Document:

Unassociated Document

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    Depositor

     

    

    AMERIQUEST
      MORTGAGE COMPANY

    Servicer

    

    CITIBANK,
      N.A.

    Trust
      Administrator

    

     

    and

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    Trustee

     

    _________________________________________

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of September 1, 2006

     

    _________________________________________

     

    Asset-Backed
      Pass-Through Certificates

     

    Series
      2006-AMC1

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    

      
        	
                ARTICLE
                  I

                DEFINITIONS

                 

              
	
                SECTION
                  1.01

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

                 

              
	
                ARTICLE
                  II

                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

                 

              
	
                SECTION
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                SECTION
                  2.02

              	
                Acceptance
                  of the Trust Fund by the Trustee.

              
	
                SECTION
                  2.03

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Sponsor or the
                  Depositor.

              
	
                SECTION
                  2.04

              	
                [Reserved].

              
	
                SECTION
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                SECTION
                  2.06

              	
                Issuance
                  of the Certificates.

              
	
                SECTION
                  2.07

              	
                Conveyance
                  of the REMIC Regular Interests; Acceptance of the Trust REMICs
                  by the
                  Trustee.

                 

              
	
                ARTICLE
                  III

                ADMINISTRATION
                  AND SERVICING OF THE MORTGAGE LOANS

                 

              
	
                SECTION
                  3.01

              	
                Servicer
                  to Act as Servicer.

              
	
                SECTION
                  3.02

              	
                Sub-Servicing
                  Agreements Between the Servicer and Sub-Servicers.

              
	
                SECTION
                  3.03

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04

              	
                Liability
                  of the Servicer.

              
	
                SECTION
                  3.05

              	
                No
                  Contractual Relationship Between Sub-Servicers and Trustee, Trust
                  Administrator or Certificateholders.

              
	
                SECTION
                  3.06

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Trust
                  Administrator.

              
	
                SECTION
                  3.07

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                SECTION
                  3.08

              	
                Sub-Servicing
                  Accounts.

              
	
                SECTION
                  3.09

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

              
	
                SECTION
                  3.10

              	
                Collection
                  Account and Distribution Account.

              
	
                SECTION
                  3.11

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              
	
                SECTION
                  3.12

              	
                Investment
                  of Funds in the Collection Account and the Distribution
                  Account.

              
	
                SECTION
                  3.13

              	
                [Reserved].

              
	
                SECTION
                  3.14

              	
                Maintenance
                  of Hazard Insurance and Errors and Omissions and Fidelity
                  Coverage.

              
	
                SECTION
                  3.15

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

              
	
                SECTION
                  3.16

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                SECTION
                  3.17

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                SECTION
                  3.18

              	
                Servicing
                  Compensation.

              
	
                SECTION
                  3.19

              	
                Reports
                  to the Trust Administrator; Collection Account
                  Statements.

              
	
                SECTION
                  3.20

              	
                Statement
                  as to Compliance.

              
	
                SECTION
                  3.21

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                SECTION
                  3.22

              	
                Access
                  to Certain Documentation.

              
	
                SECTION
                  3.23

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                SECTION
                  3.24

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3.25

              	
                Obligations
                  of the Servicer in Respect of Monthly Payments.

              
	
                SECTION
                  3.26

              	
                Advance
                  Facility.

                 

              
	
                ARTICLE
                  IV

                PAYMENTS
                  TO CERTIFICATEHOLDERS

                 

              
	
                SECTION
                  4.01

              	
                Distributions.

              
	
                SECTION
                  4.02

              	
                Statements
                  to Certificateholders.

              
	
                SECTION
                  4.03

              	
                Remittance
                  Reports; P&I Advances.

              
	
                SECTION
                  4.04

              	
                Allocation
                  of Extraordinary Trust Fund Expenses and Realized
                  Losses.

              
	
                SECTION
                  4.05

              	
                Compliance
                  with Withholding Requirements.

              
	
                SECTION
                  4.06

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                SECTION
                  4.07

              	
                Commission
                  Reporting.

              
	
                SECTION
                  4.08

              	
                Cap
                  Account

                 

              
	
                ARTICLE
                  V

                THE
                  CERTIFICATES

                 

              
	
                SECTION
                  5.01

              	
                The
                  Certificates.

              
	
                SECTION
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                SECTION
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                SECTION
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                SECTION
                  5.05

              	
                Certain
                  Available Information.

                 

              
	
                ARTICLE
                  VI

                THE
                  DEPOSITOR AND THE SERVICER

                 

              
	
                SECTION
                  6.01

              	
                Liability
                  of the Depositor and the Servicer.

              
	
                SECTION
                  6.02

              	
                Merger
                  or Consolidation of the Depositor or the Servicer.

              
	
                SECTION
                  6.03

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

              
	
                SECTION
                  6.04

              	
                Limitation
                  on Resignation of the Servicer.

              
	
                SECTION
                  6.05

              	
                Rights
                  of the Depositor in Respect of the Servicer.

              
	
                SECTION
                  6.06

              	
                Duties
                  of the Credit Risk Manager.

              
	
                SECTION
                  6.07

              	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              
	
                SECTION
                  6.08

              	
                Removal
                  of the Credit Risk Manager.

                 

              
	
                ARTICLE
                  VII

                DEFAULT

                 

              
	
                SECTION
                  7.01

              	
                Servicer
                  Events of Default.

              
	
                SECTION
                  7.02

              	
                Trust
                  Administrator or Trustee to Act; Appointment of
                  Successor.

              
	
                SECTION
                  7.03

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.04

              	
                Waiver
                  of Servicer Events of Default.

                 

              
	
                ARTICLE
                  VIII

                CONCERNING
                  THE TRUSTEE AND
                  THE TRUST ADMINISTRATOR

                 

              
	
                SECTION
                  8.01

              	
                Duties
                  of Trustee and Trust Administrator.

              
	
                SECTION
                  8.02

              	
                Certain
                  Matters Affecting the Trustee and the Trust
                  Administrator.

              
	
                SECTION
                  8.03

              	
                Neither
                  the Trustee nor Trust Administrator Liable for Certificates or
                  Mortgage
                  Loans.

              
	
                SECTION
                  8.04

              	
                Trustee
                  and Trust Administrator May Own Certificates.

              
	
                SECTION
                  8.05

              	
                Trustee’s,
                  Trust Administrator’s and Custodians’ Fees and
                  Expenses.

              
	
                SECTION
                  8.06

              	
                Eligibility
                  Requirements for Trustee and Trust Administrator.

              
	
                SECTION
                  8.07

              	
                Resignation
                  and Removal of the Trustee and the Trust Administrator.

              
	
                SECTION
                  8.08

              	
                Successor
                  Trustee or Trust Administrator.

              
	
                SECTION
                  8.09

              	
                Merger
                  or Consolidation of Trustee or Trust Administrator.

              
	
                SECTION
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                SECTION
                  8.11

              	
                [Reserved].

              
	
                SECTION
                  8.12

              	
                Appointment
                  of Office or Agency.

              
	
                SECTION
                  8.13

              	
                Representations
                  and Warranties.

              
	
                SECTION
                  8.14

              	
                [Reserved].

              
	
                SECTION
                  8.15

              	
                No
                  Trustee or Trust Administrator Liability for Actions or Inactions
                  of
                  Custodians.

                 

              
	
                ARTICLE
                  IX

                TERMINATION

                 

              
	
                SECTION
                  9.01

              	
                Termination
                  Upon Repurchase or Liquidation of the Mortgage Loans.

              
	
                SECTION
                  9.02

              	
                Additional
                  Termination Requirements.

                 

              
	
                ARTICLE
                  X

                REMIC
                  PROVISIONS

                 

              
	
                SECTION
                  10.01

              	
                REMIC
                  Administration.

              
	
                SECTION
                  10.02

              	
                Prohibited
                  Transactions and Activities.

              
	
                SECTION
                  10.03

              	
                Servicer,
                  Trustee and Trust Administrator Indemnification.

                 

              
	
                ARTICLE
                  XI

                MISCELLANEOUS
                  PROVISIONS

                 

              
	
                SECTION
                  11.01

              	
                Amendment.

              
	
                SECTION
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                SECTION
                  11.03

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                SECTION
                  11.04

              	
                Governing
                  Law.

              
	
                SECTION
                  11.05

              	
                Notices.

              
	
                SECTION
                  11.06

              	
                Severability
                  of Provisions.

              
	
                SECTION
                  11.07

              	
                Notice
                  to Rating Agencies.

              
	
                SECTION
                  11.08

              	
                Article
                  and Section References.

              
	
                SECTION
                  11.09

              	
                Grant
                  of Security Interest.

              
	
                SECTION
                  11.10

              	
                Third
                  Party Rights.

              
	
                SECTION
                  11.11

              	
                Intention
                  of the Parties and Interpretation.

              

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

    

    Exhibits

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-2 

            	
              Form
                of Class A-2A Certificate

            
	
              Exhibit
                A-3 

            	
              Form
                of Class A-2B Certificate

            
	
              Exhibit
                A-4 

            	
              Form
                of Class A-2C Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificate

            
	
              Exhibit
                A-15

            	
              Form
                of Class M-11 Certificate

            
	
              Exhibit
                A-16

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-17

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-18

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-19

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                B

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility

            
	
              Exhibit
                C

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                D

            	
              Form
                of Assignment Agreement

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Private Certificates Pursuant
                to
                Rule 144A Under the 1933 Act

            
	
              Exhibit
                F-2

            	
              Form
                of Transfer Affidavit and Agreement and Form of Transferor Affidavit
                in
                Connection with Transfer of Residual Certificates

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H-1

            	
              Form
                of Certification to be provided by the Depositor with Form
                10-K

            
	
              Exhibit
                H-2

            	
              Form
                of Certification to be provided to the Depositor by the Trust
                Administrator

            
	
              Exhibit
                H-3

            	
              Form
                of Certification to be provided to the Depositor by the
                Servicer

            
	
              Exhibit
                I

            	
              Form
                of Cap Contract

            
	
              Exhibit
                J

            	
              Form
                of Cap Administration Agreement

            
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of September 1,
      2006,
      among CITIGROUP MORTGAGE LOAN TRUST INC., as Depositor, AMERIQUEST MORTGAGE
      COMPANY, as Servicer, CITIBANK, N.A., as Trust Administrator, and U.S. BANK
      NATIONAL ASSOCIATION, as Trustee.

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates to be issued hereunder
      in
      multiple classes, which in the aggregate will evidence the entire beneficial
      ownership interest in each REMIC (as defined herein) created hereunder. The
      Trust Fund will consist of a pool of assets comprised of the Mortgage Loans
      and
      certain other related assets subject to this Agreement.

     

    REMIC
      I

    

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the Mortgage Loans and certain other related assets
      (other than any Servicer Prepayment Charge Payment Amounts, the Net WAC Rate
      Carryover Reserve Account, the Cap Account, the Cap Administration Agreement
      and
      the Cap Contract) subject to this Agreement as a REMIC for federal income tax
      purposes, and such pool of assets will be designated as “REMIC I.” The Class R-I
      Interest will be the sole class of “residual interests” in REMIC I for purposes
      of the REMIC Provisions (as defined herein). The following table irrevocably
      sets forth the designation, the REMIC I Remittance Rate, the initial
      Uncertificated Balance and, for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the
      REMIC I Regular Interests (as defined herein). None of the REMIC I Regular
      Interests will be certificated.

     

    
      	
              Designation

            	
              REMIC
                I

              Remittance
                Rate

            	
              Initial

              Uncertificated
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I-LTAA

            	
              (2)

            	
              $
                611,936,639.30

            	
              September
                2036

            
	
              I-LTA1

            	
              (2)

            	
              $   
                 3,010,035.00

            	
              September
                2036

            
	
              I-LTA2A

            	
              (2)

            	
              $   
                 1,041,270.00

            	
              September
                2036

            
	
              I-LTA2B

            	
              (2)

            	
              $      
                 845,930.00

            	
              September
                2036

            
	
              I-LTA2C

            	
              (2)

            	
              $        
                 35,720.00

            	
              September
                2036

            
	
              I-LTM1

            	
              (2)

            	
              $      
                 221,670.00

            	
              September
                2036

            
	
              I-LTM2

            	
              (2)

            	
              $      
                 259,135.00

            	
              September
                2036

            
	
              I-LTM3

            	
              (2)

            	
              $      
                 106,155.00

            	
              September
                2036

            
	
              I-LTM4

            	
              (2)

            	
              $        
                 87,420.00

            	
              September
                2036

            
	
              I-LTM5

            	
              (2)

            	
              $      
                 112,395.00

            	
              September
                2036

            
	
              I-LTM6

            	
              (2)

            	
              $        
                 71,810.00

            	
              September
                2036

            
	
              I-LTM7

            	
              (2)

            	
              $        
                 84,300.00

            	
              September
                2036

            
	
              I-LTM8

            	
              (2)

            	
              $        
                 46,830.00

            	
              September
                2036

            
	
              I-LTM9

            	
              (2)

            	
              $        
                 81,175.00

            	
              September
                2036

            
	
              I-LTM10

            	
              (2)

            	
              $        
                 49,955.00

            	
              September
                2036

            
	
              I-LTM11

            	
              (2)

            	
              $        
                 62,440.00

            	
              September
                2036

            
	
              I-LTZZ

            	
              (2)

            	
              $   
                 6,372,262.84

            	
              September
                2036

            
	
              I-LTP

            	
              (2)

            	
              $             
                 100.00

            	
              September
                2036

            
	
              I-LT1SUB

            	
              (2)

            	
              $        
                 16,002.74

            	
              September
                2036

            
	
              I-LT1GRP

            	
              (2)

            	
              $        
                 76,203.45

            	
              September
                2036

            
	
              I-LT2SUB

            	
              (2)

            	
              $          
                 5,789.79

            	
              September
                2036

            
	
              I-LT2GRP

            	
              (2)

            	
              $        
                 48,681.59

            	
              September
                2036

            
	
              I-LTXX

            	
              (2)

            	
              $
                624,278,464.58

            	
              September
                2036

            
	 	 	 	 

    

    _______________

    (1) 
       For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      regulations.

    (2) 
       Calculated
      in accordance with the definition of “REMIC I Remittance Rate”
herein.

     

     

    REMIC
      II

    

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the REMIC I Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC II.” The Class R-II Interest will evidence the sole class of “residual
      interests” in REMIC II for purposes of the REMIC Provisions under federal income
      tax law. The following table irrevocably sets forth the designation, the
      Pass-Through Rate, the initial aggregate Certificate Principal Balance and,
      for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for the indicated Classes of Certificates and
      the Class CE Interest and the Class P Interest, which are
      uncertificated.

     

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A-1

            	
              Variable(2)

            	
              $ 602,007,000.00

            	
              September
                25, 2036

            
	
              Class
                A-2A

            	
              Variable(2)

            	
              $ 208,254,000.00

            	
              September
                25, 2036

            
	
              Class
                A-2B

            	
              Variable(2)

            	
              $ 169,186,000.00

            	
              September
                25, 2036

            
	
              Class
                A-2C

            	
              Variable(2)

            	
              $   
                 7,144,000.00

            	
              September
                25, 2036

            
	
              Class
                M-1

            	
              Variable(2)

            	
              $ 
                 44,334,000.00

            	
              September
                25, 2036

            
	
              Class
                M-2

            	
              Variable(2)

            	
              $   51,827,000.00

            	
              September
                25, 2036

            
	
              Class
                M-3

            	
              Variable(2)

            	
              $ 
                 21,231,000.00

            	
              September
                25, 2036

            
	
              Class
                M-4

            	
              Variable(2)

            	
              $ 
                 17,484,000.00

            	
              September
                25, 2036

            
	
              Class
                M-5

            	
              Variable(2)

            	
              $ 
                 22,479,000.00

            	
              September
                25, 2036

            
	
              Class
                M-6

            	
              Variable(2)

            	
              $ 
                 14,362,000.00

            	
              September
                25, 2036

            
	
              Class
                M-7

            	
              Variable(2)

            	
              $ 
                 16,860,000.00

            	
              September
                25, 2036

            
	
              Class
                M-8

            	
              Variable(2)

            	
              $   
                 9,366,000.00

            	
              September
                25, 2036

            
	
              Class
                M-9

            	
              Variable(2)

            	
              $ 
                 16,235,000.00

            	
              September
                25, 2036

            
	
              Class
                M-10

            	
              Variable(2)

            	
              $   
                 9,991,000.00

            	
              September
                25, 2036

            
	
              Class
                M-11

            	
              Variable(2)

            	
              $ 
                 12,488,000.00

            	
              September
                25, 2036

            
	
              Class
                CE Interest

            	
              Variable(3)

            	
              $ 
                 25,602,284.29

            	
              September
                25, 2036

            
	
              Class
                P Interest

            	
              N/A(4)

            	
              $               100.00

            	
              September
                25, 2036

            

    

    _______________

    (1)
         For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      regulations.

