustee, paying agent or certificate
registrar, in the absence of a breach or default by any party hereto, the
reasonable compensation, expenses and disbursements of such persons, except
any such expense, disbursement or advance as may arise from its negligence,
bad faith or willful misconduct). The Trustee and any director, officer,
employee or agent of the Trustee shall be indemnified by the Master Servicer
and held harmless against any loss, liability or expense (i) incurred in
connection with any legal action relating to this Agreement or the
Certificates, or in connection with the performance of any of the Trustee's
duties hereunder, other than any loss, liability or expense incurred by reason
of willful misfeasance, bad faith or negligence in the performance of any of
the Trustee's duties hereunder or by reason of reckless disregard of the
Trustee's obligations and duties hereunder or (ii) resulting from any error in
any tax or information return prepared by the Master Servicer. Such indemnity
shall survive the termination of this Agreement or the resignation or removal
of the Trustee hereunder.

            Section 8.06 Eligibility Requirements for Trustee.

            The Trustee hereunder shall, at all times, be a corporation or
association organized and doing business under the laws of a state or the
United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and with a
credit rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates (without regard to the Class
1-AF-5 Policy, in the case of the Class 1-AF-5 Certificates) below the ratings
issued on the Closing Date (or having provided such security from time to time
as is sufficient to avoid such reduction). If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.06 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.07 hereof. The corporation
or national banking association serving as Trustee may have normal banking and
trust relationships with the Depositor, the Sellers and the Master Servicer
and their respective affiliates; provided that such corporation cannot be an
affiliate of the Master Servicer other than the Trustee in its role as
successor to the Master Servicer.

            Section 8.07 Resignation and Removal of Trustee.

            The Trustee may at any time resign and be discharged from the
trusts hereby created by (1) giving written notice of resignation to the
Depositor and the Master Servicer and by mailing notice of resignation by
first class mail, postage prepaid, to the Certificateholders at their
addresses appearing on the Certificate Register, the Class 1-AF-5 Insurer and
each Rating Agency, not less than 60 days before the date specified in such
notice when, subject to Section

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8.08, such resignation is to take effect, and (2) acceptance of appointment by
a successor trustee in accordance with Section 8.08 and meeting the
qualifications set forth in Section 8.06. If no successor trustee shall have
been so appointed and have accepted appointment within 30 days after the
giving of such notice or resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

            If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 hereof and shall fail to resign
after written request thereto by the NIM Insurer or the Depositor, (ii) the
Trustee shall become incapable of acting, or shall be adjudged as bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by
any state in which the Trustee or the Trust Fund is located, (B) the
imposition of such tax would be avoided by the appointment of a different
trustee and (C) the Trustee fails to indemnify the Trust Fund against such
tax, then the Depositor, the NIM Insurer or the Master Servicer may remove the
Trustee and appoint a successor trustee, reasonably acceptable to the NIM
Insurer, by written instrument, in triplicate, one copy of which instrument
shall be delivered to the Trustee, one copy of which shall be delivered to the
Master Servicer and one copy of which shall be delivered to the successor
trustee.

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

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

            Section 8.08 Successor Trustee.

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

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accepting the appointment as successor Swap Contract Administrator under the
Swap Contract Administration Agreement.

            No successor trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 hereof, is reasonably
acceptable to the NIM Insurer and its appointment shall not adversely affect
the then-current ratings of the Certificates (without regard to the Class
1-AF-5 Policy, in the case of the Class 1-AF-5 Certificates).

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

            Section 8.09 Merger or Consolidation of Trustee.

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

            Section 8.10 Appointment of Co-Trustee or Separate Trustee.

            Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust Fund or property securing any Mortgage Note may at
the time be located, the Master Servicer and the Trustee acting jointly shall
have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Trustee and reasonably acceptable to the NIM
Insurer to act as co-trustee or co-trustees jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund,
and to vest in such Person or Persons, in such capacity and for the benefit of
the Certificateholders, such title to the Trust Fund or any part thereof,
whichever is applicable, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master
Servicer and the Trustee may consider necessary or desirable. If the Master
Servicer shall not have joined in such appointment, or the NIM Insurer shall
not have approved such appointment, within 15 days after receipt by it of a
request to do so, or in the case an Event of Default shall have occurred and
be continuing, the Trustee shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as a successor trustee under Section 8.06 and no notice to
Certificateholders of the appointment of any co-trustee or separate trustee
shall be required under Section 8.08.

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

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

                (2) No trustee hereunder shall be held personally liable by
      reason of any act or omission of any other trustee hereunder; and

                (3) The Trustee may at any time accept the resignation of or
      remove any separate trustee or co-trustee.

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

            Any separate trustee or co-trustee may, at any time, constitute
the Trustee its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

            Section 8.11 Tax Matters.

            It is intended that the Trust Fund shall constitute, and that the
affairs of the Trust Fund shall be conducted so that each REMIC created
pursuant to the Preliminary Statement qualifies as, a "real estate mortgage
investment conduit" as defined in and in accordance with the REMIC Provisions.
In furtherance of such intention, the Trustee covenants and agrees that it
shall act as agent (and the Trustee is hereby appointed to act as agent) on
behalf of the Trust

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

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relating to any tax item of the Trust Fund, and otherwise act on behalf of any
REMIC created hereunder in relation to any tax matter involving any such
REMIC.

            In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within ten days after the Closing Date all information or data that the
Trustee requests in writing and determines to be relevant for tax purposes to
the valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows
of the Certificates and the Mortgage Loans (and, to the extent not part of the
aforementioned, the information referred to in paragraphs (1), (2), (3) and
(4) of Section 4.05(d)). Thereafter, the Depositor shall provide to the
Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order
to enable the Trustee to perform its duties as set forth herein. The Depositor
hereby indemnifies the Trustee for any losses, liabilities, damages, claims or
expenses of the Trustee arising from any errors or miscalculations of the
Trustee that result from any failure of the Depositor to provide, or to cause
to be provided, accurate information or data to the Trustee on a timely basis.

            In the event that any tax is imposed on "prohibited transactions"
of the Trust Fund as defined in section 860F(a)(2) of the Code, on the "net
income from foreclosure property" of the Trust Fund as defined in section
860G(c) of the Code, on any contribution to the Trust Fund after the startup
day pursuant to section 860G(d) of the Code, or any other tax is imposed,
including, without limitation, any federal, state or local tax or minimum tax
imposed upon the Trust Fund pursuant to sections 23153 and 24872 of the
California Revenue and Taxation Code if not paid as otherwise provided for
herein, such tax shall be paid by (i) the Trustee, if any such other tax
arises out of or results from a breach by the Trustee of any of its
obligations under this Agreement, (ii) (x) the Master Servicer, in the case of
any such minimum tax, and (y) any party hereto (other than the Trustee) to the
extent any such other tax arises out of or results from a breach by such other
party of any of its obligations under this Agreement or (iii) in all other
cases, or in the event that any liable party here fails to honor its
obligations under the preceding clauses (i) or (ii), any such tax will be paid
first with amounts otherwise to be distributed to the Class A-R
Certificateholders, and second with amounts otherwise to be distributed to all
other Certificateholders in the same manner as if such tax were a Realized
Loss that occurred ratably within each Loan Group. Notwithstanding anything to
the contrary contained herein, to the extent that such tax is payable by the
Class A-R Certificates, the Trustee is hereby authorized to retain on any
Distribution Date, from the Holders of the Class A-R Certificates (and, if
necessary, second, from the Holders of all other Certificates in the priority
specified in the preceding sentence), funds otherwise distributable to such
Holders in an amount sufficient to pay such tax. The Trustee agrees to
promptly notify in writing the party liable for any such tax of the amount
thereof and the due date for the payment thereof.

            The Trustee shall treat the Carryover Reserve Fund and the Swap
Trust, including the Swap Account, as outside reserve funds within the meaning
of Treasury Regulation 1.860G-2(h), neither of which is an asset of any REMIC
created hereunder. The Carryover Reserve Fund shall be treated as owned by the
Class C Certificateholders and the Swap Trust, including the Swap Account
shall be treated as owned by the Class C Certificateholders. The rights of the
Holders of each Class of Certificates (other than the Class P and Class A-R
Certificates) to receive payments from, and the deemed obligations of such
Holders to make payments to, the

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Carryover Reserve Fund or the Swap Trust, including the Swap Account, shall be
treated as rights and obligations with respect to notional principal contracts
written by (i) the Corridor Contract Counterparty in respect of any Net Rate
Carryover funded by the Corridor Contract and in respect of any residual
payments from such Corridor Contract received by the Class C Certificates,
(ii) the Holders of the Class C Certificates in respect of any Net Rate
Carryover distributed pursuant to Sections 4.04(c)(iv) and (iii) the Swap
Counterparty in respect of any Net Rate Carryover funded by the Swap Contract
and in respect of any residual payments from such Swap Contract received by
the Class C Certificates. Thus, the Certificates (other than the Class P and
Class A-R Certificates), shall be treated as representing ownership of Master
REMIC regular interests coupled with contractual rights and obligations within
the meaning of Treasury Regulation 1.860G-2(i). In addition, For purposes of
determining the issue price of the various Master REMIC regular interests, the
Trustee shall assume that the (i) the Corridor Contract has a value of $17,000
and (ii) Swap Contract has a value of $1,025,000.

            The Trustee shall treat the entitlement to Credit Comeback Excess
Amounts as owned by the Holders of the Class C 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 C Certificates as payments made by the Holders
of the Class C 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 C Certificate with respect to the R-3-X Interest as
deposited into the Carryover Reserve Fund. In addition, to the extent the
interest otherwise payable to a Certificateholder is reduced for amounts
payable with respect to the Swap Contract, the Trustee, for federal income tax
purposes, shall treat the amount of such reduction as first payable to the
Certificateholder as interest and as then payable by the Certificateholder
with respect to a notional principal contract. To the extent the amount
payable with respect to the Swap Contract exceeds the aggregate of the
reductions described in the immediate sentence, the Trustee, for federal
income tax purposes, shall treat such excess as Realized Losses from Mortgage
Loans and to the extent such Realized Losses (if they had occurred) would be
allocated to a Certificateholder, the Trustee shall treat such amount as first
payable to the Certificateholder as principal and as then payable by the
Certificateholder with respect to a notional principal contract.

            Section 8.12 Access to Records of the Trustee.

            The Trustee shall afford the Sellers, the Depositor, the Master
Servicer, the NIM Insurer, the Class 1-AF-5 Insurer and each Certificate Owner
upon reasonable notice during normal business hours access to all records
maintained by the Trustee in respect of its duties under this Agreement and
access to officers of the Trustee responsible for performing its duties. Upon
request, the Trustee shall furnish the Depositor, the Master Servicer, the NIM
Insurer, the Class 1-AF-5 Insurer and any requesting Certificate Owner with
its most recent financial statements. The Trustee shall cooperate fully with
the Sellers, the Master Servicer, the Depositor, the NIM Insurer, the Class
1-AF-5 Insurer and the Certificate Owner for review and copying any books,
documents, or records requested with respect to the Trustee's respective
duties under this Agreement. The Sellers, the Depositor, the Master Servicer,
the Class 1-AF-5 Insurer and the Certificate Owner shall not have any
responsibility or liability for any action for failure to act by the Trustee
and are not obligated to supervise the performance of the Trustee under this
Agreement or otherwise.

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            Section 8.13 Suits for Enforcement.

