Document:

efc7-2589_6227787ex41.htm

    

     

    EXHIBIT
      4.1

     

    The
      Pooling and Servicing Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      EXECUTION
        COPY

      

      _________________________

       

      CWALT,
        INC.,

       

      Depositor

       

      COUNTRYWIDE
        HOME LOANS, INC.,

       

      Seller

       

      PARK
        GRANADA LLC,

       

      Seller

       

      PARK
        MONACO INC.,

       

      Seller

       

      PARK
        SIENNA LLC,

       

      Seller

       

      COUNTRYWIDE
        HOME LOANS SERVICING LP,

       

      Master
        Servicer

       

      and

       

      THE
        BANK
        OF NEW YORK,

       

      Trustee

       

      ___________________________________

       

      

       

      POOLING
        AND SERVICING AGREEMENT

       

      Dated
        as
        of May 1, 2007

       

      ___________________________________

       

      

       

      ALTERNATIVE
        LOAN TRUST 2007-J2

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES, SERIES 2007-J2

       

      ___________________________

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Table
        of Contents

       

      Page

       

      
        	
                ARTICLE
                  I DEFINITIONS

              
	
                SECTION
                  1.01.

              	
                Defined
                  Terms.

              	
                I-1

              
	
                SECTION
                  1.02.

              	
                Certain
                  Interpretive Provisions.

              	
                I-31

              
	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
                  WARRANTIES

              
	 	 	 
	
                SECTION
                  2.01.

              	
                Conveyance
                  of Mortgage Loans.

              	
                II-1

              
	
                SECTION
                  2.02.

              	
                Acceptance
                  by Trustee of the Mortgage Loans.

              	
                II-4

              
	
                SECTION
                  2.03.

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

              	
                II-6

              
	
                SECTION
                  2.04.

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

              	
                II-8

              
	
                SECTION
                  2.05.

              	
                Delivery
                  of Opinion of Counsel in Connection with Substitutions.

              	
                II-9

              
	
                SECTION
                  2.06.

              	
                Execution
                  and Delivery of Certificates.

              	
                II-9

              
	
                SECTION
                  2.07.

              	
                REMIC
                  Matters.

              	
                II-9

              
	
                SECTION
                  2.08.

              	
                Covenants
                  of the Master Servicer.

              	
                II-10

              
	 
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

              
	 	 	 
	
                SECTION
                  3.01.

              	
                Master
                  Servicer to Service Mortgage Loans.

              	
                III-1

              
	
                SECTION
                  3.02.

              	
                Subservicing;
                  Enforcement of the Obligations of Subservicers.

              	
                III-2

              
	
                SECTION
                  3.03.

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

              	
                III-2

              
	
                SECTION
                  3.04.

              	
                Trustee
                  to Act as Master Servicer.

              	
                III-2

              
	
                SECTION
                  3.05.

              	
                Collection
                  of Mortgage Loan Payments; Certificate Account; Distribution Account;
                  the
                  Principal Reserve Fund.

              	
                III-3

              
	
                SECTION
                  3.06.

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

              	
                III-5

              
	
                SECTION
                  3.07.

              	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans.

              	
                III-6

              
	
                SECTION
                  3.08.

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

              	
                III-6

              
	
                SECTION
                  3.09.

              	
                Maintenance
                  of Hazard Insurance; Maintenance of Primary Insurance
                  Policies.

              	
                III-8

              
	
                SECTION
                  3.10.

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

              	
                III-9

              
	
                SECTION
                  3.11.

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

              	
                III-10

              
	
                SECTION
                  3.12.

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              	
                III-13

              
	
                SECTION
                  3.13.

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

              	
                III-14

              
	
                SECTION
                  3.14.

              	
                Servicing
                  Compensation.

              	
                III-14

              
	
                SECTION
                  3.15.

              	
                Access
                  to Certain Documentation.

              	
                III-15

              
	
                SECTION
                  3.16.

              	
                Annual
                  Statement as to Compliance.

              	
                III-15

              
	
                SECTION
                  3.17.

              	
                Errors
                  and Omissions Insurance; Fidelity Bonds.

              	
                III-16

              
	
                SECTION
                  3.18.

              	
                [Reserved].

              	
                III-16

              
	
                SECTION
                  3.19.

              	
                Prepayment
                  Charges.

              	
                III-16

              

      

      

      

      
        
          
          

        

        
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                ARTICLE
                  IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

              
	 	 	 
	
                SECTION
                  4.01.

              	
                Advances.

              	
                IV-1

              
	
                SECTION
                  4.02.

              	
                Priorities
                  of Distribution.

              	
                IV-2

              
	
                SECTION
                  4.03.

              	
                [Reserved].

              	
                IV-6

              
	
                SECTION
                  4.04.

              	
                Allocation
                  of Realized Losses.

              	
                IV-6

              
	
                SECTION
                  4.05.

              	
                Cross-Collateralization;
                  Adjustments to Available Funds.

              	
                IV-7

              
	
                SECTION
                  4.06.

              	
                Monthly
                  Statements to Certificateholders.

              	
                IV-8

              
	
                SECTION
                  4.07.

              	
                Determination
                  of Pass-Through Rates for COFI Certificates.

              	
                IV-8

              
	
                SECTION
                  4.08.

              	
                Determination
                  of Pass-Through Rates for LIBOR Certificates.

              	
                IV-9

              
	 
	
                ARTICLE
                  V THE CERTIFICATES

              
	 	 	 
	
                SECTION
                  5.01.

              	
                The
                  Certificates.

              	
                V-1

              
	
                SECTION
                  5.02.

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              	
                V-1

              
	
                SECTION
                  5.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	
                V-5

              
	
                SECTION
                  5.04.

              	
                Persons
                  Deemed Owners.

              	
                V-5

              
	
                SECTION
                  5.05.

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              	
                V-6

              
	
                SECTION
                  5.06.

              	
                Maintenance
                  of Office or Agency.

              	
                V-6

              
	
                SECTION
                  5.07.

              	
                Depositable
                  and Exchangeable Certificates.

              	
                V-6

              
	
                ARTICLE
                  VI THE DEPOSITOR AND THE MASTER SERVICER

              
	
                SECTION
                  6.01.

              	
                Respective
                  Liabilities of the Depositor and the Master Servicer.

              	
                VI-1

              
	
                SECTION
                  6.02.

              	
                Merger
                  or Consolidation of the Depositor or the Master Servicer.

              	
                VI-1

              
	
                SECTION
                  6.03.

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

              	
                VI-1

              
	
                SECTION
                  6.04.

              	
                Limitation
                  on Resignation of Master Servicer.

              	
                VI-2

              
	 
	
                ARTICLE
                  VII DEFAULT

              
	 	 	 
	
                SECTION
                  7.01.

              	
                Events
                  of Default.

              	
                VII-1

              
	
                SECTION
                  7.02.

              	
                Trustee
                  to Act; Appointment of Successor.

              	
                VII-3

              
	
                SECTION
                  7.03.

              	
                Notification
                  to Certificateholders.

              	
                VII-4

              
	 
	
                ARTICLE
                  VIII CONCERNING THE TRUSTEE

              
	 	 	 
	
                SECTION
                  8.01.

              	
                Duties
                  of Trustee.

              	
                VIII-1

              
	
                SECTION
                  8.02.

              	
                Certain
                  Matters Affecting the Trustee.

              	
                VIII-2

              
	
                SECTION
                  8.03.

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              	
                VIII-3

              
	
                SECTION
                  8.04.

              	
                Trustee
                  May Own Certificates.

              	
                VIII-3

              
	
                SECTION
                  8.05.

              	
                Trustee’s
                  Fees and Expenses.

              	
                VIII-3

              
	
                SECTION
                  8.06.

              	
                Eligibility
                  Requirements for Trustee.

              	
                VIII-3

              
	
                SECTION
                  8.07.

              	
                Resignation
                  and Removal of Trustee.

              	
                VIII-4

              
	
                SECTION
                  8.08.

              	
                Successor
                  Trustee.

              	
                VIII-5

              
	
                SECTION
                  8.09.

              	
                Merger
                  or Consolidation of Trustee.

              	
                VIII-5

              
	
                SECTION
                  8.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              	
                VIII-5

              
	
                SECTION
                  8.11.

              	
                Tax
                  Matters.

              	
                VIII-7

              
	
                SECTION
                  8.12.

              	
                Monitoring
                  of Significance Percentage.

              	
                VIII-8

              

      

      

      
        
          
          

        

        
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                ARTICLE
                  IX TERMINATION

              
	 	 	 
	
                SECTION
                  9.01.

              	
                Termination
                  upon Liquidation or Purchase of all Mortgage Loans.

              	
                IX-1

              
	
                SECTION
                  9.02.

              	
                Final
                  Distribution on the Certificates.

              	
                IX-1

              
	
                SECTION
                  9.03.

              	
                Additional
                  Termination Requirements.

              	
                IX-2

              
	 
	
                ARTICLE
                  X MISCELLANEOUS PROVISIONS

              
	 	 	 
	
                SECTION
                  10.01.

              	
                Amendment.

              	
                X-1

              
	
                SECTION
                  10.02.

              	
                Recordation
                  of Agreement; Counterparts.

              	
                X-2

              
	
                SECTION
                  10.03.

              	
                Governing
                  Law.

              	
                X-2

              
	
                SECTION
                  10.04.

              	
                Intention
                  of Parties.

              	
                X-2

              
	
                SECTION
                  10.05.

              	
                Notices.

              	
                X-4

              
	
                SECTION
                  10.06.

              	
                Severability
                  of Provisions.

              	
                X-5

              
	
                SECTION
                  10.07.

              	
                Assignment.

              	
                X-5

              
	
                SECTION
                  10.08.

              	
                Limitation
                  on Rights of Certificateholders.

              	
                X-5

              
	
                SECTION
                  10.09.

              	
                Inspection
                  and Audit Rights.

              	
                X-6

              
	
                SECTION
                  10.10.

              	
                Certificates
                  Nonassessable and Fully Paid.

              	
                X-6

              
	
                SECTION
                  10.11.

              	
                [Reserved].

              	
                X-6

              
	
                SECTION
                  10.12.

              	
                Protection
                  of Assets.

              	
                X-6

              
	 
	
                ARTICLE
                  XI EXCHANGE ACT REPORTING

              
	 	 	 
	
                SECTION
                  11.01.

              	
                Filing
                  Obligations.

              	
                XI-7

              
	
                SECTION
                  11.02.

              	
                Form
                  10-D Filings.

              	
                XI-7

              
	
                SECTION
                  11.03.

              	
                Form
                  8-K Filings.

              	
                XI-8

              
	
                SECTION
                  11.04.

              	
                Form
                  10-K Filings.

              	
                XI-8

              
	
                SECTION
                  11.05.

              	
                Sarbanes-Oxley
                  Certification.

              	
                XI-8

              
	
                SECTION
                  11.06.

              	
                Form
                  15 Filing.

              	
                XI-9

              
	
                SECTION
                  11.07.

              	
                Report
                  on Assessment of Compliance and Attestation.

              	
                XI-9

              
	
                SECTION
                  11.08.

              	
                Use
                  of Subservicers and Subcontractors.

              	
                XI-10

              
	
                SECTION
                  11.09.

              	
                Amendments.

              	
                XI-11

              
	
                SECTION
                  11.10.

              	
                Reconciliation
                  of Accounts.

              	
                XI-11

              

      

      

      
        
          
          

        

        
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                SCHEDULES

              
	
                Schedule
                  I:

              	
                Mortgage
                  Loan Schedule

              	
                S-I-1

              
	
                Schedule
                  II-A:

              	
                Representations
                  and Warranties of Countrywide

              	
                S-II-A-1

              
	
                Schedule
                  II-B:

              	
                Representations
                  and Warranties of Park Granada

              	
                S-II-B-1

              
	
                Schedule
                  II-C

              	
                Representations
                  and Warranties of Park Monaco Inc.

              	
                S-II-C-1

              
	
                Schedule
                  II-D

              	
                Representations
                  and Warranties of Park Sienna LLC

              	
                S-II-D-1

              
	
                Schedule
                  III-A:

              	
                Representations
                  and Warranties of Countrywide as to the Mortgage Loans

              	
                S-III-A-1

              
	
                Schedule
                  III-B:

              	
                Representations
                  and Warranties of Countrywide as to the Countrywide Mortgage
                  Loans

              	
                S-III-B-1

              
	
                Schedule
                  III-C:

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

              	
                S-III-C-1

              
	
                Schedule
                  III-D

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

              	
                S-III-D-1

              
	
                Schedule
                  III-E

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

              	
                S-III-E-1

              
	
                Schedule
                  IV:

              	
                Representations
                  and Warranties of the Master Servicer

              	
                S-IV-1

              
	
                Schedule
                  V:

              	
                Principal
                  Balance Schedules (if applicable)

              	
                S-V-1

              
	
                Schedule
                  VI:

              	
                Form
                  of Monthly Master Servicer Report

              	
                S-VI-I

              
	
                Schedule
                  VII:

              	
                Schedule
                  of Available Exchanges of Depositable Certificates for Exchangeable
                  Certificates

              	
                S-VII-I

              
	 	 	 
	
                EXHIBITS

              
	 	 	 
	
                Exhibit
                  A:

              	
                Form
                  of Senior or Exchangeable Certificate (excluding Notional Amount
                  Certificates)

              	
                A-1

              
	
                Exhibit
                  B:

              	
                Form
                  of Subordinated Certificate

              	
                B-1

              
	
                Exhibit
                  C-1:

              	
                Form
                  of Class A-R Certificate

              	
                C-1-1

              
	
                Exhibit
                  C-2:

              	
                Form
                  of Class P Certificate

              	
                C-2-1

              
	
                Exhibit
                  C-3

              	
                [Reserved]

              	
                C-3-1

              
	
                Exhibit
                  D:

              	
                Form
                  of Notional Amount Certificate

              	
                D-1

              
	
                Exhibit
                  E:

              	
                Form
                  of Reverse of Certificates

              	
                E-1

              
	
                Exhibit
                  F-1:

              	
                Form
                  of Initial Certification of Trustee

              	
                F-1-1

              
	
                Exhibit
                  F-2:

              	
                [Reserved]

              	
                F-2-1

              
	
                Exhibit
                  G-1:

              	
                Form
                  of Delay Delivery Certification of Trustee

              	
                G-1-1

              
	
                Exhibit
                  G-2:

              	
                [Reserved]

              	
                G-2-1

              
	
                Exhibit
                  H-1:

              	
                Form
                  of Final Certification of Trustee

              	
                H-1-1

              
	
                Exhibit
                  H-2:

              	
                [Reserved]

              	
                H-2-1

              
	
                Exhibit
                  I:

              	
                Form
                  of Transfer Affidavit

              	
                I-1

              
	
                Exhibit
                  J-1:

              	
                Form
                  of Transferor Certificate (Residual)

              	
                J-1-1

              
	
                Exhibit
                  J-2:

              	
                Form
                  of Transferor Certificate (Private)

              	
                J-2-1

              
	
                Exhibit
                  K:

              	
                Form
                  of Investment Letter [Non-Rule 144A]

              	
                K-1

              
	
                Exhibit
                  L-1:

              	
                Form
                  of Rule 144A Letter

              	
                L-1-1

              
	
                Exhibit
                  L-2:

              	
                [Reserved]

              	
                L-2-1

              
	
                Exhibit
                  M:

              	
                Form
                  of Request for Release (for Trustee)

              	
                M-1

              
	
                Exhibit
                  N:

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

              	
                N-1

              
	
                Exhibit
                  O:

              	
                [Reserved]

              	
                O-1

              
	
                Exhibit
                  P:

              	
                [Reserved]

              	
                P-1

              
	
                Exhibit
                  Q:

              	
                Standard
                  & Poor’s LEVELS® Version 5.6d Glossary Revised, Appendix
                  E

              	
                Q-1

              

      

      

      

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

         

      

      
        	 	 	 
	
                Exhibit
                  R:

              	
                [Reserved]

              	
                R-1

              
	
                Exhibit
                  S-1:

              	
                [Reserved]

              	
                S-1-1

              
	
                Exhibit
                  S-2:

              	
                [Reserved]

              	
                S-2-1

              
	
                Exhibit
                  T:

              	
                Form
                  of Officer’s Certificate with respect to Prepayments

              	
                T-1

              
	
                Exhibit
                  U:

              	
                Form
                  of Monthly Report

              	
                U-1

              
	
                Exhibit
                  V-1:

              	
                Form
                  of Performance Certification (Subservicer)

              	
                V-1-1

              
	
                Exhibit
                  V-2:

              	
                Form
                  of Performance Certification (Trustee)

              	
                V-2-1

              
	
                Exhibit
                  W:

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

              	
                W-1

              
	
                Exhibit
                  X:

              	
                List
                  of Item 1119 Parties

              	
                X-1

              
	
                Exhibit
                  Y:

              	
                Form
                  of Sarbanes-Oxley Certification (Replacement of Master
                  Servicer)

              	
                Y-1

              

      

      

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

      

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

       

      WITNESSETH
        THAT

       

      In
        consideration of the mutual agreements herein contained, the parties hereto
        agree as follows:

       

       

      PRELIMINARY
        STATEMENT

       

      The
        Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
        in return for the Certificates.  For federal income tax purposes, the
        Trustee shall treat the Trust Fund  as consisting of, among other
        things, a trust (the “ES Trust”) beneath which are two real estate mortgage
        investment conduits (or in the alternative, the “Sub-WAC (SW) REMIC and the
“Master REMIC”) and shall make all elections as necessary for such
        treatment.  The Sub-WAC REMIC will hold all the assets of the Trust
        Fund and will issue several classes of uncertificated Sub-WAC REMIC
        Interests.  The Class SW-A-R Interest is hereby designated as the
        residual interest in the Sub-WAC REMIC and each other Sub-WAC REMIC Interest
        is
        hereby designated as a regular interest in the Sub-WAC
        REMIC.    The Master REMIC will hold all the regular
        interests in the Sub-WAC REMIC and will issue several classes of uncertificated
        Master REMIC Interests.  The Class MR-A-R Interest is hereby
        designated as the residual interest in the Master REMIC and each other Master
        REMIC Interest is hereby designated as a regular interest in the Master
        REMIC.  The “latest possible maturity date,” for federal income tax
        purposes, of all REMIC regular interests created hereby will be the Latest
        Possible Maturity Date.

       

      The
        ES
        Trust shall hold the SW-A-R Interest, the MR-A-R Interest and all Master
        REMIC
        regular interests and shall issue the Certificates.  Each Certificate,
        other than the Class A-R Certificate, will represent ownership of one or
        more of
        the Master REMIC regular interests held by the ES Trust.  The Class
        A-R Certificate will represent ownership of the SW-A-R Interest and the MR-A-R
        Interest, which are, respectively, the sole Classes of REMIC residual interest
        in each of the Sub-WAC REMIC and the Master REMIC.

       

      For
        federal income tax purposes the Trustee shall treat the ES Trust as a Grantor
        Trust and shall treat each Holder of an ES Trust Certificate as the owner
        of the
        individual, underlying assets represented by such ES Trust
        Certificate.  In addition, to the fullest extent possible, ownership
        of an ES Trust Certificate shall be treated as direct ownership of the
        individual, underlying assets represented by such ES Trust Certificate for
        federal income tax reporting purposes.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      
        	
                Class
                  Designation

              	
                Initial
                  Maximum Class Certificate

                Balance/Notional
                  Amount

              	
                Pass-Through

                Rate

                (per
                  annum)

              	
                Minimum

                Denomination

              	
                Integral
                  Multiples

                in
                  Excess of

                Minimum

              	
                Classes
                  of Master REMIC Interests Represented

              
	
                Class
                  1-A-1

              	
                $86,000,000

              	
                6.50%

                 

              	
                $25,000.00

              	
                $1.00

              	
                MR-1-A-1

              
	
                Class
                  1-A-2

              	
                $6,140,000

              	
                6.50%

              	
                $25,000.00

              	
                $1.00

              	
                MR-1-A-2

              
	
                Class
                  2-A-1

              	
                $121,621,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-A,
                  MR-2-A-B, MR-2-A-F, MR-2-A-G

              
	
                Class
                  2-A-2

              	
                $10,779,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-C

              
	
                Class
                  2-A-3

              	
                $11,656,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-3

              
	
                Class
                  2-A-4

              	
                $148,500,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-A,
                  MR-2-A-B, MR-2-A-C, MR-2-A-D, MR-2-A-E, MR-2-A-F,
                  MR-2-A-G

              
	
                Class
                  2-A-5

              	
                $16,100,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-D,
                  MR-2-A-E

              
	
                Class
                  2-A-6

              	
                $55,149,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-F

              
	
                Class
                  2-A-7

              	
                $47,635,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-G

              
	
                Class
                  2-A-8

              	
                $45,716,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-A,
                  MR-2-A-B, MR-2-A-C, MR-2-A-D, MR-2-A-E

              
	
                Class
                  2-A-9

              	
                $13,500,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-A

              
	
                Class
                  2-A-10

              	
                $19,717,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-B,
                  MR-2-A-C, MR-2-A-D

              
	
                Class
                  2-A-11

              	
                $12,499,000

              	
                6.00%

              	
                $25,000.00

              	
                $1.00

              	
                MR-2-A-E

              
	
                Class
                  1-X

              	
                $96,883,751
                  (1)

              	
                (2)

              	
                $25,000.00(3)

              	
                $1.00(3)

              	
                MR-1-X

              
	
                Class
                  2-X

              	
                $154,239,225
                  (1)

              	
                (4)

              	
                $25,000.00(3)

              	
                $1.00(3)

              	
                MR-2-X

              
	
                Class
                  PO-1

              	
                $87,048

              	
                (5)

              	
                $25,000.00

              	
                $1.00

              	
                MR-PO-1

              
	
                Class
                  PO-2

              	
                $654,565

              	
                (5)

              	
                $25,000.00

              	
                $1.00

              	
                MR-PO-2

              
	
                Class
                  A-R(6)

              	
                $100.00

              	
                6.00%

              	
                (6)

              	
                (6)

              	
                MR-A-R

              
	
                Class
                  M

              	
                $8,096,200

              	
                (7)

              	
                $25,000.00

              	
                $1.00

              	
                MR-M

              
	
                Class
                  B-1

              	
                $4,254,000

              	
                (7)

              	
                $25,000.00

              	
                $1.00

              	
                MR-B-1

              
	
                Class
                  B-2

              	
                $2,470,100

              	
                (7)

              	
                $25,000.00

              	
                $1.00

              	
                MR-B-2

              
	
                Class
                  B-3

              	
                $2,744,500

              	
                (7)

              	
                $100,000.00

              	
                $1.00

              	
                MR-B-3

              
	
                Class
                  B-4

              	
                $1,509,500

              	
                (7)

              	
                $100,000.00

              	
                $1.00

              	
                MR-B-4

              
	
                Class
                  B-5

              	
                $2,332,950

              	
                (7)

              	
                $100,000.00

              	
                $1.00

              	
                MR-B-5

              
	
                Class
                  P

              	
                $100.00
                  (8)

              	
                (8)

              	
                (8)

              	
                (8)

              	
                MR-P

              

      

      __________________________________________

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	
                (1)  

              	
                This
                  Class of Certificates will be a Class of Notional Amount Certificates,
                  will have no Class Certificate Balance and will bear interest on
                  its
                  Notional Amount.

              

      

       

      
        	
                (2)  

              	
                The
                  Pass-Through Rate for the Class 1-X Certificates for the Interest
                  Accrual
                  Period for any Distribution Date will equal the excess of (a) the
                  weighted
                  average of the Adjusted Net Mortgage Rates of the Non-Discount
                  Mortgage
                  Loans in Loan Group 1, weighted on the basis of the Stated Principal
                  Balances thereof as of the Due Date in the preceding calendar month
                  (after
                  giving effect to Principal Prepayments received in the Prepayment
                  Period
                  related to such prior Due Date), over (b) 6.50%.  The
                  Pass-Through Rate for the Class 1-X Certificates for the Interest
                  Accrual
                  Period for the first Distribution Date is 0.72539% per
                  annum.

              

      

       

      
        	
                (3)  

              	
                Minimum
                  denomination is based on the Notional Amount of such
                  Class.

              

      

       

      
        	
                (4)  

              	
                The
                  Pass-Through Rate for the Class 2-X Certificates for the Interest
                  Accrual
                  Period for any Distribution Date will equal the excess of (a) the
                  weighted
                  average of the Adjusted Net Mortgage Rates of the Non-Discount
                  Mortgage
                  Loans in Loan Group 2, weighted on the basis of the Stated Principal
                  Balances thereof as of the Due Date in the preceding calendar month
                  (after
                  giving effect to Principal Prepayments received in the Prepayment
                  Period
                  related to such prior Due Date), over (b) 6.00%.  The
                  Pass-Through Rate for the Class 2-X Certificates for the Interest
                  Accrual
                  Period for the first Distribution Date is 0.34136% per
                  annum.

              

      

       

      
        	
                (5)  

              	
                This
                  Class of Certificates will be a Class of Principal Only Certificates
                  and
                  will not receive any distributions of
                  interest.

              

      

       

      
        	
                (6)  

              	
                The
                  Class A-R Certificates represent the sole Class of residual interest
                  in
                  the Master REMIC and in the Lower Tier REMIC.  The Class A-R
                  Certificate shall be issued by the ES Trust as two separate certificates,
                  one with an initial Certificate Balance of $99.99 and the Tax Matters
                  Person Certificate with an initial Certificate Balance of
                  $0.01.

              

      

       

      
        	
                (7)  

              	
                The
                  Pass-Through Rate for each Class of Subordinated Certificates for
                  the
                  Interest Accrual Period related to each distribution date will
                  be a per
                  annum rate equal to the sum of:

              

      

       

      •  6.50%
        multiplied by the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans in Loan Group 1 as of the Due Date in the month preceding
        the
        calendar month of that Distribution Date (after giving effect to Principal
        Prepayments received in the Prepayment Period related to such prior Due Date)
        over the aggregate of the Class Certificate Balances of the Group 1 Senior
        Certificates immediately prior to that Distribution Date, and

       

      •  6.00%
        multiplied by the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans in Loan Group 2 as of the Due Date in the month preceding
        the
        calendar month of that Distribution Date (after giving effect to Principal
        Prepayments received in the Prepayment Period related to such prior Due Date)
        over the aggregate of the Class Certificate Balances of the Group 2 Senior
        Certificates immediately prior to that Distribution Date,

       

      divided
        by the aggregate Class Certificate Balance of the Subordinated Certificates
        immediately prior to that Distribution Date.  The Pass-Through Rate
        for such Class of Subordinated Certificates for the Interest Accrual Period
        for
        the first Distribution Date is 6.18224%

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
        	
                (8)  

              	
                The
                  Class P Certificates will also have a notional amount equal to
                  the
                  aggregate Stated Principal Balance of the Mortgage Loans with a
                  Prepayment
                  Charge and will not receive any distributions of interest.  The
                  Class P Certificates are issuable in minimum notional amounts equal
                  to a
                  20% Percentage Interest and any amount in excess thereof.  For
                  federal income tax purposes, the Class P Certificates will be entitled
                  to
                  100% of all the amounts payable with respect to the Class MR-P
                  Master
                  REMIC Interest.

              

      

       

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

       

      
        	
                Master
                  REMIC Interest Designation

              	
                Initial
                  Principal

                Balance/Notional
                  Amount

              	
                Interest
                  Rate

              	
                Possible
                  Corresponding ES Trust Certificate

              
	
                MR-1-A-1

              	
                $86,000,000

              	
                6.50%

              	
                Class
                  1-A-1

              
	
                MR-1-A-2

              	
                $6,140,000

              	
                6.50%

              	
                Class
                  1-A-2

              
	
                MR-1-X

              	
                $96,883,751
                  (1)

              	
                (2)

              	
                Class
                  1-X

              
	
                MR-2-A-3

              	
                $11,656,000

              	
                6.00%

              	
                Class
                  2-A-3

              
	
                MR-2-A-A

              	
                $13,500,000

              	
                6.00%

              	
                Class
                  2-A-1, Class 2-A-4, Class 2-A-9

              
	
                MR-2-A-B

              	
                $5,337,000

              	
                6.00%

              	
                Class
                  2-A-1, Class 2-A-4, Class 2-A-10

              
	
                MR-2-A-C

              	
                $10,779,000

              	
                6.00%

              	
                Class
                  2-A-2, Class 2-A-4, Class 2-A-10

              
	
                MR-2-A-D

              	
                $3601,000

              	
                6.00%

              	
                Class
                  2-A-4, Class 2-A-5, Class 2-A-10

              
	
                MR-2-A-E

              	
                $12,499,000

              	
                6.00%

              	
                Class
                  2-A-4, Class 2-A-5, Class 2-A-11

              
	
                MR-2-A-F

              	
                $55,149,000

              	
                6.00%

              	
                Class
                  2-A-1, Class 2-A-4, Class 2-A-6

              
	
                MR-2-A-G

              	
                $47,635,000

              	
                6.00%

              	
                Class
                  2-A-1, Class 2-A-4, Class 2-A-7

              
	
                MR-2-X

              	
                $154,239,225
                  (1)

              	
                (3)

              	
                Class
                  2-X

              
	
                MR-PO-1

              	
                $87,048

              	
                (4)

              	
                Class
                  PO-1

              
	
                MR-PO-2

              	
                $654,565

              	
                (4)

              	
                Class
                  PO-2

              

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        	
                MR-A-R(5)

              	
                $100.00

              	
                6.50%

              	
                Class
                  A-R

              
	
                MR-M

              	
                $8,096,200

              	
                (6)

              	
                Class
                  M

              
	
                MR-B-1

              	
                $4,254,000

              	
                (6)

              	
                Class
                  B-1

              
	
                MR-B-2

              	
                $2,470,100

              	
                (6)

              	
                Class
                  B-2

              
	
                MR-B-3

              	
                $2,744,500

              	
                (6)

              	
                Class
                  B-3

              
	
                MR-B-4

              	
                $1,509,500

              	
                (6)

              	
                Class
                  B-4

              
	
                MR-B-5

              	
                $2,332,950

              	
                (6)

              	
                Class
                  B-5

              
	
                MR-P

              	
                $100.00

              	
                (7)

              	
                Class
                  P

              

      

      

      
        	
                (1)  

              	
                This
                  class of Master REMIC Interest will have no principal balance,
                  pays no
                  principal and will bear interest on its Notional
                  Amount.

              

      

       

      
        	
                (2)  

              	
                The
                  MR-1-X Master REMIC Interest is entitled to receive on each Distribution
                  Date all amounts payable with respect to the SW-1-X Sub-WAC REMIC
                  Interest.

              

      

       

      
        	
                (3)  

              	
                The
                  MR-2-X Master REMIC Interest is entitled to receive on each Distribution
                  Date all amounts payable with respect to the SW-2-X Sub-WAC REMIC
                  Interest.

              

      

       

      
        	
                (4)  

              	
                This
                  class of Master REMIC Interest pays no
                  interest.

              

      

       

      
        	
                (5)  

              	
                The
                  Class MR-A-R Master REMIC Interest represents the sole class of
                  residual
                  interest in the Master REMIC.

              

      

       

      
        	
                (6)  

              	
                The
                  Subordinate Pass-Through Rate.

              

      

       

      
        	
                (7)  

              	
                For
                  each Distribution Date the Class MR-P Master REMIC Interest is
                  entitled to
                  all amounts payable with respect to the SW-P
                  Interest.

              

      

       

      The
        following table specifies the class designation, interest rate, and principal
        amount for each class of Sub-WAC REMIC Interests:

      

      
        	
                Sub-WAC

                REMIC
                  Interest Designation

              	
                 

                Initial

                Principal
                  Balance

              	
                 

                 

                Interest
                  Rate

              	
                 

                Corresponding

                Loan
                  Group

              
	
                SW-A-1

              	
                (1)

              	
                6.50%

              	
                1

              
	
                SW-B-1

              	
                (1)

              	
                6.50%

              	
                1

              
	
                SW-C-1

              	
                (1)

              	
                6.50%

              	
                1

              
	
                SW-PO-1

              	
                $87,048

              	
                (2)

              	
                1

              
	
                SW-X-1

              	
                (3)

              	
                (4)

              	
                1

              
	
                SW-A-2

              	
                (1)

              	
                6.00%

              	
                2

              
	
                SW-B-2

              	
                (1)

              	
                6.00%

              	
                2

              
	
                SW-C-2

              	
                (1)

              	
                6.00%

              	
                2

              
	
                SW-PO-2

              	
                $654,565

              	
                (2)

              	
                2

              

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

      
        	
                SW-X-2

              	
                (3)

              	
                (4)

              	
                2

              
	
                SW-A-R

              	
                (6)

              	
                (6)

              	
                N/A

              
	
                SW-P

              	
                (7)

              	
                (7)

              	
                1
                  and 2

              

      

       

      
        	
                (1)  

              	
                Each
                  Class A Sub-WAC REMIC Interest will have an initial principal balance
                  equal to 0.90% of the Subordinated Portion of its corresponding
                  Loan
                  Group.  Each Class B Sub-WAC REMIC Interest will have an initial
                  principal balance equal to 0.10% of the Subordinated Portion of
                  its
                  corresponding Loan Group.  Each Class C Sub-WAC REMIC Interest
                  will have an initial principal balance equal to the excess of its
                  corresponding Loan Group (as reduced by the Class Certificate Balance
                  of
                  the related Class of Class PO Certificates) over the initial aggregate
                  principal balances of the Class A and Class B Sub-WAC REMIC Interests
                  corresponding to that Loan Group.  Hereafter, the Class A, Class
                  B and Class C Sub-WAC REMIC Interests are referred to as “Tracking
                  Interests.”

              

      

       

      
        	
                (2)  

              	
                This
                  Class of Sub-WAC REMIC Interest does not pay any
                  interest.

              

      

       

      
        	
                (3)  

              	
                This
                  Class of Sub-WAC REMIC Interest does not pay any
                  principal.

              

      

       

      
        	
                (4)  

              	
                This
                  Class of Sub-WAC REMIC Interest is entitled to receive on each
                  Distribution Date a specified portion of the interest payable on
                  the
                  Non-Discount Mortgage Loans in the corresponding Loan
                  Group.  Specifically, for each related Distribution Date, this
                  Class of Sub-WAC REMIC Interest is entitled to interest accruals
                  on each
                  Non-Discount Mortgage Loan in excess of an Adjusted Net Mortgage
                  Rate of
                  6.50% per annum.

              

      

       

      
        	
                (5)  

              	
                This
                  Class of Sub-WAC REMIC Interest is entitled to receive on each
                  Distribution Date a specified portion of the interest payable on
                  the
                  Non-Discount Mortgage Loans in the corresponding Loan
                  Group.  Specifically, for each related Distribution Date, this
                  Class of Sub-WAC REMIC Interest is entitled to interest accruals
                  on each
                  Non-Discount Mortgage Loan in excess of an Adjusted Net Mortgage
                  Rate of
                  6.00% per annum.

              

      

       

      
        	
                (6)  

              	
                The
                  Class SW-A-R Sub-WAC REMIC Interest is the sole class of residual
                  interest
                  in the Sub-WAC REMIC.  It does not pay any interest or
                  principal.

              

      

       

      
        	
                (7)  

              	
                The
                  Class P Certificates will not be entitled to any interest, but
                  will be
                  entitled to 100% of any Prepayment Charge Amount on the Mortgage
                  Loans in
                  Loan Groups 1 and 2.

              

      

       

      On
        each
        Distribution Date, the Available Funds shall be distributed with respect
        to the
        the Sub-WAC REMIC Interests in the following manner:

       

      
        	
                (1)  

              	
                Interest.  Interest
                  is to be distributed with respect to each Sub-WAC REMIC Interest
                  at the
                  rates, or according to the formulas, described
                  above.

              

      

       

      
        	
                (2)  

              	
                Initial
                  Allocations of Realized Losses and
                  Principal.

              

      

       

      
        	
                (a)  

              	
                The
                  Trustee shall first allocate the Realized Losses on the Group 1
                  Mortgage
                  Loans (including any reductions in previously allocated Realized
                  Losses on
                  the Group 1 Mortgage Loans attributable to any related Subsequent
                  Recoveries), and distribute the principal on the Group 1 Mortgage
                  Loans
                  between the SW-PO-1 Interests and the SW-1 Tracking Interests in
                  the same
                  manner that such amounts are allocated to or distributed between
                  (a) the
                  Class PO-1 Certificates and (b) the remaining Group 1 Certificates
                  and the
                  Assumed Balance of the Class Certificate Balance of each Class
                  of
                  Subordinated Certificates related to the Group 1 Mortgage
                  Loans.

              

      

       

      
        	
                (b)  

              	
                The
                  Trustee shall first allocate the Realized Losses on the Group 2
                  Mortgage
                  Loans (including any reductions in previously allocated Realized
                  Losses on
                  the Group 2 Mortgage Loans attributable to any related Subsequent
                  Recoveries), and distribute

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
         

        
          	
                    

                	
                  the
                    principal on the Group 2 Mortgage Loans between the Class SW-PO-2
                    Interest
                    and the SW-2 Tracking Interests in the same manner that such
                    amounts are
                    allocated to or distributed between (a) the Class PO-2 Certificates
                    and
                    (b) the remaining Group 2 Senior Certificates and the Assumed
                    Balance of
                    the Class Certificate Balance of each Class of Subordinated Certificates
                    related to the Group 2 Mortgage
                    Loans.

                

        

         

      

       

      
        	
                (3)  

              	
                Subsequent
                  Allocations.  Amounts allocated to the Tracking Interests of
                  each Group in accordance with Paragraph 2, above, shall be further
                  allocated as described below.

              

      

       

      
        	
                (4)  

              	
                Principal,
                  if no Cross-Over Situation Exists.  If no Cross-Over
                  Situation exists with respect to any Class of Tracking Interests,
                  Principal Amounts allocated with respect to each Loan Group’s Tracking
                  Interests in accordance with Paragraph 2, shall be further allocated:
                  first to cause the Loan Group’s corresponding Class A and Class B Tracking
                  Interests to equal, respectively, 0.90% of the Subordinated Portion
                  and
                  0.10% of the Subordinated Portion; and second to the Loan Group’s
                  corresponding Class C
                  Tracking Interest;

              

      

       

      
        	
                (5)  

              	
                Principal,
                  if a Cross-Over Situation Exists.  If a Cross-Over Situation
                  exists with respect to the Class A and Class B Tracking
                  Interests:

              

      

       

      
        	
                (a)  

              	
                If
                  the Calculation Rate in respect of the outstanding Class A and
                  Class B
                  Tracking Interests is less than the Subordinate Pass-Through Rate,
                  Principal Relocation Payments will be made proportionately to the
                  outstanding Class A Tracking Interests prior to any other principal
                  distributions from each such Loan
                  Group.

              

      

       

      
        	
                (b)  

              	
                If
                  the Calculation Rate in respect of the outstanding Class A and
                  Class B
                  Tracking Interests is greater than the Subordinate Pass-Through
                  Rate,
                  Principal Relocation Payments will be made proportionately to the
                  outstanding Class B Tracking 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 Class A and Class B Tracking Interests
        to
        equal the Subordinate Pass-Through Rate.  With respect to each Loan
        Group, if (and to the extent that) the sum of (a) the principal payments
        received during the Due Period (as adjusted for amounts allocated to the
        related
        Class of Class PO Certificates) and (b) the Realized Losses (as adjusted
        for
        amounts allocated to the related Class of Class PO Certificates), are
        insufficient to make the necessary reductions of principal on the Class A
        and
        Class B Tracking Interests, then interest will be added to the Loan Group’s
        Class C Tracking Interest.

       

      
        	
                (c)  

              	
                Unless
                  required to achieve the Calculation Rate, the outstanding aggregate
                  Class
                  A and Class B Tracking Interests for all Loan Groups will not be
                  reduced
                  below 1 percent of the excess of (i) the aggregate outstanding
                  principal
                  balances of all Loan Groups (as adjusted for amounts allocated
                  to the
                  related Class of Class PO Certificates) as of the end of any Due
                  Period
                  (reduced by principal prepayments received after the Due Period
                  that are
                  to to be distributed on the Disribution Date related to the Due
                  Period)
                  over (ii) the aggregate Class Certificate Balance of the Senior
                  Certificates for all 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 Class A and Class B Tracking Interests of a Loan Group,
        and if
        the Loan Group’s Class C Tracking Interest has already been reduced to zero,
        then the excess principal from that Loan Group (as adjusted for amounts
        allocated to the related Class of Class PO Certificates) will be paid to
        the
        Class C Tracking 

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      Interests
        of the other Loan Groups the aggregate Class A and Class B Tracking Interests
        of
        which are less than one percent of the Subordinated Portion.  If the
        Loan Group corresponding to the Class C Tracking Interest that receives such
        payment has a weighted average Adjusted Net Mortgage Rate below the weighted
        average Adjusted Net Mortgage Rate of the Loan Group making the payment,
        then
        the payment will be treated by the Sub-WAC REMIC as a Realized
        Loss.  Conversely, if the Loan Group corresponding to the Class C
        Tracking Interest that receives such payment has a weighted average Adjusted
        Net
        Mortgage Rate above the weighted average Adjusted Net Mortgage Rate of the
        Loan
        Group making the payment, then the payment will be treated by the Sub-WAC
        REMIC
        as a  reimbursement for prior Realized Losses.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

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

      

      
        	
                Accretion
                  Directed Certificates

              	
                None.

              
	 	 
	
                Accretion
                  Directed Components

              	
                None.

              
	 	 
	
                Accrual
                  Certificates

              	
                None.

              
	 	 
	
                Accrual
                  Components

              	
                None.

              
	 	 
	
                Book-Entry
                  Certificates

              	
                All
                  Classes of Certificates other than the Physical
                  Certificates.

              
	 	 
	
                COFI
                  Certificates

              	
                None.

              
	 	 
	
                Combined
                  Certificates

              	
                None.

              
	 	 
	
                Component
                  Certificates

              	
                None.

              
	 	 
	
                Components

              	
                None.

              
	 	 
	
                Delay
                  Certificates

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

              
	 	 
	
                Depositable
                  Certificates

              	
                Class
                  2-A-6, Class 2-A-7 and Class 2-A-8 Certificates.

              
	 	 
	
                ERISA-Restricted
                  Certificates

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

              
	 	 
	
                Exchangeable
                  Certificates

              	
                Class
                  2-A-1, Class 2-A-2, Class 2-A-4, Class 2-A-5, Class 2-A-9, Class
                  2-A-10
                  and Class 2-A-11 Certificates.

              
	 	 
	
                Floating
                  Rate Certificates.

              	
                None.

              
	 	 
	
                Group
                  1 Certificates

              	
                Group
                  1 Senior Certificates and the portions of the Subordinated Certificates
                  related to Loan Group 1.

              
	 	 
	
                Group
                  1 Senior Certificates

              	
                Class
                  1-A-1, Class 1-A-2, Class 1-X, Class PO-1 and Class A-R
                  Certificates.

              
	 	 
	
                Group
                  2 Certificates

              	
                Group
                  2 Senior Certificates and the portions of the Subordinated Certificates
                  related to Loan Group 2.

              
	 	 
	
                Group
                  2 Senior Certificates

              	
                Class
                  2-A-3, Class 2-A-6, Class 2-A-7, Class 2-A-8, Class 2-X and Class
                  PO-2
                  Certificates.

              
	 	 
	
                Inverse
                  Floating Rate Certificates

              	
                None.

              
	 	 
	
                LIBOR
                  Certificates

              	
                None.

              

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
        	
                Non-Delay
                  Certificates

              	
                LIBOR
                  Certificates.

              
	 	 
	
                Notional
                  Amount Certificates

              	
                Class
                  1-X and Class 2-X Certificates.

              
	 	 
	
                Notional
                  Amount Components

              	
                None.

              
	 	 
	
                Offered
                  Certificates

              	
                All
                  Classes of Certificates other than the Private
                  Certificates.

              
	 	 
	
                Physical
                  Certificates

              	
                Private
                  Certificates and the Residual Certificates.

              
	 	 
	
                Planned
                  Principal Classes

              	
                None.

              
	 	 
	
                Principal
                  Only Certificates

              	
                Class
                  PO-1 and Class PO-2 Certificates.

              
	 	 
	
                Private
                  Certificates

              	
                Class
                  P, Class B-3, Class B-4 and Class B-5
                  Certificates.

              
	 	 
	
                Rating
                  Agencies

              	
                Fitch
                  and Moody’s.

              
	 	 
	
                Regular
                  Certificates

              	
                All
                  Classes of Certificates, other than the Residual
                  Certificates.

              
	 	 
	
                Residual
                  Certificates

              	
                Class A-R
                  Certificates.

              
	 	 
	
                Scheduled
                  Principal Classes

              	
                None.

              
	 	 
	
                Senior
                  Certificate Group

              	
                The
                  Group 1 Senior Certificates and the Group 2 Senior Certificates,
                  as
                  applicable.

              
	 	 
	
                Senior
                  Certificates

              	
                The
                  Group 1 Senior Certificates and Group 2 Senior
                  Certificates.

              
	 	 
	
                Subordinated
                  Certificates

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

              
	 	 
	
                Targeted
                  Principal Classes

              	
                None.

              
	 	 
	
                Underwriter

              	
                Countrywide
                  Securities Corporation.

              
	 	 

      

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

       

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        I

       

      DEFINITIONS

       

      
        	
                SECTION
                  1.01.  

              	
                Defined
                  Terms.

              

      

       

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

       

      Account:
        Any Escrow Account, the Certificate Account, the Distribution Account, the
        Exchangeable Certificates Distribution Account, the Principal Reserve Fund
        or
        any other account related to the Trust Fund or the Mortgage Loans.

       

      Accretion
        Directed Certificates:  As specified in the Preliminary
        Statement.

       

      Accretion
        Direction Rule: Not applicable.

       

      Accrual
        Amount:  With respect to any Class of Accrual Certificates or any
        Accrual Component and any Distribution Date prior to the related Accrual
        Termination Date, the amount allocable to interest on such Class of Accrual
        Certificates or Accrual Component with respect to such Distribution Date
        pursuant to Section 4.02(a).

       

      Accrual
        Certificates:  As specified in the Preliminary
        Statement.

       

      Accrual
        Components:  As specified in the Preliminary
        Statement.

       

      Accrual
        Termination Date:  Not applicable.

       

      Additional
        Designated Information:  As defined in Section 11.02.

       

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

       

      Adjusted
        Net Mortgage Rate:  As to each Mortgage Loan, and at any time, the
        per annum rate equal to the Mortgage Rate less the sum of the Trustee Fee
        Rate
        and the Master Servicing Fee Rate.  For purposes of determining
        whether any Substitute Mortgage Loan is a Discount Mortgage Loan or a
        Non-Discount Mortgage Loan and for purposes of calculating the applicable
        PO
        Percentage and the applicable Non-PO Percentage, each Substitute Mortgage
        Loan
        shall be deemed to have an Adjusted Net Mortgage Rate equal to the Adjusted
        Net
        Mortgage Rate of the Deleted Mortgage Loan for which it is
        substituted.

       

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

       

      
        
          
          

        

        
          II-1

          
            

          

        

        
          
          

        

      

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

       

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

       

      Agreement:  This
        Pooling and Servicing Agreement and all amendments or supplements
        hereto.

       

      Allocable
        Share:  As to any Distribution Date and any Mortgage Loan (i) with
        respect to either Class of Class PO Certificates, zero, (ii) with respect
        to the
        Class 1-X and Class 2-X Certificates, (a) the ratio that the excess, if any,
        of
        the Adjusted Net Mortgage Rate with respect to such Mortgage Loan, over the
        related Required Coupon bears to such Adjusted Net Mortgage Rate or (b) if
        the
        Adjusted Net Mortgage Rate with respect to such Mortgage Loan does not exceed
        the related Required Coupon, zero and (iii) with respect to each other Class
        of
        Certificates the product of (a) the lesser of (I) the ratio that the related
        Required Coupon bears to the Adjusted Net Mortgage Rate of such Mortgage
        Loan
        and (II) one, multiplied by (b) the ratio that the amount calculated with
        respect to such Distribution Date (A) with respect to the Senior Certificates
        of
        the related Senior Certificate Group, pursuant to clause (i) of the definition
        of Class Optimal Interest Distribution Amount (without giving effect to any
        reduction of such amount pursuant to Section 4.02(d)) and (B) with respect
        to
        the Subordinated Certificates, pursuant to the definition of Assumed Interest
        Amount or after a Senior Termination Date pursuant to clause (i) of the
        definition of Class Optimal Interest Distribution Amount (without giving
        effect
        to any reduction of such amount pursuant to Section 4.02(d)) bears to the
        amount
        calculated with respect to such Distribution Date for each Class of Certificates
        pursuant to clause (i) of the definition of Class Optimal Interest Distribution
        Amount (without giving effect to any reduction of such amount pursuant to
        Section 4.02(d)) or the definition of Assumed Interest Amount, as
        applicable.

       

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

       

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

       

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

       

      Appraised
        Value:  With respect to any Mortgage Loan, the Appraised Value of
        the related Mortgaged Property shall be: (i) with respect to a Mortgage Loan
        other than a Refinancing Mortgage Loan, the lesser of (a) the value of the
        Mortgaged Property based upon the appraisal made at the time of the origination
        of such Mortgage Loan and (b) the sale price of the Mortgaged Property at
        the
        time of the origination of such Mortgage Loan; (ii) with respect to a
        Refinancing Mortgage Loan other than a Streamlined Documentation Mortgage
        Loan,
        the value of the Mortgaged Property based upon the appraisal made-at the
        time of
        the origination of such Refinancing Mortgage Loan; and (iii) with respect
        to a
        Streamlined Documentation Mortgage Loan, (a) if the loan-to-value ratio with
        respect to the Original 

       

      
        
          
          

        

        
          II-2

          
            

          

        

        
          
          

        

      

       

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

       

      Assumed
        Balance: For a Distribution Date and Loan Group, an amount equal to the
        Subordinated Percentage for that Distribution Date relating to that Loan
        Group
        of the aggregate of the applicable Non-PO Percentage of the Stated Principal
        Balance of each Mortgage Loan in such Loan Group as of the Due Date occurring
        in
        the month prior to the month of that Distribution Date (after giving effect
        to
        Principal Prepayments received in the Prepayment Period related to such Due
        Date).

       

      Assumed
        Interest Amount:  With respect to any Distribution Date and each
        Class of Subordinated Certificates, one month’s interest accrued during the
        related Interest Accrual Period at the Pass-Through Rate for such Class on
        the
        applicable Subordinated Portion immediately prior to that Distribution
        Date.

       

      Available
        Funds:  As to any Distribution Date and the Mortgage Loans in a
        Loan Group, the sum of (a)  the aggregate amount held in the
        Certificate Account at the close of business on the related Determination
        Date,
        including any Subsequent Recoveries, in respect of such Mortgage Loans, net
        of
        the related Amount Held for Future Distribution, net of the Prepayment Charges
        received and net of amounts permitted to be withdrawn from the Certificate
        Account pursuant to clauses (i) – (viii), inclusive, of Section 3.08(a) in
        respect of such Mortgage Loans and amounts permitted to be withdrawn from
        the
        Distribution Account pursuant to clauses (i) – (v), inclusive, of Section
        3.08(b) in respect of such Mortgage Loans, (b) the amount of the related
        Advance
        and (c) in connection with Defective Mortgage Loans in such Loan Group, as
        applicable, the aggregate of the Purchase Prices and Substitution Adjustment
        Amounts deposited on the related Distribution Account Deposit Date; provided,
        however, that after a Senior Termination Date, Available Funds with respect
        to
        the Loan Group relating to the remaining Senior Certificate Group shall include
        the Available Funds from the other Loan Groups after all distributions are
        made
        on the Senior Certificates of the other Senior Certificate Group or Groups
        and
        on any Distribution Date thereafter, Available Funds shall be calculated
        based
        upon all the Mortgage Loans in the Mortgage Pool, as opposed to the Mortgage
        Loans in the related Loan Group.  The Holders of the Class P
        Certificates will be entitled to all Prepayment Charges received on the Mortgage
        Loans and such amounts will not be available for distribution to the Holders
        of
        any other Class of Certificates.

       

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

       

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

       

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

       

      Calculation
        Rate: For each Distribution Date, the product of (i) 10 and (ii) the
        weighted average rate of the outstanding Class A and Class B Interests, treating
        each Class A Interest as having an interest rate of 0.00% per
        annum.

       

      
        
          
          

        

        
          II-3

          
            

          

        

        
          
          

        

      

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

       

      Certificate
        Account:  The separate Eligible Account or Accounts created and
        maintained by the Master Servicer pursuant to Section 3.05 with a depository
        institution, initially Countrywide Bank, FSB, in the name of the Master Servicer
        for the benefit of the Trustee on behalf of Certificateholders and designated
        “Countrywide Home Loans Servicing LP, in trust for the registered holders
        of
        Alternative Loan Trust 2007-J2, Mortgage Pass-Through Certificates, Series
        2007-J2.”

       

      Certificate
        Balance:  With respect to any Certificate at any date (other than
        the Notional Amount Certificates), the maximum dollar amount of principal
        to
        which the Holder thereof is then entitled hereunder, such amount being equal
        to
        the Denomination thereof (A) plus any increase in the Certificate Balance
        of
        each Certificate pursuant to Section 4.02 due to the receipt of Subsequent
        Recoveries, (B) minus the sum of (i) all distributions of principal previously
        made with respect thereto and (ii) all Realized Losses allocated thereto
        and, in
        the case of the Subordinated Certificates, all other reductions in Certificate
        Balance previously allocated thereto pursuant to Section 4.04 and (C) in
        the
        case of any Class of Accrual Certificates, increased by the Accrual Amount
        added
        to the Class Certificate Balance of such Class prior to such
        date.  The Notional Amount Certificates have no Certificate
        Balances.

       

      Certificate
        Group:  The Group 1 Certificates or the Group 2 Certificates, as
        the context requires.

       

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

       

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

       

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

       

      Certification
        Party:  As defined in Section 11.05.

       

      Certifying
        Person:  As defined in Section 11.05.

       

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

       

      
        
          
          

        

        
          II-4

          
            

          

        

        
          
          

        

      

      Class
        2-A-3 Percentage: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the Class Certificate
        Balance of the Class 2-A-3 Certificates immediately prior to such Distribution
        Date, and the denominator of which is the aggregate Class Certificate Balance
        of
        the Class 2-A-3, Class 2-A-6, Class 2-A-7 and Class 2-A-8 Certificates
        immediately prior to such Distribution Date.

       

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

       

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

       

      Class Optimal
        Interest Distribution Amount:  With respect to any Distribution
        Date and interest bearing Class or, with respect to any interest-bearing
        Component, the sum of (i) one month’s interest accrued during the related
        Interest Accrual Period at the Pass-Through Rate for such Class on the
        related Class Certificate Balance, Component Balance, Notional Amount or
        Component Notional Amount, as applicable, immediately prior to such Distribution
        Date, subject to reduction as provided in Section 4.02(d) and (ii) any
        Class Unpaid Interest Amounts for such Class or
        Component.  Interest shall be calculated on the basis of a 360-day
        year consisting of twelve 30-day months.

       

      Class
        PO Certificates:   Collectively, the Class PO-1 and Class
        PO-2 Certificates.

       

      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.

       

      Class
        PO Component:  Not applicable.

       

      Class
        PO Deferred Amount:  As to any Distribution Date and Loan Group,
        the aggregate of the applicable PO Percentage of each Realized Loss on a
        Discount Mortgage Loan in that Loan Group to be allocated to the related
        Class
        of Class PO Certificates on such Distribution Date on or prior to the Senior
        Credit Support Depletion Date or previously allocated to such Class of Class
        PO
        Certificates and not yet paid to the Holders of such Certificates.

       

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

       

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

       

      Closing
        Date:  May 30, 2007.

       

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

       

      
        
          
          

        

        
          II-5

          
            

          

        

        
          
          

        

      

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

       

      COFI
        Certificates:  As specified in the Preliminary
        Statement.

       

      Combined
        Certificates:  As specified in the Preliminary
        Statement.

       

      Combined
        Certificates Payment Rule:  Not applicable.

       

      Combined
        Percentage:  With respect to any Distribution Date, 100% minus the
        Class 2-A-3 Percentage for such Distribution Date.

       

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

       

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

       

      Component:  As
        specified in the Preliminary Statement.

       

      Component
        Balance:  With respect to any Component and any Distribution Date,
        the Initial Component Balance thereof on the Closing Date, (A) plus any increase
        in the Component Balance of such Component pursuant to Section 4.02 due to
        the
        receipt of Subsequent Recoveries, (B) minus the sum of all amounts applied
        in
        reduction of the principal balance of such Component and Realized Losses
        allocated thereto on previous Distribution Dates.

       

      Component
        Certificates:  As specified in the Preliminary
        Statement.

       

      Component
        Notional Amount:  Not applicable.

       

      Coop
        Shares: Shares issued by a Cooperative Corporation.

       

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

       

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

       

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

       

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

       

      Corporate
        Trust Office:  The designated office of the Trustee in the State
        of New York at which at any particular time its corporate trust business
        with
        respect to this Agreement shall be administered, which office at the date
        of the
        execution of this Agreement is located at 101 Barclay Street, 4W, New York,
        New
        York 10286 (Attn:  Mortgage-Backed Securities Group, CWALT, Inc.
        Series 2007-J2), facsimile no. (212) 815-3986, and which is the address to
        which notices to and correspondence with the Trustee should be
        directed.

       

      
        
          
          

        

        
          II-6

          
            

          

        

        
          
          

        

      

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

       

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

       

      Covered
        Certificates:  Not applicable.

       

      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 the Class A and Class B Lower Tier REMIC 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 Subordinated Portion of the Loan Group
        to
        which they correspond.

       

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

       

      Cut-off
        Date Pool Principal Balance:  $274,444,964.46.

       

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

       

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

       

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

       

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

       

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

       

      Delay
        Certificates: As specified in the Preliminary Statement.

       

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

       

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

       

      
        
          
          

        

        
          II-7

          
            

          

        

        
          
          

        

      

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

       

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

       

      Depositable
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

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

       

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

       

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

       

      Discount
        Mortgage Loan:  Any Mortgage Loan in a Loan Group with an Adjusted
        Net Mortgage Rate that is less than the Required Coupon for that Loan
        Group.

       

      Distribution
        Account:  The separate Eligible Account created and maintained by
        the Trustee pursuant to Section 3.05 in the name of the Trustee for the benefit
        of the Certificateholders and designated “The Bank of New York in trust for
        registered holders of Alternative Loan Trust 2007-J2, Mortgage Pass-Through
        Certificates, Series 2007-J2.”  Funds in the Distribution Account
        shall be held in trust for the Certificateholders for the uses and purposes
        set
        forth in this Agreement.

       

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

       

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

       

      Due
        Date:  With respect to any Distribution Date, the related Due Date
        is the first day of the month in which that Distribution Date
        occurs.

       

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

       

      Eligible
        Account:  Any of (i) an account or accounts maintained with a
        federal or state chartered depository institution or trust company, the
        short-term unsecured debt obligations of which (or, in the case of a depository
        institution or trust company that is the principal subsidiary of a holding
        company, the debt obligations of such holding company) have the highest
        short-term ratings of Moody’s or Fitch and one of the two highest short-term
        ratings of S&P, if S&P is a Rating Agency, at the time any 

       

      
        
          
          

        

        
          II-8

          
            

          

        

        
          
          

        

      

       

      amounts
        are held on deposit therein, or (ii) an account or accounts in a depository
        institution or trust company in which such accounts are insured by the FDIC
        (to
        the limits established by the FDIC) and the uninsured deposits in which accounts
        are otherwise secured such that, as evidenced by an Opinion of Counsel delivered
        to the Trustee and to each Rating Agency, the Certificateholders have a claim
        with respect to the funds in such account or a perfected first priority security
        interest against any collateral (which shall be limited to Permitted
        Investments) securing such funds that is superior to claims of any other
        depositors or creditors of the depository institution or trust company in
        which
        such account is maintained, or (iii) a trust account or accounts maintained
        with
        (a) the trust department of a federal or state chartered depository institution
        or (b) a trust company, acting in its fiduciary capacity or (iv) any other
        account acceptable to each Rating Agency.  Eligible Accounts may bear
        interest, and may include, if otherwise qualified under this definition,
        accounts maintained with the Trustee.

       

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

       

      Eligible
        Repurchase Month:  As defined in Section 3.11 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 requirements of the Underwriter’s
        Exemption.

       

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

       

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

       

      ES
        Trust:  The separate trust created under this Agreement pursuant
        to Section 5.07(a).

       

      ES
        Trust Certificate:  Any Class of Certificates issued by the ES
        Trust and representing beneficial ownership of one or more uncertificated
        Master
        REMIC Interests held by the ES Trust.

       

      Event
        of Default:  As defined in Section 7.01 hereof.

       

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

       

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

       

      
        
          
          

        

        
          II-9

          
            

          

        

        
          
          

        

      

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

       

      Exchange
        Fee:  As defined in Section 5.07(e).

       

      Exchangeable
        Certificates:  As specified in the Preliminary
        Statement.

       

      Exchangeable
        Certificates Distribution Account:  The separate Eligible Account
        created and maintained by the Trustee on behalf of the ES Trust pursuant
        to
        Section 5.07(a) in the name of the Trustee for the benefit of the Holders
        of the
        Exchangeable Certificates and designated “The Bank of New York in trust for
        registered Holders of Alternative Loan Trust 2007-J2, Mortgage Pass-Through
        Certificates, Series 2007-J2.”  Funds in the Exchangeable Certificates
        Distribution Account shall be held in trust for the Certificateholders for
        the
        uses and purposes set forth in this Agreement.

       

      Expense
        Rate:  As to each Mortgage Loan, the sum of the Master Servicing
        Fee Rate and the Trustee Fee Rate.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Grantor
        Trust:  A trust described in Section 671 of the Code, the items of
        income, deductions and credits of which must be included in computing the
        taxable income and credits of the person treated as the owner of such trust
        (either the grantor or other person designated under the Code).

       

      Group
        1 Senior Certificates:  As specified in the Preliminary
        Statement.

       

      
        
          
          

        

        
          II-10

          
            

          

        

        
          
          

        

      

      Group
        2 Senior Certificates:  As specified in the Preliminary
        Statement.

       

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

       

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

       

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

       

      Initial
        Component Balance:  As specified in the Preliminary
        Statement.

       

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

       

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

       

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

       

      Interest
        Accrual Period:  With respect to each Class of Delay Certificates,
        its corresponding Lower Tier REMIC Regular Interest and any Distribution
        Date,
        the calendar month prior to the month of such Distribution Date.  With
        respect to any Class of Non-Delay Certificates, its corresponding Lower Tier
        REMIC Regular Interest and any Distribution Date, the one month period
        commencing on the 25th day of the month preceding the month in which such
        Distribution Date occurs and ending on the 24th day of the month in which
        such
        Distribution Date occurs.

       

      Interest
        Determination Date:  With respect to (a) any Interest Accrual
        Period for any LIBOR Certificates and (b) any Interest Accrual Period for
        the
        COFI Certificates for which the applicable Index is LIBOR, the second Business
        Day prior to the first day of such Interest Accrual Period.

       

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

       

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

       

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

       

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

       

      LIBOR
        Certificates:  As specified in the Preliminary
        Statement.

       

      
        
          
          

        

        
          II-11

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      Loan
        Group:  Any of Loan Group 1 or Loan Group 2, as
        applicable.

       

      Loan
        Group 1:  All Mortgage Loans identified as Loan Group 1 Mortgage
        Loans on the Mortgage Loan Schedule.

       

      Loan
        Group 2:  All Mortgage Loans identified as Loan Group 2 Mortgage
        Loans on the Mortgage Loan Schedule.

       

      Loan
        Group Principal Balance:  As to any Distribution Date and Loan
        Group, the aggregate Stated Principal Balance of the Mortgage Loans in that
        Loan
        Group as of the Due Date in the month preceding the month of the Distribution
        Date (after giving effect to Principal Prepayments received in the Prepayment
        Period related to such prior Due Date).

       

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

       

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

       

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

       

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

       

      Master
        REMIC:  As described in the Preliminary Statement.

       

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

       

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

       

      
        
          
          

        

        
          II-12

          
            

          

        

        
          
          

        

      

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

       

      Master
        Servicing Fee Rate:  With respect to each Mortgage Loan, the per
        annum rate set forth on the Mortgage Loan Schedule.

       

      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
        System.

       

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

       

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

       

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

       

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

       

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

       

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

       

      Mortgage
        File:  The mortgage documents listed in Section 2.01 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
        Loans:  Such of the mortgage loans as from time to time are
        transferred and assigned to the Trustee pursuant to the provisions hereof
        and
        that are held as a part of the Trust Fund (including any REO Property), the
        mortgage loans so held being identified in the Mortgage Loan Schedule,
        notwithstanding foreclosure or other acquisition of title of the related
        Mortgaged Property.

       

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

       

      
        	
                (i)  

              	
                the
                  loan number;

              

      

       

      
        
          
          

        

        
          II-13

          
            

          

        

        
          
          

        

      

      
        	
                (ii)  

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

              

      

       

      
        	
                (iii)  

              	
                the
                  maturity date;

              

      

       

      
        	
                (iv)  

              	
                the
                  original principal balance;

              

      

       

      
        	
                (v)  

              	
                the
                  Cut-off Date Principal Balance;

              

      

       

      
        	
                (vi)  

              	
                the
                  first payment date of the Mortgage
                  Loan;

              

      

       

      
        	
                (vii)  

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

              

      

       

      
        	
                (viii)  

              	
                the
                  Loan-to-Value Ratio at origination;

              

      

       

      
        	
                (ix)  

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

              

      

       

      
        	
                (x)  

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

              

      

       

      
        	
                (xi)  

              	
                the
                  Mortgage Rate;

              

      

       

      
        	
                (xii)  

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

              

      

       

      
        	
                (xiii)  

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

              

      

       

      
        	
                (xiv)  

              	
                the
                  purpose for the Mortgage Loan;

              

      

       

      
        	
                (xv)  

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

              

      

       

      
        	
                (xvi)  

              	
                the
                  direct servicer as of the Cut-off Date and the Master Servicing
                  Fee
                  Rate;

              

      

       

      
        	
                (xvii)  

              	
                a
                  code indicating whether the Mortgage Loan is a MERS Mortgage
                  Loan;

              

      

       

      
        	
                (xviii)  

              	
                a
                  code indicating the type of Prepayment
                  Charge;

              

      

       

      
        	
                (xix)  

              	
                the
                  state of origination of the related Mortgage Loan;
                  and

              

      

       

      
        	
                (xx)  

              	
                the
                  related Prepayment Charge Period.

              

      

       

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

       

      
        
          
          

        

        
          II-14

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

      Net
        Prepayment Interest Shortfalls:  As to any Distribution Date and
        Loan Group, the amount by which the aggregate of the Prepayment Interest
        Shortfalls for such Loan Group exceeds an amount equal to the sum of (a)
        the
        Compensating Interest for such Loan Group and Distribution Date and (b) the
        excess, if any, of the Compensating Interest for the other Loan Group for
        such
        Distribution Date over the Prepayment Interest Shortfalls experienced by
        the
        Mortgage Loans in such other Loan Group.

       

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

       

      Non-Discount
        Mortgage Loan:  Any Mortgage Loan in a Loan Group with an Adjusted
        Net Mortgage Rate that is greater than or equal to the Required Coupon for
        such
        Loan Group.

       

      Non-PO
        Formula Principal Amount:  As to any Distribution Date and Loan
        Group, the sum of (i) the applicable Non-PO Percentage of (a) the principal
        portion of each Scheduled Payment (without giving effect to any reductions
        thereof caused by any Debt Service Reductions or Deficient Valuations) due
        on
        each Mortgage Loan in the related Loan Group on the related Due Date, (b)
        the
        Stated Principal Balance of each Mortgage Loan in the related Loan Group
        that
        was repurchased by a Seller or purchased by the Master Servicer pursuant
        to this
        Agreement as of such Distribution Date, (c) the Substitution Adjustment Amount
        in connection with any Deleted Mortgage Loan in such Loan Group received
        with
        respect to such Distribution Date, (d) any Insurance Proceeds or Liquidation
        Proceeds allocable to recoveries of principal of Mortgage Loans in the related
        Loan Group that are not yet Liquidated Mortgage Loans received during the
        calendar month preceding the month of such Distribution Date, (e) with respect
        to each Mortgage Loan in a Loan Group that became a Liquidated Mortgage Loan
        during the calendar month preceding the month of such Distribution Date,
        the
        amount of the Liquidation Proceeds allocable to principal received during
        the
        calendar month preceding the month of such Distribution Date with respect
        to
        such Mortgage Loan and (f) all Principal Prepayments for such Loan Group
        received during the related Prepayment Period and (ii) (A) any Subsequent
        Recoveries for such Loan Group received during the calendar month preceding
        the
        month of such Distribution Date, or (B) with respect to Subsequent Recoveries
        attributable to a Discount Mortgage Loan in such Loan Group which incurred
        a
        Realized Loss after the Senior Credit Support Depletion Date, the Non-PO
        Percentage of any Subsequent Recoveries received during the calendar month
        preceding the month of such Distribution Date.

       

      
        
          
          

        

        
          II-15

          
            

          

        

        
          
          

        

      

      Non-PO
        Percentage:  As to any Discount Mortgage Loan in a Loan Group, a
        fraction (expressed as a percentage) the numerator of which is the Adjusted
        Net
        Mortgage Rate of such Discount Mortgage Loan and the denominator of which
        is the
        Required Coupon for such Loan Group.  As to any Non-Discount Mortgage
        Loan, 100%.

       

      Non-PO
        Pool Balance:  As to any Loan Group and any Due Date, the excess,
        if any, of (i) the aggregate Stated Principal Balance of all Mortgage Loans
        in
        the related Loan Group over (ii) the sum of the PO Percentage of the Stated
        Principal Balance of each Discount Mortgage Loan in that Loan
        Group.

       

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

       

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

       

      Notional
        Amount:  With respect to any Distribution Date and:

       

      (i)
        the
        Class 1-X Certificates, an amount equal to the aggregate of the Stated Principal
        Balances of the Non-Discount Mortgage Loans in Loan Group 1 as of the Due
        Date
        in the preceding calendar month (after giving effect to Principal Prepayments
        received in the Prepayment Period related to such Due Date); and

       

      (iv)
        the
        Class 2-X Certificates, an amount equal to the aggregate of the Stated Principal
        Balances of the Non-Discount Mortgage Loans in Loan Group 2 as of the Due
        Date
        in the preceding calendar month (after giving effect to Principal Prepayments
        received in the Prepayment Period related to such Due Date).

       

      Notional
        Amount Certificates:  As specified in the Preliminary
        Statement.

       

      Offered
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

      Opinion
        of Counsel:  A written opinion of counsel, who may be counsel for
        a Seller, the Depositor or the Master Servicer, including, in-house counsel,
        reasonably acceptable to the Trustee; provided, however, that with respect
        to
        the interpretation or application of the REMIC Provisions, such counsel must
        (i)
        in fact be independent of a Seller, the Depositor and the Master Servicer,
        (ii)
        not have any direct financial interest in a Seller, the Depositor or the
        Master
        Servicer or in any affiliate thereof, and 

       

       

      
        
          
          

        

        
          II-16

          
            

          

        

        
          
          

        

      

       

      (iii)
        not
        be connected with a Seller, the Depositor or the Master Servicer as an officer,
        employee, promoter, underwriter, trustee, partner, director or person performing
        similar functions.

       

      Optional
        Termination:  The termination of the trust created hereunder in
        connection with the purchase of the Mortgage Loans pursuant to Section 9.01(a)
        hereof.

       

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

       

      
        	 	 
	
                Class
                  M

              	
                7.80%

              
	
                Class
                  B-1

              	
                4.85%

              
	
                Class
                  B-2

              	
                3.30%

              
	
                Class
                  B-3

              	
                2.40%

              
	
                Class
                  B-4

              	
                1.40%

              
	
                Class
                  B-5

              	
                0.85%

              
	 	 

      

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

       

      Original
        Subordinate Principal Balance:  On or prior to a Senior
        Termination Date, the Subordinated Percentage for a Loan Group of the aggregate
        of the applicable Non-PO Percentage of the Stated Principal Balance of each
        Mortgage Loan in such Loan Group, in each case as of the Cut-off Date; or
        if
        such date is after a Senior Termination Date, the aggregate Class Certificate
        Balance of the Subordinated Certificates as of the Closing Date.

       

      OTS:  The
        Office of Thrift Supervision.

       

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

       

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

       

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

       

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

       

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

       

      Overcollateralized
        Group:  As defined in Section 4.05.

       

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

       

      
        
          
          

        

        
          II-17

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Performance
        Certification:  As defined in Section 11.05.

       

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

       

      
        	
                (i)  

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

              

      

       

      
        	
                (ii)  

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

              

      

       

      
        	
                (iii)  

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

              

      

       

      
        	
                (iv)  

              	
                certificates
                  of deposit, demand or time deposits, or bankers’ acceptances issued by any
                  depository institution or trust company incorporated under the
                  laws of the
                  United States or of any state thereof and subject to supervision
                  and
                  examination by federal and/or state banking authorities, provided
                  that the
                  commercial paper and/or long term unsecured debt obligations of
                  such
                  depository institution or trust company (or in the case of the
                  principal
                  depository institution in a holding

              

      

       

       

      
        
          
          

        

        
          II-18

          
            

          

        

        
          
          

        

      

      
         

        
          	
                   

                	
                  company
                    system, the commercial paper or long-term unsecured debt obligations
                    of
                    such holding company, but only if Moody’s is not a Rating Agency) are then
                    rated one of the two highest long-term and the highest short-term
                    ratings
                    of each Rating Agency for such securities, or such lower ratings
                    as will
                    not result in the downgrading or withdrawal of the rating then
                    assigned to
                    the Certificates by such Rating
                    Agency;

                

        

         

      

      
        	
                (v)  

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

              

      

       

      
        	
                (vi)  

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

              

      

       

      
        	
                (vii)  

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

              

      

       

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

       

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

       

      
        
          
          

        

        
          II-19

          
            

          

        

        
          
          

        

      

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

       

      Physical
        Certificate:  As specified in the Preliminary
        Statement.

       

      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 §2510.3-101 or otherwise under ERISA) of
        such an employee benefit plan or plan.

       

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

       

      Planned
        Principal Classes:  As specified in the Preliminary
        Statement.

       

      PO
        Formula Principal Amount:  As to any Distribution Date and a Class
        of Class PO Certificates, the sum of (i) the sum of the applicable PO Percentage
        of (a) the principal portion of each Scheduled Payment (without giving effect
        to
        any reductions thereof caused by any Debt Service Reductions or Deficient
        Valuations) due on each Mortgage Loan in the related Loan Group on the related
        Due Date, (b) the Stated Principal Balance of each Mortgage Loan in the related
        Loan Group that was repurchased by the applicable Seller or purchased by
        the
        Master Servicer pursuant to this Agreement as of such Distribution Date,
        (c) the
        Substitution Adjustment Amount in connection with any Deleted Mortgage Loan
        in
        the related Loan Group received with respect to such Distribution Date, (d)
        any
        Insurance Proceeds or Liquidation Proceeds allocable to recoveries of principal
        of Mortgage Loans in the related Loan Group that are not yet Liquidated Mortgage
        Loans received during the calendar month preceding the month of such
        Distribution Date, (e) with respect to each Mortgage Loan in the related
        Loan
        Group that became a Liquidated Mortgage Loan during the calendar month preceding
        the month of such Distribution Date, the amount of Liquidation Proceeds
        allocable to principal received with respect to such Mortgage Loan during
        the
        calendar month preceding the month of such Distribution Date with respect
        to
        such Mortgage Loan, and (f) all Principal Prepayments with respect to the
        Mortgage Loans in the related Loan Group received during the related Prepayment
        Period, and (ii) with respect to Subsequent Recoveries attributable to a
        Discount Mortgage Loan in the related Loan Group which incurred a Realized
        Loss
        after the Senior Credit Support Depletion Date, the PO Percentage of any
        such
        Subsequent Recoveries on the Mortgage Loans in such Loan Group received during
        the calendar month preceding the month of such Distribution Date.