    (2) 
        Calculated
      in accordance with the definition of “Pass-Through Rate” herein.

    (3) 
        The
      Class
      CE Interest will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class CE Interest outstanding from time to time which
      shall equal the aggregate Uncertificated Balance of the REMIC I Regular
      Interests (other than REMIC I Regular Interest I-LTP). The Class CE Interest
      will not accrue interest on its Certificate Principal Balance.

    (4)  
       The
      Class
      P Interest will not accrue interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      III

    

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the Class CE Interest as a REMIC for federal income
      tax
      purposes, and such pool of assets will be designated as “REMIC III.” The Class
      R-III Interest will evidence the sole class of “residual interests” in REMIC III
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      the indicated Class of Certificates.

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                CE Certificates

            	
              Variable(2)

            	
              $ 25,602,284.29

            	
              September
                25, 2036

            

    

    _______________

    (1) 
       For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      regulations.

    (2) 
       The
      Class
      CE Certificates will receive 100% of amounts received in respect of the Class
      CE
      Interest. 

     

     

    REMIC
      IV

    

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such pool of assets will be designated as “REMIC IV.” The Class
      R-IV Interest will evidence the sole class of “residual interests” in REMIC IV
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      the indicated Classes of Certificates.

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P Certificates

            	
              Variable(2)

            	
              $100.00

            	
              September
                25, 2036

            

    

    _______________

    (1) 
       For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      regulations.

    (2) 
       The
      Class
      P Certificates will receive 100% of amounts received in respect of the Class
      P
      Interest.

     

     

    As
      of the
      Cut-off Date, the Group I Mortgage Loans had an aggregate Stated Principal
      Balance equal to $762,034,452.65 and the Group II Mortgage Loans had an
      aggregate Stated Principal Balance equal to $486,815,931.64.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Servicer, the Trust Administrator and the Trustee agree as follows:

     

     

    

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	SECTION
              1.01  	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement, including, without limitation, in the Preliminary
      Statement hereto, the following words and phrases, unless the context otherwise
      requires, shall have the meanings specified in this Article. Unless otherwise
      specified, all calculations described herein shall be made on the basis of
      a
      360-day year consisting of twelve 30-day months.

     

    “Adjustable-Rate
      Mortgage Loan”: Each of the Mortgage Loans identified on the Mortgage Loan
      Schedule as having a Mortgage Rate that is subject to adjustment.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, the first day of the
      month in which the Mortgage Rate of such Mortgage Loan changes pursuant to
      the
      related Mortgage Note. The first Adjustment Date following the Cut-off Date
      as
      to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Affiliate”:
      With respect to any specified Person, any other Person controlling or controlled
      by or under common control with such specified Person. For the purposes of
      this
      definition, “control” when used with respect to any specified Person means the
      power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise and the terms “controlling” and “controlled” have meanings correlative
      to the foregoing.

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, (x) the sum of (i) any Realized Losses allocated to
      such
      Class of Certificates on such Distribution Date and (ii) the amount of any
      Allocated Realized Loss Amount for such Class of Certificates remaining unpaid
      from the previous Distribution Date minus (y) the amount of the increase in
      the
      Certificate Principal Balance of such Class due to the receipt of Subsequent
      Recoveries as provided in Section 4.01.

     

    “Ameriquest”:
      Ameriquest Mortgage Company.

     

    “Ameriquest
      Mortgage Loans”: The Mortgage Loans serviced by Ameriquest.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form (excepting therefrom, if applicable, recording information
      which
      has not been returned by the applicable recording office), which is sufficient
      under the laws of the jurisdiction wherein the related Mortgaged Property is
      located to reflect the record of sale of the Mortgage.

     

    “Assignment
      Agreement”: The agreement among the Depositor, the Sponsor and the Originator
      regarding the transfer of the Mortgage Loans by the Sponsor to or at the
      direction of the Depositor, substantially in the form of Exhibit D annexed
      hereto.

     

    “Available
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      the excess of (i) the sum of (a) the aggregate of the Monthly Payments due
      during the Due Period relating to such Distribution Date and received by the
      Servicer (or by a Sub-Servicer on its behalf) on or prior to the related
      Determination Date, after deduction of the Servicing Fee and the Credit Risk
      Manager Fee for such Distribution Date, (b) Liquidation Proceeds, Insurance
      Proceeds, Principal Prepayments, proceeds from repurchases of and substitutions
      for Mortgage Loans, Subsequent Recoveries and other unscheduled payments of
      principal and interest in respect of the Mortgage Loans or REO Properties
      received by the Servicer during the related Prepayment Period (exclusive of
      any
      Prepayment Interest Excess), (c) the aggregate of any amounts on deposit in
      the
      Distribution Account representing Compensating Interest Payments paid by the
      Servicer in respect of Prepayment Interest Shortfalls relating to Principal
      Prepayments that occurred during the related Prepayment Period, (d) the
      aggregate of any P&I Advances made by the Servicer for such Distribution
      Date and (e) Prepayment Charges received and Servicer Prepayment Charge Payment
      Amounts paid in respect of Mortgage Loans with respect to which a Principal
      Prepayment occurred during the related Prepayment Period and any amounts
      received from the Sponsor as contemplated in Section 2.03(b) in respect of
      any
      Principal Prepayment that occurred during or prior to the related Prepayment
      Period over (ii) the sum of (a) amounts reimbursable to the Servicer, the
      Trustee, the Trust Administrator or a Custodian pursuant to Section 6.03 or
      Section 8.05 or otherwise payable in respect of Extraordinary Trust Fund
      Expenses, (b) amounts in respect of the items set forth in clauses (i)(a)
      through (i)(d) above deposited in the Collection Account or the Distribution
      Account in respect of the items set forth in clauses (i)(a) through (i)(d)
      above
      in error, (c) without duplication, any amounts in respect of the items set
      forth
      in clauses (i)(a) and (i)(b) permitted hereunder to be retained by the Servicer
      or to be withdrawn by the Servicer from the related Collection Account pursuant
      to Section 3.18.

     

    “Balloon
      Mortgage Loan”: A fixed-rate Mortgage Loan that provides for the payment of the
      unamortized Stated Principal Balance of such Mortgage Loan in a single payment
      at the maturity of such fixed-rate Mortgage Loan that is substantially greater
      than the preceding monthly payment.

     

    “Balloon
      Payment”: A payment of the unamortized Stated Principal Balance of a fixed-rate
      Mortgage Loan in a single payment at the maturity of such fixed-rate Mortgage
      Loan that is substantially greater than the preceding Monthly
      Payment.

     

    “Bankruptcy
      Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
      as amended.

     

    “Bankruptcy
      Loss”: With respect to any Mortgage Loan, a Realized Loss resulting from a
      Deficient Valuation or Debt Service Reduction.

     

    “Book-Entry
      Certificate”: Any Certificate registered in the name of the Depository or its
      nominee. Initially, the Book-Entry Certificates will be the Class A Certificates
      and the Mezzanine Certificates.

     

    “Book-Entry
      Custodian”: The custodian appointed pursuant to Section 5.01.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings and loan institutions in the State of New York, the State of California,
      or in the city in which the Corporate Trust Office of the Trustee or the
      Corporate Trust Office of the Trust Administrator is located, are authorized
      or
      obligated by law or executive order to be closed.

     

    “Cap
      Account”: The account or accounts created and maintained pursuant to Section
      4.08. The Cap Account must be an Eligible Account.

     

    “Cap
      Administration Agreement”: As defined in Section 4.01.

     

    “Cap
      Administrator”: Citibank, N.A.

     

    “Cap
      Contract”: The cap contract between the Cap Trustee on behalf of the Cap Trust
      and the Cap Provider in the form attached hereto as Exhibit I.

     

    “Cap
      Provider”: Bear Stearns Financial Products Inc.

     

    “Cap
      Trust”: As defined in Section 4.08.

     

    “Cap
      Trustee”: Citibank, N.A.

     

    “Cash-out
      Refinancing”: A Refinanced Mortgage Loan the proceeds of which were in excess of
      the principal balance of any existing first mortgage on the related Mortgaged
      Property and related closing costs, and were used to pay any such existing
      first
      mortgage, related closing costs and subordinate mortgages on the related
      Mortgaged Property.

     

    “Certificate”:
      Any one of the Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed
      Pass-Through Certificates, Series 2006-AMC1, issued under this
      Agreement.

     

    “Certificate
      Factor”: With respect to any Class of Certificates as of any Distribution Date,
      a fraction, expressed as a decimal carried to six places, the numerator of
      which
      is the aggregate Certificate Principal Balance (or the Notional Amount, in
      the
      case of the Class CE Certificates) of such Class of Certificates on such
      Distribution Date (after giving effect to any distributions of principal and
      allocations of Realized Losses and Extraordinary Trust Fund Expenses in
      reduction of the Certificate Principal Balance (or the Notional Amount, in
      the
      case of the Class CE Certificates) of such Class of Certificates to be made
      on
      such Distribution Date), and the denominator of which is the initial aggregate
      Certificate Principal Balance (or the Notional Amount, in the case of the Class
      CE Certificates) of such Class of Certificates as of the Closing
      Date.

     

    “Certificate
      Margin”: With respect to the Floating Rate Certificates and for purposes of the
      Marker Rate and the Maximum I-LTZZ Uncertificated Interest Deferral Amount,
      the
      specified REMIC I Regular Interest as follows:

     

    
      	
              Class

            	
              REMIC
                I Regular Interest

            	
              Certificate
                Margin

            
	 	 	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              I-LTA1

            	
              0.145

            	
              0.290

            
	
              A-2A

            	
              I-LTA2A

            	
              0.060

            	
              0.120

            
	
              A-2B

            	
              I-LTA2B

            	
              0.160

            	
              0.320

            
	
              A-2C

            	
              I-LTA2C

            	
              0.260

            	
              0.520

            
	
              M-1

            	
              I-LTM1

            	
              0.290

            	
              0.435

            
	
              M-2

            	
              I-LTM1

            	
              0.310

            	
              0.465

            
	
              M-3

            	
              I-LTM3

            	
              0.340

            	
              0.510

            
	
              M-4

            	
              I-LTM4

            	
              0.400

            	
              0.600

            
	
              M-5

            	
              I-LTM5

            	
              0.450

            	
              0.675

            
	
              M-6

            	
              I-LTM6

            	
              0.550

            	
              0.825

            
	
              M-7

            	
              I-LTM7

            	
              0.820

            	
              1.230

            
	
              M-8

            	
              I-LTM8

            	
              1.050

            	
              1.575

            
	
              M-9

            	
              I-LTM9

            	
              2.150

            	
              3.225

            
	
              M-10

            	
              I-LTM10

            	
              2.500

            	
              3.750

            
	
              M-11

            	
              I-LTM11

            	
              2.500

            	
              3.750

            

    

    __________

    (1) For
      each
      Interest Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Interest Accrual Period.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or a Non-United
      States Person shall not be a Holder of a Residual Certificate for any purposes
      hereof and, solely for the purposes of giving any consent pursuant to this
      Agreement, any Certificate registered in the name of the Depositor or a Servicer
      or any Affiliate thereof shall be deemed not to be outstanding and the Voting
      Rights to which it is entitled shall not be taken into account in determining
      whether the requisite percentage of Voting Rights necessary to effect any such
      consent has been obtained, except as otherwise provided in Section 11.01. The
      Trustee and the Trust Administrator may conclusively rely upon a certificate
      of
      the Depositor or a Servicer in determining whether a Certificate is held by
      an
      Affiliate thereof. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise
      such rights through the Depository and participating members thereof, except
      as
      otherwise specified herein; provided, however, that the Trustee and the Trust
      Administrator shall be required to recognize as a “Holder” or
“Certificateholder” only the Person in whose name a Certificate is registered in
      the Certificate Register.

     

    “Certificate
      Owner”: With respect to a Book-Entry Certificate, the Person who is the
      beneficial owner of such Certificate as reflected on the books of the Depository
      or on the books of a Depository Participant or on the books of an indirect
      participating brokerage firm for which a Depository Participant acts as
      agent.

     

    “Certificate
      Principal Balance”: With respect to each Class A Certificate, Mezzanine
      Certificate or Class P Certificate as of any date of determination, the
      Certificate Principal Balance of such Certificate on the Distribution Date
      immediately prior to such date of determination plus any Subsequent Recoveries
      added to the Certificate Principal Balance of such Certificate pursuant to
      Section 4.01, minus all distributions allocable to principal made thereon and,
      in the case of the Mezzanine Certificates, Realized Losses allocated thereto
      on
      such immediately prior Distribution Date (or, in the case of any date of
      determination up to and including the first Distribution Date, the initial
      Certificate Principal Balance of such Certificate, as stated on the face
      thereof). With respect to the Class CE Certificates as of any date of
      determination, an amount equal to the Percentage Interest evidenced by such
      Certificate times the excess, if any, of (A) the then aggregate Uncertificated
      Balance of the REMIC I Regular Interests over (B) the then aggregate Certificate
      Principal Balance of the Class A Certificates, the Mezzanine Certificates and
      the Class P Certificates then outstanding.

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained pursuant to
      Section 5.02. Citibank, N.A. will act as Certificate Registrar, for so long
      as
      it is Trust Administrator under this Agreement.

     

    “Citibank”:
      Citibank, N.A. 

     

    “Class”:
      Collectively, all of the Certificates bearing the same class
      designation.

     

    “Class
      A-1 Certificates”: Any one of the Class A-1 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-1 and evidencing a Regular Interest in REMIC II for purposes
      of the REMIC Provisions.

     

    “Class
      A-2A Certificates”: Any one of the Class A-2A Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC
      II
      for purposes of the REMIC Provisions.

     

    “Class
      A-2B Certificates”: Any one of the Class A-2B Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-3 and evidencing a Regular Interest in REMIC
      II
      for purposes of the REMIC Provisions.

     

    “Class
      A-2C Certificates”: Any one of the Class A-2C Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC
      II
      for purposes of the REMIC Provisions.

     

    “Class
      A
      Certificates”: Collectively, the Class A-1 Certificates, the Class A-2A
      Certificates, the Class A-2B Certificates, the Class A-2C Certificates and
      the
      Class A-2D Certificates.

     

    “Class
      CE
      Certificate”: Any one of the Class CE Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-16 and evidencing a Regular Interest in REMIC III for purposes
      of
      the REMIC Provisions.

     

    “Class
      CE
      Interest”: An uncertificated interest in the Trust Fund held by the Trust
      Administrator on behalf of the Holders of the Class CE Certificates, evidencing
      a Regular Interest in REMIC II for purposes of the REMIC
      Provisions.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-5 and evidencing a Regular Interest in REMIC II for purposes
      of the REMIC Provisions.

     

    “Class
      M-1 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date) and (ii) the Certificate Principal Balance of the Class
      M-1 Certificates immediately prior to such Distribution Date over (y) the lesser
      of (A) the product of (i) approximately 65.10% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-6 and evidencing a Regular Interest in REMIC II for purposes
      of the REMIC Provisions.

     

    “Class
      M-2 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date) and (iii) the Certificate Principal Balance of the Class
      M-2
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 73.40% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-7 and evidencing a Regular Interest in REMIC II for purposes
      of the REMIC Provisions.