            If an Event of Default or other material default by the Master
Servicer or the Depositor under this Agreement occurs and is continuing, at
the direction of the Certificateholders holding not less than 51% of the
Voting Rights or the NIM Insurer, the Trustee shall proceed to protect and
enforce its rights and the rights of the Certificateholders or the NIM Insurer
under this Agreement by a suit, action, or proceeding in equity or at law or
otherwise, whether for the specific performance of any covenant or agreement
contained in this Agreement or in aid of the execution of any power granted in
this Agreement or for the enforcement of any other legal, equitable, or other
remedy, as the Trustee, being advised by counsel, and subject to the
foregoing, shall deem most effectual to protect and enforce any of the rights
of the Trustee, the NIM Insurer, the Class 1-AF-5 Insurer and the
Certificateholders.

                                 ARTICLE IX.
                                 TERMINATION

            Section 9.01 Termination upon Liquidation or Repurchase of all
                         Mortgage Loans.

            Subject to Section 9.03, the Trust Fund shall terminate and the
obligations and responsibilities of the Depositor, the Master Servicer, the
Sellers, the Trustee created hereby shall terminate upon the earlier of (a)
the purchase by the Master Servicer or NIM Insurer (the party exercising such
purchase option, the "Terminator") of all of the Mortgage Loans (and REO
Properties) remaining in the Trust Fund at the price equal to the sum of (i)
100% of the Stated Principal Balance of each Mortgage Loan in the Trust Fund
(other than in respect of an REO Property), (ii) accrued interest thereon at
the applicable Mortgage Rate (or, if such repurchase is effected by the Master
Servicer, at the applicable Net Mortgage Rate), (iii) the appraised value of
any REO Property in the Trust Fund (up to the Stated Principal Balance of the
related Mortgage Loan), such appraisal to be conducted by an appraiser
mutually agreed upon by the Terminator and the Trustee, (iv) any remaining
unpaid costs and damages incurred by the Trust Fund that arises out of an
actual violation of any predatory or abusive lending law or regulation and (v)
if the Terminator is the NIM Insurer, any unreimbursed Servicing Advances, and
the principal portion of any unreimbursed Advances, made on the Mortgage Loans
prior to the exercise of such repurchase and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the distribution to related Certificateholders of all
amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the Court of St. James's, living on the date hereof and (ii) the
Latest Possible Maturity Date. If any such termination will result in a claim
under the Class 1-AF-5 Policy, the consent of the Class 1-AF-5 Insurer will
also be required prior to exercising the option specified in clause (a) of the
preceding sentence.

            The right to purchase all Mortgage Loans and REO Properties by the
Terminator pursuant to clause (a) of the immediately preceding paragraph shall
be conditioned upon (1) the Stated Principal Balance of the Mortgage Loans, at
the time of any such repurchase, aggregating

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ten percent (10%) or less of the sum of the aggregate Cut-off Date Principal
Balance of the Initial Mortgage Loans and the Pre-Funded Amount, (2) unless
the NIM Insurer otherwise consents, the purchase price for such Mortgage Loans
and REO Properties shall result in a final distribution on any NIM Insurer
guaranteed notes that is sufficient (x) to pay such notes in full and (y) to
pay any amounts due and payable to the NIM Insurer pursuant to the indenture
related to such notes and (3) unless the Class 1-AF-5 Insurer otherwise
consents, the purchase price for such Mortgage Loans and REO Properties shall
result in a final distribution on the Class 1-AF-5 Certificates and the Class
1-AF-5 Insurer that is sufficient (x) to pay such Class 1-AF-5 Certificates in
full (without the need of any claim under the Class 1-AF-5 Policy) and (y) to
pay any amounts due and payable to the Class 1-AF-5 Insurer pursuant to the
terms hereof.

            The NIM Insurer's right to purchase all Mortgage Loans and REO
Properties shall be further conditioned upon the written consent of the Master
Servicer.

            The Swap Trust shall terminate on the earlier of (i) the Swap
Contract Termination Date, (ii) the reduction of the aggregate Certificate
Principal Balance of the Swap Certificates to zero and (iii) the termination
of this Agreement.

            Section 9.02 Final Distribution on the Certificates.

            If on any Determination Date, (i) the Master Servicer determines
that there are no Outstanding Mortgage Loans and no other funds or assets in
the Trust Fund other than the funds in the Certificate Account, the Master
Servicer shall direct the Trustee to send a final distribution notice promptly
to each related Certificateholder and the Class 1-AF-5 Insurer or (ii) the
Trustee determines that a Class of Certificates shall be retired after a final
distribution on such Class, the Trustee shall notify the related
Certificateholders and the Class 1-AF-5 Insurer within five (5) Business Days
after such Determination Date that the final distribution in retirement of
such Class of Certificates is scheduled to be made on the immediately
following Distribution Date. Any final distribution made pursuant to the
immediately preceding sentence will be made only upon presentation and
surrender of the related Certificates at the Corporate Trust Office of the
Trustee. If the Terminator elects to terminate pursuant to clause (a) of
Section 9.01, at least 20 days prior to the date notice is to be mailed to the
affected Certificateholders, such electing party shall notify the Depositor,
the Class 1-AF-5 Insurer and the Trustee of the date such electing party
intends to terminate and of the applicable repurchase price of the related
Mortgage Loans and REO Properties.

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

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therein specified. The Terminator will give such notice to each Rating Agency
at the time such notice is given to the affected Certificateholders.

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

            Upon presentation and surrender of the Certificates, the Trustee
shall cause to be distributed to Certificateholders of each affected Class and
the Class 1-AF-5 Insurer the amounts allocable to such Certificates and the
Class 1-AF-5 Insurer held in the Distribution Account (and, if applicable, the
Carryover Reserve Fund) in the order and priority set forth in Section 4.04
hereof on the final Distribution Date and in proportion to their respective
Percentage Interests. Notwithstanding the reduction of the Certificate
Principal Balance of any Class of Certificates to zero, such Class will be
outstanding hereunder (solely for the purpose of receiving distributions (if
any) to which it may be entitled pursuant to the terms of this Agreement and
not for any other purpose) until the termination of the respective obligations
and responsibilities of the Depositor, each Seller, the Master Servicer and
the Trustee hereunder in accordance with Article IX.

            In the event that any affected Certificateholders shall not
surrender related Certificates for cancellation within six months after the
date specified in the above mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
related Certificates for cancellation and receive the final distribution with
respect thereto. If within six months after the second notice all the
applicable Certificates shall not have been surrendered for cancellation, the
Trustee may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the
funds and other assets that remain a part of the Trust Fund. If within one
year after the second notice all related Certificates shall not have been
surrendered for cancellation, the Class 1-AF-5 Insurer, with respect to any
unpaid Class 1-AF-5 Reimbursement Amounts (only to the extent of amounts
received in respect of the Group 1 Mortgage Loans), and then the Class A-R
Certificates shall be entitled to all unclaimed funds and other assets that
remain subject hereto.

            Section 9.03 Additional Termination Requirements.

            (a) In the event the Terminator exercises its purchase option, the
Trust Fund shall be terminated in accordance with the following additional
requirements, unless the Trustee has been supplied with an Opinion of Counsel,
at the expense of the Terminator, to the effect that the failure of the Trust
Fund to comply with the requirements of this Section 9.03 will not (i) result
in the imposition of taxes on "prohibited transactions" of a REMIC, or (ii)
cause any REMIC created hereunder to fail to qualify as a REMIC at any time
that any Certificates are outstanding:

                  (1) The Master Servicer shall establish a 90-day liquidation
period and notify the Trustee thereof, which shall in turn specify the first
day of such period in a statement

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attached to the Trust Fund's final Tax Return pursuant to Treasury Regulation
Section 1.860F-1. The Master Servicer shall prepare a plan of complete
liquidation and shall otherwise satisfy all the requirements of a qualified
liquidation under Section 860F of the Code and any regulations thereunder, as
evidenced by an Opinion of Counsel delivered to the Trustee and the Depositor
obtained at the expense of the Terminator;

                  (2) During such 90-day liquidation period, and at or prior
to the time of making the final payment on the Certificates, the Master
Servicer as agent of the Trustee shall sell all of the assets of the Trust
Fund to the Terminator for cash; and

                  (3) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be
distributed or credited, to the Class A-R Certificateholders all cash on hand
(other than cash retained to meet claims) related to such Class of
Certificates, and the Trust Fund shall terminate at that time.

            (b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Master Servicer to specify the 90-day liquidation period
for the Trust Fund, which authorization shall be binding upon all successor
Certificateholders. The Trustee shall attach a statement to the final federal
income tax return for each of any REMIC created hereunder stating that
pursuant to Treasury Regulation Section 1.860F-1, the first day of the 90-day
liquidation period for each the REMIC was the date on which the Trustee sold
the assets of the Trust Fund to the Terminator.

            (c) The Trustee as agent for each REMIC created hereunder hereby
agrees to adopt and sign such a plan of complete liquidation upon the written
request of the Master Servicer, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1), and together with the Holders of the Class
A-R Certificates agree to take such other action in connection therewith as
may be reasonably requested by the Terminator.

                                  ARTICLE X.

                           MISCELLANEOUS PROVISIONS

            Section 10.01 Amendment.

            This Agreement may be amended from time to time by the Depositor,
the Master Servicer, the Sellers, and the Trustee with the consent of the NIM
Insurer, without the consent of any of the Certificateholders (i) to cure any
ambiguity, (ii) to correct or supplement any provisions herein, (iii) to
conform this Agreement to the Prospectus Supplement or the Prospectus, (iv) to
modify, alter, amend, add to or rescind any of the terms or provisions
contained in this Agreement to comply with any rules or regulations
promulgated by the Securities and Exchange Commission from time to time, or
(v) to make such other provisions with respect to matters or questions arising
under this Agreement, as shall not be inconsistent with any other provisions
herein if such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any
Certificateholder; provided that any such amendment shall be deemed not to
adversely affect in any material respect the interests of the
Certificateholders and no such Opinion of Counsel shall be required if the
Person requesting

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<PAGE>

such amendment obtains a letter from each Rating Agency stating that such
amendment would not result in the downgrading or withdrawal of the respective
ratings then assigned to the Certificates (without regard to the Class 1-AF-5
Policy, in the case of the Class 1-AF-5 Certificates), it being understood and
agreed that any such letter in and of itself will not represent a
determination as to the materiality of any such amendment and will represent a
determination only as to the credit issues affecting any such rating. Any
amendment described above made solely to conform this Agreement to the
Prospectus or the Prospectus Supplement shall be deemed not to adversely
affect in any material respect the interests of the Certificateholders.
Notwithstanding the foregoing, no amendment that significantly changes the
permitted activities of the trust created by this Agreement may be made
without the consent of Certificateholders representing not less than 51% of
the Voting Rights of each Class of Certificates affected by such amendment.
Each party to this Agreement hereby agrees that it will cooperate with each
other party in amending this Agreement pursuant to clause (iv) above.

            The Trustee, the Depositor, the Master Servicer and the Sellers
with the consent of the NIM Insurer may also at any time and from time to time
amend this Agreement, without the consent of the Certificateholders, to
modify, eliminate or add to any of its provisions to such extent as shall be
necessary or appropriate to maintain the qualification of the Trust Fund as a
REMIC under the Code or to avoid or minimize the risk of the imposition of any
tax on the Trust Fund pursuant to the Code that would be a claim against the
Trust Fund at any time prior to the final redemption of the Certificates,
provided that the Trustee has been provided an Opinion of Counsel, which
opinion shall be an expense of the party requesting such opinion but in any
case shall not be an expense of the Trustee, to the effect that such action is
necessary or appropriate to maintain such qualification or to avoid or
minimize the risk of the imposition of such a tax.