       

      PO
        Percentage:  As to any Discount Mortgage Loan in a Loan Group, a
        fraction (expressed as a percentage) the numerator of which is the excess
        of the
        Required Coupon for such Loan Group over the Adjusted Net Mortgage Rate of
        such
        Discount Mortgage Loan and the denominator of which is such Required
        Coupon.  As to any Non-Discount Mortgage Loan, 0%.

       

      Pool
        Stated Principal Balance:  As of any date of determination, the
        aggregate of the Stated Principal Balances of the Outstanding Mortgage
        Loans.

       

      Prepayment
        Charge:  With respect to any Mortgage Loan, the charges or
        premiums, if any, due in connection with a full or partial Principal Prepayment
        of such Mortgage Loan within the related Prepayment Charge Period in accordance
        with the terms thereof.

       

      
        
          
          

        

        
          II-20

          
            

          

        

        
          
          

        

      

      Prepayment
        Charge Amount:  As to any Distribution Date, the sum of the
        Prepayment Charges collected on the Mortgage Loans during the related Prepayment
        Period and any amounts in respect of such Mortgage Loans paid pursuant to
        Section 3.19 for such Distribution Date.

       

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

       

      Prepayment
        Interest Excess:  As to any Principal Prepayment received by
        Countrywide Home Loans Servicing LP from the first day through the fifteenth
        day
        of any calendar month (other than the calendar month in which the Cut-off
        Date
        occurs), all amounts paid by the related Mortgagor in respect of interest
        on
        such Principal Prepayment.  All Prepayment Interest Excess shall be
        paid to the Master Servicer as additional master servicing
        compensation.

       

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

       

      Prepayment
        Period:  As to any Distribution Date and the related Due Date (i)
        with respect to any Mortgage Loan directly serviced by Countrywide Home Loans
        Servicing LP, the period from the 16th day of a calendar month (or, in the
        case
        of the first Distribution Date, from May 1, 2007) through the 15th day of
        the
        following calendar month and (ii) with respect to any other Mortgage Loan,
        the
        calendar month immediately preceding the month of that Distribution
        Date.

       

      Prepayment
        Shift Percentage:  Not applicable.

       

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

       

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

       

      Principal
        Only Certificates: As specified in the Preliminary Statement.

       

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

       

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

       

      Principal
        Relocation Payment:  A payment from any Loan Group to an Lower
        Tier REMIC Regular Interest other than a Regular Interest corresponding to
        that Loan Group as provided in 

       

      
        
          
          

        

        
          II-21

          
            

          

        

        
          
          

        

      

       

      the
        Preliminary Statement.  Principal Relocation Payments from a Loan
        Group shall be made of the amounts in respect of principal from the Mortgage
        Loans of the Loan Group and shall include a proportionate allocation of the
        Realized Losses from the Mortgage Loans of the Loan Group.

       

      Principal
        Reserve Fund:  A separate Eligible Account created and maintained
        by the Trustee pursuant to Section 3.05(j) with a depository institution
        in the
        name of the Trustee for the benefit of the Class P Certificateholders specified
        in Section 3.05(j) and designated “The Bank of New York, Principal Reserve Fund
        in trust for registered holders of CWALT 2007-J2 Alternative Loan Trust,
        Mortgage Pass-Through Certificates, Series 2007-J2, Class P”.

       

      Priority
        Amount:  As to any Distribution Date, an amount equal to the sum
        of (i) the product of (A) the Scheduled Principal Distribution Amount for
        Loan
        Group 2, (B) the Shift Percentage and (C) the Group 2 Priority Percentage
        and
        (ii) the product of (A) the Unscheduled Principal Distribution Amount for
        Loan
        Group 2, (B) the Shift Percentage and (C) the Group 2 Priority
        Percentage.

       

      Priority
        Percentage:  As to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the Class Certificate
        Balance of the Class 2-A-5 Certificates immediately prior to such Distribution
        Date and the denominator of which is the aggregate of the applicable Non-PO
        Percentage of the Stated Principal Balance of each Mortgage Loan in Loan
        Group 2
        as of the Due Date in the month preceding the month of such Distribution
        Date
        (after giving effect to Principal Prepayments received in the Prepayment
        Period
        related to that prior Due Date).

       

      Private
        Certificate:  As specified in the Preliminary
        Statement.

       

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

       

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

       

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

       

      Prospectus
        Supplement:  The Prospectus Supplement, dated May 29, 2007,
        relating to the Offered Certificates as supplemented by the supplement to
        the
        Prospectus Supplement dated May 30, 2007.

       

      PUD:  Planned
        Unit Development.

       

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

       

      
        
          
          

        

        
          II-22

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      Recombination
        Group:  The Class or Classes of Depositable Certificates and the
        related Class or Classes of Exchangeable Certificates included within any
        particular “Recombination” specified in Schedule VII.

       

      Record
        Date:  As to any Distribution Date, the close of business on the
        last Business Day of the month preceding the month in which such Distribution
        Date occurs.

       

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

       

      
        
          
          

        

        
          II-23

          
            

          

        

        
          
          

        

      

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

       

      Regular
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

      Relief
        Act:  The Servicemembers Civil Relief Act.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (c)           with
        respect to the Master Servicer only, if the Master Servicer becomes aware
        of any
        bankruptcy or receivership with respect to Countrywide, the Depositor, the
        Master Servicer, any Subservicer, the Trustee, any enhancement or support
        provider contemplated by Items 1114(b) or 

       

      
        
          
          

        

        
          II-24

          
            

          

        

        
          
          

        

      

       

       

      1115
        of
        Regulation AB, or any other material party contemplated by Item 1101(d)(1)
        of
        Regulation AB;

       

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

       

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

       

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

       

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

       

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

       

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

       

      Required
        Coupon:  With respect to the Mortgage Loans in Loan Group 1, 6.50%
        per annum and with respect to the Mortgage Loans in Loan Group 2, 6.00% per
        annum.

       

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

       

      Residual
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

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

       

      
        
          
          

        

        
          II-25

          
            

          

        

        
          
          

        

      

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

       

      Sarbanes-Oxley
        Certification:  As defined in Section 11.05.

       

      Scheduled
        Balances:  Not applicable.

       

      Scheduled
        Classes:  As specified in the Preliminary Statement.

       

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

       

      Scheduled
        Principal Distribution Amount:  As to any Distribution Date, an
        amount equal to the Non-PO Percentage of all amounts described in subclauses
        (a)
        through (d) of clause (i) of the definition of Non-PO Formula Principal Amount
        for such Distribution Date.

       

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

       

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

       

      Senior
        Certificate Group:  As specified in the Preliminary
        Statement.

       

      Senior
        Certificates:  As specified in the Preliminary
        Statement.

       

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

       

      Senior
        Percentage:  As to any Senior Certificate Group and Distribution
        Date, the percentage equivalent of a fraction, not in excess of 100%, the
        numerator of which is the aggregate Class Certificate Balance of the Senior
        Certificates of such Senior Certificate Group (other than the related Class
        of
        Class PO Certificates and Notional Amount Certificates) immediately prior
        to
        such Distribution Date and the denominator of which is the aggregate of the
        applicable Non-PO Percentage of the Stated Principal Balance of each Mortgage
        Loan in the related Loan Group as of the Due Date occurring in the month
        prior
        to the month of such Distribution Date (after giving effect to Principal
        Prepayments received in the Prepayment Period related to such prior Due Date);
        provided, however, that on any Distribution Date after a Senior Termination
        Date, the Senior Percentage for the Senior Certificates of the remaining
        Senior
        Certificate Group is the percentage equivalent of a fraction, the numerator
        of
        which is the aggregate Class Certificate Balance of the Senior Certificates
        (other than the related Class of Class PO Certificates and Notional Amount
        Certificates) of such remaining Senior Certificate Group immediately prior
        to
        such Distribution Date and the denominator of which is the aggregate Class
        Certificate Balance of all Classes of the Senior and Subordinated Certificates
        (other than the Class PO Certificates and the Notional Amount Certificates),
        immediately prior to such Distribution Date.

       

      Senior
        Prepayment Percentage:  As to a Senior Certificate Group and any
        Distribution Date during the five years beginning on the first Distribution
        Date, 100%.  The Senior Prepayment Percentage for any Distribution
        Date occurring on or after the fifth anniversary of the first Distribution
        

       

       

      
        
          
          

        

        
          II-26

          
            

          

        

        
          
          

        

      

       

      Date
        will, except as provided herein, be as follows: for any Distribution Date
        in the
        first year thereafter, the related Senior Percentage plus 70% of the related
        Subordinated Percentage for such Distribution Date; for any Distribution
        Date in
        the second year thereafter, the related Senior Percentage plus 60% of the
        related Subordinated Percentage for such Distribution Date; for any Distribution
        Date in the third year thereafter, the related Senior Percentage plus 40%
        of the
        related Subordinated Percentage for such Distribution Date; for any Distribution
        Date in the fourth year thereafter, the related Senior Percentage plus 20%
        of
        the related Subordinated Percentage for such Distribution Date; and for any
        Distribution Date thereafter, the related Senior Percentage for such
        Distribution Date (unless on any Distribution Date the Senior Percentage
        exceeds
        the initial Senior Percentage of such Senior Certificate Group, in which
        case
        the Senior Prepayment Percentage for each Senior Certificate Group for such
        Distribution Date will once again equal 100%).  Notwithstanding the
        foregoing, no decrease in any Senior Prepayment Percentage will occur unless
        both of the Senior Step Down Conditions are satisfied with respect to all
        of the
        Loan Groups.

       

      Senior
        Principal Distribution Amount:  As to any Distribution Date and
        Senior Certificate Group, the sum of (i) the sum of the related Senior
        Percentage of the applicable Non-PO Percentage of all amounts described in
        subclauses (a) through (d) of clause (i) of the definition of “Non-PO Formula
        Principal Amount” with respect to the related Loan Group for such Distribution
        Date, (ii) with respect to any Mortgage Loan in the related Loan Group that
        became a Liquidated Mortgage Loan during the calendar month preceding the
        month
        of such Distribution Date, the lesser of (x) the related Senior Percentage
        of
        the applicable Non-PO Percentage of the Stated Principal Balance of such
        Mortgage Loan and (y) the related Senior Prepayment Percentage of the applicable
        Non-PO Percentage of the amount of the Liquidation Proceeds allocable to
        principal received with respect to the Mortgage Loan and (iii) the sum of
        (x)
        the related Senior Prepayment Percentage of the applicable Non-PO Percentage
        of
        the amounts described in subclause (f) of clause (i) of the definition of
        “Non-PO Formula Principal Amount” with respect to the related Loan Group for
        such Distribution Date plus (y) the related Senior Prepayment Percentage
        of any
        Subsequent Recoveries described in clause (ii) of the definition of “Non-PO
        Formula Principal Amount” for such Distribution Date ; provided, however, on any
        Distribution Date after a Senior Termination Date, the Senior Principal
        Distribution Amount for the remaining Senior Certificate Group will be
        calculated pursuant to the above formula based on all the Mortgage Loans
        in the
        Mortgage Pool, as opposed to the Mortgage Loans in the related Loan Group
        and,
        if such Distribution Date is a Senior Termination Date, shall be reduced
        by the
        amount of the principal distribution made pursuant to (a) if the Group 1
        Senior
        Certificates are reduced to zero on such date, Section 4.02(a)(1)(iv)(y)
        and (b)
        if the Group 2 Senior Certificates are reduced to zero on such date, Section
        4.02(a)(2)(iv)(y).

       

      Senior
        Step Down Conditions:  With respect to the Mortgage Loans in a
        Loan Group: (i) the outstanding principal balance of all Mortgage Loans
        delinquent 60 days or more (including Mortgage Loans in foreclosure, REO
        Property and Mortgage Loans the mortgagors of which are in bankruptcy) (averaged
        over the preceding six month period), as a percentage of (a) if such date
        is on
        or prior to a Senior Termination Date, the Subordinated Percentage for such
        Loan
        Group of the aggregate of the applicable Non-PO Percentage of the aggregate
        Stated Principal Balance of the Mortgage Loans in that Loan Group, or (b)
        if
        such date is after a Senior Termination Date, the aggregate Class Certificate
        Balance of the Subordinated Certificates, does not equal or exceed 50%, and
        (ii)
        cumulative Realized Losses on the Mortgage Loans in each Loan Group do not
        exceed: (a) commencing with the Distribution Date on the fifth anniversary
        of
        the first Distribution Date, 30% of the Original Subordinate Principal Balance,
        (b) commencing with the Distribution Date on the sixth anniversary of the
        first
        Distribution Date, 35% of the Original Subordinate Principal Balance, (c)
        commencing with the Distribution Date on the seventh anniversary of the first
        Distribution Date, 40% of the Original Subordinate Principal Balance, (d)
        commencing with the Distribution Date on the eighth anniversary of the first
        Distribution Date, 45% of the Original Subordinate Principal Balance, and
        (e)
        commencing with the Distribution Date on the ninth anniversary of the first
        Distribution Date, 50% of the Original Subordinate Principal
        Balance.

       

      
        
          
          

        

        
          II-27

          
            

          

        

        
          
          

        

      

      Senior
        Termination Date:  For any Senior Certificate Group, the
        Distribution Date on which the aggregate Class Certificate Balance of the
        Senior
        Certificates in such Senior Certificate Group (other than the related Class
        of
        Class PO Certificates) has been reduced to zero.

       

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

       

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

       

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

       

      Shift
        Percentage:  As to any Distribution Date occurring during the five
        years beginning on the first Distribution Date, 0%.  For any
        Distribution Date occurring on or after the fifth anniversary of the first
        Distribution Date as follows: for any Distribution Date in the first year
        thereafter, 30%; for any Distribution Date in the second year thereafter,
        40%;
        for any Distribution Date in the third year thereafter, 60%; for any
        Distribution Date in the fourth year thereafter, 80%; and for any Distribution
        Date thereafter, 100%.

       

      Startup
        Day:  The Closing Date.

       

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

       

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

       

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

       

      
        
          
          

        

        
          II-28

          
            

          

        

        
          
          

        

      

      Subordinated
        Certificates:  As specified in the Preliminary
        Statement.

       

      Subordinated
        Percentage:  As to any Loan Group and Distribution Date on or
        prior to a Senior Termination Date, 100% minus the Senior Percentage for
        the
        Senior Certificate Group relating to such Loan Group for such Distribution
        Date.  As to any Distribution Date after a Senior Termination Date,
        100% minus the Senior Percentage for such Distribution Date.

       

      Subordinated
        Portion:  For any Distribution Date, an amount equal to the
        aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
        Group as of the end of the Prepayment Period related to the immediately
        preceding Distribution Date, minus the aggregate Class Certificate
        Balance of the related Senior Certificates immediately prior to such
        Distribution Date.

       

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

       

      Subordinated
        Principal Distribution Amount:  With respect to any Distribution
        Date and Loan Group, an amount equal to the excess of (A) the sum, not less
        than
        zero, of (i) the Subordinated Percentage of the applicable Non-PO Percentage
        for
        such Loan Group of all amounts described in subclauses (a) through (d) of
        clause
        (i) of the definition of “Non-PO Formula Principal Amount” for such Distribution
        Date, (ii) with respect to each Mortgage Loan that became a Liquidated Mortgage
        Loan during the calendar month preceding the month of such Distribution Date,
        the applicable Non-PO Percentage of the amount of the Liquidation Proceeds
        allocated to principal received with respect thereto remaining after application
        thereof pursuant to clause (ii) of the definition of Senior Principal
        Distribution Amount, up to the Subordinated Percentage for such Loan Group
        of
        the applicable Non-PO Percentage of the Stated Principal Balance of such
        Mortgage Loan, (iii) the Subordinated Prepayment Percentage of the applicable
        Non-PO Percentage of all amounts described in subclause (f) of clause (i)
        of the
        definition of “Non-PO Formula Principal Amount” for such Loan Group and
        Distribution Date, and (iv) the related Subordinated Prepayment Percentage
        of
        any Subsequent Recoveries described in clause (ii) of the definition of “Non-PO
        Formula Principal Amount” for such Distribution Date, over (B) the amount of any
        payments in respect of Class PO Deferred Amounts for the related Class of
        Class
        PO Certificates on the related Distribution Date, provided, however, that
        on any
        Distribution Date after a Senior Termination Date, the Subordinated Principal
        Distribution Amount will not be calculated by Loan Group but will equal the
        amount calculated pursuant to the formula set forth above based on the
        applicable Subordinated Percentage or Subordinated Prepayment Percentage,
        as
        applicable, for the Subordinated Certificates for such Distribution Date
        with
        respect to all of the Mortgage Loans as opposed to the Mortgage Loans in
        the
        related Loan Group.

       

      Subordinate
        Pass-Through Rate:  For the Interest Accrual Period related to
        each Distribution Date, a per annum rate equal to (1) the sum of the following
        for each Loan Group:  the product of (x) the Required Coupon of the
        Loan Group and (y) the related Subordinated Portion immediately prior to
        that
        Distribution Date, divided by (2) the aggregate Class Certificate
        Balance of the Subordinated Certificates immediately prior to that Distribution
        Date.

       

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

       

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

       

      
        
          
          

        

        
          II-29

          
            

          

        

        
          
          

        

      

      Substitute
        Mortgage Loan:  A Mortgage Loan substituted by the applicable
        Seller for a Deleted Mortgage Loan which must, on the date of such substitution,
        as confirmed in a Request for Release, substantially in the form of Exhibit M,
        (i) have a Stated Principal Balance, after deduction of the principal portion
        of
        the Scheduled Payment due in the month of substitution, not in excess of,
        and
        not more than 10% less than the Stated Principal Balance of the Deleted Mortgage
        Loan; (ii) be accruing interest at a rate no lower than and not more than
        1% per
        annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value
        Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining
        term to maturity no greater than (and not more than one year less than that
        of)
        the Deleted Mortgage Loan; (v) not be a Cooperative Loan unless the Deleted
        Mortgage Loan was a Cooperative Loan and (vi) comply with each representation
        and warranty set forth in Section 2.03 hereof.

       

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

       

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

       

      Targeted
        Principal Classes:  As specified in the Preliminary
        Statement.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      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 

       

       

      
        
          
          

        

        
          II-30

          
            

          

        

        
          
          

        

      

       

      not
        applied in computing the Cut-off Date Principal Balance thereof; (ii) the
        Certificate Account, the Distribution Account, the Exchangeable Certificates
        Distribution Account, the Principal Reserve Fund, and all amounts deposited
        therein pursuant to the applicable provisions of this Agreement; (iii) property
        that secured a Mortgage Loan and has been acquired by foreclosure, deed-in-lieu
        of foreclosure or otherwise; and (iv) all proceeds of the conversion, voluntary
        or involuntary, of any of the foregoing.

       

      Undercollateralized
        Group:  As defined in Section 4.05.

       

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

       

      Underwriter:  As
        specified in the Preliminary Statement.

       

      Unscheduled
        Principal Distribution Amount:  With respect to any Distribution
        Date, an amount equal to the sum of (i) with respect to each Mortgage Loan
        that
        became a Liquidated Mortgage Loan during the calendar month preceding the
        month
        of such Distribution Date, the applicable Non-PO Percentage of the Liquidation
        Proceeds allocable to principal received with respect to such Mortgage Loan
        and
        (ii) the applicable Non-PO Percentage of the amount described in subclause
        (f)
        of clause (i) of the definition of Non-PO Formula Principal Amount for such
        Distribution Date and (iii) any Subsequent Recoveries described in clause
        (ii)
        of the definition of Non-PO Formula Principal Amount for such Distribution
        Date.

       

      Voting
        Rights:  The portion of the voting rights of all of the
        Certificates which is allocated to any Certificate.  As of any date of
        determination, (a) 1% of all Voting Rights shall be allocated to each
        Class of Senior Certificates that is a Class of Notional Amount
        Certificates, if any (such Voting Rights to be allocated among the holders
        of
        Certificates of each such Class in accordance with their respective
        Percentage Interests), and (b) the remaining Voting Rights (or 100% of the
        Voting Rights if there is no such Class of Senior Certificates) shall be
        allocated among Holders of the remaining Classes of Senior and Subordinated
        Certificates in proportion to the Certificate Balances of their respective
        Certificates on such date.  Each Class of Exchangeable Certificates
        will be allocated a proportionate share of the Voting Rights allocated to
        the
        related Class or Classes of Depositable Certificates that have been surrendered
        as provided in Section 5.07(e).

       

      
        	
                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; (g)
        references to any Person include that Person’s permitted successors and

       

      
        
          
          

        

        
          II-31

          
            

          

        

        
          
          

        

      

       

      assigns;
        and (h) a Mortgage Loan is “30 days delinquent” if any Scheduled Payment has not
        been received by the close of business on the day immediately preceding the
        Due
        Date on which the next Scheduled Payment is due.  Similarly for “60
        days delinquent,” “90 days delinquent” and so on.  Unless otherwise
        provided in this Agreement, the determination as to whether a Mortgage Loan
        falls into a delinquency category shall be made as of the close of business
        on
        the last day of each month prior to the date of determining the
        delinquency.

       

      
        
          
          

        

        
          II-32

          
            

          

        

        
          
          

        

      

      

       

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      REPRESENTATIONS
        AND WARRANTIES

       

      
        	
                SECTION
                  2.01.  

              	
                Conveyance
                  of Mortgage Loans.

              

      

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          II-1

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

      (B)  The
        executed Security Agreement;

       

      (C)  The
        executed Proprietary Lease;

       

      (D)  The
        executed Recognition Agreement;

       

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

       

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

       

      
        
          
          

        

        
          II-2

          
            

          

        

        
          
          

        

      

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

       

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

       

      As
        promptly as practicable subsequent to such transfer and assignment, and in
        any
        event, within one-hundred and twenty (120) days after such transfer and
        assignment, the Trustee shall (A) as the assignee thereof, affix the following
        language to each assignment of Mortgage:  “CWALT, Inc., Series
        2007-J2, The Bank of New York, as trustee”, (B) cause such assignment to be in
        proper form for recording in the appropriate public office for real property
        records and (C) cause to be delivered for 

       

      
        
          
          

        

        
          II-3

          
            

          

        

        
          
          

        

      

       

      recording
        in the appropriate public office for real property records the assignments
        of
        the Mortgages to the Trustee, except that, (i) with respect to any assignments
        of Mortgage as to which the Trustee has not received the information required
        to
        prepare such assignment in recordable form, the Trustee’s obligation to do so
        and to deliver the same for such recording shall be as soon as practicable
        after
        receipt of such information and in any event within thirty (30) days after
        receipt thereof and (ii) the Trustee need not cause to be recorded any
        assignment which relates to a Mortgage Loan the Mortgaged Property and Mortgage
        File relating to which are located in any jurisdiction (including Puerto
        Rico)
        under the laws of which the recordation of such assignment is not necessary
        to
        protect the Trustee’s and the Certificateholders’ interest in the related
        Mortgage Loan as evidenced by an opinion of counsel delivered by Countrywide
        to
        the Trustee within 90 days of the Closing Date (which opinion may be in the
        form
        of a “survey” opinion and is not required to be delivered by counsel admitted to
        practice law in the jurisdiction as to which such legal opinion
        applies).

       

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

       

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

       

      (d)  Neither
        the Depositor nor the Trust will acquire or hold any Mortgage Loan that would
        violate the representations made by Countrywide set forth in clause (48)
        of
        Schedule III-A hereto.

       

      
        	
                SECTION
                  2.02.  

              	
                Acceptance
                  by Trustee of the Mortgage
                  Loans.

              

      

       

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

       

      The
        Trustee agrees to execute and deliver on the Closing Date to the Depositor,
        the
        Master Servicer and Countrywide (on its own behalf and on behalf of Park
        Granada, Park Monaco and 

       

      
        
          
          

        

        
          II-4

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      Not
        later
        than 90 days after the Closing Date, the Trustee shall deliver to the Depositor,
        the Master Servicer and Countrywide (on its own behalf and on behalf of Park
        Granada, Park Monaco and Park Sienna) a Final Certification with respect
        to the
        Mortgage Loans in the form annexed hereto as Exhibit H-1, with any applicable
        exceptions noted thereon.  If, in the course of such review, the
        Trustee finds any document constituting a part of a Mortgage File which does
        not
        meet the requirements of Section 2.01, the Trustee shall list such as an
        exception in the Final Certification; provided, however that the Trustee
        shall
        not make any determination as to whether (i) any endorsement is sufficient
        to
        transfer all right, title and interest of the party so endorsing, as noteholder
        or assignee thereof, in and to that Mortgage Note or (ii) any assignment
        is in
        recordable form or is sufficient to effect the assignment of and transfer
        to the
        assignee thereof under the mortgage to which the assignment
        relates.  Countrywide (on its own behalf and on behalf of Park
        Granada, Park Monaco and Park Sienna) shall promptly correct or cure such
        defect
        within 90 days from the date it was so notified of such defect and, if
        Countrywide does not correct or cure such defect within such period, Countrywide
        (on its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
        shall either (a) substitute for the related Mortgage Loan a Substitute Mortgage
        Loan, which substitution shall be accomplished in the manner and subject
        to the
        conditions set forth in Section 2.03, or (b) purchase such Mortgage Loan
        from
        the Trustee within 90 days from the date Countrywide (on its own behalf and
        on
        behalf of Park Granada, Park Monaco and Park Sienna) was notified of such
        defect
        in writing at the Purchase Price of such Mortgage Loan; provided, however,
        that
        in no event shall such substitution or purchase occur more than 540 days
        from
        the Closing Date, except that if the substitution or purchase of a Mortgage
        Loan
        pursuant to this provision is required by reason of a delay in delivery of
        any
        documents by the appropriate recording office, and there is a dispute between
        either the Master Servicer or Countrywide (on its own behalf and on behalf
        of
        Park Granada, Park Monaco and Park Sienna) and the Trustee over the location
        or
        status of the recorded document, then such substitution or purchase shall
        occur
        within 720 days from the Closing Date.  The Trustee shall deliver
        written notice to each Rating Agency within 270 days from the Closing Date
        indicating each Mortgage Loan (a) which has not been returned by the appropriate
        recording office or (b) as to which there is a dispute as to location or
        status
        of such Mortgage Loan.  Such notice shall be delivered every 90 days
        thereafter until the related Mortgage Loan is returned to the
        Trustee.  Any such substitution pursuant to (a) above or purchase
        pursuant to (b) above shall not be effected prior to the delivery to the
        Trustee
        of the Opinion of Counsel required by Section 2.05 hereof, if any, and any
        substitution pursuant to (a) above shall not be effected prior to the additional
        delivery to the Trustee of a Request for Release substantially in the form
        of
        Exhibit N.  No substitution is permitted to be made in any calendar
        month after the Determination Date for such month.  The Purchase Price
        for any such Mortgage Loan shall be deposited by Countrywide (on its own
        behalf
        and on behalf of Park Granada, Park Monaco and Park 

       

      
        
          
          

        

        
          II-5

          
            

          

        

        
          
          

        

      

       

      Sienna)
        in the Certificate Account on or prior to the Distribution Account Deposit
        Date
        for the Distribution Date in the month following the month of repurchase
        and,
        upon receipt of such deposit and certification with respect thereto in the
        form
        of Exhibit N hereto, the Trustee shall release the related Mortgage File
        to
        Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco
        and
        Park Sienna) and shall execute and deliver at Countrywide’s (on its own behalf
        and on behalf of Park Granada, Park Monaco and Park Sienna) request such
        instruments of transfer or assignment prepared by Countrywide, in each case
        without recourse, as shall be necessary to vest in Countrywide (on its own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna), or its
        designee, the Trustee’s interest in any Mortgage Loan released pursuant hereto.
        If pursuant to the foregoing provisions Countrywide (on its own behalf and
        on
        behalf of Park Granada, Park Monaco and Park Sienna) repurchases an Mortgage
        Loan that is a MERS Mortgage Loan, the Master Servicer shall either (i) cause
        MERS to execute and deliver an assignment of the Mortgage in recordable form
        to
        transfer the Mortgage from MERS to Countrywide (on its own behalf and on
        behalf
        of Park Granada, Park Monaco and Park Sienna) or its designee and shall cause
        such Mortgage to be removed from registration on the MERS® System in accordance
        with MERS’ rules and regulations or (ii) cause MERS to designate on the MERS®
System Countrywide (on its own behalf and on behalf of Park Granada, Park
        Monaco
        and Park Sienna) or its designee as the beneficial holder of such Mortgage
        Loan.

       

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

       

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

       

      
        	
                SECTION
                  2.03.  

              	
                Representations,
                  Warranties and Covenants of the Sellers
                  and

              

      

      
        	
                 

              	
                Master
                  Servicer.

              

      

       

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

       

      
        
          
          

        

        
          II-6

          
            

          

        

        
          
          

        

      

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

       

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

       

      With
        respect to any Substitute Mortgage Loan or Loans, sold to the Depositor by
        a
        Seller, Countrywide (on its own behalf and on behalf of Park Granada, Park
        Monaco and Park Sienna) shall deliver to the Trustee for the benefit of the
        Certificateholders the Mortgage Note, the Mortgage, the related assignment
        of
        the Mortgage, and such other documents and agreements as are required by
        Section
        2.01, with the Mortgage Note endorsed and the Mortgage assigned as required
        by
        Section 2.01.  No substitution is permitted to be made in any calendar
        month after the Determination Date for such month.  Scheduled Payments
        due with respect to Substitute Mortgage Loans in the month of substitution
        shall
        not be part of the Trust Fund and will be retained by the related Seller
        on the
        next succeeding Distribution Date.  For the month of substitution,
        distributions to Certificateholders will include the monthly payment due
        on any
        Deleted Mortgage Loan for such month and thereafter that Seller shall be
        entitled to retain all amounts received in respect of such Deleted Mortgage
        Loan.  The Master Servicer shall amend the Mortgage Loan Schedule for
        the benefit of the Certificateholders to reflect the removal of such Deleted
        Mortgage Loan and the substitution of the Substitute Mortgage Loan or Loans
        and
        the Master Servicer shall deliver the amended Mortgage Loan Schedule to the
        Trustee.  Upon such substitution, the Substitute Mortgage Loan or
        Loans shall be subject to the terms of this Agreement in all respects, and
        the
        related Seller shall be deemed to have made with respect to such Substitute
        Mortgage Loan or Loans, as of the date of substitution, the representations
        and
        warranties made pursuant to Section 2.03(a) with respect to such Mortgage
        Loan.  Upon any such substitution and the deposit to the Certificate
        Account of the amount required to be deposited therein in connection with
        such
        substitution as described in the following paragraph, the Trustee shall release
        the Mortgage File held for the benefit of the Certificateholders relating
        to
        such Deleted Mortgage Loan to the related Seller and shall execute and deliver
        at such Seller’s 

       

      
        
          
          

        

        
          II-7

          
            

          

        

        
          
          

        

      

       

      direction
        such instruments of transfer or assignment prepared by Countrywide (on its
        own
        behalf and on behalf of Park Granada, Park Monaco and Park Sienna), in each
        case
        without recourse, as shall be necessary to vest title in that Seller, or
        its
        designee, the Trustee’s interest in any Deleted Mortgage Loan substituted for
        pursuant to this Section 2.03.

       

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

       

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

       

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

       

      
        	
                SECTION
                  2.04.  

              	
                Representations
                  and Warranties of the Depositor as to
                  the

              

      

      
        	
                 

              	
                Mortgage
                  Loans.

              

      

       

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

       

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

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 2.04 shall survive delivery of the Mortgage Files to the
        Trustee.  Upon discovery by the Depositor or the Trustee of a breach
        of any of the foregoing representations and warranties set forth in this
        Section
        2.04 

       

      
        
          
          

        

        
          II-8

          
            

          

        

        
          
          

        

      

       

      (referred
        to herein as a “breach”), which breach materially and adversely affects the
        interest of the Certificateholders, the party discovering such breach shall
        give
        prompt written notice to the others and to each Rating Agency.

       

      
        	
                SECTION
                  2.05.  

              	
                Delivery
                  of Opinion of Counsel in Connection with
                  Substitutions.

              

      

       

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

       

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

       

      
        	
                SECTION
                  2.06.  

              	
                Execution
                  and Delivery of Certificates.

              

      

       

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

       

      
        	
                SECTION
                  2.07.  

              	
                REMIC
                  Matters.

              

      

       

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

       

      
        
          
          

        

        
          II-9

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  2.08.  

              	
                Covenants
                  of the Master Servicer.

              

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          II-10

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING

      OF
        MORTGAGE LOANS

       

      
        	
                SECTION
                  3.01.  

              	
                Master
                  Servicer to Service Mortgage
                  Loans.

              

      

       

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

       

      In
        accordance with the standards of the preceding paragraph, the Master Servicer
        shall advance or cause to be advanced funds as necessary for the purpose
        of
        effecting the payment of taxes and assessments on the Mortgaged Properties,
        which advances shall be reimbursable in the first instance from related
        collections from the Mortgagors pursuant to Section 3.06, and further as
        provided in Section 3.08.  The costs incurred by the Master Servicer,
        if any, in effecting the timely payments of taxes and assessments on the
        Mortgaged Properties and related insurance premiums shall not, for the purpose
        of 

       

      
        
          
          

        

        
          III-1

          
            

          

        

        
          
          

        

      

       

      calculating
        monthly distributions to the Certificateholders, be added to the Stated
        Principal Balances of the related Mortgage Loans, notwithstanding that the
        terms
        of such Mortgage Loans so permit.

       

      
        	
                SECTION
                  3.02.  

              	
                Subservicing;
                  Enforcement of the Obligations of
                  Subservicers.

              

      

       

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

       

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

       

      
        	
                SECTION
                  3.03.  

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

              

      

       

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

       

      
        	
                SECTION
                  3.04.  

              	
                Trustee
                  to Act as Master Servicer.

              

      

       

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

       

       

      
        
          
          

        

        
          III-2

          
            

          

        

        
          
          

        

      

       

      hereof.  If
        the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default or termination by the Depositor),
        the Trustee or its successor shall succeed to any rights and obligations
        of the
        Master Servicer under each subservicing agreement.

       

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

       

      
        	
                SECTION
                  3.05.  

              	
                Collection
                  of Mortgage Loan Payments; Certificate Account; Distribution Account;
                  the
                  Principal Reserve Fund.

              

      

       

      (a)  The
        Master Servicer shall make reasonable efforts in accordance with the customary
        and usual standards of practice of prudent mortgage servicers to collect
        all
        payments called for under the terms and provisions of the Mortgage Loans
        to the
        extent such procedures shall be consistent with this Agreement and the terms
        and
        provisions of any related Required Insurance Policy.  Consistent with
        the foregoing, the Master Servicer may in its discretion (i) waive any late
        payment charge or any penalty interest in connection with the prepayment
        of a
        Mortgage Loan and (ii) extend the due dates for payments due on a Mortgage
        Note for a period not greater than 180 days; provided, however, that the
        Master
        Servicer cannot extend the maturity of any such Mortgage Loan past the date
        on
        which the final payment is due on the latest maturing Mortgage Loan as of
        the
        Cut-off Date.  In the event of any such arrangement, the Master
        Servicer shall make Advances on the related Mortgage Loan in accordance with
        the
        provisions of Section 4.01 during the scheduled period in accordance with
        the
        amortization schedule of such Mortgage Loan without modification thereof
        by
        reason of such arrangements.  The Master Servicer shall not be
        required to institute or join in litigation with respect to collection of
        any
        payment (whether under a Mortgage, Mortgage Note or otherwise or against
        any
        public or governmental authority with respect to a taking or condemnation)
        if it
        reasonably believes that enforcing the provision of the Mortgage or other
        instrument pursuant to which such payment is required is prohibited by
        applicable law.

       

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

       

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

       

      (ii)  all
        payments on account of interest on the Mortgage Loans, net of the related
        Master
        Servicing Fee and Prepayment Interest Excess;

       

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

       

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

       

      
        
          
          

        

        
          III-3

          
            

          

        

        
          
          

        

      

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

       

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

       

      (vii)  all
        Substitution Adjustment Amounts;

       

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

       

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

       

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

       

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

       

      (c)  [Reserved].

       

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

       

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

       

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

       

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

       

      In
        the
        event that the Master Servicer shall remit any amount not required to be
        remitted, it may at any time direct the Trustee to withdraw such amount from
        the
        Distribution Account, any provision herein to the contrary
        notwithstanding.  Such direction may be accomplished by delivering an
        Officer’s 

       

      
        
          
          

        

        
          III-4

          
            

          

        

        
          
          

        

      

       

      Certificate
        to the Trustee which describes the amounts deposited in error in the
        Distribution Account.  All funds deposited in the Distribution Account
        shall be held by the Trustee in trust for the Certificateholders until disbursed
        in accordance with this Agreement or withdrawn in accordance with Section
        3.08.  In no event shall the Trustee incur liability for withdrawals
        from the Distribution Account at the direction of the Master
        Servicer.

       

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

       

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

       

      (g)  The
        Trustee shall establish and maintain, on behalf of the Class P
        Certificateholders, a Principal Reserve Fund in the name of the
        Trustee.  On the Closing Date, the Depositor shall deposit into the
        Principal Reserve Fund $100.  Funds on deposit in the Principal
        Reserve Fund shall not be invested.

       

      
        	
                SECTION
                  3.06.  

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

              

      

       

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

       

      (b)  Withdrawals
        of amounts so collected from the Escrow Accounts may be made only to effect
        timely payment of taxes, assessments, hazard insurance premiums, condominium
        or
        PUD association dues, or comparable items, to reimburse the Master Servicer
        out
        of related collections for any payments made pursuant to Sections 3.01 hereof
        (with respect to taxes and assessments and insurance 

       

       

      
        
          
          

        

        
          III-5

          
            

          

        

        
          
          

        

      

       

      premiums)
        and 3.09 hereof (with respect to hazard insurance), to refund to any Mortgagors
        any sums determined to be overages, to pay interest, if required by law or
        the
        terms of the related Mortgage or Mortgage Note, to Mortgagors on balances
        in the
        Escrow Account or to clear and terminate the Escrow Account at the termination
        of this Agreement in accordance with Section 9.01 hereof.  The Escrow
        Accounts shall not be a part of the Trust Fund.

       

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

       

      
        	
                SECTION
                  3.07.  

              	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans.

              

      

       

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

       

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

       

      
        	
                SECTION
                  3.08.  

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

              

      

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          III-6

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          III-7

          
            

          

        

        
          
          

        

      

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

       

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

       

      (c)  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
        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.

       

      
        	
                SECTION
                  3.09.  

              	
                Maintenance
                  of Hazard Insurance; Maintenance of Primary Insurance
                  Policies.

              

      

       

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

       

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

       

      
        
          
          

        

        
          III-8

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      
        	
                SECTION
                  3.10.  

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

              

      

       

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

       

      (b)  Subject
        to the Master Servicer’s duty to enforce any due-on-sale clause to the extent
        set forth in Section 3.10(a) hereof, in any case in which a Mortgaged Property
        has been conveyed to a Person by a Mortgagor, and such Person is to enter
        into
        an assumption agreement or modification agreement or supplement to the Mortgage
        Note or Mortgage that requires the signature of the Trustee, or if an instrument
        of release signed by the Trustee is required releasing the Mortgagor from
        liability on the 

       

       

       

       

      
        
          
          

        

        
          III-9

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                SECTION
                  3.11.  

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

              

      

       

      (a)  The
        Master Servicer shall use reasonable efforts to foreclose upon or otherwise
        comparably convert the ownership of properties securing such of the Mortgage
        Loans as come into and continue in default and as to which no satisfactory
        arrangements can be made for collection of delinquent payments.  In
        connection with such foreclosure or other conversion, the Master Servicer
        shall
        follow such practices and procedures as it shall deem necessary or advisable
        and
        as shall be normal and usual in its general mortgage servicing activities
        and
        meet the requirements of the insurer under any Required Insurance Policy;
        provided, however, that the Master Servicer shall not be required to expend
        its
        own funds in connection with any foreclosure or towards the restoration of
        any
        property unless it shall determine (i) that such restoration and/or foreclosure
        will increase the proceeds of liquidation of the Mortgage Loan after
        reimbursement to itself of such expenses and (ii) that such expenses will
        be
        recoverable to it through the proceeds of liquidation of the Mortgage Loan
        and
        Subsequent Recoveries (respecting which it shall have priority for purposes
        of
        withdrawals from the Certificate Account).  The Master Servicer shall
        be responsible for all other costs and expenses incurred by it in any such
        proceedings; provided, however, that it shall be entitled to reimbursement
        thereof from the proceeds of liquidation of the Mortgage Loan and Subsequent
        Recoveries with respect to the related Mortgaged Property, as provided in
        the
        definition of Liquidation Proceeds.  If the Master Servicer has
        knowledge that a Mortgaged Property which the Master Servicer is contemplating
        acquiring in foreclosure or by deed in lieu of foreclosure is located within
        a 1
        mile radius of any site listed in the Expenditure Plan for the Hazardous
        Substance Clean Up Bond Act of 1984 or other site with environmental or
        hazardous waste risks known to the Master Servicer, the Master Servicer will,
        prior to acquiring the Mortgaged Property, consider such risks and only take
        action in accordance with its established environmental review
        procedures.

       

      With
        respect to any REO Property, the deed or certificate of sale shall be taken
        in
        the name of the Trustee for the benefit of the Certificateholders, or its
        nominee, on behalf of the Certificateholders.  The Trustee’s name
        shall be placed on the title to such REO Property solely as the Trustee
        hereunder and not in its individual capacity.  The Master Servicer
        shall ensure that the title to such REO Property references the Pooling and
        Servicing Agreement and the Trustee’s capacity thereunder.  Pursuant
        to its efforts to sell such REO Property, the Master Servicer shall either
        itself or 

       

      
        
          
          

        

        
          III-10

          
            

          

        

        
          
          

        

      

       

      through
        an agent selected by the Master Servicer protect and conserve such REO Property
        in the same manner and to such extent as is customary in the locality where
        such
        REO Property is located and may, incident to its conservation and protection
        of
        the interests of the Certificateholders, rent the same, or any part thereof,
        as
        the Master Servicer deems to be in the best interest of the Certificateholders
        for the period prior to the sale of such REO Property.  The Master
        Servicer shall prepare for and deliver to the Trustee a statement with respect
        to each REO Property that has been rented showing the aggregate rental income
        received and all expenses incurred in connection with the maintenance of
        such
        REO Property at such times as is necessary to enable the Trustee to comply
        with
        the reporting requirements of the REMIC Provisions.  The net monthly
        rental income, if any, from such REO Property shall be deposited in the
        Certificate Account no later than the close of business on each Determination
        Date.  The Master Servicer shall perform the tax reporting and
        withholding required by Sections 1445 and 6050J of the Code with respect
        to
        foreclosures and abandonments, the tax reporting required by Section 6050H
        of
        the Code with respect to the receipt of mortgage interest from individuals
        and
        any tax reporting required by Section 6050P of the Code with respect to the
        cancellation of indebtedness by certain financial entities, by preparing
        such
        tax and information returns as may be required, in the form required, and
        delivering the same to the Trustee for filing.

       

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

       

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

       

      The
        decision of the Master Servicer to foreclose on a defaulted Mortgage Loan
        shall
        be subject to a determination by the Master Servicer that the proceeds of
        such
        foreclosure would exceed the costs and expenses of bringing such a
        proceeding.  The income earned from the rental of any REO Properties,
        net of reimbursement to the Master Servicer for expenses incurred (including
        any
        property or other taxes) in connection with such management and net of
        unreimbursed Master Servicing Fees, Advances and Servicing Advances, shall
        be
        applied to the payment of principal of and interest on the related defaulted
        Mortgage Loans (with interest accruing as though such Mortgage Loans were
        still

       

      
        
          
          

        

        
          III-11

          
            

          

        

        
          
          

        

      

       

      current)
        and all such income shall be deemed, for all purposes in this Agreement,
        to be
        payments on account of principal and interest on the related Mortgage Notes
        and
        shall be deposited into the Certificate Account.  To the extent the
        net income received during any calendar month is in excess of the amount
        attributable to amortizing principal and accrued interest at the related
        Mortgage Rate on the related Mortgage Loan for such calendar month, such
        excess
        shall be considered to be a partial prepayment of principal of the related
        Mortgage Loan.

       

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

       

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

       

      (b)  Countrywide
        is permitted to solicit Mortgagors for reductions to the Mortgage Rates of
        their
        respective Mortgage Loans so long as the Mortgagors are not selected for
        solicitation based on the inclusion of the related Mortgage Loans in the
        Trust
        Fund.  If a Mortgagor requests a reduction to the Mortgage Rate for
        the related Mortgage Loan, the Master Servicer shall agree to a reduction
        in the
        Mortgage Rate of that Mortgage Loan (the “Modified Mortgage Loan”) if (i) no
        monetary default exists with respect to such Mortgage Loan and (ii) Countrywide,
        in its corporate capacity, agrees to purchase the Modified Mortgage Loan
        from
        the Trust Fund immediately following the modification as described
        below.  Effective immediately after the modification, and, in any
        event, on the same Business Day on which the modification occurs, all interest
        of the Trustee in the Modified Mortgage Loan shall 

       

       

      
        
          
          

        

        
          III-12

          
            

          

        

        
          
          

        

      

       

      automatically
        be deemed transferred and assigned to Countrywide and all benefits and burdens
        of ownership thereof, including the right to accrued interest thereon from
        the
        date of modification and the risk of default thereon, shall pass to
        Countrywide.  The Master Servicer shall promptly deliver to the
        Trustee a certification of a Servicing Officer to the effect that all
        requirements of this paragraph have been satisfied with respect to the Modified
        Mortgage Loan.  For federal income tax purposes, the Trustee shall
        account for such purchase as a prepayment in full of the Modified Mortgage
        Loan.

       

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

       

      
        	
                SECTION
                  3.12.  

              	
                Trustee
                  to Cooperate; Release of Mortgage
                  Files.

              

      

       

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

       

       

      
        
          
          

        

        
          III-13

          
            

          

        

        
          
          
liquidated
          and the proceeds thereof are deposited in the Certificate Account, in which
          case
          the Master Servicer shall deliver to the Trustee a Request for Release
          in the
          form of Exhibit N, signed by a Servicing Officer.

      

       

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

       

      
        	
                SECTION
                  3.13.  

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

              

      

       

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

       

      
        	
                SECTION
                  3.14.  

              	
                Servicing
                  Compensation.

              

      

       

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

       

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

       

       

      
        
          
          

        

        
          III-14

          
            

          

        

        
          
          

        

      

       

      required
        by this Agreement) and shall not be entitled to reimbursement therefor except
        as
        specifically provided in this Agreement.

       

      
        	
                SECTION
                  3.15.  

              	
                Access
                  to Certain Documentation.

              

      

       

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

       

      The
        Master Servicer acknowledges that as part of its servicing activities, the
        Master Servicer shall fully furnish, in accordance with the Fair Credit
        Reporting Act and its implementing regulations, accurate and complete
        information (i.e., favorable and unfavorable) on its borrower credit files
        related to the Mortgage Loans to Equifax, Experian and Trans Union Credit
        Information Company (three of the nationally recognized credit bureaus) on
        a
        monthly basis.

       

      
        	
                SECTION
                  3.16.  

              	
                Annual
                  Statement as to Compliance.

              

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          III-15

          
            

          

        

        
          
          

        

         

      

      
        	
                SECTION
                  3.17.  

              	
                Errors
                  and Omissions Insurance; Fidelity
                  Bonds.

              

      

       

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

       

      
        	
                SECTION
                  3.18.  

              	
                [Reserved].

              

      

       

      
        	
                SECTION
                  3.19.  

              	
                Prepayment
                  Charges.

              

      

       

      (a)  Notwithstanding
        anything in this Agreement to the contrary, in the event of a Principal
        Prepayment in full or in part of a Mortgage Loan, the Master Servicer may
        not
        waive any Prepayment Charge or portion thereof required by the terms of the
        related Mortgage Note unless (i) such Mortgage Loan is in default or the
        Master
        Servicer believes that such a default is imminent, and the Master Servicer
        determines that such waiver would maximize recovery of Liquidation Proceeds
        for
        such Mortgage Loan, taking into account the value of such Prepayment Charge,
        or
        (ii) (A) the enforceability thereof is limited (1) by bankruptcy, insolvency,
        moratorium, receivership, or other similar law relating to creditors’ rights
        generally or (2) due to acceleration in connection with a foreclosure or
        other
        involuntary payment, or (B) the enforceability is otherwise limited or
        prohibited by applicable law.  In the event of a Principal Prepayment
        in full or in part with respect to any Mortgage Loan, the Master Servicer
        shall
        deliver to the Trustee an Officer’s Certificate substantially in the form of
        Exhibit T no later than the third Business Day following the immediately
        succeeding Determination Date with a copy to the Class P
        Certificateholders.  If the Master Servicer has waived or does not
        collect all or a portion of a Prepayment Charge relating to a Principal
        Prepayment in full or in part due to any action or omission of the Master
        Servicer, other than as provided above, the Master Servicer shall deliver
        to the
        Trustee, together with the Principal Prepayment in full or in part, the amount
        of such Prepayment Charge (or such portion thereof as had been waived) for
        deposit into the Certificate Account (not later than 1:00 p.m. Pacific time
        on
        the immediately succeeding Master Servicer Advance Date, in the case of such
        Prepayment Charge) for distribution in accordance with the terms of this
        Agreement.

       

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

       

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

       

      (d)  Upon
        discovery by the Master Servicer or a Responsible Officer of the Trustee
        of a
        breach of the foregoing clause (c) that materially and adversely affects
        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 

       

      
        
          
          

        

        
          III-16

          
            

          

        

        
          
          

        

      

       

      or
        shall
        pay into the Certificate Account the amount of the Prepayment Charge that
        would
        otherwise be due from the Mortgagor, less any amount representing such
        Prepayment Charge previously collected and paid by the Master Servicer into
        the
        Certificate Account.

       

      

       

      
        
          
          

        

        
          III-17

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        IV

       

      DISTRIBUTIONS
        AND

      ADVANCES
        BY THE MASTER SERVICER

       

      
        	
                SECTION
                  4.01.  

              	
                Advances.

              

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          IV-1

          
            

          

        

        
          
          

        

      

       

      the
        related Master Servicer Advance Date an Officer’s Certificate of a Servicing
        Officer indicating the amount of any proposed Advance determined by the Master
        Servicer to be a Nonrecoverable Advance.

       

      
        	
                SECTION
                  4.02.  

              	
                Priorities
                  of Distribution.

              

      

       

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

       

                      (i)   
[reserved];

       

      (ii)  concurrently,
        to each interest-bearing Class of Group 1 Senior Certificates, an amount
        allocable to interest equal to the related Class Optimal Interest Distribution
        Amount, any shortfall being allocated among such Classes in proportion to
        the
        amount of the Class Optimal Interest Distribution Amount with respect to
        the
        Group 1 Certificates that would have been distributed in the absence of such
        shortfall, provided that prior to an Accrual Termination Date, the related
        Accrual Amount shall be distributed as provided in Section
        4.02(a)(1)(iii);

       

      (iii)  [reserved];

       

      (iv)  to
        each
        Class of Group 1 Senior Certificates, concurrently, as
        follows:

       

      (x)        to
        the Class PO-1 Certificates, the related PO Formula Principal Amount, until
        the
        Class Certificate Balance thereof is reduced to zero; and

       

      (y)        the
        related Non-PO Formula Principal Amount, up to the amount of the Senior
        Principal Distribution Amount for Loan Group 1 for such Distribution Date,
        in
        the following order:

       

      
        	
                1.  

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

              

      

       

      
        	
                2.  

              	
                concurrently,
                  to the Class 1-A-1 and Class 1-A-2 Certificates, pro rata, until
                  their
                  respective Class Certificate Balances are reduced to zero;
                  and

              

      

      

      (v)  to
        the
        Class PO-1 Certificates, any related Class PO Deferred Amount, up to an amount
        not to exceed the amount calculated pursuant to clause (A) of the definition
        of
        the Subordinated Principal Distribution Amount for Loan Group 1 actually
        received or advanced for such Distribution Date (with such amount to be
        allocated first from amounts calculated pursuant to (A)(i), then (ii), and
        then
        (iii) of the definition of Subordinated Principal Distribution
        Amount).

       

      (2)  With
        respect to the Available Funds for Loan Group 2 on each Distribution Date,
        the
        Trustee shall withdraw such Available Funds from the Distribution Account
        and
        apply such funds to distributions on the specified Classes of Group 2 Senior
        Certificates in the following order, in each case to the extent of Available
        Funds remaining:

       

      (i)  [reserved];

       

      
        
          
          

        

        
          IV-2

          
            

          

        

        
          
          

        

      

      (ii)  concurrently,
        to each interest-bearing Class of Group 2 Senior Certificates, an amount
        allocable to interest equal to the related Class Optimal Interest Distribution
        Amount, any shortfall being allocated among such Classes in proportion to
        the
        amount of the Class Optimal Interest Distribution Amount with respect to
        the
        Group 2 Certificates that would have been distributed in the absence of such
        shortfall, provided that prior to an Accrual Termination Date, the related
        Accrual Amount shall be distributed as provided in Section
        4.02(a)(2);

       

      (iii)  [reserved];

       

      (iv)  to
        each
        Class of Group 2 Senior Certificates, concurrently as follows:

       

      (x)           to
        the Class PO-2 Certificates, the related PO Formula Principal Amount, until
        the
        Class Certificate Balance thereof is reduced to zero; and

       

      (y)           the
        related Non-PO Formula Principal Amount, up to the amount of the Senior
        Principal Distribution Amount for Loan Group 2 for such Distribution Date,
        concurrently:

       

      
        	
                1.  

              	
                the
                  Combined Percentage, sequentially:

              

      

       

      
        	
                 

              	
                a.

              	
                in
                  an amount up to $1,000 on each Distribution Date, to the Class
                  2-A-6
                  Certificates, until its Class Certificate Balance is reduced to
                  zero;

              

      

       

      
        	
                 

              	
                b.

              	
                in
                  an amount up to $151,000 on each Distribution Date, to the Class
                  2-A-8
                  Certificates, until its Class Certificate Balance is reduced to
                  zero;

              

      

       

      
        	
                 

              	
                c.

              	
                beginning
                  with the Distribution Date in June 2009, in an amount up to $498,000
                  on
                  each Distribution Date, to the Class 2-A-7 Certificates, until
                  its Class
                  Certificate Balance is reduced to zero;
                  and

              

      

       

      
        	
                 

              	
                d.

              	
                sequentially,
                  to the Class 2-A-6, Class 2-A-7 and Class 2-A-8 Certificates, in
                  that
                  order, until their respective Class Certificate Balances are reduced
                  to
                  zero; and

              

      

       

      
        	
                2.  

              	
                the
                  Class 2-A-3 Percentage, to the Class 2 A 3 Certificates, until
                  its Class
                  Certificate Balance is reduced to zero;
                  and

              

      

       

      (v)  to
        the
        Class PO-2 Certificates, any related Class PO Deferred Amount, up to an amount
        not to exceed the amount calculated pursuant to clause (A) of the definition
        of
        the Subordinated Principal Distribution Amount for Loan Group 2 actually
        received or advanced for such Distribution Date (with such amount to be
        allocated first from amounts calculated pursuant to (A)(i) and (ii) then
        (iii)
        of the definition of Subordinated Principal Distribution Amount).

       

      (3)  On
        each Distribution Date, after making the distributions described in Section
        4.02(a)(1) and Section 4.02(a)(2) above, the remaining Available Funds from
        each
        Loan Group will be distributed to the Senior Certificates to the extent provided
        in Section 4.05 hereof.

       

      
        
          
          

        

        
          IV-3

          
            

          

        

        
          
          

        

      

      (4)  On
        each Distribution Date, Available Funds from both Loan Groups remaining after
        making the distributions described in Sections 4.02(a)(1), 4.02(a)(2) and
        4.02(a)(3) above, will be distributed to the Subordinated Certificates and
        the
        Class A-R Certificates in the following order and priority and, in each case,
        to
        the extent of such funds remaining:

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          IV-4

          
            

          

        

        
          
          

        

      

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

       

      (M)          to
        the Class A-R Certificates, any remaining funds (other than the $100 held
        in trust for the Class P Certificates) in the Trust Fund.

       

      If
        any
        Class of Depositable Certificates has been surrendered to the Trustee for
        Exchangeable Certificates, the Trustee, as Holder of such surrendered
        Depositable Certificates, shall deposit any amounts distributable to such
        Class
        of Depositable Certificates in this Section 4.02(a) in the Exchangeable
        Certificates Distribution Account and shall distribute such amounts to the
        Holders of the related Class or Classes of Exchangeable Certificates pursuant
        to
        Section 5.07.

       

      On
        each
        Distribution Date, all amounts representing Prepayment Charges received during
        the related Prepayment Period will be distributed to the Holders of the Class
        P
        Certificates.

       

      On
        any
        Distribution Date, amounts distributed in respect of Class PO Deferred Amounts
        will not reduce the Class Certificate Balance of the related Class of Class
        PO
        Certificates.

       

      On
        any
        Distribution Date, to the extent the Amount Available for Senior Principal
        for a
        Loan Group is insufficient to make the full distribution required to be made
        pursuant to the applicable subclauses (iv)(x) above, (A) the amount
        distributable on the applicable Class of Class PO Certificates in respect
        of
        principal pursuant to such subclause (iv)(x), shall be equal to the product
        of
        (1) the Amount Available for Senior Principal for such Loan Group and (2)
        a
        fraction, the numerator of which is the related PO Formula Principal Amount
        and
        the denominator of which is the sum of such PO Formula Principal Amount and
        the
        applicable Senior Principal Distribution Amount and (B) the amount distributable
        on the related Senior Certificates, other than the applicable Class of Class
        PO
        Certificates, in respect of principal pursuant to such clause (iv)(y) shall
        be
        equal to the product of (1) such Amount Available for Senior Principal and
        (2) a
        fraction, the numerator of which is the applicable Senior Principal Distribution
        Amount and the denominator of which is the sum of such Senior Principal
        Distribution Amount and the related PO Formula Principal Amount.

       

      (b)  On
        each
        Distribution Date prior to and including the applicable Accrual Termination
        Date
        with respect to each Class or Component of Accrual Certificates, the
        Accrual Amount for such Class or Component for such Distribution Date shall
        not
        (except as provided in the second to last sentence in this paragraph) be
        distributed as interest with respect to such Class or Component of Accrual
        Certificates, but shall instead be added to the related Class Certificate
        Balance of such Class on the related Distribution Date.  With
        respect to any Distribution Date prior to and including the applicable Accrual
        Termination Date on which principal payments on any Class or Component of
        Accrual Certificates are distributed pursuant to Section 4.02(a)(1)(iv)(y)
        or
        Section 4.02(a)(2)(iv)(y), as applicable, the related Accrual Amount shall
        be
        deemed to have been added on such Distribution Date to the related
        Class Certificate Balance or Component Balance (and included in the amount
        distributable on the related Class or Classes or Component of Accretion
        Directed Certificates pursuant to Section 4.02(a)(1)(iii) or Section
        4.02(a)(2)(iii), as applicable, for such Distribution Date) and the related
        distribution thereon shall be deemed to have been applied concurrently towards
        the reduction of all or a portion of the amount so added and, to the extent
        of
        any excess, towards the reduction of the Class Certificate Balance or
        Component Balance of such Class or Component of Accrual Certificates
        immediately prior to such Distribution Date. Notwithstanding any such
        distribution, each such Class or Component shall continue to be a Class of
        Accrual Certificates on each subsequent Distribution Date until the applicable
        Accrual Termination Date.

       

      
        
          
          

        

        
          IV-5

          
            

          

        

        
          
          

        

      

      (c)  On
        each
        Distribution Date on or after the Senior Credit Support Depletion Date,
        notwithstanding the allocation and priority set forth in Section
        4.02(a)(2)(iv)(y), the portion of Available Funds for Loan Group 2 available
        to
        be distributed as principal of the Group 2 Senior Certificates (other than
        the
        Class PO-2 Certificates) shall be distributed concurrently, as principal,
        on
        such Classes, pro rata, on the basis of their respective Class Certificate
        Balances, until the Class Certificate Balances thereof are reduced to
        zero.

       

      (d)  On
        each
        Distribution Date, the amount referred to in clause (i) of the definition
        of
        Class Optimal Interest Distribution Amount for each Class of
        Certificates for such Distribution Date shall be reduced for each Class of
        Senior Certificates of a Senior Certificate Group and each Class of
        Subordinated Certificates by (i) the related Class’ pro rata share of
        Net Prepayment Interest Shortfalls for such Loan Group based (x) with respect
        to
        a Class of Senior Certificates, on the related Class Optimal Interest
        Distribution Amount and (y) with respect to the Class of Subordinated
        Certificates on or prior to a Senior Termination Date on the Assumed Interest
        Amount and after such Senior Termination Date, the related Class’
Class Optimal Interest Distribution Amount for such Distribution Date,
        without taking into account such Net Prepayment Interest Shortfalls, and
        (ii)
        the related Class’ Allocable Share of the interest portion of the related Debt
        Service Reduction and each Relief Act Reduction for the Mortgage Loans in
        the
        related Loan Group (or, after the Senior Credit Support Depletion Date, any
        Mortgage Loan) incurred during the calendar month preceding the month of
        such
        Distribution Date.

       

      (e)  Notwithstanding
        the priority and allocation contained in Section 4.02(a)(4), if, on any
        Distribution Date, with respect to any Class of Subordinated Certificates
        (other than the Class of Subordinated Certificates then outstanding with
        the
        highest priority of distribution), the sum of the related
        Class Subordination Percentages of such Class and of all Classes of
        Subordinated Certificates which have a higher numerical Class designation
        than such Class (the “Applicable Credit Support Percentage”) is less than
        the Original Applicable Credit Support Percentage for such Class, no
        distribution of Principal Prepayments will be made to any such Classes (the
        “Restricted Classes”) and the amount of such Principal Prepayments otherwise
        distributable to the Restricted Classes shall be distributed to any Classes
        of
        Subordinated Certificates having lower numerical Class designations than
        such Class, pro rata, based on their respective Class Certificate Balances
        immediately prior to such Distribution Date and shall be distributed in the
        sequential order provided in Section 4.02(a)(4).

       

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

       

      
        	
                SECTION
                  4.03.  

              	
                 [Reserved].

              

      

       

      
        	
                SECTION
                  4.04.  

              	
                Allocation
                  of Realized Losses.

              

      

       

      (a)  On
        or
        prior to each Determination Date, the Trustee shall determine the total amount
        of Realized Losses with respect to the related Distribution Date.  For
        purposes of allocating losses to the Subordinated Certificates, the Class
        M
        Certificates will be deemed to have a lower numerical Class designation,
        and to be of a higher relative payment priority, than any other Class of
        Subordinated Certificates.

       

      
        
          
          

        

        
          IV-6

          
            

          

        

        
          
          

        

      

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

       

      (i)  the
        applicable PO Percentage of any Realized Loss on a Mortgage Loan in a Loan
        Group
        shall be allocated to the related Class of Class PO Certificates, until the
        Class Certificate Balance thereof is reduced to zero; and

       

      (ii)  the
        applicable Non-PO Percentage of any Realized Loss shall be allocated first
to the Subordinated Certificates in reverse order of their respective
        numerical Class designations (beginning with the Class of Subordinated
        Certificates then outstanding with the highest numerical Class designation)
        until the respective Class Certificate Balance of each such Class is reduced
        to
        zero, and second to the Classes of Certificates of the related Senior
        Certificate Group (other than any Notional Amount Certificates, if applicable,
        and the related Class of Class PO Certificates), pro rata, on the basis
        of their respective Class Certificate Balances or, in the case of any Class
        of
        Accrual Certificates or Accrual Component, on the basis of the lesser of
        its
        respective Class Certificate Balance or Component Balance, as applicable,
        and
        its respective initial Class Certificate Balance or Component Balance, as
        applicable, in each case immediately prior to the related Distribution Date,
        until the respective Class Certificate Balance or Component Balance of each
        such
        Class or Component is reduced to zero; provided, however, that the
        Non-PO Percentage of any Realized Losses on the Mortgage Loans in Loan Group
        1
        that would otherwise be allocable to the Class 1-A-1 Certificates will instead
        be allocated to the Class 1-A-2 Certificates, until its Class Certificate
        Balance is reduced to zero and the Non-PO Percentage of any Realized Losses
        on
        the Mortgage Loans in Loan Group 2 that would otherwise be allocable to the
        Class 2-A-6, Class 2-A-7 and Class 2-A-8 Certificates will instead be allocated,
        concurrently and on a pro rata basis, to the Class 2-A-3 Certificates, until
        its
        Class Certificate Balance is reduced to zero.

       

      (b)  The
        Class Certificate Balance of the Subordinated Certificates then outstanding
        with the highest numerical Class designation shall be reduced on each
        Distribution Date by the sum of (i) the amount of any payments on the Class
        PO
        Certificates in respect of Class PO Deferred Amounts and (ii) the amount,
        if any, by which the aggregate of the Class Certificate Balances of all
        outstanding Classes of Certificates (after giving effect to the distribution
        of
        principal and the allocation of Realized Losses and Class PO Deferred
        Amounts on such Distribution Date) exceeds the Pool Stated Principal Balance
        for
        the following Distribution Date.

       

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

       

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

       

      
        	
                SECTION
                  4.05.  

              	
                Cross-Collateralization;
                  Adjustments to Available Funds.

              

      

       

      (a)  [Reserved].

       

      (b)  If
        on any
        Distribution Date the aggregate Class Certificate Balance of the Senior
        Certificates in a Senior Certificate Group (other than the related Class
        of
        Class PO Certificates) is greater than the Non-PO Pool Balance in the related
        Loan Group (the “Undercollateralized Group”), then the 

       

      
        
          
          

        

        
          IV-7

          
            

          

        

        
          
          

        

      

       

      Trustee
        shall reduce the Available Funds of the other Loan Group (the
“Overcollateralized Group”), as follows:

       

      (1)           to
        add to the Available Funds of the Undercollateralized Group an amount equal
        to
        the Available Funds of the Overcollateralized Group remaining after making
        distributions to the Senior Certificates of the Overcollateralized Group
        on such
        Distribution Date pursuant to Section 4.02; and

       

      (2)           to
        the Senior Certificates, other than the related Class of Class PO Certificates,
        of the Undercollateralized Group, to the extent of the principal portion
        of
        Available Funds of the Overcollateralized Group remaining after making
        distributions to the Senior Certificates of the Overcollateralized Group
        on such
        Distribution Date pursuant to Section 4.02, until the aggregate Class
        Certificate Balance of the Senior Certificates, other than the related Class
        of
        Class PO Certificates of such Undercollateralized Group, equals the Non-PO
        Pool
        Balance of the related Loan Group.

       

      
        	
                SECTION
                  4.06.  

              	
                Monthly
                  Statements to
                  Certificateholders.

              

      

       

      (a)  Concurrently
        with each distribution on a Distribution Date, the Trustee will forward by
        electronic delivery to each Rating Agency and make available to
        Certificateholders on the Trustee’s website
        (http://www.bnyinvestorreporting.com) a statement generally setting forth
        the
        information contained in Exhibit T hereto.  Such statement shall also
        indicate whether any exchanges of Exchangeable Certificates or Depositable
        Certificates have occurred since the immediately preceding Distribution Date
        and, if applicable, the Class designation, Class Certificate Balance or Notional
        Amount and Pass-Through Rate of any Classes of Certificates that were received
        by a Certificateholder as a result of such exchange as well as any Net
        Prepayment Interest Shortfalls and Realized Losses allocated to such
        Certificates as a result of such exchange.

       

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

       

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

       

      (d)  Within
        a
        reasonable period of time after the end of each calendar year, the Trustee
        shall
        cause to be furnished to each Person who at any time during the calendar
        year
        was a Certificateholder, a statement containing the information set forth
        in
        items (1), (2) and (7) on Exhibit U aggregated for such calendar year or
        applicable portion thereof during which such Person was a
        Certificateholder.  Such obligation of the Trustee shall be deemed to
        have been satisfied to the extent that substantially comparable information
        shall be provided by the Trustee pursuant to any requirements of the Code
        as
        from time to time in effect.

       

      
        	
                SECTION
                  4.07.  

              	
                Determination
                  of Pass-Through Rates for COFI
                  Certificates.

              

      

       

      The
        Pass-Through Rate for each Class of COFI Certificates for each Interest
        Accrual Period after the initial Interest Accrual Period shall be determined
        by
        the Trustee as provided below on the basis of the Index and the applicable
        formulae appearing in footnotes corresponding to the COFI Certificates in
        the
        table relating to the Certificates in the Preliminary Statement.

       

      
        
          
          

        

        
          IV-8

          
            

          

        

        
          
          

        

      

      Except
        as
        provided below, with respect to each Interest Accrual Period following the
        initial Interest Accrual Period, the Trustee shall not later than two Business
        Days prior to such Interest Accrual Period but following the publication
        of the
        applicable Index determine the Pass-Through Rate at which interest shall
        accrue
        in respect of the COFI Certificates during the related Interest Accrual
        Period.

       

      Except
        as
        provided below, the Index to be used in determining the respective Pass-Through
        Rates for the COFI Certificates for a particular Interest Accrual Period
        shall
        be COFI for the second calendar month preceding the Outside Reference Date
        for
        such Interest Accrual Period.  If at the Outside Reference Date for
        any Interest Accrual Period, COFI for the second calendar month preceding
        such
        Outside Reference Date has not been published, the Trustee shall use COFI
        for
        the third calendar month preceding such Outside Reference Date.  If
        COFI for neither the second nor third calendar months preceding any Outside
        Reference Date has been published on or before the related Outside Reference
        Date, the Index for such Interest Accrual Period and for all subsequent Interest
        Accrual Periods shall be the National Cost of Funds Index for the third calendar
        month preceding such Interest Accrual Period (or the fourth preceding calendar
        month if such National Cost of Funds Index for the third preceding calendar
        month has not been published by such Outside Reference Date).  In the
        event that the National Cost of Funds Index for neither the third nor fourth
        calendar months preceding an Interest Accrual Period has been published on
        or
        before the related Outside Reference Date, then for such Interest Accrual
        Period
        and for each succeeding Interest Accrual Period, the Index shall be LIBOR,
        determined in the manner set forth below.

       

      With
        respect to any Interest Accrual Period for which the applicable Index is
        LIBOR,
        LIBOR for such Interest Accrual Period will be established by the Trustee
        on the
        related Interest Determination Date as provided in Section 4.08.

       

      In
        determining LIBOR and any Pass-Through Rate for the COFI Certificates or
        any
        Reserve Interest Rate, the Trustee may conclusively rely and shall be protected
        in relying upon the offered quotations (whether written, oral or on the Reuters
        Screen) from the Reference Banks or the New York City banks as to LIBOR or
        the
        Reserve Interest Rate, as appropriate, in effect from time to
        time.  The Trustee shall not have any liability or responsibility to
        any Person for (i) the Trustee’s selection of New York City banks for purposes
        of determining any Reserve Interest Rate or (ii) its inability, following
        a
        good-faith reasonable effort, to obtain such quotations from the Reference
        Banks
        or the New York City banks or to determine such arithmetic mean, all as provided
        for in this Section 4.07.

       

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

       

      
        	
                SECTION
                  4.08.  

              	
                Determination
                  of Pass-Through Rates for LIBOR
                  Certificates.

              

      

       

      (a)  On
        each
        Interest Determination Date so long as any LIBOR Certificates are Outstanding,
        the Trustee will determine LIBOR on the basis of the British Bankers’
Association (“BBA”) “Interest Settlement Rate” for one-month deposits in U.S.
        dollars as quoted on the Bloomberg Terminal as of each LIBOR Determination
        Date.

       

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

       

      
        
          
          

        

        
          IV-9

          
            

          

        

        
          
          

        

      

       

      Swap
        Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions
        for Swaps, 1986 Edition), to the extent available.  LIBOR for the next
        Interest Accrual Period will be established by the Trustee on each interest
        Determination Date as follows:

       

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

       

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

       

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

       

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

       

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

       

      In
        determining LIBOR, any Pass-Through Rate for the LIBOR Certificates, any
        Interest Settlement Rate, or any Reserve Interest Rate, the Trustee may
        conclusively rely and shall be protected in relying upon the offered quotations
        (whether written, oral or on the Dow Jones Markets) from the BBA designated
        banks, the Reference Banks or the New York City banks as to LIBOR, the Interest
        Settlement Rate or the Reserve Interest Rate, as appropriate, in effect from
        time to time.  The Trustee shall not have any liability or
        responsibility to any Person for (i) the Trustee’s selection of New York City
        banks for 

       

      
        
          
          

        

        
          IV-10

          
            

          

        

        
          
          

        

      

       

      purposes
        of determining any Reserve Interest Rate or (ii) its inability, following
        a
        good-faith reasonable effort, to obtain such quotations from, the BBA designated
        banks, the Reference Banks or the New York City banks or to determine such
        arithmetic mean, all as provided for in this Section 4.08.

       

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

       

      
        
          
          

        

        
          IV-11

          
            

          

        

        
          
          

        

      

      ARTICLE
        V

       

      THE
        CERTIFICATES

       

      
        	
                SECTION
                  5.01.  

              	
                The
                  Certificates.

              

      

       

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

       

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

       

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

       

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

       

      
        	
                SECTION
                  5.02.  

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              

      

       

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

       

      At
        the
        option of a Certificateholder, Certificates may be exchanged for other
        Certificates of the same Class in authorized denominations and evidencing
        the same aggregate Percentage Interest upon surrender of the Certificates
        to be
        exchanged at the office or agency of the Trustee.  Whenever any

       

       

      
        
          
          

        

        
          V-1

          
            

          

        

        
          
          

        

      

       

      Certificates
        are so surrendered for exchange, the Trustee shall execute, authenticate,
        and
        deliver the Certificates which the Certificateholder making the exchange
        is
        entitled to receive.  Every Certificate presented or surrendered for
        registration of transfer or exchange shall be accompanied by a written
        instrument of transfer in form satisfactory to the Trustee duly executed
        by the
        holder thereof or his attorney duly authorized in writing.