     

    “Class
      M-3 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 76.80% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-8 and evidencing a Regular Interest in REMIC II for purposes
      of the REMIC Provisions.

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date) and (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 79.60% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-9 and evidencing a Regular Interest in REMIC II for purposes
      of the REMIC Provisions.

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date) and (vi) the Certificate Principal Balance of the Class
      M-5
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 83.20% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-10 and evidencing a Regular Interest in REMIC II for
      purposes of the REMIC Provisions.

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distributions of the Senior Principal Distribution Amount
      on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-5 Principal Distribution Amount on
      such
      Distribution Date) and (vii) the Certificate Principal Balance of the Class
      M-6
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 85.50% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-11 and evidencing a Regular Interest in REMIC II for
      purposes of the REMIC Provisions.

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-5 Principal Distribution Amount on
      such
      Distribution Date), (vii) the Certificate Principal Balance of the Class M-6
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-6 Principal Distribution Amount on
      such
      Distribution Date) and (viii) the Certificate Principal Balance of the Class
      M-7
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 88.20% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-12 and evidencing a Regular Interest in REMIC II for
      purposes of the REMIC Provisions.

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-5 Principal Distribution Amount on
      such
      Distribution Date), (vii) the Certificate Principal Balance of the Class M-6
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-6 Principal Distribution Amount on
      such
      Distribution Date), (viii) the Certificate Principal Balance of the Class M-7
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-7 Principal Distribution Amount on
      such
      Distribution Date) and (viii) the Certificate Principal Balance of the Class
      M-8
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 89.70% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-13 and evidencing a Regular Interest in REMIC II for
      purposes of the REMIC Provisions.

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-5 Principal Distribution Amount on
      such
      Distribution Date), (vii) the Certificate Principal Balance of the Class M-6
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-6 Principal Distribution Amount on
      such
      Distribution Date), (viii) the Certificate Principal Balance of the Class M-7
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-7 Principal Distribution Amount on
      such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-8 Principal Distribution Amount on
      such
      Distribution Date) and (x) the Certificate Principal Balance of the Class M-9
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 92.30% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-14 and evidencing a Regular Interest in REMIC
      II for purposes of the REMIC Provisions.

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-5 Principal Distribution Amount on
      such
      Distribution Date), (vii) the Certificate Principal Balance of the Class M-6
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-6 Principal Distribution Amount on
      such
      Distribution Date), (viii) the Certificate Principal Balance of the Class M-7
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-7 Principal Distribution Amount on
      such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-8 Principal Distribution Amount on
      such
      Distribution Date), (x) the Certificate Principal Balance of the Class M-9
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-9 Principal Distribution Amount on
      such
      Distribution Date) and (xi) the Certificate Principal Balance of the Class
      M-10
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 93.90% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-11 Certificate”: Any one of the Class M-11 Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-15 and evidencing a Regular Interest in REMIC
      II for purposes of the REMIC Provisions.

     

    “Class
      M-11 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates immediately prior to such Distribution Date (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-1 Principal Distribution Amount on
      such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-2
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-3 Principal Distribution Amount on
      such
      Distribution Date), (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-5 Principal Distribution Amount on
      such
      Distribution Date), (vii) the Certificate Principal Balance of the Class M-6
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-6 Principal Distribution Amount on
      such
      Distribution Date), (viii) the Certificate Principal Balance of the Class M-7
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-7 Principal Distribution Amount on
      such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-8 Principal Distribution Amount on
      such
      Distribution Date), (x) the Certificate Principal Balance of the Class M-9
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-9 Principal Distribution Amount on
      such
      Distribution Date), (xi) the Certificate Principal Balance of the Class M-10
      Certificates immediately prior to such Distribution Date (after taking into
      account the distribution of the Class M-10 Principal Distribution Amount on
      such
      Distribution Date) and (xii) the Certificate Principal Balance of the Class
      M-11
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 95.90% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) over 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-17 and evidencing a Regular Interest in REMIC IV for purposes
      of
      the REMIC Provisions.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trust
      Administrator on behalf of the Holders of the Class P Certificates, evidencing
      a
      Regular Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: Any one of the Class R Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-18 and evidencing the ownership of the Class R-I Interest and
      the
      Class R-II Interest.

     

    “Class
      R-X Certificate”: Any one of the Class R-X Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-19 and evidencing the ownership of the Class R-III Interest
      and the Class R-IV Interest.

     

    “Class
      R-I Interest”: The uncertificated Residual Interest in REMIC I.

     

    “Class
      R-II Interest”: The uncertificated Residual Interest in REMIC II.

     

    “Class
      R-III Interest”: The uncertificated Residual Interest in REMIC III.

     

    “Class
      R-IV Interest”: The uncertificated Residual Interest in REMIC IV.

     

    “Closing
      Date”: September 28, 2006.

     

    “Code”:
      The Internal Revenue Code of 1986, as amended.

     

    “Collection
      Account”: The account or accounts created and maintained, or caused to be
      created and maintained, by the Servicer pursuant to Section 3.10(a), which
      shall
      be entitled “Ameriquest Mortgage Company, as a Servicer for U.S. Bank National
      Association, as Trustee, in trust for the registered holders of Citigroup
      Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-Through Certificates, Series
      2006-AMC1, Mortgage Pass-Through Certificates.” Each Collection Account must be
      an Eligible Account.

     

    “Commission”:
      The Securities and Exchange Commission.

     

    “Compensating
      Interest Payment”: With respect to any Distribution Date and the Mortgage Loans
      for which a Principal Prepayment in full or in part was received during the
      related Prepayment Period, an amount equal to the lesser of (A) the aggregate
      of
      the Prepayment Interest Shortfalls for the related Distribution Date and (B)
      one-half of the aggregate Servicing Fee to be paid to or retained by the
      Servicer for such Distribution Date.

     

    “Corresponding
      Certificate”: With respect to each REMIC I Regular Interest, the Class of
      Regular Certificates listed below:

     

    
      	
              REMIC
                I Regular Interest

            	
              Class

            
	
              I-LTA1

            	
              Class
                A-1

            
	
              I-LTA2A

            	
              Class
                A-2A

            
	
              I-LTA2B

            	
              Class
                A-2B

            
	
              I-LTA2C

            	
              Class
                A-2C

            
	
              I-LTM1

            	
              Class
                M-1

            
	
              I-LTM2

            	
              Class
                M-2

            
	
              I-LTM3

            	
              Class
                M-3

            
	
              I-LTM4

            	
              Class
                M-4

            
	
              I-LTM5

            	
              Class
                M-5

            
	
              I-LTM6

            	
              Class
                M-6

            
	
              I-LTM7

            	
              Class
                M-7

            
	
              I-LTM8

            	
              Class
                M-8

            
	
              I-LTM9

            	
              Class
                M-9

            
	
              I-LTM10

            	
              Class
                M-10

            
	
              I-LTM11

            	
              Class
                M-11

            
	
              I-LTP

            	
              Class
                P

            

    

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee or the Trust
      Administrator at which at any particular time its corporate trust business
      in
      connection with this Agreement shall be administered, which office, with respect
      to the Trust Administrator, at the date of the execution of this instrument
      is
      located at 388 Greenwich, 14th
      Floor,
      New York New York 10013, or such other address as the Trust Administrator may
      designate from time to time by notice to the Certificateholders, the Depositor,
      the Servicer and the Trustee and, with respect to the Trustee, at the date
      of
      the execution of this instrument is located at One Federal Street, Boston,
      Massachusetts 02110, Attention: Structured Finance/CMLTI 2006-AMC1, or such
      other address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Servicer and the Trust
      Administrator.

     

    “Credit
      Risk Manager”: Pentalpha Surviellance LLC, and its successors and
      assigns.

     

    “Credit
      Risk Management Agreement”: The agreement among the Credit Risk Manager, the
      Servicer and the Sponsor regarding the loss mitigation and advisory services
      to
      be provided by the Credit Risk Manager. 

     

    “Credit
      Risk Manager Fee”: With respect to any Distribution Date, an amount equal to the
      Credit Risk Manager Fee Rate accrued for one month on the aggregate Stated
      Principal Balance of the Mortgage Loans as of the first day of the related
      Due
      Period.

     

    “Credit
      Risk Manager Fee Rate”: 0.0165% per annum, provided, however, the aggregate fee
      paid to the Credit Risk Manager shall not be less than $2,500 on any
      Distribution Date. 

     

    “Custodian”:
      A document custodian appointed by the Trustee to perform (or in the case of
      the
      related initial Custodian otherwise engaged to perform) custodial duties with
      respect to the Mortgage Files. The initial Custodian is Citibank West, FSB.
      A
      Custodian may be the Trustee, any Affiliate of the Trustee or an independent
      entity.

     

    “Custodial
      Agreement”: An agreement pursuant to which a Custodian performs custodial duties
      with respect to the Mortgage Files. With respect to the related initial
      Custodian, the applicable agreement pursuant to which the related initial
      Custodian performs its custodial duties with respect to the Mortgage
      Files.

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, September 1, 2006. With
      respect to all Qualified Substitute Mortgage Loans, their respective dates
      of
      substitution. References herein to the “Cut-off Date,” when used with respect to
      more than one Mortgage Loan, shall be to the respective Cut-off Dates for such
      Mortgage Loans.

     

    “DBRS”:
      Dominion Bond Ratings Service, or its successor in interest.

     

    “Debt
      Service Reduction”: With respect to any Mortgage Loan, a reduction in the
      scheduled Monthly Payment for such Mortgage Loan by a court of competent
      jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
      resulting from a Deficient Valuation.

     

    “Deficient
      Valuation”: With respect to any Mortgage Loan, a valuation of the related
      Mortgaged Property by a court of competent jurisdiction in an amount less than
      the then outstanding Stated Principal Balance of the Mortgage Loan, which
      valuation results from a proceeding initiated under the Bankruptcy
      Code.

     

    “Definitive
      Certificates”: As defined in Section 5.01(b).

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced by a Qualified
      Substitute Mortgage Loan.

     

    “Delinquency
      Percentage”: As of the last day of the related Due Period, the percentage
      equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans that, as of the last day of the previous
      calendar month, are 60 or more days delinquent, are in foreclosure, have been
      converted to REO Properties or in bankruptcy (and delinquent 60 days or more),
      and the denominator of which is the aggregate Stated Principal Balance of the
      Mortgage Loans and REO Properties as of the last day of the previous calendar
      month.

     

    “Depositor”:
      Citigroup Mortgage Loan Trust Inc., a Delaware corporation, or its successor
      in
      interest.

     

    “Depository”:
      The Depository Trust Company, or any successor Depository hereafter named.
      The
      nominee of the initial Depository, for purposes of registering those
      Certificates that are to be Book-Entry Certificates, is CEDE & Co. The
      Depository shall at all times be a “clearing corporation” as defined in Section
      8-102(3) of the Uniform Commercial Code of the State of New York and a “clearing
      agency” registered pursuant to the provisions of Section 17A of the Securities
      Exchange Act of 1934, as amended.

     

    “Depository
      Institution”: Any depository institution or trust company, including the Trustee
      and the Trust Administrator, that (a) is incorporated under the laws of the
      United States of America or any State thereof, (b) is subject to supervision
      and
      examination by federal or state banking authorities and (c) has, or is a
      subsidiary of a holding company that has, an outstanding unsecured commercial
      paper or other short-term unsecured debt obligations that are rated in the
      highest rating category (P-1 by Moody’s, F-1 by Fitch and A-1 by S&P) by the
      Rating Agencies (or a comparable rating if S&P, Moody’s and Fitch are not
      the Rating Agencies).

     

    “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 each Distribution Date, the 10th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      10th
      day is
      not a Business Day, the Business Day immediately preceding such 10th
      day.

     

    “Directly
      Operate”: With respect to any REO Property, the furnishing or rendering of
      services to the tenants thereof, the management or operation of such REO
      Property, the holding of such REO Property primarily for sale to customers,
      the
      performance of any construction work thereon or any use of such REO Property
      in
      a trade or business conducted by REMIC I, other than through an Independent
      Contractor; provided, however, that the Trustee (or a Servicer on behalf of
      the
      Trustee) shall not be considered to Directly Operate an REO Property solely
      because the Trustee (or a Servicer on behalf of the Trustee) establishes rental
      terms, chooses tenants, enters into or renews leases, deals with taxes and
      insurance, or makes decisions as to repairs or capital expenditures with respect
      to such REO Property.

     

    “Disqualified
      Organization”: Any of the following: (i) the United States, any State or
      political subdivision thereof, any possession of the United States, or any
      agency or instrumentality of any of the foregoing (other than an instrumentality
      which is a corporation if all of its activities are subject to tax and, except
      for Freddie Mac, a majority of its board of directors is not selected by such
      governmental unit), (ii) any foreign government, any international organization,
      or any agency or instrumentality of any of the foregoing, (iii) any organization
      (other than certain farmers’ cooperatives described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code (including the
      tax
      imposed by Section 511 of the Code on unrelated business taxable income), (iv)
      rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
      of
      the Code, (v) an “electing large partnership” within the meaning of Section 775
      of the Code and (vi) any other Person so designated by the Trustee or Trust
      Administrator based upon an Opinion of Counsel that the holding of an Ownership
      Interest in a Residual Certificate by such Person may cause any REMIC or any
      Person having an Ownership Interest in any Class of Certificates (other than
      such Person) to incur a liability for any federal tax imposed under the Code
      that would not otherwise be imposed but for the Transfer of an Ownership
      Interest in a Residual Certificate to such Person. The terms “United States,”
“State” and “international organization” shall have the meanings set forth in
      Section 7701 of the Code or successor provisions.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trust
      Administrator pursuant to Section 3.10(b) which shall be entitled “Citibank,
      N.A., as Trust Administrator for U.S. Bank National Association as Trustee,
      in
      trust for the registered holders of Citigroup Mortgage Loan Trust 2006-AMC1,
      Asset-Backed Pass-Through Certificates, Series 2006-AMC1.” The Distribution
      Account must be an Eligible Account.

     

    “Distribution
      Date”: The 25th day of any month, or if such 25th day is not a Business Day, the
      Business Day immediately following such 25th day, commencing in October
      2006.

     

    “DOL”:
      The United States Department of Labor or any successor in interest.

     

    “DOL
      Regulations”: The regulations promulgated by the DOL at 29
      C.F.R.ss.2510.3-101.

     

    “Due
      Date”: With respect to each Distribution Date, the first day of the calendar
      month in which such Distribution Date occurs, which is the day of the month
      on
      which the Monthly Payment is due on a Mortgage Loan, exclusive of any days
      of
      grace.

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a Depository
      Institution, (ii) an account or accounts the deposits in which are fully insured
      by the FDIC, (iii) a trust account or accounts maintained with the corporate
      trust department of a federal or state chartered depository institution or
      trust
      company acting in its fiduciary capacity or (iv) an account otherwise acceptable
      to each Rating Agency without reduction or withdrawal of their then current
      ratings of the Certificates as evidenced by a letter from each Rating Agency
      to
      the Trustee and Trust Administrator. Eligible Accounts may bear
      interest.

     

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

     

    “Estate
      in Real Property”: A fee simple estate in a parcel of land.

     

    “Excess
      Overcollateralized Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and any Distribution Date, the excess, if any, of (i)
      the
      Overcollateralized Amount for such Distribution Date (calculated for this
      purpose only after assuming that 100% of the Principal Remittance Amount on
      such
      Distribution Date has been distributed) over (ii) the Overcollateralization
      Target Amount for such Distribution Date.

     

    “Exchange
      Act”: The Securities Exchange Act of 1934, as amended.

     

    “Expense
      Adjusted Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the
      related REO Property) as of any date of determination, a per annum rate of
      interest equal to the then applicable Maximum Mortgage Rate (or Mortgage Rate,
      in the case of any fixed-rate Mortgage Loan) for such Mortgage Loan minus the
      sum of the (i) the Servicing Fee Rate and (ii) the Credit Risk Manager Fee
      Rate.

     

    “Expense
      Adjusted Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property) as of any date of determination, a per annum rate of interest equal
      to
      the then applicable Mortgage Rate for such Mortgage Loan minus the sum of the
      (i) the Servicing Fee Rate and (ii) the Credit Risk Manager Fee
      Rate.