            This Agreement may also be amended from time to time by the
Depositor, the Master Servicer, the Sellers and the Trustee with the consent
of the NIM Insurer and the Holders of each Class of Certificates affected
thereby evidencing not less than 51% of the Voting Rights of such Class for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders of Certificates; provided that no such
amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments required to be distributed on any Certificate without the consent
of the Holder of such Certificate, (ii) adversely affect in any material
respect the interests of the Holders of any Class of Certificates in a manner
other than as described in (i), without the consent of the Holders of
Certificates of such Class evidencing 66% or more of the Voting Rights of such
Class, (iii) reduce the aforesaid percentages of Certificates the Holders of
which are required to consent to any such amendment without the consent of the
Holders of all such Certificates then outstanding or (iv) adversely affect in
any material respect the rights or interests of the Class 1-AF-5 Insurer in
any of the provisions of this Agreement without its consent, which consent
shall not be unreasonably withheld.

            Notwithstanding any contrary provision of this Agreement, no
amendment shall adversely affect in any material respect the Swap Counterparty
without at least ten Business Days' prior notice to the Swap Counterparty and
without the prior written consent of the Swap Counterparty, which consent
shall not be unreasonably withheld. CHL shall provide the Swap Counterparty
with prior written notice of any proposed material amendment of this
Agreement.

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<PAGE>

            Notwithstanding any contrary provision of this Agreement, the
Trustee and the NIM Insurer shall not consent to any amendment to this
Agreement unless each shall have first received an Opinion of Counsel
satisfactory to the Trustee and the NIM Insurer, which opinion shall be an
expense of the party requesting such amendment but in any case shall not be an
expense of the Trustee or the NIM Insurer, to the effect that such amendment
will not cause the imposition of any tax on the Trust Fund or the
Certificateholders or cause any REMIC formed hereunder to fail to qualify as a
REMIC at any time that any Certificates are outstanding.

            Promptly after the execution of any amendment to this Agreement,
the Trustee shall furnish written notification of the substance of such
amendment to the Class 1-AF-5 Insurer, the Swap Counterparty and, if the
amendment required the consent of Certificateholder to each Certificateholder,
and each Rating Agency.

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

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

            Section 10.02 Recordation of Agreement; Counterparts.

            This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or
elsewhere, such recordation to be effected by the Master Servicer at its
expense.

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

            Section 10.03 Governing Law.

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

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<PAGE>

            Section 10.04 Intention of Parties.

            It is the express intent of the parties hereto that the conveyance
of the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Depositor to the Trustee be, and be construed as, an absolute sale thereof to
the Trustee. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Depositor to the Trustee.
However, in the event that, notwithstanding the intent of the parties, such
assets are held to be the property of the Depositor, or if for any other
reason this Agreement or any Subsequent Transfer Agreement is held or deemed
to create a security interest in such assets, then (i) this Agreement shall be
deemed to be a security agreement (within the meaning of the Uniform
Commercial Code of the State of New York) with respect to all such assets and
security interests and (ii) the conveyance provided for in this Agreement and
any Subsequent Transfer Agreement shall be deemed to be an assignment and a
grant pursuant to the terms of this Agreement by the Depositor to the Trustee,
for the benefit of the Certificateholders and the Swap Counterparty, of a
security interest in all of the assets that constitute the Trust Fund, whether
now owned or hereafter acquired.

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

            Section 10.05 Notices.

            (a) The Trustee shall use its best efforts to promptly provide
notice to each Rating Agency, the Class 1-AF-5 Insurer and the Swap
Counterparty with respect to each of the following of which it has actual
knowledge:

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

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

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

                (4) The repurchase or substitution of Mortgage Loans pursuant
      to Sections 2.02, 2.03, 2.04 and 3.12; and

                (5) The final payment to Certificateholders.

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

                                     163
<PAGE>

                (1) Each report to Certificateholders described in Section
      4.05;

                (2) Each annual statement as to compliance described in
      Section 3.17; and

                (3) Each annual independent public accountants' servicing
      report described in Section 3.18.

            (c) All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when sent by facsimile
transmission, first class mail or delivered to (i) in the case of the
Depositor, CWABS, Inc., 4500 Park Granada, Calabasas, California 91302,
facsimile number: (818) 225-4053, Attention: David A. Spector, or such other
address as may be hereafter furnished to the Sellers, the Master Servicer and
the Trustee by the Depositor in writing; (ii) in the case of CHL, Countrywide
Home Loans, Inc., 4500 Park Granada, Calabasas, California 91302, facsimile
number (818) 225-4053, Attention: David A. Spector, or such other address as
may be hereafter furnished to the Depositor, the Master Servicer and the
Trustee by the Sellers in writing; (iii) in the case of Park Monaco, Park
Monaco Inc., 4500 Park Granada, Calabasas, California 91302, facsimile number
(818) 225-4028, Attention: Paul Liu, or such other address as may be hereafter
furnished to the Depositor, the Master Servicer and the Trustee by the Sellers
in writing; (iv) in the case of Park Sienna, Park Sienna LLC, 4500 Park
Granada, Calabasas, California 91302, facsimile number (818) 225-4028,
Attention: Paul Liu, or such other address as may be hereafter furnished to
the Depositor, the Master Servicer and the Trustee by the Sellers in writing;
(v) in the case of the Master Servicer, Countrywide Home Loans Servicing LP,
7105 Corporate Drive, Plano, Texas 75024, facsimile number (805) 520-5623,
Attention: Mark Wong or such other address as may be hereafter furnished to
the Depositor, the Sellers and the Trustee by the Master Servicer in writing;
(vi) in the case of the Trustee, The Bank of New York, 101 Barclay Street, New
York, New York 10286, Attention: Corporate Trust MBS Administration, CWABS,
Series 2005-15, or such other address as the Trustee may hereafter furnish to
the parties hereto; and (vii) in the case of the Rating Agencies, (x) Moody's
Investors Service, Inc., Attention: ABS Monitoring Department, 99 Church
Street, Sixth Floor, New York, New York 10007, and (y) Standard & Poor's
Ratings Services, a division of The McGraw-Hill Companies, Attention: Mortgage
Surveillance Group, 55 Water Street, 41st Floor, New York, New York 10041;
(viii) in the case of the Swap Counterparty, Lehman Brothers Special Financing
Inc., c/o Lehman Brothers Inc., Transaction Management Group, Corporate
Advisory Division, 745 Seventh Avenue, New York, NY 10019, Attention:
Documentation Manager, facsimile number (212) 526-7672, or such other address
as may be hereafter furnished by the Swap Counterparty, and (ix) the Class
1-AF-5 Insurer, Financial Security Assurance, Inc., 31 West 52nd Street, New
York, NY, 10019, Attention: Richard Bauerfeld (CWABS 2005-15). Notices to
Certificateholders shall be deemed given when mailed, first postage prepaid,
to their respective addresses appearing in the Certificate Register.

            Section 10.06 Severability of Provisions.

            If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements,

                                     164
<PAGE>

provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

            Section 10.07 Assignment.

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

            Section 10.08 Limitation on Rights of Certificateholders.

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

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

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

                                     165
<PAGE>

            Section 10.09 Inspection and Audit Rights.

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

            Section 10.10 Certificates Nonassessable and Fully Paid.

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

            Section 10.11 Rights of NIM Insurer.

            (a) The rights of the NIM Insurer under this Agreement shall exist
only so long as either:

                (1) the notes certain payments on which are guaranteed by the
      NIM Insurer remain outstanding or

                (2) the NIM Insurer is owed amounts paid by it with respect to
      that guaranty.

            (b) The rights of the NIM Insurer under this Agreement are
exercisable by the NIM Insurer only so long as no default by the NIM Insurer
under its guaranty of certain payments under notes backed or secured by the
Class C or Class P Certificates has occurred and is continuing. If the NIM
Insurer is the subject of any insolvency proceeding, the rights of the NIM
Insurer under this Agreement will be exercisable by the NIM Insurer only so
long as:

                (1) the obligations of the NIM Insurer under its guaranty of
      notes backed or secured by the Class C or Class P Certificates have not
      been disavowed and

                (2) CHL and the Trustee have received reasonable assurances
      that the NIM Insurer will be able to satisfy its obligations under its
      guaranty of notes backed or secured by the Class C or Class P
      Certificates.

                                     166
<PAGE>

            (c) The NIM Insurer is a third party beneficiary of this Agreement
to the same extent as if it were a party to this Agreement and may enforce any
of those rights under this Agreement.

            (d) A copy of any documents of any nature required by this
Agreement to be delivered by the Trustee, or to the Trustee or the Rating
Agencies, shall in each case at the same time also be delivered to the NIM
Insurer. Any notices required to be given by the Trustee, or to the Trustee or
the Rating Agencies, shall in each case at the same time also be given to the
NIM Insurer. If the Trustee receives a notice or document that is required
hereunder to be delivered to the NIM Insurer, and if such notice or document
does not indicate that a copy thereof has been previously sent to the NIM
Insurer, the Trustee shall send the NIM Insurer a copy of such notice or
document. If such document is an Opinion of Counsel, the NIM Insurer shall be
an addressee thereof or such Opinion of Counsel shall contain language
permitting the NIM Insurer to rely thereon as if the NIM Insurer were an
addressee thereof.

            (e) Anything in this Agreement that is conditioned on not
resulting in the downgrading or withdrawal of the ratings then assigned to the
Certificates by the Rating Agencies shall also be conditioned on not resulting
in the downgrading or withdrawal of the ratings then assigned by the Rating
Agencies to the notes backed or secured by the Class C or Class P Certificates
(without giving effect to any policy or guaranty provided by the NIM Insurer).

                                     167
<PAGE>

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

                                    CWABS, INC.,
                                         as Depositor

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

                                    COUNTRYWIDE HOME LOANS, INC.,
                                         as a Seller

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

                                    PARK MONACO INC.,
                                         as a Seller

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

                                    PARK SIENNA LLC,
                                         as a Seller

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

<PAGE>

                                    COUNTRYWIDE HOME LOANS SERVICING LP,
                                         as Master Servicer

                                    By:  COUNTRYWIDE GP, INC.

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

                                    THE BANK OF NEW YORK,
                                  as Trustee

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

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

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

<PAGE>

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

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

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

                                        ______________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

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

            On this ____ day of December, 2005, before me, a notary public in
and for said State, appeared Leon Daniels, Jr., personally known to me on the
basis of satisfactory evidence to be a Vice President of Countrywide GP, Inc.,
the parent company of Countrywide Home Loans Servicing LP, one of the
organizations that executed the within instrument, and also known to me to be
the person who executed it on behalf of such limited partnership and
acknowledged to me that such limited partnership executed the within
instrument.

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

                                        __________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

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

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

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

                                        ___________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

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

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

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

                                        __________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

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

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

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

                                        __________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

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

            On this ____ day of December, 2005 before me, a notary public in
and for said State, appeared _________________, personally known to me on the
basis of satisfactory evidence to be a ____________ of The Bank of New York, a
New York banking corporation that executed the within instrument, and also
known to me to be the person who executed it on behalf of such corporation,
and acknowledged to me that such corporation executed the within instrument.

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

                                        __________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

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

            On this ____ day of December, 2005 before me, a notary public in
and for said State, appeared ______________, personally known to me on the
basis of satisfactory evidence to be a _____________ of The Bank of New York,
a New York banking corporation that executed the within instrument, and also
known to me to be the person who executed it on behalf of such corporation,
and acknowledged to me that such corporation executed the within instrument.

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

                                        __________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

                                                                  Exhibits A-1
                                                                  through A-18

                        [Exhibits A-1 through A-18 are
                photocopies of such Certificates as delivered.]

              [See appropriate documents delivered at closing.]

                                      A-1

<PAGE>

                                                                     Exhibit B

                           Exhibit B is a photocopy
                          of the Class P Certificates
                                 as delivered.

               [See appropriate document delivered at closing.]