       

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

       

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

       

      (b)  No
        transfer of a Private Certificate shall be made unless such transfer is made
        pursuant to an effective registration statement under the Securities Act
        and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such state securities laws.  In the event that a
        transfer is to be made in reliance upon an exemption from the Securities
        Act and
        such laws, in order to assure compliance with the Securities Act and such
        laws,
        the Certificateholder desiring to effect such transfer and such
        Certificateholder’s prospective transferee shall each certify to the Trustee in
        writing the facts surrounding the transfer in substantially the forms set
        forth
        in Exhibit J-2 (the “Transferor Certificate”) and (i) deliver a letter in
        substantially the form of either Exhibit K (the “Investment Letter”) or Exhibit
        L-1 (the “Rule 144A Letter”) or (ii) there shall be delivered to the Trustee at
        the expense of the transferor an Opinion of Counsel that such transfer may
        be
        made pursuant to an exemption from the Securities Act.  The Depositor
        shall provide to any Holder of a Private Certificate and any prospective
        transferee designated by any such Holder, information regarding the related
        Certificates and the Mortgage Loans and such other information as shall be
        necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4)
        for transfer of any such Certificate without registration thereof under the
        Securities Act pursuant to the registration exemption provided by Rule
        144A.  The Trustee and the Master Servicer shall cooperate with the
        Depositor in providing the Rule 144A information referenced in the preceding
        sentence, including providing to the Depositor such information regarding
        the
        Certificates, the Mortgage Loans and other matters regarding the Trust Fund
        as
        the Depositor shall reasonably request to meet its obligation under the
        preceding sentence.  Each Holder of a Private Certificate desiring to
        effect such transfer shall, and does hereby agree to, indemnify the Trustee
        and
        the Depositor, the Sellers and the Master Servicer against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
        shall have received either (i) a representation from the transferee of such
        Certificate acceptable to and in form and substance satisfactory to the Trustee
        (in the event such Certificate is a Private Certificate, such requirement
        is
        satisfied only by the Trustee’s receipt of a representation letter from the
        transferee substantially in the form of Exhibit K or Exhibit L-1, or in the
        event such Certificate is a Residual Certificate, such requirement is satisfied
        only by the Trustee’s receipt of a representation letter from the transferee
        substantially in the form of Exhibit I), to the effect that (x) such transferee
        is not a Plan or (y) in the case of a Certificate that is an ERISA-Restricted
        Certificate and that has been the subject of an ERISA-Qualifying Underwriting,
        a
        representation that the 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
        a
        Plan, an Opinion of Counsel satisfactory to the Trustee, which Opinion of
        Counsel shall not be an expense of either the Trustee, the Master Servicer
        or
        the Trust Fund, addressed to 

       

      
        
          
          

        

        
          V-2

          
            

          

        

        
          
          

        

      

       

      the
        Trustee and the Master Servicer, to the effect that the purchase and holding
        of
        such ERISA-Restricted Certificate will not result in a non-exempt prohibited
        transaction under Section 406 of ERISA or Section 4975 of the Code, and will
        not
        subject the Trustee or the Master Servicer to any obligation in addition
        to
        those expressly undertaken in this Agreement or to any liability.  For
        purposes of the preceding sentence, with respect to an ERISA-Restricted
        Certificate that is not a Residual Certificate, in the event the representation
        letter or Opinion of Counsel referred to in the preceding sentence is not
        so
        furnished, one of the representations in clause (i), as appropriate, shall
        be
        deemed to have been made to the Trustee by the transferee’s (including an
        initial acquiror’s) acceptance of the ERISA-Restricted
        Certificate.  Notwithstanding anything else to the contrary herein,
        any purported transfer of an ERISA-Restricted Certificate to or on behalf
        of a
        Plan without the delivery to the Trustee of an Opinion of Counsel satisfactory
        to the Trustee as described above shall be void and of no effect.

       

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

       

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

       

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

       

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

       

      (iii)  Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
        such Person attempts to Transfer its Ownership Interest in a Residual
        Certificate, (B) to obtain a Transfer Affidavit from any Person for whom
        such
        Person is acting as nominee, trustee or agent in connection with any Transfer
        of
        a Residual Certificate and (C) not to Transfer its Ownership Interest in
        a
        Residual Certificate or to cause the Transfer of an Ownership Interest in
        a
        Residual Certificate to any other Person if it has actual knowledge that
        such
        Person is not a Permitted Transferee and to provide to the Trustee a certificate
        substantially in the form attached hereto as Exhibit J-1 stating that it
        has no
        knowledge that such Person is not a Permitted Transferee.

       

      (iv)  Any
        attempted or purported Transfer of any Ownership Interest in a Residual
        Certificate in violation of the provisions of this Section 5.02(c) shall
        be
        absolutely null and void and shall vest no rights in the purported
        Transferee.  If any purported transferee shall become a Holder of a
        Residual Certificate in violation of the provisions of this Section 5.02(c),
        then the last 

       

      
        
          
          

        

        
          V-3

          
            

          

        

        
          
          

        

      

       

      preceding
        Permitted Transferee shall be restored to all rights as Holder thereof
        retroactive to the date of registration of Transfer of such Residual
        Certificate.  The Trustee shall be under no liability to any Person
        for any registration of Transfer of a Residual Certificate that is in fact
        not
        permitted by Section 5.02(b) and this Section 5.02(c) or for making any payments
        due on such Certificate to the Holder thereof or taking any other action
        with
        respect to such Holder under the provisions of this Agreement so long as
        the
        Transfer was registered after receipt of the related Transfer Affidavit,
        Transferor Certificate and either the Rule 144A Letter or the Investment
        Letter,
        if required.  The Trustee shall be entitled but not obligated to
        recover from any Holder of a Residual Certificate that was in fact not a
        Permitted Transferee at the time it became a Holder or, at such subsequent
        time
        as it became other than a Permitted Transferee, all payments made on such
        Residual Certificate at and after either such time.  Any such payments
        so recovered by the Trustee shall be paid and delivered by the Trustee to
        the
        last preceding Permitted Transferee of such Certificate.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          V-4

          
            

          

        

        
          
          

        

      

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

       

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

       

      
        	
                SECTION
                  5.03.  

              	
                Mutilated,
                  Destroyed, Lost or Stolen
                  Certificates.

              

      

       

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

       

      
        	
                SECTION
                  5.04.  

              	
                Persons
                  Deemed Owners.

              

      

       

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

       

      
        
          
          

        

        
          V-5

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  5.05.  

              	
                Access
                  to List of Certificateholders’ Names and
                  Addresses.

              

      

       

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

       

      
        	
                SECTION
                  5.06.  

              	
                Maintenance
                  of Office or Agency.

              

      

       

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

       

      
        	
                SECTION
                  5.07.  

              	
                Depositable
                  and Exchangeable Certificates.

              

      

       

      (a)  On
        the
        Closing Date, there is hereby established a separate trust (the “ES Trust”),
        which shall be a Grantor Trust for federal income tax purposes.  The
        ES Trust shall be maintained by the Trustee in its name, for the benefit
        of the
        Holders of the Certificates.  The assets of the ES Trust shall consist
        of the SR-A-R Interest and the uncertificated Master REMIC Interests which
        have
        been placed in the ES Trust through the efforts of the Underwriter
        (Senior).  The SR-A-R Interest and the uncertificated Master REMIC
        Interests in the ES Trust shall be held by the Trustee.  On the
        Closing Date, the ES Trust shall issue the several Classes of
        Certificates.  Each Class of Exchangeable Certificates shall be issued
        on the Closing Date with a Class Certificate Balance of zero. Upon the sale
        of
        the Certificates on the Closing Date, the Exchangeable Certificates shall
        be
        placed with the Trustee through the efforts of the Underwriter to be held
        to
        facilitate the exchange of Depositable and Exchangeable Certificates on and
        after the Closing Date.  Among the Depositable and Exchangeable
        Certificates, the beneficial interest of the uncertificated Master REMIC
        Interests shall be represented by the related Depositable Certificates until
        such Depositable Certificates have been exchanged for Exchangeable Certificates,
        at which time, such Exchangeable Certificates shall represent those
        uncertificated Master REMIC Interests.

       

      The
        Trustee, as trustee of the ES Trust, shall establish and maintain, on behalf
        of
        the Holders of the Exchangeable Certificates, the Exchangeable Certificates
        Distribution Account.  All funds on deposit in the Exchangeable
        Certificates Distribution Account 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, as holder of any surrendered Depositable
        Certificates, shall deposit in the Exchangeable Certificates Distribution
        Account any amounts 

       

      
        
          
          

        

        
          V-6

          
            

          

        

        
          
          

        

      

       

      distributable
        to the surrendered Depositable Certificates pursuant to Section
        4.02.  For the avoidance of doubt, if on any Distribution Date no
        Classes of Depositable Certificates have been surrendered or if all Classes
        of
        Exchangeable Certificates have been exchanged for Depositable Certificates
        according to Section 5.07(e), then no amounts will be deposited in the
        Exchangeable Certificates Deposit Account on such Distribution
        Date.

       

      On
        each
        Distribution Date, the Trustee shall make withdrawals from the Exchangeable
        Certificates Distribution Account to make distributions to the Classes of
        Exchangeable Certificates then entitled to distributions pursuant to Section
        5.07(b).

       

      Funds
        in
        the Exchangeable Certificates Distribution Account shall remain
        uninvested.

       

      (b)  On
        each
        Distribution Date, the Trustee shall withdraw funds on deposit in the
        Exchangeable Certificates Distribution Account on deposit therein from
        distributions to the surrendered Depositable Certificates for such Distribution
        Date and distribute such amount to the Holders of each related Class of
        Exchangeable Certificates.  Amounts related to interest distributed to
        the surrendered Depositable Certificates shall be distributed as interest
        to the
        related Class or Classes of Exchangeable Certificates pursuant to Section
        4.02(a)(ii).  All distributions of principal to the Exchangeable
        Certificates shall be made pro rata among the Classes of Exchangeable
        Certificates within each Recombination Group unless specifically provided
        for
        otherwise in Schedule VII.  All distributions that are made with
        respect to a particular Class of Exchangeable Certificates shall be made
        pro
        rata among all Certificates of such Class in proportion to their respective
        Class Certificate Balances.

       

      In
        addition, the Trustee may from time to time make withdrawals from the
        Exchangeable Certificates Distribution Account for the following
        purposes:

       

      (i)  to
        withdraw any amount deposited in the Exchangeable Certificates Distribution
        Account and not required to be deposited therein; and

       

      (ii)  to
        clear
        and terminate the Exchangeable Certificates Distribution Account upon the
        termination of this Agreement.

       

      (c)  On
        each
        Distribution Date on which a Class of Exchangeable Certificates shall be
        entitled to receive distributions pursuant to Section 5.07(b), such Class
        shall
        be allocated a proportionate share of the Net Prepayment Interest Shortfalls,
        the interest portion of Debt Service Reductions and Relief Act Reductions
        allocable to the Classes of Depositable Certificates in the related
        Recombination Group.

       

      (d)  On
        each
        Distribution Date on which a Class of Exchangeable Certificates shall be
        entitled to receive distributions pursuant to Section 5.07(b), such Class
        shall
        be allocated a proportionate share of the Realized Losses allocable to the
        Classes of Depositable Certificates in the related Recombination
        Group.

       

      (e)  Upon
        the
        presentation and surrender of the Depositable Certificates, the Holder thereof
        transfers, assigns, sets over and otherwise conveys to the Trustee of the
        ES
        Trust, all of such Holder’s right, title and interest in and to such Depositable
        Certificates, including all payments of interest thereon received after the
        month of the exchange.  The Trustee on behalf of the ES Trust shall
        furnish written acknowledgement to the Holder of such surrendered Certificate
        of
        the transfer and assignment to it of such Depositable Certificates.

       

      At
        the
        request of the Holder of a Class or Classes of Depositable Certificates,
        and
        upon the surrender of such Depositable Certificates, the Trustee shall deliver
        such Exchangeable Certificates as 

       

      
        
          
          

        

        
          V-7

          
            

          

        

        
          
          

        

      

       

      set
        forth
        in such Recombination Group in the respective Denominations determined based
        on
        the proportion that the initial Class Certificate Balance or initial Notional
        Amounts of such Exchangeable Certificates bear to the initial Class Certificate
        Balances of the Depositable Certificates, as set forth in Schedule VII, which
        shall represent in the aggregate, the entire beneficial ownership of the
        Master
        REMIC Interests related to such surrendered Certificates.  In
        addition, at the request of the Holder of a Class or Classes of Exchangeable
        Certificates, and upon the surrender of such Exchangeable Certificates, the
        Trustee shall exchange such Exchangeable Certificates for another Class or
        Classes of Exchangeable Certificates or the related surrendered Depositable
        Certificates, as set forth in Schedule VII.   There shall be no
        limitation on the number of exchanges authorized pursuant to this Section
        5.07,
        except that on or after the Distribution Date in June 2012 with respect to
        Recombination 2 in Schedule VII, Holders of the Class 2-A-6, Class 2-A-7
        and
        Class 2-A-8 Certificates will not be permitted to exchange those Classes
        of
        Certificates for the Class 2-A-1, Class 2-A-2 and Class 2-A-5 Certificates
        and
        Holders of the Class 2-A-1, Class 2-A-2 and Class 2-A-5 Certificates will
        not be
        permitted to exchange those Classes of Certificates for the Class 2-A-6,
        Class
        2-A-7 and Class 2-A-8 Certificates.

       

      Holders
        may exchange their Certificates according to this Section 5.07(e) by (i)
        providing notice to the Trustee no later than three (3) Business Days prior
        to
        the date on which the Holder wishes to make such exchange (the “Exchange Date”),
        which Exchange Date is subject to the Trustee’s approval and shall not be the
        first or last Business Day of the month, (ii) remitting the Exchange Fee,
        as
        determined in the next paragraph, to the Trustee and (iii) remitting the
        beneficial interest in the Depositable Certificates or the Exchangeable
        Certificates, as applicable, to the Trustee.  Any such notice to the
        Trustee (A) may be provided to the Trustee by email at cwmacrs@bankofny.com
        or
        by telephone at (800) 254-2826, (B) must include (i) the Certificateholder’s
        letterhead, (ii) a medallion stamp guarantee or be signed by an authorized
        signatory and be presented with an incumbency certificate and (iii) set forth
        the following information: (a) the CUSIP number of both the Certificates
        to be
        exchanged and the Certificates to be received, (b) the outstanding Class
        Certificate Balance and the initial Class Certificate Balance of the
        Certificates to be exchanged, (c) the Certificateholder’s DTC participant number
        and (d) the proposed Exchange Date, and (C) is irrevocable beginning on the
        second Business Day prior to the Exchange Date.  Such exchange will be
        completed by the Trustee upon the receipt by the Trustee of the Exchange
        Fee and
        the beneficial interest in the Depositable Certificates or the Exchangeable
        Certificates, as applicable.

       

      The
        preparation of all Certificates referred to in this Section 5.07(e) in
        connection with an exchange shall be at the expense of the parties to such
        exchanges.  For each exchange, the Certificateholder must pay the
        Trustee a fee (the “Exchange Fee”) equal to 1/32 of 1% of the current Class
        Certificate Balance of the Certificates to be Exchanged but in no event shall
        the fee be less than $2,000 or greater than $25,000.

       

      
        
          
          

        

        
          V-8

          
            

          

        

        
          
          

        

      

      ARTICLE
        VI

       

      THE
        DEPOSITOR AND THE MASTER SERVICER

       

      
        	
                SECTION
                  6.01.  

              	
                Respective
                  Liabilities of the Depositor and the Master
                  Servicer.

              

      

       

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

       

      
        	
                SECTION
                  6.02.  

              	
                Merger
                  or Consolidation of the Depositor or the Master
                  Servicer.

              

      

       

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

       

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

       

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

       

      
        	
                SECTION
                  6.03.  

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

              

      

       

      None
        of
        the Depositor, the Master Servicer or any Seller or any of the directors,
        officers, employees or agents of the Depositor, the Master Servicer or any
        Seller shall be under any liability to the Certificateholders for any action
        taken or for refraining from the taking of any action in good faith pursuant
        to
        this Agreement, or for errors in judgment; provided, however, that this
        provision shall not protect the Depositor, the Master Servicer, any Seller
        or
        any such Person against any breach of representations or warranties made
        by it
        herein or protect the Depositor, the Master Servicer or any Seller or any
        such
        Person from any liability which would otherwise be imposed by reasons of
        willful
        misfeasance, bad faith or gross negligence in the performance of duties or
        by
        reason of reckless disregard of obligations and duties hereunder.  The
        Depositor, the Master Servicer, each Seller and any director, officer, employee
        or agent of the Depositor, the Master Servicer or each Seller may rely in
        good
        faith on 

       

      
        
          
          

        

        
          VI-1

          
            

          

        

        
          
          

        

      

       

       

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

       

      
        	
                SECTION
                  6.04.  

              	
                Limitation
                  on Resignation of Master
                  Servicer.

              

      

       

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

       

      
        
          
          

        

        
          VI-2

          
            

          

        

        
          
          

        

      

      ARTICLE
        VII

       

      DEFAULT

       

      
        	
                SECTION
                  7.01.  

              	
                Events
                  of Default.

              

      

       

      “Event
        of
        Default,” wherever used herein, means any one of the following
        events:

       

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

       

      (ii)  any
        failure by the Master Servicer to observe or perform in any material respect
        any
        other of the covenants or agreements on the part of the Master Servicer
        contained in this Agreement (except with respect to a failure related to
        a
        Limited Exchange Act Reporting Obligation), which failure materially affects
        the
        rights of Certificateholders, that failure continues unremedied for a period
        of
        60 days after the date on which written notice of such failure shall have
        been
        given to the Master Servicer by the Trustee or the Depositor, or to the Master
        Servicer and the Trustee by the Holders of Certificates evidencing not less
        than
        25% of the Voting Rights evidenced by the Certificates; provided, however,
        that
        the sixty-day cure period shall not apply to the initial delivery of the
        Mortgage File for Delay Delivery Mortgage Loans nor the failure to substitute
        or
        repurchase in lieu of delivery; or

       

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

       

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

       

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

       

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

       

      If
        an
        Event of Default described in clauses (i) to (vi) of this Section shall occur,
        then, and in each and every such case, so long as such Event of Default shall
        not have been remedied, the Trustee may, or, if an Event of Default described
        in
        clauses (i) to (v) of this Section shall occur, then, and in each and every
        such
        case, so long as such Event of Default shall not have been remedied, at the
        direction of the 

       

      
        
          
          

        

        
          VII-1

          
            

          

        

        
          
          

        

      

       

      Holders
        of Certificates evidencing not less than 66-2/3% of the Voting Rights evidenced
        by the Certificates, the Trustee shall, by notice in writing to the Master
        Servicer (with a copy to each Rating Agency and the Depositor), terminate
        all of
        the rights and obligations of the Master Servicer under this Agreement and
        in
        and to the Mortgage Loans and the proceeds thereof, other than its rights
        as a
        Certificateholder hereunder.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          VII-2

          
            

          

        

        
          
          

        

         

      

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

       

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

       

      In
        connection with the termination or resignation of the Master Servicer hereunder,
        either (i) the successor Master Servicer, including the Trustee if the Trustee
        is acting as successor Master Servicer, shall represent and warrant that
        it is a
        member of MERS in good standing and shall agree to 

       

      
        
          
          

        

        
          VII-3

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                SECTION
                  7.03.  

              	
                Notification
                  to Certificateholders.

              

      

       

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

       

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

       

      
        
          
          

        

        
          VII-4

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        VIII

       

      CONCERNING
        THE TRUSTEE

       

      
        	
                SECTION
                  8.01.  

              	
                Duties
                  of Trustee.

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      (iv)  without
        in any way limiting the provisions of this Section 8.01 or Section 8.02 hereof,
        the Trustee shall be entitled to rely conclusively on the information delivered
        to it by the Master Servicer in a Trustee Advance Notice in determining whether
        it is required to make an Advance under Section 4.01(b), shall have no
        responsibility to ascertain or confirm any information contained in any Trustee
        Advance Notice, and shall have no obligation to make any Advance under Section
        4.01(b) in the absence of a Trustee Advance Notice or actual knowledge

       

       

       

      
        
          
          

        

        
          VIII-1

          
            

          

        

        
          
          

        

      

       

      of
        a
        Responsible Officer of the Trustee that (A) such Advance was not made by
        the
        Master Servicer and (B) such Advance is not a Nonrecoverable
        Advance.

       

      
        	
                SECTION
                  8.02.  

              	
                Certain
                  Matters Affecting the Trustee.

              

      

       

      Except
        as
        otherwise provided in Section 8.01:

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          VIII-2

          
            

          

        

        
          
          

        

         

      

      
        	
                SECTION
                  8.03.  

              	
                Trustee
                  Not Liable for Certificates or Mortgage
                  Loans.

              

      

       

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

       

      
        	
                SECTION
                  8.04.  

              	
                Trustee
                  May Own Certificates.

              

      

       

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

       

      
        	
                SECTION
                  8.05.  

              	
                Trustee’s
                  Fees and Expenses.

              

      

       

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

       

      
        	
                SECTION
                  8.06.  

              	
                Eligibility
                  Requirements for Trustee.

              

      

       

      The
        Trustee hereunder shall at all times be a corporation or association organized
        and doing business under the laws of a state or the United States of America,
        authorized under such laws to exercise corporate trust powers, having a combined
        capital and surplus of at least $50,000,000, subject to supervision or
        examination by federal or state authority and with a credit rating which
        would
        not cause either of the Rating Agencies to reduce or withdraw their respective
        then current ratings of the Certificates (or having provided such security
        from
        time to time as is sufficient to avoid such reduction) as evidenced in writing
        by each Rating Agency.  If such corporation or association publishes
        reports of 

       

      
        
          
          

        

        
          VIII-3

          
            

          

        

        
          
          

        

      

       

      condition
        at least annually, pursuant to law or to the requirements of the aforesaid
        supervising or examining authority, then for the purposes of this Section
        8.06
        the combined capital and surplus of such corporation or association shall
        be
        deemed to be its combined capital and surplus as set forth in its most recent
        report of condition so published.  In case at any time the Trustee
        shall cease to be eligible in accordance with the provisions of this Section
        8.06, the Trustee shall resign immediately in the manner and with the effect
        specified in Section 8.07 hereof.  The entity serving as Trustee may
        have normal banking and trust relationships with the Depositor and its
        affiliates or the Master Servicer and its affiliates; provided, however,
        that
        such entity cannot be an affiliate of the Master Servicer other than the
        Trustee
        in its role as successor to the Master Servicer.

       

      
        	
                SECTION
                  8.07.  

              	
                Resignation
                  and Removal of Trustee.

              

      

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          VIII-4

          
            

          

        

        
          
          

        

      

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

       

      
        	
                SECTION
                  8.08.  

              	
                Successor
                  Trustee.

              

      

       

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

       

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

       

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

       

      
        	
                SECTION
                  8.09.  

              	
                Merger
                  or Consolidation of Trustee.

              

      

       

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

       

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

       

      
        	
                SECTION
                  8.10.  

              	
                Appointment
                  of Co-Trustee or Separate
                  Trustee.

              

      

       

      Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirements of any jurisdiction in which any part of the Trust
        Fund
        or property securing any Mortgage Note may at the time be located, the Master
        Servicer and the Trustee acting jointly shall have the power and shall execute
        and deliver all instruments to appoint one or more Persons approved by the
        Trustee to act as co-trustee or co-trustees jointly with the Trustee, or
        separate trustee or 

       

      
        
          
          

        

        
          VIII-5

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the separate trustees and co-trustees, when and as
        effectively as if given to each of them.  Every instrument appointing
        any separate trustee or co-trustee shall refer to this Agreement and the
        conditions of this Article VIII.  Each separate trustee and
        co-trustee, upon its acceptance of the trusts conferred, shall be vested
        with
        the estates or property specified in its instrument of appointment, either
        jointly with the Trustee or separately, as may be provided therein, subject
        to
        all the provisions of this 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 

       

      
        
          
          

        

        
          VIII-6

          
            

          

        

        
          
          

        

      

       

      shall
        die, become incapable of acting, resign or be removed, all of its estates,
        properties, rights, remedies and trusts shall vest in and be exercised by
        the
        Trustee, to the extent permitted by law, without the appointment of a new
        or
        successor trustee.

       

      
        	
                SECTION
                  8.11.  

              	
                Tax
                  Matters.

              

      

       

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

       

      
        
          
          

        

        
          VIII-7

          
            

          

        

        
          
          

        

      

       

      statute
        of limitations relating to any tax item of any such REMIC, and otherwise
        act on
        behalf of any such REMIC in relation to any tax matter or controversy involving
        it.

       

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

       

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

       

      For
        federal income tax purposes the Trustee shall treat the ES Trust as a Grantor
        Trust and shall treat each Holder of an ES Trust Certificate as the owner
        of the
        individual, underlying assets represented by such ES Trust
        Certificate.  In addition, to the fullest extent possible, ownership
        of an ES Trust Certificate shall be treated as direct ownership of the
        individual, underlying assets represented by such ES Trust Certificate for
        federal income tax reporting purposes.

       

      
        	
                SECTION
                  8.12.  

              	
                Monitoring
                  of Significance Percentage.

              

      

       

      With
        respect to each Distribution Date, the Trustee shall calculate the “significance
        percentage” (as defined in Item 1115 of Regulation AB) of each derivative
        instrument, if any, based on the aggregate Class Certificate Balance of the
        related Classes of Covered Certificates for such derivative instrument and
        Distribution Date (after all distributions to be made thereon on such
        Distribution Date) and based on the methodology provided in writing by or
        on
        behalf of Countrywide no later than the fifth Business Day preceding such
        Distribution Date.  On each Distribution Date, the Trustee shall
        provide to Countrywide a written report (which written report may include
        similar information with respect to other derivative instruments relating
        to
        securitization transactions sponsored by Countrywide) specifying the
“significance percentage” of each derivative instrument, if any, for that
        Distribution Date.  If the “significance percentage” of any derivative
        instrument exceeds 7.0% with respect to any Distribution Date, the Trustee
        shall
        make a separate notation thereof in the written report described in the
        preceding sentence.  Such written report may contain such assumptions
        and disclaimers as are deemed necessary and appropriate by the
        Trustee.

       

      
        
          
          

        

        
          VIII-8

          
            

          

        

        
          
          

        

      

      

       

      ARTICLE
        IX

       

      TERMINATION

       

      
        	
                SECTION
                  9.01.  

              	
                Termination
                  upon Liquidation or Purchase of all Mortgage
                  Loans.

              

      

       

      Subject
        to Section 9.03, the obligations and responsibilities of the Depositor, the
        Sellers, the Master Servicer and the Trustee created hereby with respect
        to the
        Trust Fund shall terminate upon the earlier of (a) the purchase by the Master
        Servicer of all Mortgage Loans (and REO Properties) remaining in the Trust
        Fund
        at the price equal to the sum of (i) 100% of the Stated Principal Balance
        of
        each Mortgage Loan plus one month’s accrued interest thereon at the applicable
        Adjusted Mortgage Rate, (ii) the lesser of (x) the appraised value of any
        REO
        Property as determined by the higher of two appraisals completed by two
        independent appraisers selected by the Master Servicer at the expense of
        the
        Master Servicer and (y) the Stated Principal Balance of each Mortgage Loan
        related to any REO Property, and (iii) any remaining unpaid costs and damages
        incurred by the Trust Fund that arises out of an actual violation of any
        predatory or abusive lending law that also constitutes a breach of clause
        (48)
        on Schedule III-A, in all cases plus accrued and unpaid interest thereon
        at the
        applicable Adjusted Mortgage Rate and (b) the later of (i) the maturity or
        other liquidation (or any Advance with respect thereto) of the last Mortgage
        Loan remaining in the Trust Fund and the disposition of all REO Property
        and
        (ii) the distribution to Certificateholders of all amounts required to be
        distributed to them pursuant to this Agreement.  In no event shall the
        trusts created hereby continue beyond the earlier of (i) the expiration of
        21
        years from the death of the survivor of the descendants of Joseph P. Kennedy,
        the late Ambassador of the United States to the Court of St. James’s, living on
        the date hereof and (ii) the Latest Possible Maturity Date.

       

      The
        Master Servicer shall have the right to purchase all Mortgage Loans and REO
        Properties in the Trust Fund pursuant to clause (a) in the preceding
        paragraph of this Section 9.01 only on or after the date on which the Pool
        Stated Principal Balance, at the time of any such repurchase, is less than
        or
        equal to ten percent (10%) of the Cut-off Date Pool Principal
        Balance.

       

      The
        ES
        Trust shall terminate automatically upon termination of the Trust
        Fund.

       

      
        	
                SECTION
                  9.02.  

              	
                Final
                  Distribution on the
                  Certificates.

              

      

       

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

       

      Notice
        of
        any termination of the Trust Fund, specifying the Distribution Date on which
        Certificateholders may surrender their Certificates for payment of the final
        distribution and cancellation, shall be given promptly by the Trustee by
        letter
        to Certificateholders mailed not earlier than the 10th day and no later than
        the
        15th day of the month next preceding the month of such final
        distribution.  Any such notice shall specify (a) the Distribution Date
        upon which final distribution on the Certificates will be made upon presentation
        and surrender of Certificates at the office therein designated, (b) the amount
        of 

       

       

      
        
           

        

        
          IX-1

          
            

          

        

        
           

        

      

       

       

      such
        final distribution, (c) the location of the office or agency at which such
        presentation and surrender must be made, and (d) that the Record Date otherwise
        applicable to such Distribution Date is not applicable, distributions being
        made
        only upon presentation and surrender of the Certificates at the office therein
        specified.  The Master Servicer will give such notice to each Rating
        Agency at the time such notice is given to Certificateholders.

       

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

       

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

       

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

       

      
        	
                SECTION
                  9.03.  

              	
                Additional
                  Termination Requirements.

              

      

       

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

       

      (1)  Within
        90
        days prior to the final Distribution Date set forth in the notice given by
        the
        Master Servicer under Section 9.02, the Master Servicer shall prepare and
        the
        Trustee, at the expense of the “tax matters person,” shall adopt a 

       

       

       

      
        
           

        

        
          IX-2

          
            

          

        

        
           

        

      

       

       

      plan
        of
        complete liquidation within the meaning of section 860F(a)(4) of the Code
        which,
        as evidenced by an Opinion of Counsel (which opinion shall not be an expense
        of
        the Trustee or the Tax Matters Person), meets the requirements of a qualified
        liquidation; and

       

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

       

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

       

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

       

      
        
          
          

        

        
          IX-1

          
            

          

        

        
          
          

        

      

      ARTICLE
        X

       

      MISCELLANEOUS
        PROVISIONS

       

      
        	
                SECTION
                  10.01.  

              	
                Amendment.

              

      

       

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

       

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

      66-2/3%
        or (iii) reduce the aforesaid percentages of Certificates the Holders of
        which
        are required to consent to any such amendment, without the consent of the
        Holders of all such Certificates then Outstanding.

       

       

      
        
          
          

        

        
          X-1

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      
        	
                SECTION
                  10.02.  

              	
                Recordation
                  of Agreement; Counterparts.

              

      

       

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

       

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

       

      
        	
                SECTION
                  10.03.  

              	
                Governing
                  Law.

              

      

       

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

       

      
        	
                SECTION
                  10.04.  

              	
                Intention
                  of Parties.

              

      

       

      (a)  It
        is the
        express intent of the parties hereto that the conveyance of the (i) Mortgage
        Loans by the Sellers to the Depositor and (ii) Trust Fund by the Depositor
        to
        the Trustee  each be, and be construed as, an absolute sale thereof to
        the Trustee.  It is, further, not the intention of the 

       

       

       

      
        
          
          

        

        
          X-2

          
            

          

        

        
          
          

        

      

      parties
        that such conveyances be deemed a pledge thereof.  However, in the
        event that, notwithstanding the intent of the parties, such assets are held
        to
        be the property of any Seller or the Depositor, as the case may be, or if
        for
        any other reason this Agreement is held or deemed to create a security interest
        in either such assets, then (i)  this Agreement or shall be deemed to
        be a security agreement (within the meaning of the Uniform Commercial Code
        of
        the State of New York) with respect to all such assets and security interests
        and (ii)  the conveyances provided for in this Agreement shall be
        deemed to be an assignment and a grant pursuant to the terms of this Agreement
        (i) by each Seller to the Depositor or (ii) by the Depositor to the Trustee,
        for
        the benefit of the Certificateholders, of a security interest in all of the
        assets that constitute the Trust Fund, whether now owned or hereafter
        acquired.

       

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

       

      (b)  The
        Depositor hereby represents that:

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (c)  The
        Master Servicer shall take such action as is reasonably necessary to maintain
        the perfection and priority of the security interest of the Trustee in the
        Mortgage Loans; provided, however, that the obligation to deliver the Mortgage
        File to the Trustee pursuant to Section 2.01 shall be 

       

      
        
          
          

        

        
          X-3

          
            

          

        

        
          
          

        

      

       

      solely
        the Depositor’s obligation and the Master Servicer shall not be responsible for
        the safekeeping of the Mortgage Files by the Trustee.

       

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

       

      
        	
                SECTION
                  10.05.  

              	
                Notices.

              

      

       

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

       

      1.      Any
        material change or amendment to this Agreement;

       

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

       

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

       

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

       

      5.      The
        final payment to Certificateholders; and

       

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

       

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

       

      1.      Each
        report to Certificateholders described in Section 4.06;

       

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

       

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

       

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

       

      (b)  All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when delivered by first class mail, by courier
        or
        by facsimile transmission to (1) in the case of the Depositor, CWALT, Inc.,
        4500
        Park Granada, Calabasas, California 91302, facsimile number:  (818)
        225-4016, Attention:  Josh Adler, (2) in the case
        of  Countrywide, Countrywide Home Loans, Inc., 4500 Park Granada,
        Calabasas, California 91302, facsimile number:  (818) 225-4016,
        Attention:  Josh Adler, or such other address as may be hereafter
        furnished to the Depositor and the Trustee by Countrywide in writing, (3)
        in the
        case of Park Granada LLC, c/o Countrywide Financial Corporation, 4500 Park
        Granada, Calabasas, California 91302, facsimile number:  (818)
        225-4016, Attention:  Josh Adler, or such other address as may be
        hereafter furnished to the Depositor and the Trustee by Park Granada in writing,
        (4) in the case of Park Monaco Inc., c/o Countrywide Financial Corporation,
        4500
        Park Granada, Calabasas, California 91302, facsimile
        number:  

       

      
        
          
          

        

        
          X-4

          
            

          

        

        
          
          

        

      

       

      (818)
        225-4016, Attention:  Josh Adler, or such other address as may be
        hereafter furnished to the Depositor and the Trustee by Park Monaco in writing,
        (5) in the case of Park Sienna LLC, c/o Countrywide Financial Corporation,
        4500
        Park Granada, Calabasas, California 91302, facsimile number:  (818)
        225-4016, Attention:  Josh Adler, or such other address as may be
        hereafter furnished to the Depositor and the Trustee by Park Sienna in writing,
        (6) in the case of the Master Servicer, Countrywide Home Loans Servicing
        LP, 400
        Countrywide Way, Simi Valley, California 93065, facsimile number (805) 520-5623,
        Attention:  Mark Wong, or such other address as may be hereafter
        furnished to the Depositor and the Trustee by the Master Servicer in writing,
        (7) in the case of the Trustee, The Bank of New York, 101 Barclay Street,
        4W,
        New York, New York 10286, facsimile number:  (212) 815-3986,
        Attention: Mortgage-Backed Securities Group, CWALT, Inc. Series 2007-J2,
        or such
        other address as the Trustee may hereafter furnish to the Depositor or Master
        Servicer, and (8)  in the case of the Rating Agencies, the address
        specified therefor in the definition corresponding to the name of such Rating
        Agency.  Notices to Certificateholders shall be deemed given when
        mailed, first class postage prepaid, to their respective addresses
        appearing in the Certificate Register.

       

      
        	
                SECTION
                  10.06.  

              	
                Severability
                  of Provisions.

              

      

       

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

       

      
        	
                SECTION
                  10.07.  

              	
                Assignment.

              

      

       

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

       

      
        	
                SECTION
                  10.08.  

              	
                Limitation
                  on Rights of
                  Certificateholders.

              

      

       

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

       

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

       

      No
        Certificateholder shall have any right by virtue or by availing itself of
        any
        provisions of this Agreement to institute any suit, action or proceeding
        in
        equity or at law upon or under or with respect to this Agreement, unless
        such
        Holder previously shall have given to the Trustee a written notice of an
        Event
        of Default and of the continuance thereof, as herein provided, and unless
        the
        Holders of Certificates evidencing not less than 25% of the Voting Rights
        evidenced by the Certificates shall also have made written request to the
        Trustee to institute such action, suit or proceeding in its own name as Trustee
        hereunder and shall have offered to the Trustee such reasonable indemnity
        as it
        may require against the costs, expenses, and liabilities to be incurred therein
        or thereby, and the Trustee, for 60 days 

       

      
        
          
          

        

        
          X-5

          
            

          

        

        
          
          

        

      

       

      after
        its
        receipt of such notice, request and offer of indemnity shall have neglected
        or
        refused to institute any such action, suit or proceeding; it being understood
        and intended, and being expressly covenanted by each Certificateholder with
        every other Certificateholder and the Trustee, that no one or more Holders
        of
        Certificates shall have any right in any manner whatever by virtue or by
        availing itself or themselves of any provisions of this Agreement to affect,
        disturb or prejudice the rights of the Holders of any other of the Certificates,
        or to obtain or seek to obtain priority over or preference to any other such
        Holder or to enforce any right under this Agreement, except in the manner
        herein
        provided and for the common benefit of all Certificateholders.  For
        the protection and enforcement of the provisions of this Section 10.08, each
        and
        every Certificateholder and the Trustee shall be entitled to such relief
        as can
        be given either at law or in equity.

       

      
        	
                SECTION
                  10.09.  

              	
                Inspection
                  and Audit Rights.

              

      

       

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

       

      
        	
                SECTION
                  10.10.  

              	
                Certificates
                  Nonassessable and Fully Paid.

              

      

       

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

       

      
        	
                SECTION
                  10.11.  

              	
                [Reserved].

              

      

       

      
        	
                SECTION
                  10.12.  

              	
                Protection
                  of Assets.

              

      

       

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

       

      (i)  borrow
        money or issue debt;

       

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

       

      (iii)  engage
        in
        any business or activities.

       

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

       

      
        
          
          

        

        
          X-6

          
            

          

        

        
          
          

        

         

      

      ARTICLE
        XI

      EXCHANGE
        ACT REPORTING

       

      
        	
                SECTION
                  11.01.  

              	
                Filing
                  Obligations.

              

      

       

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

       

      
        	
                SECTION
                  11.02.  

              	
                Form
                  10-D Filings.

              

      

       

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

       

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

       

      (c)  The
        Trustee shall not have any responsibility to file any items (other than those
        generated by it) that have not been received in a format suitable (or readily
        convertible into a format suitable) for electronic filing via the EDGAR system
        and shall not have any responsibility to convert any 

       

       

      
        
          
          

        

        
          XI-1

          
            

          

        

        
          
          

        

      

       

      such
        items to such format (other than those items generated by it or that are
        readily
        convertible to such format).  The Trustee shall have no liability to
        the Certificateholders, the Trust Fund, the Master Servicer or the Depositor
        with respect to any failure to properly prepare or file any of Form 10-D
        to the
        extent that such failure is not the result of any negligence, bad faith or
        willful misconduct on its part.

       

      
        	
                SECTION
                  11.03.  

              	
                Form
                  8-K Filings.

              

      

       

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

       

      
        	
                SECTION
                  11.04.  

              	
                Form
                  10-K Filings.

              

      

       

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

       

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

       

      
        	
                SECTION
                  11.05.  

              	
                Sarbanes-Oxley
                  Certification.

              

      

       

      Each
        Form
        10-K shall include a certification (the “Sarbanes-Oxley Certification”) required
        by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section
        302
        of the 

       

       

      
        
          
          

        

        
          XI-2

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                SECTION
                  11.06.  

              	
                Form
                  15 Filing.

              

      

       

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

       

      
        	
                SECTION
                  11.07.  

              	
                Report
                  on Assessment of Compliance and
                  Attestation.

              

      

       

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

       

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

       

      (2)           Each
        of the Master Servicer and the Trustee shall deliver to the Depositor and
        the
        Master Servicer a report of a registered public accounting firm reasonably
        acceptable to the Depositor that attests to, and reports on, the assessment
        of
        compliance made by Master Servicer or the Trustee, as applicable, and delivered
        pursuant to the preceding paragraphs.  Such attestation shall be in
        accordance with Rules 1-02(a)(3) and 2-02(g) of 

       

      
        
          
          

        

        
          XI-3

          
            

          

        

        
          
          

        

      

       

      Regulation
        S-X under the Securities Act and the Exchange Act, including, without limitation
        that in the event that an overall opinion cannot be expressed, such registered
        public accounting firm shall state in such report why it was unable to express
        such an opinion.  Such report must be available for general use and
        not contain restricted use language.  To the extent any of the
        Servicing Criteria are not applicable to such Person, with respect to
        asset-backed securities transactions taken as a whole involving such Person
        and
        that are backed by the same asset type backing the Certificates, such report
        shall include such a statement that that effect.

       

      (3)           The
        Master Servicer shall cause each Subservicer and each Reporting Subcontractor
        to
        deliver to the Depositor an assessment of compliance and accountant’s
        attestation as and when provided in paragraphs (a) and (b) of this Section
        11.07.

       

      (4)           The
        Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
        and
        the Master Servicer an assessment of compliance and accountant’s attestation as
        and when provided in paragraphs (a) and (b) of this Section.

       

      (5)           The
        Master Servicer and the Trustee shall execute (and the Master Servicer shall
        cause each Subservicer to execute, and the Master Servicer and the Trustee
        shall
        cause each Reporting Subcontractor to execute) a reliance certificate to
        enable
        the Certification Parties to rely upon each (i) annual compliance statement
        provided pursuant to Section 3.16, (ii) annual report on assessments of
        compliance with servicing criteria provided pursuant to this Section 11.07
        and
        (iii) accountant’s report provided pursuant to this Section 11.07 and shall
        include a certification that each such annual compliance statement or report
        discloses any deficiencies or defaults described to the registered public
        accountants of such Person to enable such accountants to render the certificates
        provided for in this Section 11.07.  In the event the Master Servicer,
        any Subservicer, the Trustee or Reporting Subcontractor is terminated or
        resigns
        during the term of this Agreement, such Person shall provide a certification
        to
        the Certifying Person pursuant to this Section 11.07 with respect to the
        period
        of time it was subject to this Agreement or provided services with respect
        to
        the Trust Fund, the Certificates or the Mortgage Loans.

       

      (b)    In
        the event the Master Servicer, any Subservicer, the Trustee or Reporting
        Subcontractor is terminated or resigns during the term of this Agreement,
        such
        Person shall provide documents and information required by this Section 11.07
        with respect to the period of time it was subject to this Agreement or provided
        services with respect to the Trust Fund, the Certificates or the Mortgage
        Loans.

       

      (c)  Each
        assessment of compliance provided by a Subservicer pursuant to Section
        11.07(a)(3) shall address each of the Servicing Criteria specified on a
        certification substantially in the form of Exhibit W hereto delivered to
        the
        Depositor concurrently with the execution of this Agreement or, in the case
        of a
        Subservicer subsequently appointed as such, on or prior to the date of such
        appointment.  An assessment of compliance provided by a Subcontractor
        pursuant to Section 11.07(a)(3) or (4) need not address any elements of the
        Servicing Criteria other than those specified by the Master Servicer or the
        Trustee, as applicable, pursuant to Section 11.07(a)(1).

       

      
        	
                SECTION
                  11.08.  

              	
                Use
                  of Subservicers and
                  Subcontractors.

              

      

       

      (a)  The
        Master Servicer shall cause any Subservicer used by the Master Servicer (or
        by
        any Subservicer) for the benefit of the Depositor to comply with the provisions
        of Section 3.16 and this Article XI to the same extent as if such Subservicer
        were the Master Servicer (except with respect to the Master Servicer’s duties
        with respect to preparing and filing any Exchange Act Reports or as the

       

       

      
        
          
          

        

        
          XI-4

          
            

          

        

        
          
          

        

      

       

      Certifying
        Person).  The Master Servicer shall be responsible for obtaining from
        each Subservicer and delivering to the Depositor any servicer compliance
        statement required to be delivered by such Subservicer under Section 3.16,
        any
        assessment of compliance and attestation required to be delivered by such
        Subservicer under Section 11.07 and any certification required to be delivered
        to the Certifying Person under Section 11.05 as and when required to be
        delivered.  As a condition to the succession to any Subservicer as
        subservicer under this Agreement by any Person (i) into which such Subservicer
        may be merged or consolidated, or (ii) which may be appointed as a successor
        to
        any Subservicer, the Master Servicer shall provide to the Depositor, at least
        15
        calendar days prior to the effective date of such succession or appointment,
        (x)
        written notice to the Depositor of such succession or appointment and (y)
        in
        writing and in form and substance reasonably satisfactory to the Depositor,
        all
        information reasonably requested by the Depositor in order to comply with
        its
        reporting obligation under Item 6.02 of Form 8-K.

       

      (b)  It
        shall
        not be necessary for the Master Servicer, any Subservicer or the Trustee
        to seek
        the consent of the Depositor or any other party hereto to the utilization
        of any
        Subcontractor.  The Master Servicer or the Trustee, as applicable,
        shall promptly upon request provide to the Depositor (or any designee of
        the
        Depositor, such as the Master Servicer or administrator) a written description
        (in form and substance satisfactory to the Depositor) of the role and function
        of each Subcontractor utilized by such Person (or in the case of the Master
        Servicer or any Subservicer), specifying (i) the identity of each such
        Subcontractor, (ii) which (if any) of such Subcontractors are “participating in
        the servicing function” within the meaning of Item 1122 of Regulation AB, and
        (iii) which elements of the Servicing Criteria will be addressed in assessments
        of compliance provided by each Subcontractor identified pursuant to clause
        (ii)
        of this paragraph.

       

      As
        a
        condition to the utilization of any Subcontractor determined to be a Reporting
        Subcontractor, the Master Servicer or the Trustee, as applicable, shall cause
        any such Subcontractor used by such Person (or in the case of the Master
        Servicer or any Subservicer) for the benefit of the Depositor to comply with
        the
        provisions of Sections 11.07 and 11.09 of this Agreement to the same extent
        as
        if such Subcontractor were the Master Servicer (except with respect to the
        Master Servicer’s duties with respect to preparing and filing any Exchange Act
        Reports or as the Certifying Person) or the Trustee, as
        applicable.  The Master Servicer or the Trustee, as applicable, shall
        be responsible for obtaining from each Subcontractor and delivering to the
        Depositor and the Master Servicer, any assessment of compliance and attestation
        required to be delivered by such Subcontractor under Section 11.05 and Section
        11.07, in each case as and when required to be delivered.

       

      
        	
                SECTION
                  11.09.  

              	
                Amendments.

              

      

       

      In
        the
        event the parties to this Agreement desire to further clarify or amend any
        provision of this Article XI, this Agreement shall be amended to reflect
        the new
        agreement between the parties covering matters in this Article XI pursuant
        to
        Section 10.01, which amendment shall not require any Opinion of Counsel or
        Rating Agency confirmations or the consent of any
        Certificateholder.  If, during the period that the Depositor is
        required to file Exchange Act Reports with respect to the Trust Fund, the
        Master
        Servicer is no longer an Affiliate of the Depositor, the Depositor shall
        assume
        the obligations and responsibilities of the Master Servicer in this Article
        XI
        with respect to the preparation and filing of the Exchange Act Reports and/or
        acting as the Certifying Person, if the Depositor has received indemnity
        from
        such successor Master Servicer satisfactory to the Depositor, and such Master
        Servicer has agreed to provide a Sarbanes-Oxley Certification to the Depositor
        substantially in the form of Exhibit Y, and the certifications referred to
        in
        Section 11.07.

       

      
        	
                SECTION
                  11.10.  

              	
                Reconciliation
                  of Accounts.

              

      

       

      Any
        reconciliation of Accounts performed by any party hereto, or any Subservicer
        or
        Subcontractor shall be prepared no later than 45 calendar days after the
        bank
        statement cutoff date.

       

      
        
          
          

        

        
          XI-5

          
            

          

        

        
          
          

        

         

      

      *           *           *           *           *           *

       

      
        
          
          

        

        
          XI-6

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Depositor, the Trustee, the Sellers and the Master Servicer
        have caused their names to be signed hereto by their respective officers
        thereunto duly authorized as of the day and year first above
        written.

       

      

      
        	 	
                CWALT,
                  INC.,

                  as
                  Depositor

                 

                 

                By:        /s/
                  Michael
                  Schloessmann                                                                

                Name:  Michael
                  Schloessmann

                Title:  Managing
                  Director

                 

                THE
                  BANK OF NEW YORK,

                  as
                  Trustee

                 

                 

                 

                By:       /s/
                  Michael
                  Cerchio                                                                

                Name:  Michael
                  Cerchio

                Title:  Assistant
                  Treasurer

                 

                 

                COUNTRYWIDE
                  HOME LOANS, INC.,

                  as
                  a Seller

                 

                 

                By:         /s/
                  Michael
                  Schloessmann                        
                  

                Name:  Michael
                  Schloessmann

                Title:  Managing
                  Director

                 

                 

                PARK
                  GRANADA LLC,

                  as
                  a Seller

                 

                 

                By:       /s/
                  Michael
                  Schloessmann                                                                

                Name:  Michael
                  Schloessmann

                Title:  Managing
                  Director

                 

                 

                PARK
                  MONACO INC.,

                  as
                  a Seller

                 

                By:
                  COUNTRYWIDE FINANCIAL CORPORATION

                 

                 

                By:       /s/
                  Michael
                  Schloessmann                                                                

                Name:  Michael
                  Schloessmann

                Title:  Managing
                  Director

                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	 	
                PARK
                  SIENNA LLC,

                  as
                  a Seller

                 

                By:
                  COUNTRYWIDE FINANCIAL CORPORATION

                 

                 

                By:       /s/
                  Michael
                  Schloessmann                                                                

                Name:  Michael
                  Schloessmann

                Title:  Managing
                  Director

                 

                COUNTRYWIDE
                  HOME LOANS SERVICING LP,

                  as
                  Master Servicer

                 

                By:  COUNTRYWIDE
                  GP, INC.

                 

                 

                By:       /s/
                  Michael
                  Schloessmann                                                                

                Name:  Michael
                  Schloessmann

                Title:  Managing
                  Director

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                Acknowledged
                  solely with respect to its obligations 

                 
                  under Section 4.01(b)

                 

                THE
                  BANK OF NEW YORK, in its individual capacity

                 

                 

                By:       /s/
                  Paul
                  Connolly                                                                

                Name:  Paul
                  Connolly

                Title:  Vice
                  Presiden

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      SCHEDULE
        I

       

      Mortgage
        Loan Schedule

       

      [Delivered
        at Closing to Trustee]

       

      
        
          
          

        

        
          S-I-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-A

      CWALT,
        Inc.

      Mortgage
        Pass-Through Certificates

      Series
        2007-J2

      Representations
        and Warranties of Countrywide

       

      Countrywide
        Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
        set forth in this Schedule II-A to the Depositor, the Master Servicer and
        the
        Trustee, as of the Closing Date.  Capitalized terms used but not
        otherwise defined in this Schedule II-A shall have the meanings ascribed
        thereto
        in the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”)
        relating to the above-referenced Series, among Countrywide, as
        a  seller, Park Granada LLC, as a seller, Park Monaco Inc., as a
        seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP,
        as
        master servicer, CWALT, Inc., as depositor, and The Bank of New York, as
        trustee.

       

      (1)  Countrywide
        is duly organized as a New York corporation and is validly existing and in
        good
        standing under the laws of the State of New York and is duly authorized and
        qualified to transact any and all business contemplated by the Pooling and
        Servicing Agreement to be conducted by Countrywide in any state in which
        a
        Mortgaged Property is located or is otherwise not required under applicable
        law
        to effect such qualification and, in any event, is in compliance with the
        doing
        business laws of any such state, to the extent necessary to perform any of
        its
        obligations under the Pooling and Servicing Agreement in accordance with
        the
        terms thereof.

       

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

       

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

       

      
        
          
          

        

        
          S-II-A-1

          
            

          

        

        
          
          

        

      

      (4)  Countrywide
        is an approved servicer of conventional mortgage loans for FNMA or FHLMC
        and is
        a mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to sections 203 and 211 of the National Housing Act.

       

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

       

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

       

      (7)  Countrywide
        intends to treat the transfer of the Countrywide Mortgage Loans to the Depositor
        as a sale of the Countrywide Mortgage Loans for all tax, accounting and
        regulatory purposes.

       

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

       

      

      
        
          
          

        

        
          S-II-A-2

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II-B

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

      Representations
        and Warranties of Park Granada

       

      Park
        Granada LLC (“Park Granada”) and Countrywide Home Loans, Inc. (“Countrywide”),
        each hereby makes the representations and warranties set forth in this Schedule
        II-B to the Depositor, the Master Servicer and the Trustee, as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule II-B shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Park Granada, as a seller, Park Monaco Inc.,
        as a
        seller, Park Sienna LLC, as a seller, Countrywide, as a seller, Countrywide
        Home
        Loans Servicing LP, as master servicer, CWALT, Inc., as depositor, and The
        Bank
        of New York, as trustee.

       

      (1)  Park
        Granada is a limited liability company duly formed and validly existing and
        in
        good standing under the laws of the State of Delaware.

      

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

       

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

       

      
        
          
          

        

        
          S-II-B-1

          
            

          

        

        
          
          

        

      

      (4)  No
        litigation is pending or, to the best of Park Granada’s knowledge, threatened,
        against Park Granada that would materially and adversely affect the execution,
        delivery or enforceability of the Pooling and Servicing Agreement or the
        ability
        of Park Granada to sell the Park Granada Mortgage Loans or to perform any of its
        other obligations under the Pooling and Servicing Agreement in accordance
        with
        the terms thereof.

       

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

       

      (6)  Park
        Granada intends to treat the transfer of the Park Granada Mortgage Loans
        to the
        Depositor as a sale of the Park Granada Mortgage Loans for all tax, accounting
        and regulatory purposes.

       

      
        
          
          

        

        
          S-II-B-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-C

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

      Representations
        and Warranties of Park Monaco

       

      Park
        Monaco Inc. (“Park Monaco”) and Countrywide Home Loans, Inc. (“Countrywide”),
        each hereby makes the representations and warranties set forth in this Schedule
        II-C to the Depositor, the Master Servicer and the Trustee, as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule II-C shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Park Monaco, as a seller, Countrywide, as
        a
        seller, Park Granada LLC, as a seller, Park Sienna LLC, as a seller, Countrywide
        Home Loans Servicing LP, as master servicer, CWALT, Inc., as depositor, and
        The
        Bank of New York, as trustee.

       

      (1)  Park
        Monaco is a corporation duly formed and validly existing and in good standing
        under the laws of the State of Delaware.

       

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

       

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

       

      (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 

       

       

      
        
          
          

        

        
          S-II-C-1

          
            

          

        

        
          
          

        

      

       

      of
        the
        Pooling and Servicing Agreement or the ability of Park Monaco to sell the
        Park
        Monaco Mortgage Loans or to perform any of its other obligations under the
        Pooling and Servicing Agreement in accordance with the terms
        thereof.

       

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

       

      (6)  Park
        Monaco intends to treat the transfer of the Park Monaco Mortgage Loans to
        the
        Depositor as a sale of the Park Monaco Mortgage Loans for all tax, accounting
        and regulatory purposes.

       

      
        
          
          

        

        
          S-II-C-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-D

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

      Representations
        and Warranties of Park Sienna

       

      Park
        Sienna LLC (“Park Sienna”) and Countrywide Home Loans, Inc. (“Countrywide”),
        each hereby makes the representations and warranties set forth in this Schedule
        II-D to the Depositor, the Master Servicer and the Trustee, as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule II-D shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Park Sienna, as a seller, Countrywide, as
        a
        seller, Park Granada LLC, as a seller, Park Monaco Inc., as a seller,
        Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc., as
        depositor, and The Bank of New York, as trustee.

       

      (1)  Park
        Sienna is a limited liability company duly formed and validly existing and
        in
        good standing under the laws of the State of Delaware.

       

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

       

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

       

      
        
          
          

        

        
          S-II-D-1

          
            

          

        

        
          
          

        

      

       

      (4)  No
        litigation is pending or, to the best of Park Sienna’s knowledge, threatened,
        against Park Sienna that would materially and adversely affect the execution,
        delivery or enforceability of the Pooling and Servicing Agreement or the
        ability
        of Park Sienna to sell the Park Sienna Mortgage Loans or to perform any of
        its
        other obligations under the Pooling and Servicing Agreement in accordance
        with
        the terms thereof.

       

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

       

      (6)  Park
        Sienna intends to treat the transfer of the Park Sienna Mortgage Loans to
        the
        Depositor as a sale of the Park Sienna Mortgage Loans for all tax, accounting
        and regulatory purposes.

       

      
        
          
          

        

        
          S-II-D-2

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        III-A

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

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

       

      Countrywide
        Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
        set forth in this Schedule III-A to the Depositor, the Master Servicer and
        the
        Trustee, with respect to all of the Mortgage Loans as of the Closing Date,
        or if
        so specified herein, as of the Cut-off Date.  Capitalized terms used
        but not otherwise defined in this Schedule III-A shall have the meanings
        ascribed thereto in the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”) relating to the above-referenced Series, among
        Countrywide, as a seller, Park Granada LLC, as a seller, Park Monaco Inc.,
        as a
        seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP,
        as
        master servicer, CWALT, Inc., as depositor, and The Bank of New York, as
        trustee.

       

      (1)  The
        information set forth on Schedule I (excluding the information contained
        in
        clauses (xviii), (xix) and (xx) of the Mortgage Loan Schedule) to the Pooling
        and Servicing Agreement with respect to each Mortgage Loan is true and correct
        in all material respects as of the Closing Date.

      

      (2)  As
        of the
        Closing Date, all payments due with respect to each Mortgage Loan prior to
        the
        Cut-off Date have been made.

       

      (3)  None
        of
        the Mortgage Loans had a Loan-to-Value Ratio at origination in excess of
        100.00%.

       

      (4)  Each
        Mortgage is a valid and enforceable first lien on the Mortgaged Property
        subject
        only to (a) the lien of non delinquent current real property taxes and
        assessments, (b) covenants, conditions and restrictions, rights of way,
        easements and other matters of public record as of the date of recording
        of such
        Mortgage, such exceptions appearing of record being acceptable to mortgage
        lending institutions generally or specifically reflected in the appraisal
        made
        in connection with the origination of the related Mortgage Loan, and (c)
        other
        matters to which like properties are commonly subject which do not materially
        interfere with the benefits of the security intended to be provided by such
        Mortgage.

       

      (5)  [Reserved].

       

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

       

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

       

      (8)  There
        are
        no mechanics’ liens or claims for work, labor or material affecting any
        Mortgaged Property which are or may be a lien prior to, or equal with, the
        lien
        of such Mortgage, except those which are insured against by the title insurance
        policy referred to in item (12) below.

       

      
        
          
          

        

        
          S-III-A-1

          
            

          

        

        
          
          

        

      

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

       

      (10)  Each
        Mortgage Loan at origination complied in all material respects with applicable
        local, state and federal laws, including, without limitation, usury, equal
        credit opportunity,  predatory and abusive lending laws, real estate
        settlement procedures, truth-in-lending and disclosure laws, and consummation
        of
        the transactions contemplated hereby will not involve the violation of any
        such
        laws.

       

      (11)  As
        of the
        Closing Date, none of the Sellers nor any prior holder of any Mortgage has
        modified the Mortgage in any material respect (except that a Mortgage Loan
        may
        have been modified by a written instrument which has been recorded or submitted
        for recordation, if necessary, to protect the interests of the
        Certificateholders and the original or a copy of which has been delivered
        to the
        Trustee); satisfied, cancelled or subordinated such Mortgage in whole or
        in
        part; released the related Mortgaged Property in whole or in part from the
        lien
        of such Mortgage; or executed any instrument of release, cancellation,
        modification or satisfaction with respect thereto.

       

      (12)  A
        lender’s policy of title insurance together with a condominium endorsement and
        extended coverage endorsement, if applicable, in an amount at least equal
        to the
        Cut-off Date Stated Principal Balance of each such Mortgage Loan or a commitment
        (binder) to issue the same was effective on the date of the origination of
        each
        Mortgage Loan, each such policy is valid and remains in full force and effect,
        and each such policy was issued by a title insurer qualified to do business
        in
        the jurisdiction where the Mortgaged Property is located and acceptable to
        FNMA
        or FHLMC and is in a form acceptable to FNMA or FHLMC, which policy insures
        Countrywide and successor owners of indebtedness secured by the insured
        Mortgage, as to the first priority lien of the Mortgage subject to the
        exceptions set forth in paragraph (4) above; to the best of Countrywide’s
        knowledge, no claims have been made under such mortgage title insurance policy
        and no prior holder of the related Mortgage, including Countrywide, has done,
        by
        act or omission, anything which would impair the coverage of such mortgage
        title
        insurance policy.

       

      (13)  Each
        Mortgage Loan was originated (within the meaning of Section 3(a)(41) of the
        Securities Exchange Act of 1934, as amended) by an entity that satisfied
        at the
        time of origination the requirements of Section 3(a)(41) of the Securities
        Exchange Act of 1934, as amended.

       

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

       

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

       

      (16)  Each
        Mortgage Note and the related Mortgage are genuine, and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms and under applicable law.  To the best of Countrywide’s
        knowledge, all parties to the Mortgage Note 

       

       

      
        
          
          

        

        
          S-III-A-2

          
            

          

        

        
          
          

        

      

       

      and
        the
        Mortgage had legal capacity to execute the Mortgage Note and the Mortgage
        and
        each Mortgage Note and Mortgage have been duly and properly executed by such
        parties.

       

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

       

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

       

      (19)  With
        respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
        under applicable law to serve as such, has been properly designated and
        currently so serves and is named in such Mortgage, and no fees or expenses
        are
        or will become payable by the Certificateholders to the trustee under the
        deed
        of trust, except in connection with a trustee’s sale after default by the
        Mortgagor.

       

      (20)  Each
        Mortgage Note and each Mortgage is in substantially one of the forms acceptable
        to FNMA or FHLMC, with such riders as have been acceptable to FNMA or FHLMC,
        as
        the case may be.

       

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

       

      (22)  The
        origination, underwriting and collection practices used by Countrywide with
        respect to each Mortgage Loan have been in all respects legal, prudent and
        customary in the mortgage lending and servicing business.

       

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

       

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

       

      (25)  Each
        Mortgage Loan contains a customary “due on sale” clause.

       

      (26)  Approximately
        9.85% and 8.07% of the Mortgage Loans in Loan Group 1 and Loan Group 2,
        respectively, in each case by aggregate Stated Principal Balance of the Mortgage
        Loans in that Loan Group as of the Cut-off Date, provide for a Prepayment
        Charge.

       

      (27)  Each
        Mortgage Loan which had a Loan-to-Value Ratio at origination in excess of
        80.00%
        is the subject of a Primary Insurance Policy that insures that portion of
        the
        principal balance equal to a specified percentage times the sum of the remaining
        principal balance of the related Mortgage Loan, the accrued interest thereon
        and
        the related foreclosure expenses.  The specified coverage percentage
        for mortgage loans with terms to maturity of between 25 and 30 years is 12%
        for
        Loan-to-Value Ratios between 80.01% and 85.00%, 25% for Loan-to-Value Ratios
        

       

      
        
          
          

        

        
          S-III-A-3

          
            

          

        

        
          
          

        

      

       

      between
        85.01% and 90.00%, 30% for Loan-to-Value Ratios between 90.01% and 95.00%
        and
        35% for Loan-to-Value Ratios between 95.01% and 100%. The specified coverage
        percentage for mortgage loans with terms to maturity of up to 20 years ranges
        from 6% to 12% for Loan-to-Value Ratios between 80.01% and 85.00%, from 12%
        to
        20% for Loan-to-Value Ratios between 85.01% to 90.00% and 20% to 25% for
        Loan-to-Value Ratios between 90.01% to 95.00%.  Each such Primary
        Insurance Policy is issued by a Qualified Insurer.  All provisions of
        any such Primary Insurance Policy have been and are being complied with,
        any
        such policy is in full force and effect, and all premiums due thereunder
        have
        been paid.  Any Mortgage subject to any such Primary Insurance Policy
        obligates either the Mortgagor or the mortgagee thereunder to maintain such
        insurance and to pay all premiums and charges in connection therewith, subject,
        in each case, to the provisions of Section 3.09(b) of the Pooling and Servicing
        Agreement.  The Mortgage Rate for each Mortgage Loan is net of any
        such insurance premium.

       

      (28)  As
        of the
        Closing Date, the improvements upon each Mortgaged Property are covered by
        a
        valid and existing hazard insurance policy with a generally acceptable carrier
        that provides for fire and extended coverage and coverage for such other
        hazards
        as are customary in the area where the Mortgaged Property is located in an
        amount which is at least equal to the lesser of (i) the maximum insurable
        value
        of the improvements securing such Mortgage Loan or (ii) the greater of (a)
        the
        outstanding principal balance of the Mortgage Loan and (b) an amount such
        that
        the proceeds of such policy shall be sufficient to prevent the Mortgagor
        and/or
        the mortgagee from becoming a co-insurer.  If the Mortgaged Property
        is a condominium unit, it is included under the coverage afforded by a blanket
        policy for the condominium unit.  All such individual insurance
        policies and all flood policies referred to in item (29) below contain a
        standard mortgagee clause naming Countrywide or the original mortgagee, and
        its
        successors in interest, as mortgagee, and Countrywide has received no notice
        that any premiums due and payable thereon have not been paid; the Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance including
        flood insurance at the Mortgagor’s cost and expense, and upon the Mortgagor’s
        failure to do so, authorizes the holder of the Mortgage to obtain and maintain
        such insurance at the Mortgagor’s cost and expense and to seek reimbursement
        therefor from the Mortgagor.  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.

       

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

       

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

       

      (31)  There
        is
        no material monetary default existing under any Mortgage or the related Mortgage
        Note and, to the best of Countrywide’s knowledge, there is no material event
        which, 

       

      
        
          
          

        

        
          S-III-A-4

          
            

          

        

        
          
          

        

      

       

      with
        the
        passage of time or with notice and the expiration of any grace or cure period,
        would constitute a default, breach, violation or event of acceleration under
        the
        Mortgage or the related Mortgage Note; and Countrywide has not waived any
        default, breach, violation or event of acceleration.

       

      (32)  Each
        Mortgaged Property is improved by a one- to four-family residential dwelling
        including condominium units and dwelling units in PUDs, which, to the best
        of
        Countrywide’s knowledge, does not include cooperatives or mobile homes and does
        not constitute other than real property under state law.

       

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

       

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

       

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

       

      (36)  Other
        than with respect to any Streamlined Documentation Mortgage Loan as to which
        the
        loan-to-value ratio of the related Original Mortgage Loan was less than 90%
        at
        the time of the origination of such Original Mortgage Loan, prior to the
        approval of the Mortgage Loan application, an appraisal of the related Mortgaged
        Property was obtained from a qualified appraiser, duly appointed by the
        originator, who had no interest, direct or indirect, in the Mortgaged Property
        or in any loan made on the security thereof, and whose compensation is not
        affected by the approval or disapproval of the Mortgage Loan; such appraisal
        is
        in a form acceptable to FNMA and FHLMC.

       

      (37)  None
        of
        the Mortgage Loans are graduated payment mortgage loans or a growing equity
        mortgage loans, and none of the Mortgage Loans are subject to a buydown or
        similar arrangement.

       

      (38)  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.

       

      (39)  The
        Mortgage Loans were selected from among the outstanding fixed-rate one- to
        four-family mortgage loans in the portfolios of the Sellers at the Closing
        Date
        as to which the representations and warranties made as to the Mortgage Loans
        set
        forth in this Schedule III-A can be made.  Such selection was not made
        in a manner intended to adversely affect the interests of
        Certificateholders.

       

      
        
          
          

        

        
          S-III-A-5

          
            

          

        

        
          
          

        

      

      (40)   Each
        of the Mortgage Loans was underwritten in all material respects in accordance
        with the procedures set forth in the Prospectus under “Mortgage Loan Program –
Underwriting Process”.

       

      (41)  Except
        for 7 Mortgage Loans in Loan Group 1 and 19 Mortgage Loans in Loan Group
        2, each
        Mortgage Loan in Loan Group 1 and Loan Group 2 has a payment date on or before
        the Due Date in the month of the first Distribution Date.

       

      (42)  With
        respect to any Mortgage Loan as to which an affidavit has been delivered
        to the
        Trustee certifying that the original Mortgage Note is a Lost Mortgage Note,
        if
        such Mortgage Loan is subsequently in default, the enforcement of such Mortgage
        Loan or of the related Mortgage by or on behalf of the Trustee will not be
        materially adversely affected by the absence of the original Mortgage
        Note.  A “Lost Mortgage Note” is a Mortgage Note the original of which
        was permanently lost or destroyed and has not been replaced.

       

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

       

      (44)  The
        aggregate principal balance of the Discount Mortgage Loans for Loan Group
        1 and
        Loan Group 2 will not exceed $3,145,992.60 and $20,175,994.38,
        respectively.

       

      (45)  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.

       

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

       

      (47)  None
        of
        the Mortgage Loans are subject to the Georgia Fair Lending Act, as
        amended.

       

      (48)  None
        of
        the Mortgage Loans are “high cost” loans as defined by applicable predatory and
        abusive lending laws.

       

      (49)  None
        of
        the Mortgage Loans are covered by the Home Ownership and Equity Protection
        Act
        of 1994 (“HOEPA”).

       

      (50)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et
        seq.).

       

      (51)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.).

       

      (52)  No
        Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
        Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
        (Mass. Gen. Laws ch. 183C).

       

      
        
          
          

        

        
          S-III-A-6

          
            

          

        

        
          
          

        

      

      (53)  No
        Mortgage Loan originated on or after January 1, 2005 is a “High Cost Home Loan”
as defined in the Indiana Home Loan Practices Act, effective January 1, 2005
        (Ind. Code Ann. Sections 24-9-1-1 through 24-9-1-9).

       

      (54)  All
        of
        the Mortgage Loans were originated in compliance with all applicable laws,
        including, but not limited to, all applicable anti-predatory and abusive
        lending
        laws.

       

      (55)  No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable, and with
        respect to the foregoing, the terms “High Cost Loan” and “Covered Loan” have the
        meaning assigned to them in the then current Standard & Poor’s LEVELS®
Version 6.0 Glossary Revised, Appendix E which is attached hereto as Exhibit
        Q
        (the “Glossary”) where (x) a “High Cost Loan” is each loan identified in the
        column “Category under applicable anti-predatory lending law” of the table
        entitled “Standard & Poor's High Cost Loan Categorization” in the Glossary
        as each such loan is defined in the applicable anti-predatory lending law
        of the
        State or jurisdiction specified in such table and (y) a “Covered Loan” is each
        loan identified in the column “Category under applicable anti-predatory lending
        law” of the table entitled “Standard & Poor's Covered Loan Categorization”
in the Glossary as each such loan is defined in the applicable anti-predatory
        lending law of the State or jurisdiction specified in such table.

       

      
        
          
          

        

        
          S-III-A-7

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        III-B

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

      Representations
        and Warranties of Countrywide as to the Countrywide Mortgage
        Loans

       

      Countrywide
        Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
        set forth in this Schedule III-B to the Depositor, the Master Servicer and
        the
        Trustee, with respect to the Countrywide Mortgage Loans as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-B shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide, as a seller, Park Granada LLC,
        as a
        seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller, Countrywide
        Home Loans Servicing LP, as master servicer, CWALT, Inc., as depositor, and
        The
        Bank of New York, as trustee.

       

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

       

       

      
        
          
          

        

        
          S-III-B-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III-C

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

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

       

      Park
        Granada LLC (“Park Granada”) hereby makes the representations and warranties set
        forth in this Schedule III-C to the Depositor, the Master Servicer and the
        Trustee, with respect to the Park Granada Mortgage Loans as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-C shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
        Park
        Granada, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as
        a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

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

       

       

      
        
          
          

        

        
          S-III-C-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III-D

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

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

       

      Park
        Monaco Inc. (“Park Monaco”) hereby makes the representations and warranties set
        forth in this Schedule III-D to the Depositor, the Master Servicer and the
        Trustee, with respect to the Park Monaco Mortgage Loans as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-D shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
        Park
        Monaco, as a seller, Park Granada LLC, as a seller, Park Sienna LLC, as a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

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

       

      
        
          
          

        

        
          S-III-D-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III-E

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

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

       

      Park
        Sienna LLC (“Park Sienna”) hereby makes the representations and warranties set
        forth in this Schedule III-E to the Depositor, the Master Servicer and the
        Trustee, with respect to the Park Sienna Mortgage Loans as of the Closing
        Date.  Capitalized terms used but not otherwise defined in this
        Schedule III-E shall have the meanings ascribed thereto in the Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
        above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
        Park
        Sienna, as a seller, Park Monaco Inc., as a seller, Park Granada LLC, as
        a
        seller, Countrywide Home Loans Servicing LP, as master servicer, CWALT, Inc.,
        as
        depositor, and The Bank of New York, as trustee.

       

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

       

      
        
          
          

        

        
          S-III-E-1

          
            

          

        

        
          
          

        

      

      

        

       

      SCHEDULE
        IV

       

      CWALT,
        Inc.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-J2

       

      Representations
        and Warranties of the Master Servicer

       

      Countrywide
        Home Loans Servicing LP (“Countrywide Servicing”) hereby makes the
        representations and warranties set forth in this Schedule IV to the Depositor,
        the Sellers and the Trustee, as of the Closing Date.  Capitalized
        terms used but not otherwise defined in this Schedule IV shall have the meanings
        ascribed thereto in the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”) relating to the above-referenced Series, among Countrywide
        Home Loans, Inc., as a seller, Park Granada LLC, as a seller, Park Monaco
        Inc.,
        as a seller, Park Sienna LLC, as a seller, Countrywide Home Servicing, as
        master
        servicer, CWALT, Inc., as depositor, and The Bank of New York, as
        trustee.

       

      (1)  Countrywide
        Servicing  is duly organized as a limited partnership and is validly
        existing and in good standing under the laws of the State of Texas and is
        duly
        authorized and qualified to transact any and all business contemplated by
        the
        Pooling and Servicing Agreement to be conducted by Countrywide Servicing
        in any
        state in which a Mortgaged Property is located or is otherwise not required
        under applicable law to effect such qualification and, in any event, is in
        compliance with the doing business laws of any such state, to the extent
        necessary to perform any of its obligations under the Pooling and Servicing
        Agreement in accordance with the terms thereof.

      

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

       

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

       

      
        
          
          

        

        
          S-IV-1

          
            

          

        

        
          
          

        

      

      (4)  Countrywide
        Servicing is an approved servicer of conventional mortgage loans for FNMA
        or
        FHLMC and is a mortgagee approved by the Secretary of Housing and Urban
        Development pursuant to sections 203 and 211 of the National Housing
        Act.