     

    “Extraordinary
      Trust Fund Expenses”: Any amounts reimbursable to the Servicer or the Depositor
      pursuant to Section 6.03, any amounts payable from the Distribution Account
      in
      respect of taxes pursuant to Section 10.01(g)(iii), any amounts reimbursable
      to
      the Trustee, the Trust Administrator or a Custodian from the Trust Fund pursuant
      to Section 2.01 or Section 8.05 and any other costs, expenses, liabilities
      and
      losses borne by the Trust Fund (exclusive of any cost, expense, liability or
      loss that is specific to a particular Mortgage Loan or REO Property and is
      taken
      into account in calculating a Realized Loss in respect thereof) for which the
      Trust Fund has not and, in the reasonable good faith judgment of the Trust
      Administrator, shall not, obtain reimbursement or indemnification from any
      other
      Person.

     

    “Fannie
      Mae”: Fannie Mae, formerly known as the Federal National Mortgage Association,
      or any successor thereto.

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor thereto.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the
      Originator, the Sponsor, the Depositor or a Servicer pursuant to or as
      contemplated by Section 2.03 or Section 9.01), a determination made by the
      Servicer that all Liquidation Proceeds have been recovered. The Servicer shall
      maintain records of each Final Recovery Determination made thereby.

     

    “Fitch”:
      Fitch Ratings, or its successor in interest.

     

    “Floating
      Rate Certificates”: The Class A Certificates and the Mezzanine
      Certificates.

     

    “Formula
      Rate”: With
      respect to any Distribution Date and each Class of Floating Rate Certificates,
      the lesser of (i) One-Month LIBOR plus the related Certificate Margin and (ii)
      the related Maximum Cap Rate.

     

    “Freddie
      Mac”: Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation,
      or any successor thereto.

     

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

     

    “Group
      I
      Allocation Percentage”: With respect to the Group I Certificates and any
      Distribution Date, the percentage equivalent of a fraction, the numerator of
      which is (x) the Group I Principal Remittance Amount for such Distribution
      Date
      and the denominator of which is (y) the Principal Remittance Amount for such
      Distribution Date.

     

    “Group
      I
      Certificates”: The Class A-1 Certificates.

     

    “Group
      I
      Interest Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount for the related Distribution Date that represents
      interest received or advanced on the Group I Mortgage Loans and Compensating
      Interest Payments on the Group I Mortgage Loans (net of Servicing Fees and
      Credit Risk Manager Fees).

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I. All Group I Mortgage
      Loans have a principal balance at origination that conforms to Freddie Mac
      loan
      limits.

     

    “Group
      I
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the principal portion of each Monthly Payment due on the Group I Mortgage
      Loans during the related Due Period, whether or not received on or prior to
      the
      related Determination Date; (ii) the Stated Principal Balance of any Group
      I
      Mortgage Loan that was purchased during the related Prepayment Period pursuant
      to or as contemplated by Section 2.03 or Section 9.01 and the amount of any
      shortfall deposited in the Collection Account in connection with the
      substitution of a Deleted Mortgage Loan pursuant to Section 2.03 during the
      related Prepayment Period; (iii) the principal portion of all other unscheduled
      collections (including, without limitation, Principal Prepayments, Insurance
      Proceeds, Liquidation Proceeds, Subsequent Recoveries and REO Principal
      Amortization) received on the Group I Mortgage Loans during the related
      Prepayment Period, net of any portion thereof that represents a recovery of
      principal for which an Advance was made by the Servicer pursuant to Section
      4.03
      in respect of a preceding Distribution Date and (iv) the Group I Allocation
      Percentage of any Overcollateralization Increase Amount for such Distribution
      Date minus (v) the Group I Allocation Percentage of any Overcollateralization
      Reduction Amount for such Distribution Date. In no event will the Principal
      Distribution Amount with respect to any Distribution Date be (x) less than
      zero
      or (y) greater than the then outstanding aggregate Certificate Principal Balance
      of the Floating Rate Certificates.

     

    “Group
      I
      Principal Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount equal to the sum of the amounts set forth in
      (i)
      through (iii) of the definition of Group I Principal Distribution
      Amount.

     

    “Group
      I
      Senior Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the aggregate Certificate Principal Balance of the Group
      I
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 58.10% and (ii) the aggregate Stated
      Principal Balance of the Group I Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the excess, if any, of the aggregate Stated Principal Balance
      of
      the Group I Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) over 0.50% of the
      aggregate Stated Principal Balance of the Group I Mortgage Loans as of the
      Cut-off Date.

     

    “Group
      II
      Allocation Percentage”: With respect to the Group II Certificates and any
      Distribution Date, the percentage equivalent of a fraction, the numerator of
      which is (x) the Group II Principal Remittance Amount for such Distribution
      Date
      and the denominator of which is (y) the Principal Remittance Amount for such
      Distribution Date.

     

    “Group
      II
      Certificates”: The Class A-2A, Class A-2B and Class A-2C Certificates.

     

    “Group
      II
      Interest Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount for the related Distribution Date that represents
      interest received or advanced on the Group II Mortgage Loans and Compensating
      Interest Payments on the Group II Mortgage Loans (net of Servicing Fees and
      Credit Risk Manager Fees).

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II. All Group II Mortgage
      Loans have a principal balance at origination that may or may not conform to
      Freddie Mac loan limits.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the principal portion of each Monthly Payment due on the Group II
      Mortgage Loans during the related Due Period, whether or not received on or
      prior to the related Determination Date; (ii) the Stated Principal Balance
      of
      any Group II Mortgage Loan that was purchased during the related Prepayment
      Period pursuant to or as contemplated by Section 2.03 or Section 9.01 and the
      amount of any shortfall deposited in the Collection Account in connection with
      the substitution of a Deleted Mortgage Loan pursuant to Section 2.03 during
      the
      related Prepayment Period; (iii) the principal portion of all other unscheduled
      collections (including, without limitation, Principal Prepayments, Insurance
      Proceeds, Liquidation Proceeds, Subsequent Recoveries and REO Principal
      Amortization) received on the Group II Mortgage Loans during the related
      Prepayment Period, net of any portion thereof that represents a recovery of
      principal for which an Advance was made by the Servicer pursuant to Section
      4.03
      in respect of a preceding Distribution Date and (iv) the Group II Allocation
      Percentage of any Overcollateralization Increase Amount for such Distribution
      Date minus (v) the Group II Allocation Percentage of any Overcollateralization
      Reduction Amount for such Distribution Date. In no event will the Principal
      Distribution Amount with respect to any Distribution Date be (x) less than
      zero
      or (y) greater than the then outstanding aggregate Certificate Principal Balance
      of the Floating Rate Certificates.

     

    “Group
      II
      Principal Remittance Amount”: For any Distribution Date, that portion of the
      Available Distribution Amount equal to the sum of the amounts set forth in
      (i)
      through (iii) of the definition of Group II Principal Distribution
      Amount.

     

    “Group
      II
      Senior Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the aggregate Certificate Principal Balance of the Group
      II
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) approximately 58.10% and (ii) the aggregate Stated
      Principal Balance of the Group II Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the excess, if any, of the aggregate Stated Principal Balance
      of
      the Group II Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) over 0.50% of the
      aggregate Stated Principal Balance of the Group II Mortgage Loans as of the
      Cut-off Date.

     

    “Highest
      Priority”: As of any date of determination, the Class of Mezzanine Certificates
      then outstanding with a Certificate Principal Balance greater than zero, with
      the highest priority for payments pursuant to Section 4.01, in the following
      order: Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class CE
      Certificates, the Class P Certificates and/or the Residual Certificates (or
      any
      portion thereof).

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor, the Servicer and their respective Affiliates,
      (b) does not have any direct financial interest in or any material indirect
      financial interest in the Depositor, the Servicer or any Affiliate thereof,
      and
      (c) is not connected with the Depositor, the Servicer or any Affiliate thereof
      as an officer, employee, promoter, underwriter, trustee, partner, director
      or
      Person performing similar functions; provided, however, that a Person shall
      not
      fail to be Independent of the Depositor, the Servicer or any Affiliate thereof
      merely because such Person is the beneficial owner of 1% or less of any class
      of
      securities issued by the Depositor or the Servicer or any Affiliate thereof,
      as
      the case may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than a Servicer) that would be an
“independent contractor” with respect to any REMIC within the meaning of Section
      856(d)(3) of the Code if any REMIC were a real estate investment trust (except
      that the ownership tests set forth in that section shall be considered to be
      met
      by any Person that owns, directly or indirectly, 35% or more of any Class of
      Certificates), so long as any REMIC does not receive or derive any income from
      such Person and provided that the relationship between such Person and any
      REMIC
      is at arm’s length, all within the meaning of Treasury Regulation Section
      1.856-4(b)(5), or (ii) any other Person (including a Servicer) if the Trust
      Administrator has received an Opinion of Counsel for the benefit of the Trustee
      and the Trust Administrator to the effect that the taking of any action in
      respect of any REO Property by such Person, subject to any conditions therein
      specified, that is otherwise herein contemplated to be taken by an Independent
      Contractor will not cause such REO Property to cease to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code (determined
      without regard to the exception applicable for purposes of Section 860D(a)
      of
      the Code), or cause any income realized in respect of such REO Property to
      fail
      to qualify as Rents from Real Property.

     

    “Index”:
      With respect to each Adjustable-Rate Mortgage Loan and each related Adjustment
      Date, the index specified in the related Mortgage Note.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance policy
      covering a Mortgage Loan, to the extent such proceeds are not to be applied
      to
      the restoration of the related Mortgaged Property or released to the Mortgagor
      in accordance with the procedures that the Servicer would follow in servicing
      mortgage loans held for its own account, subject to the terms and conditions
      of
      the related Mortgage Note and Mortgage.

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and the Floating Rate
      Certificates, the period commencing on the Distribution Date of the month
      immediately preceding the month in which such Distribution Date occurs (or,
      in
      the case of the first Distribution Date, commencing on the Closing Date) and
      ending on the day preceding such Distribution Date. With respect to any
      Distribution Date and the Class CE Certificates and the REMIC Regular Interests,
      the one-month period ending on the last day of the calendar month preceding
      the
      month in which such Distribution Date occurs.

     

    “Interest
      Carry Forward Amount”: With respect to any Distribution Date and the Class A
      Certificates or the Mezzanine Certificates, the sum of (i) the amount, if any,
      by which (a) the Interest Distribution Amount for such Class of Certificates
      as
      of the immediately preceding Distribution Date exceeded (b) the actual amount
      distributed on such Class of Certificates in respect of interest on such
      immediately preceding Distribution Date, (ii) the amount of any Interest Carry
      Forward Amount for such Class of Certificates remaining unpaid from the previous
      Distribution Date and (iii) accrued interest on the sum of (i) and (ii) above
      calculated at the related Pass-Through Rate for the most recently ended Interest
      Accrual Period.

     

    “Interest
      Determination Date”: With respect to the Floating Rate Certificates and for
      purposes of the definition of Marker Rate and Maximum I-LTZZ Uncertificated
      Interest Deferral Amount, REMIC I Regular Interest I-LTA1, REMIC I Regular
      Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest
      I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2,
      REMIC
      I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
      Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest
      I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC
      I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11, and any
      Interest Accrual Period therefor, the second London Business Day preceding
      the
      commencement of such Interest Accrual Period.

     

    “Interest
      Distribution Amount”: With respect to any Floating Rate Certificate and the
      Class CE Certificates and each Distribution Date, interest accrued during the
      related Interest Accrual Period at the Pass-Through Rate for such Certificate
      for such Distribution Date on the Certificate Principal Balance, in the case
      of
      the Floating Rate Certificates, or on the Notional Amount, in the case of the
      Class CE Certificates, of such Certificate immediately prior to such
      Distribution Date. The Class P Certificates are not entitled to distributions
      in
      respect of interest and, accordingly, shall not accrue interest. All
      distributions of interest on the Floating Rate Certificates shall be calculated
      on the basis of a 360-day year and the actual number of days in the applicable
      Interest Accrual Period. All distributions of interest on the Class CE
      Certificates shall be based on a 360-day year consisting of twelve 30-day
      months. The Interest Distribution Amount with respect to each Distribution
      Date,
      as to any Floating Rate Certificate or the Class CE Certificates, shall be
      reduced by an amount equal to the portion allocable to such Certificate pursuant
      to Section 1.02 hereof of the sum of (a) the aggregate Prepayment Interest
      Shortfall, if any, for such Distribution Date to the extent not covered by
      payments pursuant to Section 3.24 and (b) the aggregate amount of any Relief
      Act
      Interest Shortfall, if any, for such Distribution Date.

     

    “Late
      Collections”: With respect to any Mortgage Loan, all amounts received subsequent
      to the Determination Date immediately following any Due Period, whether as
      late
      payments of Monthly Payments or as Insurance Proceeds, Liquidation Proceeds,
      Subsequent Recoveries or otherwise, which represent late payments or collections
      of principal and/or interest due (without regard to any acceleration of payments
      under the related Mortgage and Mortgage Note) but delinquent for such Due Period
      and not previously recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan; or (iii) such Mortgage Loan is removed from any REMIC by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03 or Section 9.01. With respect to any REO Property, either of
      the
      following events: (i) a Final Recovery Determination is made as to such REO
      Property; or (ii) such REO Property is removed from REMIC I by reason of its
      being purchased pursuant to Section 9.01.

     

    “Liquidation
      Proceeds”: The amount (including any Insurance Proceeds or amounts received in
      respect of the rental of any REO Property prior to REO Disposition) received
      by
      the Servicer in connection with (i) the taking of all or a part of a Mortgaged
      Property by exercise of the power of eminent domain or condemnation, (ii) the
      liquidation of a defaulted Mortgage Loan through a trustee’s sale, foreclosure
      sale or otherwise, or (iii) the repurchase, substitution or sale of a Mortgage
      Loan or an REO Property pursuant to or as contemplated by Section 2.03, Section
      3.23 or Section 9.01.

     

    “Loan-to-Value
      Ratio”: As of 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 and the denominator of which is the Value of the
      related Mortgaged Property.

     

    “Loan
      Group”: Loan Group I or Loan Group II, as the context requires.

     

    “Loan
      Group I”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group I.

     

    “Loan
      Group II”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group II.

     

    “London
      Business Day”: Any day on which banks in the City of London and New York are
      open and conducting transactions in United States dollars.

     

    “Marker
      Rate”: With respect to the Class CE Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the REMIC I Remittance
      Rate for REMIC
      I
      Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
      I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
      Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest
      I-LTM8, REMIC I Regular Interest I-LTM9,
      REMIC I
      Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11 and REMIC I Regular
      Interest I-LTZZ, with the rate on each such REMIC I Regular Interest (other
      than
      REMIC I Regular Interest I-LTZZ) subject to a cap equal to the lesser of (i)
      One-Month LIBOR plus the related Certificate Margin for the related
      Corresponding Certificate and (ii) the related Net WAC Pass-Through Rate for
      the
      related Corresponding Certificate for the purpose of this calculation for such
      Distribution Date and with the rate on REMIC I Regular Interest I-LTZZ subject
      to a cap of zero for the purpose of this calculation; provided, however, each
      such cap shall be multiplied by a fraction, the numerator of which is the actual
      number of days elapsed in the related Interest Accrual Period and the
      denominator of which is 30.

     

    “Master
      Agreement”: The Master Mortgage Loan Purchase and Interim Servicing Agreement
      between the Originator and the Sponsor.

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Group I Certificates,
      the sum of (A) a per annum rate equal to the product of (x) the weighted average
      of the Expense Adjusted Maximum Mortgage Rates of the Group I Mortgage Loans,
      weighted on the basis of the outstanding Stated Principal Balances of the Group
      I Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period and (B) a per annum rate equal to the product of (x) the payment made
      by
      the Cap Provider divided by the aggregate Stated Principal Balance of the
      Mortgage Loans and (y) 12.