                                      B-1

<PAGE>

                                                                     Exhibit C

                           Exhibit C is a photocopy
                          of the Class C Certificates
                                 as delivered.

               [See appropriate document delivered at closing.]

                                      C-1

<PAGE>

                                                                     Exhibit D

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

               [See appropriate document delivered at closing.]

                                      D-1

<PAGE>

                                                                     Exhibit E

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

               [See appropriate document delivered at closing.]

                                      E-1

<PAGE>

                                                           Exhibit F-1 and F-2

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

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

                                      F-1

<PAGE>

                                  EXHIBIT G-1

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

            Re:   CWABS Asset-Backed Certificates, Series 2005-15
                  -----------------------------------------------

Gentlemen:

            In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of December 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, and the undersigned, as Trustee, the
undersigned, as Trustee, hereby certifies that, as to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed in the attached list of exceptions) the Trustee has received:

            (i) the original Mortgage Note, endorsed by manual or facsimile
signature in blank in the following form: "Pay to the order of ______________,
without recourse", or, if the original Mortgage Note has been lost or
destroyed and not replaced, an original lost note affidavit, stating that the
original Mortgage Note was lost or destroyed, together with a copy of the
related Mortgage Note; and

            (ii) a duly executed assignment of the Mortgage or a copy of such
assignment, in either case in the form permitted by Section 2.01 of the
Pooling and Servicing Agreement.

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

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

                                     G-1-1

<PAGE>

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

                                    The Bank of New York,
                                         as Trustee

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

                                     G-1-2

<PAGE>

                                  EXHIBIT G-2

                   FORM OF INTERIM CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

            Re:   CWABS Asset-Backed Certificates, Series 2005-15
                  -----------------------------------------------

Gentlemen:

            In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of December 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, and the undersigned, as Trustee, the
undersigned, as Trustee, hereby certifies that[, with respect to the
Subsequent Mortgage Loans delivered in connection with the Subsequent Transfer
Agreement, dated as of __________, 2005 (the "Subsequent Transfer Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller and The Bank of
New York, as Trustee], except as listed in the following paragraph, as to each
[Initial Mortgage Loan][Subsequent Mortgage Loan] listed in the [Mortgage Loan
Schedule][Loan Number and Borrower Identification Mortgage Loan Schedule]
(other than any [Mortgage Loan][Loan Number and Borrower Identification
Mortgage Loan Schedule] paid in full or listed on the attached list of
exceptions) the Trustee has received:

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

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

                                    G-2-1
<PAGE>

Loan][Subsequent Mortgage Loan] is a MOM Loan if the [Initial Mortgage
Loan][Subsequent Mortgage Loan] is a MOM Loan, with evidence of recording
indicated thereon, or a copy of the Mortgage certified by the public recording
office in which such Mortgage has been recorded;

            (iii) the case of each [Initial Mortgage Loan][Subsequent Mortgage
Loan] that is not a MERS Mortgage Loan, a duly executed assignment of the
Mortgage to "Asset-Backed Certificates, Series 2005-15, CWABS, Inc., by The
Bank of New York, a New York banking corporation, as trustee under the Pooling
and Servicing Agreement dated as of December 1, 2005, without recourse" or a
copy of such assignment, with recording information, or, in the case of each
[Initial Mortgage Loan][Subsequent Mortgage Loan] with respect to property
located in the State of California that is not a MERS Mortgage Loan, a duly
executed assignment of the Mortgage in blank (each such assignment, when duly
and validly completed, to be in recordable form and sufficient to effect the
assignment of and transfer to the assignee thereof, under the Mortgage to
which such assignment relates);

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

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

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

            In the event that in connection with any [Initial Mortgage
Loan][Subsequent Mortgage Loan] that is not a MERS Mortgage Loan the
applicable Seller cannot deliver the original recorded Mortgage or all interim
recorded assignments of the Mortgage satisfying the requirements of clause
(ii), (iii) or (iv), as applicable, the Trustee has received, in lieu thereof,
a true and complete copy of such Mortgage and/or such assignment or
assignments of the Mortgage, as applicable, each certified by the applicable
Seller, the applicable title company, escrow agent or attorney, or the
originator of such [Initial Mortgage Loan][Subsequent Mortgage Loan], as the
case may be, to be a true and complete copy of the original Mortgage or
assignment of Mortgage submitted for recording.

            Based on its review and examination and only as to the foregoing
documents, (i) such documents appear regular on their face and related to such
[Initial Mortgage Loan][Subsequent Mortgage Loan], and (ii) the information
set forth in items (i), (iv), (v), (vi), (viii), (ix) and (xv) 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.

                                    G-2-2

<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 [Initial
Mortgage Loans][Subsequent Mortgage Loans] identified on the [Mortgage Loan
Schedule][Loan Number and Borrower Identification Mortgage Loan Schedule] or
(ii) the collectibility, insurability, effectiveness or suitability of any
such Mortgage Loan.

                                    G-2-3
<PAGE>

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

                                    The Bank of New York,
                                         as Trustee

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

                                    G-2-4
<PAGE>

                                  EXHIBIT G-3

                     FORM OF DELAY DELIVERY CERTIFICATION

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

            Re:   CWABS Asset-Backed Certificates, Series 2005-15
                  -----------------------------------------------

Gentlemen:

            [Reference is made to the Initial Certification of Trustee
relating to the above-referenced series, with the schedule of exceptions
attached thereto, delivered by the undersigned, as Trustee, on the Closing
Date in accordance with Section 2.02 of the Pooling and Servicing Agreement
dated as of December 1, 2005 (the "Pooling and Servicing Agreement") among
CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park
Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, and the undersigned, as Trustee. The
undersigned hereby certifies that [, with respect to the Subsequent Mortgage
Loans delivered in connection with the Subsequent Transfer Agreement, dated as
of __________, 2005 (the "Subsequent Transfer Agreement") among CWABS, Inc.,
as Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as
a Seller, Park Sienna LLC, as a Seller and The Bank of New York, as Trustee,]
as to each Delay Delivery Mortgage Loan listed on the Schedule A attached
hereto (other than any [Initial Mortgage Loan][Subsequent Mortgage Loan] paid
in full or listed on Schedule B attached hereto) it has received:

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

            (2) in the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, a duly executed assignment of
the Mortgage to "Asset-Backed Certificates, Series 2005-15, CWABS, Inc., by
The Bank of New York, a New York banking corporation, as trustee under the
Pooling and Servicing Agreement dated as of December 1, 2005, without
recourse" or a copy of such assignment, with recording information,

                                    G-3-1
<PAGE>

or, in the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] with
respect to property located in the State of California that is not a MERS
Mortgage Loan, a duly executed assignment of the Mortgage in blank (each such
assignment, when duly and validly completed, to be in recordable form and
sufficient to effect the assignment of and transfer to the assignee thereof,
under the Mortgage to which such assignment relates).

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

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

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

                                    The Bank of New York,
                                         as Trustee

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

                                     G-3-2

<PAGE>

                                  EXHIBIT G-4

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE
                          (SUBSEQUENT MORTGAGE LOANS)

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

            Re:   CWABS Asset-Backed Certificates, Series 2005-15
                  -----------------------------------------------

Gentlemen:

            In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of December 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, the undersigned, as Trustee, the
undersigned hereby certifies that, as to each Subsequent Mortgage Loan listed
in the Loan Number and Borrower Identification Mortgage Loan Schedule (other
than any Subsequent Mortgage Loan paid in full or listed in the attached list
of exceptions) the Trustee has received:

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

            (2) a duly executed assignment of the Mortgage or a copy of such
assignment with recording information, in either case in the form permitted by
Section 2.01 of the Pooling and Servicing Agreement.

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

            The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement. The Trustee makes no representations as to:
(i) the validity, legality, sufficiency, enforceability or genuineness of any
of the documents contained in each Mortgage File of any of

                                     G-4-1
<PAGE>

the Subsequent Mortgage Loans identified on the Loan Number and Borrower
Identification Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Subsequent Mortgage
Loan.

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

                                    The Bank of New York,
                                         as Trustee

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

                                     G-4-2

<PAGE>

                                   EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Master Servicer]

[Sellers]

            Re:   CWABS Asset-Backed Certificates, Series 2005-15
                  -----------------------------------------------

Gentlemen:

            In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of December 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, and the undersigned, as Trustee, the
undersigned, as Trustee, hereby certifies that[, with respect to the
Subsequent Mortgage Loans delivered in connection with the Subsequent Transfer
Agreement, dated as of __________, 2005 (the "Subsequent Transfer Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller and The Bank of
New York, as Trustee,] as to each [Initial Mortgage Loan][Subsequent Mortgage
Loan] listed in the [Mortgage Loan Schedule][Loan Number and Borrower
Identification Mortgage Loan Schedule] (other than any [Initial Mortgage
Loan][Subsequent Mortgage Loan] paid in full or listed on the attached
Document Exception Report) it has received:

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

            (ii) in the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, the original recorded
Mortgage or a copy of such Mortgage, with recording information, and in the
case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is a MERS
Mortgage Loan, the original Mortgage or a copy of such Mortgage, with
recording information, noting the presence of the MIN of the [Initial Mortgage
Loan][Subsequent Mortgage Loan] and language indicating that the [Initial
Mortgage Loan][Subsequent Mortgage Loan] is a MOM Loan if the [Initial
Mortgage Loan][Subsequent

                                      H-1
<PAGE>

Mortgage Loan] is a MOM Loan, with evidence of recording indicated thereon, or
a copy of the Mortgage certified by the public recording office in which such
Mortgage has been recorded];

            (iii) in the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, a duly executed assignment of
the Mortgage to "Asset-Backed Certificates, Series 2005-15, CWABS, Inc., by
The Bank of New York, a New York banking corporation, as trustee under the
Pooling and Servicing Agreement dated as of December 1, 2005, without
recourse" or a copy of such assignment, with recording information, or, in the
case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] with respect to
property located in the State of California that is not a MERS Mortgage Loan,
a duly executed assignment of the Mortgage in blank (each such assignment,
when duly and validly completed, to be in recordable form and sufficient to
effect the assignment of and transfer to the assignee thereof, under the
Mortgage to which such assignment relates);

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

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

            (vi) the original or duplicate original lender's title policy or a
printout of the electronic equivalent and all riders thereto or any one of an
original title binder, an original preliminary title report or an original
title commitment, or a copy thereof certified by the title company.

            If the public recording office in which a Mortgage or assignment
thereof is recorded has retained the original of such Mortgage or assignment,
the Trustee has received, in lieu thereof, a copy of the original Mortgage or
assignment so retained, with evidence of recording thereon, certified to be
true and complete by such recording office.

            Based on its review and examination and only as to the foregoing
documents, (i) such documents appear regular on their face and related to such
Mortgage Loan, and (ii) the information set forth in items (i), (iv), (v),
(vi), (viii), (ix) and (xv) of the definition of the "Mortgage Loan Schedule"
in Section 1.01 of the Pooling and Servicing Agreement accurately reflects
information set forth in the Mortgage File.

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

                                      H-2

<PAGE>

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

                                    The Bank of New York,
                                       as Trustee

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

                                      H-3

<PAGE>

                                   EXHIBIT I

              TRANSFER AFFIDAVIT FOR THE CLASS A-R CERTIFICATES

STATE OF                )
                        )     ss.:
COUNTY OF               )

            The undersigned, being first duly sworn, deposes and says as
follows:

            1. The undersigned is an officer of _______________, the proposed
Transferee of an Ownership Interest in a Class A-R Certificate (the
"Certificate") issued pursuant to the Pooling and Servicing Agreement, dated
as of December 1, 2005 (the "Agreement"), by and among CWABS, Inc., as
depositor (the "Depositor"), Countrywide Home Loans, Inc., as a Seller, Park
Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, and The Bank of New York, as Trustee.
Capitalized terms used, but not defined herein or in Exhibit 1 hereto, shall
have the meanings ascribed to such terms in the Agreement. The Transferee has
authorized the undersigned to make this affidavit on behalf of the Transferee.