       

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

       

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

       

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

       

      
        
          
          

        

        
          S-IV-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        V

      Principal
        Balances Schedule

      

      [Attached
        to Prospectus Supplement, if applicable]

      

      
        
          
          

        

        
          S-V-1

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        VI

      Form
        of
        Monthly Master Servicer Report

      

      
        	
                LOAN
                  LEVEL REPORTING SYSTEM

              
	
                DATABASE
                  STRUCTURE

              
	
                [MONTH,
                  YEAR]

              
	
                Field
                  Number

              	
                Field
                  Name

              	
                Field
                  Type

              	
                Field
                  Width

              	
                Dec

              
	
                1

              	
                INVNUM

              	
                Numeric

              	
                4

              	 
	
                2

              	
                INVBLK

              	
                Numeric

              	
                4

              	 
	
                3

              	
                INACNU

              	
                Character

              	
                8

              	 
	
                4

              	
                BEGSCH

              	
                Numeric

              	
                15

              	
                2

              
	
                5

              	
                SCHPRN

              	
                Numeric

              	
                13

              	
                2

              
	
                6

              	
                TADPRN

              	
                Numeric

              	
                11

              	
                2

              
	
                7

              	
                LIQEPB

              	
                Numeric

              	
                11

              	
                2

              
	
                8

              	
                ACTCOD

              	
                Numeric

              	
                11

              	 
	
                9

              	
                ACTDAT

              	
                Numeric

              	
                4

              	 
	
                10

              	
                INTPMT

              	
                Numeric

              	
                8

              	 
	
                11

              	
                PRNPMT

              	
                Numeric

              	
                13

              	
                2

              
	
                12

              	
                ENDSCH

              	
                Numeric

              	
                13

              	
                2

              
	
                13

              	
                SCHNOT

              	
                Numeric

              	
                13

              	
                2

              
	
                14

              	
                SCHPAS

              	
                Numeric

              	
                7

              	
                3

              
	
                15

              	
                PRINPT

              	
                Numeric

              	
                7

              	
                3

              
	
                16

              	
                PRIBAL

              	
                Numeric

              	
                11

              	
                2

              
	
                17

              	
                LPIDTE

              	
                Numeric

              	
                13

              	
                2

              
	
                18

              	
                DELPRN

              	
                Numeric

              	
                7

              	 
	
                19

              	
                PPDPRN

              	
                Numeric

              	
                11

              	
                2

              
	
                20

              	
                DELPRN

              	
                Numeric

              	
                11

              	
                2

              
	
                21

              	
                NXTCHG

              	
                Numeric

              	
                8

              	 
	
                22

              	
                ARMNOT

              	
                Numeric

              	
                7

              	
                3

              
	
                23

              	
                ARMPAS

              	
                Numeric

              	
                7

              	
                3

              
	
                24

              	
                ARMPMT

              	
                Numeric

              	
                11

              	
                2

              
	
                25

              	
                ZZTYPE

              	
                Character

              	
                2

              	 
	
                26

              	
                ISSUID

              	
                Character

              	
                1

              	 
	
                27

              	
                KEYNAME

              	
                Character

              	
                8

              	 
	
                TOTAL

              	 	 	
                240

              	 

      

       

       

      
        
          
          

        

        
          S-VI-1

          
            

          

        

        
          
          

        

      

      

        	
                LOAN
                  LEVEL REPORTING SYSTEM

              
	
                DATABASE
                  STRUCTURE

              
	
                [MONTH,
                  YEAR]

              
	
                Field
                  Number

              	
                Field
                  Name

              	
                Field
                  Type

              	
                Field
                  Width

              	
                Dec

              

      

      
        	
                Suggested
                  Format:

              	
                DBASE
                  file

                Modem
                  transmission

              	 	 	 

      

      

      
        
          
          

        

        
          S-VI-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        VII

      

      Available
        Exchanges of Depositable Certificates for Exchangeable
        Certificates(1)(2)

      

      
        	
                
                  Classes
                    of Depositable Certificates

                

              	
                
                  Related
                    Classes of Exchangeable Certificates

                

              
	
                
                  Classes
                    of Depositable Certificates

                

              	
                
                  Original
                    Certificate Balance

                

              	
                
                  Classes
                    of Exchangeable Certificates

                

              	
                
                  Maximum
                    Original Certificate Balance

                

              	
                
                  Pass-Through
                    Rate

                

              
	
                Recombination
                  1

              	 	 	 
	
                Class
                  2-A-6

              	
                $55,149,000

              	
                Class 2-A-4

              	
                $148,500,000

              	
                6.00%

              
	
                Class
                  2-A-7

              	
                $47,635,000

              	 	 	 
	
                Class
                  2-A-8

              	
                $45,716,000

              	 	 	 
	 	 	 	 	 
	
                Recombination
                  2 (5)

              	 	 	 
	
                Class
                  2-A-6

              	
                $55,149,000

              	
                Class 2-A-1
                  (3)

              	
                $121,621,000

              	
                6.00%

              
	
                Class
                  2-A-7

              	
                $47,635,000

              	
                Class 2-A-2
                  (3)

              	
                $10,779,000

              	
                6.00%

              
	
                Class
                  2-A-8

              	
                $45,716,000

              	
                Class 2-A-5
                  (3)

              	
                $16,100,000

              	
                6.00%

              
	 	 	 	 	 
	
                Recombination
                  3

              	 	 	 
	
                Class
                  2-A-8

              	
                $45,716,000

              	
                Class 2-A-9
                  (4)

              	
                $13,500,000

              	
                6.00%

              
	 	 	
                Class 2-A-10
                  (4)

              	
                $19,717,000

              	
                6.00%

              
	 	 	
                Class 2-A-11
                  (4)

              	
                $12,499,000

              	
                6.00%

              
	 	 	 	 	 

      

      ______________

      
        	
                (1)

              	
                Depositable
                  Certificates and Exchangeable Certificates may be exchanged only
                  in the
                  proportions shown in this Annex II.  In any exchange, the
                  relative proportions of the Depositable Certificates to be delivered
                  (or,
                  if applicable, received) in such exchange will equal the proportions
                  reflected by the outstanding Class Certificate Balances of the
                  related
                  Depositable Certificates at the time of
                  exchange.

              

      

      

      
        	
                (2)

              	
                If,
                  as a result of a proposed exchange, a Certificateholder would hold
                  a
                  Depositable Certificate or Exchangeable Certificate of a Class
                  in an
                  amount less than the applicable minimum denomination for that Class,
                  the
                  Certificateholder will be unable to effect the proposed
                  exchange.

              

      

      

      
        	
                (3)

              	
                The
                  Class 2-A-1, Class 2-A-2 and Class 2-A-5 Certificates are paid
                  in the
                  following order:

              

      

      

      
        	
                 

              	
                (a)  to
                  the Class 2-A-5 Certificates, the Priority Amount, until its Class
                  Certificate Balance is reduced to
                  zero;

              

      

      

      
        	
                 

              	
                (b)  sequentially,
                  to the Class 2-A-1 and Class 2-A-2 Certificates, in that order,
                  until
                  their respective Class Certificate Balances are reduced to zero;
                  and

              

      

      

      
        	
                 

              	
                (c)  to
                  the Class 2-A-5 Certificates, without regard to the Priority Amount,
                  until
                  its Class Certificate Balance is reduced to
                  zero.

              

      

      

      
        	
                (4)

              	
                The
                  Class 2-A-9, Class 2-A-10 and Class 2-A-11 Certificates are paid
                  sequentially, in that order, until their respective Class Certificate
                  Balances are reduced to zero.

              

      

      

      
        	
                (5)

              	
                On
                  or after the Distribution Date in June 2012, Holders of the Class
                  2-A-6,
                  Class 2-A-7 and Class 2-A-8 Certificates will not be permitted
                  to exchange
                  those Classes of Certificates for the Class 2-A-1, Class 2-A-2
                  and Class
                  2-A-5 Certificates and Holders of the Class 2-A-1, Class 2-A-2
                  and Class
                  2-A-5 Certificates will not be permitted to exchange those Classes
                  of
                  Certificates for the Class 2-A-6, Class 2-A-7 and Class 2-A-8
                  Certificates.

              

      

      
      

       

      
 

      
        
          
          

        

        
          S-VII-1

          
            

          

        

        
          
          

        

         

      

      Holders
        of the Class 2-A-1, Class 2-A-2 and Class 2-A-5 Certificates on the Distribution
        Date in June 2012 will be deemed to have chosen to receive distributions
        in the
        following order:

      

      
        	
                 

              	
                (a)

              	
                to
                  the Class 2-A-5 Certificates, the Priority Amount, until its Class
                  Certificate Balance is reduced to
                  zero;

              

      

      

      
        	
                 

              	
                (b)

              	
                sequentially,
                  to the Class 2-A-1 and Class 2-A-2 Certificates, in that order,
                  until
                  their respective Class Certificate Balances are reduced to zero;
                  and

              

      

      

      
        	
                 

              	
                (c)

              	
                to
                  the Class 2-A-5 Certificates, without regard to the Priority Amount,
                  until
                  its Class Certificate Balance is reduced to
                  zero.

              

      

      

      
        	
                 

              	
                Holders
                  of the Class 2-A-6, Class 2-A-7 and Class 2-A-8 Certificates on
                  the
                  Distribution Date in June 2012 will be deemed to have chosen to
                  receive
                  distributions of the Combined Percentage in the following
                  order:

              

      

      

      
        	
                 

              	
                (a)

              	
                in
                  an amount up to $1,000 on each Distribution Date, to the Class
                  2-A-6
                  Certificates, until its Class Certificate Balance is reduced to
                  zero;

              

      

      

      
        	
                 

              	
                (b)

              	
                in
                  an amount up to $151,000 on each Distribution Date, to the Class
                  2-A-8
                  Certificates, until its Class Certificate Balance is reduced to
                  zero;

              

      

      

      
        	
                 

              	
                (c)

              	
                beginning
                  with the Distribution Date in June 2009, in an amount up to $498,000
                  on
                  each Distribution Date, to the Class 2-A-7 Certificates, until
                  its Class
                  Certificate Balance is reduced to zero;
                  and

              

      

      

      
        	
                 

              	
                (d)

              	
                sequentially,
                  to the Class 2-A-6, Class 2-A-7 and Class 2-A-8 Certificates, in
                  that
                  order, until their respective Class Certificate Balances are reduced
                  to
                  zero.

              

      

      

      
        
          
          

        

        
          S-VII-2

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      A

     

    [FORM
      OF
      SENIOR CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    [SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).]

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ASSETS OF, AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE,
      OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.  SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN
      MADE TO THE TRUSTEE BY THE TRANSFEREE’S ACCEPTANCE OF A CERTIFICATE OF THIS
      CLASS AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN A CERTIFICATE OF
      THIS CLASS. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL THIS
      CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO, OR TO A PERSON INVESTING ASSETS
      OF,
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT
      TO
      SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
      TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

     

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance 

              of
                this Certificate 

              (“Denomination”)

            	
               

               

              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance 

              of
                all Certificates of 

              this
                Class

            	
               

               

              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [   ]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
      liens on one- to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Certificate Balance of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage 

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    Loans
      deposited by CWALT, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, Countrywide Home
      Loans, Inc., as a seller (“CHL”), Park Granada LLC, as a seller (“Park
      Granada”), Park Monaco, Inc., as a seller (“Park Monaco”), and Park Sienna LLC,
      as a seller (“Park Sienna” and, together with CHL, Park Granada and Park Monaco,
      the “Sellers”), Countrywide Home Loans Servicing LP, as master servicer (the
“Master Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [Until
      this certificate has been the subject of an ERISA-Qualifying Underwriting,
      no
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, or (ii) in the
      case of any such Certificate presented for registration in the name of an
      employee benefit plan subject to ERISA or a plan or arrangement subject to
      Section 4975 of the Code (or comparable provisions of any subsequent
      enactments), a trustee of any such benefit plan or arrangement or any other
      person acting on behalf of any such benefit plan or arrangement, an Opinion
      of
      Counsel satisfactory to the Trustee to the effect that the purchase and holding
      of such Certificate will not result in a non-exempt prohibited transaction
      under
      Section 406 of ERISA or Section 4975 of the Code, and will not subject the
      Trustee or the Master Servicer to any obligation in addition to those undertaken
      in the Agreement, which Opinion of Counsel shall not be an expense of the
      Trustee, the Master Servicer or the Trust Fund.  Unless the transferee
      delivers the Opinion of Counsel described above, such representation shall
      be
      deemed to have been made to the Trustee by the Transferee’s acceptance of a
      Certificate of this Class and by a beneficial owner’s acceptance of its interest
      in a Certificate of this Class.  Notwithstanding anything else to the
      contrary herein, until such certificate has been the subject of an
      ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
      Class to, or to a person investing assets of, an employee benefit plan subject
      to ERISA or a plan or arrangement subject to Section 4975 of the Code without
      the opinion of counsel satisfactory to the Trustee as described above shall
      be
      void and of no effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *               *              *

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

               

              By
                ______________________

               

            

    

    

    Countersigned:

     

    By                                                                               
      

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [FORM
      OF
      SUBORDINATED CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
      ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF
      OF
      OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
      TRANSFER, OR (ii) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
      REPRESENTATION THAT THE TRANSFEREE IS PURCHASING SUCH CERTIFICATE WITH FUNDS
      CONTAINED IN AN  “INSURANCE COMPANY GENERAL ACCOUNT" AS SUCH TERM IS
      DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      95-60, AND THE 

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    PURCHASE
      AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS FOR EXEMPTIVE RELIEF
      UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION OF COUNSEL IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
      CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
      ABOVE SHALL BE VOID AND OF NO EFFECT.]

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance

              of
                this Certificate (“Denomination”)

            	
               

               

              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance

              of
                all Certificates of

              this
                Class

            	
               

               

              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [  ]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
      liens on one- to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                                
is the registered owner of the Percentage Interest evidenced by this
      Certificate (obtained by dividing the denomination of this Certificate by the
      aggregate Initial Certificate Balance of all Certificates of the Class to which
      this Certificate 

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    belongs)
      in certain monthly distributions with respect to a Trust Fund consisting
      primarily of the Mortgage Loans deposited by CWALT, Inc. (the
“Depositor”).  The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a
      seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
      together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
      Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Securities Act
      and any applicable state securities laws or is exempt from the registration
      requirements under said Act and such laws.  In the event that a
      transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such transfer and such
      Certificateholder’s prospective transferee shall each certify to the Trustee in
      writing the facts surrounding the transfer.  In the event that such a
      transfer is to be made within three years from the date of the initial issuance
      of Certificates pursuant hereto, there shall also be delivered (except in the
      case of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee
      an Opinion of Counsel that such transfer may be made pursuant to an exemption
      from the Securities Act and such state securities laws, which Opinion of Counsel
      shall not be obtained at the expense of the Trustee, the Sellers, the Master
      Servicer or the Depositor.  The Holder hereof desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.]

     

    [No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions 

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

    of
      any
      subsequent enactments), a trustee of any such benefit plan or arrangement or
      any
      other person acting on behalf of any such benefit plan or arrangement, an
      Opinion of Counsel satisfactory to the Trustee to the effect that the purchase
      and holding of such Certificate will not result in a prohibited transaction
      under Section 406 of ERISA or Section 4975 of the Code, and will not subject
the
      Trustee or the Master Servicer to any obligation in addition to those undertaken
      in the Agreement, which Opinion of Counsel shall not be an expense of the
      Trustee, the Master Servicer or the Trust Fund.  Notwithstanding
      anything else to the contrary herein, any purported transfer of a Certificate
      of
      this Class to or on behalf of an employee benefit plan subject to ERISA or
      a
      plan or arrangement subject to Section 4975 of the Code without the opinion
      of
      counsel satisfactory to the Trustee as described above shall be void and of
      no
      effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *           *          *

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

               

              By
                ______________________

               

            

    

    Countersigned:

     

    By                                                                            
       

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        B-6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-1

     

    [FORM
      OF
      RESIDUAL CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
      ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF
      OF
      OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
      TRANSFER, OR (ii) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
      REPRESENTATION THAT THE TRANSFEREE IS PURCHASING SUCH CERTIFICATE WITH FUNDS
      CONTAINED IN AN  “INSURANCE COMPANY GENERAL ACCOUNT" AS SUCH TERM IS
      DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      95-60, AND THE PURCHASE AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS
      FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION
      OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
      CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
      ABOVE SHALL BE VOID AND OF NO EFFECT.

     

    [THIS
      CERTIFICATE REPRESENTS THE “TAX MATTERS PERSON RESIDUAL INTEREST” ISSUED UNDER
      THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW AND MAY NOT BE TRANSFERRED
      TO ANY PERSON EXCEPT IN CONNECTION WITH THE ASSUMPTION BY THE TRANSFEREE OF
      THE
      DUTIES OF THE SERVICER UNDER SUCH AGREEMENT.]

     

    

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance

              of
                this Certificate 

              (“Denomination”)

            	
               

               

              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance

              of
                all Certificates of

              this
                Class

            	
               

               

              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

     

    Class
      A-R

     

    evidencing
      the distributions allocable to the Class A-R Certificates with respect to a
      Trust Fund consisting primarily of a pool of conventional mortgage loans (the
      “Mortgage Loans”) secured by first liens on one- to four-family residential
      properties

     

    CWALT,
      Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                   
      is the registered owner of the Percentage Interest (obtained by dividing the
      Denomination of this Certificate by the aggregate Initial Certificate Balance
      of
      all Certificates of the Class to which this Certificate belongs) in certain
      monthly distributions with respect to a Trust Fund consisting of the Mortgage
      Loans deposited by CWALT, Inc. (the 

     

     

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

     

    “Depositor”).  The
      Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
      as of
      the Cut-off Date specified above (the “Agreement”) among the Depositor,
      Countrywide Home Loans, Inc., as a seller (“CHL”), Park Granada LLC, as a seller
      (“Park Granada”), Park Monaco, Inc., as a seller (“Park Monaco”), and Park
      Sienna LLC, as a seller (“Park Sienna” and, together with CHL, Park Granada and
      Park Monaco, the “Sellers”), Countrywide Home Loans Servicing LP, as master
      servicer (the “Master Servicer”), and The Bank of New York, as
      trustee (the “Trustee”).  To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the
      Agreement.  This Certificate is issued under and is subject to the
      terms, provisions and conditions of the Agreement, to which Agreement the Holder
      of this Certificate by virtue of the acceptance hereof assents and by which
      such
      Holder is bound.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust Fund will
      be
      made only upon presentment and surrender of this Class A-R Certificate at the
      Corporate Trust Office or the office or agency maintained by the Trustee in
      New
      York, New York.

     

    No
      transfer of a Class A-R Certificate shall be made unless the Trustee shall
      have
      received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Class A-R Certificate to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.

     

    Each
      Holder of this Class A-R Certificate will be deemed to have agreed to be bound
      by the restrictions of the Agreement, including but not limited to the
      restrictions that (i) each person holding or acquiring any Ownership Interest
      in
      this Class A-R Certificate must be a Permitted Transferee, (ii) no Ownership
      Interest in this Class A-R Certificate may be transferred without 

     

     

    
      
        
        

      

      
        C-1-3

        
          

        

      

      
        
        

      

    

     

    delivery
      to the Trustee of (a) a transfer affidavit of the proposed transferee and (b)
      a
      transfer certificate of the transferor, each of such documents to be in the
      form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Class A-R Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Class A-R Certificate must agree not to transfer an Ownership
      Interest in this Class A-R Certificate if it has actual knowledge that the
      proposed transferee is not a Permitted Transferee and (v) any attempted or
      purported transfer of any Ownership Interest in this Class A-R Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *         *        *

     

    
      
        
        

      

      
        C-1-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

               

              By
                ______________________

               

            

    

    Countersigned:

     

    By
      ___________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        C-1-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-2

     

    [FORM
      OF
      CLASS P CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CLASS P CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES  TO THE
      EXTENT DESCRIBED HEREIN AND IN THE POOLING AND SERVICING AGREEMENT REFERRED
      TO
      HEREIN.

     

    THIS
      CLASS P CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY
      STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
      WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION
      THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE
      WITH
      THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
      TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
      ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF
      OF
      OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
      TRANSFER, OR (ii) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
      REPRESENTATION THAT THE TRANSFEREE IS PURCHASING SUCH CERTIFICATE WITH FUNDS
      CONTAINED IN AN  “INSURANCE COMPANY GENERAL ACCOUNT" AS SUCH TERM IS
      DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      95-60, AND THE PURCHASE AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS
      FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION
      OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR A PLAN 

     

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

     

    OR
      ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL
      SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO
      EFFECT.

     

    

    
      
        
        

      

      
        C-2-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance

              of
                this Certificate 

              (“Denomination”)

            	
               

               

              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balance

              of
                all Certificates of

              this
                Class

            	
               

               

              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    

     

    CWALT,
      INC.

    Alternative
      Loan Trust 200____-____

    Mortgage
      Pass-Through Certificates, Series 200____-____

     

    evidencing
      a percentage interest in the distributions allocable to the Class P Certificates
      with respect to a Trust Fund consisting primarily of a pool of conventional
      mortgage loans (the “Mortgage Loans”) secured by first and second liens on one-
      to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Master Servicer or the Trustee referred to
      below or any of their respective affiliates.  Neither this Certificate
      nor the Mortgage Loans are guaranteed or insured by any governmental agency
      or
      instrumentality.

     

    This
      certifies that __________________ is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the denomination
      of
      this Certificate by the aggregate Initial Notional Amount of all Certificates
      of
      the Class to which this Certificate belongs) in certain monthly distributions
      with respect to a Trust Fund consisting primarily of the Mortgage Loans
      deposited by CWALT, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, Countrywide Home
      Loans, Inc., as a seller (“CHL”), Park 

     

     

    
      
        
        

      

      
        C-2-3

        
          

        

      

      
        
        

      

    

     

    Granada
      LLC, as a seller (“Park Granada”), Park Monaco, Inc., as a seller (“Park
      Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and, together with
      CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide Home Loans
      Servicing LP, as master servicer (the “Master Servicer”), and The Bank of New
      York, as trustee (the “Trustee”).  To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the
      Agreement.  This Certificate is issued under and is subject to the
      terms, provisions and conditions of the Agreement, to which Agreement the Holder
      of this Certificate by virtue of the acceptance hereof assents and by which
      such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered at the close of business on the applicable Record Date in an
      amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Class P
      Certificates on such Distribution Date pursuant to Section 4.02 of the
      Agreement.  The Record Date applicable to each Distribution Date is
      the last Business Day of the month immediately preceding such Distribution
      Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall hold 100% of a Class of Regular
      Certificates or of Certificates with an aggregate Initial Certificate Balance
      of
      $1,000,000 or more, or, if not, by check mailed by first class mail to the
      address of such Certificateholder appearing in the Certificate
      Register.  The final distribution on each Certificate will be made in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location specified in the notice to
      Certificateholders of such final distribution.

     

    No
      transfer of a Class P Certificate shall be made unless such transfer is made
      pursuant to an effective registration statement under the Act and any applicable
      state securities laws or is exempt from the registration requirements under
      the
      Act and such laws.  In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee in writing the facts surrounding the
      transfer.  In the event that such a transfer is to be made within two
      years from the date of the initial issuance of Certificates, there shall also
      be
      delivered (except in the case of a transfer pursuant to Rule 144A of the
      Regulations promulgated pursuant to the Act) to the Trustee an Opinion of
      Counsel that such transfer may be made pursuant to an exemption from the Act
      and
      such state securities laws, which Opinion of Counsel shall not be obtained
      at
      the expense of the Trustee, the Master Servicer or the Depositor.  The
      Holder hereof desiring to effect such transfer shall, and does hereby agree
      to,
      indemnify the Trustee, the 

     

     

    
      
        
        

      

      
        C-2-4

        
          

        

      

      
        
        

      

    

     

    Certificate
      and the Depositor against any liability that may result if the transfer is
      not
      so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of a Class P Certificate shall be made unless the Trustee shall have
      received either (i) a representation letter from the transferee of a Class
      P
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      Class P Certificate has been the subject of an ERISA-Qualifying Underwriting
      and
      the transferee is an insurance company, a representation that the transferee
      is
      purchasing such Class P Certificate with funds contained in an “insurance
      company general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Class P Certificate satisfy the requirements for exemptive
      relief under Sections I and III of PTCE 95-60, or (iii) in the case of a Class
      P
      Certificate presented for registration in the name of an employee benefit plan
      subject to ERISA or a plan or arrangement subject to Section 4975 of the Code
      (or comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Class P Certificate to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.

     

    This
      Class P Certificate may not be pledged or used as collateral for any other
      obligation if it would cause any portion of the Trust Fund to be treated as
      a
      taxable mortgage pool under Section 7701(i) of the Code.

     

    Each
      Holder of this Class P Certificate will be deemed to have agreed to be bound
      by
      the transfer restrictions set forth in the Agreement and all other terms and
      provisions of the Agreement.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless the certificate of authentication hereon has been
      manually executed by an authorized officer of the Trustee.

     

    *            *           *

     

     

    
      
        
        

      

      
        C-2-5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

              By
                ______________________

              Name:

              Title:

               

            

    

    

     

    Countersigned:

     

    By
      ___________________________

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    
      
        
        

      

      
        C-2-6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-3

     

    [Reserved]

     

    

    
      
        
        

      

      
        C-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-4

     

     [FORM
      OF CLASS R-X CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NEITHER THIS CERTIFICATE NOR
      ANY
      INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE
      EITHER (A) A REPRESENTATION LETTER TO THE EFFECT THAT (i) SUCH TRANSFEREE IS
      NOT
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT
      OF 1974, AS AMENDED (“ERISA”), A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
      THE CODE, OR A PERSON ACTING ON BEHALF OF OR INVESTING THE ASSETS OF SUCH A
      BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (ii) IF SUCH CERTIFICATE
      HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE
      IS
      AN INSURANCE COMPANY, A REPRESENTATION THAT THE TRANSFEREE IS PURCHASING SUCH
      CERTIFICATE WITH FUNDS CONTAINED IN AN  “INSURANCE COMPANY GENERAL
      ACCOUNT" AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION
      CLASS
      EXEMPTION (“PTCE”) 95-60, AND THE PURCHASE AND HOLDING OF THE CERTIFICATE
      SATISFY THE REQUIREMENTS FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF PTCE
      95-60, OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
      AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE
      CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
      OF
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT
      TO
      SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
      TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

     

    

    
      
        
        

      

      
        C-4-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              100%

            
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      R-X

     

    evidencing
      the distributions allocable to the Class R-X Certificates with respect to a
      Trust Fund consisting primarily of a pool of conventional mortgage loans (the
      “Mortgage Loans”) secured by first liens on one- to four-family residential
      properties

     

    CWALT,
      INC., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Sellers, the Master Servicer or the Trustee referred to
      below
      or any of their respective affiliates.  Neither this Certificate nor
      the Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that                  is
      the registered owner of
      the Percentage Interest (obtained by dividing the Denomination of this
      Certificate by the aggregate Initial Certificate Balance of all Certificates
      of
      the Class to which this Certificate belongs) in certain monthly distributions
      with respect to a Trust Fund consisting of the Mortgage Loans deposited by
      CWALT, INC. (the “Depositor”).  The Trust Fund was created pursuant to
      a Pooling and Servicing Agreement dated as of the Cut-off Date specified above
      (the “Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
      (a “Seller”), Park Granada LLC, as a seller (a “Seller”), Park Monaco Inc., as a
      seller (a “Seller”), Park Sienna LLC, as a seller (a “Seller”), Countrywide Home
      Loans Servicing LP, as master servicer (the “Master Servicer”) and The Bank of
      New York, as trustee (the “Trustee”).  To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement.  This Certificate is issued under and is subject to the
      terms, provisions and conditions of the Agreement, to which Agreement the Holder
      of this Certificate by virtue of the acceptance hereof assents and by which
      such
      Holder is bound.

     

    
      
        
        

      

      
        C-4-2

        
          

        

      

      
        
        

      

    

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Securities Act
      and any applicable state securities laws or is exempt from the registration
      requirements under said Act and such laws.  In the event that a
      transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such transfer and such
      Certificateholder’s prospective transferee shall each certify to the Trustee in
      writing the facts surrounding the transfer.  In the event that such a
      transfer is to be made within three years from the date of the initial issuance
      of Certificates pursuant hereto, there shall also be delivered (except in the
      case of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee
      an Opinion of Counsel that such transfer may be made pursuant to an exemption
      from the Securities Act and such state securities laws, which Opinion of Counsel
      shall not be obtained at the expense of the Trustee, the Seller, the Master
      Servicer or the Depositor.  The Holder hereof desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of a Class R-X Certificate shall be made unless the Trustee shall
      have
      received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
      certificate has been the subject of an ERISA-Qualifying Underwriting and the
      transferee is an insurance company, a representation that the transferee is
      purchasing such Certificate with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60, or (iii) in the case of any such Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), a trustee of any such
      benefit plan or arrangement or any other person acting on behalf of any such
      benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
      to the effect that the purchase and holding of such Certificate will not result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code, and will not subject the Trustee or the Master Servicer to any obligation
      in addition to those undertaken in the Agreement, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Master Servicer or the Trust
      Fund.  Notwithstanding anything else to the contrary herein, any
      purported transfer of a Class R-X Certificate to or on behalf of an employee
      benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
      of the Code without the opinion of counsel satisfactory to the Trustee as
      described above shall be void and of no effect.

     

    Each
      Holder of this Class R-X Certificate will be deemed to have agreed to be bound
      by the restrictions of the Agreement, including but not limited to the
      restrictions that (i) each person holding or acquiring any Ownership Interest
      in
      this Class R-X Certificate must be a Permitted Transferee, (ii) no Ownership
      Interest in this Class R-X Certificate may be transferred without delivery
      to
      the Trustee of (a) a transfer affidavit of the proposed transferee and (b)
      a
      transfer certificate of the transferor, each of such documents to be in the
      form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Class R-X Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Class R-X Certificate must agree not to transfer an Ownership
      Interest in this Class R-X Certificate if it has actual knowledge that the
      proposed transferee is not a 

     

     

    
      
        
        

      

      
        C-4-3

        
          

        

      

      
        
        

      

    

    Permitted
      Transferee and (v) any attempted or purported transfer of any Ownership Interest
      in this Class R-X Certificate in violation of such restrictions will be
      absolutely null and void and will vest no rights in the purported
      transferee.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *               *              *

     

     

    
      
        
        

      

      
        C-4-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

              By
                ______________________

               

            

    

    Countersigned:

     

    By                                                                                
      

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

    

    

    
      
        
        

      

      
        C-4-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

    [FORM
      OF
      NOTIONAL AMOUNT CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTION
      IN
      RESPECT OF PRINCIPAL.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
      EFFECT THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ASSETS OF, AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE,
      OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.  SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN
      MADE TO THE TRUSTEE BY THE TRANSFEREE’S ACCEPTANCE OF A CERTIFICATE OF THIS
      CLASS AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN A CERTIFICATE OF
      THIS CLASS. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL THIS
      CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO, OR A PERSON INVESTING ASSETS OF,
      AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO
      SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
      TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

     

    

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off
                Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Notional Amount 

              of
                this Certificate 

              (“Denomination”)

            	
               

               

              :
                

            	
               

               

              $

            
	 	 	 
	
              Initial
                Notional Amount 

              of
                all Certificates 

              of
                this Class

            	
               

               

              :
                

            	
               

               

              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Interest
                Only

            
	 	 	 

    

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      [  ]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
      liens on one- to four-family residential properties

     

    CWALT,
      Inc., as Depositor

     

    The
      Notional Amount of this certificate at any time, may be less than the Notional
      Amount as set forth herein.  This Certificate does not evidence an
      obligation of, or an interest in, and is not guaranteed by the Depositor, the
      Sellers, the Master Servicer or the Trustee referred to below or any of their
      respective affiliates.  Neither this Certificate nor the Mortgage
      Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Notional Amount of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by CWALT, Inc. (the
      “Depositor”).  The Trust Fund was created 

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    pursuant
      to a Pooling and Servicing Agreement dated as of the Cut-off Date specified
      above (the “Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a
      seller (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco,
      Inc., as a seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park
      Sienna” and, together with CHL, Park Granada and Park Monaco, the “Sellers”),
      Countrywide Home Loans Servicing LP, as master servicer (the “Master
      Servicer”), and The Bank of New York, as trustee (the
“Trustee”).  To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [Until
      this certificate has been the subject of an ERISA-Qualifying Underwriting,
      no
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or a plan or arrangement subject to Section
      4975
      of the Code, or a person acting on behalf of or investing plan assets of any
      such benefit plan or arrangement, which representation letter shall not be
      an
      expense of the Trustee, the Master Servicer or the Trust Fund, or (ii) in the
      case of any such Certificate presented for registration in the name of an
      employee benefit plan subject to ERISA or a plan or arrangement subject to
      Section 4975 of the Code (or comparable provisions of any subsequent
      enactments), a trustee of any such benefit plan or arrangement or any other
      person acting on behalf of any such benefit plan or arrangement, an Opinion
      of
      Counsel satisfactory to the Trustee to the effect that the purchase and holding
      of such Certificate will not result in a non-exempt prohibited transaction
      under
      Section 406 of ERISA or Section 4975 of the Code, and will not subject the
      Trustee or the Master Servicer to any obligation in addition to those undertaken
      in the Agreement, which Opinion of Counsel shall not be an expense of the
      Trustee, the Master Servicer or the Trust Fund.  When the transferee
      delivers the Opinion of Counsel described above, such representation shall
      be
      deemed to have been made to the Trustee by the Transferee’s acceptance of a
      Certificate of this Class and by a beneficial owner’s acceptance of its interest
      in a Certificate of this Class.  Notwithstanding anything else to the
      contrary herein, until such certificate has been the subject of an
      ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
      Class to, or a person investing assets of, an employee benefit plan subject
      to
      ERISA or a plan or arrangement subject to Section 4975 of the Code without
      the
      opinion of counsel satisfactory to the Trustee as described above shall be
      void
      and of no effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    *       *       *

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

               

               

               

              By
                ______________________

               

            

    

    Countersigned:

     

    By                                                                         
            

    Authorized
      Signatory of

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    [FORM
      OF]
      REVERSE OF CERTIFICATES

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      CWALT, Inc. Mortgage Pass-Through Certificates, of the Series specified on
      the
      face hereof (herein collectively called the “Certificates”), and representing a
      beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such day is not a Business Day, the Business Day immediately
      following (the “Distribution Date”), commencing on the first Distribution Date
      specified on the face hereof, to the Person in whose name this Certificate
      is
      registered at the close of business on the applicable Record Date in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to Holders of Certificates of the
      Class to which this Certificate belongs on such Distribution Date pursuant
      to
      the Agreement.  The Record Date applicable to each Distribution Date
      is the last Business Day of the month next preceding the month of such
      Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register.  The final distribution on each Certificate will
      be made in like manner, but only upon presentment and surrender of such
      Certificate at the Corporate Trust Office or such other location specified
      in
      the notice to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer and the 

     

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    Trustee
      with the consent of the Holders of Certificates affected by such amendment
      evidencing the requisite Percentage Interest, as provided in the
      Agreement.  Any such consent by the Holder of this Certificate shall
      be conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange therefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate.  The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the Corporate Trust Office or the office or agency maintained by the Trustee
      in
      New York, New York, accompanied by a written instrument of transfer in form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      Fund will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement.  As provided in the
      Agreement and subject to certain limitations therein set forth, Certificates
      are
      exchangeable for new Certificates of the same Class in authorized denominations
      and evidencing the same aggregate Percentage Interest, as requested by the
      Holder surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Master Servicer, the Sellers and the Trustee and any agent of
      the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and neither the Depositor,
      the
      Trustee, nor any such agent shall be affected by any notice to the
      contrary.

     

    On
      any
      Distribution Date on which the Pool Stated Principal Balance is less than or
      equal to 10% of the Cut-off Date Pool Principal Balance,
      the Master Servicer will have the option, subject to the limitations set forth
      in the Agreement, to repurchase, in whole, from the Trust Fund all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement.  In the event
      that no such optional termination occurs, the obligations and responsibilities
      created by the Agreement will terminate upon the later of the maturity or other
      liquidation (or any advance with respect thereto) of the last Mortgage Loan
      remaining in the Trust Fund or the disposition of all property in respect
      thereof and the distribution to Certificateholders of all amounts required
      to be
      distributed pursuant to the Agreement.  In no event, however, will the
      trust created by the Agreement continue beyond the 

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    expiration
      of 21 years from the death of the last survivor of the descendants living at
      the
      date of the Agreement of a certain person named in the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

     

    
      
        

        ASSIGNMENT

         

         

        
          	     FOR
                  VALUE
                  RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  unto
                  ____________________________________________________________________
	 ____________________________________________________________________________________________________________________________________________
	 ____________________________________________________________________________________________________________________________________________
	
                  (Please
                    print or typewrite name and address including postal zip code
                    of
                    assignee)

                
	 
	
                  the
                    Percentage Interest evidenced by the within Certificate and hereby
                    authorizes the transfer of registration of such Percentage Interest
                    to
                    assignee on the Certificate 

                  Register
                    of the Trust Fund.

                   

                
	
                       I
                    (We)
                    further direct the Trustee to issue a new Certificate of a like
                    denomination and Class, to the above named assignee and deliver
                    such
                    Certificate to the 

                  following
                    address:

                
	
                   

                

        

        
           

          
            
              	  	 
	 	 
	 Dated:	 

            

          

           

           

        

        
          
            	 	 
	 	 Signature
                    by or on behalf of assignor
	 	 

          

        

         

         

        DISTRIBUTION
          INSTRUCTIONS

         

         

        
          	     The
                  assignee should include the following for purposes of
                  distribution:
	 
	     Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  funds to,
                  _________________________________________________________________
	 ____________________________________________________________________________________________________________________________________________
	
                  ____________________________________________________________________________________________________________________________________________,

                
	
                  for
                    the account
                    of ______________________________________________________________________________________________________________________________,

                
	
                  account
                    number                                                        
                    , or, if mailed by check,
                    to ___________________________________________________________________________________.

                
	Applicable
                  statements should be mailed
                  to ___________________________________________________________________________________________________________,
	 ____________________________________________________________________________________________________________________________________________
	 ____________________________________________________________________________________________________________________________________________.
	
                   

                      This
                    information is provided
                    by ______________________________________________________________________________________________________________,

                
	the
                  assignee named above,
                  or _____________________________________________________________________________________________________________________,
	 
	
                      as
                    its
                    agent.

                

        

         

      

    

     

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

    
       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

    

     

    On
      the
      _____day of ___________________, 20__ before me, a notary public in and for
      said
      State, personally appeared _____________________________________, known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	
               

              _____________________________________________

              Notary
                Public

               

            

    

    

     [Notarial
      Seal]

     

    
      
        
        

      

      
        E-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-1

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    ___________________

    ___________________

    

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
                Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                Home Loans Servicing LP, as Master Servicer, and The Bank of New York,
                as Trustee, Mortgage Pass-Through Certificates, Series
                200_-_

            

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that, as to each Initial Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Initial Mortgage Loan paid in full or listed
      on
      the attached schedule) it has received:

     

    (i)  (a)
      the original Mortgage Note endorsed in the following form:  “Pay to
      the order of __________, without recourse” or (b) with respect to any Lost
      Mortgage Note, a lost note affidavit from Countrywide stating that the original
      Mortgage Note was lost or destroyed; and

     

    (ii)  a
      duly executed assignment of the Mortgage (which may be included in a blanket
      assignment or assignments).

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement.  

     

    
      
        
        

      

      
        F-1-1

        
          

        

      

      
        
        

      

    

     

    The
      Trustee makes no representations as to:  (i) the validity, legality,
      sufficiency, enforceability or genuineness of any of the documents contained
      in
      each Mortgage File of any of the Initial Mortgage Loans identified on the
      Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness
      or suitability of any such Initial Mortgage Loan.

     

    
      
        
        

      

      
        F-1-2

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	 	
              THE
                BANK OF NEW YORK,

                  as
                Trustee

               

               

              By:                                                                     

              Name:

              Title:

               

            

    

     

    
      
        
        

      

      
        F-1-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-2

     

    [Reserved]

     

    
      
        
        

      

      
        F-2--1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      G-1

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

     

    _____________________

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
                Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                Home Loans Servicing LP, as Master Servicer, and The Bank of New York,
                as Trustee, Mortgage Pass-Through Certificates, Series
                200_-_

            

    

    

    Gentlemen:

     

    Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto (the “Schedule A”),
      delivered by the undersigned, as Trustee, on the Closing Date in accordance
      with
      Section 2.02 of the above-captioned Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”).  The undersigned hereby certifies
      that, as to each Delay Delivery Initial Mortgage Loan listed on Schedule A
      attached hereto (other than any Initial Mortgage Loan paid in full or listed
      on
      Schedule B attached hereto) it has received:

     

    
      	
              (i)  

            	
              the
                original Mortgage Note, endorsed by Countrywide or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to Countrywide, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                Countrywide, stating that the original Mortgage Note was lost or
                destroyed, together with a copy of the related Mortgage
                Note;

            

    

     

    
      	
              (ii)  

            	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan,
                the original recorded Mortgage, [and in the case of each Initial
                Mortgage
                Loan that is a MERS Mortgage Loan, the original Mortgage, noting
                thereon
                the presence of 

            

    

     

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    
       

      
        	
                 

              	
                the
                  MIN of the Initial Mortgage Loan and language indicating that the
                  Initial
                  Mortgage Loan is a MOM Loan if the Initial Mortgage Loan is a MOM
                  Loan,
                  with evidence of recording indicated thereon, or a copy of the
                  Mortgage
                  certified by the public recording office in which such Mortgage
                  has been
                  recorded];

              

      

       

    

    
      	
              (iii)  

            	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan, a
                duly executed assignment of the Mortgage to “The Bank of New York, as
                trustee under the Pooling and Servicing Agreement dated as of [month]
                1,
                2004, without recourse”, or, in the case of each Initial Mortgage Loan
                with respect to property located in the State of California that
                is not a
                MERS Mortgage Loan, a duly executed assignment of the Mortgage in
                blank
                (each such assignment, when duly and validly completed, to be in
                recordable form and sufficient to effect the assignment of and transfer
                to
                the assignee thereof, under the Mortgage to which such assignment
                relates);

            

    

     

    
      	
              (iv)  

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

            

    

     

    
      	
              (v)  

            	
              the
                original or copies of each assumption, modification, written assurance
                or
                substitution agreement, if any, with evidence of recording thereon
                if
                recordation thereof is permissible under applicable law;
                and

            

    

     

    
      	
              (vi)  

            	
              the
                original or duplicate original lender’s title policy or a printout of the
                electronic equivalent and all riders thereto or, in the event such
                original title policy has not been received from the insurer, any
                one of
                an original title binder, an original preliminary title report or
                an
                original title commitment, or a copy thereof certified by the title
                company, with the original policy of title insurance to be delivered
                within one year of the Closing
                Date.

            

    

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      Countrywide cannot deliver the original recorded Mortgage or all interim
      recorded assignments of the Mortgage satisfying the requirements of clause
      (ii),
      (iii) or (iv), as applicable, the Trustee has received, in lieu thereof, a
      true
      and complete copy of such Mortgage and/or such assignment or assignments of
      the
      Mortgage, as applicable, each certified by Countrywide, the applicable title
      company, escrow agent or attorney, or the originator of such Initial Mortgage
      Loan, as the case may be, to be a true and complete copy of the original
      Mortgage or assignment of Mortgage submitted for recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Initial Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
      Article I of the Pooling and Servicing Agreement accurately reflects information
      set forth in the Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and 

     

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

     

    Servicing
      Agreement.  The Trustee makes no representations as
      to:  (i) the validity, legality, sufficiency, enforceability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Initial Mortgage Loans identified on the [Mortgage Loan Schedule][Loan
      Number and Borrower Identification Mortgage Loan Schedule] or (ii) the
      collectibility, insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    
      
        
        

      

      
        G-1-3

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	 	
              THE
                BANK OF NEW YORK,

                  as
                Trustee

               

               

              By:                                                                     

              Name:

              Title:

               

            

    

     

     

    
      
        
        

      

      
        G-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    [Reserved]

     

    

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H-1

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

    _____________________

                                           

                                           

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among CWALT, Inc., as Depositor, Countrywide
                Home
                Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
                Park Monaco, Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
                Home Loans Servicing LP, as Master Servicer, and The Bank of New York,
                as Trustee, Mortgage Pass-Through Certificates, Series
                200_-_

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that as to each Initial Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Initial Mortgage Loan paid in full or listed
      on
      the attached Document Exception Report) it has received:

     

    
      	
              (i)  

            	
              the
                original Mortgage Note, endorsed by Countrywide or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to Countrywide, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                Countrywide, stating that the original Mortgage Note was lost or
                destroyed, together with a copy of the related Mortgage
                Note;

            

    

     

    
      	
              (ii)  

            	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan,
                the original recorded Mortgage, [and in the case of each Initial
                Mortgage
                Loan that is 

               

            

    

     

    
      
        
        

      

      
        H-1-1

        
          

        

      

      
        
        

      

    

    
       

      
        	
                  

              	
                a
                  MERS Mortgage Loan, the original Mortgage, noting thereon the presence
                  of
                  the MIN of the Mortgage Loan and language indicating that the Mortgage
                  Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence
                  of
                  recording indicated thereon, or a copy of the Mortgage certified
                  by the
                  public recording office in which such Mortgage has been
                  recorded];

              

      

       

    

    
      	
              (iii)  

            	
              in
                the case of each Initial Mortgage Loan that is not a MERS Mortgage
                Loan, a
                duly executed assignment of the Mortgage to “The Bank of New York, as
                trustee under the Pooling and Servicing Agreement dated as of [month]
                1,
                2004, without recourse”, or, in the case of each Initial Mortgage Loan
                with respect to property located in the State of California that
                is not a
                MERS Mortgage Loan, a duly executed assignment of the Mortgage in
                blank
                (each such assignment, when duly and validly completed, to be in
                recordable form and sufficient to effect the assignment of and transfer
                to
                the assignee thereof, under the Mortgage to which such assignment
                relates);

            

    

     

    
      	
              (iv)  

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

            

    

     

    
      	
              (v)  

            	
              the
                original or copies of each assumption, modification, written assurance
                or
                substitution agreement, if any, with evidence of recording thereon
                if
                recordation thereof is permissible under applicable law;
                and

            

    

     

    
      	
              (vi)  

            	
              the
                original or duplicate original lender’s title policy or a printout of the
                electronic equivalent and all riders thereto or, in the event such
                original title policy has not been received from the insurer, any
                one of
                an original title binder, an original preliminary title report or
                an
                original title commitment, or a copy thereof certified by the title
                company, with the original policy of title insurance to be delivered
                within one year of the Closing
                Date.

            

    

     

    In
      the
      event that in connection with any Initial Mortgage Loan that is not a MERS
      Mortgage Loan Countrywide cannot deliver the original recorded Mortgage or
      all
      interim recorded assignments of the Mortgage satisfying the requirements of
      clause (ii), (iii) or (iv), as applicable, the Trustee has received, in lieu
      thereof, a true and complete copy of such Mortgage and/or such assignment or
      assignments of the Mortgage, as applicable, each certified by Countrywide,
      the
      applicable title company, escrow agent or attorney, or the originator of such
      Initial Mortgage Loan, as the case may be, to be a true and complete copy of
      the
      original Mortgage or assignment of Mortgage submitted for
      recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Initial Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi),
      (viii), (xi) and (xiv) of the definition of the 

     

     

    
      
        
        

      

      
        H-1-2

        
          

        

      

      
        
        

      

    

     

    “Mortgage
      Loan Schedule” in Article I of the Pooling and Servicing Agreement accurately
      reflects information set forth in the Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and Servicing Agreement.  The Trustee makes no representations
      as to:  (i) the validity, legality, sufficiency, enforceability
      or genuineness of any of the documents contained in each Mortgage File of any
      of
      the Initial Mortgage Loans identified on the [Mortgage Loan Schedule][Loan
      Number and Borrower Identification Mortgage Loan Schedule] or (ii) the
      collectibility, insurability, effectiveness or suitability of any such Initial
      Mortgage Loan.

     

    
      
        
        

      

      
        H-1-3

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	 	
              THE
                BANK OF NEW YORK,

                  as
                Trustee

               

               

              By:                                                                     

              Name:

              Title:

               

            

    

     

     

     

    
      
        
        

      

      
        H-1-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H-2

     

    [Reserved]

     

    
      
        
        

      

      
        H-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    [FORM
      OF]
      TRANSFER AFFIDAVIT

     

    CWALT,
      Inc.

    Mortgage
      Pass-Through Certificates

    Series
      200_-_

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1.           The
      undersigned is an officer of
                          ,
      the proposed Transferee of an Ownership Interest in a Class A-R Certificate
      (the
“Certificate”) issued pursuant to the Pooling and Servicing Agreement, dated as
      of _________ __, 2___ (the “Agreement”), by and among CWALT, Inc., as depositor
      (the “Depositor”), Countrywide Home Loans, Inc. (the “Company”), as a Seller,
      Park Granada LLC, as a Seller, Park Monaco, Inc., as a Seller, Park Sienna
      LLC,
      as a Seller (and together with the Company, Park Granada and Park Monaco, the
      “Sellers”), Countrywide Home Loans Servicing LP, as Master Servicer and The Bank
      of New York, as Trustee.  Capitalized terms used, but not defined
      herein or in Exhibit 1 hereto, shall have the meanings ascribed to such terms
      in
      the Agreement.  The Transferee has authorized the undersigned to make
      this affidavit on behalf of the Transferee.

     

    2.           The
      Transferee is not an employee benefit plan that is subject to Title I of ERISA
      or to section 4975 of the Internal Revenue Code of 1986, nor is it acting on
      behalf of or with plan assets of any such plan. The Transferee is, as of the
      date hereof, and will be, as of the date of the Transfer, a Permitted
      Transferee.  The Transferee will endeavor to remain a Permitted
      Transferee for so long as it retains its Ownership Interest in the
      Certificate.  The Transferee is acquiring its Ownership Interest in
      the Certificate for its own account.

     

    3.           The
      Transferee has been advised of, and understands that (i) a tax will be imposed
      on Transfers of the Certificate to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such Transfer is through
      an agent (which includes a broker, nominee or middleman) for a Person that
      is
      not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
      for the tax shall be relieved of liability for the tax if the subsequent
      Transferee furnished to such Person an affidavit that such subsequent Transferee
      is a Permitted Transferee and, at the time of Transfer, such Person does not
      have actual knowledge that the affidavit is false.

     

    4.           The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an 

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    interest
      in such entity.  The Transferee understands that such tax will not be
      imposed for any period with respect to which the record holder furnishes to
      the
      pass-through entity an affidavit that such record holder is a Permitted
      Transferee and the pass-through entity does not have actual knowledge that
      such
      affidavit is false.  (For this purpose, a “pass-through entity”
includes a regulated investment company, a real estate investment trust or
      common trust fund, a partnership, trust or estate, and certain cooperatives
      and,
      except as may be provided in Treasury Regulations, persons holding interests
      in
      pass-through entities as a nominee for another Person.)

     

    5.           The
      Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
      (attached hereto as Exhibit 2 and incorporated herein by reference) and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificate including, without limitation, the restrictions on subsequent
      Transfers and the provisions regarding voiding the Transfer and mandatory
      sales.  The Transferee expressly agrees to be bound by and to abide by
      the provisions of Section 5.02(c) of the Agreement and the restrictions noted
      on
      the face of the Certificate.  The Transferee understands and agrees
      that any breach of any of the representations included herein shall render
      the
      Transfer to the Transferee contemplated hereby null and void.

     

    6.           The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee.  In connection
      with any such Transfer by the Transferee, the Transferee agrees to deliver
      to
      the Trustee a certificate substantially in the form set forth as Exhibit J-1
      to
      the Agreement (a “Transferor Certificate”) to the effect that such Transferee
      has no actual knowledge that the Person to which the Transfer is to be made
      is
      not a Permitted Transferee.

     

    7.           The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the Class A-R
      Certificates.

     

    8.           The
      Transferee’s taxpayer identification number is ______________.

     

    9.           The
      Transferee is a U.S. Person as defined in Code section
      7701(a)(30) and, unless the Transferor (or any subsequent
      transferor) expressly waives such requirement, will not cause income from the
      Certificate to be attributable to a foreign permanent establishment or fixed
      base (within the meaning of an applicable income tax treaty) of the Transferee
      or another U.S. taxpayer.

     

    10.           The
      Transferee is aware that the Class A-R Certificates may be “noneconomic residual
      interests” within the meaning of Treasury Regulation Section 1.860E-1(c) and
      that the transferor of a noneconomic residual interest will remain liable for
      any taxes due with respect to the income on such residual interest, unless
      no
      significant purpose of the transfer was to impede the assessment or collection
      of tax.  In addition, as the Holder of a

     

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

     

     noneconomic
      residual interest, the Transferee may incur tax liabilities in excess of any
      cash flows generated by the interest and the Transferee hereby represents that
      it intends to pay taxes associated with holding the residual interest as they
      become due.

     

    11.           The
      Transferee has provided financial statements or other financial information
      requested by the Transferor in connection with the transfer of the Certificate
      to permit the Transferor to assess the financial capability of the Transferee
      to
      pay such taxes.  The Transferee historically has paid its debts as
      they have come due and intends to pay its debts as they come due in the
      future.

    

    12.           Unless
      the Transferor (or any subsequent transferor) expressly waives such requirement,
      the Transferee (and any subsequent transferee) certifies (or will certify),
      respectively, that the transfer satisfies either the “Asset Test” imposed by
      Treasury Regulation    § 1.860E-1(c)(5) or the “Formula
      Test” imposed by Treasury Regulation § 1.860E-1(c)(7). 

    

    *           *           *

     

    
      
        
        

      

      
        I-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf by its duly authorized officer, this_____ day of ___________,
      2___.

     

    
      	 	
              ____________________________

              PRINT
                NAME OF TRANSFEREE

               

               

              By:                                                                     

              Name:

              Title:

               

            

    

    

    [Corporate
      Seal]

     

    ATTEST:

     

                                                          

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named
                    
, known or proved to me to be the same person who executed the foregoing
      instrument and to be the
                             
      of the Transferee, and acknowledged that he executed the same as his free act
      and deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this      day of
         ,
      20  .

     

    
      	 	
              _____________________________

              NOTARY
                PUBLIC

               

               

              My
                Commission expires the

              ___
                day of ____________, 20__

               

            

    

    

    
      
        
        

      

      
        I-4

        
          

        

      

      
        
        

      

    

    WAIVER
      OF
      REQUIREMENT THAT TRANSFEREE CERTIFIES TRANSFER OF CERTIFICATE SATISFIES CERTAIN
      REGULATORY “SAFE HARBORS”

     

    The
      Transferor hereby waives the requirement that the Transferee certify that the
      transfer of the Certificate satisfies either the “Asset Test” imposed by
      Treasury Regulation § 1.860E-1(c)(5) or the “Formula Test” imposed by
      Treasury Regulation § 1.860E-1(c)(7). 

     

    
      	 	
              CWALT,
                INC.

               

               

              By:      ________________________________

              Name:

              Title:

               

            

    

    

    

    
      
        
        

      

      
        I-5

        
          

        

      

      
        
        

      

    

    

     

    

    

    EXHIBIT
      1
      to

    EXHIBIT
      I

     

    Certain
      Definitions

     

    “Asset
      Test”: A transfer satisfies the Asset Test if: (i) At
      the time of the transfer, and
      at the close of each of the transferee's two fiscal years preceding the
      transferee's fiscal year of transfer, the transferee's gross assets for
      financial reporting purposes exceed $100 million and its net assets for
      financial reporting purposes exceed $10 million. The gross assets and net assets
      of a transferee do not include any obligation of any “related person” or any
      other asset if a principal purpose for holding or acquiring the other asset
      is
      to permit the transferee to satisfy such monetary conditions; (ii) The
      transferee must be
      an “eligible corporation” and must agree in writing that any subsequent transfer
      of the interest will be to another eligible corporation in a transaction that
      satisfies paragraphs 9 through 11 of this Transfer Affidavit and the Asset
      Test.
      A transfer fails to meet the Asset Test if the transferor knows, or has reason
      to know, that the transferee will not honor the restrictions on subsequent
      transfers of the Certificate; and (iii) A
      reasonable person would not conclude, based on the facts
      and circumstances known to the transferor on or before the date of the transfer,
      that the taxes associated with the Certificate will not be paid. The
      consideration given to the transferee to acquire the Certificate is only one
      factor to be considered, but the transferor will be deemed to know that the
      transferee cannot or will not pay if the amount of consideration is so low
      compared to the liabilities assumed that a reasonable person would conclude
      that
      the taxes associated with holding the Certificate will not be
      paid.  For purposes of applying the Asset Test, (i) an “eligible
      corporation” means any
      domestic C corporation (as defined in section 1361(a)(2) of the Code) other
      than (A) a
      corporation which is exempt from, or is not subject to, tax under section 11
      of
      the Code, (B) an
      entity described in section 851(a) or 856(a) of the Code, (C) A
      REMIC, or (D) an
      organization to
      which part I of subchapter T of chapter 1 of subtitle A of the Code applies;
      (ii) a
“related
      person” is any person that (A) bears
      a relationship to the transferee enumerated in section
      267(b) or 707(b)(1) of the Code, using “20 percent” instead of “50 percent”
where it appears under the provisions, or (B) is
      under common
      control (within the meaning of section 52(a) and (b)) with the transferee.
      

     

    “Formula
      Test”: A transfer satisfies the formula test if the present value of the
      anticipated tax liabilities associated with holding the Certificate does not
      exceed the sum of
      (i) the present value of any consideration
      given to the
      transferee to acquire the Certificate; (ii)
the
      present value of the expected future distributions
      on the Certificate; and (iii) the
      present value of the anticipated tax savings associated
      with holding the Certificate as the issuing REMIC generates
      losses.  For
      purposes of applying the Formula Test: (i) The
      transferee is assumed to pay tax at a rate equal to the
      highest rate of tax specified in section 11(b)(1) of the Code. If the transferee
      has been subject to the alternative minimum tax under section 55 of the Code
      in
      the preceding two years and will compute its taxable income in the current
      taxable year using the alternative minimum tax rate, then the tax rate specified
      in section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in section 11(b)(1) of the Code; (ii)
The
      transfer must satisfy paragraph 9 of the Transfer
      Affidavit; and (iii) Present
      values are computed using a 

     

     

    
      
        
        

      

      
        I-6

        
          

        

      

      
        
        

      

    

     

    discount
      rate equal to the Federal short-term rate prescribed by section 1274(d) of
      the
      Code for the month of the transfer and the compounding period used by the
      taxpayer.

     

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

     

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

     

    “Person”:  Any
      individual, corporation, limited liability company, partnership, joint venture,
      bank, joint stock company, trust (including any beneficiary thereof),
      unincorporated organization or government or any agency or political subdivision
      thereof.

     

    “Transfer”:  Any
      direct or indirect transfer or sale of any Ownership Interest in a Certificate,
      including the acquisition of a Certificate by the Depositor.

     

    “Transferee”:  Any
      Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    
      
        
        

      

      
        I-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      2
      to

    EXHIBIT
      I

     

    Section
      5.02(c) of the Agreement

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        I-8

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    
      
        
        

      

      
        I-9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-1

     

    [FORM
      OF]
      TRANSFEROR CERTIFICATE

    (RESIDUAL)

     

    
      	 	
              _____________________

              Date

               

            

    

    

    CWALT,
      Inc.

    4500
      Park
      Granada

    Calabasas,
      California 91302

    Attention:    Josh
      Adler

     

    The
      Bank
      of New York

    101
      Barclay Street – 4W

    New
      York,
      New York 10286

    

    Attention:          Mortgage-Backed
      Securities Group

    Series
      200_-_

    Re:    CWALT,
      Inc. Mortgage Pass-Through Certificates,

    Series
      200_-_,
      Class                                          

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that to
      the
      extent we are disposing of a Class A-R Certificate, we have no knowledge the
      Transferee is not a Permitted Transferee.

     

    
      	 	
              Very
                truly yours,

               

              _______________________________                                                    

              Print
                Name of Transferor

              By:                    
                                                                               

              Authorized
                Officer

               

            

    

    

    
      
        
        

      

      
        J-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-2

     

    [FORM
      OF]
      TRANSFEROR CERTIFICATE

    (PRIVATE)

     

    
      	 	
              _____________________

              Date

               

            

    

    CWALT,
      Inc.

    4500
      Park
      Granada

    Calabasas,
      California 91302

    Attention:       Josh
      Adler

     

    The
      Bank
      of New York

    101
      Barclay Street – 4W

    New
      York,
      New York 10286

    

    Attention:          Mortgage-Backed
      Securities Group

    Series
      200_-_

    Re:  CWALT,
      Inc. Mortgage Pass-Through Certificates,

    Series
      200_-_,
      Class                                          

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the
      Act.

     

    
      	 	
              Very
                truly yours,

               

              ________________________

              Print
                Name of Transferor

               

              By: ______________________________________                                                               

                          Authorized
                Officer

            

    

     

     

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      K

     

    [FORM
      OF]
      INVESTMENT LETTER (NON-RULE 144A)

     

    
      	 	
              _____________________

              Date

               

            

    

    CWALT,
      Inc.

    4500
      Park
      Granada

    Calabasas,
      California 91302

    Attention:    Josh
      Adler

     

    The
      Bank
      of New York

    101
      Barclay Street – 4W

    New
      York,
      New York 10286

    

    Attention:          Mortgage-Backed
      Securities Group

    Series
      200_-_

     

    
      	
               

            	
              Re:

            	
              CWALT,
                Inc. Mortgage Pass-Through
                Certificates,

            

    

    Series
      200_-_,
      Class                                          

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Regulation D under the Act, and have such knowledge and experience
      in financial and business matters that we are capable of evaluating the merits
      and risks of investments in the Certificates, (c) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (d)
      either (i) we are not an employee benefit plan that is subject to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan or
      arrangement that is subject to Section 4975 of the Internal Revenue Code of
      1986, as amended, nor are we acting on behalf of or investing the assets of
      any
      such benefit plan or arrangement to effect such acquisition or (ii) if the
      Certificates have been the subject of an ERISA-Qualifying Underwriting and
      we
      are an insurance company, we are purchasing such Certificates with funds
      contained in an “insurance company general account” (as such term is defined in
      Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and
      the purchase and holding of such Certificates satisfy the requirements for
      exemptive relief under Sections I and III of PTCE 95-60, 

     

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

    (e)
      we
      are acquiring the Certificates for investment for our own account and not with
      a
      view to any distribution of such Certificates (but without prejudice to our
      right at all times to sell or otherwise dispose of the Certificates in
      accordance with clause (g) below), (f) we have not offered or sold any
      Certificates to, or solicited offers to buy any Certificates from, any person,
      or otherwise approached or negotiated with any person with respect thereto,
      or
      taken any other action which would result in a violation of Section 5 of the
      Act, and (g) we will not sell, transfer or otherwise dispose of any Certificates
      unless (1) such sale, transfer or other disposition is made pursuant to an
      effective registration statement under the Act or is exempt from such
      registration requirements, and if requested, we will at our expense provide
      an
      opinion of counsel satisfactory to the addressees of this Certificate that
      such
      sale, transfer or other disposition may be made pursuant to an exemption from
      the Act, (2) the purchaser or transferee of such Certificate has executed and
      delivered to you a certificate to substantially the same effect as this
      certificate, and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    
      	 	
              Very
                truly yours,

               

              ____________________________                                                                 

              Print
                Name of Transferee

               

               

              By:________________________

              Authorized
                Officer

               

            

    

    

    
      
        
        

      

      
        K-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-1

     

    [FORM
      OF]
      RULE 144A LETTER

     

    
      	 	
              _____________________

              Date

               

            

    

    CWALT,
      Inc.

    4500
      Park
      Granada

    Calabasas,
      California 91302

    Attention:      Josh
      Adler

     

    The
      Bank
      of New York

    101
      Barclay Street – 4W

    New
      York,
      New York 10286

    

    Attention:          Mortgage-Backed
      Securities Group

    Series
      200_-_

     

    Re:           CWALT,
      Inc. Mortgage Pass-Through Certificates,

    Series
      200_-_,
      Class                                          

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have such knowledge and
      experience in financial and business matters that we are capable of evaluating
      the merits and risks of investments in the Certificates, (c) we have had the
      opportunity to ask questions of and receive answers from the Depositor
      concerning the purchase of the Certificates and all matters relating thereto
      or
      any additional information deemed necessary to our decision to purchase the
      Certificates, (d) either (i) we are not an employee benefit plan that is subject
      to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      a plan or arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended, nor are we acting on behalf of or investing the assets
      of any such benefit plan or arrangement to effect such acquisition or (ii)
      if
      the Certificates have been the subject of an ERISA-Qualifying Underwriting
      and
      we are an insurance company, we are purchasing such Certificates with funds
      contained in an “insurance company general account” (as such term is defined in
      Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and
      the purchase and holding of such Certificates satisfy the requirements for
      exemptive relief under Sections I and III of PTCE 95-60, (e) we have not, nor
      has anyone acting on our behalf offered, transferred, pledged, sold or

     

     

    
      
        
        

      

      
        L-1-1

        
          

        

      

      
        
        

      

    

     

    otherwise
      disposed of the Certificates, any interest in the Certificates or any other
      similar security to, or solicited any offer to buy or accept a transfer, pledge
      or other disposition of the Certificates, any interest in the Certificates
      or
      any other similar security from, or otherwise approached or negotiated with
      respect to the Certificates, any interest in the Certificates or any other
      similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates, (f) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act and have completed either of the forms of certification to that effect
      attached hereto as Annex 1 or Annex 2.  We are aware that the sale to
      us is being made in reliance on Rule 144A.  We are acquiring the
      Certificates for our own account or for resale pursuant to Rule 144A and
      further, understand that such Certificates may be resold, pledged or transferred
      only (i) to a person reasonably believed to be a qualified institutional buyer
      that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A, or (ii) pursuant to another exemption
      from registration under the Securities Act.

     

    
       

      
        	 	
                Very
                  truly yours,

                 

                ____________________________                                                                 

                Print
                  Name of Transferee

                 

                 

                By:________________________

                     
                  Authorized Officer

                 

              

      

      

 

      
        
          
          

        

        
          L-1-2

          
            

          

        

        
          
          

        

      

    

     

    ANNEX
      1 TO EXHIBIT L-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.  In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis either at least $100,000 in securities or, if Buyer is
      a
      dealer, Buyer must own and/or invest on a discretionary basis at least
      $10,000,000 in securities (except for the excluded securities referred to below)
      as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A and (ii) the Buyer satisfies the
      criteria in the category marked below.

     

    
      	
               

            	
              ___

            	
              Corporation,
                etc.  The Buyer is a corporation (other than a bank, savings
                and loan association or similar institution), Massachusetts or similar
                business trust, partnership, or charitable organization described
                in
                Section 501(c)(3) of the Internal Revenue Code of 1986, as
                amended.

            

    

     

    
      	
               

            	
              ___

            	
              Bank.  The
                Buyer (a) is a national bank or banking institution organized under
                the
                laws of any State, territory or the District of Columbia, the business
                of
                which is substantially confined to banking and is supervised by the
                State
                or territorial banking commission or similar official or is a foreign
                bank
                or equivalent institution, and (b) has an audited net worth of at
                least
                $25,000,000 as demonstrated in its latest annual financial statements,
                a copy of which is attached
                hereto.

            

    

     

    
      	
               

            	
              ___

            	
              Savings
                and Loan.  The Buyer (a) is a savings and loan association,
                building and loan association, cooperative bank, homestead association
                or
                similar institution, which is supervised and examined by a State
                or
                Federal authority having supervision over any such institutions or
                is a
                foreign savings and loan association or equivalent institution and
                (b) has
                an audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a copy of which is attached
                hereto.

            

    

     

    
      
        
        

      

      
        L-1-3

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              ___

            	
              Broker-dealer.  The
                Buyer is a dealer registered pursuant to Section 15 of the Securities
                Exchange Act of 1934.

            

    

     

    
      	
               

            	
              ___

            	
              Insurance
                Company.  The Buyer is an insurance company whose primary
                and predominant business activity is the writing of insurance or
                the
                reinsuring of risks underwritten by insurance companies and which
                is
                subject to supervision by the insurance commissioner or a similar
                official
                or agency of a State, territory or the District of
                Columbia.

            

    

     

    
      	
               

            	
              ___

            	
              State
                or Local Plan.  The Buyer is a plan established and
                maintained by a State, its political subdivisions, or any agency
                or
                instrumentality of the State or its political subdivisions, for the
                benefit of its employees.

            

    

     

    
      	
               

            	
              ___

            	
              ERISA
                Plan.  The Buyer is an employee benefit plan within the
                meaning of Title I of the Employee Retirement Income Security Act
                of
                1974.

            

    

     

    
      	
               

            	
              ___

            	
              Investment
                Advisor.  The Buyer is an investment advisor registered
                under the Investment Advisors Act of
                1940.

            

    

     

    
      	
               

            	
              ___

            	
              Small
                Business Investment Company.  Buyer is a small business
                investment company licensed by the U.S. Small Business Administration
                under Section 301(c) or (d) of the Small Business Investment Act
                of
                1958.

            

    

     

    
      	
               

            	
              ___

            	
              Business
                Development Company.  Buyer is a business development
                company as defined in Section 202(a)(22) of the Investment Advisors
                Act of
                1940.

            

    

     

    3.  The
      term
“securities” as used herein does not include (i) securities of
      issuers that are affiliated with the Buyer, (ii) securities that are part of
      an
      unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
      (iii) securities issued or guaranteed by the U.S. or any instrumentality
      thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
      participations, (vi) repurchase agreements, (vii) securities owned but subject
      to a repurchase agreement and (viii) currency, interest rate and commodity
      swaps.

     

    4.  For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published.  If clause (ii) in the preceding sentence applies, the
      securities may be valued at market.  Further, in determining such
      aggregate amount, the Buyer may have included securities owned by subsidiaries
      of the Buyer, but only if such subsidiaries are consolidated with the Buyer
      in
      its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Buyer’s direction.  However, such securities were not
      included if the Buyer is a majority-owned, 

     

    
      
        
        

      

      
        L-1-4

        
          

        

      

      
        
        

      

    

     

    consolidated
      subsidiary of another enterprise and the Buyer is not itself a reporting company
      under the Securities Exchange Act of 1934, as amended.

     

    5.  The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    6.  Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein.  Until such notice is given, the Buyer’s
      purchase of the Certificates will constitute a reaffirmation of this
      certification as of the date of such purchase.  In addition, if the
      Buyer is a bank or savings and loan is provided above, the Buyer agrees that
      it
      will furnish to such parties updated annual financial statements promptly after
      they become available.

     

     

    
      
        	 	
                _____________________________________

                Print
                  Name of Buyer

                 

                By:________________________________________

                Name:

                Title:

                Date:_______________________________________

                 

              

      

    

                                                                          

                                                                  

    
      
        
        

      

      
        L-1-5

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT L-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2.  In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal
      year.  For purposes of determining the amount of securities owned by
      the Buyer or the Buyer’s Family of Investment Companies, the cost of such
      securities was used, except (i) where the Buyer or the Buyer’s Family of
      Investment Companies reports its securities holdings in its financial statements
      on the basis of their market value, and (ii) no current information with respect
      to the cost of those securities has been published.  If clause (ii) in
      the preceding sentence applies, the securities may be valued at
      market.

     

    
      	
               

            	
              ___

            	
              The
                Buyer owned
                $            
                in securities (other than the excluded securities referred to below)
                as of
                the end of the Buyer’s most recent fiscal year (such amount being
                calculated in accordance with Rule
                144A).

            

    

     

    
      	
               

            	
              ___

            	
              The
                Buyer is part of a Family of Investment Companies which owned in
                the
                aggregate $         in
                securities (other than the excluded securities referred to below)
                as of
                the end of the Buyer’s most recent fiscal year (such amount being
                calculated in accordance with Rule
                144A).

            

    

     

    3.  The
      term
“Family of Investment Companies” as used herein means two or more
      registered investment companies (or series thereof) that have the same
      investment adviser or investment advisers that are affiliated (by virtue of
      being majority owned subsidiaries of the same parent or because one investment
      adviser is a majority owned subsidiary of the other).

     

    
      
        
        

      

      
        L-1-6

        
          

        

      

      
        
        

      

    

    4.  The
      term
“securities” as used herein does not include (i) securities of issuers
      that are affiliated with the Buyer or are part of the Buyer’s Family of
      Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5.  The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A.  In addition, the Buyer
      will only purchase for the Buyer’s own account.

     

    6.  Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions
      herein.  Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification by the
      undersigned as of the date of such purchase.

     

                  

      
        	 	
                _________________________________

                Print
                  Name of Buyer or Adviser

                 

                 

                By:___________________________________                                                                  

                Name:

                Title:

                 

                IF
                  AN ADVISER:

                 

                 

                _________________________________                                                                    

                Print
                  Name of Buyer

                 

                Date:__________________________________

                 

              

      
                                                  

                              

    
      
        
        

      

      
        L-1-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-2

     

    [Reserved]

     

    
      
        
        

      

      
        L-2-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      M

     

    [FORM
      OF]
      REQUEST FOR RELEASE

    (for
      Trustee)

     

    CWALT,
      Inc.

    Mortgage
      Pass-Through Certificates

    Series
      200_-_

     

     

    
      Loan
        Information

       

      
        	
                    Name
                  of
                  Mortgagor:

              	 
	
                    Servicer
                  Loan
                  No.:

              	 

      

      Trustee

       

      
        	
                    Name:

              	 
	
                    Address:

              	 
	 	 
	 	 
	
                    Trustee

              	 
	
                    Mortgage
                  File
                  No.:

              	 

                                                

    

    The
      undersigned Master Servicer hereby acknowledges that it has received from The
      Bank of New York, as Trustee for the Holders of Mortgage Pass-Through
      Certificates, of the above-referenced Series, the documents referred to below
      (the “Documents”).  All capitalized terms not otherwise defined in
      this Request for Release shall have the meanings given them in the Pooling
      and
      Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
      above-referenced Series among the Trustee, Countrywide Home Loans, Inc., as
      a
      Seller, Park Granada LLC, as a Seller, Park Monaco, Inc., as a Seller, Park
      Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer
      and CWALT, Inc., as Depositor.

     

    
      	
              ( )

            	
              Mortgage
                Note dated _______________, 20__, in the original principal sum of
                $___________, made by ____________________________, payable to, or
                endorsed to the order of, the
                Trustee.

            

    

     

    
      	
              ( )

            	
              Mortgage
                recorded on __________________ as instrument no.
                ______________________ in the County Recorder’s Office of the County
                of _________________________, State of
                _______________________ in book/reel/docket
                _________________________ of official records at page/image
                _______________________________.

            

    

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    
      	
              ( )

            	
              Deed
                of Trust recorded on ______________________ as instrument no. ___________
                in the County Recorder’s Office of the County of
                __________________________, State of _____________________
                in book/reel/docket _________________________ of official records
                at page/image
                ____________________________.

            

    

     

    
      	
              ( )

            	
              Assignment
                of Mortgage or Deed of Trust to the Trustee, recorded on
                _____________________ as instrument no. __________________ in the
                County Recorder’s Office of the County of _____________________,
                State of ___________________ in book/reel/docket ________________
                of
                official records at page/image
                ______________________.

            

    

     

    
      	
              ( )

            	
              Other
                documents, including any amendments, assignments or other assumptions
                of
                the Mortgage Note or Mortgage.

            

    

     

    (   )_____________________________________________________________________________________________________________________________________________________________________

     

    
      (   )_____________________________________________________________________________________________________________________________________________________________________

       

    

    
      (   )_____________________________________________________________________________________________________________________________________________________________________

       

    

    
      (   )_____________________________________________________________________________________________________________________________________________________________________

       

    

    The
      undersigned Master Servicer hereby acknowledges and agrees as
      follows:

     

    (1)  The
      Master Servicer shall hold and retain possession of the Documents in trust
      for
      the benefit of the Trustee, solely for the purposes provided in the
      Agreement.