     

    For
      any
      Distribution Date with respect to the Group II Certificates, the sum of (A)
      a
      per annum rate equal to the product of (x) the weighted average of the Expense
      Adjusted Maximum Mortgage Rates of the Group II Mortgage Loans, weighted on
      the
      basis of the outstanding Stated Principal Balances of the Group II Mortgage
      Loans as of the first day of the month preceding the month of such Distribution
      Date (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (y)
      a fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the related Interest Accrual Period and (B)
      a
      per annum rate equal to the product of (x) the payment made by the Cap Provider
      divided by the aggregate Stated Principal Balance of the Mortgage Loans and
      (y)
      12.

     

    For
      any
      Distribution Date with respect to the Mezzanine Certificates, a per annum rate
      equal to the weighted average (weighted on the basis of the results of
      subtracting from the aggregate Stated Principal Balance of the applicable Loan
      Group, the current Certificate Principal Balance of the related Class A
      Certificates) of the Maximum Cap Rate for the Group I Mortgage Loans and the
      Maximum Cap Rate for the Group II Mortgage Loans, in each case, weighted on
      the
      basis of the outstanding Stated Principal Balances of the related Mortgage
      Loans
      as of the first day of the month preceding the month of such Distribution Date
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period).

     

    “Maximum
      I-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) accrued interest at the REMIC I Remittance
      Rate applicable to REMIC I Regular Interest I-LTZZ for such Distribution Date
      on
      a balance equal to the Uncertificated Balance of REMIC I Regular Interest I-LTZZ
      minus the REMIC I Overcollateralized Amount, in each case for such Distribution
      Date, over (ii) Uncertificated Interest on REMIC I Regular Interest I-LTA1,
      REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I
      Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular
      Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest
      I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC
      I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular
      Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest
      I-LTM11 for such Distribution Date, with the rate on each such REMIC I Regular
      Interest subject to a cap equal to the lesser of (i) One-Month LIBOR plus the
      related Certificate Margin for the related Corresponding Certificate and (ii)
      the related Net WAC Pass-Through Rate for the related Corresponding Certificate;
      provided, however, each cap shall be multiplied by a fraction, the numerator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period and the denominator of which is 30.

     

    “Maximum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the maximum Mortgage Rate
      thereunder.

     

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

     

    “MERS
      System”: The system of recording transfers of Mortgages electronically
      maintained by MERS.

     

    “Mezzanine
      Certificates”: Collectively,
      the
      Class M-1 Certificates,
      the
      Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates,
      Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates,
      the Class M-8 Certificates, the Class M-9 Certificates, the Class M-10
      Certificates and the Class M-11 Certificates.

     

    “MIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS System.

     

    “Minimum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the minimum Mortgage Rate
      thereunder.

     

    “MOM
      Loan”: With respect to any Mortgage Loans registered with MERS on the MERS®
System, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee
      for the originator of such Mortgage Loan and its successors and assigns, at
      the
      origination thereof.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and/or interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Servicer
      pursuant to Section 3.07; and (c) on the assumption that all other amounts,
      if
      any, due under such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc., or its successor in interest.

     

    “Mortgage”:
      The mortgage, deed of trust or other instrument creating a first or second
      lien
      on, or first priority security interest in, a Mortgaged Property securing a
      Mortgage Note.

     

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

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
      Section 2.01 or Section 2.03(d) of this Agreement, as from time to time held
      as
      a part of REMIC I, the Mortgage Loans so held being identified in the Mortgage
      Loan Schedule.

     

    “Mortgage
      Loan Remittance Rate”: With respect to any Mortgage Loan or REO Property, as of
      any date of determination, the then applicable Mortgage Rate in respect thereof
      net of the Servicing Fee Rate.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
      on such date, separately identifying the Group I Mortgage Loans and the Group
      II
      Mortgage Loans, attached hereto as Schedule 1. The Mortgage Loan Schedule shall
      set forth the following information with respect to each Mortgage
      Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  a
      code
      indicating whether the Mortgaged Property is owner-occupied;

     

    (iii)  the
      type
      of Residential Dwelling constituting the Mortgaged Property;

     

    (iv)  the
      original months to maturity;

     

    (v)  the
      original date of the mortgage;

     

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

     

    (vii)  the
      Mortgage Rate in effect immediately following the Cut-off Date;

     

    (viii)  the
      date
      on which the first Monthly Payment was due on the Mortgage Loan;

     

    (ix)  the
      stated maturity date;

     

    (x)  the
      amount of the Monthly Payment at origination;

     

    (xi)  the
      amount of the Monthly Payment as of the Cut-off Date;

     

    (xii)  the
      last
      Due Date on which a Monthly Payment was actually applied to the unpaid Stated
      Principal Balance;

     

    (xiii)  the
      original principal amount of the Mortgage Loan;

     

    (xiv)  the
      Scheduled Principal Balance of the Mortgage Loan as of the close of business
      on
      the Cut-off Date;

     

    (xv)  a
      code
      indicating the purpose of the Mortgage Loan (i.e., purchase financing, Rate/Term
      Refinancing, Cash-Out Refinancing);

     

    (xvi)  a
      code
      indicating the documentation style (i.e., full, alternative or
      reduced);

     

    (xvii)  the
      Value
      of the Mortgaged Property;

     

    (xviii)  the
      sale
      price of the Mortgaged Property, if applicable;

     

    (xix)  the
      actual unpaid principal balance of the Mortgage Loan as of the Cut-off
      Date;

     

    (xx)  the
      Servicing Fee Rate;

     

    (xxi)  the
      term
      of the Prepayment Charge , if any;

     

    (xxii)  the
      percentage of the principal balance covered by lender paid mortgage insurance,
      if any; and

     

    (xxiii)  with
      respect to each Adjustable-Rate Mortgage Loan, the Adjustment Dates, the Gross
      Margin, the Maximum Mortgage Rate, the Minimum Mortgage Rate, the Periodic
      Rate
      Cap, the maximum first Adjustment Date Mortgage Rate adjustment, the first
      Adjustment Date immediately following the origination date and the rounding
      code
      (i.e., nearest 0.125%, next highest 0.125%).

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans by Loan Group and in the aggregate as of the Cut-off Date:
      (1) the number of Mortgage Loans; (2) the current principal balance of the
      Mortgage Loans; (3) the weighted average Mortgage Rate of the Mortgage Loans;
      (4) the weighted average maturity of the Mortgage Loans; (5) the Scheduled
      Principal Balance of the Mortgage Loans as of the close of business on the
      Cut-off Date (not taking into account any Principal Prepayments received on
      the
      Cut-off Date); and (6) the amount of the Monthly Payment as of the Cut-off
      Date.
      The Mortgage Loan Schedule shall be amended from time to time by the Depositor
      in accordance with the provisions of this Agreement. With respect to any
      Qualified Substitute Mortgage Loan, Cut-off Date shall refer to the related
      Cut-off Date for such Mortgage Loan, determined in accordance with the
      definition of Cut-off Date herein.

     

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

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Schedule 1 from time to time,
      and any REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, without regard to any reduction thereof
      as a result of a Debt Service Reduction or operation of the Relief Act, which
      rate (i) with respect to each fixed-rate Mortgage Loan shall remain constant
      at
      the rate set forth in the Mortgage Loan Schedule as the Mortgage Rate in effect
      immediately following the Cut-off Date and (ii) with respect to the
      Adjustable-Rate Mortgage Loans, (A) as of any date of determination until the
      first Adjustment Date following the Cut-off Date shall be the rate set forth
      in
      the Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
      the Cut-off Date and (B) as of any date of determination thereafter shall be
      the
      rate as adjusted on the most recent Adjustment Date equal to the sum, rounded
      as
      provided in the Mortgage Note, of the Index, as published as of a date prior
      to
      the Adjustment Date as set forth in the related Mortgage Note, plus the related
      Gross Margin; provided that the Mortgage Rate on such Adjustable-Rate Mortgage
      Loan on any Adjustment Date shall never be more than the lesser of (i) the
      sum
      of the Mortgage Rate in effect immediately prior to the Adjustment Date plus
      the
      related Periodic Rate Cap, if any, and (ii) the related Maximum Mortgage Rate,
      and shall never be less than the greater of (i) the Mortgage Rate in effect
      immediately prior to the Adjustment Date less the Periodic Rate Cap, if any,
      and
      (ii) the related Minimum Mortgage Rate. With respect to each Mortgage Loan
      that
      becomes an REO Property, as of any date of determination, the annual rate
      determined in accordance with the immediately preceding sentence as of the
      date
      such Mortgage Loan became an REO Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of an Estate in Real Property improved by a Residential
      Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Monthly Excess Cashflow”: With respect to any Distribution Date, the sum of (i)
      any Overcollateralization Reduction Amount and (ii) the excess of (x) the
      Available Distribution Amount for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Senior Interest Distribution Amounts
      distributable to the holders of the Class A Certificates and the Interest
      Distribution Amounts distributable to the holders of the Mezzanine Certificates
      and (B) the Principal Remittance Amount.

     

    “Net
      WAC
      Pass-Through Rate”: For any Distribution Date with respect to the Group I
      Certificates, a per annum rate equal to the product of (x) the weighted average
      of the Expense Adjusted Mortgage Rates of the Group I Mortgage Loans, weighted
      on the basis of the outstanding Stated Principal Balances of the Group I
      Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period. For federal income tax purposes, the economic equivalent of such rate
      shall be expressed as a per annum rate equal to the product of (x) the weighted
      average of the REMIC I Remittance Rate on REMIC I Regular Interest I-LT1GRP,
      weighted on the basis of the Uncertificated Balance of such REMIC I Regular
      Interest and (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period.

     

    For
      any
      Distribution Date with respect to the Group II Certificates, a per annum rate
      equal to the product of (x) the weighted average of the Expense Adjusted
      Mortgage Rates of the Group II Mortgage Loans, weighted on the basis of the
      outstanding Stated Principal Balances of the Group II Mortgage Loans as of
      the
      first day of the month preceding the month of such Distribution Date (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) and (y) a fraction,
      the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days elapsed in the related Interest Accrual Period. For federal income tax
      purposes, the economic equivalent of such rate shall be expressed as a per
      annum
      rate equal to the product of (x) the weighted average of the REMIC I Remittance
      Rate on REMIC I Regular Interest I-LT2GRP, weighted on the basis of the
      Uncertificated Balance of such REMIC I Regular Interest and (y) a fraction,
      the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days elapsed in the related Interest Accrual Period.

     

    For
      any
      Distribution Date with respect to the Mezzanine Certificates, a per annum rate
      equal to the weighted average (weighted on the basis of the results of
      subtracting from the aggregate Stated Principal Balance of the applicable Loan
      Group, the Certificate Principal Balance of the related Class A Certificates)
      of
      (i) the weighted average of the Net WAC Pass-Through Rate for the Group I
      Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (ii) the weighted average of the Net WAC Pass-Through Rate for
      the
      Group II Mortgage Loans as of the first day of the month preceding the month
      of
      such Distribution Date (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period). For federal income tax purposes, the economic equivalent of such rate
      shall be expressed as a per annum rate equal to the product of (x) the weighted
      average of the REMIC I Remittance Rates on (a) REMIC I Regular Interest
      I-LT1SUB, subject to a cap and a floor equal to the weighted average of the
      Expense Adjusted Mortgage Rates of the Group I Mortgage Loans and (b) REMIC
      I
      Regular Interest I-LT2SUB, subject to a cap and a floor equal to the weighted
      average of the Expense Adjusted Mortgage Rates of the Group II Mortgage Loans,
      weighted on the basis of the Uncertificated Balance of each such REMIC I Regular
      Interest and (y) a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Interest Accrual
      Period.

     

    

    “Net
      WAC
      Rate Carryover Reserve Account”: The Net WAC Rate Carryover Reserve Account
      established and maintained pursuant to Section 4.06.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to any Distribution Date and any Class of
      Floating Rate Certificates, the sum of (A) the positive excess, if any, of
      (i)
      the amount of interest that would have accrued on such Class of Certificates
      for
      such Distribution Date if the Pass-Through Rate for such Class of Certificates
      for such Distribution Date were calculated at the related Formula Rate over
      (ii)
      the amount of interest accrued on such Class of Certificates at the related
      Net
      WAC Pass-Through Rate for such Distribution Date and (B) the related Net WAC
      Rate Carryover Amount for the previous Distribution Date not previously
      distributed together with interest accrued on such unpaid amount for the most
      recently ended Interest Accrual Period at the Formula Rate for such Class of
      Certificates and such Distribution Date. 

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of REMIC I, including
      any lease renewed or extended on behalf of REMIC I, if REMIC I has the right
      to
      renegotiate the terms of such lease.

     

    “Nonrecoverable
      Advance”: Any P&I Advance or Servicing Advance previously made or proposed
      to be made in respect of a Mortgage Loan or REO Property that, in the good
      faith
      business judgment of the Servicer will not or, in the case of a proposed P&I
      Advance or Servicing Advance, would not be ultimately recoverable from related
      late payments, Insurance Proceeds or Liquidation Proceeds on such Mortgage
      Loan
      or REO Property as provided herein.

     

    “Non-United
      States Person”: Any Person other than a United States Person.

     

    “Notional
      Amount”: With
      respect to the Class CE Interest and any Distribution Date, the aggregate
      Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I
      Regular Interest I-LTP) for such Distribution Date.

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      and by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of a Servicer, the Sponsor or the Depositor, as
      applicable.

     

    “One-Month
      LIBOR”: For purposes of the Marker Rate and Maximum I-LTZZ Uncertificated
      Interest Deferral Amount, REMIC
      I
      Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
      I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
      Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest
      I-LTM8, REMIC I Regular Interest I-LTM9,
      REMIC I
      Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11, and any Interest
      Accrual Period therefor, the rate determined by the Trust Administrator on
      the
      related Interest Determination Date on the basis of the offered rate for
      one-month U.S. dollar deposits, as such rate appears on Telerate Page 3750,
      Bloomberg Page BBAM or another page of these or any other financial reporting
      service in general use in the financial services industry, as of 11:00 a.m.
      (London time) on such Interest Determination Date; provided that if such rate
      does not appear on Telerate Page 3750, the rate for such date will be determined
      on the basis of the offered rates of the Reference Banks for one-month U.S.
      dollar deposits, as of 11:00 a.m. (London time) on such Interest Determination
      Date. In such event, the Trust Administrator will request the principal London
      office of each of the Reference Banks to provide a quotation of its rate. If
      on
      such Interest Determination Date, two or more Reference Banks provide such
      offered quotations, One-Month LIBOR for the related Interest Accrual Period
      shall be the arithmetic mean of such offered quotations (rounded upwards if
      necessary to the nearest whole multiple of 1/16%). If on such Interest
      Determination Date, fewer than two Reference Banks provide such offered
      quotations, One-Month LIBOR for the related Interest Accrual Period shall be
      the
      higher of (i) LIBOR as determined on the previous Interest Determination Date
      and (ii) the Reserve Interest Rate. Notwithstanding the foregoing, if, under
      the
      priorities described above, LIBOR for an Interest Determination Date would
      be
      based on LIBOR for the previous Interest Determination Date for the third
      consecutive Interest Determination Date, the Trust Administrator, after
      consultation with the Depositor, shall select an alternative comparable index
      (over which the Trust Administrator has no control), used for determining
      one-month Eurodollar lending rates that is calculated and published (or
      otherwise made available) by an independent party.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be
      salaried counsel for the Depositor, a Servicer or the Trust Administrator
      acceptable to the Trustee, if such opinion is delivered to the Trustee, or
      reasonably acceptable to the Trust Administrator, if such opinion is delivered
      to the Trust Administrator, except that any opinion of counsel relating to
      (a)
      the qualification of any Trust REMIC as a REMIC or (b) compliance with the
      REMIC
      Provisions must be an opinion of Independent counsel.

     

    “Optional
      Termination Date”: The Determination Date on which the aggregate Stated
      Principal Balance of the Mortgage Loans and each REO Property remaining in
      the
      Trust Fund is less than 10% of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date.

     

    “Original
      Mortgage Loan”: Any Mortgage Loans included in Trust Fund as of the Closing
      Date.