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

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

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

                                     I-1-1
<PAGE>

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

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

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

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

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

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

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

                                    * * *

                                     I-1-2

<PAGE>

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

                                    [NAME OF TRANSFEREE]

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

[Corporate Seal]

ATTEST:

-------------------------
[Assistant] Secretary

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

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

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

                                     I-1-3

<PAGE>

                              Certain Definitions

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

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

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

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

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

                                     I-1-4

<PAGE>

                       Section 5.02(c) of the Agreement

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

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

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

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

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

                                     I-1-5
<PAGE>

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

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

                                     I-1-6

<PAGE>

                                  EXHIBIT J-1

          FORM OF TRANSFEROR CERTIFICATE FOR CLASS A-R CERTIFICATES

                                     Date:

CWABS, Inc.
as Depositor
4500 Park Granada
Calabasas, California  91302

The Bank of New York
as Trustee
101 Barclay Street
New York, New York  10286

            Re:   CWABS, Inc. Asset Backed
                  Certificates, Series 2005-15
                  ----------------------------

Ladies and Gentlemen:

            In connection with our disposition of the Class A-R Certificates,
we certify that we have no knowledge that the Transferee is not a Permitted
Transferee. All capitalized terms used herein but not defined herein shall
have the meanings assigned to them in the Pooling and Servicing Agreement
dated as of December 1, 2005, among CWABS, Inc., as Depositor, Countrywide
Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC,
as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The
Bank of New York, as Trustee.

                                    Very truly yours,

                                    -------------------------------------
                                    Name of Transferor

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

                                    J-1-1
<PAGE>

                                  EXHIBIT J-2

                      FORM OF TRANSFEROR CERTIFICATE FOR
                             PRIVATE CERTIFICATES

                                     Date:

CWABS, Inc.,
      as Depositor
4500 Park Granada
Calabasas, California 91302

The Bank of New York,
      as Trustee
101 Barclay Street
New York, New York  10286

            Re:   CWABS, Inc. Asset-Backed Certificates,
                  Series 2005-15, Class [   ]

Ladies and Gentlemen:

            In connection with our disposition of the above-captioned
Certificates we certify that (a) we understand that the Certificates have not
been registered under the Securities Act of 1933, as amended (the "Act"), and
are being disposed by us in a transaction that is exempt from the registration
requirements of the Act, (b) we have not offered or sold any Certificates to,
or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner
that would be deemed, or taken any other action which would result in, a
violation of Section 5 of the Act. All capitalized terms used herein but not
defined herein shall have the meanings assigned to them in the Pooling and
Servicing Agreement dated as of December 1, 2005, among CWABS, Inc., as
Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a
Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as
Master Servicer, and The Bank of New York, as Trustee.

                                    Very truly yours,

                                    ----------------------------------
                                    Name of Transferor

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

                                     J-2-1

<PAGE>

                                   EXHIBIT K

                   FORM OF INVESTMENT LETTER (NON-RULE 144A)

                                     Date:

CWABS, Inc.,
      as Depositor
4500 Park Granada
Calabasas, California 91302

The Bank of New York,
      as Trustee
101 Barclay St., 8W
New York, New York  10286

            Re:   CWABS, Inc. Asset-Backed Certificates,
                  Series 2005-15, Class [   ]

Ladies and Gentlemen:

            In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) we are an "accredited investor," as defined in Regulation D under
the Act, and have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d) either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, or using the assets of any
such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting, we are
an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and the purchase and holding of such Certificates are covered under
Sections I and III of PTCE 95-60, (e) we are acquiring the Certificates for
investment for our own account and not with a view to any distribution of such
Certificates (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificates in accordance with clause (g) below),
(f) we have not offered or sold any Certificates to, or solicited offers to
buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, or taken any other action which would
result in a violation of Section 5 of the Act, and (g) we will not sell,
transfer or otherwise dispose of any

                                      K-1
<PAGE>

Certificates unless (1) such sale, transfer or other disposition is made
pursuant to an effective registration statement under the Act or is exempt
from such registration requirements, and if requested, we will at our expense
provide an opinion of counsel satisfactory to the addressees of this
Certificate that such sale, transfer or other disposition may be made pursuant
to an exemption from the Act, (2) the purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially
the same effect as this certificate, and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Pooling
and Servicing Agreement.

            All capitalized terms used herein but not defined herein shall
have the meanings assigned to them in the Pooling and Servicing Agreement
dated as of December 1, 2005, among CWABS, Inc., as Depositor, Countrywide
Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC,
as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The
Bank of New York, as Trustee.

                                    Very truly yours,

                                    ----------------------------------
                                    Name of Transferee

                                    By:
                                        ------------------------------
                                         Authorized Officer

                                      K-2

<PAGE>

                                   EXHIBIT L

                           FORM OF RULE 144A LETTER

                                     Date:

CWABS, Inc.,
      as Depositor
4500 Park Granada
Calabasas, California 91302

The Bank of New York,
      as Trustee
101 Barclay Street
New York, New York  10286

            Re:   CWABS, Inc. Asset-Backed Certificates,
                  Series 2005-15, Class [   ]

Ladies and Gentlemen:

            In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) we have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d) either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, or using the assets of any
such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting, we are
an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and the purchase and holding of such Certificates are covered under
Sections I and III of PTCE 95-60, (e) we have not, nor has anyone acting on
our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificates, any interest in the Certificates or any other similar security
to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Certificates, any interest in the Certificates or any other
similar security from, or otherwise approached or negotiated with respect to
the Certificates, any interest in the Certificates or any other similar
security with, any person in any manner, or made any general solicitation by
means of general advertising or in any other manner, or taken any other
action, that would constitute a distribution of the Certificates under the
Securities Act or that would render the disposition of the

                                     L-1

<PAGE>

Certificates a violation of Section 5 of the Securities Act or require
registration pursuant thereto, nor will act, nor has authorized or will
authorize any person to act, in such manner with respect to the Certificates,
(f) we are a "qualified institutional buyer" as that term is defined in Rule
144A under the Securities Act and have completed either of the forms of
certification to that effect attached hereto as Annex 1 or Annex 2. We are
aware that the sale to us is being made in reliance on Rule 144A. We are
acquiring the Certificates for our own account or for resale pursuant to Rule
144A and further, understand that such Certificates may be resold, pledged or
transferred only (i) to a person reasonably believed to be a qualified
institutional buyer that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that the resale, pledge
or transfer is being made in reliance on Rule 144A, or (ii) pursuant to
another exemption from registration under the Securities Act.

            All capitalized terms used herein but not defined herein shall
have the meanings assigned to them in the Pooling and Servicing Agreement
dated as of December 1, 2005, among CWABS, Inc., as Depositor, Countrywide
Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC,
as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The
Bank of New York, as Trustee.

                                    Very truly yours,

                                    ----------------------------------
                                    Name of Transferee

                                    By:
                                        ------------------------------
                                         Authorized Officer

                                     L-2

<PAGE>

                             ANNEX 1 TO EXHIBIT L

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         [For Transferees Other Than Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

      As indicated below, the undersigned is the President, Chief Financial
         Officer, Senior Vice President or other executive officer of the
         Buyer.

      In connection with purchases by the Buyer, the Buyer is a "qualified
         institutional buyer" as that term is defined in Rule 144A under the
         Securities Act of 1933, as amended ("Rule 144A") because (i) the
         Buyer owned and/or invested on a discretionary basis either at least
         $100,000,000 in securities or, if Buyer is a dealer, Buyer must own
         and/or invest on a discretionary basis at least $10,000,000 in
         securities (except for the excluded securities referred to below) as
         of the end of the Buyer's most recent fiscal year (such amount being
         calculated in accordance with Rule 144A and (ii) the Buyer satisfies
         the criteria in the category marked below.

         ___  Corporation, etc. The Buyer is a corporation (other than a bank,
              savings and loan association or similar institution),
              Massachusetts or similar business trust, partnership, or
              charitable organization described in Section 501(c)(3) of the
              Internal Revenue Code of 1986, as amended.

         ___  Bank. The Buyer (a) is a national bank or banking institution
              organized under the laws of any State, territory or the District
              of Columbia, the business of which is substantially confined to
              banking and is supervised by the State or territorial banking
              commission or similar official or is a foreign bank or
              equivalent institution, and (b) has an audited net worth of at
              least $25,000,000 as demonstrated in its latest annual financial
              statements, a copy of which is attached hereto.

         ___  Savings and Loan. The Buyer (a) is a savings and loan
              association, building and loan association, cooperative bank,
              homestead association or similar institution, which is
              supervised and examined by a State or Federal authority having
              supervision over any such institutions or is a foreign savings
              and loan association or equivalent institution and (b) has an
              audited net worth of at least $25,000,000 as demonstrated in its
              latest annual financial statements, a copy of which is attached
              hereto.

         ___  Broker-dealer. The Buyer is a dealer registered pursuant to
              Section 15 of the Securities Exchange Act of 1934.

         ___  Insurance Company. The Buyer is an insurance company whose
              primary and predominant business activity is the writing of
              insurance or the reinsuring of

                                     L-3
<PAGE>

              risks underwritten by insurance companies and which is subject
              to supervision by the insurance commissioner or a similar
              official or agency of a State, territory or the District of
              Columbia.

         ___  State or Local Plan. The Buyer is a plan established and
              maintained by a State, its political subdivisions, or any agency
              or instrumentality of the State or its political subdivisions,
              for the benefit of its employees.

         ___  ERISA Plan. The Buyer is an employee benefit plan within the
              meaning of Title I of the Employee Retirement Income Security
              Act of 1974.

         ___  Investment Advisor. The Buyer is an investment advisor
              registered under the Investment Advisors Act of 1940.

         ___  Small Business Investment Company. Buyer is a small business
              investment company licensed by the U.S. Small Business
              Administration under Section 301(c) or (d) of the Small Business
              Investment Act of 1958.

         ___  Business  Development  Company.  Buyer is a business development
              company  as  defined in  Section  202(a)(22)  of the  Investment
              Advisors Act of 1940.

      The term "securities" as used herein does not include (i) securities of
         issuers that are affiliated with the Buyer, (ii) securities that are
         part of an unsold allotment to or subscription by the Buyer, if the
         Buyer is a dealer, (iii) securities issued or guaranteed by the U.S.
         or any instrumentality thereof, (iv) bank deposit notes and
         certificates of deposit, (v) loan participations, (vi) repurchase
         agreements, (vii) securities owned but subject to a repurchase
         agreement and (viii) currency, interest rate and commodity swaps.

      For purposes of determining the aggregate amount of securities owned
         and/or invested on a discretionary basis by the Buyer, the Buyer used
         the cost of such securities to the Buyer and did not include any of
         the securities referred to in the preceding paragraph, except (i)
         where the Buyer reports its securities holdings in its financial
         statements on the basis of their market value, and (ii) no current
         information with respect to the cost of those securities has been
         published. If clause (ii) in the preceding sentence applies, the
         securities may be valued at market. Further, in determining such
         aggregate amount, the Buyer may have included securities owned by
         subsidiaries of the Buyer, but only if such subsidiaries are
         consolidated with the Buyer in its financial statements prepared in
         accordance with generally accepted accounting principles and if the
         investments of such subsidiaries are managed under the Buyer's
         direction. However, such securities were not included if the Buyer is
         a majority-owned, consolidated subsidiary of another enterprise and
         the Buyer is not itself a reporting company under the Securities
         Exchange Act of 1934, as amended.