     

    (2)  The
      Master Servicer shall not cause or knowingly permit the Documents to become
      subject to, or encumbered by, any claim, liens, security interest, charges,
      writs of attachment or other impositions nor shall the Servicer assert or seek
      to assert any claims or rights of setoff to or against the Documents or any
      proceeds thereof.

     

    (3)  The
      Master Servicer shall return each and every Document previously requested from
      the Mortgage File to the Trustee when the need therefor no longer exists, unless
      the Mortgage Loan relating to the Documents has been liquidated and the proceeds
      thereof have been remitted to the Certificate Account and except as expressly
      provided in the Agreement.

     

    (4)  The
      Documents and any proceeds thereof, including any proceeds of proceeds, coming
      into the possession or control of the Master Servicer shall at all times be
      earmarked for the account of the Trustee, and the Master Servicer shall keep
      the
      Documents and any proceeds separate and distinct from all other property in
      the
      Master Servicer’s possession, custody or control.

     

    
      
        
        

      

      
        M-2

        
          

        

      

      
        
        

      

    

    

    
      
        	 	
                COUNTRYWIDE
                  HOME LOANS

                SERVICING
                  LP

                 

                 

                By                                                               

                Its                                                               

                 

              

      

    

          

    Date:_________________,
      20__

     

    
      
        
        

      

      
        M-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    [FORM
      OF]
      REQUEST FOR RELEASE OF DOCUMENTS

     

    To:          The
      Bank of New
      York                                                                                       Attn:  Mortgage
      Custody Services

     

    
      	
               

            	
              Re:

            	
              The
                Pooling & Servicing Agreement dated [month] 1, 200_, among Countrywide
                Home Loans, Inc., 

              as
                a Seller, Park Granada LLC, as a Seller, Park Monaco, Inc., as a
                Seller,
                Park Sienna LLC, as a Seller, 

              Countrywide
                Home Loans Servicing LP, as Master Servicer, CWALT, Inc. and The
                Bank of
                New  York, as Trustee

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the administration of the Mortgage Loans held by you as Trustee
      for CWALT, Inc., we request the release of the Mortgage Loan File for the
      Mortgage Loan(s) described below, for the reason indicated.

     

    FT
      Account
      #:                                                                                   Pool
      #:

     

    Mortgagor’s
      Name, Address and Zip Code:

     

    Mortgage
      Loan Number:

     

    Reason
      for Requesting Documents (check one)

     

    
      	
               

            	
              1.

            	
              Mortgage
                Loan paid in full (Countrywide Home Loans, Inc. hereby certifies
                that all
                amounts have been received).

            

    

     

    
      	
               

            	
              2.

            	
              Mortgage
                Loan Liquidated (Countrywide Home Loans, Inc. hereby certifies that
                all
                proceeds of foreclosure, insurance, or other liquidation have been
                finally
                received).

            

    

     

    
      	
               

            	
              3.

            	
              Mortgage
                Loan in Foreclosure.

            

    

     

    
      	
               

            	
              4.

            	
              Mortgage
                Loan repurchased by the Master Servicer pursuant to Section 3.11(a)
                (Countrywide Home Loans Servicing LP hereby certifies that the Purchase
                Price for the Mortgage Loan has been deposited in the Certificate
                Account).

            

    

     

    
      	
               

            	
              5.

            	
              Other
                (explain):

            

    

     

    If
      item 1
      or 2 above is checked, and if all or part of the Mortgage File was previously
      released to us, please release to us our previous receipt on file with you,
      as
      well as any additional documents in your possession relating to the
      above-specified Mortgage Loan.  If item 3, 4 or 5 is checked, upon
      return of all of the above documents to you as Trustee, please acknowledge
      your
      receipt by signing in the space indicated below, and returning this
      form.

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    COUNTRYWIDE
      HOME LOANS, INC.

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    By:                                                              

    Name:                                                              

    Title:                                                              

    Date:                                                              

     

    [COUNTRYWIDE
      HOME LOANS SERVICING LP]

     

    
      By:                                                              

      Name:                                                              

      Title:                                                              

      Date:                                                              

       

    

    TRUSTEE
      CONSENT TO RELEASE AND

    ACKNOWLEDGEMENT
      OF RECEIPT

     

    By:                                                              

    Name:                                                              

    Title:                                                              

    Date:                                                              

     

     

    
      
         

      

      
        N-2

        
          

        

      

      
         

      

    

     

     

    EXHIBIT
      O

    

    [Reserved]

     

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      P

    

    

    [Reserved]

    

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

    

    GLOSSARY
      of TERMS for STANDARD & POOR’S LEVELS® VERSION 6.0 FILE FORMAT

    

    APPENDIX  E
      – Standard & Poor’s Predatory Lending Categories

    

    Standard
      & Poor’s has categorized loans governed by anti-predatory lending laws in
      the Jurisdictions listed below into three categories based upon a combination
      of
      factors that include (a) the risk exposure associated with the assignee
      liability and (b) the tests and thresholds set forth in those laws. Note that
      certain loans classified by the relevant statute as Covered are included in
      Standard & Poor’s High Cost Loan Category because they included thresholds
      and tests that are typical of what is generally considered High Cost by the
      industry.

    

    
      	
              Standard
                & Poor’s High Cost Loan Categorization

               

            

    

    
      	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-

              Predatory
                Lending Law

            

    

    
    

    
      	
              Arkansas

            	
              Arkansas
                Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 etseq.

              Effective
                July 16, 2003

            	
              High
                Cost Home Loan

            
	
              Cleveland
                Heights, OH

            	
              Ordinance
                No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

              Effective
                June 2, 2003

            	
              Covered
                Loan

            
	
              Colorado

            	
              Consumer
                Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 etseq.

              Effective
                for covered loans offered or entered into on or after January 1,
                2003.
                Other provisions of the Act took effect on June 7, 2002

            	
              Covered
                Loan

            
	
              Connecticut

            	
              Connecticut
                Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                etseq.

              Effective
                October 1, 2001

            	
              High
                Cost Home Loan

            
	
              District
                of Columbia

            	
              Home
                Loan Protection Act, D.C. Code §§ 26-1151.01 etseq.

              Effective
                for loans closed on or after January 28, 2003

            	
              Covered
                Loan

            

    

     

    
      
         

      

      
        Q-1

        
          

        

      

      
         

      

    

     

    
      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

                 

              

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              

      

      
      

    

    
      	
              Florida

            	
              Fair
                Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq.

              Effective
                October 2, 2002

            	
              High
                Cost Home Loan

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              High
                Cost Home Loan

            
	
              Georgia
                as amended (Mar. 7, 2003 – current)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                for loans closed on or after March 7, 2003

            	
              High
                Cost Home Loan

            
	
              HOEPA
                Section 32

            	
              Home
                Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                §§ 226.32 and 226.34

              Effective
                October 1, 1995, amendments October 1, 2002

            	
              High
                Cost Loan

            
	
              Illinois

            	
              High
                Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 etseq.

              Effective
                January 1, 2004 (prior to this date, regulations under Residential
                Mortgage License Act effective from May 14, 2001)

            	
              High
                Risk Home Loan

            
	
              Kansas

            	
              Consumer
                Credit Code, Kan. Stat. Ann. §§ 16a-1-101 etseq.

              Sections
                16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                16a-3-308a became effective July 1, 1999

            	
              High
                Loan to Value Consumer Loan (id. § 16a-3-207) and;

            
	
              High
                APR Consumer Loan (id. § 16a-3-308a)

            
	
              Kentucky

            	
              2003
                KY H.B. 287 – High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100 etseq.

              Effective
                June 24, 2003

            	
              High
                Cost Home Loan

            

    

     

     

    
      
         

      

      
        Q-2

        
          

        

      

      
         

      

    

     

    
      

      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

                 

              

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              

      

      
      

    

    
      	
              Maine

            	
              Truth
                in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 etseq.

              Effective
                September 29, 1995 and as amended from time to time

            	
              High
                Rate High Fee Mortgage

            
	
              Massachusetts

            	
              Part
                40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01
                etseq.

              Effective
                March 22, 2001 and amended from time to time

            	
              High
                Cost Home Loan

            
	
              Nevada

            	
              Assembly
                Bill No. 284, Nev. Rev. Stat. §§ 598D.010 etseq.

              Effective
                October 1, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              High
                Cost Home Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              High
                Cost Home Loan

            
	
              New
                York

            	
              N.Y.
                Banking Law Article 6-l

              Effective
                for applications made on or after April 1, 2003

            	
              High
                Cost Home Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              High
                Cost Home Loan

            
	
              Ohio

            	
              H.B.
                386 (codified in various sections of the Ohio Code), Ohio Rev. Code
                Ann.
                §§ 1349.25 etseq.

              Effective
                May 24, 2002

            	
              Covered
                Loan

            

    

     

    
      
         

      

      
        Q-3

        
          

        

      

      
         

      

    

     

    
      
        	
                Standard
                  & Poor’s High Cost Loan Categorization

                 

              

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              

      

      
      

    

    
      	
              Oklahoma

            	
              Consumer
                Credit Code (codified in various sections of Title 14A)

              Effective
                July 1, 2000; amended effective January 1, 2004

            	
              Subsection
                10 Mortgage

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans 

              Act,
                S.C. Code Ann. §§ 37-23-10 etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              High
                Cost Home Loan

            
	
              West
                Virginia

            	
              West
                Virginia Residential Mortgage Lender, Broker and Servicer Act,
                

              W.
                Va. Code Ann. §§ 31-17-1 etseq.

              Effective
                June 5, 2002

            	
              West
                Virginia Mortgage Loan Act Loan

            

    

     

    

     

    Standard
      & Poor’s Covered Loan Categorization

     

    
      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              

      

      
      

    

    
      	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Covered
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, 

              N.J.
                Rev. Stat. §§ 46:10B-22 etseq.

              Effective
                November 27, 2003 – July 5, 2004

            	
              Covered
                Home Loan

            

    

     

    
      
         

      

      
        Q-4

        
          

        

      

      
         

      

    

     

    
      	
              Standard
                & Poor’s Home Loan Categorization

               

            

    

    
      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              

      

      
      

    

    
      	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              Home
                Loan

            

    

    
      	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              Home
                Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              Consumer
                Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              Consumer
                Home Loan

            

    

     

     

     

    
      
         

      

      
        Q-5

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      R

    

    [Reserved]

     

     

    
      
         

      

      
        R-1

        
          

        

      

      
         

      

    

     

    EXHIBIT
      S-1

    

    [Reserved]

     

     

    
       

      
        
           

        

        
          S-1-1

          
            

          

        

        
           

        

      

    

    
 

    EXHIBIT
      S-2

    

    [Reserved]

     

    
       

      
        
           

        

        
          S-2-1

          
            

          

        

        
           

        

      

    

     

     

    EXHIBIT
      T

     

    [FORM
      OF]
      OFFICER’S CERTIFICATE WITH RESPECT TO PREPAYMENTS

     

    MORTGAGE
      BACKED CERTIFICATES,

     

    Series
      200_-__

     

    [Date]

    

    Via
      Facsimile

    

    __________________,

    as
      Trustee

    _______________

    _______________________

     

    

    Dear
      Sir
      or Madam:

    

    Reference
      is made to the Pooling and Servicing Agreement, dated as of _________, 200_,
      (the “Pooling and Servicing Agreement”) among [CWALT, Inc.], as Depositor,
      [Countrywide Home Loans, Inc.], as a Seller, [Park Granada LLC], as a Seller,
      [Park Monaco Inc.], as a Seller, [Park Sienna LLC], as a Seller, [Countrywide
      Home Loans Servicing LP], as Master Servicer and __________________, as
      Trustee.  Capitalized terms used herein shall have the meanings
      ascribed to such terms in the Pooling and Servicing Agreement.

     

    __________________
      hereby certifies that he/she is a Servicing Officer, holding the office set
      forth beneath his/her name and hereby further certifies as follows:

     

    With
      respect to the Distribution Date in _________ 200_ and each Mortgage Loan set
      forth in the attached schedule:

     

    1.
      A
      Principal Prepayment in full or in part was received during the related
      Prepayment Period;

     

    2.
      Any
      Prepayment Charge due under the terms of the Mortgage Note with respect to
      such
      Principal Prepayment was or was not, as indicated on the attached schedule
      using
“Yes” or “No”, received from the Mortgagor and deposited in the Certificate
      Account;

     

    3.
      As to
      each Mortgage Loan set forth on the attached schedule for which all or part
      of
      the Prepayment Charge required in connection with the Principal Prepayment
      was
      waived by the Master Servicer, such waiver was, as indicated on the attached
      schedule, based upon:

     

    (i)
      the
      Master Servicer’s determination that such waiver would maximize recovery of
      Liquidation Proceeds for such Mortgage Loan, taking into account the value
      of
      such Prepayment Charge, or

     

    (ii)(A)
      the enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium,
      receivership, or other similar law relating to creditors’ rights generally or
      (2) due to 

     

     

    
      
         

      

      
        T-1

        
          

        

      

      
         
              
        acceleration in connection with a foreclosure or other involuntary payment,
        or
        (B) the enforceability is otherwise limited or prohibited by applicable law;
        and

    

     

    4.
      We
      certify that all amounts due in connection with the waiver of a Prepayment
      Charge inconsistent with clause 3 above which are required to be deposited
      by
      the Master Servicer pursuant to Section 3.19 of the Pooling and Servicing
      Agreement, have been or will be so deposited.

     

    
      	
               

            	
              [COUNTRYWIDE
                HOME LOANS, INC.],

            

    

    
      	
               

            	
                  
                as Master Servicer

            

    

     

     

    
      
         

      

      
        T-2

        
          

        

      

      
         

      

    

     

     

    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

        
          

        

      

      
         

      

    

     

    EXHIBIT
      U

     

    MONTHLY
      STATEMENT

     

    [On
      file
      with Trustee]

     

     

     

    
      
         

      

      
        U-1

        
          

        

      

      
         

      

    

     

    EXHIBIT
      V-1

     

    [FORM
      OF]
      PERFORMANCE CERTIFICATION

     

    (Servicer)

     

    [On
      file
      with Trustee]

     

    

    
      
         

      

      
        V-1-1

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
      V-2

     

    [FORM
      OF]
      PERFORMANCE CERTIFICATION

     

    (Trustee)

     

    [On
      file
      with Trustee]

     

     

     

    
      
         

      

      
        V-2-1

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      W

    

    [FORM
      OF]

    SERVICING
      CRITERIA TO BE ADDRESSED IN

    ASSESSMENT
      OF COMPLIANCE STATEMENT

    

    The
      assessment of compliance to be delivered by [the Master Servicer] [Trustee]
      [Name of Subservicer] shall address, at a minimum, the criteria identified
      as
      below as “Applicable Servicing Criteria”:

     

    

    
      	
              Servicing
                Criteria

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	 
	 	
              General
                Servicing Considerations

            	 

    

    
      	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 

    

    
      	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by 

            	 

    

     

     

    
      
         

      

      
        W-1

        
          

        

      

      
         

      

    

    

      

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 

      

    

    
      
        	
                 

              	
                authorized
                  personnel.

              	 

      

    

    
      	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	 	
              Investor
                Remittances and Reporting

            	 

    

    
      	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed

            	 

    

    
    

     

    
       

       

      
        
           

        

        
          W-2

          
            

          

        

        
           

        

      

      

        

        
          	
                  Servicing
                    Criteria

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	 

        

      

      
        	
                 

              	
                with
                  the Commission, are maintained in accordance with the transaction
                  agreements and applicable Commission requirements. Specifically,
                  such
                  reports (A) are prepared in accordance with timeframes and other
                  terms set
                  forth in the transaction agreements; (B) provide information calculated
                  in
                  accordance with the terms specified in the transaction agreements;
                  (C) are
                  filed with the Commission as required by its rules and regulations;
                  and
                  (D) agree with investors’ or the trustee’s records as to the total unpaid
                  principal balance and number of mortgage loans serviced by the
                  Servicer.

              	 

      

      
      

    

    
      	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements.

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 

    

    
      	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the 

            	 

    

     

     

    
      
         

      

      
        W-3

        
          

        

      

      
         

      

    

     

    
      
        

        
          	
                  Servicing
                    Criteria

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	 

        

      

      
        	
                 

              	
                Servicer’s
                  obligor records maintained no more than two business days after
                  receipt,
                  or such other number of days specified in the transaction agreements,
                  and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	 

      

    

    
      	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 

    

    
      	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s 

            	 

    

     

     

    
      
         

      

      
        W-4

        
          

        

      

      
         

      

    

    
      
         

        
          
            

            
              	
                      Servicing
                        Criteria

                    	
                      Applicable
                        Servicing Criteria

                    
	
                      Reference

                    	
                      Criteria

                    	 

            

          

        

      

      
        	
                1122(d)(4)(x)

              	
                mortgage
                  loan documents, on at least an annual basis, or such other period
                  specified in the transaction agreements; (B) interest on such funds
                  is
                  paid, or credited, to obligors in accordance with applicable mortgage
                  loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 

      

    

    
      	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 
	 	 	 

    

    

     

    
      
         

      

      
        W-5

        
          

        

      

      
         

      

    

                                                                                 
      [NAME OF MASTER SERVICER] [NAME OF 

                                                                                 
      TRUSTEE] [NAME OF CO-TRUSTEE] [NAME 

                                                                                  OF
      SUBSERVICER]

     

                                                                                 
      Date:  _________________________

     

    

     

                                                                                 
      By:  ________________________________

                                                                                                                                                                           
Name:

                                                                                
                                                                                                
Title:

     

    

    
      
         

      

      
        W-6

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
      X

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ALTERNATIVE
      LOAN TRUST 200_-__

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    Series
      200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

     

     

    
      
         

      

      
        X-1

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      Y

    

    FORM
      OF
      SARBANES-OXLEY CERTIFICATION

    (REPLACEMENT
      OF MASTER SERVICER)

     

     

    Y-1efc7-2565_6298214exh41.htm

    EXHIBIT
      4.1

     

    
 

    
      
        
          	 	 	 	
                  EXECUTION
                    COPY

                

        

      

       

       

      
        	 

      

    

    

    
      

       

      

       

      

       

      

       

      

    

    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 October 1, 2007

     

    
      

    

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-13

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Table
                of Contents

            
	 	 	 
	 	 	
              Page

            

      	
              ARTICLE
                I.

              DEFINITIONS

            
	 	 	 
	
              Section
                1.01

            	
              Defined
                Terms.

            	
              12

            
	
              Section
                1.02

            	
              Certain
                Interpretive Provisions.

            	
              61

            
	 	 	 
	
              ARTICLE
                II.

              CONVEYANCE
                OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

            
	 	 	 
	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans.

            	
              62

            
	
              Section
                2.02

            	
              Acceptance
                by Trustee of the Mortgage Loans.

            	
              69

            
	
              Section
                2.03

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

            	
              75

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            	
              95

            
	
              Section
                2.05

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

            	
              97

            
	
              Section
                2.06

            	
              Authentication
                and Delivery of Certificates.

            	
              98

            
	
              Section
                2.07

            	
              Covenants
                of the Master Servicer.

            	
              98

            
	 	 	 
	
              ARTICLE
                III.

            
	
              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS

            
	 	 	 
	
              Section
                3.01

            	
              Master
                Servicer to Service Mortgage Loans.

            	
              98

            
	
              Section
                3.02

            	
              Subservicing;
                Enforcement of the Obligations of Master Servicer.

            	
              100

            
	
              Section
                3.03

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

            	
              101

            
	
              Section
                3.04

            	
              Trustee
                to Act as Master Servicer.

            	
              101

            
	
              Section
                3.05

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

            	
              102

            
	
              Section
                3.06

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

            	
              106

            
	
              Section
                3.07

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans.

            	
              106

            
	
              Section
                3.08

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

            	
              107

            
	
              Section
                3.09

            	
              [Reserved].

            	
              110

            
	
              Section
                3.10

            	
              Maintenance
                of Hazard Insurance.

            	
              110

            
	
              Section
                3.11

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

            	
              110

            
	
              Section
                3.12

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

            	
              112

            
	
              Section
                3.13

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
              116

            
	
              Section
                3.14

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

            	
              117

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
                3.15

            	
              Servicing
                Compensation.

            	
              117

            
	
              Section
                3.16

            	
              Access
                to Certain Documentation.

            	
              118

            
	
              Section
                3.17

            	
              Annual
                Statement as to Compliance.

            	
              118

            
	
              Section
                3.18

            	
              [Reserved].

            	
              119

            
	
              Section
                3.19

            	
              [Reserved].

            	
              119

            
	
              Section
                3.20

            	
              Prepayment
                Charges.

            	
              119

            
	
              Section
                3.21

            	
              Swap
                Contract.

            	
              120

            
	 	 	 
	
              ARTICLE
                IV.

              DISTRIBUTIONS
                AND ADVANCES BY THE MASTER SERVICER

            
	 	 	 
	
              Section
                4.01

            	
              Advances;
                Remittance Reports.

            	
              122

            
	
              Section
                4.02

            	
              Reduction
                of Servicing Compensation in Connection with Prepayment Interest
                Shortfalls.

            	
              124

            
	
              Section
                4.03

            	
              [Reserved].

            	
              124

            
	
              Section
                4.04

            	
              Distributions.

            	
              124

            
	
              Section
                4.05

            	
              Monthly
                Statements to Certificateholders.

            	
              135

            
	
              Section
                4.06

            	
              Class
                2-A Policy; Rights of the Certificate Insurer.

            	
              137

            
	
              Section
                4.07

            	
              Carryover
                Reserve Fund.

            	
              140

            
	
              Section
                4.08

            	
              Credit
                Comeback Excess Account.

            	
              140

            
	
              Section
                4.09

            	
              Swap
                Trust and Swap Account.

            	
              141

            
	
              Section
                4.10

            	
              Final
                Maturity Reserve Trust and Final Maturity Reserve Fund.

            	
              142

            
	 	 	 
	
              ARTICLE
                V.

              THE
                CERTIFICATES

            
	 	 	 
	
              Section
                5.01

            	
              The
                Certificates.

            	
              143

            
	
              Section
                5.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            	
              144

            
	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              148

            
	
              Section
                5.04

            	
              Persons
                Deemed Owners.

            	
              149

            
	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            	
              149

            
	
              Section
                5.06

            	
              Book-Entry
                Certificates.

            	
              149

            
	
              Section
                5.07

            	
              Notices
                to Depository.

            	
              150

            
	
              Section
                5.08

            	
              Definitive
                Certificates.

            	
              150

            
	
              Section
                5.09

            	
              Maintenance
                of Office or Agency.

            	
              151

            
	 	 	 
	
              ARTICLE
                VI.

              THE
                DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

            
	 	 	 
	
              Section
                6.01

            	
              Respective
                Liabilities of the Depositor, the Master Servicer and the
                Sellers.

            	
              151

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor, the Master Servicer or the
                Sellers.

            	
              151

            
	
              Section
                6.03

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

            	
              152

            
	
              Section
                6.04

            	
              Limitation
                on Resignation of Master Servicer.

            	
              153

            

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
                6.05

            	
              Errors
                and Omissions Insurance; Fidelity Bonds.

            	
              153

            
	 	 	 
	
              ARTICLE
                VII.

              DEFAULT;
                TERMINATION OF MASTER SERVICER

            
	 	 	 
	
              Section
                7.01

            	
              Events
                of Default.

            	
              154

            
	
              Section
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            	
              156

            
	
              Section
                7.03

            	
              Notification
                to Certificateholders.

            	
              157

            
	 	 	 
	
              ARTICLE
                VIII.

            
	
              CONCERNING
                THE TRUSTEE

            
	 	 	 
	
              Section
                8.01

            	
              Duties
                of Trustee.

            	
              158

            
	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            	
              159

            
	
              Section
                8.03

            	
              Trustee
                Not Liable for Mortgage Loans.

            	
              161

            
	
              Section
                8.04

            	
              Trustee
                May Own Certificates.

            	
              161

            
	
              Section
                8.05

            	
              Master
                Servicer to Pay Trustee’s Fees and Expenses.

            	
              161

            
	
              Section
                8.06

            	
              Eligibility
                Requirements for Trustee.

            	
              161

            
	
              Section
                8.07

            	
              Resignation
                and Removal of Trustee.

            	
              162

            
	
              Section
                8.08

            	
              Successor
                Trustee.

            	
              163

            
	
              Section
                8.09

            	
              Merger
                or Consolidation of Trustee.

            	
              164

            
	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              164

            
	
              Section
                8.11

            	
              Tax
                Matters.

            	
              165

            
	
              Section
                8.12

            	
              [Reserved].

            	
              169

            
	
              Section
                8.13

            	
              Access
                to Records of the Trustee.

            	
              169

            
	
              Section
                8.14

            	
              Suits
                for Enforcement.

            	
              169

            
	 	 	 
	
              ARTICLE
                IX.

              TERMINATION

            
	 	 	 
	
              Section
                9.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans.

            	
              169

            
	
              Section
                9.02

            	
              Final
                Distribution on the Certificates.

            	
              171

            
	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            	
              172

            
	
              Section
                9.04

            	
              Auction
                of the Mortgage Loans and REO Properties.

            	
              173

            
	 	 	 
	
              ARTICLE
                X.

              MISCELLANEOUS
                PROVISIONS

            
	 	 	 
	
              Section
                10.01

            	
              Amendment.

            	
              177

            
	
              Section
                10.02

            	
              Recordation
                of Agreement; Counterparts.

            	
              179

            
	
              Section
                10.03

            	
              Governing
                Law.

            	
              179

            
	
              Section
                10.04

            	
              Intention
                of Parties.

            	
              179

            
	
              Section
                10.05

            	
              Notices.

            	
              181

            
	
              Section
                10.06

            	
              Severability
                of Provisions.

            	
              182

            
	
              Section
                10.07

            	
              Assignment.

            	
              182

            
	
              Section
                10.08

            	
              Limitation
                on Rights of Certificateholders.

            	
              182

            
	
              Section
                10.09

            	
              Inspection
                and Audit Rights.

            	
              183

            
	
              Section
                10.10

            	
              Certificates
                Nonassessable and Fully Paid.

            	
              184

            

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
                10.11

            	
              Rights
                of NIM Insurer.

            	
              184

            
	
              Section
                10.12

            	
              Protection
                of Assets.

            	
              185

            
	 	 	 
	
              ARTICLE
                XI.

              EXCHANGE
                ACT REPORTING

            
	 	 	 
	
              Section
                11.01

            	
              Filing
                Obligations.

            	
              186

            
	
              Section
                11.02

            	
              Form
                10-D Filings.

            	
              186

            
	
              Section
                11.03

            	
              Form
                8-K Filings.

            	
              187

            
	
              Section
                11.04

            	
              Form
                10-K Filings.

            	
              187

            
	
              Section
                11.05

            	
              Sarbanes-Oxley
                Certification.

            	
              188

            
	
              Section
                11.06

            	
              Form
                15 Filing.

            	
              188

            
	
              Section
                11.07

            	
              Report
                on Assessment of Compliance and Attestation.

            	
              189

            
	
              Section
                11.08

            	
              Use
                of Subservicers and Subcontractors.

            	
              190

            
	
              Section
                11.09

            	
              Amendments.

            	
              191

            
	
              Section
                11.10

            	
              Reconciliation
                of Accounts.

            	
              191

            

    

    

    
      	
              Exhibits

            	 
	 	 
	
              EXHIBIT
                A

            	
              Forms
                of Certificates

            
	
              EXHIBIT
                A-1

            	
              Form
                of Class 1-A Certificate

            
	
              EXHIBIT
                A-2

            	
              Form
                of Class 2-A-1 Certificate

            
	
              EXHIBIT
                A-3

            	
              Form
                of Class 2-A-2 Certificate

            
	
              EXHIBIT
                A-4

            	
              Form
                of Class 2-A-2M Certificate

            
	
              EXHIBIT
                A-5

            	
              Form
                of Class 1-M-1 Certificate

            
	
              EXHIBIT
                A-6

            	
              Form
                of Class 2-M-1 Certificate

            
	
              EXHIBIT
                A-7

            	
              Form
                of Class 1-M-2 Certificate

            
	
              EXHIBIT
                A-8

            	
              Form
                of Class 2-M-2 Certificate

            
	
              EXHIBIT
                A-9

            	
              Form
                of Class 1-M-3 Certificate

            
	
              EXHIBIT
                A-10

            	
              Form
                of Class 2-M-3 Certificate

            
	
              EXHIBIT
                A-11

            	
              Form
                of Class 1-M-4 Certificate

            
	
              EXHIBIT
                A-12

            	
              Form
                of Class 2-M-4 Certificate

            
	
              EXHIBIT
                A-13

            	
              Form
                of Class 1-M-5 Certificate

            
	
              EXHIBIT
                A-14

            	
              Form
                of Class 2-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 M-9 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

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    
      	
              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

            	
              [Reserved]

            
	
              EXHIBIT
                R

            	
              Class
                2-A Policy

            
	
              EXHIBIT
                S

            	
              [Reserved]

            
	
              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

            
	
              EXHIBIT
                W

            	
              Form
                of Monthly Statement

            
	
              EXHIBIT
                X-1

            	
              Form
                of Performance Certification (Subservicer)

            
	
              EXHIBIT
                X-2

            	
              Form
                of Performance Certification (Trustee)

            
	
              EXHIBIT
                Y

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

            
	
              EXHIBIT
                Z

            	
              List
                of Item 1119 Parties

            
	
              EXHIBIT
                AA

            	
              Form
                of Sarbanes-Oxley Certification (Replacement Master
                Servicer)

            
	
              SCHEDULE
                I

            	
              Collateral
                Schedule

            
	
              SCHEDULE
                II

            	
              40-Year
                Target Schedule

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    POOLING
      AND SERVICING AGREEMENT, dated as of October 1, 2007, 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 and the assets held in the
      Pre-Funding Account and the Capitalized Interest Account) for federal income
      tax
      purposes will consist of three REMICs (the “Swap-IO REMIC,” the “Strip REMIC”
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 the Swap-IO
      REMIC, the Strip REMIC and the Master REMIC.  The Master REMIC will
      hold as assets the several classes of uncertificated Strip REMIC Interests
      (other than the STR-A-R Interest).  Each Strip REMIC Interest (other
      than the STR-A-R Interest) is hereby designated as a regular interest in the
      Strip REMIC.  The Strip REMIC will hold as assets the several classes
      of uncertificated Swap-IO REMIC Interests (other than the SWR-A-R Interest).
      Each Swap-IO REMIC Interest (other than the SWR-A-R Interest) is hereby
      designated as a regular interest in the Swap-IO REMIC.  The Swap-IO
      REMIC will hold as assets all property of the Trust Fund (excluding the Credit
      Comeback Excess Account, the Carryover Reserve Fund and the assets held in
      the
      Pre-Funding Account and the Capitalized Interest Account).  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, Swap Account or Final Maturity Reserve Trust.

     

    SWAP-IO
      REMIC:

     

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

     

    
      	
              Swap-IO
                REMIC Interest

            	 	
              Initial
                Principal Balance(1)

            	 	
              Pass-Through
                Rate

            
	
              SWR-1A

            	 	
              $2,251,794.50

            	 	
              (2)

            
	
              SWR-1B

            	 	
              $2,251,794.50

            	 	
              (3)

            
	
              SWR-2A

            	 	
              $3,081,738.00

            	 	
              (2)

            
	
              SWR-2B

            	 	
              $3,081,738.00

            	 	
              (3)

            
	
              SWR-3A

            	 	
              $3,709,862.50

            	 	
              (2)

            
	
              SWR-3B

            	 	
              $3,709,862.50

            	 	
              (3)

            
	
              SWR-4A

            	 	
              $4,333,259.00

            	 	
              (2)

            

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    
      	
              Swap-IO
                REMIC Interest

            	 	
              Initial
                Principal Balance(1)

            	 	
              Pass-Through
                Rate

            
	
              SWR-4B

            	 	
              $4,333,259.00

            	 	
              (3)

            
	
              SWR-5A

            	 	
              $4,948,384.50

            	 	
              (2)

            
	
              SWR-5B

            	 	
              $4,948,384.50

            	 	
              (3)

            
	
              SWR-6A

            	 	
              $5,552,518.00

            	 	
              (2)

            
	
              SWR-6B

            	 	
              $5,552,518.00

            	 	
              (3)

            
	
              SWR-7A

            	 	
              $6,142,815.00

            	 	
              (2)

            
	
              SWR-7B

            	 	
              $6,142,815.00

            	 	
              (3)

            
	
              SWR-8A

            	 	
              $6,714,964.00

            	 	
              (2)

            
	
              SWR-8B

            	 	
              $6,714,964.00

            	 	
              (3)

            
	
              SWR-9A

            	 	
              $7,215,911.00

            	 	
              (2)

            
	
              SWR-9B

            	 	
              $7,215,911.00

            	 	
              (3)

            
	
              SWR-10A

            	 	
              $7,487,914.00

            	 	
              (2)

            
	
              SWR-10B

            	 	
              $7,487,914.00

            	 	
              (3)

            
	
              SWR-11A

            	 	
              $7,672,471.50

            	 	
              (2)

            
	
              SWR-11B

            	 	
              $7,672,471.50

            	 	
              (3)

            
	
              SWR-12A

            	 	
              $7,565,541.00

            	 	
              (2)

            
	
              SWR-12B

            	 	
              $7,565,541.00

            	 	
              (3)

            
	
              SWR-13A

            	 	
              $7,396,614.50

            	 	
              (2)

            
	
              SWR-13B

            	 	
              $7,396,614.50

            	 	
              (3)

            
	
              SWR-14A

            	 	
              $7,231,493.50

            	 	
              (2)

            
	
              SWR-14B

            	 	
              $7,231,493.50

            	 	
              (3)

            
	
              SWR-15A

            	 	
              $7,070,087.00

            	 	
              (2)

            
	
              SWR-15B

            	 	
              $7,070,087.00

            	 	
              (3)

            
	
              SWR-16A

            	 	
              $6,912,309.00

            	 	
              (2)

            
	
              SWR-16B

            	 	
              $6,912,309.00

            	 	
              (3)

            
	
              SWR-17A

            	 	
              $6,758,077.50

            	 	
              (2)

            
	
              SWR-17B

            	 	
              $6,758,077.50

            	 	
              (3)

            
	
              SWR-18A

            	 	
              $6,607,190.00

            	 	
              (2)

            
	
              SWR-18B

            	 	
              $6,607,190.00

            	 	
              (3)

            
	
              SWR-19A

            	 	
              $6,459,790.50

            	 	
              (2)

            
	
              SWR-19B

            	 	
              $6,459,790.50

            	 	
              (3)

            
	
              SWR-20A

            	 	
              $6,315,721.00

            	 	
              (2)

            
	
              SWR-20B

            	 	
              $6,315,721.00

            	 	
              (3)

            
	
              SWR-21A

            	 	
              $6,174,746.00

            	 	
              (2)

            
	
              SWR-21B

            	 	
              $6,174,746.00

            	 	
              (3)

            
	
              SWR-22A

            	 	
              $6,037,100.00

            	 	
              (2)

            
	
              SWR-22B

            	 	
              $6,037,100.00

            	 	
              (3)

            
	
              SWR-23A

            	 	
              $5,902,253.50

            	 	
              (2)

            
	
              SWR-23B

            	 	
              $5,902,253.50

            	 	
              (3)

            
	
              SWR-24A

            	 	
              $5,770,410.50

            	 	
              (2)

            
	
              SWR-24B

            	 	
              $5,770,410.50

            	 	
              (3)

            
	
              SWR-25A

            	 	
              $5,641,875.00

            	 	
              (2)

            
	
              SWR-25B

            	 	
              $5,641,875.00

            	 	
              (3)

            
	
              SWR-26A

            	 	
              $5,516,202.00

            	 	
              (2)

            
	
              SWR-26B

            	 	
              $5,516,202.00

            	 	
              (3)

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	
              Swap-IO
                REMIC Interest

            	 	
              Initial
                Principal Balance(1)

            	 	
              Pass-Through
                Rate

            
	
              SWR-27A

            	 	
              $5,393,345.00

            	 	
              (2)

            
	
              SWR-27B

            	 	
              $5,393,345.00

            	 	
              (3)

            
	
              SWR-28A

            	 	
              $5,273,030.50

            	 	
              (2)

            
	
              SWR-28B

            	 	
              $5,273,030.50

            	 	
              (3)

            
	
              SWR-29A

            	 	
              $5,155,626.50

            	 	
              (2)

            
	
              SWR-29B

            	 	
              $5,155,626.50

            	 	
              (3)

            
	
              SWR-30A

            	 	
              $5,040,845.50

            	 	
              (2)

            
	
              SWR-30B

            	 	
              $5,040,845.50

            	 	
              (3)

            
	
              SWR-31A

            	 	
              $4,928,652.50

            	 	
              (2)

            
	
              SWR-31B

            	 	
              $4,928,652.50

            	 	
              (3)

            
	
              SWR-32A

            	 	
              $4,818,978.00

            	 	
              (2)

            
	
              SWR-32B

            	 	
              $4,818,978.00

            	 	
              (3)

            
	
              SWR-33A

            	 	
              $4,711,758.50

            	 	
              (2)

            
	
              SWR-33B

            	 	
              $4,711,758.50

            	 	
              (3)

            
	
              SWR-34A

            	 	
              $4,606,931.00

            	 	
              (2)

            
	
              SWR-34B

            	 	
              $4,606,931.00

            	 	
              (3)

            
	
              SWR-35A

            	 	
              $4,504,314.50

            	 	
              (2)

            
	
              SWR-35B

            	 	
              $4,504,314.50

            	 	
              (3)

            
	
              SWR-36A

            	 	
              $4,401,844.00

            	 	
              (2)

            
	
              SWR-36B

            	 	
              $4,401,844.00

            	 	
              (3)

            
	
              SWR-37A

            	 	
              $2,735,438.00

            	 	
              (2)

            
	
              SWR-37B

            	 	
              $2,735,438.00

            	 	
              (3)

            
	
              SWR-38A

            	 	
              $3,536,061.50

            	 	
              (2)

            
	
              SWR-38B

            	 	
              $3,536,061.50

            	 	
              (3)

            
	
              SWR-39A

            	 	
              $3,456,940.00

            	 	
              (2)

            
	
              SWR-39B

            	 	
              $3,456,940.00

            	 	
              (3)

            
	
              SWR-40A

            	 	
              $3,380,118.00

            	 	
              (2)

            
	
              SWR-40B

            	 	
              $3,380,118.00

            	 	
              (3)

            
	
              SWR-41A

            	 	
              $3,305,004.50

            	 	
              (2)

            
	
              SWR-41B

            	 	
              $3,305,004.50

            	 	
              (3)

            
	
              SWR-42A

            	 	
              $3,230,949.50

            	 	
              (2)

            
	
              SWR-42B

            	 	
              $3,230,949.50

            	 	
              (3)

            
	
              SWR-43A

            	 	
              $3,159,000.00

            	 	
              (2)

            
	
              SWR-43B

            	 	
              $3,159,000.00

            	 	
              (3)

            
	
              SWR-44A

            	 	
              $3,088,686.00

            	 	
              (2)

            
	
              SWR-44B

            	 	
              $3,088,686.00

            	 	
              (3)

            
	
              SWR-45A

            	 	
              $3,019,965.50

            	 	
              (2)

            
	
              SWR-45B

            	 	
              $3,019,965.50

            	 	
              (3)

            
	
              SWR-46A

            	 	
              $2,952,967.50

            	 	
              (2)

            
	
              SWR-46B

            	 	
              $2,952,967.50

            	 	
              (3)

            
	
              SWR-47A

            	 	
              $2,888,126.50

            	 	
              (2)

            
	
              SWR-47B

            	 	
              $2,888,126.50

            	 	
              (3)

            
	
              SWR-48A

            	 	
              $2,824,115.00

            	 	
              (2)

            
	
              SWR-48B

            	 	
              $2,824,115.00

            	 	
              (3)

            
	
              SWR-49A

            	 	
              $2,761,984.50

            	 	
              (2)

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              Swap-IO
                REMIC Interest

            	 	
              Initial
                Principal Balance(1)

            	 	
              Pass-Through
                Rate

            
	
              SWR-49B

            	 	
              $2,761,984.50

            	 	
              (3)

            
	
              SWR-50A

            	 	
              $2,700,696.50

            	 	
              (2)

            
	
              SWR-50B

            	 	
              $2,700,696.50

            	 	
              (3)

            
	
              SWR-51A

            	 	
              $2,640,779.00

            	 	
              (2)

            
	
              SWR-51B

            	 	
              $2,640,779.00

            	 	
              (3)

            
	
              SWR-52A

            	 	
              $2,582,062.50

            	 	
              (2)

            
	
              SWR-52B

            	 	
              $2,582,062.50

            	 	
              (3)

            
	
              SWR-53A

            	 	
              $2,524,679.00

            	 	
              (2)

            
	
              SWR-53B

            	 	
              $2,524,679.00

            	 	
              (3)

            
	
              SWR-54A

            	 	
              $2,468,482.00

            	 	
              (2)

            
	
              SWR-54B

            	 	
              $2,468,482.00

            	 	
              (3)

            
	
              SWR-55A

            	 	
              $2,413,846.50

            	 	
              (2)

            
	
              SWR-55B

            	 	
              $2,413,846.50

            	 	
              (3)

            
	
              SWR-56A

            	 	
              $2,360,843.00

            	 	
              (2)

            
	
              SWR-56B

            	 	
              $2,360,843.00

            	 	
              (3)

            
	
              SWR-57A

            	 	
              $2,312,788.50

            	 	
              (2)

            
	
              SWR-57B

            	 	
              $2,312,788.50

            	 	
              (3)

            
	
              SWR-58A

            	 	
              $2,269,336.50

            	 	
              (2)

            
	
              SWR-58B

            	 	
              $2,269,336.50

            	 	
              (3)

            
	
              SWR-59A

            	 	
              $2,388,305.50

            	 	
              (2)

            
	
              SWR-59B

            	 	
              $2,388,305.50

            	 	
              (3)

            
	
              SWR-60A

            	 	
              $3,011,866.00

            	 	
              (2)

            
	
              SWR-60B

            	 	
              $3,011,866.00

            	 	
              (3)

            
	
              SWR-61A

            	 	
              $3,061,329.00

            	 	
              (2)

            
	
              SWR-61B

            	 	
              $3,061,329.00

            	 	
              (3)

            
	
              SWR-62A

            	 	
              $2,949,671.00

            	 	
              (2)

            
	
              SWR-62B

            	 	
              $2,949,671.00

            	 	
              (3)

            
	
              SWR-63A

            	 	
              $2,840,708.50

            	 	
              (2)

            
	
              SWR-63B

            	 	
              $2,840,708.50

            	 	
              (3)

            
	
              SWR-64A

            	 	
              $2,699,954.00

            	 	
              (2)

            
	
              SWR-64B

            	 	
              $2,699,954.00

            	 	
              (3)

            
	
              SWR-65A

            	 	
              $2,419,799.50

            	 	
              (2)

            
	
              SWR-65B

            	 	
              $2,419,799.50

            	 	
              (3)

            
	
              SWR-66A

            	 	
              $2,140,061.50

            	 	
              (2)

            
	
              SWR-66B

            	 	
              $2,140,061.50

            	 	
              (3)

            
	
              SWR-67A

            	 	
              $1,895,187.50

            	 	
              (2)

            
	
              SWR-67B

            	 	
              $1,895,187.50

            	 	
              (3)

            
	
              SWR-68A

            	 	
              $1,703,389.00

            	 	
              (2)

            
	
              SWR-68B

            	 	
              $1,703,389.00

            	 	
              (3)

            
	
              SWR-69A

            	 	
              $1,638,911.50

            	 	
              (2)

            
	
              SWR-69B

            	 	
              $1,638,911.50

            	 	
              (3)

            
	
              SWR-70A

            	 	
              $1,602,984.00

            	 	
              (2)

            
	
              SWR-70B

            	 	
              $1,602,984.00

            	 	
              (3)

            
	
              SWR-71A

            	 	
              $1,567,841.50

            	 	
              (2)

            
	
              SWR-71B

            	 	
              $1,567,841.50

            	 	
              (3)

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	
              Swap-IO
                REMIC Interest

            	 	
              Initial
                Principal Balance(1)

            	 	
              Pass-Through
                Rate

            
	
              SWR-72A

            	 	
              $1,533,470.00

            	 	
              (2)

            
	
              SWR-72B

            	 	
              $1,533,470.00

            	 	
              (3)

            
	
              SWR-73A

            	 	
              $1,499,865.50

            	 	
              (2)

            
	
              SWR-73B

            	 	
              $1,499,865.50

            	 	
              (3)

            
	
              SWR-74A

            	 	
              $1,467,004.00

            	 	
              (2)

            
	
              SWR-74B

            	 	
              $1,467,004.00

            	 	
              (3)

            
	
              SWR-75A

            	 	
              $1,434,866.00

            	 	
              (2)

            
	
              SWR-75B

            	 	
              $1,434,866.00

            	 	
              (3)

            
	
              SWR-76A

            	 	
              $1,403,436.00

            	 	
              (2)

            
	
              SWR-76B

            	 	
              $1,403,436.00

            	 	
              (3)

            
	
              SWR-77A

            	 	
              $1,372,698.00

            	 	
              (2)

            
	
              SWR-77B

            	 	
              $1,372,698.00

            	 	
              (3)

            
	
              SWR-78A

            	 	
              $1,342,637.50

            	 	
              (2)

            
	
              SWR-78B

            	 	
              $1,342,637.50

            	 	
              (3)

            
	
              SWR-79A

            	 	
              $1,313,239.50

            	 	
              (2)

            
	
              SWR-79B

            	 	
              $1,313,239.50

            	 	
              (3)

            
	
              SWR-80A

            	 	
              $1,284,488.00

            	 	
              (2)

            
	
              SWR-80B

            	 	
              $1,284,488.00

            	 	
              (3)

            
	
              SWR-81A

            	 	
              $1,256,370.00

            	 	
              (2)

            
	
              SWR-81B

            	 	
              $1,256,370.00

            	 	
              (3)

            
	
              SWR-82A

            	 	
              $1,228,870.50

            	 	
              (2)

            
	
              SWR-82B

            	 	
              $1,228,870.50

            	 	
              (3)

            
	
              SWR-83A

            	 	
              $1,201,976.00

            	 	
              (2)

            
	
              SWR-83B

            	 	
              $1,201,976.00

            	 	
              (3)

            
	
              SWR-84A

            	 	
              $1,175,673.00

            	 	
              (2)

            
	
              SWR-84B

            	 	
              $1,175,673.00

            	 	
              (3)

            
	
              SWR-85A

            	 	
              $1,149,949.50

            	 	
              (2)

            
	
              SWR-85B

            	 	
              $1,149,949.50

            	 	
              (3)

            
	
              SWR-86A

            	 	
              $1,124,790.50

            	 	
              (2)

            
	
              SWR-86B

            	 	
              $1,124,790.50

            	 	
              (3)

            
	
              SWR-87A

            	 	
              $1,100,185.50

            	 	
              (2)

            
	
              SWR-87B

            	 	
              $1,100,185.50

            	 	
              (3)

            
	
              SWR-88A

            	 	
              $1,076,120.50

            	 	
              (2)

            
	
              SWR-88B

            	 	
              $1,076,120.50

            	 	
              (3)

            
	
              SWR-89A

            	 	
              $1,052,585.50

            	 	
              (2)

            
	
              SWR-89B

            	 	
              $1,052,585.50

            	 	
              (3)

            
	
              SWR-90A

            	 	
              $1,029,567.00

            	 	
              (2)

            
	
              SWR-90B

            	 	
              $1,029,567.00

            	 	
              (3)

            
	
              SWR-91A

            	 	
              $1,007,055.00

            	 	
              (2)

            
	
              SWR-91B

            	 	
              $1,007,055.00

            	 	
              (3)

            
	
              SWR-92A

            	 	
               
                 $985,036.00

            	 	
              (2)

            
	
              SWR-92B

            	 	
                
                $985,036.00

            	 	
              (3)

            
	
              SWR-93A

            	 	
                
                $963,502.50

            	 	
              (2)

            
	
              SWR-93B

            	 	
               
                 $963,502.50

            	 	
              (3)

            
	
              SWR-94A

            	 	
                
                $942,440.00

            	 	
              (2)

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              Swap-IO
                REMIC Interest

            	 	
              Initial
                Principal Balance(1)

            	 	
              Pass-Through
                Rate

            
	
              SWR-94B

            	 	
                 
                $942,440.00

            	 	
              (3)

            
	
              SWR-95A

            	 	
                 
                $921,841.50

            	 	
              (2)

            
	
              SWR-95B

            	 	
                 
                $921,841.50

            	 	
              (3)

            
	
              SWR-96A

            	 	
                 
                $901,694.00

            	 	
              (2)

            
	
              SWR-96B

            	 	
                 
                $901,694.00

            	 	
              (3)

            
	
              SWR-97A

            	 	
                 
                $881,989.50

            	 	
              (2)

            
	
              SWR-97B

            	 	
                 
                $881,989.50

            	 	
              (3)

            
	
              SWR-98A

            	 	
                 
                $862,717.00

            	 	
              (2)

            
	
              SWR-98B

            	 	
                 
                $862,717.00

            	 	
              (3)

            
	
              SWR-99A

            	 	
                 
                $843,746.50

            	 	
              (2)

            
	
              SWR-99B

            	 	
                 
                $843,746.50

            	 	
              (3)

            
	
              SWR-100A

            	 	
                 
                $825,215.00

            	 	
              (2)

            
	
              SWR-100B

            	 	
                 
                $825,215.00

            	 	
              (3)

            
	
              SWR-101A

            	 	
                 
                $807,188.50

            	 	
              (2)

            
	
              SWR-101B

            	 	
                 
                $807,188.50

            	 	
              (3)

            
	
              SWR-102A

            	 	
                 
                $789,558.50

            	 	
              (2)

            
	
              SWR-102B

            	 	
                 
                $789,558.50

            	 	
              (3)

            
	
              SWR-103A

            	 	
                 
                $772,314.00

            	 	
              (2)

            
	
              SWR-103B

            	 	
                 
                $772,314.00

            	 	
              (3)

            
	
              SWR-104A

            	 	
              $34,408,662.00

            	 	
              (2)

            
	
              SWR-104B

            	 	
              $34,408,662.00

            	 	
              (3)

            
	
              SWR-Support

            	 	
                                             
                (4)

            	 	
              (5)

            
	
              SWR-P

            	 	
                                  
                  $100.00

            	 	
              (6)

            
	
              SWR-40
                Year Reserve

            	 	
                                             
                (7)

            	 	
              (7)

            
	
              SW-A-R

            	 	
                                             
                (8)

            	 	
              (8)

            

    

     

    
      

    

    
      	
              (1)

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

            

    

     

    
      	
              (2)

            	
              On
                and until the 104th Distribution Date, a rate equal to twice the
                Pool Tax
                Cap less 10.40% per annum (but no less than 0.00%).  On and
                after the 105th Distribution Date, a rate equal to the Pool Tax
                Cap.  The “Pool Tax Cap” means the weighted average of the
                Adjusted Net Mortgage Rates of all the Mortgage Loans.  For this
                purpose, beginning on the Distribution Date in November 2017 and
                ending on
                the Distribution Date in October 2037 (the “Last Scheduled Distribution
                Date”), the weighted average of the Adjusted Net Mortgage Rates of any
                group of Mortgage Loans shall be determined by using, in the case
                of each
                40-Year Mortgage Loan in that group, its Modified Adjusted Net Mortgage
                Rate.  The “Modified Adjusted Net Mortgage Rate” of a 40-Year
                Mortgage Loan is its Adjusted Net Mortgage Rate minus the 40-Year
                Reserve
                Rate.

            

    

     

    
      	
              (3)

            	
              On
                and until the 104th Distribution Date, a rate equal to the lesser
                of (i)
                10.40% per annum and (ii) twice the Pool Tax Cap.  On and after
                the 105th Distribution Date, a rate equal to the Pool Tax
                Cap.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              (4)

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

            

    

     

    
      	
              (5)

            	
              A
                rate equal to the Pool Tax Cap.

            

    

     

    
      	
              (6)

            	
              On
                each Distribution Date the SWR-P Interest is entitled to the Prepayment
                Charge Amount for the Distribution Date (other than the portion thereof
                described in clause (iii) of the definition of “Prepayment Charge
                Amount”).   It pays no
                interest.

            

    

     

    
      	
              (7)

            	
              On
                each Distribution Date, the SW-40 Year Reserve Interest shall be
                entitled
                to a specific portion of the interest payable on each 40-Year Mortgage
                Loan.  Specifically, the SW-40 Year Reserve Interest shall be
                entitled to a specific portion of the interest payable on the Stated
                Principal Balance of each 40-Year Mortgage Loan as of the Due Date
                in the
                month preceding the month of that Distribution Date (after giving
                effect
                to Principal Prepayments in the Prepayment Period related to that
                prior
                Due Date) at a per annum rate equal to the 40-Year Reserve Rate for
                that
                Mortgage Loan.  The “40-Year Reserve Rate” for any 40-Year
                Mortgage Loan is the Adjusted Net Mortgage Rate for that Mortgage
                Loan
                minus the 40-Year Calculation Rate for that Mortgage Loan.  The
                “40-Year Calculation Rate” for any 40-Year Mortgage Loan will equal (i)
                for any Distribution Date up to and including the Distribution Date
                in
                October 2017, the Adjusted Net Mortgage Rate for that Mortgage Loan
                and
                (ii) for any Distribution Date beginning on the Distribution Date
                in
                November 2017 and ending on the Distribution Date in October 2037,
                the
                Adjusted Net Mortgage Rate for that Mortgage Loan minus
                0.80%.

            

    

     

    
      	
              (8)

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

            

    

     

    On
      each
      Distribution Date, the Interest Funds and the Principal Distribution Amount
      payable, and any other amounts distributable, with respect to the Mortgage
      Loans
      shall be payable with respect to the Swap-IO REMIC Interests in the following
      manner:

     

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

     

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

     

    (3)           Prepayment
      Penalties.  The Prepayment Charge Amount for the Distribution Date
      (other than the portion thereof described in clause (iii) of the definition
      of
“Prepayment Charge Amount”) is allocated to the SWR-P Interest.

     

    STRIP
      REMIC:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

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

     

    
      	
              
                Strip
                  REMIC

                Interest

              

            	
              
                Initial
                  Principal

                Balance

              

            	
              
                Pass-Through

                 Rate

              

            	
              
                Corresponding
                  Class

                of
                  Certificates

              

            
	
              STR-1-A

            	
              (1)

            	
              (2)

            	
              1-A

            
	
              STR-2-A-1

            	
              (1)

            	
              (2)

            	
              2-A-1

            
	
              STR-2-A-2

            	
              (1)

            	
              (2)

            	
              2-A-2

            
	
              STR-2-A-2M

            	
              (1)

            	
              (2)

            	
              2-A-2M

            
	
              STR-1-M-1

            	
              (1)

            	
              (2)

            	
              1-M-1

            
	
              STR-2-M-1

            	
              (1)

            	
              (2)

            	
              2-M-1

            
	
              STR-1-M-2

            	
              (1)

            	
              (2)

            	
              1-M-2

            
	
              STR-2-M-2

            	
              (1)

            	
              (2)

            	
              2-M-2

            
	
              STR-1-M-3

            	
              (1)

            	
              (2)

            	
              1-M-3

            
	
              STR-2-M-3

            	
              (1)

            	
              (2)

            	
              2-M-3

            
	
              STR-1-M-4

            	
              (1)

            	
              (2)

            	
              1-M-4

            
	
              STR-2-M-4

            	
              (1)

            	
              (2)

            	
              2-M-4

            
	
              STR-1-M-5

            	
              (1)

            	
              (2)

            	
              1-M-5

            
	
              STR-2-M-5

            	
              (1)

            	
              (2)

            	
              2-M-5

            
	
              STR-M-6

            	
              (1)

            	
              (2)

            	
              M-6

            
	
              STR-M-7

            	
              (1)

            	
              (2)

            	
              M-7

            
	
              STR-M-8

            	
              (1)

            	
              (2)

            	
              M-8

            
	
              STR-M-9

            	
              (1)

            	
              (2)

            	
              M-9

            
	
              STR-$100

            	
              $100

            	
              (3)

            	
              A-R

            
	
              STR-C-OC

            	
              (4)

            	
              (2)

            	
              N/A

            
	
              STR-C-Swap-IO

            	
              (5)

            	
              (5)

            	
              N/A

            
	
              STR-C-40
                Year IO

            	
              (6)

            	
              (6)

            	
              N/A

            
	
              STR-P

            	
              $100

            	
              (7)

            	
              P

            
	
              STR-A-R

            	
              (8)

            	
              (8)

            	
              N/A

            

    

    

     

    (1)           This
      Strip REMIC Interest has a principal balance that is initially equal to 100%
      of
      its Corresponding Certificate Class issued by the Master
      REMIC.  Principal payments, both scheduled and prepaid, Realized
      Losses and Subsequent Recoveries attributable to the Swap-IO REMIC Interests
      held by the Strip REMIC will be allocated to this class to maintain its size
      relative to its Corresponding Certificate Class.

     

    (2)           On
      each Distribution Date, the pass-through rate for this Strip REMIC Interest
      will
      be the “Strip REMIC Cap,” which will equal the weighted average of the
      pass-through rates of the Swap-IO REMIC Interests (other than the SWR-P, SWR-40
      Year Reserve and SWR-A-R Interests) treating each “B” Interest the cardinal
      number of which (for example, SW-1B, SW-2B, SW-3B, etc.) is not less than the
      ordinal number of the Distribution Date (first Distribution Date, second
      Distribution Date, third Distribution Date, etc.) as capped at a rate equal
      to
      the product of (i) 2 and (ii) LIBOR.

     

    (3)           This
      Strip REMIC Interest pays no interest.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (4)           This
      Strip REMIC Interest has a principal balance that is initially equal to 100%
      of
      the Overcollateralized Amount.  Principal payments, both scheduled and
      prepaid, Realized Losses and Subsequent Recoveries attributable to the Swap-IO
      REMIC Interests held by the Strip REMIC will be allocated to this class to
      maintain its size relative to the Overcollateralized Amount.

     

    (5)           For
      each Distribution Date, the STR-C-Swap-IO Interest is entitled to receive from
      each Swap REMIC “B” Interest the cardinal number of which (for example, SW-1B,
      SW-2B, SW-3B, etc.) is not less than the ordinal number of the Distribution
      Date
      (first Distribution Date, second Distribution Date, third Distribution Date,
      etc.) the interest accruing on such interest in excess of a per annum rate
      equal
      to the product of (i) 2 and (ii) LIBOR.

     

    (6)           The
      STR-C-40 Year IO Interest is entitled to all amounts payable with respect to
      the
      SWR-40 Year Reserve Interest.

     

    (7)           The
      STR-P Interest is entitled to all amounts payable with respect to the SWR-P
      Interest.  It pays no interest.

     

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

     

    On
      each
      Distribution Date, the Interest Funds and the Principal Distribution Amount
      payable, and any other amounts distributable, with respect to the Swap-IO
      Interests shall be payable with respect to the Strip REMIC Interests in the
      following manner:

     

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

     

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

     

    (3)
      Prepayment Penalties.  The Prepayment Charge Amount for the
      Distribution Date  (other than the portion thereof described in clause
      (iii) of the definition of “Prepayment Charge Amount”) is allocated to the STR-P
      Interest.

     

    MASTER
      REMIC:

     

    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-A                                                          

            	
              $218,300,000

            	
              (1)

            
	
              Class
                2-A-1                                                          

            	
              $221,700,000

            	
              (1)

            
	
              Class
                2-A-2                                                          

            	
              $135,000,000

            	
              (1)

            
	
              Class
                2-A-2M                                                          

            	
               
                $15,000,000

            	
              (1)

            
	
              Class
                1-M-1                                                          

            	
                 
                $9,916,000

            	
              (1)

            
	
              Class
                2-M-1                                                          

            	
               
                $16,884,000

            	
              (1)

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                1-M-2                                                          

            	
               
                $9,324,000

            	
              (1)

            
	
              Class
                2-M-2                                                          

            	
              $15,876,000

            	
              (1)

            
	
              Class
                1-M-3                                                          

            	
               
                $5,772,000

            	
              (1)

            
	
              Class
                2-M-3                                                          

            	
               
                $9,828,000

            	
              (1)

            
	
              Class
                1-M-4                                                          

            	
               
                $5,180,000

            	
              (1)

            
	
              Class
                2-M-4                                                          

            	
               
                $8,820,000

            	
              (1)

            
	
              Class
                1-M-5                                                          

            	
               
                $4,736,000

            	
              (1)

            
	
              Class
                2-M-5                                                          

            	
               
                $8,064,000

            	
              (1)

            
	
              Class
                M-6                                                          

            	
              $12,800,000

            	
              (1)

            
	
              Class
                M-7                                                          

            	
              $13,600,000

            	
              (1)

            
	
              Class
                M-8                                                          

            	
              $10,400,000

            	
              (1)

            
	
              Class
                M-9                                                          

            	
              $14,400,000

            	
              (1)

            
	
              Class
                C                                                          

            	
              (2)

            	
              (3)

            
	
              Class
                P                                                          

            	
                    
                $100.00

            	
              (4)

            
	
              Class
                A-R                                                          

            	
                    
                $100.00

            	
              (5)

            

    

    
      	
              (1)

            	
              This
                Class of Certificates will accrue interest at the related Pass-Through
                Rate identified in this Agreement.  For federal income tax
                purposes, including the computation of the Class C Distributable
                Amount
                and entitlement to Net Rate Carryover, the Pass-Through Rate in respect
                of
                each Class 1-A, Class 2-A and Class M Certificate will be subject
                to a cap
                equal to the Strip REMIC Cap rather than its applicable Net Rate
                Cap.

            

    

    
      	
              (2)

            	
              For
                federal income tax purposes, the Class C Certificates will be treated
                as
                having a Certificate Principal Balance equal to the Overcollateralized
                Amount.

            

    

    
      	
              (3)

            	
              For
                each Interest Accrual Period the Class C Certificates are entitled
                to an
                amount (the “Class C Distributable Amount”) equal to the sum of (a) the
                interest payable on the STR-C-OC Interest, (b) the interest payable
                on the
                STR-C-Swap-IO Interest, (c) the interest payable on the STR-C-40
                Year IO
                Interest and (d) a specified portion of the interest payable on the
                Strip
                REMIC Regular Interests (other than the STR-$100, STR-C-OC, STR-C-Swap-IO,
                STR-C-40 Year IO and STR-P Interests) equal to the excess of the
                Strip
                REMIC Cap over the weighted average interest rate of the Strip REMIC
                Regular Interests (other than the STR-$100, STR-C-OC, STR-C-Swap-IO,
                STR-C-40 Year IO and STR-P Interests) with each such Class subject
                to a
                cap equal to the Pass-Through Rate of the Corresponding Master REMIC
                Class.  The Pass-Through Rate of the Class C Certificates shall
                be a rate sufficient to entitle it to an amount equal to all interest
                accrued on the Mortgage Loans less the interest accrued on the other
                interests issued by the Master REMIC.  The Class C Distributable
                Amount for any Distribution Date is payable from current interest
                on the
                Mortgage Loans and any related Overcollateralization Reduction Amount
                for
                that Distribution Date.

            

    

    
      	
              (4)

            	
              For
                each Distribution Date the Class P Certificates are entitled to the
                portions of the Prepayment Charge Amount for such Distribution Date
                distributed with respect to the STR-P Interest and the remaining
                portion
                of the Prepayment Charge Amount for such Distribution
                Date.

            

    

    
      	
              (5)

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

            

    

     

    The
      foregoing REMIC structure is intended to cause all of the cash from the Mortgage
      Loans to flow through to the Master REMIC as cash flow on REMIC regular
      interests, without creating any shortfall—actual or potential (other than for
      credit losses)— to any REMIC

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    regular
      interest. It is not intended that the Class A-R Certificates be entitled to
      any
      cash flows pursuant to this Agreement except as provided in Section 3.08(a)
      hereunder.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    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:

     

    40-Year
      Target Schedule:  Schedule II hereto.

     

    40-Year
      Mortgage Loan:  A Mortgage Loan with an original term to maturity
      of 40 years.

     

    40-Year
      Reserve Rate:  As defined in the Preliminary
      Statement.

     

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

     

    Account:  Any
      Escrow Account, the Carryover Reserve Fund, the Certificate Account, the Credit
      Comeback Excess Account, the Distribution Account, the Pre-Funding Account,
      the
      Capitalized Interest Account, the Principal Reserve Fund, the Swap Account,
      the
      Final Maturity Reserve Fund or any other account related to the Trust Fund
      or
      the Mortgage Loans.

     

    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 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 Class C Certificates will be made on the basis of a 360-day
      year
      consisting of twelve 30-day months.

     

    Additional
      Designated Information:  As defined in Section 11.02.

     

    Adjustable
      Rate Certificates:  The Class A Certificates 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
      Mortgage Rate:  As to each Mortgage Loan, the related Mortgage
      Rate less the Servicing Fee Rate.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

     

    Adjusted
      Replacement Upfront Amount:  As defined in Section
      3.21.

     

    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 income (if any) from such REO Property deposited in the
      Certificate Account for such Distribution Date pursuant to Section 3.12 may
      be
      used to offset such Advance for the related REO Property; provided, further,
      that for the avoidance of doubt, no Advances shall be required to be made in
      respect of any Liquidated Mortgage Loan.

     

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

     

    Amount
      Held for Future Distribution:  As to any Distribution Date, the
      aggregate amount held in the Certificate Account at the close of business on
      the
      immediately preceding Determination Date on account of (i) all Scheduled
      Payments or portions thereof received in respect of the Mortgage Loans due
      after
      the related Due Date, (ii) Principal Prepayments 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 Classes 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 aggregate Stated 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); provided, however, that an Applied Realized Loss Amount will not
      exist
      for a Class of Class A Certificates unless the Certificate Principal Balances
      of
      the Subordinate Certificates have been reduced to zero.

     

    
      	
              Loan
                Group(s)

            	
              Class(es)
                of Certificates

            
	 	 
	
              1
                and 2

            	
              Interest-Bearing

            

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    
      	
              Loan
                Group(s)

            	
              Class(es)
                of Certificates

            
	 	 
	
              1

            	
              1-A

            
	
              2

            	
              2-A

            
	 	 

    

    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.

     

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

     

    Bankruptcy
      Code:  Title 11 of the United States Code.

     

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

     

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

     

    Business
      Day:  Any day other than (i) a Saturday or a Sunday or (ii) a day
      on which banking institutions in the 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.

     

    Capitalized
      Advance: With respect to any Mortgage Loan, the amount of any Advance or
      Servicing Advance that was made after the Closing Date and added to the unpaid
      principal balance of that Mortgage Loan in connection with a modification of
      the
      related Mortgage Note.

     

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

     

    Capitalized
      Interest Deposit:  $0.

     

    Capitalized
      Interest Release Amount:  Not applicable.

     

    Capitalized
      Interest Requirement:  Not applicable.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    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 2007-13”.  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 Certificate Insurer and designated
      “Countrywide Home Loans Servicing LP in trust for registered Holders of CWABS,
      Inc., Asset-Backed Certificates, Series 2007-13”.  Funds in the
      Certificate Account shall be held in trust for the Certificateholders and the
      Certificate Insurer for the uses and purposes set forth in this
      Agreement.

     

    Certificate
      Insurer:  Financial Security Assurance Inc., a New York stock
      insurance company, its successors and assigns.

     

    Certificate
      Insurer Contact Person:  The officer designated by the Master
      Servicer to provide information to the Certificate Insurer pursuant to Section
      4.06(i).

     

    Certificate
      Insurer Default:  A failure by the Certificate Insurer to make a
      payment required under the Class 2-A Policy in accordance with its
      terms.

     

    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 Class of Certificates (other than
      the Class C Certificates) and as of any Distribution Date, the Initial
      Certificate Principal Balance of such Class (A) less the sum of (i) all amounts
      distributed with respect to such Class in reduction of the Certificate Principal
      Balance thereof on previous Distribution Dates pursuant to Section 4.04(b),
      (ii)
      with respect to each Class of Guaranteed Certificates only, payments under
      the
      Class 2-A Policy relating to principal of that Class (except that any payment
      under the Class 2-A Policy with respect to an Applied Realized Loss Amount
      allocated to any Class of Guaranteed Certificates shall not result in a further
      reduction of the Certificate Principal Balance of that Class of Guaranteed
      Certificates) and (iii) any Applied Realized Loss Amounts allocated to such
      Class on previous Distribution Dates pursuant to Section 4.04(h), and (B)
      increased by any Subsequent Recoveries allocated to such Class pursuant to
      Section 4.04(i) on such Distribution Date; provided that to the extent an
      Applied Realized Loss Amount with respect to any Class of Guaranteed
      Certificates was covered under the Class 2-A Policy, the Certificate Principal
      Balance thereof shall not be increased by any Subsequent
      Recovery.  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

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    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 Certificate Insurer arising under Section 4.06 hereof,
      the “Certificate Principal Balance” of each Class of Guaranteed Certificates
      shall not be reduced by the amount of any payments made by the Certificate
      Insurer in respect of principal of such Certificates under the Class 2-A Policy,
      except to the extent such payment shall have been reimbursed to the Certificate
      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.

     

    Certification
      Party:  As defined in Section 11.05.

     

    Certifying
      Person:  As defined in Section 11.05.

     

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

     

    Class
      1-A 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 Principal Remittance
      Amount for Loan Group 1 and the denominator of which is the sum of the Principal
      Remittance Amounts for both Loan Groups.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

     

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

     

    Class
      1-M-3 Certificate:  Any Certificate designated as a “Class 1-M-3
      Certificate” on the face thereof, in the form of Exhibit A-9 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      1-M-4 Certificate:  Any Certificate designated as a “Class 1-M-4
      Certificate” on the face thereof, in the form of Exhibit A-11 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      1-M-5 Certificate:  Any Certificate designated as a “Class 1-M-5
      Certificate” on the face thereof, in the form of Exhibit A-13 hereto,
      representing the right to distributions as set forth herein.

     

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

     

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

     

    Class
      2-A-2M Certificate:  Any Certificate designated as a “Class 2-A-2M
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-A Certificates:  The Class 2-A-1, Class 2-A-2 and Class 2-A-2M
      Certificates collectively.

     

    Class
      2-A Policy:  The irrevocable Financial Guaranty Insurance Policy,
      No. 51883-N, including any endorsements thereto, issued by the Certificate
      Insurer with respect to the Guaranteed Certificates, in the form attached hereto
      as Exhibit R.

     

    Class
      2-A 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 Guaranteed Certificateholders and designated
      “The Bank of New York in trust for registered holders of CWABS, Inc.,
      Asset-Backed Certificates, Series 2007-13, Class 2-A”.  Funds in the
      Class 2-A Policy Payments Account shall be held in trust for the Guaranteed
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Class
      2-A Premium:  With respect to the Class 2-A Policy and (x) the
      first Distribution Date, an amount equal to the product of (i) the initial
      aggregate Certificate Principal

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Balance
      of the Class 2-A Certificates, (ii) the Class 2-A Premium Rate and (iii) a
      fraction, the numerator of which is the number of days from and including the
      Closing Date to but excluding the first Distribution Date, and the denominator
      of which is 360, and (y) each subsequent Distribution Date, an amount equal
      to
      the product of (i) the aggregate Certificate Principal Balance of the Class
      2-A
      Certificates immediately prior to such Distribution Date, (ii) the Class 2-A
      Premium Rate and (iii) a fraction, the numerator of which is the number of
      days
      from and including the immediately preceding Distribution Date to but excluding
      the current Distribution Date, and the denominator of which is 360.

     

    Class
      2-A Premium Rate:  0.20% per annum.

     

    Class
      2-A 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 Principal Remittance
      Amount for Loan Group 2 and the denominator of which is the sum of the Principal
      Remittance Amounts for both Loan Groups.

     

    Class
      2-M-1 Certificate:  Any Certificate designated as a “Class 2-M-1
      Certificate” on the face thereof, in the form of Exhibit A-6 hereto,
      representing the right to distributions as set forth herein.

     

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

     

    Class
      2-M-3 Certificate:  Any Certificate designated as a “Class 2-M-3
      Certificate” on the face thereof, in the form of Exhibit A-10 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-M-4 Certificate:  Any Certificate designated as a “Class 2-M-4
      Certificate” on the face thereof, in the form of Exhibit A-12 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-M-5 Certificate:  Any Certificate designated as a “Class 2-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
      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
      A Certificate:  Any Class 1-A or Class 2-A
      Certificate.

     

    Class
      A Principal Distribution Target Amount:  With respect to any
      Distribution Date, the excess of (1) the aggregate Certificate Principal Balance
      of the Class A Certificates immediately prior to such Distribution Date, over
      (2) the lesser of (x) 47.50% 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.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    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 Class 1-M-1 or Class 2-M-1
      Certificate.

     

    Class
      M-2 Certificate:  Any Class 1-M-2 or Class 2-M-2
      Certificate.

     

    Class
      M-3 Certificate:  Any Class 1-M-3 or Class 2-M-3
      Certificate.

     

    Class
      M-4 Certificate:  Any Class 1-M-4 or Class 2-M-4
      Certificate.

     

    Class
      M-5 Certificate:  Any Class 1-M-5 or Class 2-M-5
      Certificate.

     

    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
      M-9 Certificate:  Any Certificate designated as a “Class M-9
      Certificate” on the face thereof, in the form of Exhibit A-18 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M Certificate:  Any Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8 or Class M-9
      Certificate.

     

    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:  October 30, 2007.

     

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

     

    Collateral
      Schedule:  Schedule I hereto.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

     

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

     

    Confirmation:  The
      confirmation, reference number 07DL33606, 3932875, with a trade date of October
      16, 2007 evidencing a transaction between the Swap Counterparty and CHL relating
      to the Swap Contract.

     

    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, Floor 4W, New
      York, New York 10286 (Attention:  Corporate Trust MBS Administration),
      telephone: (212) 815-3236, facsimile: (212) 815-3986.

     

    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 Certificate
      Insurer and designated “The Bank of New York in trust for registered Holders of
      CWABS, Inc., Asset-Backed Certificates, Series 2007-13”.  Funds in the
      Credit Comeback Excess Account shall be held in trust for the Certificateholders
      and the Certificate 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 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 Principal 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
      for
      such Loan Group 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.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Cumulative
      Loss Trigger Event: With respect to a 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 Pre-Funded Amount, as set forth
      below:

     

    
      	 	
              Distribution
                Date

            	
              Percentage

            	 
	 	 	 	 
	 	
              November
                2009 — October 2010

            	
              1.65%
                with respect to November 2009, plus an additional 1/12th of 2.10%
                for each
                month thereafter through October 2010

            	 
	 	
              November
                2010 — October 2011

            	
              3.75%
                with respect to November 2010, plus an additional 1/12th of 2.35%
                for each
                month thereafter through October 2011

            	 
	 	
              November
                2011 — October 2012

            	
              6.10%
                with respect to November 2011, plus an additional 1/12th of 2.05%
                for each
                month thereafter through October 2012

            	 
	 	
              November
                2012 — October 2013

            	
              8.15%
                with respect to November 2012, plus an additional 1/12th of 1.70%
                for each
                month thereafter through October 2013

            	 
	 	
              November
                2013 — October 2014

            	
              9.85%
                with respect to November 2013, plus an additional 1/12th of 0.40%
                for each
                month thereafter through October 2014

            	 
	 	
              November
                2014 and thereafter

            	
              10.25%

            	 
	 	 	 	 

    

    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.