     

    “Originator”:
      Ameriquest
      Mortgage Company.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the excess, if any,
      of (a) the Overcollateralization Target Amount applicable to such Distribution
      Date over (b) the Overcollateralized Amount applicable to such Distribution
      Date
      (calculated for this purpose only after assuming that 100% of the Principal
      Remittance Amount on such Distribution Date has been distributed).

     

    “Overcollateralization
      Increase Amount”: With respect to any Distribution Date, the lesser of (a) the
      sum of (i) the Net Monthly Excess Cashflow for such Distribution Date and (ii)
      any amounts received under the Cap Contract for this purpose and (b) the
      Overcollateralization Deficiency Amount for such Distribution Date (calculated
      for this purpose only after assuming that 100% of the Principal Remittance
      Amount on such Distribution Date has been distributed).

     

    “Overcollateralization
      Reduction Amount”: With respect to any Distribution Date, an amount equal to the
      lesser of (a) the Principal Remittance Amount for such Distribution Date and
      (b)
      the Excess Overcollateralized Amount.

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date, (i) prior to the Stepdown
      Date, an amount equal to 2.05% of the aggregate outstanding Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the
      Stepdown Date provided a Trigger Event is not in effect, the greater of (x)
      4.10% of the then current aggregate outstanding Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period and (y) 0.50% of
      the
      aggregate principal balance of the mortgage loans as of the Cut-off Date, or
      (iii) on or after the Stepdown Date and if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date. Notwithstanding the foregoing, on and after any Distribution Date
      following the reduction of the aggregate Certificate Principal Balance of the
      Floating Rate Certificates to zero, the Overcollateralization Target Amount
      shall be zero.

     

    “Overcollateralized
      Amount”: With respect to any Distribution Date, the excess, if any, of (a) the
      aggregate Stated Principal Balances of the Mortgage Loans and REO Properties
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) over (b) the sum of the aggregate Certificate
      Principal Balance of the Class A Certificates, the Mezzanine Certificates and
      the Class P Certificates after
      giving effect to distributions to be made on such Distribution
      Date.

     

    “Ownership
      Interest”: As to any Certificate, any ownership or security 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,
      as owner or as pledgee.

     

    “Pass-Through
      Rate”: With respect to the Floating Rate Certificates and any Distribution Date,
      the lesser of (x) the related Formula Rate for such Distribution Date and (y)
      the related Net WAC Pass-Through Rate for such Distribution Date.

     

    With
      respect to the Class CE Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC I Regular Interest I-LTP and (ii)
      interest on the Uncertificated Principal Balance of each REMIC I Regular
      Interest listed in clause (y) below at a rate equal to the related REMIC I
      Remittance Rate minus the Marker Rate and the denominator of which is (y) the
      aggregate Uncertificated Balance of REMIC I Regular Interest I-LTAA, REMIC
      I
      Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
      I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
      Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest
      I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10,
      REMIC
      I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ. 

     

    With
      respect to the Class CE Certificates, 100% of the interest distributable to
      the
      Class CE Interest, expressed as a per annum rate.

     

    “Percentage
      Interest”: With respect to any Class of Certificates (other than the Residual
      Certificates), the portion of the respective Class evidenced by such
      Certificate, expressed as a percentage, the numerator of which is the initial
      Certificate Principal Balance or Notional Amount represented by such
      Certificate, and the denominator of which is the initial aggregate Certificate
      Principal Balance or Notional Amount of all of the Certificates of such Class.
      The Class A Certificates and the Mezzanine Certificates are issuable only in
      minimum Percentage Interests corresponding to minimum initial Certificate
      Principal Balances of $25,000 and integral multiples of $1.00 in excess thereof.
      The Class P Certificates are issuable only in Percentage Interests corresponding
      to initial Certificate Principal Balances of $20 and integral multiples thereof.
      The Class CE Certificates are issuable only in minimum Percentage Interests
      corresponding to minimum initial Certificate Principal Balances of $100,000
      and
      integral multiples of $1.00 in excess thereof; provided, however, that a single
      Certificate of each such Class of Certificates may be issued having a Percentage
      Interest corresponding to the remainder of the aggregate initial Certificate
      Principal Balance or Notional Amount of such Class or to an otherwise authorized
      denomination for such Class plus such remainder. With respect to any Residual
      Certificate, the undivided percentage ownership in such Class evidenced by
      such
      Certificate, as set forth on the face of such Certificate. The Residual
      Certificates are issuable in Percentage Interests of 20% and multiples
      thereof.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued by the Depositor, a Servicer, the Trustee, the Trust Administrator or
      any
      of their respective Affiliates:

     

    (i)  direct
      obligations of, or obligations fully guaranteed as to timely payment of
      principal and interest by, the United States or any agency or instrumentality
      thereof, provided such obligations are backed by the full faith and credit
      of
      the United States;

     

    (ii)  demand
      and time deposits in, certificates of deposit of, or bankers’ acceptances (which
      shall each have an original maturity of not more than 90 days and, in the case
      of bankers’ acceptances, shall in no event have an original maturity of more
      than 365 days or a remaining maturity of more than 30 days) denominated in
      United States dollars and issued by, any Depository Institution;

     

    (iii)  repurchase
      obligations with respect to any security described in clause (i) above entered
      into with a Depository Institution (acting as principal);

     

    (iv)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any state thereof
      and that are rated by the Rating Agencies in its highest long-term unsecured
      rating category at the time of such investment or contractual commitment
      providing for such investment;

     

    (v)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by the Rating
      Agencies that rate such securities in its highest short-term unsecured debt
      rating available at the time of such investment;

     

    (vi)  units
      of
      money market funds, including money market funds affiliated with the Trustee,
      the Trust Administrator or an Affiliate of either of them, that have been rated
      “AAA” by S&P, “Aaa” by Moody’s and “AAA” by Fitch; and

     

    (vii)  if
      previously confirmed in writing to the Servicer, the Trustee and the Trust
      Administrator, any other demand, money market or time deposit, or any other
      obligation, security or investment, as may be acceptable to the Rating Agencies
      as a permitted investment of funds backing securities having ratings equivalent
      to its highest initial rating of the Class A Certificates;

     

    provided,
      however, that no instrument described hereunder shall evidence either the right
      to receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”: Any Transferee of a Residual Certificate other than a Disqualified
      Organization or Non-United States Person.

     

    “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.

     

    “P&I
      Advance”: As to any Mortgage Loan or REO Property, any advance made by a
      Servicer in respect of any Distribution Date pursuant to Section
      4.03.

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Prepayment Period, any prepayment premium, fee or
      charge payable by a Mortgagor in connection with any voluntary Principal
      Prepayment on a Mortgage Loan (and in the case of the Ameriquest Mortgage Loans,
      in connection with any Principal Prepayment in full on such a Mortgage Loan)
      pursuant to the terms of the related Mortgage Note (other than any Servicer
      Prepayment Charge Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges included in the
      Trust Fund on such date (provided by the Depositor), attached hereto as Schedule
      2 (including the prepayment charge summary attached thereto). The Prepayment
      Charge Schedule shall set forth the following information with respect to each
      Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

    (iii)  the
      date
      on which the first Monthly Payment was due on the related Mortgage
      Loan;

     

    (iv)  the
      term
      of the related Prepayment Charge;

     

    (v)  the
      original Stated Principal Balance of the related Mortgage Loan; and

     

    (vi)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period commencing on the first day of the calendar month
      in
      which the Distribution Date occurs and ending at the end of the related
      Prepayment Period, an amount equal to interest (to the extent received) at
      the
      applicable Mortgage Rate on the amount of such Principal Prepayment for the
      number of days commencing on the first day of the calendar month in which such
      Distribution Date occurs and ending on the last date through which interest
      is
      collected from the related Mortgagor. The Servicer may withdraw such Prepayment
      Interest Excess from the Collection Account.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was during the related Prepayment Period the subject of a voluntary
      Principal Prepayment occurring between the first day of the related Prepayment
      Period and the last day of the calendar month preceding the calendar month
      in
      which such Distribution Date occurs, an amount equal to interest at the
      applicable Mortgage Loan Remittance Rate on the amount of such Principal
      Prepayment for the number of days commencing on the date on which the prepayment
      is applied and ending on the last day of the calendar month preceding the
      calendar month in which such Distribution Date occurs. The obligations of the
      Servicer in respect of any Prepayment Interest Shortfall are set forth in
      Section 3.24.

     

    “Prepayment
      Period”: The Prepayment Period for any Distribution Date with respect to
      voluntary Principal Prepayments in full and Principal Prepayments in part,
      the
      period commencing on the 11th
      day of
      the month preceding the month in which such Distribution Date occurs (or in
      the
      case of the first Distribution Date, commencing on September 1, 2006) and ending
      on the 10th
      day of
      the calendar month in which such Distribution Date occurs..

     

    “Prime
      Rate”: The lesser of (i) the per annum rate of interest, publicly announced from
      time to time by Chase Manhattan Bank at its principal office in the City of
      New
      York, as its prime or base lending rate (any change in such rate of interest
      to
      be effective on the date such change is announced by Chase Manhattan Bank)
      and
      (ii) the maximum rate permissible under applicable usury or similar laws
      limiting interest rates.

     

    “Principal
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing the full amount of scheduled
      interest due on any Due Date in any month or months subsequent to the month
      of
      prepayment.

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of (i) the
      Group I Principal Remittance Amount and (ii) the Group II Principal Remittance
      Amount.

     

    “Private
      Certificates”: Any of the Class A-1, Class M-10, Class M-11, Class CE, Class P
      or Residual Certificates.

     

    “Prospectus
      Supplement”: The Prospectus Supplement, dated September 15, 2006, relating to
      the public offering of the Group II Certificates and the Mezzanine Certificates
      (other than the Class M-10 and Class M-11 Certificates).

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased by the
      Sponsor pursuant to or as contemplated by Section 2.03 or Section 9.01, and
      as
      confirmed by an Officers’ Certificate from the party purchasing the Mortgage
      Loan to the Trustee and the Trust Administrator, an amount equal to the sum
      of:
      (i) 100% of the Stated Principal Balance thereof as of the date of purchase
      (or
      such other price as provided in Section 9.01), (ii) in the case of (x) a
      Mortgage Loan, accrued interest on such Stated Principal Balance at the
      applicable Mortgage Loan Remittance Rate in effect from time to time from the
      Due Date as to which interest was last covered by a payment by the Mortgagor
      or
      an advance by a Servicer, which payment or advance had as of the date of
      purchase been distributed pursuant to Section 4.01, through the end of the
      calendar month in which the purchase is to be effected, and (y) an REO Property,
      the sum of (1) accrued interest on such Stated Principal Balance at the
      applicable Mortgage Loan Remittance Rate in effect from time to time from the
      Due Date as to which interest was last covered by a payment by the Mortgagor
      or
      an advance by the Servicer through the end of the calendar month immediately
      preceding the calendar month in which such REO Property was acquired, plus
      (2)
      REO Imputed Interest for such REO Property for each calendar month commencing
      with the calendar month in which such REO Property was acquired and ending
      with
      the calendar month in which such purchase is to be effected, minus the total
      of
      all net rental income, Insurance Proceeds, Liquidation Proceeds and P&I
      Advances that as of the date of purchase had been distributed as or to cover
      REO
      Imputed Interest pursuant to Section 4.01; (iii) any unreimbursed Servicing
      Advances and P&I Advances and any unpaid Servicing Fees allocable to such
      Mortgage Loan or REO Property; (iv) any amounts previously withdrawn from the
      Collection Account in respect of such Mortgage Loan or REO Property pursuant
      to
      Sections 3.11(a)(ix) and Section 3.16(b); and (v) in the case of a Mortgage
      Loan
      required to be purchased pursuant to Section 2.03, expenses incurred or to
      be
      incurred by the Trust Fund in respect of the breach or defect giving rise to
      the
      purchase obligation including any costs and damages incurred by the Trust Fund
      in connection with any violation of any predatory or abusive lending law with
      respect to the related Mortgage Loan. With respect to any Mortgage Loan or
      REO
      Property to be purchased by the Originator or the Sponsor pursuant to or as
      contemplated by Section 2.03 or Section 9.01, and as confirmed by an Officers’
Certificate from the Originator to the Trustee and the Trust Administrator,
      an
      amount equal to the amount set forth pursuant to the terms of the related Master
      Agreement.

     

    “Qualified
      Insurer”: Any insurer which meets the requirements of Fannie Mae and Freddie
      Mac.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan by the Sponsor pursuant to the terms of this Agreement which must, on
      the
      date of such substitution, (i) have an outstanding principal balance, after
      application of all scheduled payments of principal and interest due during
      or
      prior to the month of substitution, not in excess of the Scheduled Principal
      Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month
      during which the substitution occurs, (ii) have a Mortgage Rate not less than
      (and not more than one percentage point in excess of) the Mortgage Rate of
      the
      Deleted Mortgage Loan, (iii) be covered under a Primary Mortgage Insurance
      Policy if such Qualified Substitute Mortgage Loan has a Loan-to-Value Ratio
      in
      excess of 80% and the Deleted Mortgage Loan was covered by a Primary Mortgage
      Insurance Policy, (iv) have a remaining term to maturity not greater than (and
      not more than one year less than) that of the Deleted Mortgage Loan, (v) have
      the same Due Date as the Due Date on the Deleted Mortgage Loan, (x) have a
      Loan-to-Value Ratio as of the date of substitution equal to or lower than the
      Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, and (vi)
      conform to each representation and warranty set forth in the related Assignment
      Agreement or Mortgage Loan Purchase Agreement applicable to the Deleted Mortgage
      Loan. In the event that one or more mortgage loans are substituted for one
      or
      more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall
      be
      determined on the basis of aggregate principal balances, the Mortgage Rates
      described in clause (ii) hereof shall be determined on the basis of weighted
      average Mortgage Rates, the terms described in clause (viii) shall be determined
      on the basis of weighted average remaining terms to maturity, the Loan-to-Value
      Ratios described in clause (iv) hereof shall be satisfied as to each such
      mortgage loan and, except to the extent otherwise provided in this sentence,
      the
      representations and warranties described in clause (vi) hereof must be satisfied
      as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case
      may be. With respect to the Originator, a mortgage loan substituted for a
      Deleted Mortgage Loan pursuant to the terms of the related Master Agreement
      which must, on the date of such substitution conform to the terms set forth
      in
      the related Master Agreement.

     

    “Rate/Term
      Refinancing”: A Refinanced Mortgage Loan, the proceeds of which are not in
      excess of the existing first mortgage loan on the related Mortgaged Property
      and
      related closing costs, and were used exclusively to satisfy the then existing
      first mortgage loan of the Mortgagor on the related Mortgaged Property and
      to
      pay related closing costs.

     

    “Rating
      Agencies”: S&P, Moody’s and DBRS or their successors. If such agencies or
      their successors are no longer in existence, the “Rating Agencies” shall be such
      nationally recognized statistical rating agencies, or other comparable Persons,
      designated by the Depositor, written notice of which designation shall be given
      to the Trustee, the Trust Administrator and the Servicer.

     

    “Realized
      Loss”: With respect to each Mortgage Loan as to which a Final Recovery
      Determination has been made, an amount (not less than zero) equal to (i) the
      unpaid principal balance of such Mortgage Loan as of the commencement of the
      calendar month in which the Final Recovery Determination was made, plus (ii)
      accrued interest from the Due Date as to which interest was last paid by the
      Mortgagor through the end of the calendar month in which such Final Recovery
      Determination was made, calculated in the case of each calendar month during
      such period (A) at an annual rate equal to the annual rate at which interest
      was
      then accruing on such Mortgage Loan and (B) on a principal amount equal to
      the
      Stated Principal Balance of such Mortgage Loan as of the close of business
      on
      the Distribution Date during such calendar month, plus (iii) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan pursuant to Section 3.11(a)(ix) and Section 3.16(b), minus (iv) the
      proceeds, if any, received in respect of such Mortgage Loan prior to the date
      such Final Recovery Determination was made, net of amounts that are payable
      therefrom to the Servicer with respect to such Mortgage Loan pursuant to Section
      3.11(a)(iii).