      The Buyer acknowledges that it is familiar with Rule 144A and
         understands that the seller to it and other parties related to the
         Certificates are relying and will continue to rely on the statements
         made herein because one or more sales to the Buyer may be in reliance
         on Rule 144A.

                                     L-4
<PAGE>

      Until the date of purchase of the Rule 144A Securities, the Buyer will
         notify each of the parties to which this certification is made of any
         changes in the information and conclusions herein. Until such notice
         is given, the Buyer's purchase of the Certificates will constitute a
         reaffirmation of this certification as of the date of such purchase.
         In addition, if the Buyer is a bank or savings and loan is provided
         above, the Buyer agrees that it will furnish to such parties updated
         annual financial statements promptly after they become available.

                                    -------------------------------------
                                            Print Name of Buyer

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

                                    Date:
                                         --------------------------------

                                     L-5

<PAGE>

                                                          ANNEX 2 TO EXHIBIT L
                                                          --------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           --------------------------------------------------------

          [For Transferees That are Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

            1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

      In connection with purchases by Buyer, the Buyer is a "qualified
         institutional buyer" as defined in SEC Rule 144A because (i) the
         Buyer is an investment company registered under the Investment
         Company Act of 1940, as amended and (ii) as marked below, the Buyer
         alone, or the Buyer's Family of Investment Companies, owned at least
         $100,000,000 in securities (other than the excluded securities
         referred to below) as of the end of the Buyer's most recent fiscal
         year. For purposes of determining the amount of securities owned by
         the Buyer or the Buyer's Family of Investment Companies, the cost of
         such securities was used, except (i) where the Buyer or the Buyer's
         Family of Investment Companies reports its securities holdings in its
         financial statements on the basis of their market value, and (ii) no
         current information with respect to the cost of those securities has
         been published. If clause (ii) in the preceding sentence applies, the
         securities may be valued at market.

      ___  The Buyer owned $        in securities (other than the excluded
           securities referred to below) as of the end of the Buyer's most
           recent fiscal year (such amount being calculated in accordance
           with Rule 144A).

      ___  The Buyer is part of a Family of Investment Companies which owned
           in the aggregate $         in securities (other than the excluded
           securities referred to below) as of the end of the Buyer's most
           recent fiscal year (such amount being calculated in accordance with
           Rule 144A).

         The term "Family of Investment Companies" as used herein means two or
            more registered investment companies (or series thereof) that have
            the same investment adviser or investment advisers that are
            affiliated (by virtue of being majority owned subsidiaries of the
            same parent or because one investment adviser is a majority owned
            subsidiary of the other).

         The term "securities" as used herein does not include (i) securities
            of issuers that are affiliated with the Buyer or are part of the
            Buyer's Family of Investment Companies, (ii) securities issued or
            guaranteed by the U.S. or any instrumentality thereof, (iii) bank
            deposit notes and certificates of deposit, (iv) loan
            participations,

                                     L-6
<PAGE>

            (v) repurchase agreements, (vi) securities owned but subject to
            a repurchase agreement and (vii) currency, interest rate and
            commodity swaps.

         The Buyer is familiar with Rule 144A and under-stands that the
            parties listed in the Rule 144A Transferee Certificate to which
            this certification relates are relying and will continue to rely
            on the statements made herein because one or more sales to the
            Buyer will be in reliance on Rule 144A. In addition, the Buyer
            will only purchase for the Buyer's own account.

         Until the date of purchase of the Certificates, the undersigned will
            notify the parties listed in the Rule 144A Transferee Certificate
            to which this certification relates of any changes in the
            information and conclusions herein. Until such notice is given,
            the Buyer's purchase of the Certificates will constitute a
            reaffirmation of this certification by the undersigned as of the
            date of such purchase.

                                    ------------------------------------------
                                          Print Name of Buyer or Adviser

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

                                    IF AN ADVISER:

                                    ------------------------------------------
                                               Print Name of Buyer

                                    Date:
                                         -------------------------------------

                                     L-7

<PAGE>

                                   EXHIBIT M

                     FORM OF REQUEST FOR DOCUMENT RELEASE

Loan Information

      Name of Mortgagor:
                                          ------------------------------------

      Master Servicer
      Loan No.:
                                          ------------------------------------

Trustee

      Name:
                                          ------------------------------------

      Address:
                                          ------------------------------------

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

      Trustee
      Mortgage File No.:
                                          ------------------------------------

            The undersigned Master Servicer hereby acknowledges that it has
received from _______________________________________, as Trustee for the
Holders of Asset-Backed Certificates, Series 2005-15, the documents referred
to below (the "Documents"). All capitalized terms not otherwise defined in
this Request for Document Release shall have the meanings given them in the
Pooling and Servicing Agreement dated as of December 1, 2005 (the "Pooling and
Servicing Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans,
Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a
Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
of New York, as Trustee.

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

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

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

( )   Assignment  of  Mortgage  or Deed of Trust to the  Trustee,  recorded on
      _______________  as instrument no.  __________ in the County  Recorder's
      Office  of  the  County  of  __________,   State  of  ______________  in
      book/reel/docket   __________   of   official   records  at   page/image
      ______________.

                                      M-1

<PAGE>

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

(  )  ----------------------------------------------

(  )  ----------------------------------------------

(  )  ----------------------------------------------

(  )  ----------------------------------------------

      The undersigned Master Servicer hereby acknowledges and agrees as
follows:

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

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

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

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

                                    [Master Servicer]

                                    By
                                       -------------------------------------

                                    Its
                                       -------------------------------------

                                    Date:                  ,
                                          ----------------- ------

                                      M-2

<PAGE>

                                   EXHIBIT N

                       FORM OF REQUEST FOR FILE RELEASE

                    OFFICER'S CERTIFICATE AND TRUST RECEIPT
                          ASSET-BACKED CERTIFICATES,
                                Series 2005-15

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

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

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

LOAN NUMBER:_______________         BORROWER'S NAME:_____________

COUNTY:____________________

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

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

____________                        ______________________________________
                                    DATED:____________

/ /                                 VICE PRESIDENT
/ /                                 ASSISTANT VICE PRESIDENT

                                      N-1

<PAGE>

                                                                     Exhibit O

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

              [See appropriate documents delivered at closing.]

                                      O-1

<PAGE>

                                   EXHIBIT P

                     FORM OF SUBSEQUENT TRANSFER AGREEMENT

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

            WHEREAS, the Depositor, CHL, Park Monaco, Park Sienna, the
Trustee, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
of New York, as Trustee, have entered in the Pooling and Servicing Agreement,
dated as of December 1, 2005 (the "Pooling and Servicing Agreement"), relating
to the CWABS, Inc. Asset-Backed Certificates, Series 2005-15 (capitalized
terms not otherwise defined herein are used as defined in the Pooling and
Servicing Agreement);

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

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

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

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

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

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

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

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

                                      P-1

<PAGE>

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

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

                                      P-2

<PAGE>

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

                                      CWABS, INC.,
                                          as Depositor

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

                                      COUNTRYWIDE HOME LOANS, INC.,
                                           as a Seller

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

                                      PARK MONACO INC.,
                                           as a Seller

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

                                      PARK SIENNA LLC,
                                           as a Seller

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

                                      P-3

<PAGE>

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

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

                                      P-4

<PAGE>

                                                                       Annex I

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

                                      P-5

<PAGE>

                                   EXHIBIT Q

                           FORM OF CORRIDOR CONTRACT

              [See appropriate documents delivered at closing.]

                                     Q-1
<PAGE>

                                   EXHIBIT R

                              CLASS 1-AF-5 POLICY

[LOGO]       FINANCIAL                                      FINANCIAL GUARANTY
             SECURITY                                         INSURANCE POLICY
             ASSURANCE(R)

Trust: As described in Endorsement No. 1                   Policy No.: 51707-N
Certificates: $15,209,000 CWABS Asset-Backed        Date of Issuance: 12/30/05
         Certificates Trust 2005-15,
         Asset-Backed Certificates,
         Series 2005-15 Certificates, Class 1-AF-5

         FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for
consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to
the Trustee for the benefit of each Holder, subject only to the terms of this
Policy (which includes each endorsement hereto), the full and complete payment
of Guaranteed Distributions with respect to the Certificates of the Trust
referred to above.

         For the further protection of each Holder, Financial Security
irrevocably and unconditionally guarantees payment of the amount of any
distribution of principal or interest with respect to the Certificates made
during the Term of this Policy to such Holder that is subsequently avoided in
whole or in part as a preference payment under applicable law.

         Payment of any amount required to be paid under this Policy will be
made following receipt by Financial Security of notice as described in
Endorsement No. 1 hereto.

         Financial Security shall be subrogated to the rights of each Holder
to receive distributions with respect to each Certificate held by such Holder
to the extent of any payment by Financial Security hereunder.

         Except to the extent expressly modified by Endorsement No. 1 hereto,
the following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Certificate as indicated on
the registration books maintained by or on behalf of the Trustee for such
purpose or, if the Certificate is in bearer form, the holder of the
Certificate. "Trustee", "Guaranteed Distributions" and "Term of this Policy"
shall have the meanings set forth in Endorsement No. 1 hereto.

         This Policy sets forth in full the undertaking of Financial Security,
and shall not be modified, altered or affected by any other agreement or
instrument, including any modification or amendment thereto. Except to the
extent expressly modified by an endorsement hereto, the premiums paid in
respect of this Policy are nonrefundable for any reason whatsoever. This
Policy may not be canceled or revoked during the Term of this Policy. An
acceleration payment shall not be due under this Policy unless such
acceleration is at the sole option of Financial Security. THIS POLICY IS NOT
COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE
76 OF THE NEW YORK INSURANCE LAW.

         In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this
Policy to be executed on its behalf by its Authorized Officer.

                                     R-1
<PAGE>

                                 FINANCIAL SECURITY ASSURANCE INC.

                                 By/s/
                                   -------------------------------------------
                                                  Authorized Officer

A subsidiary of Financial Security Assurance Holdings Ltd.
31 West 52nd Street, New York, N.Y. 10019                       (212) 826-0100

Form 101NY (5/89)

                                     R-2
<PAGE>

                             ENDORSEMENT NO. 1 TO
                      FINANCIAL GUARANTY INSURANCE POLICY

FINANCIAL SECURITY                                    31 West 52nd Street
ASSURANCE INC.                                        New York, New York 10019

TRUST:            The Trust created by the Pooling and Servicing Agreement,
                  dated as of December 1, 2005 among CWABS, Inc., as
                  Depositor, Countrywide Home Loans, Inc., as Seller, Park
                  Granada LLC, as Seller, Park Monaco Inc., as Seller, Park
                  Sienna LLC, as Seller, Countrywide Home Loans Servicing LP,
                  as Master Servicer and The Bank of New York, as Trustee.

CERTIFICATES:     CWABS Asset-Backed Certificates Trust 2005-15, Asset-Backed
                  Certificates, Series 2005-15 Certificates, Class 1-AF-5
                  Certificates having an initial class Certificate Balance of
                  $15,209,000.

Policy No.:                51707-N

Date of Issuance:          December 30, 2005

         1. Definitions. For all purposes of this Policy, the terms specified
below shall have the meanings or constructions provided below. Capitalized
terms used herein and not otherwise defined herein shall have the meanings
provided in the Pooling and Servicing Agreement unless the context shall
otherwise require.

         "Business Day" means any day other than a Saturday, Sunday, legal
holiday or other day on which banking institutions in New York, New York, or
any other location of any successor servicer or successor trustee are
authorized or obligated by law, executive order or governmental decree to be
closed.