     

    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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    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 in each Loan Group, not
      later than the Closing Date and with respect to at least 10% of the Subsequent
      Mortgage Loans in each Loan Group 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 in each Loan Group, 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 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 will be in effect if the Rolling
      Sixty-Day Delinquency Rate for 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
      Interest-Bearing Certificates:

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    
      	 	
              Class

            	 	
              Percentage

            	 
	 	 	 	 	 
	 	
              A                           

            	 	
              30.00%

            	 
	 	
              M-1                           

            	 	
              34.39%

            	 
	 	
              M-2                           

            	 	
              39.87%

            	 
	 	
              M-3                           

            	 	
              44.24%

            	 
	 	
              M-4                           

            	 	
              49.07%

            	 
	 	
              M-5                           

            	 	
              54.50%

            	 
	 	
              M-6                           

            	 	
              61.28%

            	 
	 	
              M-7                           

            	 	
              70.63%

            	 
	 	
              M-8                           

            	 	
              79.95%

            	 
	 	
              M-9                           

            	 	
              97.83%

            	 

    

     

    For
      the
      purposes of the definition of “Delinquency Trigger Event”, the Class A
      Certificates will be treated as a single Class of Certificates, the Class M-1
      Certificates will be treated as a single Class of Certificates, the Class M-2
      Certificates will be treated as a single Class of Certificates, the Class M-3
      Certificates will be treated as a single Class of Certificates, the Class M-4
      Certificates will be treated as a single Class of Certificates and the Class
      M-5
      Certificates will be treated as a single Class of Certificates.

     

    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.

     

    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.

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    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 Certificate Insurer and designated
      “The Bank of New York, in trust for registered Holders of CWABS, Inc.,
      Asset-Backed Certificates, Series 2007-13”.  Funds in the Distribution
      Account shall be held in trust for the Certificateholders and the Certificate
      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, the first Business Day thereafter, commencing in November
      2007.

     

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

     

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

     

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

     

    Eligible
      Account:  Any of (i) an account or accounts maintained with a
      federal or state chartered depository institution or trust company the
      short-term unsecured debt obligations of which (or, in the case of a depository
      institution or trust company that does not have the requisite ratings and is
      the
      principal subsidiary of a holding company, the debt obligations of such holding
      company) have (a) the highest short-term ratings of Moody’s or Fitch and (b) (1)
      if such Eligible Account is not the Pre-Funding Account or the Capitalized
      Interest Account, one of the two highest short-term ratings of S&P (or, if
      such entity does not have a short-term rating from S&P, the long-term
      unsecured and unsubordinated debt obligations of such entity have a rating
      from
      S&P of at least “BBB+”) and (2) if such Eligible Account is the Pre-Funding
      Account or the Capitalized Interest Account, the highest short-term ratings
      of
      S&P (or, if such entity does not have a short-term rating from S&P, the
      long-term unsecured and unsubordinated debt obligations of such entity have
      a
      rating from S&P of at least “A+”), (ii) a segregated trust account or
      accounts maintained with the corporate trust department of a federal or state
      chartered depository institution subject to regulations regarding fiduciary
      funds on deposit similar to Title 12 of the Code of Federal Regulations, Chapter
      I, Part 9, Section 9.10(b), which has corporate trust powers, acting in its
      fiduciary capacity or (iii) any other account acceptable to each Rating Agency
      without reduction or withdrawal of their then-current ratings of the
      Certificates (without regard to the Class 2-A Policy, in the case of the
      Guaranteed 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.  In the event that the federal or state chartered depository
      institution or trust company maintaining an Eligible Account described in clause
      (i) above no longer satisfies the credit rating of S&P set forth in clause
      (i)(b)(1) above then the Person responsible for establishing such Eligible
      Account

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    shall
      cause any amounts on deposit therein to be moved to another federal or state
      chartered depository institution or trust company satisfying such credit rating
      of S&P within 30 calendar days.  In the event that the federal or
      state chartered depository institution or trust company maintaining an Eligible
      Account described in clause (i) above no longer satisfies the credit rating
      of
      S&P set forth in clause (i)(b)(2) above then the Person responsible for
      establishing such Eligible Account shall cause any amounts on deposit therein
      to
      be moved to another federal or state chartered depository institution or trust
      company satisfying such credit rating of S&P within 60 calendar
      days.

     

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

     

    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, Class P and Class C Certificates;
      until they have been the subject of an ERISA-Qualifying Underwriting, the Class
      M Certificates (other than (i) the Class 1-M-1 and Class 2-M-4 Certificates
      and
      (ii) the $5,000,000 Initial Certificate Principal Balance of Class 2-M-3
      Certificates and $3,736,000 Initial Certificate Principal Balance of Class
      1-M-5
      Certificates purchased by the Underwriter on the Closing Date); and Certificates
      of any Class that does not have or no longer has a rating of BBB- or its
      equivalent, or better, from at least one Rating Agency.

     

    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 to Certificateholders
      for such Distribution Date pursuant to Section 4.04(a)(xiii)(b), (ii) the amount
      remaining after the distribution of principal to Certificateholders for such
      Distribution Date, pursuant to Section 4.04(b)(1)(B)(vii) or 4.04(b)(2)(B)(vii)
      and (iii) the Overcollateralization Reduction Amount for such Distribution
      Date.

     

    Excess
      Deposit:  As defined in Section 8.11 hereof.

     

    
      
        
        

      

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

     

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

     

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

     

    Expense
      Fee Rate:  With respect to any Mortgage Loan, the sum of (i) the
      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 either Loan Group, the product of (x) the lesser of (1) the
      Overcollateralization Deficiency Amount and (2) the sum of the Excess Cashflow
      and Credit Comeback Excess Cashflow available for payment thereof, to be
      allocated between Loan Group 1 and Loan Group 2 and (y) a fraction, the
      numerator of which is the Principal Remittance Amount for such Loan Group 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.

     

    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.

     

    Final
      Maturity Funding Cap:  For any Distribution Date beginning with
      the Distribution Date in November 2017, the least of (i) the aggregate
      Certificate Principal Balance of the Interest-Bearing Certificates immediately
      prior to that Distribution Date, (ii) the aggregate Stated Principal Balance
      of
      all outstanding 40-Year 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 (iii)
      $25,964,925.

     

    Final
      Maturity OC Trigger: With respect to any Distribution Date on or after the
      Distribution Date in November 2027, the Final Maturity OC Trigger will be in
      effect if and for so long as the sum of (x) the amount on deposit in the Final
      Maturity Reserve Fund on that

     

    
      
        
        

      

      
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    Distribution
      Date (including any Final Maturity Reserve Deposit made on the Distribution
      Date) and (y) the Overcollateralized Amount for that Distribution Date
      (calculated after giving effect to all distributions to be made prior to the
      time of determination) is less than the outstanding Stated Principal Balance
      of
      all 40-Year Mortgage Loans as of the Due Date occurring in the month of that
      Distribution Date (after giving effect to Principal Prepayments received during
      the Prepayment Period ending in the same month as the Distribution
      Date).

     

    Final
      Maturity Required Deposit Trigger:  With respect to any
      Distribution Date on or after the Distribution Date in November 2017 up to
      and
      including the Distribution Date in October 2037, the Final Maturity Required
      Deposit Trigger shall be in effect with respect to such Distribution Date if
      the
      aggregate Stated Principal Balance of the 40-Year Mortgage Loans as of the
      Due
      Date occurring in the month preceding the month of that Distribution Date (after
      giving effect to Principal Prepayments in the Prepayment Period related to
      that
      prior Due Date) is greater than the “40-Year Target” specified on the 40-Year
      Target Schedule for such Distribution Date.

     

    Final
      Maturity Reserve Deposit:  For any Distribution Date on which the
      Final Maturity Required Deposit Trigger is not in effect, $0.  For any
      Distribution Date on which the Final Maturity Required Deposit Trigger is in
      effect, an amount equal to the lesser of (a) one-twelfth of the product of
      (i)
      0.80% and (ii) the aggregate Stated Principal Balance of the 40-Year Mortgage
      Loans as of the Due Date occurring in the month preceding the month of that
      Distribution Date (after giving effect to Principal Prepayments in the
      Prepayment Period related to that prior Due Date) and (b) the excess of (i)
      the
      Final Maturity Funding Cap for such Distribution Date over (ii) the amount
      on
      deposit in the Final Maturity Reserve Fund immediately prior to such
      Distribution Date.

     

    Final
      Maturity Reserve Fund:  The separate Eligible Account created and
      initially maintained by the Trustee pursuant to Section 4.10 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 2007-13”.  Funds in the Final Maturity Reserve
      Fund shall be held in trust by the Final Maturity Reserve Trustee for the
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Final
      Maturity Reserve Trust:  The trust fund established by Section
      4.10.

     

    Final
      Maturity Reserve Trustee:  The Bank of New York, a New York
      banking corporation, not in its individual capacity, but solely in its capacity
      as final maturity reserve trustee for the benefit of the Holders of the
      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 final maturity reserve trustee as may from time to time be serving
      as
      successor final maturity reserve trustee hereunder.

     

    Fiscal
      Agent:  As defined in the Class 2-A Policy.

     

    Fitch:  Fitch,
      Inc. and its successors.

     

    
      
        
        

      

      
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    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 adjustment.

     

    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.

     

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

     

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

     

    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.

     

    FSA
      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 FSA 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 FSA Late Payment Rate
      exceed the maximum rate permissible under law applicable to this Agreement
      limiting interest rates.

     

    FSA
      Reimbursement Amount:  With respect to any Distribution Date,
      (i)  the amount of all Guaranteed Distributions paid and all other
      payments made by the Certificate Insurer pursuant to the Class 2-A Policy for
      which the Certificate 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 FSA Late Payment Rate from the date
      such payments were made.

     

    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) November 30, 2007.

     

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

     

    Guaranteed
      Certificateholders:  The Holders of the Guaranteed
      Certificates.

     

    Guaranteed
      Certificates:  The Class 2-A-1, Class 2-A-2 and Class 2-A-2M
      Certificates.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    Guaranteed
      Distributions: As defined in the Class 2-A Policy.

     

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

     

    Group
      1 Distribution Percentage:  With respect to any Distribution Date,
      the percentage equivalent of a fraction, the numerator of which is the Principal
      Remittance Amount for Loan Group 1 for that Distribution Date, and the
      denominator of which is the sum of the Principal Remittance Amounts for Loan
      Group 1 and Loan Group 2 for that Distribution Date.

     

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

     

    Group
      1 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.

     

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

     

    Group
      2 Distribution Percentage:  With respect to any Distribution Date,
      the percentage equivalent of a fraction, the numerator of which is the Principal
      Remittance Amount for Loan Group 2 for that Distribution Date, and the
      denominator of which is the sum of the Principal Remittance Amounts for Loan
      Group 1 and Loan Group 2 for that 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.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    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 $0.

     

    Group
      Distribution Percentage:  With respect to any Distribution Date,
      in the case of Loan Group 1, the Group 1 Distribution Percentage for that
      Distribution Date, and in the case of Loan Group 2, the Group 2 Distribution
      Percentage for that Distribution Date.

     

    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, or, if the Index in the Mortgage Note ceases to be published
      or
      becomes unavailable for any reason, then the Index shall be a new index selected
      by the Master Servicer, based on comparable information and in accordance with
      the Mortgage Note and applicable law.

     

    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 Class of
      Certificates (other than the Class C Certificates) the Certificate Principal
      Balance of such Class on the Closing Date.

     

    Initial
      Cut-off Date:  In the case of any Initial Mortgage Loan, the later
      of (x) October 1, 2007 and (y) the date of origination of such Initial 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.

     

    Initial
      Purchaser:  Not applicable.

     

    Institutional
      Accredited Investor or IAI:  An “accredited investor” as defined
      in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
      Act or any entity in which all of the equity owners come within such
      paragraphs.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    Insurance
      Agreement:  The Insurance and Indemnity Agreement, dated as of the
      Closing Date, by and among the Certificate Insurer, the Depositor, CHL and
      the
      Trustee, as the same may be amended from time to time.

     

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

     

    Insurance
      Proceeds:  Proceeds paid in respect of the Mortgage Loans pursuant
      to any Insurance Policy (other than the Class 2-A 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 either prior to or in connection
      with 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.

     

    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, October 26, 2007.  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, plus
      in
      the case of each Funding Period Distribution Date, the portion of the
      Capitalized Interest Requirement for such Distribution Date allocable to such
      Loan Group, if any, less the portion of the Trustee Fee for such Distribution
      Date allocable to such Loan Group, plus the Adjusted Replacement Upfront Amount,
      if any, allocable to that 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
      such Mortgage Loans less the related Servicing Fee, (ii) all interest on
      Principal 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

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    respect
      to such Mortgage Loans, (v) Liquidation Proceeds with respect to such Mortgage
      Loans collected during the related Due Period (to the extent such Liquidation
      Proceeds relate to interest), and (vi) in the case of the first Distribution
      Date, any Seller Interest Shortfall Payments with respect to the Initial
      Mortgage Loans in such Loan Group, and in the case of each Distribution Date
      occurring in a calendar month following any Subsequent Transfer Date, any Seller
      Interest Shortfall Payments for the Subsequent Mortgage Loans in such Loan
      Group
      conveyed on such Subsequent Transfer Date, less (y) all reimbursements to the
      Master Servicer during the related Due Period for Advances of interest
      previously made (other than Capitalized Advances) allocable to such Loan
      Group.

     

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

     

    ISDA
      Master Agreement:  The 1992 ISDA Master Agreement (Multicurrency –
Cross Border), including the Schedule and Credit Support Annex thereto,
      dated
      October 30, 2007, between the Swap Counterparty and the Swap Contract
      Administrator.

     

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

     

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

     

    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.

     

    Limited
      Exchange Act Reporting Obligations:  The obligations of the Master
      Servicer under Section 3.17(b), Section 6.02 and Section 6.04 with respect
      to
      notice and information to be provided to the Depositor and Article XI (except
      Section 11.07(a)(1) and (2)).

     

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

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

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

     

    Loan
      Group 1:  The Group 1 Mortgage Loans.

     

    Loan
      Group 2:  The Group 2 Mortgage Loans.

     

    Loan-to-Value
      Ratio:  In the case of any Mortgage Loan, the fraction, expressed
      as a percentage, the numerator of which is the original principal balance of
      such 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.

     

    Master
      REMIC:  As defined in the Preliminary Statement.

     

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

     

    Master
      Servicer Advance Date:  As to any Distribution Date, 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® System.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    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;

            

    

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              (xi)

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

            

    

     

    
      	
               

            	
              (xii)

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

            

    

    

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

    

    

    
      	 	(xiv)	the
              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;

    

    

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

    

    

    
      	 	(xix)	[Reserved];

    

    

    
      	
               

            	
              (xx)

            	
              [Reserved];

            

    

    

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

    

    

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

    

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    

    
      	 	(xxiii)	the
              term of the related Prepayment
              Charge.

    

     

    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 supplement thereto
      delivered pursuant to Section 2.01(f) and all the related Subsequent Mortgage
      Loans and Subsequent Mortgage Loan information included therein.

     

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

     

    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 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,
      together with any modification or waiver contained in the related Mortgage
      File.

     

    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.

     

    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 and:

     

    (i)
      each
      Class of Group 1 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

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    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 (a) the product of (x) the sum of (1)
      the
      sum of the Net Swap Payment payable to the Swap Counterparty with respect to
      such Distribution Date and the Final Maturity Reserve Deposit for such
      Distribution Date times a fraction, the numerator of which is 360 and the
      denominator of which is the actual number of days in the related Accrual Period
      and (2) 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 (y) a fraction, the numerator of which is the
      Interest Funds for Loan Group 1 for such Distribution Date, and the denominator
      of which is the Interest Funds for Loan Group 1 and Loan Group 2 for such
      Distribution Date, and the denominator of which is (b) 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) plus
      any
      amounts on deposit in the Pre-Funding Account in respect of Loan Group 1 as
      of
      the first day of that Due Period;

     

    (ii)
      each
      Class of Class 2-A 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 the
      sum
      of (A) a fraction, expressed as a percentage, the numerator of which is the
      Class 2-A Premium for such Distribution Date, and the denominator of which
      is
      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 (B) a fraction, expressed as a percentage, the numerator of which
      is
      (x) the product of (a) the sum of (1) the sum of the Net Swap Payment payable
      to
      the Swap Counterparty with respect to such Distribution Date and the Final
      Maturity Reserve Deposit for such Distribution Date times a fraction, the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the related Accrual Period and (2) 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) a
      fraction, the numerator of which is the Interest Funds for Loan Group 2 for
      such
      Distribution Date, and the denominator of which is the Interest Funds for Loan
      Group 1 and Loan Group 2 for such Distribution Date, and the denominator of
      which is (y) 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) plus any amounts on deposit in the Pre-Funding
      Account in respect of Loan Group 2 as of the first day of that Due Period;
      and

     

    (iii)
      each Class of Group 2 Certificates (other than the Class 2-A 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

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    which
      is
      (a) the product of (x) the sum of (1) the sum of the Net Swap Payment payable
      to
      the Swap Counterparty with respect to such Distribution Date and the Final
      Maturity Reserve Deposit for such Distribution Date times a fraction, the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the related Accrual Period and (2) 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 (y) a
      fraction, the numerator of which is the Interest Funds for Loan Group 2 for
      such
      Distribution Date, and the denominator of which is the Interest Funds for Loan
      Group 1 and Loan Group 2 for such Distribution Date, and the denominator of
      which is (b) 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) plus any amounts on deposit in the Pre-Funding
      Account in respect of Loan Group 2 as of the first day of that Due Period;
      and

     

    (iv)
      the
      Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, the weighted average
      of the Net Rate Caps for the Group 1 and the Class 2-A Certificates for such
      Distribution Date, weighted on the basis of the excess (if any) of the sum
      of
      the aggregate Stated Principal Balance of the Mortgage Loans in the related
      Loan
      Group 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 that Loan Group as of the first day of such Due Period over the aggregate
      Certificate Principal Balance of the Group 1 and Group 2 Certificates,
      respectively, immediately prior to such 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.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    Nonrecoverable
      Advance:  Any (i) 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 or (ii) Capitalized
      Advance.

     

    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.

     

    OC
      Floor:  An amount equal to 4.50% of the sum of the aggregate
      Cut-off Date Principal Balance of the Initial Mortgage Loans and the 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, (iii) if provided
      for
      in this Agreement, signed by a Servicing Officer, as the case may be, and
      delivered to the Depositor and the Trustee, as the case may be, as required
      by
      this Agreement, or (iv) in the case of any other Person, signed by an authorized
      officer of such Person.

     

    One-Month
      LIBOR:  With respect to any 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 as quoted on the Bloomberg Terminal 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
      4.79250% per annum.   If such rate is not quoted on the Bloomberg
      Terminal (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

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    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 pursuant to clause
      (a) of the first sentence of Section 9.01.

     

    Optional
      Termination Date:  The first Distribution Date on which the
      aggregate Stated Principal Balance of the Mortgage Loans is less than or equal
      to 10% of the 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 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 8.05% of the sum of the aggregate Cut-off
      Date

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    Principal
      Balance of the Initial Mortgage Loans and the Pre-Funded Amount and (b) on
      or
      after the Stepdown Date, the greater of (i) an amount equal to 16.10% 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).

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    

    
      	 	
              Class

            	
              Pass-

              Through

              Margin
                (1)

            	
              Pass-

              Through

              Margin
                (2)

            	 
	 	
              Class
                1-A

            	
              0.840%

            	
              1.680%

            	 
	 	
              Class
                2-A-1

            	
              0.900%

            	
              1.800%

            	 
	 	
              Class
                2-A-2

            	
              0.800%

            	
              1.600%

            	 
	 	
              Class
                2-A-2M

            	
              1.250%

            	
              2.500%

            	 
	 	
              Class
                1-M-1

            	
              1.500%

            	
              2.250%

            	 
	 	
              Class
                2-M-1

            	
              1.500%

            	
              2.250%

            	 
	 	
              Class
                1-M-2

            	
              1.750%

            	
              2.625%

            	 
	 	
              Class
                2-M-2

            	
              1.750%

            	
              2.625%

            	 
	 	
              Class
                1-M-3

            	
              2.000%

            	
              3.000%

            	 
	 	
              Class
                2-M-3

            	
              2.000%

            	
              3.000%

            	 
	 	
              Class
                1-M-4

            	
              2.500%

            	
              3.750%

            	 
	 	
              Class
                2-M-4

            	
              2.500%

            	
              3.750%

            	 
	 	
              Class
                1-M-5

            	
              3.000%

            	
              4.500%

            	 
	 	
              Class
                2-M-5

            	
              3.000%

            	
              4.500%

            	 
	 	
              Class
                M-6

            	
              3.000%

            	
              4.500%

            	 
	 	
              Class
                M-7

            	
              3.000%

            	
              4.500%

            	 
	 	
              Class
                M-8

            	
              3.000%

            	
              4.500%

            	 
	 	
              Class
                M-9

            	
              3.000%

            	
              4.500%

            	 

    

    

    
      	
              (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.

            

    

     

    Pass-Through
      Rate:  With respect to any Accrual Period and each Class of
      Adjustable Rate Certificates the lesser of (x) One-Month LIBOR for such Accrual
      Period plus the Pass-Through Margin for such Class and Accrual Period and (y)
      the applicable Net Rate Cap for such Class and the related Distribution
      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.

     

    Performance
      Certification:  As defined in Section 11.05.

     

    Permitted
      Investments:  At any time, any one or more of the following
      obligations and securities, each of which shall (i) have no stated maturity
      or
      (ii) mature no later than 60 days after acquisition:

     

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

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    (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 2-A Policy, in the case of
      the
      Guaranteed 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
      2-A Policy, in the case of the Guaranteed 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 2-A Policy, in the case of the Guaranteed 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
      2-A Policy, in the case of the Guaranteed 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 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

     

    
      
        
        

      

      
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    the
      ratings originally assigned to the Certificates by such Rating Agency (without
      regard to the Class 2-A Policy, in the case of the Guaranteed
      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
      2-A Policy, in the case of the Guaranteed 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 2-A Policy,
      in
      the case of the Guaranteed 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.  Notwithstanding the
      above, unless a Certificate Insurer Default has occurred, each Permitted
      Investment shall have an investment grade rating or better.

     

    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

     

    
      
        
        

      

      
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    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 §2510.3-101 or otherwise under ERISA) of
      such an employee benefit plan or plan.

     

    Pool
      Tax 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 $0.

     

    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 Certificate Insurer and designated “The Bank
      of New York, in trust for registered holders of CWABS, Inc., Asset-Backed
      Certificates, Series 2007-13.”  Funds in the Pre-Funding Account shall
      be held in trust for the Certificateholders and the Certificate Insurer 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.

     

    Premium:  With
      respect to any Eligible EPD Protected Mortgage Loan purchased by the Master
      Servicer pursuant to Section 3.12, the excess, if any, of (i) the amount
      actually

     

    
      
        
        

      

      
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    paid
      by
      the related seller to CHL pursuant to the provisions of the purchase agreement
      under which the seller sold the Mortgage Loan to CHL in connection with the
      repurchase by such seller of the Mortgage Loan over (ii) the Purchase Price
      paid
      by the Master Servicer for the Mortgage Loan; provided, however that such excess
      amount will only be considered Premium to the extent it was payable by the
      seller as a result of CHL initially purchasing such Mortgage Loan from the
      seller for an amount above par.

     

    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 Amount:  With respect to any Distribution Date, the sum of
      (i) the Prepayment Charges collected on the Mortgage Loans during the related
      Prepayment Period, (ii) the Master Servicer Prepayment Charge Payment Amounts
      deposited in the Certificate Account by the Master Servicer during the related
      Prepayment Period and (iii) the aggregate amount of Premium transferred to
      the
      Certificate Account by the Master Servicer on the related Master Servicer
      Advance Date pursuant to Section 3.12(d) in connection with the purchase by
      the
      Master Servicer of any Eligible EPD Protected Mortgage Loans.

     

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

     

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

     

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

     

    Prepayment
      Period:  As to any Distribution Date and related Due Date, the
      period beginning with the opening of business on the sixteenth day of the
      calendar month preceding the month in which such Distribution Date occurs (or,
      with respect to the first Distribution Date, the

     

    
      
        
        

      

      
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    period
      beginning with the opening of business on October 2, 2007) 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 amount of any Group 1 Overcollateralization Reduction Amount,
      in the case of Loan Group 1 and (b) the amount of any Group 2
      Overcollateralization Reduction Amount, 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
      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) the sum, without duplication, of (i) all Advances relating to principal
      and certain expenses reimbursable pursuant to Section 6.03 and reimbursed during
      the related Due Period and (ii) all Capitalized Advances 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 2007-13”.  Funds in the Principal Reserve Fund

     

    
      
        
        

      

      
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    shall
      be
      held in trust for the Certificateholders for the uses and purposes set forth
      in
      this Agreement.

     

    Private
      Certificates:  The Class C and Class P Certificates.

     

    Prospectus:  The
      prospectus dated August 13, 2007, relating to asset-backed securities to be
      sold
      by the Depositor.

     

    Prospectus
      Supplement:  The prospectus supplement dated October 29, 2007,
      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 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 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 is effected by the Master Servicer, the date
      through which interest was last advanced and not reimbursed by the Master
      Servicer) to (b) the Due Date in the month in which the Purchase Price is to
      be
      distributed to Certificateholders and (iii) any costs, expenses and damages
      incurred by the Trust Fund resulting from any violation of any predatory or
      abusive lending law in connection with such Mortgage Loan.

     

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

     

    Qualified
      Institutional Buyer or QIB:  A “qualified institutional
      buyer” within the meaning of Rule 144A.

     

    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, identified as a “Rating Agency” in the Underwriter’s Exemption and
      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.  In addition, defined terms and provisions in this
      Agreement referring to a specific nationally recognized statistical rating
      organization by name or a defined term for that name shall be of no force or
      effect if such organization is not designated as a “Rating Agency” in the third
      preceding sentence.

     

    
      
        
        

      

      
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    Realized
      Loss:  Without duplication, with respect to a Mortgage Loan (a)
      that is a 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, (b) 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, (c) that has been the subject of a Debt Service Reduction,
      the amount, if any, by which the principal portion of the related Scheduled
      Payment has been reduced and (d) that has been the subject of a modification
      that resulted in a permanent reduction in its principal balance or forgiveness
      of any accrued and unpaid interest, the amount of that reduction and/or
      forgiveness.

     

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

     

    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.

     

    
      
        
        

      

      
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    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.

     

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

     

    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 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 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

     

    
      
        
        

      

      
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    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).

     

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

     

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

     

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

     

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

     

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

     

    (e)           any
      amendment to this Agreement;

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Representing
      Party:  As defined in Section 2.03(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 of (i) $1,000 over (ii) the amount of funds
      on deposit in the Carryover Reserve Fund after all other deposits and
      withdrawals from such account on such Distribution Date.

     

    Required
      Distributions:  As defined in the Class 2-A 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, the average of the Sixty-Day Delinquency Rates for such Distribution
      Date
      and the two immediately preceding Distribution Dates (or in the case of the
      first Distribution Date, the Sixty-Day Delinquency Rate for such Distribution
      Date, or in the case of the second Distribution Date, the average of the
      Sixty-Day Delinquency Rates for the first and second 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.

     

    
      
        
        

      

      
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    Sarbanes-Oxley
      Certification:  As defined in Section 11.05.

     

    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.

     

    Seller
      Interest Shortfall Payment:  With respect to any Initial Mortgage
      Loan that does not have a first payment date on or before the Due Date in the
      month of the first Distribution Date or any Subsequent Mortgage Loan that does
      not have a first payment date on or before the Due Date in the month immediately
      following the related Subsequent Transfer Date, an amount equal to one month’s
      interest at the related Adjusted Mortgage Rate on the Cut-off Date Principal
      Balance of that Mortgage Loan.

     

    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.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Servicing
      Fee Rate:  With respect to each Mortgage Loan, 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, a
      fraction, expressed as a percentage, the numerator of which is the aggregate
      Stated Principal Balance for such Distribution Date of, without duplication,
      (i)
      all Mortgage Loans 60 or more days delinquent as of the close of business on
      the
      last day of the calendar month preceding such Distribution Date (including
      Mortgage Loans in foreclosure, bankruptcy and REO Properties), (ii) all Mortgage
      Loans that were repurchased from the issuing entity for a reason other than
      a
      breach of representations and warranties under this Agreement during the twelve
      calendar months immediately preceding such Distribution Date, (iii) all Mortgage
      Loans that were substituted by a Seller during the twelve calendar months
      immediately preceding such Distribution Date and (iv) Mortgage Loans with
      respect to which a modification to the related Mortgage Note was made during
      the
      twelve calendar months immediately preceding the Distribution Date, and the
      denominator of which is the aggregate Stated Principal Balance for such
      Distribution Date of all Mortgage Loans.

     

    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 Distribution Date, the Stated Principal Balance of the Mortgage Loan as
      of
      its Cut-off Date, plus the amount of any Capitalized Advances for that Mortgage
      Loan, 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, (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 and (d)
      any
      Realized Loss previously incurred in connection with a Deficient
      Valuation.  The Stated Principal Balance of any Mortgage Loan that
      becomes a Liquidated Mortgage Loan will be zero on each date following the
      Due
      Period in

     

    
      
        
        

      

      
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    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 following
      the Distribution Date on which the aggregate Certificate Principal Balance
      of
      the Senior Certificates is reduced to zero, and (b) the later to occur of (x)
      the Distribution Date in November 2010 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 47.50% 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

            	
              45.80%

            	 
	 	
              Class
                M-2

            	
              39.50%

            	 
	 	
              Class
                M-3

            	
              35.60%

            	 
	 	
              Class
                M-4

            	
              32.10%

            	 
	 	
              Class
                M-5

            	
              28.90%

            	 
	 	
              Class
                M-6

            	
              25.70%

            	 
	 	
              Class
                M-7

            	
              22.30%

            	 
	 	
              Class
                M-8

            	
              19.70%

            	 
	 	
              Class
                M-9

            	
              16.10%

            	 

    

    

     

    For
      the
      purposes of the definition of “Stepdown Target Subordination Percentage”, (i)
      the Class 1-M-1 and Class 2-M-1 Certificates will be treated as a single Class
      of Certificates having a Certificate Principal Balance equal to the aggregate
      Certificate Principal Balance of the Class 1-M-1 and Class 2-M-1 Certificates,
      (ii) the Class 1-M-2 and Class 2-M-2 Certificates will be treated as a single
      Class of Certificates having a Certificate Principal Balance equal to the
      aggregate Certificate Principal Balance of the Class 1-M-2 and Class 2-M-2
      Certificates, (iii) the Class 1-M-3 and Class 2-M-3 Certificates will be treated
      as a single Class of Certificates having a Certificate Principal Balance equal
      to the aggregate Certificate Principal Balance of the Class 1-M-3 and Class
      2-M-3 Certificates, (iv) the Class 1-M-4 and Class 2-M-4 Certificates will
      be
      treated as a single Class of Certificates having a Certificate Principal Balance
      equal to the aggregate Certificate Principal Balance of the Class 1-M-4 and
      Class 2-M-4 Certificates, and (v) the Class 1-M-5 and Class 2-M-5 Certificates
      will be treated as a single Class of Certificates having a Certificate Principal
      Balance equal to the aggregate Certificate Principal Balance of the Class 1-M-5
      and Class 2-M-5 Certificates.

     

    Strip
      REMIC:  As defined in the Preliminary Statement.

     

    
      
        
        

      

      
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    Strip
      REMIC Cap:  As defined in the Preliminary Statement.

     

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

     

    Subordinate
      Certificates:  The Class 1-M-1, Class 2-M-1, Class 1-M-2, Class
      2-M-2, Class 1-M-3, Class 2-M-3, Class 1-M-4, Class 2-M-4, Class 1-M-5, Class
      2-M-5, Class M-6, Class M-7, Class M-8 and Class M-9 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 1-A Principal
      Distribution Amount and the Class 2-A Principal Distribution Amount for such
      Distribution Date), (b) the aggregate Certificate Principal Balance of any
      Classes 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.  For the purposes of the definition of “Subordinate Class
      Principal Distribution Amount”, (i) the Class 1-M-1 and Class 2-M-1 Certificates
      will be treated as a single class of Certificates having a Certificate Principal
      Balance equal to the aggregate Certificate Principal Balance of the Class 1-M-1
      and Class 2-M-1 Certificates, (ii) the Class 1-M-2 and Class 2-M-2 Certificates
      will be treated as a single class of Certificates having a Certificate Principal
      Balance equal to the aggregate Certificate Principal Balance of the Class 1-M-2
      and Class 2-M-2 Certificates, (iii) the Class 1-M-3 and Class 2-M-3 Certificates
      will be treated as a single class of Certificates having a Certificate Principal
      Balance equal to the aggregate Certificate Principal Balance of the Class 1-M-3
      and Class 2-M-3 Certificates, (iv) the Class 1-M-4 and Class 2-M-4 Certificates
      will be treated as a single Class of Certificates having a Certificate Principal
      Balance equal to the aggregate Certificate Principal Balance of the Class 1-M-4
      and Class 2-M-4 Certificates, and (v) the Class 1-M-5 and Class 2-M-5
      Certificates will be treated as a single Class of Certificates having a
      Certificate Principal Balance equal to the aggregate Certificate Principal
      Balance of the Class 1-M-5 and Class 2-M-5 Certificates.

     

    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

     

    
      
        
        

      

      
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    the
      Cut-off Date Principal Balance thereof and (ii) interest on 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 supplement to the 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.

     

    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 supplement to the 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).

     

    
      
        
        

      

      
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    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.

     

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

     

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

     

    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
      and
      its successors and assigns.

     

    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
      Contract Termination Date:  The Distribution Date in June
      2016.

     

    Swap
      Counterparty:  Merrill Lynch Capital Services, Inc. and its
      successors.

     

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

     

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

     

    Swap
      Guarantor:  Merrill Lynch & Co., Inc.

     

    
      
        
        

      

      
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    Swap-IO
      REMIC:  As defined in the Preliminary Statement.

     

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

     

    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 swap trustee
      for
      the benefit of the Holders of the Adjustable Rate 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 swap trustee as may from
      time
      to time be serving as successor swap trustee hereunder.

     

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

     

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

     

    Termination
      Price:  As defined in Section 9.01.

     

    Terminator:  As
      defined in Section 9.01.

     

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

     

    Transaction
      Documents:  This Agreement, the Class 2-A Policy, the Swap
      Contract, the Swap Contract Assignment Agreement, the Swap Contract
      Administration Agreement, the Insurance Agreement and any other document or
      agreement entered into in connection with the Trust Fund, the Certificates
      or
      the Mortgage Loans.

     

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

     

    
      
        
        

      

      
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    off
      Date
      to the extent not applied in computing the Cut-off Date Principal Balance
      thereof, exclusive of interest not required to be deposited in the Certificate
      Account pursuant to Section 3.05(b)(2); (ii) the Certificate Account, the
      Distribution Account, the Principal Reserve Fund, the Carryover Reserve Fund,
      the Credit Comeback Excess Account, the Pre-Funding Account, the Capitalized
      Interest Account and all amounts deposited therein pursuant to the applicable
      provisions of this Agreement; (iii) property that secured a Mortgage Loan and
      has been acquired by foreclosure, deed in lieu of foreclosure or otherwise;
      (iv)
      the mortgagee’s rights under the Insurance Policies with respect to the Mortgage
      Loan; (v) the rights of the Trustee for the benefit of the Guaranteed
      Certificateholders under the Class 2-A Policy; and (vi) 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 2007-5, 72 Fed. Reg.
      13130 (2007), as amended (or any successor thereto), or any substantially
      similar administrative exemption granted by the U.S. Department of
      Labor.

     

    Underwriter:  Countrywide
      Securities Corporation.

     

    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 each Class of Guaranteed Certificates, as reduced by
      any
      payment made by the Certificate Insurer in respect of principal of that Class
      under the Class 2-A Policy) minus (y) any increase in the
      Certificate

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    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).

     

    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 Guaranteed Certificates are outstanding
      or
      any amounts are owed the Certificate Insurer under this Agreement, unless a
      Certificate Insurer Default shall have occurred and be continuing, the
      Certificate Insurer will be entitled to exercise the Voting Rights of the
      Guaranteed Certificateholders, without the consent of the Guaranteed
      Certificateholders, and the Guaranteed Certificateholders may exercise such
      rights only with the prior written consent of the Certificate
      Insurer.

     

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

     

    
      	
               

            	
              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; (g)
      references to any Person include that Person’s permitted successors and assigns;
      and (h) a Mortgage Loan is “30 days delinquent” if a Scheduled Payment has not
      been received by the close of business on the Due Date on which the next
      Scheduled Payment is due.  Similarly for “60 days delinquent,” “90
      days delinquent” and so on.  Unless otherwise provided in this
      Agreement, the determination as to whether a Mortgage Loan falls into a
      delinquency category shall be made as of the close of business on the last
      day
      of each month prior to the date of determining the delinquency.

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    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 Certificate
      Insurer, without recourse, all right, title and interest in and to the Initial
      Mortgage Loans and (ii) agrees to cause the Certificate Insurer to deliver
      the
      Class 2-A 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 swap transaction
      evidenced by the 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.

     

    (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 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

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    conveys
      to the Trustee for benefit of the Certificateholders and the Certificate
      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 Underwriter 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 2-A Policy, in the case of the Guaranteed
      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 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;

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    (6)           no
      Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date was 30 or
      more days delinquent as of the related Cut-off Date;

     

    (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 (i) the percentage of Mortgage Loans secured
      by Mortgaged Properties located in the State of California, which will not
      exceed 50% of the Mortgage Loans in each Loan Group and (ii) the percentage
      of
      Mortgage Loans in the Credit Grade Categories of “C” or below, which will not
      exceed 15% 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

            	 	 	 	 
	 	
              
                Characteristic

              

            	 	
              
                Value

              

            	 	
              
                Permitted
                  Variance

              

            
	 	
              Weighted
                Average Mortgage Rate

            	
              8.896%

            	 	
              ±0.10%

            
	 	
              Weighted
                Average Original Loan-to-Value

              Ratio                                                                  

            	
              74.59%

            	 	
              ±3.00%

            
	 	
              Weighted
                Average Credit Bureau Risk Score

            	
              581
                points

            	 	
              ±5
                points

            
	 	
              Percentage
                Originated under CHL’s Full

              Documentation
                Program                                                                  

            	
              73.62%

            	 	
              ±3.00%

            
	 	
              Weighted
                Average Gross Margin of

              Adjustable
                Rate Mortgage Loans

            	
              6.263%

            	 	
              ±0.10%

            

    

    

    
      	 	
              Loan
                Group 2

            	 	 	 	 
	 	
              
                Characteristic

              

            	 	
              
                Value

              

            	 	
              
                Permitted
                  Variance

              

            
	 	
              Weighted
                Average Mortgage Rate

            	
              8.755%

            	 	
              ±0.10%

            
	 	
              Weighted
                Average Original Loan-to-Value

              Ratio                                                                  

            	
              76.04%

            	 	
              ±3.00%

            
	 	
              Weighted
                Average Credit Bureau Risk Score

            	
              599
                points

            	 	
              ±5
                points

            
	 	
              Percentage
                Originated under CHL’s Full

              Documentation
                Program                                                                  

            	
              71.39%

            	 	
              ±3.00%

            
	 	
              Weighted
                Average Gross Margin of

              Adjustable
                Rate Mortgage Loans

            	
              6.562%

            	 	
              ±0.10%

            

    

    

     

    (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 Underwriter will be provided with an Opinion of Counsel, which
      Opinion of Counsel shall not be at the expense of either the Trustee or the
      Trust Fund, addressed to the Trustee, to the effect that such purchase of
      Subsequent Mortgage Loans will not (i) result in the imposition of the tax
      on
“prohibited

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    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 supplement to the 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) (which such Officer’s
      Certificate shall set forth the Subsequent Transfer Date Transfer Amount and
      Capitalized Interest Release Amount, if any, for such Subsequent Transfer Date),
      the Trustee shall remit to CHL (on behalf of CHL and the other Sellers) the
      Subsequent Transfer Date Transfer Amount from such funds that were set aside
      in
      the Pre-Funding Account pursuant to Section 2.01(d) and shall distribute any
      Capitalized Interest Release Amount for such Subsequent Transfer Date to the
      order of CHL.  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

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    (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 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 2007-13, CWABS,
      Inc., by The Bank of New York, a New York banking corporation, as trustee under
      the Pooling and Servicing Agreement dated as of October 1, 2007, 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® System
      to indicate (and provide evidence to the Trustee that it has done so) that
      such
      Mortgage Loans have been assigned by such Seller to the Trustee in accordance
      with this Agreement for the benefit of the Certificateholders by including
      (or
      deleting, in the case of Mortgage Loans which are repurchased in accordance
      with
      this Agreement) in such computer files (a) the code “[IDENTIFY TRUSTEE SPECIFIC
      CODE]” in the field “[IDENTIFY THE FIELD NAME

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    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 any jurisdiction
      under the laws of which the recordation of the assignment specified in clause
      (iii) above is not necessary to protect the Trustee’s and the
      Certificateholders’ interest in the related Mortgage Loan, as evidenced by an
      Opinion of Counsel delivered by CHL to the Trustee within 90 days of the Closing
      Date (which opinion may be in the form of a “survey” opinion and is not required
      to be

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    delivered
      by counsel admitted to practice law in the jurisdiction as to which such opinion
      applies), 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 Section 2.01 for each Delay Delivery Mortgage
      Loan or (ii) (A) repurchase the Delay Delivery

     

    
      
        
        

      

      
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    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.

     

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

     

    
      	
               

            	
              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 Certificate
      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

     

    
      
        
        

      

      
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    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 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, CHL (on behalf of each Seller), the Certificate
      Insurer and 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

     

    
      
        
        

      

      
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    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 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
      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 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 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 Initial Mortgage Loan released
      pursuant hereto.  If pursuant to the foregoing provisions
      CHL

     

    
      
        
        

      

      
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    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 and shall cause such Mortgage
      to
      be removed from registration on the MERS® 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 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

     

    
      
        
        

      

      
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    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
      Certificate 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;

     

    (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

     

    
      
        
        

      

      
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    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® 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.

     

    
      
        
        

      

      
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    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
      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

     

    
      
        
        

      

      
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    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.

     

    (8)           With
      respect to each Mortgage Loan in Loan Group 1, the Master Servicer has fully
      furnished and will fully furnish accurate and complete information (i.e.,
      favorable and unfavorable) on its borrower credit files to Equifax, Experian,
      and Trans Union Credit Information Company (three of the credit repositories),
      on a monthly basis and in accordance with the Fair Credit Reporting Act and
      its
      implementing regulations.

     

    (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):

     

    
      
        
        

      

      
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    (1)           CHL
      is duly organized as a New York corporation and is validly existing and in
      good
      standing under the laws of the State of New York and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement 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.

     

    
      
        
        

      

      
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    (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 the Mortgage Loan Schedule (other than the information
      related to clauses (xxi), (xxii) and (xxiii) of the definition of Mortgage
      Loan
      Schedule) 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 30 days or more delinquent.

     

    (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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    (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.    As of the Closing Date,
      each Mortgaged Property located in Los Angeles, San Bernardino, San Diego and
      Ventura counties in California is free of material damage that occurred during
      the time period beginning on October 19, 2007 and ending on the day prior to
      the
      Closing Date resulting from wildfires.

     

    (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.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    (32)           No
      less than approximately the 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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    (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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    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)           [Reserved].

     

    (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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    (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
§
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. § 433 nor is any Mortgage Loan a
“mortgage” as defined in 15 U.S.C. § 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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    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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    (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)           [Reserved].

     

    (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.

     

    (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
&

     

    
      
        
        

      

      
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    Poor’s
      LEVELS® Glossary) 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 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.

     

    (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)           Representations
      and Warranties relating to the Mortgage Loans in Loan Group 1:

     

    (i)           
      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.

     

    (ii)           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).

     

    (iii)           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.

     

    (iv)           Each
      Mortgage Loan in Loan Group 1 is in compliance with the anti-predatory lending
      eligibility for purchase requirements of Fannie Mae’s Selling
      Guide;

     

    (v)           No
      Mortgage Loan in Loan Group 1 is subject to the requirements of the Home
      Ownership and Equity Protection Act of 1994 (“HOEPA”);

     

    
      
        
        

      

      
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    (vi)           Each
      Mortgage Loan in Loan Group 1 at the time it was made complied in all material
      respects with applicable local, state, and federal laws, including, but not
      limited to, all applicable predatory and abusive lending laws;

     

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

     

    (viii)         No
      Mortgage Loan in Loan Group 1 is a “High-Cost Home Loan” as defined in New York
      Banking Law 6-1;

     

    (ix)           No
      Mortgage Loan in Loan Group 1 is a “High-Cost Home Loan” as defined in the
      Arkansas Home Loan Protection Act effective July 16, 2003 (Act 1340 of
      2003);

     

    (x)    
             No Mortgage Loan in Loan Group 1 is a
“High-Cost Home Loan” as defined in the Kentucky high-cost home loan statute
      effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);

     

    (xi)           No
      Mortgage Loan in Loan Group 1 is a “High-Cost Home Loan” as defined in the New
      Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et
      seq.);

     

    (xii)           No
      Mortgage Loan in Loan Group 1 is a “High-Cost Home Loan” as defined in the New
      Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann.
§§
58-21A-1 et seq.);

     

    (xiii)          No
      Mortgage Loan in Loan Group 1 is a “High-Risk Home Loan” as defined in the
      Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp.
      Stat.
      137/1 et seq.);

     

    (xiv)          No
      Mortgage Loan in Loan Group 1 is a “High-Cost Home Mortgage Loan” as defined in
      the Massachusetts Predatory Home Loan Practices Act, effective November 7,
      2004
      (Mass. Ann. Laws Ch. 183C);

     

    (xv)           No
      Mortgage Loan in Loan Group 1 is a “High Cost Home Loan” as defined in the
      Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code Ann.
      Sections 24-9-1 through 24-9-9);

     

    (xvi)          No
      Mortgage Loan in Loan Group 1 is a balloon mortgage loan that has an original
      stated maturity of less than seven (7) years;

     

    (xvii)         No
      borrower related to a Mortgage Loan in Loan Group 1 was encouraged or required
      to select a Mortgage Loan product offered by the Mortgage Loan’s originator
      which is a higher cost product designed for less

     

    
      
        
        

      

      
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    creditworthy
      borrowers, unless at the time of such Mortgage Loan’s origination, such borrower
      did not qualify taking into account credit history and debt-to-income ratios
      for
      a lower-cost credit product then offered by such Mortgage Loan’s originator or
      any affiliate of the Mortgage Loan’s originator.  If, at the time of
      loan application, the borrower may have qualified for a lower-cost credit
      product then offered by any mortgage lending affiliate of the Mortgage Loan’s
      originator, the Mortgage Loan’s originator referred the borrower’s application
      to such affiliate for underwriting consideration;

     

    (xviii)        The
      methodology used in underwriting the extension of credit for each Mortgage
      Loan
      in Loan Group 1 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 such Mortgage Loan;

     

    (xix)           With
      respect to any Mortgage Loan in Loan Group 1 that contains a provision
      permitting imposition of a premium upon a prepayment prior to maturity: (i)
      prior to the loan’s origination, the borrower agreed to such premium in exchange
      for a monetary benefit, including but not limited to a rate or fee reduction,
      (ii) prior to the loan’s origination, the borrower was offered the option of
      obtaining a mortgage loan that did not require payment of such a premium, (iii)
      the prepayment premium is disclosed to the borrower in the loan documents
      pursuant to applicable state and federal law, (iv) for loans originated on
      or
      after September 1, 2004, the duration of the prepayment period shall not exceed
      three (3) years from the date of the note, unless the loan was modified to
      reduce the prepayment period to no more than three years from the date of the
      note and the borrower was notified in writing of such reduction in prepayment
      period, and (v) notwithstanding any state or federal law to the contrary, the
      Master Servicer shall not impose such prepayment premium in any instance when
      the mortgage debt is accelerated as the result of the borrower’s default in
      making the loan payments;

     

    (xx)           No
      borrower related to a Mortgage Loan in Loan Group 1 was required to purchase
      any
      credit, life, disability, accident or health insurance product as a condition
      of
      obtaining the extension of credit.  No borrower related to a Mortgage
      Loan in Loan Group 1 obtained a prepaid single-premium credit, life, disability,
      accident or health insurance policy in connection with the origination of the
      Mortgage Loan in Loan Group 1; No proceeds from any Mortgage Loan in Loan Group
      1 were used to purchase single premium credit insurance policies as part of
      the
      origination of, or as a condition to closing, such Mortgage Loan;

     

    (xxi)           All
      points and fees related to each Mortgage Loan in Loan Group 1 were disclosed
      in
      writing to the borrower in accordance with applicable state and federal law
      and
      regulation.  Except in the case of a Mortgage Loan in Loan
      Group

     

    
      
        
        

      

      
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    1
      in an
      original principal amount of less than $60,000 which would have resulted in
      an
      unprofitable origination, no borrower was charged “points and fees” (whether or
      not financed) in an amount greater than 5% of the principal amount of such
      loan,
      such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
      lending requirements as set forth in the Fannie Mae Selling Guide;

     

    (xxii)          All
      fees and charges (including finance charges) and whether or not financed,
      assessed, collected or to be collected in connection with the origination and
      servicing of each Mortgage Loan in Loan Group 1 has been disclosed in writing
      to
      the borrower in accordance with applicable state and federal law and regulation;
      and

     

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

     

    (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 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

     

    
      
        
        

      

      
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    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.

     

    (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.

     

    
      
        
        

      

      
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    (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 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

     

    
      
        
        

      

      
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    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 Certificate Insurer
      in
      any Mortgage Loan, the party discovering such breach shall give prompt notice
      thereof to the other parties, the NIM Insurer and the Certificate
      Insurer.  Each of the Master Servicer and the Sellers (each, a
“Representing Party”) hereby covenants with respect to the representations and
      warranties set forth in Sections 2.03(a) 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 Certificate
      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 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

     

    
      
        
        

      

      
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    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) or Sections 2.03(b)(72), (75),
      (76) or (77) 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 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 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

     

    
      
        
        

      

      
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    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.

     

    
      	
               

            	
              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

     

    
      
        
        

      

      
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    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.

     

    (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.

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

    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 and the Certificate
      Insurer.  The Depositor hereby covenants with respect to the
      representations and warranties made by it in this Section 2.04 that within
      90
      days of the earlier of the discovery 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 Certificate 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 any REMIC formed hereunder to fail to qualify as a REMIC at any
      time
      that any Certificates are outstanding.  Any Mortgage Loan as to which
      repurchase or substitution was delayed pursuant to this paragraph shall be
      repurchased or the substitution therefor shall occur (subject to compliance
      with
      Sections 2.02, 2.03 or 2.04) upon the earlier of (a) the occurrence of a default
      or imminent default with respect to such loan and (b) receipt by the Trustee
      of
      an Opinion of Counsel to the effect that such repurchase or substitution, as
      applicable, will not result in the events described in clause (i) or clause
      (ii)
      of the preceding sentence.

     

    (b)           Upon
      discovery by the Depositor, 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.

     

    
      
        
        

      

      
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              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, 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

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    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® System, or cause
      the removal from the registration of any Mortgage Loan on the MERS® System, to
      execute and deliver, on behalf of the Trustee and the Certificateholders or
      any
      of them, any and all instruments of assignment and other comparable instruments
      with respect to such assignment or re-recording of a Mortgage in the name of
      MERS, solely as nominee for the Trustee and its successors and
      assigns.

     

    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
      and
      insurance premiums 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.  Except in connection with a modification of the terms of a
      Mortgage Loan that results in a Capitalized Advance, all costs incurred by
      the
      Master Servicer, if any, in effecting the timely payments of taxes and
      assessments on the Mortgaged Properties and related insurance premiums shall
      not, for the purpose of calculating monthly distributions to the
      Certificateholders, be added to the Stated Principal Balance under the related
      Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so
      permit.

     

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

     

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

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Scheduled

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    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 2-A Policy in the case of
      the
      Guaranteed 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 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

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    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 Certificate Insurer and the Trustee in Respect of the Master
                Servicer.

            

    

     

    None
      of
      the Trustee, the Sellers, the Certificateholders, the NIM Insurer, the
      Certificate 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
      Certificate 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 Certificate
      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 Certificate Insurer, the NIM Insurer and
      the
      Trustee shall not disseminate any information obtained pursuant to the preceding
      two sentences without the Masters Servicer’s (or any such Subservicer’s) written
      consent, except as required pursuant to this Agreement or to the extent that
      it
      is necessary to do so (i) in working with legal counsel, auditors, taxing
      authorities or other governmental agencies, rating agencies or reinsurers or
      (ii) pursuant to any law, rule, regulation, order, judgment, writ, injunction
      or
      decree of any court or governmental authority having jurisdiction over the
      Depositor, the Certificate Insurer, the Trustee, the NIM Insurer or the Trust
      Fund, and in either case, the Depositor, the Certificate Insurer, the NIM
      Insurer or the Trustee, as the case may be, shall use its reasonable best
      efforts to assure the confidentiality of any such disseminated non-public
      information.  The Depositor may, but is not obligated to, enforce the
      obligations of the Master Servicer under this Agreement and may, but is not
      obligated to, perform, or cause a designee to perform, any defaulted obligation
      of the Master Servicer under this Agreement or exercise the rights of the Master
      Servicer under this Agreement; provided by virtue of such performance by the
      Depositor of its designee.  The Depositor shall not have any
      responsibility or liability for any action or failure to act by the Master
      Servicer and is not obligated to supervise the performance of the Master
      Servicer under this Agreement or otherwise.

     

    
      	
               

            	
              Section
                3.04

            	
              Trustee
                to Act as Master Servicer.

            

    

     

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

     

    
      
        
        

      

      
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    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 or termination by the Depositor), 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; Capitalized Interest
                Account.

            

    

     

    (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;
      provided, however, that the Master Servicer cannot extend the maturity of any
      such Mortgage Loan more than 30 months past the date on which the final payment
      is due on the latest maturing Mortgage Loan as of the Cut-off
      Date.  In the event of any such arrangement, the Master Servicer shall
      make Advances on the related Mortgage Loan during the scheduled period in
      accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements, unless the amortization
      schedule was modified in connection with a modification of the terms of the
      Mortgage Loan.  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 Mortgage or other
      instrument pursuant to which such payment is required is prohibited by
      applicable law.

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    (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 (or, if (i) the current short-term credit
      rating of CHL from S&P is reduced below “A-2” or, if CHL does not have a
      short-term credit rating from S&P, the current long-term credit rating of
      CHL from S&P is reduced below “BBB+”, (ii) the current long-term credit
      rating of CHL from Moody’s is reduced below “A3” or (iii) the current long-term
      credit rating of CHL from Fitch is reduced below “A-”, the Master Servicer shall
      deposit or cause to be deposited on a daily basis within one Business Day of
      receipt), except as otherwise specifically provided 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 and Subsequent Recoveries;

     

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

     

    (5)           all
      Compensating Interest;

     

    (6)           any
      amount required to be deposited by the Master Servicer pursuant to Section
      3.05(f) 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

     

    
      
        
        

      

      
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    shall
      remit any amount not required to be remitted and not otherwise subject to
      withdrawal pursuant to Section 3.08 hereof, it may at any time withdraw or
      direct the institution maintaining the Certificate Account, to withdraw such
      amount from the Certificate Account, any provision herein to the contrary
      notwithstanding.  Such withdrawal or direction may be accomplished by
      delivering written notice thereof to the institution maintaining the Certificate
      Account, that describes the amounts deposited in error in the Certificate
      Account.  The Master Servicer shall maintain adequate records with
      respect to all withdrawals made pursuant to this Section.  All funds
      deposited in the Certificate Account shall be held in trust for the
      Certificateholders until withdrawn in accordance with Section 3.08.

     

    No
      later
      than 1:00 p.m. Pacific time on the Master Servicer Advance Date in the month
      of
      the first Distribution Date and in the month immediately following any
      Subsequent Transfer Date, CHL shall remit to the Master Servicer, and the Master
      Servicer shall deposit in the Certificate Account, the Seller Interest Shortfall
      Payments (if any) for the related Distribution Date.

     

    (c)           The
      Trustee shall establish and maintain, on behalf of the Certificateholders and
      the Certificate Insurer, 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(f) 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

     

    
      
        
        

      

      
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    Account,
      and (iii) distribute each amount to the Certificates on the Distribution Date
      pursuant to Section 4.04.

     

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

     

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

     

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

     

    (f)           Each
      institution that maintains the Certificate Account, the Distribution Account,
      the Pre-Funding Account or the Capitalized Interest Account shall invest the
      funds in each such account, as directed by the Master Servicer, in Permitted
      Investments, which shall mature not later than (x) in the case of the
      Certificate Account, the second Business Day next preceding the related
      Distribution Account Deposit Date (except that if such Permitted Investment
      is
      an obligation of the institution that maintains such Certificate Account, then
      such Permitted Investment shall mature not later than the Business Day next
      preceding such Distribution Account Deposit Date) and (y) in the case of the
      Distribution Account, the Pre-Funding Account and the Capitalized Interest
      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,
      Pre-Funding Account or Capitalized Interest 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,
      (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 and (iii) the Capitalized Interest
      Account, all income and gain net of any losses realized from any such investment
      on deposit therein shall be credited thereto.  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 or

     

    
      
        
        

      

      
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    the
      Capitalized Interest Account in respect of any such investments shall be paid
      by
      CHL to the Trustee for deposit into the Pre-Funding Account or the Capitalized
      Interest Account, as applicable, out of CHL’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, the Pre-Funding Account or the
      Capitalized Interest Account and made in accordance with this Section
      3.05.

     

    (g)           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, the Capitalized Interest
      Account or the Carryover Reserve Fund prior to any change thereof.

     

    (h)           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
      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 Certificate Insurer, the NIM
      Insurer and the Trustee reasonable access to all records and documentation
      regarding the Mortgage Loans and all accounts, insurance policies and other
      matters relating to this

     

    
      
        
        

      

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

     

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

     

    (v)           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 (v) with respect to any Mortgage
      Loan being limited to (except in the case of Capitalized Advances) amounts
      received on particular Mortgage Loan(s) (including, for this purpose,
      Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries

     

    
      
        
        

      

      
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    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;

     

    (vi)       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;

     

    (vii)      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;

     

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

     

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

     

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

     

    In
      addition, no later than 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 for such Distribution Date and the Prepayment Charge
      Amount for such Distribution Date, and the Trustee shall deposit such amounts
      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 $100.00 from the Principal Reserve Fund to the Distribution Account
      and
      shall distribute such amount to the Class P Certificates on the Class P
      Principal Distribution Date.  Following the distribution to be made in
      accordance with the preceding sentence, the Trustee shall then terminate the
      Principal Reserve Fund.

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

    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 Certificate Insurer and remittance to the Final
      Maturity Reserve Fund and 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 third paragraph of Section
      8.11).  In addition, the Trustee may from time to time make
      withdrawals from the Distribution Account for the following
      purposes:

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    (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 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.  Except in
      connection with a modification of the terms of a Mortgage Loan that results
      in a
      Capitalized Advance, 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

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

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

     

    (b)           Subject
      to the Master Servicer’s duty to enforce any due-on-sale clause to the extent
      set forth in Section 3.11(a) hereof, in any case in which a Mortgaged Property
      has been conveyed to a Person by a Mortgagor, and such Person is to enter into
      an assumption agreement or modification agreement or supplement to the Mortgage
      Note or Mortgage that requires the signature of the Trustee, or if an instrument
      of release signed by the Trustee is required releasing the Mortgagor from
      liability on the Mortgage Loan, the Master Servicer shall prepare and deliver
      or
      cause to be prepared and delivered to the Trustee for signature and shall
      direct, in writing, the Trustee to execute the assumption agreement with the
      Person to whom the Mortgaged Property is to be conveyed and such modification
      agreement or supplement to the 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

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

    Mortgage
      File to the same extent as all other documents and instruments constituting
      a
      part thereof.  Any fee collected by the Master Servicer for entering
      into an assumption or substitution of liability agreement will be retained
      by
      the Master Servicer as additional servicing compensation.

     

    
      	
               

            	
              Section
                3.12

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

            

    

     

    (a)           CHL
      is permitted to solicit Mortgagors for reductions to the Mortgage Rates of
      their
      respective Mortgage Loans so long as the Mortgagors are not selected for
      solicitation based on the inclusion of the related Mortgage Loans in the Trust
      Fund.  If a Mortgagor requests a reduction to the Mortgage Rate for
      the related Mortgage Loan, the Master Servicer shall agree to a reduction in
      the
      Mortgage Rate of that Mortgage Loan (the “Modified Mortgage Loan”) if (i) no
      monetary default exists with respect to such Mortgage Loan, (ii) CHL, in its
      corporate capacity, agrees to purchase the Modified Mortgage Loan from the
      Trust
      Fund immediately following the modification as described below and (iii) the
      Stated Principal Balance of such Mortgage Loan, when taken together with the
      aggregate of the Stated Principal Balances of all other Mortgage Loans 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 Initial Certificate Principal
      Balance of the Certificates.  Effective immediately after the
      modification, and, in any event, on the same Business Day on which the
      modification occurs, all interest of the Trustee in the Modified Mortgage Loan
      shall automatically be deemed transferred and assigned to 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 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 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

     

    
      
        
        

      

      
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    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.  Nothing in this Section
      3.12(a) restricts the ability of the Master Servicer to modify a Mortgage Loan
      in a manner that is consistent with the servicing standard set forth in Section
      3.01; provided, however, that CHL shall have no obligation to purchase any
      such
      modified Mortgage Loan that was modified pursuant to Section 3.01 rather than
      pursuant to this Section 3.12(a).

     

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

     

    With
      respect to any REO Property, the deed or certificate of sale shall be taken
      in
      the name of the Trustee for the benefit of the Certificateholders (or the
      Trustee’s nominee on behalf of the Certificateholders).  The Trustee’s
      name shall be placed on the title to such REO Property solely as the Trustee
      hereunder and not in its individual capacity.  The Master Servicer
      shall ensure that the title to such REO Property references this Agreement
      and
      the Trustee’s capacity thereunder.  The Master Servicer shall allow
      any REO Property that was subject to a lease at the time of acquisition through
      foreclosure or deed-in-lieu of foreclosure to continue to be rented pursuant
      to
      such lease, but upon the expiration of such lease, the Master Servicer shall
      not
      take any action to rent the related REO Property.  Pursuant to its
      efforts to sell such REO Property, the Master Servicer shall either itself
      or
      through an agent selected by the Master Servicer protect and conserve such
      REO
      Property in the same manner and to such extent as is customary in the locality
      where such REO Property is located.  The Master Servicer shall prepare
      for and deliver to the Trustee a statement with respect to each REO Property
      that has been rented showing the aggregate rental income received and all
      expenses incurred in connection with the 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.  Any net
      monthly

     

    
      
        
        

      

      
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    income
      from such REO Property shall be deposited in the Certificate Account no later
      than the close of business on each Determination Date.  The Master
      Servicer shall perform the tax reporting and withholding 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 that 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, then
      the Trust Fund may continue to hold such Mortgaged Property (subject to any
      conditions contained in such Opinion of Counsel) after the expiration of such
      three-year period.  Notwithstanding any other provision of this
      Agreement, no Mortgaged Property acquired by the Trust Fund shall be allowed
      to
      continue to be rented or otherwise used for the production of income by or
      on
      behalf of the Trust Fund in such a manner or pursuant to any terms that would
      (i) cause such Mortgaged Property to fail to qualify as “foreclosure property”
within the meaning of section 860G(a)(8) of the Code or (ii) subject the Trust
      Fund to the imposition of any federal, state or local income taxes on the income
      earned from such Mortgaged Property under section 860G(c) of the Code or
      otherwise, unless the Master Servicer has agreed to indemnify and hold harmless
      the Trust Fund with respect to the imposition of any such taxes.

     

    The
      decision of the Master Servicer to foreclose on a defaulted Mortgage Loan shall
      be subject to a determination by the Master Servicer that the proceeds of such
      foreclosure would exceed the costs and expenses of bringing such a
      proceeding.  The income earned from the rental 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

     

    
      
        
        

      

      
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    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: first, to reimburse the Master Servicer
      for any related unreimbursed Servicing Advances and Servicing Fees, pursuant
      to
      Section 3.08(a)(v) or this Section 3.12; second, to reimburse the Master
      Servicer for any unreimbursed Advances, pursuant to Section 3.08(a)(ii) or
      this
      Section 3.12; third, to accrued and unpaid interest (to the extent no Advance
      has been made for such amount) on the Mortgage Loan or related REO Property,
      at
      the Net Mortgage Rate to the Due Date occurring in the month in which such
      amounts are required to be distributed; and fourth, as a recovery of principal
      of the Mortgage Loan.

     

    (c)           [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 Master Servicer, in its sole discretion, shall also have
      the right to purchase for its own account from the Trust Fund at a price equal
      to the Purchase Price any Eligible EPD Protected Mortgage Loan that becomes
      30
      days delinquent on or prior to the second day of the month following (i) the
      Closing Date, in the case of an Eligible EPD Protected Mortgage Loan that is
      an
      Initial Mortgage Loan, (ii) the applicable Subsequent Transfer Date, in the
      case
      of an Eligible EPD Protected Mortgage Loan that is a Subsequent Mortgage Loan
      or
      (iii) the date of substitution, in the case of an Eligible EPD Protected
      Mortgage Loan that is a Replacement Mortgage Loan.  The Master
      Servicer’s right to purchase any such Eligible EPD Protected Mortgage Loan shall
      expire on the 270th day following the date on which such Eligible EPD Protected
      Mortgage Loan becomes 30 days delinquent.  The Purchase Price for any
      Mortgage Loan purchased hereunder shall be deposited in the Certificate
      Account.  Any purchase of a Mortgage Loan pursuant to this Section
      3.12(d) shall be accomplished by remittance to the Master Servicer for deposit
      in the Certificate Account of the Purchase Price.  The Trustee, upon
      receipt of certification from the Master Servicer of such deposit and a Request
      for File Release from the Master Servicer, shall release or cause to be released
      to the purchaser of such Mortgage Loan the related Mortgage File and shall
      execute and deliver such instruments of transfer or assignment prepared by
      the
      purchaser of such Mortgage Loan, in each case without recourse, as shall be
      necessary to vest in the purchaser of such Mortgage Loan any Mortgage Loan
      released pursuant hereto and the purchaser of such Mortgage Loan shall succeed
      to all the Trustee’s right, title and interest in and to such Mortgage Loan and
      all security and documents related thereto.  Such assignment shall be
      an assignment outright and not for security.  The purchaser of such
      Mortgage Loan shall thereupon own such Mortgage Loan, and all security and
      documents, free of any further obligation to the Trustee or the
      Certificateholders with respect thereto.  In addition, if the Master
      Servicer receives any Premium

     

    
      
        
        

      

      
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    in
      connection with an Eligible EPD Protected Mortgage Loan that the Master Servicer
      has purchased pursuant to this Section 3.12, the Master Servicer shall transfer
      such Premium to the Certificate Account (not later than 1:00 p.m. Pacific time
      on the Master Servicer Advance Date for the Distribution Date related to the
      Due
      Period in which such Premium is received), and such amount shall be
      distributable as part of the Prepayment Charge Amount on the related
      Distribution Date.

     

    
      	
               

            	
              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® 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 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

     

    
      
        
        

      

      
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    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 Certificate 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 Loan included in the Trust Fund an amount equal to
      interest at the 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)

     

    
      
        
        

      

      
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    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.

            

    

     

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

     

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

     

    
      
        
        

      

      
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    (c)           The
      Trustee shall forward a copy of each such statement to each Rating
      Agency.  Copies of such statement shall be provided by the Trustee to
      any Certificateholder or Certificate Owner upon request at the Master Servicer’s
      expense, provided such statement is delivered by the Master Servicer to the
      Trustee.

     

    
      	
               

            	
              Section
                3.18

            	
              [Reserved].

            

    

     

    
      	
               

            	
              Section
                3.19

            	
              [Reserved].

            

    

     

    
      	
               

            	
              Section
                3.20

            	
              Prepayment
                Charges.

            

    

     

    (a)           Notwithstanding
      anything in this Agreement to the contrary, in the event of a Principal
      Prepayment in full or in part of a Mortgage Loan, the Master Servicer may not
      waive any Prepayment Charge or portion thereof required by the terms of the
      related Mortgage Note unless (i) such Mortgage Loan is in default or the Master
      Servicer believes that such a default is imminent, and the Master Servicer
      determines that such waiver would maximize recovery of Liquidation Proceeds
      for
      such Mortgage Loan, taking into account the value of such Prepayment Charge,
      or
      (ii) (A) the enforceability thereof is limited (1) by bankruptcy, insolvency,
      moratorium, receivership, or other similar law relating to creditors’ rights
      generally or (2) due to acceleration in connection with a foreclosure or other
      involuntary payment, or (B) the enforceability is otherwise limited or
      prohibited by applicable law.  In the event of a Principal Prepayment
      in full or in part with respect to any Mortgage Loan, the Master Servicer shall
      deliver to the Trustee an Officer’s Certificate 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 set forth on the
      Mortgage Loan Schedule relating to clauses (xxi), (xxii) and (xxiii) of the
      definition of Mortgage Loan Schedule is complete and accurate in all material
      respects at the dates as of which the information is furnished and each
      Prepayment Charge is permissible and enforceable in accordance with its terms
      under applicable state law, except as the enforceability thereof is limited
      due
      to acceleration in connection with a foreclosure or other involuntary
      payment.

     

    (d)           Upon
      discovery by the Master Servicer or a Responsible Officer of the Trustee of
      a
      breach of the foregoing clause (c) that materially and adversely affects right
      of the

     

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

    

    Holders
      of the Class P Certificates to any Prepayment Charge, the party discovering
      the
      breach shall give prompt written notice to the other parties. Within 60 days
      of
      the earlier of discovery by the Master Servicer or receipt of notice by the
      Master Servicer of breach, the Master Servicer shall cure the breach in all
      material respects or shall pay into the Certificate Account the amount of the
      Prepayment Charge that would otherwise be due from the Mortgagor, less any
      amount representing such Prepayment Charge previously collected and paid by
      the
      Master Servicer into the Certificate Account.

     

    
      	
               

            	
              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 Adjustable
      Rate
      Certificates and the Certificate Insurer pursuant to Section 4.04(e)(3) through
      (9) that will remain unpaid following all distributions to be made on such
      Distribution Date pursuant to Section 4.04(a) through (d).

     

    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 Adjustable Rate Certificates after all
      distributions on such Distribution Date.

     

    Upon
      the
      occurrence of a Collateral Event (as defined in the ISDA Master Agreement),
      the
      Swap Trustee shall direct the Swap Contract Administrator to (i) demand delivery
      of the Delivery Amount (as defined in the ISDA Master Agreement) from the Swap
      Counterparty on each Valuation Date (as defined in the ISDA Master Agreement),
      if applicable, (ii) deliver to the Swap Counterparty the Return Amount (as
      defined in the ISDA Master Agreement) on each Valuation Date, if applicable,
      as
      well as Distributions and the Interest Amount (each as defined in the ISDA
      Master Agreement), to the extent required under the ISDA Master Agreement and
      (iii) take such other action required under the ISDA Master
      Agreement.  If a Delivery Amount is demanded, the Swap Contract
      Administrator, in accordance with the Swap Contract Administration Agreement,
      shall open and maintain a segregated account meeting the requirements set forth
      in the ISDA Master Agreement.  Any cash or other Eligible Collateral
      (as defined in the ISDA Master Agreement) pledged under the ISDA Master
      Agreement shall not be part of the Distribution Account or the Swap Account
      unless remitted to such accounts by the

     

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

    

    Swap
      Contract Administrator in accordance with the Swap Contract Administration
      Agreement.  If Eligible Collateral with a Value (as defined in the
      ISDA Master Agreement) equal to the Delivery Amount is not delivered to the
      Swap
      Contract Administrator by the Swap Counterparty, the Swap Trustee shall direct
      the Swap Contract Administrator to notify the Swap Counterparty and CHL of
      such
      failure.

     

    Upon
      the
      Swap Trustee obtaining actual knowledge of a Failure to Pay or Deliver (as
      defined in the ISDA Master Agreement), 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 or Termination
      Event (each as defined in the ISDA Master Agreement) for which the Swap Contract
      Administrator has the right to designate an Early Termination Date (as defined
      in the ISDA Master Agreement), the Swap Trustee shall act at the written
      direction of the CHL as to whether to direct the Swap Contract Administrator
      to
      designate an Early Termination Date; provided, however, that, following such
      Event of Default or Termination Event and before directing the Swap Contract
      Administrator to designate an Early Termination Date, the Swap Trustee shall
      provide written notice to each Rating Agency.  Following the
      designation of an Early Termination Date, (i) the Swap Trustee shall use its
      reasonable best efforts to enforce the rights of the Swap Contract Administrator
      under the ISDA Master Agreement and consistent with the terms hereof, (ii)
      CHL
      shall assist the Swap Contract Administrator in procuring a replacement swap
      contract with terms that  are substantially the same as those of the
      original Swap Contract and (iii) the Swap Trustee shall direct the Swap Contract
      Administrator to request the Swap Counterparty to assist in procuring a
      replacement swap contract with terms that are substantially the same as those
      of
      the original Swap Contract.

     

    Any
      Swap
      Termination Payment received from the Swap Counterparty shall be used to pay
      any
      upfront amount required under any replacement swap contract and any excess
      shall
      be distributed to CHL and will not be available to make distributions in respect
      of any Class of Certificates.  In the event that a replacement swap
      contract cannot be procured, any Swap Termination Payment received from the
      Swap
      Counterparty in respect of the termination of the original Swap Contract shall,
      in accordance with the Swap Contract Administration Agreement, be retained
      by
      the Swap Contract Administrator and remitted to the Swap Trustee on subsequent
      Distribution Dates up to and including the Swap Contract Termination Date to
      pay
      any amounts distributable to the Adjustable Rate Certificates and the
      Certificate Insurer pursuant to Section 4.04(e)(3) through (9) that will remain
      unpaid following all distributions to be made on such Distribution Date pursuant
      to Section 4.04(a) through (d).  Any portion of such upfront amount
      remaining after the Swap Contract Termination Date shall be distributed to
      CHL
      and will not be available to make distributions in respect of any Class of
      Certificates.