     

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made an amount (not less than zero) equal to (i) the unpaid principal balance
      of
      the related Mortgage Loan as of the date of acquisition of such REO Property
      on
      behalf of any REMIC, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month that occurs during the Prepayment Period in
      which
      such Final Recovery Determination was made, plus (iv) any amounts previously
      withdrawn from the Collection Account in respect of the related Mortgage Loan
      pursuant to Section 3.11(a)(ix) and Section 3.16(b), minus (v) the aggregate
      of
      all Servicing Advances made by the Servicer in respect of such REO Property
      or
      the related Mortgage Loan (without duplication of amounts netted out of the
      rental income, Insurance Proceeds and Liquidation Proceeds described in clause
      (vi) below) and any unpaid Servicing Fees for which the Servicer has been or,
      in
      connection with such Final Recovery Determination, will be reimbursed pursuant
      to Section 3.11(a)(iii) or Section 3.23 out of rental income, Insurance Proceeds
      and Liquidation Proceeds received in respect of such REO Property, minus (vi)
      the total of all net rental income, Insurance Proceeds and Liquidation Proceeds
      received in respect of such REO Property that has been, or in connection with
      such Final Recovery Determination, will be transferred to the Distribution
      Account pursuant to Section 3.23.

     

    With
      respect to each Mortgage Loan which has become the subject of a Deficient
      Valuation, 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, the portion, if any, of the reduction in each affected Monthly
      Payment attributable to a reduction in the Mortgage Rate imposed by a court
      of
      competent jurisdiction. Each such Realized Loss shall be deemed to have been
      incurred on the Due Date for each affected Monthly Payment.

     

    “Record
      Date”: With respect to each Distribution Date and any Floating Rate Certificate
      so long as such Floating Rate Certificates is a Book-Entry Certificate, the
      Business Day immediately preceding such Distribution Date. With respect to
      each
      Distribution Date and any other Certificates, including any Definitive
      Certificates, the last Business Day of the month immediately preceding the
      month
      in which such Distribution Date occurs.

     

    “Refinanced
      Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
      the related Mortgaged Property.

     

    “Regular
      Certificate”: Any Class A Certificate, Mezzanine Certificate, Class CE
      Certificate or Class P Certificate.

     

    “Regular
      Interest”: A “regular interest” in a REMIC within the meaning of Section
      860G(a)(1) of the Code.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, or any state law providing for
      similar relief.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date and any Mortgage
      Loan, any reduction in the amount of interest collectible on such Mortgage
      Loan
      for the most recently ended calendar month as a result of the application of
      the
      Relief Act.

     

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

     

    “REMIC
      I”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made, consisting of: (i) such Mortgage Loans and Prepayment
      Charges related thereto as from time to time are subject to this Agreement,
      together with the Mortgage Files relating thereto, and together with all
      collections thereon and proceeds thereof; (ii) any REO Property, together with
      all collections thereon and proceeds thereof; (iii) the Trustee’s rights with
      respect to the Mortgage Loans under all insurance policies required to be
      maintained pursuant to this Agreement and any proceeds thereof; (iv) the
      Depositor’s rights under the Assignment Agreements and Mortgage Loan Purchase
      Agreement (including any security interest created thereby); and (v) the
      Collection Account (other than any amounts representing the Servicer Prepayment
      Charge Payment Amount), the Distribution Account (other than any amounts
      representing the Servicer Prepayment Charge Payment Amount) and any REO Account,
      and such assets that are deposited therein from time to time and any investments
      thereof, together with any and all income, proceeds and payments with respect
      thereto. Notwithstanding the foregoing, however, REMIC I specifically excludes
      all payments and other collections of principal and interest due on the Mortgage
      Loans on or before the Cut-off Date, all Prepayment Charges payable in
      connection with Principal Prepayments on the Mortgage Loans made before the
      Cut-off Date, the Net WAC Rate Carryover Reserve Account, the Cap Contract,
      the
      Cap Administration Agreement, the Cap Account and Servicer Prepayment Charge
      Payment Amounts.

     

    “REMIC
      I
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and REO Properties then outstanding and (ii) the REMIC I
      Remittance Rate for REMIC I Regular Interest I-LTAA minus the Marker Rate,
      divided by (b) 12.

     

    “REMIC
      I
      Marker Allocation Percentage”: 0.50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC I Regular Interest
      I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A,
      REMIC
      I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular
      Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
      I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC
      I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
      Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest
      I-LTM10 and REMIC I Regular Interest I-LTM11, REMIC I Regular Interest I-LTZZ
      and REMIC I Regular Interest I-LTP.

     

    “REMIC
      I
      Overcollateralized Amount”: With respect to any date of determination, (i) 0.50%
      of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other
      than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated
      Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A,
      REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I
      Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
      Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest
      I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC
      I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular
      Interest I-LTM10 and REMIC I Regular Interest I-LTM11, in each case as of such
      date of determination.

     

    “REMIC
      I
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction,
      the numerator of which is two times the aggregate Uncertificated Balance of
      REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I
      Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular
      Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
      I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC
      I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
      Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest
      I-LTM10, REMIC I Regular Interest I-LTM11, and the denominator of which is
      the
      aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC
      I
      Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular
      Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest
      I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC
      I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular
      Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest
      I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11
      and
      REMIC I Regular Interest I-LTZZ.

     

    “REMIC
      I
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC I issued hereunder and designated as a “regular interest” in
      REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
      REMIC I Remittance Rate in effect from time to time or shall otherwise be
      entitled to interest as set forth herein, and shall be entitled to distributions
      of principal, subject to the terms and conditions hereof, in an aggregate amount
      equal to its initial Uncertificated Balance as set forth in the Preliminary
      Statement hereto. The REMIC I Regular Interests are set forth in the Preliminary
      Statement hereto.

     

    “REMIC
      I
      Remittance Rate”: With respect to REMIC I Regular Interest I-LTAA, REMIC I
      Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular
      Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest
      I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC
      I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular
      Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest
      I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10,
      REMIC
      I Regular Interest I-LTM11, REMIC I Regular Interest I-LTZZ, REMIC I Regular
      Interest I-LT1SUB and REMIC I Regular Interest I-LT2SUB, the weighted average
      of
      the Expense Adjusted Mortgage Rates of the Mortgage Loans. With respect to
      REMIC
      I Regular Interest I-LT1GRP, the weighted average of the Expense Adjusted
      Mortgage Rates of the Group I Mortgage Loans and with respect REMIC I Regular
      Interest I-LT2GRP, the weighted average of the Expense Adjusted Mortgage Rates
      of the Group II Mortgage Loans. 

     

    “REMIC
      I
      Required Overcollateralized Amount”: 0.50% of the Overcollateralization Target
      Amount.

     

    “REMIC
      I
      Subordinated Balance Ratio”: The ratio between the Uncertificated Balances of
      each REMIC I Regular Interest ending with the designation “SUB,” equal to the
      ratio between, with respect to each such REMIC I Regular Interest, the excess
      of
      (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related
      Loan Group over (y) the current Certificate Principal Balance of Class A
      Certificates in the related Loan Group.

     

    “REMIC
      I
      Sub WAC Allocation Percentage”: 50% of any amount payable from or loss
      attributable to the Mortgage Loans, which shall be allocated to REMIC I Regular
      Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest
      I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest
      I-LTXX.

     

    “REMIC
      II”: The segregated pool of assets consisting of all of the REMIC I Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Class A
      Certificates, the Mezzanine Certificates, the Class CE Interest, the Class
      P
      Interest and the Class R-II Interest and all amounts deposited therein, with
      respect to which a separate REMIC election is to be made.

     

    “REMIC
      III”: The segregated pool of assets consisting of all of the Class CE Interest
      conveyed in trust to the Trust Administrator, for the benefit of the Class
      CE
      Certificates, and the Class R-III Interest and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      IV”: The segregated pool of assets consisting of all of the Class P Interest
      conveyed in trust to the Trust Administrator, for the benefit of the Class
      P
      Certificates, and the Class R-IV Interest and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to real estate
      mortgage investment conduits, which appear at Section 860A through 860G of
      the
      Code, and related provisions, and proposed, temporary and final regulations
      and
      published rulings, notices and announcements promulgated thereunder, as the
      foregoing may be in effect from time to time.

     

    “REMIC
      Regular Interests”: The REMIC I Regular Interests, the Class CE Interest and the
      Class P Interest.

     

    “Remittance
      Report”: A report in form and substance acceptable to the Trust Administrator
      and the Servicer in an electronic data file or tape prepared by the Servicer
      pursuant to Section 4.03 with such additions, deletions and modifications as
      agreed to by the Trust Administrator and the Servicer.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code as being included in the
      term
“rents from real property.”

     

    “REO
      Account”: The account or accounts maintained by the Servicer in respect of an
      REO Property pursuant to Section 3.23.

     

    “REO
      Disposition”: The sale or other disposition of an REO Property on behalf of any
      Trust REMIC.

     

    “REO
      Imputed Interest”: As to any REO Property, for any calendar month during which
      such REO Property was at any time part of REMIC I, one month’s interest at the
      applicable Mortgage Loan Remittance Rate on the Stated Principal Balance of
      such
      REO Property (or, in the case of the first such calendar month, of the related
      Mortgage Loan if appropriate) as of the close of business on the Distribution
      Date in such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by a Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.23.

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibit E
      attached hereto.

     

    “Residential
      Dwelling”: Any one of the following: (i) an attached or detached one- family
      dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family
      dwelling unit in a Fannie Mae eligible condominium project, or (iv) a detached
      one-family dwelling in a planned unit development, none of which is a
      co-operative, mobile or manufactured home (as defined in 42 United States Code,
      Section 5402(6)).

     

    “Residual
      Certificates”: The Class R Certificates and the Class R-X
      Certificates.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”: When used with respect to the Trust Administrator, the President, any
      vice president, any assistant vice president, the Secretary, any assistant
      secretary, the Treasurer, any assistant treasurer, any trust officer or
      assistant trust officer, the Controller and any assistant controller or any
      other officer thereof customarily performing functions similar to those
      performed by any of the above designated officers and, with respect to a
      particular matter relating to this Agreement, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject. When used with respect to the Trustee, any officer of the Trustee
      with
      direct responsibility for the administration of this Agreement and, with respect
      to a particular matter relating to this Agreement, to whom such matter is
      referred because of such officer’s knowledge of and familiarity with the
      particular subject.

     

    “S&P”
      Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies,
      Inc., or its successors in interest.

     

    “Scheduled
      Principal Balance”: With respect to any Mortgage Loan: (a) as of the Cut-off
      Date, the outstanding principal balance of such Mortgage Loan as of such date,
      net of the principal portion of all unpaid Monthly Payments, if any, due on
      or
      before such date; (b) as of any Due Date subsequent to the Cut-off Date up
      to
      and including the Due Date in the calendar month in which a Liquidation Event
      occurs with respect to such Mortgage Loan, the Scheduled Principal Balance
      of
      such Mortgage Loan as of the Cut-off Date, minus the sum of (i) the principal
      portion of each Monthly Payment due on or before such Due Date but subsequent
      to
      the Cut-off Date, whether or not received, (ii) all Principal Prepayments
      received before such Due Date but after the Cut-off Date, (iii) the principal
      portion of all Liquidation Proceeds and Insurance Proceeds received before
      such
      Due Date but after the Cut-off Date, net of any portion thereof that represents
      principal due (without regard to any acceleration of payments under the related
      Mortgage and Mortgage Note) on a Due Date occurring on or before the date on
      which such proceeds were received and (iv) any Realized Loss incurred with
      respect thereto as a result of a Deficient Valuation occurring before such
      Due
      Date, but only to the extent such Realized Loss represents a reduction in the
      portion of principal of such Mortgage Loan not yet due (without regard to any
      acceleration of payments under the related Mortgage and Mortgage Note) as of
      the
      date of such Deficient Valuation; and (c) as of any Due Date subsequent to
      the
      occurrence of a Liquidation Event with respect to such Mortgage Loan, zero.
      With
      respect to any REO Property: (a) as of any Due Date subsequent to the date
      of
      its acquisition on behalf of the Trust Fund up to and including the Due Date
      in
      the calendar month in which a Liquidation Event occurs with respect to such
      REO
      Property, an amount (not less than zero) equal to the Scheduled Principal
      Balance of the related Mortgage Loan as of the Due Date in the calendar month
      in
      which such REO Property was acquired minus the principal portion of each Monthly
      Payment that would have become due on such related Mortgage Loan after such
      REO
      Property was acquired if such Mortgage Loan had not been converted to an REO
      Property; and (b) as of any Due Date subsequent to the occurrence of a
      Liquidation Event with respect to such REO Property, zero.

     

    “Senior
      Enhancement Percentage”: For any Distribution Date, the Senior Enhancement
      Percentage is the percentage obtained by dividing (x) the aggregate Certificate
      Principal Balance of the Mezzanine Certificates and the Class CE Certificates,
      calculated after taking into account distribution of the Group I Principal
      Distribution Amount and the Group II Principal Distribution Amount to holders
      of
      the certificates then entitled to distributions thereof on the related
      distribution date by (y) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period). 

     

    “Senior
      Interest Distribution Amount”: With respect to any Distribution Date, the Senior
      Interest Distribution Amount for each class of Class A Certificates is equal
      to
      the sum of the Interest Distribution Amount for that class for that distribution
      date and the Interest Carry Forward Amount, if any, for that class for that
      distribution date.

     

    “Senior
      Principal Distribution Amount”: With respect to any Distribution Date, an amount
      equal to the sum of (i) the Group I Senior Principal Distribution Amount and
      (ii) the Group II Senior Principal Distribution Amount.

     

    “Servicer”:
      Ameriquest Mortgage Company, or any successor Servicer appointed as herein
      provided, in its capacity as a Servicer hereunder.

     

    “Servicer
      Event of Default”: One or more of the events described in Section
      7.01.

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 3.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the Business Day
      immediately preceding such Distribution Date.

     

    “Servicing
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by a
      Servicer in connection with a default, delinquency or other unanticipated event
      by a Servicer in the performance of its servicing obligations, including, but
      not limited to, the cost of (i) the preservation, restoration, inspection and
      protection of a Mortgaged Property, (ii) any enforcement, administration or
      judicial proceedings, including foreclosures, in respect of a particular
      Mortgage Loan, including any expenses incurred in relation to any such
      proceedings that result from the Mortgage Loan being registered on the MERS
      System, (iii) the management (including reasonable fees in connection therewith)
      and liquidation of any REO Property, (iv) taxes, assessments, water rates,
      sewer
      rents and other charges which are or may become a lien upon the Mortgage
      Property and (v) the performance of its obligations under Section 3.01, Section
      3.09, Section 3.13, Section 3.14, Section 3.16 and Section 3.23. Servicing
      Advances shall also include any reasonable “out-of-pocket” costs and expenses
      (including legal fees) incurred by a Servicer in connection with executing
      and
      recording instruments of satisfaction, deeds of reconveyance or Assignments
      of
      Mortgage in connection with any foreclosure in respect of any Mortgage Loan
      to
      the extent not recovered from the related Mortgagor or otherwise payable under
      this Agreement. A Servicer shall not be required to make any Servicing Advance
      in respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Servicer, would not be ultimately recoverable from related
      Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
      as provided herein. The Servicer shall not be required to make any Servicing
      Advance that would be a Nonrecoverable Advance.

     

    “Servicing
      Fee”: With
      respect to each Mortgage Loan, the amount of the annual fee paid to the
      Servicer, which shall, for a period of one full month (or in the event of any
      payment of interest which accompanies a Principal Prepayment in full made by
      the
      Mortgagor during such calendar month, interest for the number of days covered
      by
      such payment of interest), be equal to one-twelfth of the product of (a) the
      Servicing Fee Rate (without regard to the words "per annum") and (b) the
      outstanding principal balance of such Mortgage Loan. Such fee shall be payable
      monthly, computed on the basis of the same principal amount and period
      respecting which any related interest payment on a Mortgage Loan is received.
      The obligation for payment of the Servicing Fee is limited to, and the Servicing
      Fee is payable solely from, the interest portion (including recoveries with
      respect to interest from Liquidation Proceeds) of such Monthly Payment collected
      by the Servicer, or as otherwise provided under Section 3.11.