         "Guaranteed Distributions" means, with respect to each Distribution
Date, the distribution to be made to Holders in an aggregate amount equal to
(i) the amount, if any, by which the amount available to be distributed to the
Certificates, pursuant to the priority of payment set forth in the Pooling and
Servicing Agreement, is less than the Required Distributions for such
Distribution Date and (ii) to the extent unpaid on the Last Scheduled
Distribution Date, after payment of all other amounts due to the Certificates,
the sum of (a) any remaining Certificate Principal Balance of the Certificates
and (b) the amount of any Applied Realized Loss Amount allocated to the
Certificates prior to the Last Scheduled Distribution Date to the extent
Financial Security has not paid such Applied Realized Loss Amount and the
Holders of the Certificates have not received any Subsequent Recovery related
to such Applied Realized Loss Amount, in each case after giving effect to all
distributions, other than Required Distributions, to be made on such
Distribution Date; and, in each case in accordance with the original terms of
the Certificates when issued and without regard to any amendment or
modification of the Certificates or the Pooling and Servicing Agreement except
amendments or modifications to which Financial

<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

Security has given its prior written consent. Guaranteed Distributions shall
not include, nor shall coverage be provided under this Policy in respect of,
any Prepayment Interest Shortfalls, interest shortfalls resulting from the
application of the Relief Act or similar state or local laws, Net Rate
Carryover amounts, or any taxes, withholding or other charge imposed by any
governmental authority due in connection with the payment of any Guaranteed
Distribution to a Holder. For purposes of this definition, any payment of
interest previously made by Financial Security under this Policy shall be
excluded, from and including the date of payment by Financial Security
thereof, when calculating interest that is carried forward. Guaranteed
Distributions shall not include (a) any portion of any Guaranteed
Distributions due to Holders of the Certificates because a notice and
certificate in proper form as required by Section 2 hereof was not timely
Received by Financial Security and (b) any portion of a Guaranteed
Distribution due to Holders of the Certificates representing interest on any
unpaid interest accrued from and including the date of payment by Financial
Security of the amount of such unpaid interest.

         "Last Scheduled Distribution Date" means the Distribution Date in
April, 2036.

         "Policy" means this Financial Guaranty Insurance Policy and includes
each endorsement thereto.

         "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement, dated as of December 1, 2005 among CWABS, Inc., as Depositor,
Countrywide Home Loans, Inc., as Seller, Park Monaco Inc., as Seller, Park
Sienna LLC, as Seller, Countrywide Home Loans Servicing LP, as Master
Servicer, and The Bank of New York, as Trustee, as amended from time to time
with the consent of Financial Security.

         "Receipt" and "Received" mean actual delivery to Financial Security
and to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New
York City time, on a Business Day; delivery either on a day that is not a
Business Day, or after 12:00 noon, New York City time, shall be deemed to be
receipt on the next succeeding Business Day. If any notice or certificate
given hereunder by the Trustee is not in proper form or is not properly
completed, executed or delivered, or contains any misstatement, it shall be
deemed not to have been Received, and Financial Security or its Fiscal Agent
shall promptly so advise the Trustee and the Trustee may submit an amended
notice.

         "Required Distributions" means, with respect to any Distribution
Date, the sum, without duplication, of (i) the amount of Current Interest that
has accrued on the Certificates at the then-applicable Pass-Through Rate
during the applicable Accrual Period with respect to the 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, or Net Carry Over amounts (ii) at the election of
Financial Security in its sole discretion, any Applied Realized Loss Amount
allocated to the Certificates on or prior to that Distribution Date and not
previously paid by Financial Security and (iii) the amount of interest that
has accrued on any Applied Realized Loss Amount allocated to the Certificates
prior to such Distribution Date at the then-applicable Pass-Through Rate, in
the case of each of clause (ii) and clause (iii) to the extent Financial
Security has not paid such Applied Realized Loss Amount and the Holders of the
Certificates have not received any Subsequent Recovery relating to such
Applied Realized Loss Amount.

                                      2
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

         "Term Of This Policy" means the period from and including the Date of
Issuance to and including the date on which (i) the Certificate Principal
Balances of all of the Certificates is zero, (ii) any period during which any
payment on the Certificates could have been avoided in whole or in part as a
preference payment under applicable bankruptcy, insolvency, receivership or
similar law has expired, and (iii) if any proceedings requisite to avoidance
as a preference payment have been commenced prior to the occurrence of (i) and
(ii), a final and nonappealable order in resolution of each such proceeding
has been entered.

         "Trustee" means The Bank of New York, in its capacity as Trustee
under the Pooling and Servicing Agreement and any successor in such capacity.

         2. Notices and Conditions to Payment in Respect of Guaranteed
Distributions. Following Receipt by Financial Security of a notice and
certificate from the Trustee in the form attached as Exhibit A to this
Endorsement, Financial Security will pay any amount payable hereunder in
respect of Guaranteed Distributions out of the funds of Financial Security on
the later to occur of (a) 12:00 noon, New York City time, on the second
Business Day following such Receipt; and (b) 12:00 noon, New York City time,
on the Distribution Date to which such claim relates. Payments due hereunder
in respect of Guaranteed Distributions will be disbursed by wire transfer of
immediately available funds to the Class 1-AF-5 Policy Payments Account
established pursuant to the Pooling and Servicing Agreement or, if no such
Class 1-AF-5 Policy Payments Account has been established, to the Trustee.

         Financial Security shall be entitled to pay any amount hereunder in
respect of Guaranteed Distributions, including any acceleration payment,
whether or not any notice and certificate shall have been Received by
Financial Security as provided above, provided, however, that by acceptance of
this Policy the Trustee agrees to provide to Financial Security, upon
Financial Security's request to the Trustee, a notice and certificate in
respect of any such payments made by Financial Security. Financial Security
shall be entitled to pay principal hereunder on an accelerated basis if
Financial Security shall so elect in its sole discretion, at any time or from
time to time, in whole or in part, at an earlier Distribution Date than
provided in the definition of "Guaranteed Distributions," if such principal
would have been payable under the Pooling and Servicing Agreement were funds
sufficient to make such payment available to the Trustee for such purpose.
Guaranteed Distributions insured hereunder shall not include interest, in
respect of principal paid hereunder on an accelerated basis, accruing from
after the date of such payment of principal. Financial Security's obligations
hereunder in respect of Guaranteed Distributions shall be discharged to the
extent funds are disbursed by Financial Security as provided herein whether or
not such funds are properly applied by the Trustee.

         3. Notices and Conditions to Payment in Respect of Guaranteed
Distributions Avoided as Preference Payments. If any Guaranteed Distribution
is avoided as a preference payment under applicable bankruptcy, insolvency,
receivership or similar law, Financial Security will pay such amount out of
the funds of Financial Security on the later of (a) the date when due to be
paid pursuant to the Order referred to below or (b) the first to occur of (i)
the fourth Business Day following Receipt by Financial Security from the
Trustee of (A) a certified copy of the order of the court or other
governmental body which exercised jurisdiction to the effect that the Holder
is required to return principal or interest distributed with respect to the
Certificates during the Term Of This Policy because such distributions were
avoidable as preference

                                      3
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

payments under applicable bankruptcy law (the "Order"), (B) a certificate of
the Holder that the Order has been entered and is not subject to any stay and
(C) an assignment duly executed and delivered by the Holder, in such form as
is reasonably required by Financial Security and provided to the Holder by
Financial Security, irrevocably assigning to Financial Security all rights and
claims of the Holder relating to or arising under the Certificates against the
debtor which made such preference payment or otherwise with respect to such
preference payment or (ii) the date of Receipt by Financial Security from the
Trustee of the items referred to in clauses (A), (B) and (C) above if, at
least four Business Days prior to such date of Receipt, Financial Security
shall have Received written notice from the Trustee that such items were to be
delivered on such date and such date was specified in such notice. Such
payment shall be disbursed to the receiver, conservator, debtor-in-possession
or trustee in bankruptcy named in the Order and not to the Trustee or any
Holder directly (unless a Holder has previously paid such amount to the
receiver, conservator, debtor-in-possession or trustee in bankruptcy named in
the Order, in which case such payment shall be disbursed to the Trustee for
distribution to such Holder upon proof of such payment reasonably satisfactory
to Financial Security). In connection with the foregoing, Financial Security
shall have the rights provided pursuant to Section 4.06 of the Pooling and
Servicing Agreement.

         4. Governing Law. This Policy shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to
the conflict of laws principles thereof.

         5. Fiscal Agent. At any time during the Term Of This Policy,
Financial Security may appoint a fiscal agent (the "Fiscal Agent") for
purposes of this Policy by written notice to the Trustee at the notice address
specified in the Pooling and Servicing Agreement specifying the name and
notice address of the Fiscal Agent. From and after the date of receipt of such
notice by the Trustee, (i) copies of all notices and documents required to be
delivered to Financial Security pursuant to this Policy shall be
simultaneously delivered to the Fiscal Agent and to Financial Security and
shall not be deemed Received until Received by both and (ii) all payments
required to be made by Financial Security under this Policy may be made
directly by Financial Security or by the Fiscal Agent on behalf of Financial
Security. The Fiscal Agent is the agent of Financial Security only and the
Fiscal Agent shall in no event be liable to any Holder for any acts of the
Fiscal Agent or any failure of Financial Security to deposit, or cause to be
deposited, sufficient funds to make payments due under this Policy.

         6. Waiver of Defenses. To the fullest extent permitted by applicable
law, Financial Security agrees not to assert, and hereby waives, for the
benefit of each Holder, all rights (whether by counterclaim, setoff or
otherwise) and defenses (including, without limitation, the defense of fraud),
whether acquired by subrogation, assignment or otherwise, to the extent that
such rights and defenses may be available to Financial Security to avoid
payment of its obligations under this Policy in accordance with the express
provisions of this Policy. Nothing in this paragraph shall be construed to
limit or otherwise impair Financial Security's right to pursue recovery or
claims (based on contractual rights, securities law violations, fraud or other
causes of action) against any person or entity, or, except as provided in
paragraph 3 of this Endorsement, to require payment by Financial Security of
any amounts that have been previously paid or that are not otherwise due in
accordance with the express provisions of this Policy or the Obligations.
Nothing in this Policy shall be construed to require payment to the extent any
force majeure

                                      4
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

event or governmental act prevents Financial Security from performing its
obligations under this Policy, in which event Financial Security agrees to:
(a) use commercially reasonable efforts to perform its obligations under this
Policy notwithstanding such force majeure event or governmental act and (b)
perform its obligations under this Policy promptly following cessation of such
force majeure event or governmental act.

         7. Notices. All notices to be given hereunder shall be in writing
(except as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to Financial Security as
follows:

               Financial Security Assurance Inc.
               31 West 52nd Street
               New York, NY 10019
               Attention: Managing Director - Transaction Oversight
               Re:  CWABS Asset-Backed Certificates Trust 2005-15
               Policy No.: 51707-N
               Telecopy No.: (212) 339-3518
               Confirmation: (212) 826-0100

Financial Security may specify a different address or addresses by writing
mailed or delivered to the Trustee.

         8. Priorities. In the event any term or provision on the face of this
Policy is inconsistent with the provisions of this Endorsement, the provisions
of this Endorsement shall take precedence and shall be binding.

         9. Exclusions From Insurance Guaranty Funds. This Policy is not
covered by the Property/Casualty Insurance Security Fund specified in Article
76 of the New York Insurance Law. This Policy is not covered by the Florida
Insurance Guaranty Association created under Part II of Chapter 631 of the
Florida Insurance Code. In the event Financial Security were to become
insolvent, any claims arising under this Policy are excluded from coverage by
the California Insurance Guaranty Association, established pursuant to Article
14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code.

         10. Surrender of Policy. The Trustee shall surrender this Policy to
Financial Security for cancellation upon expiration of the Term Of This
Policy.