     

    In
      the
      event that the swap counterparty in respect of a replacement swap contract
      pays
      any upfront amount to the Swap Contract Administrator in connection with
      entering into the replacement swap contract and such upfront amount is received
      by the Swap Contract Administrator prior to the Distribution Date on which
      any
      Swap Termination Payment will be payable to the Swap Counterparty in respect
      of
      the original Swap Contract, a portion of that upfront amount equal to the lesser
      of (x) that upfront amount and (y) the amount of the Swap Termination Payment
      due to the Swap Counterparty in respect of the original Swap
      Contract

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

    (the
      “Adjusted Replacement Upfront Amount”) shall be included in Interest Funds for
      Loan Group 1 and Loan Group 2 for that Distribution Date, pro rata, based upon
      their respective Interest Funds for that Distribution Date, and any upfront
      amount in excess of the Adjusted Replacement Upfront Amount shall be distributed
      to CHL and will not be available to make distributions in respect of any Class
      of Certificates.  If any upfront amount is paid to the Swap Contract
      Administrator by the swap counterparty in respect of a replacement swap contract
      after the Distribution Date on which any Swap Termination Payment will be
      payable to the Swap Counterparty in respect of the original Swap Contract,
      such
      upfront amount shall, in accordance with the Swap Contract Administration
      Agreement, be retained by the Swap Contract Administrator and remitted to the
      Swap Trustee on subsequent Distribution Dates up to and including the Swap
      Contract Termination Date to pay any amounts distributable to the Adjustable
      Rate Certificates and the Certificate Insurer pursuant to Section 4.04(e)(3)
      through (9) that will remain unpaid following all distributions to be made
      on
      such Distribution Date pursuant to Section 4.04(a) through (d).

     

    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.

     

    (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.

     

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

    (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 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.

     

    
      
        
        

      

      
        123

        
          

        

      

      
        
        

      

    

    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)           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:

     

    (i)           from
      the Interest Funds for Loan Group 1 and Loan Group 2, pro rata based on the
      Interest Funds for each such Loan Group, to the Final Maturity Reserve Fund,
      the
      Final Maturity Reserve Deposit with respect to such Distribution
      Date;

     

    (ii)           from
      the Interest Funds for Loan Group 2, to the Certificate Insurer, the Class
      2-A
      Premium for such Distribution Date;

     

    (iii)           from
      the Interest Funds for Loan Group 1 and Loan Group 2, pro rata based on the
      Interest Funds for each such Loan Group, 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;

     

    (iv)           concurrently:

     

    (a)           from
      Interest Funds for Loan Group 1, to the Class 1-A Certificates, the Current
      Interest and Interest Carry Forward Amount for such Class and such Distribution
      Date;

     

    (b)           from
      Interest Funds for Loan Group 2, concurrently to each Class of Class 2-A
      Certificates, the Current Interest and Interest Carry Forward Amount for each
      such Class and such Distribution Date, pro rata, based on their respective
      entitlements;

     

    (v)           from
      the Interest Funds for Loan Group 2, to the Certificate Insurer, any FSA
      Reimbursement Amount;

     

    
      
        
        

      

      
        124

        
          

        

      

      
        
        

      

    

    (vi)         from
      the remaining Interest Funds for Loan Group 1 and Loan Group 2, concurrently
      to
      each Class of Class A Certificates and the Certificate Insurer, any remaining
      Current Interest, any Interest Carry Forward Amount and any remaining Class
      2-A
      Premium not paid from the Interest Funds from Loan Group 2 for such Distribution
      Date, allocated pro rata based on (i) the Certificate Principal Balance in
      the
      case of each such Class of Class A Certificates and (ii) the amount of any
      remaining Class 2-A Premium not paid from Interest Funds for Loan Group 2 for
      such Distribution Date in the case of the Certificate Insurer; with any
      remaining amounts allocated based on any remaining unpaid Current Interest
      and
      Interest Carry Forward Amount for each Class of Class A Certificates and any
      remaining Class 2-A Premium not paid from Interest Funds for Loan Group 2 for
      that Distribution Date for the Certificate Insurer;

     

    (vii)        from
      the remaining Interest Funds for Loan Group 1, to the Certificate Insurer,
      any
      FSA Reimbursement Amount not paid from Interest Funds for Loan Group
      2;

     

    (viii)       concurrently,
      from any remaining Interest Funds for Loan Group 1, to the Class 1-M-1
      Certificates, and from any remaining Interest Funds for Loan Group 2, to the
      Class 2-M-1 Certificates, Current Interest for each such Class; provided that
      if
      the remaining Interest Funds for Loan Group 1 and Loan Group 2 are insufficient
      to distribute all Current Interest to the Class 1-M-1 and Class 2-M-1
      Certificates, then such remaining Interest Funds for Loan Group 1 and Loan
      Group
      2 will be allocated between the Class 1-M-1 and Class 2-M-1 Certificates on
      the
      basis of the respective Group Distribution Percentages for that Distribution
      Date;

     

    (ix)          concurrently,
      from any remaining Interest Funds for Loan Group 1, to the Class 1-M-2
      Certificates, and from any remaining Interest Funds for Loan Group 2, to the
      Class 2-M-2 Certificates, Current Interest for each such Class; provided that
      if
      the remaining Interest Funds for Loan Group 1 and Loan Group 2 are insufficient
      to distribute all Current Interest to the Class 1-M-2 and Class 2-M-2
      Certificates, then such remaining Interest Funds for Loan Group 1 and Loan
      Group
      2 will be allocated between the Class 1-M-2 and Class 2-M-2 Certificates on
      the
      basis of the respective Group Distribution Percentages for that Distribution
      Date;

     

    (x)           concurrently,
      from any remaining Interest Funds for Loan Group 1, to the Class 1-M-3
      Certificates, and from any remaining Interest Funds for Loan Group 2, to the
      Class 2-M-3 Certificates, Current Interest for each such Class; provided that
      if
      the remaining Interest Funds for Loan Group 1 and Loan Group 2 are insufficient
      to distribute all Current Interest to the Class 1-M-3 and Class 2-M-3
      Certificates, then such remaining Interest Funds for Loan Group 1 and Loan
      Group
      2 will be allocated between the Class 1-M-3 and Class 2-M-3 Certificates on
      the
      basis of the respective Group Distribution Percentages for that Distribution
      Date;

     

    
      
        
        

      

      
        125

        
          

        

      

      
        
        

      

    

    (xi)        concurrently,
      from any remaining Interest Funds for Loan Group 1, to the Class 1-M-4
      Certificates, and from any remaining Interest Funds for Loan Group 2, to the
      Class 2-M-4 Certificates, Current Interest for each such Class; provided that
      if
      the remaining Interest Funds for Loan Group 1 and Loan Group 2 are insufficient
      to distribute all Current Interest to the Class 1-M-4 and Class 2-M-4
      Certificates, then such remaining Interest Funds for Loan Group 1 and Loan
      Group
      2 will be allocated between the Class 1-M-4 and Class 2-M-4 Certificates on
      the
      basis of the respective Group Distribution Percentages for that Distribution
      Date;

     

    (xii)       concurrently,
      from any remaining Interest Funds for Loan Group 1, to the Class 1-M-5
      Certificates, and from any remaining Interest Funds for Loan Group 2, to the
      Class 2-M-5 Certificates, Current Interest for each such Class; provided that
      if
      the remaining Interest Funds for Loan Group 1 and Loan Group 2 are insufficient
      to distribute all Current Interest to the Class 1-M-5 and Class 2-M-5
      Certificates, then such remaining Interest Funds for Loan Group 1 and Loan
      Group
      2 will be allocated between the Class 1-M-5 and Class 2-M-5 Certificates on
      the
      basis of the respective Group Distribution Percentages for that Distribution
      Date;

     

    (xiii)      from
      the remaining Interest Funds for Loan Group 1 and Loan Group 2,
      sequentially:

     

    (a)           sequentially,
      to the Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that
      order, the Current Interest for each such Class; and

     

    (b)           any
      remainder as part of the Excess Cashflow.

     

    (b)           On
      each Distribution Date, the Principal Distribution Amount for such Distribution
      Date with respect to Loan Group 1 and Loan Group 2 shall be distributed by
      the
      Trustee from the Distribution Account in the following order:

     

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

     

    (A)           concurrently:

     

    (i)           from
      the Principal Distribution Amount for Loan Group 1, sequentially:

     

    (a)           to
      the Class 1-A Certificates, until the Certificate Principal Balance thereof
      is
      reduced to zero; and

     

    (b)           to
      the Classes of Class 2-A Certificates and the Certificate Insurer (after the
      distribution of the Principal Distribution Amount from Loan Group 2 as provided
      in clause (ii)(a) below), in the order set forth in clause (3) below, until
      the
      Certificate Principal Balances of the Classes of

     

    
      
        
        

      

      
        126

        
          

        

      

      
        
        

      

    

    Class
      2-A
      Certificates and the amounts payable to the Certificate Insurer are reduced
      to
      zero;

     

    (ii)           from
      the Principal Distribution Amount for Loan Group 2, sequentially:

     

    (a)           to
      the Classes of Class 2-A Certificates and the Certificate Insurer, in the order
      set forth in clause (3) below, until the Certificate Principal Balances of
      the
      Classes of Class 2-A Certificates and the amounts payable to the Certificate
      Insurer are reduced to zero;  and

     

    (b)           to
      the Class 1-A Certificates (after the distribution of the Principal Distribution
      Amount from Loan Group 1 as provided in clause (i)(a) above), until the
      Certificate Principal Balance thereof is reduced to zero;

     

    (B)           from
      the remaining Principal Distribution Amounts for Loan Group 1 and Loan Group
      2,
      sequentially:

     

    (i)           concurrently,
      to the Class 1-M-1 and Class 2-M-1 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, until
      their Certificate Principal Balances are reduced to zero;

     

    (ii)           concurrently,
      to the Class 1-M-2 and Class 2-M-2 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, until
      their Certificate Principal Balances are reduced to zero;

     

    (iii)           concurrently,
      to the Class 1-M-3 and Class 2-M-3 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, until
      their Certificate Principal Balances are reduced to zero;

     

    (iv)           concurrently,
      to the Class 1-M-4 and Class 2-M-4 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, until
      their Certificate Principal Balances are reduced to zero;

     

    (v)           concurrently,
      to the Class 1-M-5 and Class 2-M-5 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, until
      their Certificate Principal Balances are reduced to zero;

     

    (vi)           sequentially,
      to the Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that
      order, in each case until the Certificate Principal Balance thereof is reduced
      to zero; and

     

    (vii)           any
      remainder as part of the Excess Cashflow.

     

    
      
        
        

      

      
        127

        
          

        

      

      
        
        

      

    

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

     

    (A)           concurrently:

     

    (i)           from
      the Principal Distribution Amount for Loan Group 1, in an amount up to the
      Class
      1-A Principal Distribution Amount, sequentially:

     

    (a)           to
      the Class 1-A Certificates, until the Certificate Principal Balance thereof
      is
      reduced to zero;  and

     

    (b)           to
      the Classes of Class 2-A Certificates and the Certificate Insurer (after the
      distribution of the Principal Distribution Amount from Loan Group 2 as provided
      in clause (ii)(a) below), in the order set forth in clause (3) below, until
      the
      Certificate Principal Balances of the Classes of Class 2-A Certificates and
      the
      amounts payable to the Certificate Insurer are reduced to zero; and

     

    (ii)           from
      the Principal Distribution Amount for Loan Group 2, in an amount up to the
      Class
      2-A Principal Distribution Amount, sequentially:

     

    (a)           to
      the Classes of Class 2-A Certificates and the Certificate Insurer, in the order
      set forth in clause (3) below, until the Certificate Principal Balances of
      the
      Classes of Class 2-A Certificates and the amounts payable to the Certificate
      Insurer are reduced to zero;  and

     

    (b)           to
      the Class 1-A Certificates (after the distribution of the Principal Distribution
      Amount from Loan Group 1 as provided in clause (i)(a) above), until the
      Certificate Principal Balance thereof is reduced to zero; and

     

    (B)           from
      the remaining Principal Distribution Amounts for Loan Group 1 and Loan Group
      2,
      sequentially:

     

    (i)           concurrently,
      to the Class 1-M-1 and Class 2-M-1 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, the
      Subordinate Class Principal Distribution Amount for the Class M-1 Certificates,
      until their Certificate Principal Balances are reduced to zero,

     

    (ii)           concurrently,
      to the Class 1-M-2 and Class 2-M-2 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, the
      Subordinate Class Principal Distribution Amount for the Class M-2 Certificates,
      until their Certificate Principal Balances are reduced to zero,

     

    (iii)           concurrently,
      to the Class 1-M-3 and Class 2-M-3 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that

     

    
      
        
        

      

      
        128

        
          

        

      

      
        
        

      

    

    Distribution
      Date, the Subordinate Class Principal Distribution Amount for the Class M-3
      Certificates, until their Certificate Principal Balances are reduced to
      zero,

     

    (iv)           concurrently,
      to the Class 1-M-4 and Class 2-M-4 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, the
      Subordinate Class Principal Distribution Amount for the Class M-4 Certificates,
      until their Certificate Principal Balances are reduced to zero,

     

    (v)           concurrently,
      to the Class 1-M-5 and Class 2-M-5 Certificates, pro rata on the basis of the
      respective Group Distribution Percentages for that Distribution Date, the
      Subordinate Class Principal Distribution Amount for the Class M-5 Certificates,
      until their Certificate Principal Balances are reduced to zero,

     

    (vi)           sequentially,
      to the Class M-6, Class M-7, Class M-8 and Class M-9 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

     

    (vii)           any
      remainder as part of the Excess Cashflow.

     

    (3)           On
      each Distribution Date on which any principal amounts are to be distributed
      to
      the Class 2-A Certificates and the Certificate Insurer, such amounts shall
      be
      distributed sequentially,

     

    (i)           to
      the Certificate Insurer, any remaining Class 2-A Premium not paid from Interest
      Funds for that Distribution Date,

     

    (ii)           concurrently,
      to the Class 2-A-1, Class 2-A-2 and Class 2-A-2M Certificates, pro rata on
      the
      basis of their Certificate Principal Balances, until their respective
      Certificate Principal Balances are reduced to zero, and

     

    (iii)           to
      the Certificate Insurer, any FSA Reimbursement Amount not paid from Interest
      Funds for that Distribution Date.

     

    (c)           With
      respect to any Distribution Date, any Excess Cashflow and, in the case of
      clauses (1), (2) and (3) below and in the case of the payment of Unpaid Realized
      Loss Amounts pursuant to clause (4) below, any Credit Comeback Excess Cashflow,
      shall be distributed in the following order, 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:

     

    (1)           to
      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 each Loan Group, payable as part of the
      Principal

     

    
      
        
        

      

      
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    Distribution
      Amount for Loan Group 1 and Loan Group 2 pursuant to Section 4.04(b)
      above;

     

    (2)           to
      the Certificate Insurer, any unpaid Class 2-A Premium and any unpaid FSA
      Reimbursement Amount;

     

    (3)           concurrently,
      to each Class of Class A Certificates, pro rata based on the Unpaid Realized
      Loss Amount for each such Class, in an amount equal to the Unpaid Realized
      Loss
      Amount for each such Class; provided, however, that amounts otherwise
      distributable to the Class 2-A-2M Certificates will be distributed to the Class
      2-A-2 Certificates until all Unpaid Realized Loss Amounts for the Class 2-A-2
      Certificates have been paid;

     

    (4)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8 and Class M-9 Certificates, in that order, in each case first
      in
      an amount equal to any Interest Carry Forward Amount for such Class or Classes,
      as applicable, and then in an amount equal to the Unpaid Realized Loss Amount
      for such Class or Classes, as applicable; provided, however, that any Interest
      Carry Forward Amount and Unpaid Realized Loss Amount distributed to the Classes
      of Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates that
      are of equal priority with each other (for example, the Class 1-M-1 and Class
      2-M-1 Certificates), will be made concurrently, on a pro rata basis based on
      (i)
      in the case of any Interest Carry Forward Amount, each such Class’s respective
      Interest Carry Forward Amount, and (ii) in the case of any Unpaid Realized
      Loss
      Amount, each such Class’s respective Unpaid Realized Loss Amount;

     

    (5)           to
      the Carryover Reserve Fund and from the Carryover Reserve Fund to each Class
      of
      Interest-Bearing Certificates, 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
      Classes 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 the Certificate Principal Balances), pro rata, based
      on
      the amount of such unpaid Net Rate Carryover;

     

    (6)           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);

     

    (7)           if
      and for so long as the Final Maturity OC Trigger is in effect, sequentially,
      in
      the following order:

     

    (i)           to
      the Classes of Class A Certificates, pro rata, based on the Class 1-A Principal
      Distribution Amount (in the case of clause (x)) and the Class 2-A Principal
      Distribution Amount (in the case of clause (y)), concurrently: (x) to the Class
      1-A Certificates, until the Certificate Principal Balance thereof is reduced
      to
      zero, and (y) to the Classes of 2-A Certificates and the Certificate Insurer,
      in
      the

     

    
      
        
        

      

      
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    order
      set
      forth in Section 4.04(b)(3), until the respective Certificate Principal Balances
      of the Class 2-A Certificates are reduced to zero; provided, however, that
      any
      amounts remaining after such allocation based on the Class 1-A Principal
      Distribution Amount and the Class 2-A Principal Distribution Amount will be
      distributed to the outstanding Class 1-A Certificates or the outstanding Classes
      of Class 2-A Certificates and the Certificate Insurer, as the case may be,
      pursuant to clause (x) or clause (y), as the case may be; and

     

    (ii)           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 M-9 Certificates, in that order, in each case until
      the
      Certificate Principal Balance thereof is reduced to zero; provided, however,
      that any principal distributions to the Classes of Class M-1, Class M-2, Class
      M-3, Class M-4 and Class M-5 Certificates that are of equal priority with each
      other (for example, the Class 1-M-1 and Class 2-M-1 Certificates) will be made
      concurrently, on a pro rata basis based on the respective Group Distribution
      Percentages for that Distribution Date;

     

    (8)           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;

     

    (9)           to
      the Class C Certificates, the Class C Distributable Amount for such Distribution
      Date; and

     

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

     

    (d)           [Reserved].

     

    (e)           On
      each Distribution Date on or prior to the Swap Contract Termination Date,
      following the deposits to the Swap Account pursuant to Section 4.04(a)(ii)
      and
      Section 4.09 and the distributions described under Section 4.04(c), the Swap
      Trustee shall distribute amounts on deposit in the Swap Account in the following
      amounts and order:

     

    (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 each Class of Class A Certificates and the Certificate Insurer, any remaining
      Current Interest and Interest Carry Forward Amount (in the case of each Class
      of
      Class A Certificates) and any remaining Class 2-A Premium (in the case of the
      Certificate Insurer), pro rata based on their respective
      entitlements;

     

    (4)           to
      the Certificate Insurer, any unpaid FSA Reimbursement Amount;

     

    
      
        
        

      

      
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    (5)           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 M-9 Certificates, in that order, in each case in an
      amount equal to any remaining Current Interest and Interest Carry Forward Amount
      for such Class; provided, however, that any interest distributions to the
      Classes of Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates
      that are of equal priority with each other (for example, the Class 1-M-1 and
      Class 2-M-1 Certificates) pursuant to this clause (5) will be made concurrently,
      on a pro rata basis based on each such Class’s respective remaining Current
      Interest and Interest Carry Forward Amount;

     

    (6)           to
      the Class or Classes of Adjustable Rate Certificates then entitled to receive
      distributions in respect of principal, in an aggregate amount equal to the
      Overcollateralization Deficiency Amount remaining unpaid following the
      distributions described under Section 4.04(c), payable 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);

     

    (7)           concurrently,
      to each Class of Adjustable Rate 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;

     

    (8)           concurrently,
      to each Class of Class A Certificates, pro rata based on the remaining Unpaid
      Realized Loss Amount for each such Class in an amount equal to the remaining
      Unpaid Realized Loss Amount for each such Class; provided, however, that amounts
      otherwise distributable to the Class 2-A-2M Certificates will be distributed
      to
      the Class 2-A-2 Certificates until all Unpaid Realized Loss Amounts for the
      Class 2-A-2 Certificates have been paid;

     

    (9)           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 M-9 Certificates, in that order, in each case in an
      amount equal to the remaining Unpaid Realized Loss Amount for each such Class;
      provided, however, that any Unpaid Realized Loss Amounts distributed to the
      Classes of Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates
      that are of equal priority with each other (for example, the Class 1-M-1 and
      Class 2-M-1 Certificates) pursuant to this clause (9) will be made concurrently,
      on a pro rata basis based each such class’s respective Unpaid Realized Loss
      Amount; and

     

    (10)           to
      the Swap Contract Administrator for payment to the Swap Counterparty, any Swap
      Termination Payment due to a Swap Counterparty Trigger Event payable to the
      Swap
      Counterparty with respect to such Distribution Date.

     

    (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) or Section 4.04(d), 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(e),
      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

     

    
      
        
        

      

      
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    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, the Prepayment Charge Amount for such Distribution
      Date
      shall be distributed to the Class P Certificates.

     

    (h)           On
      each Distribution Date, the Trustee shall allocate any Applied Realized Loss
      Amount sequentially to reduce the Certificate Principal Balances of the Class
      M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class
      M-2
      and Class M-1 Certificates, in that order, in each case until the Certificate
      Principal Balance thereof is reduced to zero.  Any Applied Realized
      Loss Amount that is allocated to the Classes of Class M-1, Class M-2 Class
      M-3,
      Class M-4 and Class M-5 Certificates that are of equal priority with each other
      (for example, the Class 1-M-5 and Class 2-M-5 Certificates) will be allocated
      concurrently on a pro rata basis based on their respective Certificate Principal
      Balances.  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 Balance of the Class 1-A Certificates, until the
      Certificate Principal Balance of such Class has been reduced to zero, and (ii)
      the Trustee shall allocate any Applied Realized Loss Amount with respect to
      Loan
      Group 2 concurrently to reduce the Certificate Principal Balances of each Class
      of Class 2-A 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; provided, however, that the amount of any
      such excess otherwise allocable to the Class 2-A-2 Certificates will be
      allocated to the Class 2-A-2M Certificates, until the Certificate Principal
      Balance of the Class 2-A-2M Certificates has 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 Balance of the Class 1-A Certificates (in the case of
      any
      Subsequent Recoveries with respect to Loan Group 1) or the Certificate Principal
      Balances of the Classes of Class 2-A 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-A Certificates on a pro rata basis according to their respective Certificate
      Principal Balances, except that any such amounts otherwise allocable to the
      Class 2-A-2M Certificates will be distributed first to the Class 2-A-2
      Certificates (but not by more than the amount of the Unpaid Realized Loss Amount
      for such Class)), in each case in an amount not to exceed the Unpaid Realized
      Loss Amount for 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 M-9
      Certificates, in that order, in each case in an amount not to exceed the Unpaid
      Realized Loss Amount for such Class.  Any such Subsequent Recoveries
      that are allocated to the Classes of Class M-1, Class M-2, Class M-3, Class
      M-4
      and Class M-5 Certificates that are of equal priority with each other (for
      example, the Class 1-M-5 and Class 2-M-5 Certificates) will be allocated
      concurrently on a pro rata basis according to their respective Unpaid Realized
      Loss Amounts.

     

    
      
        
        

      

      
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    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.

     

    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 Certificate Insurer shall be made by wire
      transfer of immediately available funds to the following account, unless the
      Certificate Insurer notifies the Trustee in writing:  Financial
      Security Assurance Inc., Account Number 8900297263, The Bank of New York, ABA
      Number 0201000018, Re: CWABS 2007-13, Policy No. 51883-N Class 2-A-1, Class
      2-A-2 and Class 2-A-2M Certificates.

     

    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 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 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.

     

    (j)           On
      the earlier of (i) the Distribution Date in October 2037 and (ii) the
      termination of this Agreement pursuant to Section 9.01, after giving effect
      to
      the distribution of all available funds, all amounts on deposit in the Final
      Maturity Reserve Fund will be distributed in the following order:

     

    (1)           to
      the Classes of Class A Certificates and the Certificate Insurer, pro rata,
      based
      on the Class 1-A Principal Distribution Amount (in the case of clause (x))
      and
      the Class 2-A Principal Distribution Amount (in the case of clause (y)),
      concurrently: (x) to the Class 1-A Certificates, until the Certificate Principal
      Balance thereof is reduced to zero, and (y) to the Classes of Class 2-A
      Certificates and the Certificate Insurer, in the order set forth in Section
      4.04(b)(3), until the Certificate Principal Balances of the Classes of Class
      2-A
      Certificates and the amounts payable to the Certificate Insurer are reduced
      to
      zero; provided, however, that any amounts remaining after such allocation based
      on the Class 1-A Principal Distribution Amount and the Class 2-A
      Principal

     

    
      
        
        

      

      
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    Distribution
      Amount will be distributed to the outstanding Class 1-A Certificates or the
      outstanding Classes of Class 2-A Certificates and the Certificate Insurer,
      as
      the case may be, pursuant to clause (x) or clause (y), as the case may
      be;

     

    (2)           to
      the Certificate Insurer, any remaining Class 2-A Premium and any remaining
      FSA
      Reimbursement Amount, in each case that has not been paid from Interest Funds
      for the Distribution Date;

     

    (3)           concurrently,
      to the Class 1-M-1 and Class 2-M-1 Certificates, pro rata on the basis of their
      respective Certificate Principal Balances, until their respective Certificate
      Principal Balances are reduced to zero;

     

    (4)           concurrently,
      to the Class 1-M-2 and Class 2-M-2 Certificates, pro rata on the basis of their
      respective Certificate Principal Balances, until their respective Certificate
      Principal Balances are reduced to zero;

     

    (5)           concurrently,
      to the Class 1-M-3 and Class 2-M-3 Certificates, pro rata on the basis of their
      respective Certificate Principal Balances, until their respective Certificate
      Principal Balances are reduced to zero;

     

    (6)           concurrently,
      to the Class 1-M-4 and Class 2-M-4 Certificates, pro rata on the basis of their
      respective Certificate Principal Balances, until their respective Certificate
      Principal Balances are reduced to zero;

     

    (7)           concurrently,
      to the Class 1-M-5 and Class 2-M-5 Certificates, pro rata on the basis of their
      respective Certificate Principal Balances, until their respective Certificate
      Principal Balances are reduced to zero;

     

    (8)           sequentially,
      to the Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that
      order, until the Certificate Principal Balances thereof are reduced to zero;
      and

     

    (9)           to
      the Class C Certificates, all remaining amounts.

     

    
      	
               

            	
              Section
                4.05

            	
              Monthly
                Statements to
                Certificateholders.

            

    

     

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

     

    (b)           The
      Trustee’s responsibility for disbursing the above information to the
      Certificateholders is limited to the availability, timeliness and accuracy
      of
      the information derived from the Master Servicer.  The Trustee shall
      send a copy of each statement provided pursuant to this Section 4.05 to each
      Rating Agency and the NIM Insurer.  The Trustee may make the above
      information available to Certificateholders via the Trustee’s website at
      http://www.bnyinvestorreporting.com.

     

    
      
        
        

      

      
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    (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 regarding
      (i) the amount of distributions to that Certificateholder allocable to
      principal, separately identifying (A) the aggregate amount of any Principal
      Prepayments included therein and (B) the aggregate of all scheduled payments
      of
      principal included therein, (ii) the amount of distributions to that
      Certificateholder allocable to interest and (iii) the related amount of the
      Servicing Fees paid to or retained by the Master Servicer, in each case
      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;

     

    (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.

     

    
      
        
        

      

      
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    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
                2-A Policy; Rights of the Certificate
                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 Guaranteed 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 Certificate 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 2-A 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 Certificate 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 Guaranteed
      Certificate has been voided in whole or in part as a preference payment under
      applicable bankruptcy law, the Trustee shall (i) promptly notify the Certificate
      Insurer and the Fiscal Agent, if any, and (ii) comply with the provisions of
      the
      Class 2-A Policy, to obtain payment by the Certificate Insurer of such voided
      scheduled payment.  In addition, the Trustee shall mail notice to all
      Holders of the Guaranteed 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 2-A Policy, a copy of which shall
      be
      made available to such Holders by the Trustee.  The Trustee shall
      furnish to the Certificate Insurer and the Fiscal Agent, if any, its records
      listing the payments on the affected Guaranteed 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 Guaranteed Certificates (the “Class 2-A Policy
      Payments Account”) over which the Trustee shall have exclusive control and sole
      right of withdrawal.  The Class 2-A Policy Payments Account shall be
      an Eligible Account.  The Trustee shall deposit any amount paid under
      the Class 2-A Policy into the Class 2-A Policy Payments Account and distribute
      such amount only for the purposes of making the payments to Holders of the
      Guaranteed Certificates, in respect of the related Required Distributions for
      which the related claim was made under the Class 2-A Policy.  Such
      amounts shall be allocated by the Trustee to Holders of Guaranteed 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 Guaranteed Certificates
      from funds in the Class 2-A Policy Payments Account shall be noted as provided
      in subsection (e) below.  Funds held in the Class 2-A Policy Payments
      Account shall not be invested by the Trustee.

     

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

    (d)           Any
      funds received from the Certificate Insurer for deposit into the Class 2-A
      Policy Payments Account pursuant to the Class 2-A Policy in respect of a
      Distribution Date or otherwise as a result of any claim under the Class 2-A
      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
      Guaranteed Certificates or (ii) of other amounts payable under the Class 2-A
      Policy.  Funds received by the Trustee as a result of any claim under
      the Class 2-A Policy shall be used solely for payment to the Holders of the
      Guaranteed 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 2-A Policy Payments Account on the first Business Day after each
      Distribution Date shall be remitted promptly to the Certificate Insurer in
      accordance with the instructions set forth in Section 4.04(i).

     

    (e)           The
      Trustee shall keep complete and accurate records in respect of (i) all funds
      remitted to it by the Certificate Insurer and deposited into the Class 2-A
      Policy Payments Account and (ii) the allocation of such funds to (A) payments
      of
      interest on and principal in respect of each Class of Guaranteed Certificates
      (B) Applied Realized Loss Amounts allocated to each Class of Guaranteed
      Certificates and (C) the amount of funds available to make distributions on
      the
      Guaranteed Certificates pursuant to Sections 4.04(a), (c), (d) and
      (e).  The Certificate 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 Guaranteed Certificate by its
      acceptance of the Guaranteed Certificate agrees, that, without the need for
      any
      further action on the part of the Certificate Insurer or the Trustee, to the
      extent the Certificate Insurer makes payments, directly or indirectly, on
      account of principal of or interest on any Guaranteed Certificates, the
      Certificate Insurer will be fully subrogated to the rights of the Holders of
      such Guaranteed Certificates to receive such principal and interest from the
      Trust Fund.  The Holders of the Guaranteed Certificates, by acceptance
      of the Guaranteed Certificates, assign their rights as Holders of the Guaranteed
      Certificates to the extent of the Certificate Insurer’s interest with respect to
      amounts paid under the Class 2-A Policy.  Anything herein to the
      contrary notwithstanding, solely for purposes of determining the Certificate
      Insurer’s rights, as applicable, as subrogee for payments distributable pursuant
      to Section 4.04, any payment with respect to distributions to any Class of
      Guaranteed Certificates which is made with funds received pursuant to the terms
      of the Class 2-A Policy shall not be considered payment of such Class of
      Guaranteed 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 such Class of Guaranteed 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 Certificate Insurer of such Event of Default.

     

    (h)           The
      Trustee shall promptly notify the Certificate 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

     

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    with
      respect to the Guaranteed Certificates as to which it has actual
      knowledge.  Each Holder of a Guaranteed Certificate, by its purchase
      of Guaranteed Certificates, and the Trustee hereby agrees that the Certificate
      Insurer (so long as no Certificate 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
      Certificate Insurer shall be subrogated to the rights of the Trustee and each
      Holder of a Guaranteed 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 Certificate Insurer Contact Person who shall
      be available to the Certificate Insurer to provide reasonable access to
      information regarding the Mortgage Loans.  The initial Certificate
      Insurer Contact Person is to the attention of Secondary Marketing.

     

    (j)           The
      Trustee shall surrender the Class 2-A Policy to the Certificate Insurer for
      cancellation upon the reduction of the aggregate Certificate Principal Balance
      of the Guaranteed Certificates to zero.

     

    (k)           The
      Trustee shall send to the Certificate Insurer the reports prepared pursuant
      to
      Sections 3.17 and 11.07 and the statements prepared pursuant to Section 4.05,
      as
      well as any other statements or communications sent to Holders of the Guaranteed
      Certificates, in each case at the same time such reports, statements and
      communications are otherwise sent.

     

    (l)           For
      so long as no Certificate Insurer Default shall have occurred and be continuing,
      each Holder of a Guaranteed Certificate agrees that the Certificate Insurer
      shall be treated by the Depositor, the Master Servicer and the Trustee as if
      the
      Certificate Insurer were the Holder of all of the Guaranteed 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 Guaranteed Certificates
      hereunder.

     

    (m)           With
      respect to this Section 4.06, the terms “Receipt” and “Received” shall mean
      actual delivery to the Certificate 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 2-A 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
      Certificate 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 Guaranteed Certificateholders
      shall also be sent at such time to the Certificate Insurer at the notice address
      set forth in Section 10.05.

     

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

    

    (o)           The
      Certificate Insurer shall be an express third party beneficiary of this
      Agreement for the purpose of enforcing the provisions hereof to the extent
      of
      the Certificate 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 2-A
      Policy, in the case of the Guaranteed 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 $1,000 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)           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.

     

    (c)           Funds
      in the Carryover Reserve Fund shall be invested by the Trustee in The Bank
      of
      New York cash reserves.  All investments shall be made in the name of
      the Trustee, for the benefit of the Holders of the Interest-Bearing
      Certificates.  Any net investment earnings on such amounts shall be
      retained therein until withdrawn as provided in Section 3.08.

    
      

      
        	 	Section
                4.08	Credit
                Comeback Excess Account.

      

    

     

    (a)           On
      the Closing Date, the Trustee shall establish and maintain in its name, in
      trust
      for the benefit of the 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.

     

    (b)           On
      each Distribution Date, the Trustee shall deposit all Credit Comeback Excess
      Amounts in the Credit Comeback Excess Account. The Trustee shall make
      withdrawals from the Credit Comeback Excess Account to make distributions as
      and
      to the extent required by Section 4.04.

     

    (c)           Funds
      in the Credit Comeback Excess Account with respect to Loan Group 1 and Loan
      Group 2 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

     

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

    

    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 and Loan Group 2 shall
      be
      payable pro rata to the Holders of the Class C Certificates in accordance with
      their Percentage Interests.  Any losses incurred in the Credit
      Comeback Excess Account in respect of any such investments shall be charged
      against amounts on deposit in the Credit Comeback Excess Account (or such
      investments) immediately as realized.

     

    (d)           The
      Trustee shall not be liable for the amount of any loss incurred in respect
      of
      any investment or lack of investment of funds held in the Credit Comeback Excess
      Account and made in accordance with this Section 4.08.  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 Adjustable Rate Certificates, the
      Swap Counterparty and the Certificate Insurer.  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,
      the
      Certificate Insurer and the registered holders of CWABS, Inc., Asset-Backed
      Certificates, Series 2007-13.”  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 described under Section
      4.04(e).  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)(iii), 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.

     

    
      
        
        

      

      
        141

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              Section
                4.10

            	
              Final
                Maturity Reserve Trust and Final Maturity Reserve
                Fund.

            

    

     

    (a)           On
      the Closing Date, there is hereby established a separate trust (the “Final
      Maturity Reserve Trust”), the assets of which shall consist of the Final
      Maturity Reserve Fund.

     

    (b)           On
      the Closing Date, the Final Maturity Reserve Trustee shall establish and
      maintain in its name, in trust for the benefit of the Holders of the
      Interest-Bearing Certificates and the Certificate Insurer, the Final Maturity
      Reserve Fund and shall deposit $1,000 therein upon receipt from or on behalf
      of
      the Depositor of such amount.  The Final Maturity 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.  The Final Maturity Reserve Fund shall not constitute an
      asset of the Trust Fund or any REMIC created hereunder.

     

    The
      Final
      Maturity Reserve Trustee shall make deposits to and withdrawals from the Final
      Maturity Reserve Fund as specified in Section 4.04.

     

    Funds
      in
      the Final Maturity Reserve Fund may be invested in Permitted Investments at
      the
      direction of the Holders 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 Final Maturity 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 Final Maturity Reserve Trustee, for the benefit of the Holders
      of the Certificates. In the absence of such written direction, all funds in
      the
      Final Maturity Reserve Fund shall be invested by the Final Maturity Reserve
      Trustee in The Bank of New York cash reserves.  Any net investment
      earnings on such amounts shall be retained therein until withdrawn as provided
      in Section 3.08.  Any losses incurred in the Final Maturity Reserve
      Fund in respect of any such investments shall be charged against amounts on
      deposit in the Final Maturity Reserve Fund (or such investments) immediately
      as
      realized.  The Final Maturity Reserve 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 Final Maturity Reserve Fund and made in
      accordance with this Section 4.10.

     

    The
      Final
      Maturity Reserve Trustee may withhold from the amounts withdrawn from the Final
      Maturity Reserve Fund pursuant to Section 4.04 the amount of any taxes that
      it
      is authorized to retain pursuant to the third paragraph of Section
      8.11.  In addition, the Final Maturity Reserve Trustee may from time
      to time make withdrawals from the Final Maturity Reserve Fund for the following
      purposes:

     

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

     

    (ii)           to
      clear and terminate the Final Maturity Reserve Fund upon the termination of
      this
      Agreement pursuant to Section 9.01.

     

    
      
        
        

      

      
        142

        
          

        

      

      
        
        

      

    

    ARTICLE
      V.

    THE
      CERTIFICATES

     

    
      	
               

            	
              Section
                5.01

            	
              The
                Certificates.

            

    

     

    The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-18, Exhibit B, Exhibit C, Exhibit D and Exhibit E.  The
      Certificates shall be issuable in registered form, in the minimum dollar
      denominations, integral dollar multiples in excess thereof and aggregate dollar
      denominations as set forth in the following table:

     

    
      	
              Class

            	
              Minimum

              Denomination

            	
              Integral
                Multiples in

              Excess
                of Minimum

            	
              Original
                Certificate

              Principal
                Balance

            
	
              1-A

            	
              $20,000

            	
              $1

            	
              $218,300,000

            
	
              2-A-1

            	
              $20,000

            	
              $1

            	
              $221,700,000

            
	
              2-A-2

            	
              $20,000

            	
              $1

            	
              $135,000,000

            
	
              2-A-2M

            	
              $20,000

            	
              $1

            	
               
                $15,000,000

            
	
              1-M-1

            	
              $20,000

            	
              $1

            	
                 
                $9,916,000

            
	
              2-M-1

            	
              $20,000

            	
              $1

            	
                $16,884,000

            
	
              1-M-2

            	
              $20,000

            	
              $1

            	
                 
                $9,324,000

            
	
              2-M-2

            	
              $20,000

            	
              $1

            	
               
                $15,876,000

            
	
              1-M-3

            	
              $20,000

            	
              $1

            	
                 
                $5,772,000

            
	
              2-M-3

            	
              $20,000

            	
              $1

            	
                 
                $9,828,000

            
	
              1-M-4

            	
              $20,000

            	
              $1

            	
                 
                $5,180,000

            
	
              2-M-4

            	
              $20,000

            	
              $1

            	
                 
                $8,820,000

            
	
              1-M-5

            	
              $20,000

            	
              $1

            	
                 
                $4,736,000

            
	
              2-M-5

            	
              $20,000

            	
              $1

            	
                 
                $8,064,000

            
	
              M-6

            	
              $20,000

            	
              $1

            	
               
                $12,800,000

            
	
              M-7

            	
              $20,000

            	
              $1

            	
               
                $13,600,000

            
	
              M-8

            	
              $20,000

            	
              $1

            	
               
                $10,400,000

            
	
              M-9

            	
              $20,000

            	
              $1

            	
               
                $14,400,000

            
	
              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

     

    
      
        
        

      

      
        143

        
          

        

      

      
        
        

      

    

    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.

     

    
      	
               

            	
              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 form set forth in Exhibit
      J-2 (a “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)
      (the “Investment Letter”) or Exhibit L (in the

     

    
      
        
        

      

      
        144

        
          

        

      

      
        
        

      

    

    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
      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 Certificate 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
      written 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 and 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

     

    
      
        
        

      

      
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    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 written
      representation acceptable in form and substance to the
      Trustee.  Notwithstanding anything else to the contrary herein, any
      purported transfer of an ERISA-Restricted Certificate to or on behalf of an
      employee benefit plan subject to Section 406 of ERISA or a plan subject to
      Section 4975 of the Code without the delivery to the Trustee of an Opinion
      of
      Counsel satisfactory to the Trustee meeting the requirements of clause (i)
      of
      the first sentence of this paragraph as described above shall be void and of
      no
      effect.  The Trustee shall be under no liability to any Person for any
      registration of transfer of any ERISA-Restricted Certificate that is in fact
      not
      permitted by this Section 5.02(b) or for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the Trustee,
      with
      respect to the transfer of such Classes of Certificates, required delivery
      of
      such certificates and other documentation or evidence as are expressly required
      by the terms of this Agreement and examined such certificates and other
      documentation or evidence to determine compliance as to form with the express
      requirements hereof.  The Trustee shall be entitled, but not
      obligated, to recover from any Holder of any ERISA-Restricted Certificate that
      was in fact an employee benefit plan or arrangement subject to Section 406
      of
      ERISA or a plan or arrangement subject to Section 4975 of the Code or a Person
      acting on behalf of any such plan or arrangement at the time it became a Holder
      or, at such subsequent time as it became such a plan or arrangement or Person
      acting on behalf of such a plan or arrangement, all payments made on such
      ERISA-Restricted Certificate at and after either such time.  Any such
      payments so recovered by the Trustee shall be paid and delivered by the Trustee
      to the last preceding Holder of such Certificate that is not such a plan or
      arrangement or Person acting on behalf of a plan or arrangement.

     

    Until
      the
      Swap Trust and the Final Maturity Reserve Fund terminate, no transfer of an
      Interest-Bearing Certificate that is not an ERISA-Restricted Certificate (other
      than a transfer of an Interest-Bearing 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 written representation from the transferee of such
      Interest-Bearing 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 written representation that the purchase and holding of the
      Interest-Bearing Certificate satisfy the requirements for exemptive relief
      under
      PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider
      exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20)
      of
      the Code or a similar exemption.  In the event that
      such  representation 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
      Interest-Bearing Certificate.  In the event that such representation
      is violated, such transfer or acquisition shall be void and of no
      effect.

     

    Each
      Plan
      that acquires a Private Certificate (or any beneficial interest therein) that
      is
      not an ERISA-Restricted Certificate will be required to deliver to the Trustee
      or its transferor a representation that it is an “accredited investor” as
      defined in Rule 501(a)(1) under the Securities Act, and each investor that
      acquires a Private Certificate (or any beneficial interest therein) that is
      not
      an ERISA-Restricted Certificate will be required to deliver to the Trustee
      or

     

    
      
        
        

      

      
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    its
      transferor an agreement to obtain from its transferee such a representation
      and
      agreement.  For purposes of the preceding sentence, any investor
      acquiring a Private Certificate (or any beneficial interest therein) that is
      not
      an ERISA-Restricted Certificate shall be deemed to have made to the Trustee
      or
      its transferor the representation and agreement set forth in the preceding
      sentence by the transferee’s acceptance of such Certificate (or beneficial
      interest therein).

     

    (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 Trustee shall not register the Transfer of any Class A-R
      Certificate, unless the Trustee shall have been furnished with a certificate
      (a
“Transferor Certificate”) of the transferor in the form attached hereto as
      Exhibit J-1 and 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

     

    
      
        
        

      

      
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    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 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 Guaranteed
      Certificates, the Certificate 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

     

    
      
        
        

      

      
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    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 Certificate Insurer, the NIM Insurer and
      any
      agent of the Master Servicer, the Certificate Insurer, the Trustee or the NIM
      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 Certificate Insurer, the Trustee, the NIM Insurer or any agent
      of
      the Master Servicer, the Certificate Insurer, the Trustee or the NIM Insurer
      shall be affected by any notice to the contrary.

     

    
      	
               

            	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and
                Addresses.

            

    

     

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

     

    
      	
               

            	
              Section
                5.06

            	
              Book-Entry
                Certificates.

            

    

     

    The
      Book-Entry Certificates, upon original issuance, shall be issued in the form
      of
      one typewritten Certificate (or more than one, if required by the Depository)
      for each Class of such Certificates, to be delivered to the Depository by or
      on
      behalf of the Depositor.  Such Certificates shall initially be
      registered on the Certificate Register in the name of the Depository or its
      nominee, and no Certificate Owner of such Certificates will receive a definitive
      certificate representing such Certificate Owner’s interest in such Certificates,
      except as provided in Section 5.08.  Unless and until definitive,
      fully registered Certificates (“Definitive Certificates”) have been issued to
      the Certificate Owners of such Certificates pursuant to Section
      5.08:

     

    (a)           the
      provisions of this Section shall be in full force and effect;

     

    (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;

     

    
      
        
        

      

      
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    (c)           registration
      of the Book-Entry Certificates may not be transferred by the Trustee except
      to
      another Depository;

     

    (d)           the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository
      Participants.  Pursuant to the Depository Agreement, unless and until
      Definitive Certificates are issued pursuant to Section 5.08, the Depository
      will
      make book-entry transfers among the Depository Participants and receive and
      transmit distributions of principal and interest on the related Certificates
      to
      such Depository Participants;

     

    (e)           the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants;

     

    (f)           the
      Trustee may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository
      Participants;  and

     

    (g)           to
      the extent the provisions of this Section conflict with any other provisions
      of
      this Agreement, the provisions of this Section shall control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    
      	
               

            	
              Section
                5.07

            	
              Notices
                to Depository.

            

    

     

    Whenever
      any notice or other communication is required to be given to Certificateholders
      of any 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

     

    
      
        
        

      

      
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    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 Certificate Insurer of any change in such location
      of
      any such office or agency.

     

    ARTICLE
      VI.

     

    THE
      DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

     

    
      	
               

            	
              Section
                6.01

            	
              Respective
                Liabilities of the Depositor, the Master Servicer and the
                Sellers.

            

    

     

    The
      Depositor, the Master Servicer and each Seller shall each be liable in
      accordance herewith only to the extent of the obligations specifically and
      respectively imposed upon and undertaken by them herein.

     

    
      	
               

            	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor, the Master Servicer or the
                Sellers.

            

    

     

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

     

    
      
        
        

      

      
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    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.

     

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

     

    
      	
               

            	
              Section
                6.03

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

            

    

     

    None
      of
      the Depositor, the Sellers, the NIM Insurer or the Master Servicer or any of
      the
      directors, officers, employees or agents of the Depositor, the Sellers, the
      NIM
      Insurer or the Master Servicer shall be under any liability to the Trustee
      (except as provided in Section 8.05), the Trust Fund or the Certificateholders
      for any action taken or for refraining from the taking of any action in good
      faith pursuant to this Agreement, or for errors in judgment; provided that
      this
      provision shall not protect the Depositor, the Sellers, the Master Servicer
      or
      any such Person against any breach of representations or warranties made by
      it
      herein or protect the Depositor, the Sellers, the Master Servicer or any such
      Person from any liability that would otherwise be imposed by reasons of willful
      misfeasance, bad faith or gross negligence in the performance of duties or
      by
      reason of reckless disregard of obligations and duties hereunder.  The
      Depositor, the Sellers, the NIM Insurer, the Master Servicer and any director,
      officer, employee or agent of the Depositor, the Sellers, the NIM Insurer or
      the
      Master Servicer may rely in good faith on any document of any kind prima facie
      properly executed and submitted by any Person respecting any matters arising
      hereunder.  The Depositor, the Sellers, the NIM Insurer, the Master
      Servicer and any director, officer, employee or agent of the Depositor, the
      Sellers, the NIM Insurer or the Master Servicer shall be indemnified by the
      Trust Fund and held harmless against any loss, liability or expense incurred
      in
      connection with any audit, controversy or judicial proceeding relating to a
      governmental taxing authority or any legal action relating to this Agreement
      or
      the Certificates, other than any loss, liability or expense related to any
      specific Mortgage Loan or Mortgage Loans (except as any such loss, liability
      or
      expense shall be otherwise reimbursable pursuant to this Agreement) and any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or gross negligence in the performance of duties hereunder or by reason of
      reckless disregard of obligations and duties hereunder.  None of the
      Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be under
      any obligation to appear in, prosecute or defend any legal action that is not
      incidental to its respective duties hereunder and that in its opinion may
      involve it in any expense or liability; provided that any of the Depositor,
      the
      Sellers, the NIM Insurer or the Master Servicer may, in its discretion undertake
      any such action that it may deem necessary or desirable in respect of this
      Agreement and the rights and duties of the parties hereto and interests of
      the
      Trustee and the Certificateholders hereunder.  In such event, the
      legal expenses and costs of such action and any

     

    
      
        
        

      

      
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    liability
      resulting therefrom shall be, expenses, costs and liabilities of the Trust
      Fund,
      and the Depositor, the Sellers, the NIM Insurer and the Master Servicer shall
      be
      entitled to be reimbursed therefor out of the Certificate Account as provided
      by
      Section 3.08 hereof.

     

    
      	
               

            	
              Section
                6.04

            	
              Limitation
                on Resignation of Master
                Servicer.

            

    

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or (ii) upon appointment of a successor
      servicer that is reasonably acceptable to the Trustee and the NIM Insurer and
      the written confirmation from each Rating Agency (which confirmation shall
      be
      furnished to the Depositor, the Trustee and the NIM Insurer) that such
      resignation will not cause such Rating Agency to reduce the then-current rating
      of the Certificates (such determination to be made without regard to the Class
      2-A Policy).  Any such determination pursuant to clause (i) of the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect delivered to the
      Trustee.  No resignation of the Master Servicer shall become effective
      until the Trustee shall have assumed the Master Servicer’s responsibilities,
      duties, liabilities (other than those liabilities arising prior to the
      appointment of such successor) and obligations under this Agreement and the
      Depositor shall have received the information described in the following
      sentence.  As a condition to the effectiveness of any such
      resignation, at least 15 calendar days prior to the effective date of such
      resignation, the Master Servicer shall provide (x) written notice to the
      Depositor of any successor pursuant to this Section and (y) in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to the resignation of the
      Master Servicer.

     

    
      	
               

            	
              Section
                6.05

            	
              Errors
                and Omissions Insurance; Fidelity
                Bonds.

            

    

     

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

     

    The
      Master Servicer shall provide the Trustee, the Certificate 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.

     

    
      
        
        

      

      
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    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 (except with respect to a failure related to a
      Limited Exchange Act Reporting Obligation) or any representation or warranty
      shall prove to be untrue, which failure or breach shall continue unremedied
      for
      a period of 60 days after the date on which written notice of such failure
      shall
      have been given to the Master Servicer by the Trustee, the NIM Insurer or the
      Depositor, or to the Trustee by the Holders of Certificates evidencing not
      less
      than 25% of the Voting Rights; provided, that the sixty-day cure period shall
      not apply to the initial delivery of the Mortgage File for Delay Delivery
      Mortgage Loans or the failure to repurchase or substitute in lieu thereof;
      or

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (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
      Certificate Insurer, which consent shall not be unreasonably withheld), by
      notice in writing to the Master Servicer (with a copy to each Rating Agency
      and
      the Depositor), terminate all of the rights and obligations of the Master
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof, other than its rights as a Certificateholder hereunder.  In
      addition, if during the period that the Depositor is required to file Exchange
      Act Reports with respect to the Trust Fund, the Master Servicer shall fail
      to
      observe or perform any of the obligations that constitute a Limited Exchange
      Act
      Reporting Obligation or the obligations set forth in Section 3.17(a) or Section
      11.07(a)(1) and (2), and such failure continues for the lesser of 10 calendar
      days or such period in which the applicable Exchange Act Report can be filed
      timely (without taking into account any extensions), so long as such failure
      shall not have been remedied, the Trustee shall, but only at the direction
      of
      the Depositor, terminate all of the rights and obligations of the Master
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof, other than its rights as a Certificateholder hereunder.  The
      Depositor shall not be entitled to terminate the rights and obligations of
      the
      Master Servicer if a failure of the Master Servicer to identify a Subcontractor
      “participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB was attributable solely to the role or functions of such
      Subcontractor with respect to mortgage loans other than the Mortgage
      Loans.

     

    On
      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
      and the Depositor 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

     

    
      
        
        

      

      
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    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 (vii), and any other amounts payable
      to
      such Master Servicer hereunder the entitlement to which arose prior to the
      termination of its activities hereunder.

     

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

     

    
      	
               

            	
              Section
                7.02

            	
              Trustee
                to Act; Appointment of
                Successor.

            

    

     

    On
      and
      after the time the Master Servicer receives a notice of termination pursuant
      to
      Section 7.01 hereof, the Trustee shall, to the extent provided in Section 3.04,
      be the successor to the Master Servicer in its capacity as servicer under this
      Agreement and the transactions set forth or provided for herein and shall be
      subject to all the responsibilities, duties and liabilities relating thereto
      placed on the 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 2-A
      Policy, in the case of the Guaranteed 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 2-A Policy, in the case of the
      Guaranteed Certificates).  No appointment of a successor to the Master
      Servicer hereunder shall be effective until (i) the Trustee shall have consented
      thereto, (ii) written notice of such proposed appointment shall
      have

     

    
      
        
        

      

      
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    been
      provided by the Trustee to each Certificateholder and the Certificate Insurer,
      and (iii) at least 15 calendar days prior to the effective date of such
      appointment, (x) the Trustee shall provide written notice to the Depositor
      of
      such successor pursuant to this Section 7.02 and (y) such successor Master
      Servicer shall provide to the Depositor in writing and in form and substance
      reasonably satisfactory to the Depositor, all information reasonably requested
      by the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to a replacement master servicer.  The
      Trustee shall not resign as servicer until a successor servicer has been
      appointed and has accepted such appointment.  Pending appointment of a
      successor to the Master Servicer hereunder, the Trustee, unless the Trustee
      is
      prohibited by law from so acting, shall, subject to Section 3.04 hereof, act
      in
      such capacity as herein above provided.  In connection with such
      appointment and assumption, the Trustee may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans as it and
      such
      successor shall agree; provided that no such compensation shall be in excess
      of
      that permitted the Master Servicer hereunder.  The Trustee and such
      successor shall take such action, consistent with this Agreement, as shall
      be
      necessary to effectuate any such succession.  Neither the Trustee nor
      any other successor servicer shall be deemed to be in default hereunder by
      reason of any failure to make, or any delay in making, any distribution
      hereunder or any portion thereof or any failure to perform, or any delay in
      performing, any duties or responsibilities hereunder, in either case caused
      by
      the failure of the Master Servicer to deliver or provide, or any delay in
      delivering or providing, any cash, information, documents or records to
      it.

     

    Any
      successor to the Master Servicer as servicer shall give notice to the NIM
      Insurer and the Mortgagors of such change of servicer and shall, during the
      term
      of its service as servicer maintain in force the policy or policies that the
      Master Servicer is required to maintain pursuant to Section 6.05.

     

    In
      connection with the termination or resignation of the Master Servicer hereunder,
      either (i) the successor Master Servicer, including the Trustee if the Trustee
      is acting as successor Master Servicer, shall represent and warrant that it
      is a
      member of MERS in good standing and shall agree to comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS, or (ii) the predecessor
      Master Servicer shall cooperate with the successor Master Servicer in causing
      MERS to execute and deliver an assignment of Mortgage in recordable form to
      transfer the Mortgage from MERS to the Trustee and to execute and deliver such
      other notices, documents and other instruments as may be necessary or desirable
      to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan
      on
      the MERS® 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
      Certificate Insurer and to each Rating Agency.

     

    
      
        
        

      

      
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    (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.

     

    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;

     

    
      
        
        

      

      
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    (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.

     

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

     

    
      	
               

            	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)           Except
      as otherwise provided in Section 8.01:

     

    (1)           the
      Trustee may request and rely upon and shall be protected in acting or refraining
      from acting upon any resolution, Officer’s Certificate, certificate of auditors
      or any other certificate, statement, instrument, opinion, report, notice,
      request, consent, order, appraisal, bond or other paper or document believed
      by
      it to be genuine and to have been signed or presented by the proper party or
      parties;

     

    (2)           the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

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

     

    (4)           prior
      to the occurrence of an Event of Default hereunder and after the curing of
      all
      Events of Default that may have occurred, the Trustee shall not be bound to
      make
      any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or document, unless requested in writing
      so
      to do by the NIM Insurer or the Holders of each Class of Certificates evidencing
      not less than 25% of the Voting Rights of such Class; provided, however, that
      if
      the payment within a reasonable time to the

     

    
      
        
        

      

      
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    Trustee
      of the costs, expenses or liabilities likely to be incurred by it in the making
      of such investigation is, in the opinion of the Trustee not reasonably assured
      to the Trustee by the NIM Insurer or such Certificateholders, the Trustee may
      require reasonable indemnity against such expense, or liability from the NIM
      Insurer or such Certificateholders as a condition to taking any such
      action;

     

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

     

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

     

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

     

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

     

    (9)           the
      Trustee shall be under no obligation to exercise any of the trusts or powers
      vested in it by this Agreement or to make any investigation of matters arising
      hereunder or to institute, conduct or defend any litigation hereunder or in
      relation hereto at the request, order or direction of the NIM Insurer or any
      of
      the Certificateholders, pursuant to the provisions of this Agreement, unless
      the
      NIM Insurer or such Certificateholders, as applicable, shall have offered to
      the
      Trustee reasonable security or indemnity against the costs, expenses and
      liabilities that may be incurred therein or thereby.

     

    (b)           All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by the Trustee without the
      possession of any of the Certificates, or the production thereof at the trial
      or
      other proceeding relating thereto, and any such suit, action or proceeding
      instituted by the Trustee shall be brought in its name for the benefit of all
      the Holders of the Certificates, subject to the provisions of this
      Agreement.

     

    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 Adjustable Rate 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

     

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

    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® 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 (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

     

    
      
        
        

      

      
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    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 2-A Policy, in the case of the Guaranteed
      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 Certificate Insurer and each Rating Agency, not less
      than 60 days before the date specified in such notice when, subject to Section
      8.08, such resignation is to take effect, and (2) acceptance of appointment
      by a
      successor trustee in accordance with Section 8.08 and meeting the qualifications
      set forth in Section 8.06.  If no successor trustee shall have been so
      appointed and have accepted appointment within 30 days after the giving of
      such
      notice or resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

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

     

    If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 8.06 hereof and shall fail to resign after written request
      thereto by the NIM Insurer or the Depositor, (ii) the Trustee shall become
      incapable of acting, or shall be adjudged as bankrupt or insolvent, or a
      receiver of the Trustee or of its property shall be appointed, or any public
      officer shall take charge or control of the Trustee or of its property or
      affairs for the purpose of rehabilitation, conservation or liquidation, (iii)(A)
      a tax is imposed with respect to the Trust Fund by any state in which the
      Trustee or the Trust Fund is located, (B) the imposition of such tax would
      be
      avoided by the appointment of a different trustee and (C) the Trustee fails
      to
      indemnify the Trust Fund against such tax, or (iv) during the period which
      the
      Depositor is required to file Exchange Act Reports with respect to the Trust
      Fund, the Trustee fails to comply

     

    
      
        
        

      

      
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    with
      its
      obligations under the last sentence of Section 7.01, the preceding paragraph,
      Section 8.09 or Article XI and such failure is not remedied within the lesser
      of
      10 calendar days or such period in which the applicable Exchange Act Report
      can
      be filed timely (without taking into account any extensions), then, in the
      case
      of clauses (i) through (iii), the Depositor, the NIM Insurer or the Master
      Servicer, or in the case of clause (iv), the Depositor, may remove the Trustee
      and appoint a successor trustee, reasonably acceptable to the NIM Insurer,
      by
      written instrument, in triplicate, one copy of which instrument shall be
      delivered to the Trustee, one copy of which shall be delivered to the Master
      Servicer and one copy of which shall be delivered to the successor
      trustee.

     

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

     

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

     

    
      	
               

            	
              Section
                8.08

            	
              Successor
                Trustee.

            

    

     

    Any
      successor trustee appointed as provided in Section 8.07 hereof shall execute,
      acknowledge and deliver to the Depositor, 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.  Furthermore, 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 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, its appointment shall not adversely affect the then-current ratings
      of
      the Certificates (without regard to the Class 2-A Policy, in the case of the
      Guaranteed Certificates) and has provided to the Depositor in writing and in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to a replacement
      Trustee.  Upon acceptance of appointment by a successor trustee as
      provided in this Section 8.08, the Depositor shall mail notice of the succession
      of such trustee hereunder to the NIM Insurer and all Holders of
      Certificates.  If the Depositor fails to mail such notice within ten
      days after acceptance of appointment by the

     

    
      
        
        

      

      
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    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.

     

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

     

    
      	
               

            	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate
                Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or property securing any Mortgage Note may at the time be located, the Master
      Servicer and the Trustee acting jointly shall have the power and shall execute
      and deliver all instruments to appoint one or more Persons approved by the
      Trustee 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.

     

    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

     

    
      
        
        

      

      
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    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 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

     

    
      
        
        

      

      
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    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 third paragraph of this Section 8.11,
      the
      amount of any federal, state and local taxes, including prohibited transaction
      taxes as described below, imposed on any REMIC created hereunder prior to the
      termination of the Trust Fund when and as the same shall be due and payable
      (but
      such obligation shall not prevent the Trustee or any other appropriate Person
      from contesting any such tax in appropriate proceedings and shall not prevent
      the Trustee from withholding payment of such tax, if permitted by law, pending
      the outcome of such proceedings); (i) sign or cause to be signed federal, state
      or local income tax or information returns; (j) maintain records relating to
      each REMIC created hereunder, including but not limited to the income, expenses,
      assets and liabilities of each such REMIC, and the fair market value and
      adjusted basis of the Trust Fund property determined at such intervals as may
      be
      required by the Code, as may be necessary to prepare the foregoing returns,
      schedules, statements or information; and (k) as and when necessary and
      appropriate, represent the Trust Fund in any administrative or judicial
      proceedings relating to an examination or audit by any governmental taxing
      authority, request an administrative adjustment as to any taxable year of any
      REMIC created hereunder, enter into settlement agreements with any governmental
      taxing agency, extend any statute of limitations relating to any tax item of
      the
      Trust Fund, and otherwise act on behalf of any REMIC created hereunder in
      relation to any tax matter involving any such REMIC.

     

    In
      order
      to enable the Trustee to perform its duties as set forth herein, the Depositor
      shall provide, or cause to be provided, to the Trustee within 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

     

    
      
        
        

      

      
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    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 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 Holders of the Class
      C Certificates in respect of any Net Rate Carryover distributed pursuant to
      Sections 4.04(c)(4), and (ii) 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).  For purposes of determining the issue price of the
      various Master REMIC regular interests, the

     

    
      
        
        

      

      
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    Trustee
      shall treat the $3,100,000 upfront amount received by CHL from the Swap
      Counterparty in connection with the execution of the related Confirmation as
      an
      additional amount paid by the Certificateholders for the Master REMIC regular
      interests.  Any differences in the distributions to a
      Certificateholder (positive or negative) that would result from the application
      of the Strip REMIC Cap rather than the applicable Net Rate Cap shall be treated
      by the Trustee as reconciled among the Certificates by swap payments made
      pursuant to notional principal contracts entered into among the
      Certificateholders.  The Trustee shall treat the rights of the Holders
      of the Class P Certificates with respect to any Premium as an interest in the
      payments made pursuant to a mortgage loan purchase agreement under which the
      mortgage loan seller becomes obligated to repurchase the related Mortgage Loan
      from CHL (in its own capacity and not as the representative of any REMIC) under
      certain conditions.

     

    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 STR-C-OC Interest as deposited into
      the
      Carryover Reserve Fund.  To the
      extent the
      amount payable with respect to the Swap Contract exceeds the amount payable
      with
      respect to the Class C Certificates, 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.

     

    The
      Trustee shall treat the Final Maturity Reserve Fund as an outside reserve fund
      within the meaning of Treasury Regulation 1.860G-2(h) that is owned by the
      Holders of the Class C Certificates, and that is not an asset of any REMIC
      created hereunder.  Beginning on the Distribution Date in November
      2017, the Trustee shall treat any monies payable to the Class C
      Certificateholders with respect to their interest in the STR-C-40 Year IO
      Interest, as first paid to the Class C Certificates and then deposited in the
      Final Maturity Reserve Fund. Any monies payable on the STR-C-40 Year IO Interest
      in excess of the Final Maturity Required Deposit shall be the  “Excess
      Deposit.”  For income tax purposes, to the extent the amount of any
      Excess Deposit is payable to Holders of Certificates other than the Class C
      Certificates, such amount shall be treated as payable to such Holders as Net
      Rate Carryover and any remaining amount of Excess Deposit shall be treated
      as
      payable to the Holders of the Class C Certificates.  Any other monies
      received by the Holders of the Interest-Bearing Certificates from the Final
      Maturity Reserve Fund will be treated as monies paid by the Holders of the
      Class
      C Certificates to acquire the Interest-Bearing Certificates receiving such
      monies.  Thus, with respect to such other monies, the Interest-Bearing
      Certificates and the Class C Certificates shall be treated as representing
      ownership of not only a Master REMIC regular interest, but also ownership of
      an
      interest in a forward purchase contract and the Trustee shall treat the rights
      of the holders of the Interest-Bearing Certificates to receive such other monies
      from the Final Maturity Reserve Fund as rights in forward purchase contracts
      entered into with the Holders of the Class C Certificates.

     

    
      
        
        

      

      
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              Section
                8.12

            	
              [Reserved].

            

    

     

    
      	
               

            	
              Section
                8.13

            	
              Access
                to Records of the Trustee.

            

    

     

    The
      Trustee shall afford the Sellers, the Depositor, the Master Servicer, the NIM
      Insurer, the Certificate 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
      Certificate 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 Certificate Insurer and
      the
      Certificate Owner for review and copying any books, documents, or records
      requested with respect to the Trustee’s duties under this Agreement. The
      Sellers, the Depositor, the Master Servicer, the Certificate 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.

     

    
      	
               

            	
              Section
                8.14

            	
              Suits
                for Enforcement.

            

    

     

    If
      an
      Event of Default or other material default by the Master Servicer or the
      Depositor under this Agreement occurs and is continuing, at the direction of
      the
      Certificateholders holding not less than 51% of the Voting Rights or the NIM
      Insurer, the Trustee shall proceed to protect and enforce its rights and the
      rights of the Certificateholders or the NIM Insurer under this Agreement by
      a
      suit, action, or proceeding in equity or at law or otherwise, whether for the
      specific performance of any covenant or agreement contained in this Agreement
      or
      in aid of the execution of any power granted in this Agreement or for the
      enforcement of any other legal, equitable, or other remedy, as the Trustee,
      being advised by counsel, and subject to the foregoing, shall deem most
      effectual to protect and enforce any of the rights of the Trustee, the NIM
      Insurer, the Certificate Insurer and the Certificateholders.

     

    ARTICLE
      IX.

    TERMINATION

     

    
      	
               

            	
              Section
                9.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage
                Loans.

            

    

     

    Subject
      to Section 9.03 and Section 9.04, the Trust Fund shall terminate and the
      obligations and responsibilities of the Depositor, the Master Servicer, the
      Sellers and the Trustee created hereby with respect to the Trust Fund shall
      terminate upon the earliest of (a) the purchase by the Master Servicer or NIM
      Insurer (the party exercising such purchase option, the “Terminator”) of all of
      the Mortgage Loans (and REO Properties) at a price (the “Termination Price”)
      equal to the sum of (i) 100% of the Stated Principal Balance of each Mortgage
      Loan (other than in respect of an REO Property), (ii) accrued interest thereon
      at the applicable Mortgage Rate (or, if such repurchase is effected by the
      Master Servicer, at the applicable Net Mortgage Rate), (iii) the appraised
      value
      of any REO Property (up to the Stated Principal Balance of the related Mortgage
      Loan), such appraisal to be conducted by an appraiser mutually

     

    
      
        
        

      

      
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    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, (b) the purchase by the Winning Bidder of all of the Mortgage
      Loans (and REO Properties) after a Successful Auction is conducted pursuant
      to
      Section 9.04 and the related auction proceeds are distributed pursuant to
      Section 9.02(c) and (c) the later of (i) the maturity or other liquidation
      (or
      any Advance with respect thereto) of the last Mortgage Loan remaining in the
      Trust Fund and the disposition of all REO Property and (ii) the distribution
      to
      the Certificateholders of all amounts required to be distributed to them
      pursuant to this Agreement, as applicable.  In no event shall the
      trusts created hereby continue beyond the earlier of (i) the expiration of
      21
      years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof and (ii) the Latest Possible Maturity
      Date.  If any such termination will result in a claim under the Class
      2-A Policy, the consent of the Certificate Insurer will also be required prior
      to exercising the option specified in clause (a) or clause (b) of the preceding
      sentence.

     

    Notwithstanding
      anything set forth herein to the contrary (including, without limitation, in
      Section 9.04), the right to purchase all Mortgage Loans and REO Properties
      by
      the Terminator or the Winning Bidder pursuant to clause (a) or clause (b) of
      the
      immediately preceding paragraph, as the case may be, shall be conditioned upon
      (1) the Stated Principal Balance of the Mortgage Loans, at the time of any
      such
      repurchase, aggregating ten percent (10%) or less of the 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, (3) only in case of a purchase by the
      Master Servicer pursuant to clause (a) of the immediately preceding paragraph,
      the absence of a request for an auction, or the absence of a Successful Auction,
      of the Mortgage Loans and REO Properties pursuant to Section 9.04, and (4)
      unless the Certificate Insurer otherwise consents, the purchase price for such
      Mortgage Loans and REO Properties (in the case of an auction pursuant to Section
      9.04, excluding any portion of such purchase price in excess of the Minimum
      Auction Amount) shall result in a final distribution on the Guaranteed
      Certificates and the Certificate Insurer that is sufficient (x) to pay such
      Guaranteed Certificates in full (without the need of any claim under the Class
      2-A Policy) and (y) to pay any amounts due and payable to the Certificate
      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 earliest of (i) the Swap Contract Termination
      Date,
      (ii) the reduction of the aggregate Certificate Principal Balance of the
      Interest-Bearing Certificates to zero and (iii) the termination of this
      Agreement.

     

    
      
        
        

      

      
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              Section
                9.02

            	
              Final
                Distribution on the
                Certificates.

            

    

     

    (a)           Timing
      of Notice of Final Distribution, Auction or Optional
      Termination.

     

    (1)           If
      on any Determination Date, the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Certificate Account, then the Master Servicer shall direct
      the Trustee promptly to send a final distribution notice to each
      Certificateholder and the Certificate Insurer in accordance with Section
      9.02(b).  In the event such notice is given, the Master Servicer shall
      cause all funds in the Certificate Account to be remitted to the Trustee for
      deposit in the Distribution Account on or before the Business Day prior to
      the
      applicable Distribution Date, net of any amounts permitted to be withdrawn
      pursuant to Section 3.08(a).  Upon such final deposit with respect to
      the Trust Fund and the receipt by the Trustee of a Request for File Release
      therefor, the Trustee shall promptly release to the Master Servicer the Mortgage
      Files for the Mortgage Loans.

     

    (2)           If
      the Directing Certificateholder chooses to exercise its right to cause an
      auction pursuant to Section 9.04, then the Directing Certificateholder shall
      provide written notice to the Master Servicer no later than the first day of
      the
      calendar month in which such auction is to be conducted.  If a
      Successful Auction is held pursuant to the requirements of Section 9.04, then
      the Trustee shall distribute the proceeds of the Successful Auction that have
      been remitted to the Distribution Account to the Certificate Insurer and the
      Certificateholders pursuant to Sections 4.04 and 9.04 hereof on the Distribution
      Date in the calendar month immediately following the calendar month in which
      the
      Successful Auction occurs.

     

    (3)           If
      the Directing Certificateholder does not exercise its right to cause an auction
      pursuant to Section 9.04 and the Terminator (after prior written notice to
      the
      Master Servicer if the Terminator is the NIM Insurer) elects to terminate the
      Trust Fund pursuant to Section 9.01, then at least 20 days prior to the date
      notice is to be mailed to Certificateholders in accordance with Section 9.02(b),
      the Terminator shall notify the Depositor and the Trustee of (a) its election
      to
      terminate the Trust Fund, (b) the Distribution Date on which it intends to
      terminate the Trust Fund pursuant to Section 9.01 and (c) the applicable
      purchase price of the Mortgage Loans and REO Properties.  In the event
      such notice is given, the Terminator shall remit to the Master Servicer, on
      or
      before the Business Day prior to the final Distribution Date, for deposit into
      the Certificate Account, the Termination Price.  The Master Servicer
      shall cause all funds in the Certificate Account, including the Termination
      Price, net of any amounts permitted to be withdrawn pursuant to Section 3.08(a),
      to be remitted to the Trustee for deposit in the Distribution Account on or
      before the Business Day prior to the applicable Distribution
      Date.  Upon such final deposit with respect to the Trust Fund and the
      receipt by the Trustee of a Request for File Release therefor, the Trustee
      shall
      promptly release to the Master Servicer the Mortgage Files for the Mortgage
      Loans.

     

    (b)           Timing
      of Notice to Certificateholders of Termination.  Notice of any
      termination of the Trust Fund (whether because of a Successful Auction, Optional
      Termination or otherwise), specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for

     

    
      
        
        

      

      
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    payment
      of the final distribution and cancellation, shall be given promptly by the
      Trustee by letter to Certificateholders mailed not earlier than the 10th day and
      no later
      than the 15th day of the month immediately preceding the month of such final
      distribution.  Any such notice shall specify (i) the Distribution Date
      upon which final distribution on the Certificates will be made upon presentation
      and surrender of such Certificates at the office therein designated, (ii) the
      amount of such final distribution, (iii) the location of the office or agency
      at
      which such presentation and surrender must be made, and (iv) that the Record
      Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of such
      Certificates at the office therein specified.  The Master Servicer
      will give such notice to each Rating Agency, the Certificate Insurer and the
      Swap Counterparty at the time such notice is given to
      Certificateholders.

     

    (c)           Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Certificateholders of each Class and the Certificate Insurer,
      in each case on the final Distribution Date and in the order set forth in
      Section 4.04 (and with respect to the Class C Certificates after a Successful
      Auction, Sections 9.04(g) and (k)) hereof and in proportion to their respective
      Percentage Interests from the Distribution Account (and, if applicable, the
      Carryover Reserve Fund) an amount equal to (i) as to each Class of
      Regular Certificates, the Certificate Principal Balance thereof plus accrued
      interest thereon (or on its Notional Amount, if applicable) in the case of
      an
      interest-bearing Certificate, (ii) as to the Certificate Insurer, the amounts
      due and owing to the Certificate Insurer pursuant to the terms of this Agreement
      and (iii) as to the Class A-R Certificates, the amount, if any, which remains
      on
      deposit in the Distribution Account (other than the amounts retained to meet
      claims) after application pursuant to clause (i)
      above.  Notwithstanding the reduction of the 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.

     

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

     

    
      	
               

            	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            

    

     

    (a)           In
      the event the Terminator exercises its purchase option as provided in Section
      9.01 or there is a Successful Auction pursuant to Section 9.04, the Trust Fund
      shall be terminated in accordance with the following additional requirements,
      unless the Trustee has been

     

    
      
        
        

      

      
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    supplied
      with an Opinion of Counsel, at the expense of the Terminator (or the Directing
      Certificateholder, in the case of a Successful Auction), to the effect that
      the
      failure 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” on
      any REMIC as defined in Section 860F of the Code, or (ii) cause any REMIC
      created hereunder to fail to qualify as a REMIC at any time that any
      Certificates are outstanding:

     

    (1)           The
      Master Servicer shall establish a 90-day liquidation period and notify the
      Trustee thereof, which shall in turn specify the first day of such period in
      a
      statement attached to the Trust Fund’s final Tax Return pursuant to Treasury
      Regulation Section 1.860F-1.  The Master Servicer shall prepare a plan
      of complete liquidation and shall otherwise satisfy all the requirements of
      a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel delivered to the Trustee
      and
      the Depositor obtained at the expense of the Terminator (or the Directing
      Certificateholder, in the case of a Successful Auction); and

     

    (2)           Within
      90 days after the time of adoption of such a plan of complete liquidation,
      the
      Trustee shall sell all of the assets of the Trust Fund to the Terminator (or
      the
      Winning Bidder in the case of a Successful Auction) for cash in accordance
      with
      Section 9.01 and, if applicable, Section 9.04.

     

    (b)           By
      their acceptance of the Certificates, the Holders thereof hereby authorize
      the
      Master Servicer to prepare and the Trustee to adopt and sign a plan of complete
      liquidation 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 any REMIC created hereunder, hereby agrees to adopt and
      sign such a plan of complete liquidation upon the written request of the Master
      Servicer, and the receipt of the Opinion of Counsel referred to in Section
      9.03(a)(1) and to take such other action in connection therewith as may be
      reasonably requested by the Terminator or the Directing Certificateholder,
      as
      applicable.

     

    
      	
               

            	
              Section
                9.04

            	
              Auction
                of the Mortgage Loans and REO
                Properties.

            

    

     

    (a)           On
      or after the Optional Termination Date, the Holder of the largest Percentage
      Interest of the Class C Certificates (the “Directing Certificateholder”), at its
      option, may by written instruction direct the Master Servicer to direct the
      Trustee to solicit bids in a commercially reasonable manner from Qualified
      Bidders for the purchase of the Mortgage Loans and any REO Properties owned
      by
      the Trust Fund.  The Directing Certificateholder shall provide written
      notice to the Master Servicer as provided in Section 9.02(a)(2).  Any
      such direction by the Directing Certificateholder shall (i) be made in writing
      and (ii) include contact information for the Directing Certificateholder. Upon
      receipt of any direction from the Directing Certificateholder meeting the
      requirements of the immediately preceding sentence, the Trustee shall commence
      the auction process described in this Section 9.04.  The Trustee may
      engage a

     

    
      
        
        

      

      
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    financial
      advisor, which financial advisor may be CHL or one of its affiliates, in order
      to perform any of the duties of the Trustee specified in Section
      9.04.  To effectuate such sale, the Trustee (or such financial
      advisor) shall follow the procedures specified in Section 9.04(b)
      below.  The Trustee shall facilitate the sale of the assets in the
      Trust Fund to the Winning Bidder so long as the Trustee (or any financial
      advisor on its behalf) has received at least three bids from Qualified Bidders
      and at least one such bid is at least equal to the Acceptable Bid Amount and
      the
      conditions specified in the second paragraph of Section 9.01 are
      satisfied.  In the event the auction is not a Successful Auction, the
      Trustee may repeat this process periodically thereafter as directed by the
      Directing Certificateholder until a Successful Auction is conducted or the
      Terminator purchases all of the Mortgage Loans and REO Properties pursuant
      to
      Section 9.01.  The Trustee shall be reimbursed for its reasonable
      costs, including expenses associated with engaging any financial advisor, from
      the Directing Certificateholder if the auction is not a Successful Auction,
      and,
      if the auction is a Successful Auction, from the proceeds of the auction before
      the proceeds are distributed to Certificateholders and the Certificate
      Insurer.

     

    The
      Trustee, upon inquiry from the Master Servicer, agrees to provide the Master
      Servicer with the Percentage Interest of Class C Certificates held by the
      Directing Certificateholder.

     

    If
      CHL or
      any of its affiliates is the Directing Certificateholder, such Directing
      Certificateholder shall not have the right to direct the Trustee to solicit
      bids
      for the purchase of the Mortgage Loans and any REO Properties owned by the
      Trust
      Fund.

     

    (b)           The
      Trustee (or any financial advisor on its behalf) shall solicit bids for the
      purchase of assets owned by the Trust Fund as provided in Section 9.04(a) not
      later than two Business Days following receipt of the Directing
      Certificateholder’s written instruction by contacting by telephone or in writing
      at least three Qualified Bidders and requesting that each Qualified Bidder
      bid
      on the Mortgage Loans and REO Properties owned by the Trust Fund (on a
      non-recourse basis with no representations or warranties of any nature
      whatsoever made by the Trustee (or such financial advisor)) and providing to
      the
      Qualified Bidder any information relating to the Mortgage Loans and REO
      Properties owned by the Trust Fund reasonably requested by such Qualified
      Bidder, subject to the Qualified Bidder’s written agreement not to use such
      information in the purchase or sale of Certificates (it being understood no
      Qualified Bidder shall be obligated to submit a bid or take any other action
      in
      connection with any auction).  The Master Servicer shall cooperate
      with the Trustee (and any financial advisor on its behalf) during the auction
      process.  At 1:00 p.m. New York time on the second Business Day after
      the date on which bids are last solicited (such second day, the “Bid
      Determination Date”), the Trustee (or any financial advisor on its behalf) shall
      determine the highest bid based on the bids received by the Trustee (or any
      financial advisor on its behalf) on or before such time.

     

    (c)           If
      the highest of the bids that are submitted by Qualified Bidders are less than
      the Minimum Auction Amount, then the Trustee shall promptly inform the Directing
      Certificateholder of the amount of the shortfall and indicate that the Directing
      Certificateholder must notify the Trustee within 24 hours whether it will
      contribute the amount of such difference (such difference being the “Auction
      Supplement Amount”) so that the auction will be a Successful
      Auction.  If the highest of the bids that are submitted by Qualified
      Bidders is equal to or greater than the Minimum Auction Amount, or if the
      Directing Certificateholder notifies the

     

    
      
        
        

      

      
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    Trustee
      within 24 hours of its receipt of notice as described in the previous sentence
      that it will contribute the Auction Supplement Amount, then the Trustee (or
      any
      financial advisor on its behalf) shall notify promptly (but in any event no
      later than 3:00 p.m. New York time on the Business Day following the Bid
      Determination Date) the Winning Bidder that its bid was the highest bid and
      shall provide wiring instructions for payment of the bid amount into the
      Certificate Account by 12:00 p.m. New York time on the second Business Day
      following the Bid Determination Date and, if applicable, provide the Directing
      Certificateholder with wiring instructions for payment of the Auction Supplement
      Amount into the Certificate Account by such time.

     

    (d)           If
      such Winning Bidder does not wire the bid amount so that it is received in
      the
      Certificate Account in immediately available funds by 12:00 p.m. New York time
      on the second Business Day following the Bid Determination Date, the Trustee
      shall repeat the process specified in the preceding paragraph with respect
      to
      the second highest bid, but only if such bid is at least the Minimum Auction
      Amount or the Directing Certificateholder agrees to pay the new Auction
      Supplement Amount.  If no other bids are available to be accepted
      pursuant to the preceding sentence, or if the amount remitted by the Winning
      Bidder plus any Auction Supplement Amount remitted by the Directing
      Certificateholder is less than the Minimum Auction Amount, then the auction
      shall be considered to have failed for all purposes.

     

    (e)           The
      Trustee shall not be liable with regard to the selection or engagement of,
      or
      for any act or omission of, a financial advisor pursuant to this Section 9.04
      if
      the Trustee engages CHL to be such financial advisor.

     

    (f)           In
      the event of a Successful Auction and so long as the Winning Bidder has wired
      its bid amount (and the Directing Certificateholder has wired any Auction
      Supplement Amount, if applicable) to the Certificate Account as provided above
      and the conditions specified in the second paragraph of Section 9.01 are
      satisfied, then the Trustee shall promptly convey to the Winning Bidder the
      Mortgage Loans and REO Properties owned by the Trust Fund.  The Master
      Servicer shall take all reasonable actions requested by the Trustee to effect
      such conveyance, including remitting to the Distribution Account from the
      Certificate Account, on the Business Day prior to the Distribution Date on
      which
      the final distribution to the Certificate Insurer and which the final
      distribution on the Certificates are required to be paid under this Agreement,
      all amounts on deposit in the Certificate Account, net of any amounts permitted
      to be withdrawn pursuant to Section 3.08(a) and amounts owing to the Trustee
      in
      reimbursement of its reasonable costs, including expenses associated with
      engaging any financial advisor, incurred in connection with the auction
      process.  Such amounts owed to the Trustee shall be withdrawn from the
      Certificate Account by the Master Servicer and paid to the Trustee.

     

    (g)           Any
      amount paid by the Winning Bidder in excess of the Minimum Auction Amount shall
      be distributed by the Trustee pro rata to the Class C Certificates on the
      Distribution Date on which the final distribution on the Certificates is
      made.

     

    (h)           In
      the event of a Successful Auction and to the extent the Swap Contract is still
      outstanding, the Directing Certificateholder shall either:

     

    
      
        
        

      

      
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    (1)           if
      any Swap Termination Payment would be payable by the Swap Contract Administrator
      to the Swap Counterparty were the Swap Contract to be terminated following
      final
      distribution on the Certificates, either:

     

    (A)           pay
      to the Swap Contract Administrator any such Swap Termination Payment;
      or

     

    (B)           accept
      assignment of the Swap Contract to the extent that the Directing
      Certificateholder is an acceptable counterparty for the Swap
      Counterparty;

     

    (2)           if
      any Swap Termination Payment would be payable by the Swap Counterparty to the
      Swap Contract Administrator were the Swap Contract to be terminated following
      final distribution on the Certificates, either

     

    (A)           (i)
      if the Directing Certificateholder does not own 100% of the Class C
      Certificates, accept assignment of the Swap Contract to the extent that the
      Directing Certificateholder is an acceptable counterparty for the Swap
      Counterparty and pay to the Swap Contract Administrator the Swap Termination
      Payment that would be owed to the Swap Contact Administrator by the Swap
      Counterparty if the Swap Contract were terminated by the Swap Contract
      Administrator following distribution on the Certificates or (ii) if the
      Directing Certificateholder owns 100% of the Class C Certificates, accept
      assignment of the Swap Contract to the extent that the Directing
      Certificateholder is an acceptable counterparty for the Swap Counterparty;
      or

     

    (B)           instruct
      the Swap Contract Administrator to accept from the Swap Counterparty any Swap
      Termination Payment that would be owed to the Swap Contract
      Administrator.

     

    (i)           Any
      amounts paid to the Swap Contract Administrator pursuant to subsection (h)(2)
      above shall be distributed to the Class C Certificates, pro rata, based on
      entitlement, by the Swap Contract Administrator.

     

    (j)           The
      Master Servicer may purchase the Mortgage Loans and REO Properties owned by
      the
      Trust Fund for its own account pursuant to Section 9.01 or consent to the NIM
      Insurer’s purchase of the Mortgage Loans and REO Properties owned by the Trust
      Fund pursuant to Section 9.01 only if (1) the Directing Certificateholder
      chooses not to request an auction as described above or if the immediately
      preceding auction is unsuccessful or (2) the Master Servicer notifies the
      Directing Certificateholder no later than 30 days prior to the date on which
      the
      Master Servicer or the NIM Insurer, as applicable, intends to effect the
      purchase of the Mortgage Loans and REO Properties owned by the Trust Fund and
      the Directing Certificateholder does not direct the Trustee to conduct an
      auction prior to the end of that 30-day period.

     

    (k)           If
      the Directing Certificateholder pays any Auction Supplement Amount pursuant
      to
      Section 9.04(c) or any Swap Termination Payment pursuant to Section
      9.04(h)(1)(A), on the final Distribution Date any amounts to be distributed
      to
      the Class C Certificates pursuant

     

    
      
        
        

      

      
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    to
      Section 4.02 will be distributed as follows, first to the Directing
      Certificateholder, in an amount up to the sum of such Auction Supplement Amount
      and such Swap Termination Payment and second to the Class C Certificates, pro
      rata.  For federal income tax purposes, such Auction Supplement Amount
      and such Swap Termination Payment so distributed shall be deemed paid pro rata
      to the Class C Certificates, and the portion of such amounts deemed distributed
      to holders of the Class C Certificates other than the Directing
      Certificateholder shall be deemed paid from such other holders to the Directing
      Certificateholder.

     

    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 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 2-A Policy, in the case of the Guaranteed 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

     

    
      
        
        

      

      
        177

        
          

        

      

      
        
        

      

    

    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
      Certificate Insurer 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.

     

    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 Swap
      Counterparty, to the Certificate Insurer, to each Certificateholder (if the
      consent of Certificateholders is required) 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

     

    
      
        
        

      

      
        178

        
          

        

      

      
        
        

      

    

    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.

     

    
      	
               

            	
              Section
                10.04

            	
              Intention
                of Parties.

            

    

     

    (a)           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, the Certificate Insurer 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 Certificate Insurer,
      the NIM Insurer and the Swap Counterparty shall, to the extent consistent with
      this Agreement, take

     

    
      
        
        

      

      
        179

        
          

        

      

      
        
        

      

    

    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,
      the Certificate Insurer and the Swap Counterparty.

     

    (b)           The
      Depositor hereby represents that:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (c)           The
      Master Servicer shall take such action as is reasonably necessary to maintain
      the perfection and priority of the security interest of the Trustee in the
      Mortgage Loans; provided, however, that the obligation to deliver the Mortgage
      File to the Trustee pursuant to

     

    
      
        
        

      

      
        180

        
          

        

      

      
        
        

      

    

    Section
      2.01 shall be solely the Depositor’s obligation and the Master Servicer shall
      not be responsible for the safekeeping of the Mortgage Files by the
      Trustee.

     

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

     

    
      	
               

            	
              Section
                10.05

            	
              Notices.

            

    

     

    (a)           The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency, the Certificate 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; and

     

    (4)           The
      final payment to Certificateholders.

     

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

     

    (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
      11.07.

     

    (c)           The
      Trustee shall use its best efforts to promptly provide notice to the Certificate
      Insurer with respect to the repurchase or substitution of Mortgage Loans
      pursuant to Sections 2.02, 2.03, 2.04 and 3.12 of which it has actual
      knowledge.

     

    (d)           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) 225-4016,
      Attention: Josh Adler, 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) 225-4016, Attention: Josh
      Adler, or such other address as may be hereafter furnished to the Depositor,
      the
      Master Servicer and the

     

    
      
        
        

      

      
        181

        
          

        

      

      
        
        

      

    

    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 2007-13,
      or such other address as the Trustee may hereafter furnish to the parties
      hereto; (vii) in the case of the Rating Agencies, (x) Moody’s Investors Service,
      Inc., Attention:  ABS Monitoring Department, 99 Church Street, 6th
      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 Certificate Insurer, Financial Security Assurance,
      Inc., 31 West 52nd Street, New York, NY, 10019, Attention: Richard Bauerfeld
      (CWABS 2007-13); and (ix) in the case of the Swap Counterparty, Merrill Lynch
      Capital Services, Inc., 2 World Financial Center, 6th Floor,
      New York,
      NY 10281, Attention: Swap Group, with a copy to GMI Counsel, Merrill Lynch
      World
      Headquarters, 4 World Financial Center, 12th Floor, New York, NY, 10080; or
      such
      other address as may be hereafter furnished by the Swap
      Counterparty.  Notices to Certificateholders shall be deemed given
      when mailed, first postage prepaid, to their respective addresses appearing
      in
      the Certificate Register.

     

    
      	
               

            	
              Section
                10.06

            	
              Severability
                of Provisions.

            

    

     

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

     

    
      	
               

            	
              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.

     

    
      
        
        

      

      
        182

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      	
               

            	
              Section
                10.09

            	
              Inspection
                and Audit Rights.

            

    

     

    The
      Master Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor, 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.

     

    
      
        
        

      

      
        183

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              Section
                10.10

            	
              Certificates
                Nonassessable and Fully Paid.

            

    

     

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

     

    
      	
               

            	
              Section
                10.11

            	
              Rights
                of NIM Insurer.

            

    

     

    (a)           The
      rights of the NIM Insurer under this Agreement shall exist only so long as
      either:

     

    (1)           the
      notes certain payments on which are guaranteed by the NIM Insurer remain
      outstanding or

     

    (2)           the
      NIM Insurer is owed amounts paid by it with respect to that
      guaranty.

     

    (b)           The
      rights of the NIM Insurer under this Agreement are exercisable by the NIM
      Insurer only so long as no default by the NIM Insurer under its guaranty of
      certain payments under notes backed or secured by the Class C or Class P
      Certificates has occurred and is continuing. If the NIM Insurer is the subject
      of any insolvency proceeding, the rights of the NIM Insurer under this Agreement
      will be exercisable by the NIM Insurer only so long as:

     

    (1)           the
      obligations of the NIM Insurer under its guaranty of notes backed or secured
      by
      the Class C or Class P Certificates have not been disavowed and

     

    (2)           CHL
      and the Trustee have received reasonable assurances that the NIM Insurer will
      be
      able to satisfy its obligations under its guaranty of notes backed or secured
      by
      the Class C or Class P Certificates.

     

    (c)           The
      NIM Insurer is a third party beneficiary of this Agreement to the same extent
      as
      if it were a party to this Agreement and may enforce any of those rights under
      this Agreement.

     

    (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.

     

    
      
        
        

      

      
        184

        
          

        

      

      
        
        

      

    

    (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).

     

    
      	
               

            	
              Section
                10.12

            	
              Protection
                of Assets.

            

    

     

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

     

    (1)           borrow
      money or issue debt;

     

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

     

    (3)           engage
      in any business or activities.

     

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

     

    

     

    
      
        
        

      

      
        185

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI.

    EXCHANGE
      ACT REPORTING

     

    
      	
               

            	
              Section
                11.01

            	
              Filing
                Obligations.

            

    

     

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

     

    
      	
               

            	
              Section
                11.02

            	
              Form
                10-D Filings.

            

    

     

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

     

    (b)           No
      later than each Distribution Date, each of the Master Servicer and the Trustee
      shall notify (and the Master Servicer shall cause any Subservicer to notify)
      the
      Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
      with a description of any such Form 10-D Disclosure Item in form and substance
      reasonably acceptable to the Depositor.  In addition to such
      information as the Master Servicer and the Trustee are obligated to provide
      pursuant to other provisions of this Agreement, if so requested by the
      Depositor, each of the Master Servicer and the Trustee shall provide such
      information which is available to the Master Servicer and the Trustee, as
      applicable, without unreasonable effort or expense regarding the performance
      or
      servicing of the Mortgage Loans (in the case of the Trustee, based on
      the

     

    
      
        
        

      

      
        186

        
          

        

      

      
        
        

      

    

    information
      provided by the Master Servicer) as is reasonably required to facilitate
      preparation of distribution reports in accordance with Item 1121 of Regulation
      AB.  Such information shall be provided concurrently with the
      Remittance Reports in the case of the Master Servicer and the Monthly Statement
      in the case of the Trustee, commencing with the first such report due not less
      than five Business Days following such request.

     

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

     

    
      	
               

            	
              Section
                11.03

            	
              Form
                8-K Filings.

            

    

     

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

     

    
      	
               

            	
              Section
                11.04

            	
              Form
                10-K Filings.

            

    

     

    Prior
      to
      March 30th of each year, commencing in 2008 (or such earlier date as may be
      required by the Exchange Act), the Depositor shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act.  A senior officer in charge of the servicing function of the
      Master Servicer shall sign each Form 10-K filed on behalf of the Trust
      Fund.  Such Form 10-K shall include as exhibits each (i) annual
      compliance statement described under Section 3.17, (ii) annual report on
      assessments of compliance with servicing criteria described under Section 11.07
      and (iii) accountant’s report described under Section 11.07.  Each
      Form 10-K shall also include any Sarbanes-Oxley Certification required to be
      included therewith, as described in Section 11.05.

     

    If
      the
      Item 1119 Parties listed on Exhibit Z have changed since the Closing Date,
      no
      later than March 1 of each year, the Master Servicer shall provide each of
      the
      Master Servicer (and the Master Servicer shall provide any Subservicer) and
      the
      Trustee with an updated Exhibit Z setting forth the Item 1119
      Parties.  No later than March 15 of each year, commencing in 2008, the
      Master Servicer and the Trustee shall notify (and the Master Servicer shall
      cause any

     

    
      
        
        

      

      
        187

        
          

        

      

      
        
        

      

    

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

     

    
      	
               

            	
              Section
                11.05

            	
              Sarbanes-Oxley
                Certification.

            

    

     

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

     

    
      	
               

            	
              Section
                11.06

            	
              Form
                15 Filing.

            

    

     

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

     

    
      
        
        

      

      
        188

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              Section
                11.07

            	
              Report
                on Assessment of Compliance and
                Attestation.

            

    

     

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

     

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

     

    (2)           Each
      of the Master Servicer and the Trustee shall deliver to the Depositor and the
      Master Servicer a report of a registered public accounting firm reasonably
      acceptable to the Depositor that attests to, and reports on, the assessment
      of
      compliance made by Master Servicer or the Trustee, as applicable, and delivered
      pursuant to the preceding paragraphs.  Such attestation shall be in
      accordance with Rules 1-02(a)(3)and 2-02(g) of Regulation S-X under the
      Securities Act and the Exchange Act, including, without limitation that in
      the
      event that an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express such
      an
      opinion.  Such report must be available for general use and not
      contain restricted use language.  To the extent any of the Servicing
      Criteria are not applicable to such Person, with respect to asset-backed
      securities transactions taken as a whole involving such Person and that are
      backed by the same asset type backing the Certificates, such report shall
      include such a statement that that effect.

     

    (3)           The
      Master Servicer shall cause each Subservicer and each Reporting Subcontractor
      to
      deliver to the Depositor an assessment of compliance and accountant’s
      attestation as and when provided in paragraphs (a) and (b) of this Section
      11.07.

     

    (4)           The
      Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
      and
      the Master Servicer an assessment of compliance and accountant’s attestation as
      and when provided in paragraphs (a) and (b) of this Section.

     

    (5)           The
      Master Servicer and the Trustee shall execute (and the Master Servicer shall
      cause each Subservicer to execute, and the Master Servicer and the Trustee
      shall
      cause each Reporting Subcontractor to execute) a reliance certificate to enable
      the Certification Parties to rely upon each (i) annual compliance statement
      provided pursuant to Section 3.17, (ii) annual report on assessments of
      compliance with servicing criteria

     

    
      
        
        

      

      
        189

        
          

        

      

      
        
        

      

    

    provided
      pursuant to this Section 11.07 and (iii) accountant’s report provided pursuant
      to this Section 11.07 and shall include a certification that each such annual
      compliance statement or report discloses any deficiencies or defaults described
      to the registered public accountants of such Person to enable such accountants
      to render the certificates provided for in this Section 11.07.

     

    (b)           In
      the event the Master Servicer, any Subservicer, the Trustee or Reporting
      Subcontractor is terminated or resigns during the term of this Agreement, such
      Person shall provide documents and information required by this Section 11.07
      with respect to the period of time it was subject to this Agreement or provided
      services with respect to the Trust Fund, the Certificates or the Mortgage
      Loans.

     

    (c)           Each
      assessment of compliance provided by a Subservicer pursuant to Section
      11.07(a)(3)shall address each of the Servicing Criteria specified on a
      certification substantially in the form of Exhibit Y hereto delivered to the
      Depositor concurrently with the execution of this Agreement or, in the case
      of a
      Subservicer subsequently appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a Subcontractor
      pursuant to Section 11.07(a)(3)or (4) need not address any elements of the
      Servicing Criteria other than those specified by the Master Servicer or the
      Trustee, as applicable, pursuant to Section 11.07(a)(1).

     

    
      	
               

            	
              Section
                11.08

            	
              Use
                of Subservicers and
                Subcontractors.

            

    

     

    (a)           The
      Master Servicer shall cause any Subservicer used by the Master Servicer (or
      by
      any Subservicer) for the benefit of the Depositor to comply with the provisions
      of Section 3.17 and this Article XI to the same extent as if such Subservicer
      were the Master Servicer (except with respect to the Master Servicer’s duties
      with respect to preparing and filing any Exchange Act Reports or as the
      Certifying Person).  The Master Servicer shall be responsible for
      obtaining from each Subservicer and delivering to the Depositor any servicer
      compliance statement required to be delivered by such Subservicer under Section
      3.17, any assessment of compliance and attestation required to be delivered
      by
      such Subservicer under Section 11.07 and any certification required to be
      delivered to the Certifying Person under Section 11.05 as and when required
      to
      be delivered.  As a condition to the succession to any Subservicer as
      subservicer under this Agreement by any Person (i) into which such Subservicer
      may be merged or consolidated, or (ii) which may be appointed as a successor
      to
      any Subservicer, the Master Servicer shall provide to the Depositor, at least
      15
      calendar days prior to the effective date of such succession or appointment,
      (x)
      written notice to the Depositor of such succession or appointment and (y) in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K.

     

    (b)           It
      shall not be necessary for the Master Servicer, any Subservicer or the Trustee
      to seek the consent of the Depositor or any other party hereto prior to the
      utilization of any Subcontractor.  The Master Servicer or the Trustee,
      as applicable, shall promptly upon request provide to the Depositor (or any
      designee of the Depositor, such as the Master Servicer or administrator) a
      written description (in form and substance satisfactory to the Depositor) of
      the
      role and function of each Subcontractor utilized by such Person (or in the
      case
      of the Master

     

    
      
        
        

      

      
        190

        
          

        

      

      
        
        

      

    

    Servicer,
      any Subservicer), specifying (i) the identity of each such Subcontractor, (ii)
      which (if any) of such Subcontractors are “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB, and (iii) which
      elements of the Servicing Criteria will be addressed in assessments of
      compliance provided by each Subcontractor identified pursuant to clause (ii)
      of
      this paragraph.

     

    As
      a
      condition to the utilization of any Subcontractor determined to be a Reporting
      Subcontractor, the Master Servicer or the Trustee, as applicable, shall cause
      any such Subcontractor used by such Person (or in the case of the Master
      Servicer, any Subservicer) for the benefit of the Depositor to comply with
      the
      provisions of Sections 11.07 and 11.09 of this Agreement to the same extent
      as
      if such Subcontractor were the Master Servicer  (except with respect
      to the Master Servicer’s duties with respect to preparing and filing any
      Exchange Act Reports or as the Certifying Person) or the Trustee, as
      applicable.  The Master Servicer or the Trustee, as applicable, shall
      be responsible for obtaining from each Subcontractor and delivering to the
      Depositor and the Master Servicer, any assessment of compliance and attestation
      required to be delivered by such Subcontractor under Section 11.05 and Section
      11.07, in each case as and when required to be delivered.

     

    
      	
               

            	
              Section
                11.09

            	
              Amendments.

            

    

     

    In
      the
      event the parties to this Agreement desire to further clarify or amend any
      provision of this Article XI, this Agreement shall be amended to reflect the
      new
      agreement between the parties covering matters in this Article XI pursuant
      to
      Section 10.01, which amendment shall not require any Opinion of Counsel or
      Rating Agency confirmations or the consent of any Certificateholder or the
      NIM
      Insurer.

     

    If,
      during the period that the Depositor is required to file Exchange Act Reports
      with respect to the Trust Fund, the Master Servicer is no longer an Affiliate
      of
      the Depositor, the Depositor shall assume the obligations and responsibilities
      of the Master Servicer in this Article XI with respect to the preparation and
      filing of the Exchange Act Reports and/or acting as the Certifying Person,
      if
      the Depositor has received indemnity from such successor Master Servicer
      satisfactory to the Depositor, and such Master Servicer has agreed to provide
      a
      Sarbanes-Oxley Certification to the Depositor substantially in the form of
      Exhibit AA and the certifications referred to in Section 11.07.

     

    
      	
               

            	
              Section
                11.10

            	
              Reconciliation
                of Accounts.

            

    

     

    Any
      reconciliation of Accounts performed by any party hereto, or any Subservicer
      or
      Subcontractor shall be prepared no later than 45 calendar days after the bank
      statement cut-off date.

     

    
      
        
        

      

      
        191

        
          

        

      

      
        
        

      

    

    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:
                

            	/s/ Elizabeth
              Chen	 
	 	 	Name: Elizabeth
              Chen 	 
	 	 	Title: Senior
              Vice
              President 	 
	 	 	 	 

    

     

    
      
        	 	COUNTRYWIDE
                HOME LOANS,
                INC.,	 
	 	 	 as
                a Seller	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Elizabeth
                Chen	 
	 	 	Name: Elizabeth
                Chen 	 
	 	 	Title: Senior
                Vice
                President 	 
	 	 	 	 

      

    

     

    
      
        	 	PARK
                MONACO INC.,	 
	 	 	 as
                a Seller	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Elizabeth
                Chen	 
	 	 	Name: Elizabeth
                Chen 	 
	 	 	Title: Senior
                Vice
                President 	 
	 	 	 	 

      

    
      
        	 	PARK
                SIENNA LLC,	 
	 	 	 as
                a Seller	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Elizabeth
                Chen	 
	 	 	Name: Elizabeth
                Chen 	 
	 	 	Title: Senior
                Vice
                President 	 
	 	 	 	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	COUNTRYWIDE
              HOME LOANS SERVICING LP,	 
	 	 	as
              Master Servicer	 
	 	 	 	 
	 	By:	COUNTRYWIDE
              GP, INC.	 
	 	 	 	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Elizabeth
              Chen	 
	 	 	Name:
              Elizabeth Chen	 
	 	 	Title: Senior
              Vice President 	 
	 	 	 	 

    

     

    
      
        	 	THE
                BANK OF NEW YORK,	 
	 	as
                Trustee	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michael
                Cerchio	 
	 	 	Name:
                Michael Cerchio	 
	 	 	Title: Assistant
                Treasurer	 
	 	 	 	 

      

    

     

    
      
        	 	THE
                BANK OF NEW YORK,	 
	 	(solely
                with respect to its obligations under Section 4.01(d))	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Paul
                Connolly	 
	 	 	Name:
                Paul Connolly	 
	 	 	Title: Vice
                President	 
	 	 	 	 

      

    

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    STATE
      OF
      CALIFORNIA                                 
)

    )      ss.:

    COUNTY
      OF
      LOS
      ANGELES                           
)

     

    On
      this 30th day of October, 2007, before me, a notary public in and for said
      State, appeared Darren Bigby, personally known to me on the basis of
      satisfactory evidence to be an Executive 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.

     

    
      	 	
              /s/
                Glenda Daniel

            	 
	 	
              Notary
                Public

            	 
	 	 	 	 
	
               

            	
               

            	 	 
	[Notarial
              Seal]	 	 	 
	 	 	 	 
	 	 	 	 

    

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      STATE
        OF
        CALIFORNIA                                 
)

      )      ss.:

      COUNTY
        OF
        LOS
        ANGELES                           
)

       

    

    On
      this 30th day of October, 2007, before me, a notary public in and for said
      State, appeared Darren Bigby, personally known to me on the basis of
      satisfactory evidence to be an Executive 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.

     

    
       

      
        	 	
                /s/
                  Glenda Daniel

              	 
	 	
                Notary
                  Public

              	 
	 	 	 	 
	
                 

              	
                 

              	 	 
	[Notarial
                Seal]	 	 	 
	 	 	 	 
	 	 	 	 

      

       

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        STATE
          OF
          CALIFORNIA                                 
)

        )      ss.:

        COUNTY
          OF
          LOS
          ANGELES                           
)

         

      

    

    On
      this 30th day of October, 2007, before me, a notary public in and for said
      State, appeared Darren Bigby, personally known to me on the basis of
      satisfactory evidence to be an Executive 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.

     

     

    
       

      
        	 	
                /s/
                  Glenda Daniel

              	 
	 	
                Notary
                  Public

              	 
	 	 	 	 
	
                 

              	
                 

              	 	 
	[Notarial
                Seal]	 	 	 
	 	 	 	 
	 	 	 	 

      

       

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        STATE
          OF
          CALIFORNIA                                 
)

        )      ss.:

        COUNTY
          OF
          LOS
          ANGELES                           
)

         

      

    

    On
      this 30th day of October, 2007, before me, a notary public in and for said
      State, appeared Darren Bigby, personally known to me on the basis of
      satisfactory evidence to be an Executive 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.

     

    
       

      
        	 	
                /s/
                  Glenda Daniel

              	 
	 	
                Notary
                  Public

              	 
	 	 	 	 
	
                 

              	
                 

              	 	 
	[Notarial
                Seal]	 	 	 
	 	 	 	 
	 	 	 	 

      

       

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        STATE
          OF
          CALIFORNIA                                 
)

        )      ss.:

        COUNTY
          OF
          LOS
          ANGELES                           
)

         

      

    

    On
      this 30th day of October, 2007, before me, a notary public in and for said
      State, appeared Darren Bigby, personally known to me on the basis of
      satisfactory evidence to be an Executive 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.

     

    
       

      
        	 	
                /s/
                  Glenda Daniel

              	 
	 	
                Notary
                  Public

              	 
	 	 	 	 
	
                 

              	
                 

              	 	 
	[Notarial
                Seal]	 	 	 
	 	 	 	 
	 	 	 	 

      

       

    

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    
      
        
          STATE
            OF NEW YORK  
                                 
)

          )      ss.:

          COUNTY
            OF NEW
            YORK                                
)

           

        

      

    

    On
      this 30th day of October, 2007 before me, a notary public in and for said
      State, appeared Michael Cerchio, personally known to me on the basis of
      satisfactory evidence to be an Assistant Treasurer 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.

     

     

    
       

      
        	 	
                /s/
                  Glenda Daniel

              	 
	 	
                Notary
                  Public

              	 
	 	 	 	 
	
                 

              	
                 

              	 	 
	[Notarial
                Seal]	 	 	 
	 	 	 	 
	 	 	 	 

      

       

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        
          
            STATE
              OF NEW YORK  
                                 
)

            )      ss.:

            COUNTY
              OF NEW
              YORK                                
)

             

          

        

      

    

    On
      this 30th day of October, 2007 before me, a notary public in and for said
      State, appeared Paul Connolly, personally known to me on the basis of
      satisfactory evidence to be a Vice President 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.

     

     

    
       

      
        	 	
                /s/
                  Glenda Daniel

              	 
	 	
                Notary
                  Public

              	 
	 	 	 	 
	
                 

              	
                 

              	 	 
	[Notarial
                Seal]	 	 	 
	 	 	 	 
	 	 	 	 

      

       

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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

        
          

        

      

      
        
        

      

    

     

     

    Exhibit
      B

     

    Exhibit
      B
      is a photocopy

    of
      the
      Class P Certificates

    as
      delivered.

     

    [See
      appropriate document delivered at closing.]

     

     

    
      
        
        

      

      
        
          B-1

        

        
          

        

      

      
        
        

      

    

    
 

    Exhibit
      C

     

    Exhibit
      C
      is a photocopy

    of
      the
      Class C Certificates

    as
      delivered.

     

    [See
      appropriate document delivered at closing.]

     

     

    
      
        
        

      

      
        
          C-1

        

        
          

        

      

      
        
        

      

    

    
 

    Exhibit
      D

     

    Exhibit
      D
      is a photocopy

    of
      the
      Class A-R Certificate

    as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

     

     

    
      
        
        

      

      
        
          D-1

        

        
          

        

      

      
        
        

      

    

    
 

    Exhibit
      E

     

    Exhibit
      E
      is a photocopy

    of
      the
      Tax Matters Person Certificate

    as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

     

     

    
      
        
        

      

      
        
          E-1

        

        
          

        

      

      
        
        

      

    

    
 

    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

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      G-1

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

    

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-13

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      October 1, 2007 (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

        

        
          

        

      

      
        
        

      

    

     

     

    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

        

        
          

        

      

      
        
        

      

    

     

    
 

    EXHIBIT
      G-2

     

    FORM
      OF
      INTERIM CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-13

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      October 1, 2007 (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 __________ (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 [related supplement to the] Mortgage Loan Schedule (other
      than any Mortgage Loan paid in full or listed on the attached list of
      exceptions) the Trustee has received:

     

    (i)           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 thereon
      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

     

     

    
      
        
        

      

      
        
          G-2-1

        

        
          

        

      

      
        
        

      

    

    
 

    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 2007-13, CWABS, Inc., by The Bank of New York, a New York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of October 1, 2007, 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.

     

    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

     

     

    
      
        
        

      

      
        
          G-2-2

        

        
          

        

      

      
        
        

      

    

    
 

    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 [related supplement to the] Mortgage Loan Schedule
      or
      (ii) the collectibility, insurability, effectiveness or suitability of any
      such
      Mortgage Loan.

     

     

    
      
        
        

      

      
        
          G-2-3

        

        
          

        

      

      
        
        

      

    

    
 

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

    
       

       

       

      
        
          	 	The
                  Bank of New York,	 
	 	 	as
                  Trustee	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

        

      

    

     

     

    
      
        
        

      

      
        
          G-2-4

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      G-3

     

    FORM
      OF
      DELAY DELIVERY CERTIFICATION

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-13

            

    

     

    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 October 1, 2007 (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 __________ (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 2007-13, CWABS, Inc., by The Bank of New York, a New York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of October 1, 2007, without recourse” or a copy of such assignment, with
      recording information, or, in the

     

     

    
      
        
        

      

      
        
          G-3-1

        

        
          

        

      

      
        
        

      

    

    
 

    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
      [related supplement to the] 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

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      G-4

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

    (SUBSEQUENT
      MORTGAGE LOANS)

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-13

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      October 1, 2007 (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, as to each Subsequent Mortgage Loan listed in the related
      supplement to the 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
      the Subsequent Mortgage Loans identified on the related supplement to the
      Mortgage Loan

     

     

    
      
        
        

      

      
        
          G-4-1

        

        
          

        

      

      
        
        

      

    

     

     

    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

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      H

     

    FORM
      OF
      FINAL CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Sellers]

     

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-13

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      October 1, 2007 (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 __________ (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 [related supplement to the]
      Mortgage Loan Schedule (other than any [Initial Mortgage Loan][Subsequent
      Mortgage Loan] paid in full or listed on the attached 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

        

        
          

        

      

      
        
        

      

    

    
 

    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 2007-13, CWABS, Inc., by The Bank of New York, a New York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of October 1, 2007, 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
      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
      [related supplement to the] Mortgage Loan Schedule or (ii) the collectibility,
      insurability, effectiveness or suitability of any such [Initial Mortgage
      Loan][Subsequent Mortgage Loan].

     

     

    
      
        
        

      

      
        
          H-2

        

        
          

        

      

      
        
        

      

    

    
 

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      
        	 	The
                Bank of New York,	 
	 	 	as
                Trustee	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

     

     

    
      
        
        

      

      
        
          H-3

        

        
          

        

      

      
        
        

      

    

    
 

    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 October 1, 2007
      (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

        

        
          

        

      

      
        
        

      

    

     

     

    5.           The
      Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
      (attached hereto as Exhibit 2 and incorporated herein by reference) and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificate including, without limitation, the restrictions on subsequent
      Transfers and the provisions regarding voiding the Transfer and mandatory
      sales.  The Transferee expressly agrees to be bound by and to abide by
      the provisions of Section 5.02(c) of the Agreement and the restrictions noted
      on
      the face of the Certificate.  The Transferee understands and agrees
      that any breach of any of the representations included herein shall render
      the
      Transfer to the Transferee contemplated hereby null and void.

     

    6.           The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee.  In connection
      with any such Transfer by the Transferee, the Transferee agrees to deliver
      to
      the Trustee a certificate substantially in the form set forth as Exhibit J-1
      to
      the Agreement (a “Transferor Certificate”) to the effect that such Transferee
      has no actual knowledge that the Person to which the Transfer is to be made
      is
      not a Permitted Transferee.

     

    7.           The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the Class A-R
      Certificates.

     

    8.           The
      Transferee’s taxpayer identification number is _____.

     

    9.           The
      Transferee is a U.S. Person as defined in Code section 7701(a)(30).

     

    10.           The
      Transferee is aware that the Class A-R Certificates may be “noneconomic residual
      interests” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.  In addition, as the holder of a
      noneconomic residual interest, the Transferee may incur tax liabilities in
      excess of any cash flows generated by the interest and the Transferee hereby
      represents that it intends to pay taxes associated with holding the residual
      interest as they become due.

     

    11.           The
      Transferee has provided financial statements or other financial information
      requested by the Transferor in connection with the transfer of the Class A-R
      Certificates to permit the Transferor to assess the financial capability of
      the
      Transferee to pay such taxes.

     

    *           *           *

     

     

    
      
        
        

      

      
        
          I-2

        

        
          

        

      

      
        
        

      

    

    
 

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
      ____
      day of _____________, 20__.

    
       

      
        	 	[NAME
                OF TRANSFEREE]	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

    [Corporate
      Seal]

     

    ATTEST:

     

    _________________________

     

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named _____________, known or proved to me to
      be
      the same person who executed the foregoing instrument and to be the ____________
      of the Transferee, and acknowledged that he executed the same as his free act
      and deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this ____ day of _______, 20__.

     

    

     

    

    
      
        	 	 	 
	 	
                NOTARY
                  PUBLIC

              	 
	
                 

              	
                My
                  Commission expires the ___ day
                  of

              	 
	 	            , 20__.	 
	 	 	 	 
	 	 	 	 

      

       

    

     

    
      
        
        

      

      
        
          I-3

        

        
          

        

      

      
        
        

      

    

    
 

    Certain
      Definitions

     

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

     

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

     

    “Person”:  Any
      individual, corporation, limited liability company, partnership, joint venture,
      bank, joint stock company, trust (including any beneficiary thereof),
      unincorporated organization or government or any agency or political subdivision
      thereof.

     

    “Transfer”:  Any
      direct or indirect transfer or sale of any Ownership Interest in a Certificate,
      including the acquisition of a Certificate by the Depositor.

     

    “Transferee”:  Any
      Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

     

    
      
        
        

      

      
        
          I-4

        

        
          

        

      

      
        
        

      

    

    
 

    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-5

        

        
          

        

      

      
        
        

      

    

    
 

    (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-6

        

        
          

        

      

      
        
        

      

    

    
 

    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 2007-13

            

    

     

    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 October 1, 2007, 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

        

        
          

        

      

      
        
        

      

    

    
 

    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 2007-13, 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 October 1, 2007, 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

        

        
          

        

      

      
        
        

      

    

    
 

    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., Floor 4W

    New
      York,
      New York  10286

     

     

    
      	
               

            	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates, Series 2007-13, 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) (I) 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) (A) (if the above-captioned Certificates are
      ERISA-Restricted Certificates) 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, or (B) (if
      the
      above-captioned Certificates are not ERISA-Restricted Certificates) it is an
      “accredited investor” as defined in Rule 501(a)(1) under the Act, and (II) we
      will obtain from our transferee such a representation and agreement described
      in
      this clause (d), (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

     

     

    
      
        
        

      

      
        
          K-1

        

        
          

        

      

      
        
        

      

    

    
 

    accordance
      with clause (g) below), (f) we have not offered or sold any Certificates to,
      or
      solicited offers to buy any Certificates from, any person, or otherwise
      approached or negotiated with any person with respect thereto, or taken any
      other action which would result in a violation of Section 5 of the Act, and
      (g)
      we will not sell, transfer or otherwise dispose of any Certificates unless
      (1)
      such sale, transfer or other disposition is made pursuant to an effective
      registration statement under the Act or is exempt from such registration
      requirements, and if requested, we will at our expense provide an opinion of
      counsel satisfactory to the addressees of this Certificate that such sale,
      transfer or other disposition may be made pursuant to an exemption from the
      Act,
      (2) the purchaser or transferee of such Certificate has executed and delivered
      to you a certificate to substantially the same effect as this certificate,
      and
      (3)the purchaser or transferee has otherwise complied with any conditions for
      transfer set forth in the Pooling and Servicing Agreement.

     

    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 October
      1,
      2007, 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

        

        
          

        

      

      
        
        

      

    

    
 

    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
                2007-13, 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) (I) 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) (A) (if the above-captioned Certificates are
      ERISA-Restricted Certificates) 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, or (B) (if
      the
      above-captioned Certificates are not ERISA-Restricted Certificates) it is an
      “accredited investor” as defined in Rule 501(a)(1) under the Act, and (II) we
      will obtain from our transferee such a representation and agreement described
      in
      this clause (d), (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

     

     

    
      
        
        

      

      
        
          L-1

        

        
          

        

      

      
        
        

      

    

     

    respect
      to the Certificates, any interest in the Certificates or any other similar
      security with, any person in any manner, or made any general solicitation by
      means of general advertising or in any other manner, or taken any other action,
      that would constitute a distribution of the Certificates under the Securities
      Act or that would render the disposition of the Certificates a violation of
      Section 5 of the Securities Act or require registration pursuant thereto, nor
      will act, nor has authorized or will authorize any person to act, in such manner
      with respect to the Certificates, (f) we are a “qualified institutional buyer”
as that term is defined in Rule 144A under the Securities Act and have completed
      either of the forms of certification to that effect attached hereto as Annex
      1
      or Annex 2.  We are aware that the sale to us is being made in
      reliance on Rule 144A.  We are acquiring the Certificates for our own
      account or for resale pursuant to Rule 144A and further, understand that such
      Certificates may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the
      Securities Act.

     

    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 October
      1,
      2007, 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

        

        
          

        

      

      
        
        

      

    

    
 

    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

        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              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

        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              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

        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      2 TO EXHIBIT L

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.           As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    
      	
               

            	
              In
                connection with purchases by Buyer, the Buyer is a “qualified
                institutional buyer” as defined in SEC Rule 144A because (i) the Buyer is
                an investment company registered under the Investment Company Act
                of 1940,
                as amended and (ii) as marked below, the Buyer alone, or the Buyer’s
                Family of Investment Companies, owned at least $100,000,000 in securities
                (other than the excluded securities referred to below) as of the
                end of
                the Buyer’s most recent fiscal year.  For purposes of
                determining the amount of securities owned by the Buyer or the Buyer’s
                Family of Investment Companies, the cost of such securities was used,
                except (i) where the Buyer or the Buyer’s Family of Investment Companies
                reports its securities holdings in its financial statements on the
                basis
                of their market value, and (ii) no current information with respect
                to the
                cost of those securities has been published.  If clause (ii) in
                the preceding sentence applies, the securities may be valued at
                market.

            

    

     

    
      	
               

            	
              ___

            	
              The
                Buyer owned $      in securities (other than
                the excluded securities referred to below) as of the end of the Buyer’s
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            

    

     

    
      	
               

            	
              ___

            	
              The
                Buyer is part of a Family of Investment Companies which owned in
                the
                aggregate $   in securities (other than the excluded
                securities referred to below) as of the end of the Buyer’s most recent
                fiscal year (such amount being calculated in accordance with Rule
                144A).

            

    

     

    
      	
               

            	
              The
                term “Family of Investment Companies” as used herein means two or more
                registered investment companies (or series thereof) that have the
                same
                investment adviser or investment advisers that are affiliated (by
                virtue
                of being majority owned subsidiaries of the same parent or because
                one
                investment adviser is a majority owned subsidiary of the
                other).

            

    

     

    
      	
               

            	
              The
                term “securities” as used herein does not include (i) securities of
                issuers that are affiliated with the Buyer or are part of the Buyer’s
                Family of Investment Companies, (ii) securities issued or guaranteed
                by
                the U.S. or any instrumentality thereof, (iii) bank deposit notes
                and
                certificates of deposit, (iv) loan participations, (v)
                repurchase

            

    

     

     

    
      
        
        

      

      
        
          L-6

        

        
          

        

      

      
        
        

      

    

    
 

    
      	
               

            	
              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

        

        
          

        

      

      
        
        

      

    

    
 

    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 2007-13, 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 October 1, 2007 (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

            

    

     

     

    
      
        
        

      

      
        
          M-1

        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              the
                County of __________, State of _______________ in book/reel/docket
                _______________ of official records at page/image
                _____________.

            

    

     

    
      	
              (  )

            	
              Other
                documents, including any amendments, assignments or other assumptions
                of
                the Mortgage Note or Mortgage.

            

    

     

    
      	
              (  )

            	
              ______________________________________________

            

    

     

    
      	
              (  )

            	
              ______________________________________________

            

    

     

    
      	
              (  )

            	
              ______________________________________________

            

    

     

    
      	
              (  )

            	
              ______________________________________________

            

    

     

    The
      undersigned Master Servicer hereby acknowledges and agrees as
      follows:

     

    (1)           The
      Master Servicer shall hold and retain possession of the Documents in trust
      for
      the benefit of the Trust Fund, solely for the purposes provided in the Pooling
      and Servicing Agreement.

     

    (2)           The
      Master Servicer shall not cause or knowingly permit the Documents to become
      subject to, or encumbered by, any claim, liens, security interest, charges,
      writs of attachment or other impositions nor shall the Master Servicer assert
      or
      seek to assert any claims or rights of setoff to or against the Documents or
      any
      proceeds thereof.

     

    (3)           The
      Master Servicer shall return each and every Document previously requested from
      the Mortgage File to the 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

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      N

     

    FORM
      OF
      REQUEST FOR FILE RELEASE

     

    OFFICER’S
      CERTIFICATE AND TRUST RECEIPT

    ASSET-BACKED
      CERTIFICATES,

    Series
      2007-13

     

    __________________________________________
      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

        

        
          

        

      

      
        
        

      

    

    
 

    Exhibit
      O

     

    Exhibit
      O
      is a photocopy

    of
      the
      Depository Agreement

    as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

     

     

    
      
        
        

      

      
        
          O-1

        

        
          

        

      

      
        
        

      

    

    
 

    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 and Countrywide Home
      Loans Servicing LP, as Master Servicer, have entered in the Pooling and
      Servicing Agreement, dated as of October 1, 2007 (the “Pooling and Servicing
      Agreement”), relating to the CWABS, Inc. Asset-Backed Certificates, Series
      2007-13 (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

        

        
          

        

      

      
        
        

      

    

    
 

    (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

        

        
          

        

      

      
        
        

      

    

    
 

    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

        

        
          

        

      

      
        
        

      

    

    
 

    
      
        	 	THE
                BANK OF NEW YORK,	 
	 	 	
                not
                  in its individual capacity,

                but
                  solely as Trustee

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

     

     

    

     

    
      
        
        

      

      
        
          P-4

        

        
          

        

      

      
        
        

      

    

     

     

     

    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

        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      Q

     

    [RESERVED]

     

    

     

    
      
        
        

      

      
        
          Q-1

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      R

     

    CLASS
      2-A
      POLICY

     

    [See
      document delivered at closing.]

     

    

    
      
        
        

      

      
        
          R-1

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      S

     

    [RESERVED]

     

    

    
      
        
        

      

      
        
          S-1

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      T

     

    OFFICER’S
      CERTIFICATE WITH RESPECT TO PREPAYMENTS

     

    ASSET-BACKED
      CERTIFICATES,

    Series
      2007-13

     

    [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 October 1, 2007,
      (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

        

        
          

        

      

      
        
        

      

    

    
 

    (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

            

    

     

     

    By:___________________________________

        Name:

       Title:

     

    
      
        
        

      

      
        
          T-2

        

        
          

        

      

      
        
        

      

    

    
 

    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

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      U

     

    FORM
      OF
      SWAP CONTRACT

     

    [See
      document delivered at closing.]

     

     

    
      
        
        

      

      
        
          U-1

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      V-1

     

    FORM
      OF
      SWAP CONTRACT ASSIGNMENT AGREEMENT

     

    [See
      document delivered at closing.]

     

     

    
      
        
        

      

      
        
          V-1-1

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      V-2

     

    FORM
      OF
      SWAP CONTRACT ADMINISTRATION AGREEMENT

     

    [See
      document delivered at closing.]

     

     

    
      
        
        

      

      
        
          V-2-1

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      V-3

     

    FORM
      OF
      SWAP GUARANTEE

     

    [See
      document delivered at closing.]

     

     

    
      
        
        

      

      
        
          V-3-1

        

        
          

        

      

      
        
        

      

    

     

     

     

    EXHIBIT
      W

     

    FORM
      OF
      MONTHLY STATEMENT

     

    [On
      file
      with the Trustee.]

     

    

    

    
      
        
        

      

      
        
          W-1-1

        

        
          

        

      

      
        
        

      

    

     

    
 

    EXHIBIT
      X-1

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

     

    (Subservicer)

     

    
      	
               

            	
              Re:

            	
              The
                Pooling and Servicing Agreement dated as of October 1, 2007 (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, and [Subservicing Agreement]
                dated
                as of [           ]
                (the “Agreement”)

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Company’s compliance with the servicing criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans by the Company during 200[ ] that were delivered by the
      Company to the Depositor, the Master Servicer and the Trustee pursuant to the
      Agreement (collectively, the “Company Servicing Information”);

     

    (2)           Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)           Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the [Depositor]
      [Master Servicer];

     

    (4)           I
      am responsible for reviewing the activities performed by the Company as a
      servicer under the Agreement, and based on my knowledge and the compliance
      review conducted in preparing the Compliance Statement and except as disclosed
      in the Compliance Statement, the Servicing Assessment or the Attestation Report,
      the Company has fulfilled its obligations under the Agreement; and

     

     

    
      
        
        

      

      
        
          X-1-1

        

        
          

        

      

      
        
        

      

    

    
 

    (5)           The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the Master Servicer.  Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      Master Servicer.  Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

     

    

     

    Date:  ______________________________

    

     

    By:
      ________________________________

    Name:

    Title:

     

    
      
        
        

      

      
        
          X-1-2

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      X-2

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

     

    (Trustee)

     

    
      	
               

            	
              Re:

            	
              The
                Pooling and Servicing Agreement dated as of October 1, 2007 (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

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the report on assessment of the Company’s compliance with the
      servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing
      Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities
      Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of
      Regulation AB (the “Servicing Assessment”), the registered public accounting
      firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18
      under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”), [all reports on Form 10-D containing statements to certificateholders
      filed in respect of the period included in the year covered by the annual report
      of the Trust Fund] (collectively, the “Distribution Date
      Statements”);

     

    (2)           Assuming
      the accuracy and completeness of the information delivered to the Company by
      the
      Master Servicer as provided in the Pooling and Servicing Agreement and subject
      to paragraph (4) below, the distribution information determined by the Company
      and set forth in the Distribution Date Statements contained in all Form 10-D’s
      included in the year covered by the annual report of such Trust on Form 10-K
      for
      the calendar year 200[  ], is complete and does not contain any
      material misstatement of fact as of the last day of the period covered by such
      annual report;

     

    (3)           Based
      solely on the information delivered to the Company by the Master Servicer as
      provided in the Pooling and Servicing Agreement, (i) the distribution
      information required under the Pooling and Servicing Agreement to be contained
      in the Trust Fund’s Distribution Date Statements and (ii) the servicing
      information required to be provided by the Master Servicer to the trustee for
      inclusion in the Trust Fund’s Distribution Date Statements, to the extent
      received by the Trustee from the Master Servicer in accordance with the Pooling
      and Servicing Agreement, is included in such Distribution Date
      Statements;

     

    (4)           The
      Company is not certifying as to the accuracy, completeness or correctness of
      the
      information which it received from the Master Servicer and did not independently
      verify or confirm the accuracy, completeness or correctness of the information
      provided by the Master Servicer;

     

     

    
      
        
        

      

      
        
          X-2-1

        

        
          

        

      

      
        
        

      

    

     

    (5)           I
      am responsible for reviewing the activities performed by the Company as a person
      “performing a servicing function” under the Pooling and Servicing Agreement, and
      based on my knowledge and the compliance review conducted in preparing the
      Servicing Assessment and except as disclosed in the Servicing Assessment or
      the
      Attestation Report, the Company has fulfilled its obligations under the Pooling
      and Servicing Agreement; and

     

    (6)           The
      Servicing Assessment and Attestation Report required to be provided by the
      Company and by Subcontractor pursuant to the Pooling and Servicing Agreement,
      have been provided to the Master Servicer and the Depositor.  Any
      material instances of noncompliance described in such reports have been
      disclosed to the Master Servicer and the Depositor.  Any material
      instance of noncompliance with the Servicing Criteria has been disclosed in
      such
      reports.

     

     

    Date:   _______________________________

     

    

     

    By:  ________________________________

    Name:

    Title:

     

    
      
        
        

      

      
        
          X-2-2

        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      Y

    

    FORM
      OF

    SERVICING
      CRITERIA TO BE ADDRESSED IN

    ASSESSMENT
      OF COMPLIANCE STATEMENT

    

    The
      assessment of compliance to be delivered by [the Master Servicer] [Trustee]
      [Name of Subservicer] shall address, at a minimum, the criteria identified
      as
      below as “Applicable Servicing Criteria”:

     

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing
                Criteria

            
	
               

              Reference

            	
               

              Criteria

            	 
	 	
              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 

    

     

     

    
      
        
        

      

      
        
          Y-1

        

        
          

        

      

      
        
        

      

    

     

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing
                Criteria

            
	
               

              Reference

            	
               

              Criteria

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	 	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
               Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 

    

     

     

    
      
        
        

      

      
        Y-2

        
          

        

      

      
        
        

      

    

     

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing
                Criteria

            
	
               

              Reference

            	
               

              Criteria

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
               Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3)or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 
	 	 	 

    

    

     

    [NAME
      OF
      MASTER SERVICER] [NAME OF TRUSTEE] [NAME OF SUBSERVICER]

     

    Date:  _______________________________

     

    

     

    By:  ________________________________

    Name:

    Title:

     

     

    
      
        
        

      

      
        Y-3

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      Z

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ASSET
      BACKED CERTIFICATES,

     

    Series
      200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

    

     

    
      
        
        

      

      
        Z-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      AA

    

    FORM
      OF

    SARBANES-OXLEY
      CERTIFICATION

    (Replacement
      Master Servicer)

    

    (On
      file
      with Trustee)

     

     

    
      
        
        

      

      
        AA-1

        
          

        

      

      
        
        

      

    

    
 

    SCHEDULE
      I

     

    COLLATERAL
      SCHEDULE

     

    
      	
               

              Characteristic

            	
              Applicable

              Section

            	
               

              Loan
                Group 1

            	
               

              Loan
                Group 2

            
	
              Single-Family
                Detached Dwellings

            	
              2.03(b)(32)

            	
              81.02%

            	
              78.63%

            
	
              Two-
                to Four-Family Dwellings

            	
              2.03(b)(32)

            	
              3.61%

            	
              2.36%

            
	
              Low-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              3.75%

            	
              2.88%

            
	
              High-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              0.16%

            	
              1.23%

            
	
              Manufactured
                Housing

            	
              2.03(b)(32)

            	
              0.00%

            	
              0.50%

            
	
              PUDs

            	
              2.03(b)(32)

            	
              11.43%

            	
              14.40%

            
	
              Earliest
                Origination Date

            	
              2.03(b)(33)

            	
              8/25/2005

            	
              10/25/1999

            
	
              Prepayment
                Penalty

            	
              2.03(b)(35)

            	
              69.62%

            	
              76.71%

            
	
              Investor
                Properties

            	
              2.03(b)(36)

            	
              2.75%

            	
              2.40%

            
	
              Primary
                Residences

            	
              2.03(b)(36)

            	
              96.59%

            	
              97.05%

            
	
              Lowest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              5.375%

            	
              5.375%

            
	
              Highest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              14.000%

            	
              15.875%

            
	
              Weighted
                Average Current Mortgage Rate

            	
              2.03(b)(48)

            	
              8.896%

            	
              8.755%

            
	
              Lowest
                Gross Margin

            	
              2.03(b)(50)

            	
              1.500%

            	
              2.500%

            
	
              Highest
                Gross Margin

            	
              2.03(b)(50)

            	
              7.000%

            	
              10.500%

            
	
              Weighted
                Average Gross Margin

            	
              2.03(b)(50)

            	
              6.263%

            	
              6.562%

            
	
              Date
                on or before which each Initial Mortgage Loan has a

              Due
                Date

            	
              2.03(b)(51)

            	
              11/1/2007

            	
              11/1/2007

            

    

    

    
      	
               

               

               

              Adjustment

              Date

            	
               

               

               

              Applicable

              Section

            	
              Adjustable
                Rate

              Mortgage
                Loans (other

              than
                Two-Year, Three-

              Year
                and Five-Year

              Hybrid
                Mortgage Loans)

            	
               

              Two-Year

              Hybrid

              Mortgage

              Loans

            	
               

              Three-Year

              Hybrid

              Mortgage

              Loans

            	
               

              Five-Year

              Hybrid

              Mortgage

              Loans

            
	
              Latest
                Next

              Adjustment

              Date

            	
               

               

              2.03(b)(34)

            	
               

               

              3/1/2008

            	
               

               

              9/1/2009

            	
               

               

              9/1/2010

            	
               

               

              10/1/2012

            

    

    

     

    
      
        
        

      

      
        S-I-1

        
          

        

      

      
        
        

      

    

    
 

    SCHEDULE
      II

     

    40-YEAR
      TARGET SCHEDULE

    
 

    
      	
              
                Month
                  of

                Distribution
                  Date

              

            	 	
              
                40-Year

                Target
                  ($)

              

            
	
              November
                2017

            	 	
              48,137,940

            
	
              December
                2017

            	 	
              47,471,707

            
	
              January
                2018

            	 	
              46,814,528

            
	
              February
                2018

            	 	
              46,166,282

            
	
              March
                2018

            	 	
              45,526,846

            
	
              April
                2018

            	 	
              44,896,104

            
	
              May
                2018

            	 	
              44,273,936

            
	
              June
                2018

            	 	
              43,660,228

            
	
              July
                2018

            	 	
              43,054,864

            
	
              August
                2018

            	 	
              42,457,732

            
	
              September
                2018

            	 	
              41,868,722

            
	
              October
                2018

            	 	
              41,287,723

            
	
              November
                2018

            	 	
              40,714,627

            
	
              December
                2018

            	 	
              40,149,327

            
	
              January
                2019

            	 	
              39,591,718

            
	
              February
                2019

            	 	
              39,041,696

            
	
              March
                2019

            	 	
              38,499,159

            
	
              April
                2019

            	 	
              37,964,005

            
	
              May
                2019

            	 	
              37,436,134

            
	
              June
                2019

            	 	
              36,915,449

            
	
              July
                2019

            	 	
              36,401,852

            
	
              August
                2019

            	 	
              35,895,247

            
	
              September
                2019

            	 	
              35,395,540

            
	
              October
                2019

            	 	
              34,902,638

            
	
              November
                2019

            	 	
              34,416,448

            
	
              December
                2019

            	 	
              33,936,880

            
	
              January
                2020

            	 	
              33,463,844

            
	
              February
                2020

            	 	
              32,997,253

            
	
              March
                2020

            	 	
              32,537,018

            
	
              April
                2020

            	 	
              32,083,055

            
	
              May
                2020

            	 	
              31,635,278

            
	
              June
                2020

            	 	
              31,193,603

            
	
              July
                2020

            	 	
              30,757,949

            
	
              August
                2020

            	 	
              30,328,233

            
	
              September
                2020

            	 	
              29,904,375

            
	
              October
                2020

            	 	
              29,486,297

            
	
              November
                2020

            	 	
              29,073,920

            
	
              December
                2020

            	 	
              28,667,167

            
	
              January
                2021

            	 	
              28,265,962

            
	
              February
                2021

            	 	
              27,870,230

            

    

     

     

    
      
        
        

      

      
        S-II-1

        
          

        

      

      
        
        

      

    

    
 

    

    
      	
              
                Month
                  of

                Distribution
                  Date

              

            	 	
              
                40-Year

                Target
                  ($)

              

            
	
              March
                2021

            	 	
              27,479,897

            
	
              April
                2021

            	 	
              27,094,889

            
	
              May
                2021

            	 	
              26,715,136

            
	
              June
                2021

            	 	
              26,340,565

            
	
              July
                2021

            	 	
              25,971,107

            
	
              August
                2021

            	 	
              25,606,692

            
	
              September
                2021

            	 	
              25,247,252

            
	
              October
                2021

            	 	
              24,892,721

            
	
              November
                2021

            	 	
              24,543,031

            
	
              December
                2021

            	 	
              24,198,117

            
	
              January
                2022

            	 	
              23,857,915

            
	
              February
                2022

            	 	
              23,522,360

            
	
              March
                2022

            	 	
              23,191,390

            
	
              April
                2022

            	 	
              22,864,943

            
	
              May
                2022

            	 	
              22,542,958

            
	
              June
                2022

            	 	
              22,225,373

            
	
              July
                2022

            	 	
              21,912,130

            
	
              August
                2022

            	 	
              21,603,170

            
	
              September
                2022

            	 	
              21,298,435

            
	
              October
                2022

            	 	
              20,997,868

            
	
              November
                2022

            	 	
              20,701,412

            
	
              December
                2022

            	 	
              20,409,011

            
	
              January
                2023

            	 	
              20,120,611

            
	
              February
                2023

            	 	
              19,836,158

            
	
              March
                2023

            	 	
              19,555,598

            
	
              April
                2023

            	 	
              19,278,878

            
	
              May
                2023

            	 	
              19,005,946

            
	
              June
                2023

            	 	
              18,736,752

            
	
              July
                2023

            	 	
              18,471,244

            
	
              August
                2023

            	 	
              18,209,373

            
	
              September
                2023

            	 	
              17,951,089

            
	
              October
                2023

            	 	
              17,696,343

            
	
              November
                2023

            	 	
              17,445,089

            
	
              December
                2023

            	 	
              17,197,278

            
	
              January
                2024

            	 	
              16,952,864

            
	
              February
                2024

            	 	
              16,711,800

            
	
              March
                2024

            	 	
              16,474,042

            
	
              April
                2024

            	 	
              16,239,545

            
	
              May
                2024

            	 	
              16,008,264

            
	
              June
                2024

            	 	
              15,780,156

            
	
              July
                2024

            	 	
              15,555,178

            
	
              August
                2024

            	 	
              15,333,287

            
	
              September
                2024

            	 	
              15,114,442

            
	
              October
                2024

            	 	
              14,898,601

            

    

     

     

    
      
        
        

      

      
        S-II-2

        
          

        

      

      
        
        

      

    

     

    

    
      	
              
                Month
                  of

                Distribution
                  Date

              

            	 	
              
                40-Year

                Target
                  ($)

              

            
	
              November
                2024

            	 	
              14,685,724

            
	
              December
                2024

            	 	
              14,475,770

            
	
              January
                2025

            	 	
              14,268,700

            
	
              February
                2025

            	 	
              14,064,475

            
	
              March
                2025

            	 	
              13,863,055

            
	
              April
                2025

            	 	
              13,664,404

            
	
              May
                2025

            	 	
              13,468,484

            
	
              June
                2025

            	 	
              13,275,256

            
	
              July
                2025

            	 	
              13,084,686

            
	
              August
                2025

            	 	
              12,896,737

            
	
              September
                2025

            	 	
              12,711,373

            
	
              October
                2025

            	 	
              12,528,560

            
	
              November
                2025

            	 	
              12,348,262

            
	
              December
                2025

            	 	
              12,170,446

            
	
              January
                2026

            	 	
              11,995,078

            
	
              February
                2026

            	 	
              11,822,124

            
	
              March
                2026

            	 	
              11,651,553

            
	
              April
                2026

            	 	
              11,483,331

            
	
              May
                2026

            	 	
              11,317,427

            
	
              June
                2026

            	 	
              11,153,809

            
	
              July
                2026

            	 	
              10,992,446

            
	
              August
                2026

            	 	
              10,833,308

            
	
              September
                2026

            	 	
              10,676,364

            
	
              October
                2026

            	 	
              10,521,586

            
	
              November
                2026

            	 	
              10,368,942

            
	
              December
                2026

            	 	
              10,218,404

            
	
              January
                2027

            	 	
              10,069,944

            
	
              February
                2027

            	 	
              9,923,534

            
	
              March
                2027

            	 	
              9,779,145

            
	
              April
                2027

            	 	
              9,636,751

            
	
              May
                2027

            	 	
              9,496,323

            
	
              June
                2027

            	 	
              9,357,836

            
	
              July
                2027

            	 	
              9,221,262

            
	
              August
                2027

            	 	
              9,086,577

            
	
              September
                2027

            	 	
              8,953,754

            
	
              October
                2027

            	 	
              8,822,768

            
	
              November
                2027

            	 	
              8,693,594

            
	
              December
                2027

            	 	
              8,566,207

            
	
              January
                2028

            	 	
              8,440,584

            
	
              February
                2028

            	 	
              8,316,700

            
	
              March
                2028

            	 	
              8,194,531

            
	
              April
                2028

            	 	
              8,074,054

            
	
              May
                2028

            	 	
              7,955,247

            
	
              June
                2028

            	 	
              7,838,086

            

    

     

     

    
      
        
        

      

      
        S-II-3

        
          

        

      

      
        
        

      

    

    
 

    

    
      	
              
                Month
                  of

                Distribution
                  Date

              

            	 	
              
                40-Year

                Target
                  ($)

              

            
	
              July
                2028

            	 	
              7,722,549

            
	
              August
                2028

            	 	
              7,608,614

            
	
              September
                2028

            	 	
              7,496,259

            
	
              October
                2028

            	 	
              7,385,463

            
	
              November
                2028

            	 	
              7,276,204

            
	
              December
                2028

            	 	
              7,168,462

            
	
              January
                2029

            	 	
              7,062,216

            
	
              February
                2029

            	 	
              6,957,446

            
	
              March
                2029

            	 	
              6,854,131

            
	
              April
                2029

            	 	
              6,752,251

            
	
              May
                2029

            	 	
              6,651,788

            
	
              June
                2029

            	 	
              6,552,722

            
	
              July
                2029

            	 	
              6,455,033

            
	
              August
                2029

            	 	
              6,358,704

            
	
              September
                2029

            	 	
              6,263,715

            
	
              October
                2029

            	 	
              6,170,049

            
	
              November
                2029

            	 	
              6,077,687

            
	
              December
                2029

            	 	
              5,986,611

            
	
              January
                2030

            	 	
              5,896,804

            
	
              February
                2030

            	 	
              5,808,249

            
	
              March
                2030

            	 	
              5,720,929

            
	
              April
                2030

            	 	
              5,634,827

            
	
              May
                2030

            	 	
              5,549,925

            
	
              June
                2030

            	 	
              5,466,209

            
	
              July
                2030

            	 	
              5,383,661

            
	
              August
                2030

            	 	
              5,302,266

            
	
              September
                2030

            	 	
              5,222,009

            
	
              October
                2030

            	 	
              5,142,872

            
	
              November
                2030

            	 	
              5,064,842

            
	
              December
                2030

            	 	
              4,987,904

            
	
              January
                2031

            	 	
              4,912,041

            
	
              February
                2031

            	 	
              4,837,240

            
	
              March
                2031

            	 	
              4,763,486

            
	
              April
                2031

            	 	
              4,690,765

            
	
              May
                2031

            	 	
              4,619,063

            
	
              June
                2031

            	 	
              4,548,365

            
	
              July
                2031

            	 	
              4,478,659

            
	
              August
                2031

            	 	
              4,409,930

            
	
              September
                2031

            	 	
              4,342,165

            
	
              October
                2031

            	 	
              4,275,352

            
	
              November
                2031

            	 	
              4,209,476

            
	
              December
                2031

            	 	
              4,144,526

            
	
              January
                2032

            	 	
              4,080,488

            
	
              February
                2032

            	 	
              4,017,351

            

    

     

     

    
      
        
        

      

      
        S-II-4

        
          

        

      

      
        
        

      

    

    
 

    

    
      	
              
                Month
                  of

                Distribution
                  Date

              

            	 	
              
                40-Year

                Target
                  ($)

              

            
	
              March
                2032

            	 	
              3,955,101

            
	
              April
                2032

            	 	
              3,893,727

            
	
              May
                2032

            	 	
              3,833,217

            
	
              June
                2032

            	 	
              3,773,558

            
	
              July
                2032

            	 	
              3,714,740

            
	
              August
                2032

            	 	
              3,656,751

            
	
              September
                2032

            	 	
              3,599,579

            
	
              October
                2032

            	 	
              3,543,213

            
	
              November
                2032

            	 	
              3,487,643

            
	
              December
                2032

            	 	
              3,432,857

            
	
              January
                2033

            	 	
              3,378,844

            
	
              February
                2033

            	 	
              3,325,595

            
	
              March
                2033

            	 	
              3,273,098

            
	
              April
                2033

            	 	
              3,221,344

            
	
              May
                2033

            	 	
              3,170,321

            
	
              June
                2033

            	 	
              3,120,021

            
	
              July
                2033

            	 	
              3,070,433

            
	
              August
                2033

            	 	
              3,021,547

            
	
              September
                2033

            	 	
              2,973,354

            
	
              October
                2033

            	 	
              2,925,845

            
	
              November
                2033

            	 	
              2,879,009

            
	
              December
                2033

            	 	
              2,832,839

            
	
              January
                2034

            	 	
              2,787,323

            
	
              February
                2034

            	 	
              2,742,455

            
	
              March
                2034

            	 	
              2,698,224

            
	
              April
                2034

            	 	
              2,654,622

            
	
              May
                2034

            	 	
              2,611,641

            
	
              June
                2034

            	 	
              2,569,271

            
	
              July
                2034

            	 	
              2,527,505

            
	
              August
                2034

            	 	
              2,486,334

            
	
              September
                2034

            	 	
              2,445,750

            
	
              October
                2034

            	 	
              2,405,746

            
	
              November
                2034

            	 	
              2,366,312

            
	
              December
                2034

            	 	
              2,327,441

            
	
              January
                2035

            	 	
              2,289,126

            
	
              February
                2035

            	 	
              2,251,358

            
	
              March
                2035

            	 	
              2,214,131

            
	
              April
                2035

            	 	
              2,177,436

            
	
              May
                2035

            	 	
              2,141,267

            
	
              June
                2035

            	 	
              2,105,617

            
	
              July
                2035

            	 	
              2,070,477

            
	
              August
                2035

            	 	
              2,035,842

            
	
              September
                2035

            	 	
              2,001,704

            
	
              October
                2035

            	 	
              1,968,056

            

    

    
 

    
      
        
        

      

      
        S-II-5

        
          

        

      

      
        
        

      

    

     

     

    
      	
              
                Month
                  of

                Distribution
                  Date

              

            	 	
              
                40-Year

                Target
                  ($)

              

            
	
              November
                2035

            	 	
              1,934,892

            
	
              December
                2035

            	 	
              1,902,205

            
	
              January
                2036

            	 	
              1,869,988

            
	
              February
                2036

            	 	
              1,838,235

            
	
              March
                2036

            	 	
              1,806,940

            
	
              April
                2036

            	 	
              1,776,095

            
	
              May
                2036

            	 	
              1,745,696

            
	
              June
                2036

            	 	
              1,715,736

            
	
              July
                2036

            	 	
              1,686,208

            
	
              August
                2036

            	 	
              1,657,108

            
	
              September
                2036

            	 	
              1,628,428

            
	
              October
                2036

            	 	
              1,600,163

            
	
              November
                2036

            	 	
              1,572,308

            
	
              December
                2036

            	 	
              1,544,857

            
	
              January
                2037

            	 	
              1,517,804

            
	
              February
                2037

            	 	
              1,491,143

            
	
              March
                2037

            	 	
              1,464,870

            
	
              April
                2037

            	 	
              1,438,979

            
	
              May
                2037

            	 	
              1,413,464

            
	
              June
                2037

            	 	
              1,388,321

            
	
              July
                2037

            	 	
              1,363,544

            
	
              August
                2037

            	 	
              1,339,129

            
	
              September
                2037

            	 	
              1,315,069

            
	
              October
                2037

            	 	
              1,291,361

            

    

     

     

     S-II-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]