                                      5
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

         IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this
Endorsement No. 1 to be executed by its Authorized Officer.

                                 FINANCIAL SECURITY ASSURANCE INC.

                                 FINANCIAL SECURITY ASSURANCE INC.

                                 By:/s/
                                    ----------------------------------------
                                               Authorized Officer

                                      6
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

                                                                     Exhibit A
                                                              To Endorsement 1

                        NOTICE OF CLAIM AND CERTIFICATE

                            (Letterhead of Trustee)

Financial Security Assurance Inc.
31 West 52nd Street
New York, NY 10019

         Re:  CWABS Asset-Backed Certificates 2005-15

         The undersigned, a duly authorized officer of The Bank of New York
(the "Trustee"), hereby certifies to Financial Security Assurance Inc.
("Financial Security"), with reference to Financial Guaranty Insurance Policy
No. 51707-N dated December 30, 2005 (the "Policy") issued by Financial
Security in respect of the CWABS Asset-Backed Certificates Trust 2005-15,
Asset-Backed Certificates, Series 2005-15 (the "Certificates"), that:

                  (i) The Trustee is the trustee for the Holders under the
         Pooling and Servicing Agreement.

                  (ii) The sum of all amounts on deposit (or scheduled to be
         on deposit) in the Distribution Account and available for
         distribution to the Holders pursuant to the Pooling and Servicing
         Agreement will be $___________ (the "Shortfall") less than the
         Guaranteed Distributions with respect to the Distribution Date.

                  (iii) The Trustee is making a claim under the Policy for the
         Shortfall to be applied to distributions of principal or interest or
         both with respect to the Certificates.

                  (iv) The Trustee agrees that, following receipt of funds
         from Financial Security, it shall (a) hold such amounts in trust and
         apply the same directly to the payment of Guaranteed Distributions on
         the Certificates when due; (b) not apply such funds for any other
         purpose; (c) not commingle such funds with other funds held by the
         Trustee and (d) maintain an accurate record of such payments with
         respect to each Certificate and the corresponding claim on the Policy
         and proceeds thereof and, if the Certificate is required to be
         surrendered or presented for such payment, shall stamp on each such
         Certificate the legend "$[insert applicable amount] paid by Financial
         Security and the balance hereof has been cancelled and reissued" and
         then shall deliver such Certificate to Financial Security.

                  (v) The Trustee on behalf of the Holders, hereby assigns to
         Financial Security the rights of the Holders with respect to the
         Certificates to the extent of any payments under the Policy,
         including, without limitation, any amounts due to the Holders in
         respect of securities law violations arising from the offer and sale
         of the Certificates. The foregoing assignment is in addition to, and
         not in limitation of, rights of subrogation otherwise available to
         Financial Security in respect of such payments. The Trustee shall

                                     A-1
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

         take such action and deliver such instruments as may be reasonably
         requested or required by Financial Security to effectuate the purpose
         or provisions of this clause (v).

                  (vi) The Trustee, on its behalf and on behalf of the
         Holders, hereby appoints Financial Security as agent and
         attorney-in-fact for the Trustee, and each such Holder in any legal
         proceeding with respect to the Certificates. The Trustee hereby
         agrees that Financial Security may at any time during the
         continuation of any proceeding by or against the Issuer under the
         United States Bankruptcy Code or any other applicable bankruptcy,
         insolvency, receivership, rehabilitation or similar law (an
         "Insolvency Proceeding") direct all matters relating to such
         Insolvency Proceeding, including without limitation, (A) all matters
         relating to any claim in connection with an Insolvency Proceeding
         seeking the avoidance as a preferential transfer of any distribution
         made with respect to the Certificates (a "Preference Claim"), (B) the
         direction of any appeal of any order relating to any Preference
         Claim, at the expense of Financial Security but subject to
         reimbursement as provided in the Pooling and Servicing Agreement and
         (C) the posting of any surety, supersedeas or performance bond
         pending any such appeal. In addition, the Trustee hereby agrees that
         Financial Security shall be subrogated to, and the Trustee on its
         behalf and on behalf of each Holder, hereby delegates and assigns, to
         the fullest extent permitted by law, the rights of the Trustee and
         each Holder in the conduct of any Insolvency Proceeding, including,
         without limitation, all rights of any party to an adversary
         proceeding or action with respect to any court order issued in
         connection with any such Insolvency Proceeding.

                  (vii) Payment should be made by wire transfer directed to
         the Class 1-AF-5 Policy Payments Account.

         Unless the context otherwise requires, capitalized terms used in this
Notice of Claim and Certificate and not defined herein shall have the meanings
provided in the Policy.

                                     A-2
<PAGE>

Policy No.: 51707-N                        Date of Issuance: December 30, 2005

         IN WITNESS WHEREOF, the Trustee has executed and delivered this
Notice of Claim and Certificate as of the ____ day of ___________, 20__.

                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By:_________________________________
                                    Title:______________________________

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

For Financial Security or Fiscal Agent Use Only

Wire transfer sent on _______ by ____________________

Confirmation Number         _______________

                                     A-3

<PAGE>

                                  EXHIBIT S-1

                FORM OF CORRIDOR CONTRACT ASSIGNMENT AGREEMENT

                     [See document delivered at closing.]

                                     S-1-1

<PAGE>

                                  EXHIBIT S-2

              FORM OF CORRIDOR CONTRACT ADMINISTRATION AGREEMENT

                     [See document delivered at closing.]

                                     S-2-1

<PAGE>

                                   EXHIBIT T

              OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS

                          ASSET-BACKED CERTIFICATES,
                                Series 2005-15

                                       [Date]

Via Facsimile

The Bank of New York,
      as Trustee
101 Barclay Street
New York, New York  10286

Dear Sir or Madam:

            Reference is made to the Pooling and Servicing Agreement, dated as
of December 1, 2005, (the "Pooling and Servicing Agreement") among CWABS,
Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco
Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, and The Bank of New York, as Trustee.
Capitalized terms used herein shall have the meanings ascribed to such terms
in the Pooling and Servicing Agreement.

            __________________ hereby certifies that he/she is a Servicing
Officer, holding the office set forth beneath his/her name and hereby further
certifies as follows:

            With respect to the Distribution Date in _________ 20[ ] and each
Mortgage Loan set forth in the attached schedule:

            1. A Principal Prepayment in full or in part was received during
the related Prepayment Period;

            2. Any Prepayment Charge due under the terms of the Mortgage Note
with respect to such Principal Prepayment was or was not, as indicated on the
attached schedule using "Yes" or "No", received from the Mortgagor and
deposited in the Certificate Account;

            3. As to each Mortgage Loan set forth on the attached schedule for
which all or part of the Prepayment Charge required in connection with the
Principal Prepayment was waived by the Master Servicer, such waiver was, as
indicated on the attached schedule, based upon:

                  (i) the Master Servicer's determination that such waiver
      would maximize recovery of Liquidation Proceeds for such Mortgage Loan,
      taking into account the value of such Prepayment Charge, or

                                      T-1

<PAGE>

                  (ii)(A) the enforceability thereof is limited (1) by
      bankruptcy, insolvency, moratorium, receivership, or other similar law
      relating to creditors' rights generally or (2) due to acceleration in
      connection with a foreclosure or other involuntary payment, or (B) the
      enforceability is otherwise limited or prohibited by applicable law; and

            4. We certify that all amounts due in connection with the waiver
of a Prepayment Charge inconsistent with clause 3 above which are required to
be deposited by the Master Servicer pursuant to Section 3.20 of the Pooling
and Servicing Agreement, have been or will be so deposited.

                                       COUNTRYWIDE HOME LOANS, INC.,
                                         as Master Servicer

                                      T-2

<PAGE>

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

------------------------------------------------------------------------------
Loan Number              Clause 2:  Yes/No          Clause 3:  (i) or (ii)
------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

                                      T-3

<PAGE>

                                   EXHIBIT U

                             FORM OF SWAP CONTRACT

                     [See document delivered at closing.]

                                      U-1

<PAGE>

                                  EXHIBIT V-1

                  FORM OF SWAP CONTRACT ASSIGNMENT AGREEMENT

                     [See document delivered at closing.]

                                     V-1-1

<PAGE>

                                  EXHIBIT V-2

                FORM OF SWAP CONTRACT ADMINISTRATION AGREEMENT

                     [See document delivered at closing.]

                                     V-2-1

<PAGE>

                                  EXHIBIT V-3

                            FORM OF SWAP GUARANTEE

                     [See document delivered at closing.]

                                     V-3-1

<PAGE>

                                  SCHEDULE I

           PREPAYMENT CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY

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

                                    S-I-1
<PAGE>

                                 SCHEDULE II

                              COLLATERAL SCHEDULE
<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------
                                                                   Applicable
Characteristic                                                      Section       Loan Group 1    Loan Group 2
-----------------------------------------------------------------------------------------------------------------
<S>                                                             <C>             <C>               <C>
Single-Family Detached Dwellings                                  2.03(b)(32)        77.23%          67.31%
-----------------------------------------------------------------------------------------------------------------
Two- to Four-Family Dwellings                                     2.03(b)(32)         3.04%          5.07%
-----------------------------------------------------------------------------------------------------------------
Low-Rise Condominium Units                                        2.03(b)(32)         3.70%          8.08%
-----------------------------------------------------------------------------------------------------------------
High-Rise Condominium Units                                       2.03(b)(32)         0.00%          0.24%
-----------------------------------------------------------------------------------------------------------------
Manufactured Housing                                              2.03(b)(32)         0.00%          0.00%
-----------------------------------------------------------------------------------------------------------------
PUDs                                                              2.03(b)(32)        16.03%          19.30%
-----------------------------------------------------------------------------------------------------------------
Earliest Origination Date                                         2.03(b)(33)        6/22/05        6/30/05
-----------------------------------------------------------------------------------------------------------------
Prepayment Penalty                                                2.03(b)(35)        91.89%          85.28%
-----------------------------------------------------------------------------------------------------------------
Investor Properties                                               2.03(b)(36)         1.71%          2.65%
-----------------------------------------------------------------------------------------------------------------
Primary Residences                                                2.03(b)(36)        97.82%          96.26%
-----------------------------------------------------------------------------------------------------------------
Lowest Current Mortgage Rate                                      2.03(b)(48)        2.500%          4.550%
-----------------------------------------------------------------------------------------------------------------
Highest Current Mortgage Rate                                     2.03(b)(48)        11.500%        11.500%
-----------------------------------------------------------------------------------------------------------------
Weighted Average Current Mortgage Rate                            2.03(b)(48)        6.619%          6.937%
-----------------------------------------------------------------------------------------------------------------
Lowest Gross Margin                                               2.03(b)(51)          N/A           2.250%
-----------------------------------------------------------------------------------------------------------------
Highest Gross Margin                                              2.03(b)(51)          N/A           9.850%
-----------------------------------------------------------------------------------------------------------------
Weighted Average Gross Margin                                     2.03(b)(51)          N/A           6.392%
-----------------------------------------------------------------------------------------------------------------
Date on or before which each Initial Mortgage Loan has a          2.03(b)(52)        1/1/06          1/1/06
Due Date
-----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------
                                      Adjustable Rate Mortgage
                                     Loans (other than Two-Year    Two-Year         Three-Year       Five-Year
                     Applicable         and Three-Year Hybrid       Hybrid       Hybrid Mortgage       Hybrid
 Adjustment Date       Section             Mortgage Loans)      Mortgage Loans        Loans        Mortgage Loans
------------------------------------------------------------------------------------------------------------------
<S>                 <C>                 <C>                     <C>              <C>                <C>
   Latest Next
 Adjustment Date     2.03(b)(34)               6/1/06               12/1/07         12/1/08            N/A
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                    S-II-1

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