     

    “Servicing
      Fee Rate”: With respect to each Mortgage Loan, the rate of 0.50% per
      annum.

     

    “Servicing
      Officer”: Any employee of a Servicer involved in, or responsible for, the
      administration and servicing of the Mortgage Loans, whose name appear on a
      list
      of Servicing Officers furnished by the Servicer to the Trust Administrator,
      the
      Trustee and the Depositor, upon request, as such list may from time to time
      be
      amended.

     

    “Significance
      Percentage”: With
      respect to the Cap Contract, the percentage equivalent of a fraction, the
      numerator of which is (I) the present value (such calculation of present value
      using the two-year swaps rate made available at Bloomberg Financial Markets,
      L.P.) of the aggregate amount payable under the Cap Contract (assuming that
      one-month LIBOR for each remaining Calculation Period (as defined in the Cap
      Contract) beginning with the Calculation Period immediately following the
      related Distribution Date is equal to the sum of (a) the one-month LIBOR rate
      for each remaining Calculation Period made available at Bloomberg Financial
      Markets, L.P. by taking the following steps: (1) typing in the following
      keystrokes: fwcv <go>, us <go>, 3 <go>; (2) the Forwards shall
      be set to “1-Mo”; (3) the Intervals shall be set to “1-Mo”; and (4) the Points
      shall be set to equal the remaining term of the Cap Contract in months and
      the
      Trust Administrator shall click <go> (provided that the Depositor shall
      notify the Trust Administrator in writing of any changes to such keystrokes),
      (b) the percentage equivalent of a fraction, the numerator of which is 2.00%
      and
      the denominator of which is the initial number of Distribution Dates on which
      the Trust Administrator is entitled to receive payments under the Cap Contract
      (the “Add-On Amount”) and (c) the Add-On Amount for each previous period) and
      the denominator of which is (II) the aggregate Certificate Principal Balance
      of
      the Class A Certificates and the Mezzanine Certificates on such Distribution
      Date (after giving effect to all distributions on such Distribution
      Date).

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than the Residual
      Certificates), a hypothetical Certificate of such Class evidencing a Percentage
      Interest for such Class corresponding to an initial Certificate Principal
      Balance or Notional Amount of $1,000. With respect to the Class P and the
      Residual Certificates, a hypothetical Certificate of such Class evidencing
      a 20%
      Percentage Interest in such Class.

     

    “Sponsor”:
      Citigroup Global Markets Realty Corp. or its successor in interest.

     

    “Startup
      Day”: With respect to any Trust REMIC, the day designated as such pursuant to
      Section 10.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the Scheduled Principal Balance of such Mortgage Loan
      as
      of the Cut-off Date, as shown in the Mortgage Loan Schedule, minus the sum
      of
      (i) the principal portion of each Monthly Payment due on a Due Date subsequent
      to the Cut-off Date, to the extent received from the Mortgagor or advanced
      by
      the Servicer and distributed pursuant to Section 4.01 on or before such date
      of
      determination, (ii) all Principal Prepayments received after the Cut-off Date,
      to the extent distributed pursuant to Section 4.01 on or before such date of
      determination, (iii) all Liquidation Proceeds and Insurance Proceeds applied
      by
      the Servicer as recoveries of principal in accordance with the provisions of
      Section 3.16, to the extent distributed pursuant to Section 4.01 on or before
      such date of determination, and (iv) any Realized Loss incurred with respect
      thereto as a result of a Deficient Valuation made during or prior to the
      Prepayment Period for the most recent Distribution Date coinciding with or
      preceding such date of determination; and (b) as of any date of determination
      coinciding with or subsequent to the Distribution Date on which the proceeds,
      if
      any, of a Liquidation Event with respect to such Mortgage Loan would be
      distributed, zero. With respect to any REO Property: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, an amount (not less than zero) equal to the Stated Principal
      Balance of the related Mortgage Loan as of the date on which such REO Property
      was acquired on behalf of the Trust Fund, minus, the principal portion of
      Monthly Payments that would have become due on such related Mortgage Loan after
      such REO Property was acquired if such Mortgage Loan had not been converted
      to
      an REO Property, to the extent advanced by the Servicer and distributed pursuant
      to Section 4.01 on or before such date of determination; and (b) as of any
      date
      of determination coinciding with or subsequent to the Distribution Date on
      which
      the proceeds, if any, of a Liquidation Event with respect to such REO Property
      would be distributed, zero.

     

    “Stayed
      Funds”: If a Servicer is the subject of a proceeding under the federal
      Bankruptcy Code and the making of any payment required to be made under the
      terms of the Certificates and this Agreement is prohibited by Section 362 of
      the
      federal Bankruptcy Code, funds which are in the custody of the Servicer, a
      trustee in bankruptcy or a federal bankruptcy court and should have been the
      subject of such Remittance absent such prohibition.

     

    “Stepdown
      Date”: The earlier to occur of (i) the first Distribution Date on which the
      aggregate Certificate Principal Balance of the Class A Certificates has been
      reduced to zero and (ii) the later to occur of (a) the Distribution Date
      occurring in October 2009 and (b) the first Distribution Date on which the
      Senior Enhancement Percentage (calculated for this purpose only after taking
      into account distributions of principal on the Mortgage Loans but prior to
      any
      distribution of the Group I Principal Distribution Amount and the Group II
      Principal Distribution Amount to the Certificates then entitled to distributions
      of principal on such Distribution Date) is equal to or greater than
      41.90%.

     

    “Sub-Servicer”:
      Any Person with which any Servicer has entered into a Sub- Servicing Agreement
      and which meets the qualifications of a Sub-Servicer pursuant to Section
      3.02.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 3.02.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Trust Fund
      (net of any related expenses permitted to be reimbursed to the related
      Sub-Servicer or the Servicer from such amounts under the related Sub-Servicing
      Agreement or hereunder) specifically related to a Mortgage Loan that was the
      subject of a liquidation or an REO Disposition prior to the related Prepayment
      Period that resulted in a Realized Loss.

     

    “Substitution
      Shortfall Amount”: As defined in Section 2.03(d) hereof.

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      on
      behalf of any Trust REMIC due to its classification as a REMIC under the REMIC
      Provisions, together with any and all other information reports or returns
      that
      may be required to be furnished to the Certificateholders or filed with the
      Internal Revenue Service or any other governmental taxing authority under any
      applicable provisions of federal, state or local tax laws.

     

    “Telerate
      Page 3750”: The display designated as page “3750” on the Dow Jones Telerate
      Capital Markets Report (or such other page as may replace page 3750 on that
      report for the purpose of displaying London interbank offered rates of major
      banks).

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      As defined in Section 9.01.

     

    “Transfer”:
      Any direct or indirect transfer, sale, pledge, hypothecation, or other form
      of
      assignment of any Ownership Interest in a Certificate.

     

    “Transferee”:
      Any Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    “Transferor”:
      Any Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Trigger
      Event”: A Trigger Event is in effect on any Distribution Date on or after the
      Stepdown Date if:

     

    (a) the
      Delinquency Percentage exceeds 38.19% of the Senior Enhancement Percentage
      for
      the prior Distribution Date; or

     

    (b) the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (reduced by the aggregate amount of
      Subsequent Recoveries received since the Cut-off Date through the last day
      of
      the related Due Period) divided by aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set
      forth below with respect to such Distribution Date:

    

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              October
                2008 through September 2009

            	
              1.25%

            
	
              October
                2009 through September 2010

            	
              2.80%

            
	
              October
                2010 through September 2011

            	
              4.45%

            
	
              October
                2011 through September 2012

            	
              5.70%

            
	
              October
                2012 and thereafter

            	
              6.40%

            

    

    

    “Trust”:
      Citigroup Mortgage Loan Trust 2006-AMC1.

     

    “Trust
      Administrator”: Citibank, N.A., or its successor in interest, or any successor
      trust administrator appointed as herein provided.

     

    “Trust
      Fund”: Collectively, all of the assets of each Trust REMIC, the Net WAC Rate
      Carryover Reserve Account, the Cap Contract, distributions made to the Trust
      Administrator by the Cap Administrator under the Cap Administration Agreement
      and the Cap Account, Servicer Prepayment Charge Payment Amounts and the other
      assets conveyed by the Depositor to the Trustee pursuant to Section
      2.01.

     

    “Trust
      REMIC”: Any of REMIC I, REMIC II, REMIC III and REMIC IV.

     

    “Trustee”:
      U.S. Bank National Association, or its successor in interest, or any successor
      trustee appointed as herein provided.

     

    “Uncertificated
      Balance”: The amount of any REMIC Regular Interest outstanding as of any date of
      determination. As of the Closing Date, the Uncertificated Balance of each REMIC
      Regular Interest shall equal the amount set forth in the Preliminary Statement
      hereto as its initial Uncertificated Balance. On each Distribution Date, the
      Uncertificated Balance of each REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.01 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.04. The Uncertificated Balance of REMIC I
      Regular Interest I-LTZZ shall be increased by interest deferrals as provided
      in
      Section 4.01. With respect to the Class CE Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 1 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Floating Rate Certificates
      and the Class P Certificates then outstanding. The Uncertificated Principal
      Balance of each REMIC Regular Interest that has an Uncertificated Principal
      Balance shall never be less than zero.

     

    “Uncertificated
      Interest”: With respect to any REMIC Regular Interest for any Distribution Date,
      one month’s interest at the REMIC I Remittance Rate applicable to such REMIC
      Regular Interest for such Distribution Date, accrued on the Uncertificated
      Balance thereof immediately prior to such Distribution Date. Uncertificated
      Interest in respect of any REMIC Regular Interest shall accrue on the basis
      of a
      360-day year consisting of twelve 30-day months. Uncertificated Interest with
      respect to each Distribution Date, as to any REMIC Regular Interest, shall
      be
      reduced by an amount equal to the sum of (a) the aggregate Prepayment Interest
      Shortfall, if any, for such Distribution Date to the extent not covered by
      payments pursuant to Section 3.24 and (b) the aggregate amount of any Relief
      Act
      Interest Shortfall, if any allocated, in each case, to such REMIC Regular
      Interest pursuant to Section 1.02. In addition, Uncertificated Interest with
      respect to each Distribution Date, as to any REMIC Regular Interest shall be
      reduced by Realized Losses, if any, allocated to such REMIC Regular Interest
      pursuant to Section 1.02 and Section 4.04.

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person”: 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 (except, in the
      case of a partnership, to the extent provided in regulations); provided that,
      for purposes solely of the restrictions on the transfer of the Residual
      Certificates, no partnership or other entity treated as a partnership for United
      States federal income tax purposes shall be treated as a United States Person
      unless all persons that own an interest in such partnership either directly
      or
      through any entity that is not a corporation for United States federal income
      tax purposes are required by the applicable operative agreement to be United
      States Persons, or an estate whose income is subject to United States federal
      income tax regardless of its source, 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. To the extent prescribed in regulations
      by
      the Secretary of the Treasury, which have not yet been issued, a trust which
      was
      in existence on August 20, 1996 (other than a trust treated as owned by the
      grantor under subpart E of part I of subchapter J of chapter 1 of the Code),
      and
      which was treated as a United States person on August 20, 1996 may elect to
      continue to be treated as a United States person notwithstanding the previous
      sentence. The term “United States” shall have the meaning set forth in Section
      7701 of the Code.

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the value thereof
      as
      determined by an appraisal made for the Originator of the Mortgage Loan at
      the
      time of origination of the Mortgage Loan and (ii) the purchase price paid for
      the related Mortgaged Property by the Mortgagor with the proceeds of the
      Mortgage Loan, provided, however, in the case of a Refinanced Mortgage Loan,
      such value of the Mortgaged Property is based solely upon the value determined
      by an appraisal made for the Originator of such Refinanced Mortgage Loan at
      the
      time of origination of such Refinanced Mortgage Loan by an
      appraiser.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. With respect to any date of determination, 98%
      of
      all Voting Rights will be allocated among the holders of the Class A
      Certificates, the Mezzanine Certificates and the Class CE Certificates in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates, 1% of all Voting Rights will be allocated to the
      holders of the Class P Certificates and 1% of all Voting Rights will be
      allocated among the holders of the Residual Certificates. The Voting Rights
      allocated to each Class of Certificate shall be allocated among Holders of
      each
      such Class in accordance with their respective Percentage Interests as of the
      most recent Record Date.

     

    
      	SECTION
              1.02  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the Interest Distribution Amount for the Floating Rate
      Certificates and the Class CE Certificates for any Distribution Date, the
      aggregate amount of any Prepayment Interest Shortfalls (to the extent not
      covered by payments by the Servicer pursuant to Section 3.24) and any Relief
      Act
      Interest Shortfalls incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated first, to the Class CE Certificates based
      on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of the Class CE Certificates and,
      thereafter, among the Class A Certificates and the Mezzanine Certificates on
      a
pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate immediately prior to such Distribution Date.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Regular Interests for any Distribution Date:

     

    (A) The
      REMIC
      I Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.24) and the REMIC I Marker Allocation Percentage of any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated among REMIC I Regular Interest I-LTAA,
      REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I
      Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular
      Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
      I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC
      I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
      Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest
      I-LTM10, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ
      pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rate on the respective Uncertificated Balance of each such
      REMIC I Regular Interest; and

     

    (B) The
      REMIC
      I Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.24) and the REMIC I Sub WAC Allocation Percentage of
      any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated first, to Uncertificated Interest payable
      to REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC
      I
      Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular
      Interest I-LTXX, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rate on the respective Uncertificated Balance of each such
      REMIC I Regular Interest.

     

     

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01  	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under the Assignment Agreement, payments
      made to the Trust Administrator by the Cap Administrator under the Cap
      Administration Agreement and the Cap Account, and all other assets included
      or
      to be included in REMIC I. Such assignment includes all interest and principal
      received by the Depositor or the Servicer on or with respect to the Mortgage
      Loans (other than payments of principal and interest due on such Mortgage Loans
      on or before the Cut-off Date). The Depositor herewith delivers to the Trustee
      executed copies of the Assignment Agreement, and the Trustee and the Trust
      Administrator acknowledge receipt of the same on behalf of the
      Certificateholders.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, the Trustee or a Custodian on its behalf, the following
      documents or instruments (a “Mortgage File”) with respect to each Mortgage Loan
      so transferred and assigned:

     

    (i)  The
      Mortgage Note, endorsed by manual or facsimile signature without recourse by
      the
      Originator or an Affiliate of the Originator in blank or to the Trustee showing
      a complete chain of endorsements from the named payee to the Trustee or from
      the
      named payee to the Affiliate of the Originator and from such Affiliate to the
      Trustee;

     

    (ii)  The
      original recorded Mortgage, noting the presence of the MIN of the Mortgage
      Loan,
      if applicable, and language indicating that the Mortgage Loan is a MOM Loan
      if
      the Mortgage Loan is a MOM Loan, with evidence of recording thereon or a copy
      of
      the Mortgage certified by the public recording office in those jurisdictions
      where the public recording office retains the original;

     

    (iii)  Unless
      the Mortgage Loan is registered on the MERS® System, an assignment from the
      Originator or an Affiliate of the Originator to the Trustee in blank or in
      recordable form of the Mortgage which may be included, where permitted by local
      law, in a blanket assignment or assignments of the Mortgage to the Trustee,
      including any intervening assignments and showing a complete chain of title
      from
      the original mortgagee named under the Mortgage to the Person assigning the
      Mortgage Loan to the Trustee (or to MERS, noting the presence of the MIN, if
      the
      Mortgage Loan is registered on the MERS® System);

     

    (iv)  Any
      original assumption, modification, buydown or conversion-to- fixed-interest-rate
      agreement applicable to the Mortgage Loan; and

     

    (v)  The
      original or a copy of the title insurance policy (which may be a certificate
      or
      a short form policy relating to a master policy of title insurance) pertaining
      to the Mortgaged Property, or in the event such original title policy is
      unavailable, a copy of the preliminary title report and the lender’s recording
      instructions, with the original to be delivered within 180 days of the Closing
      Date or an attorney’s opinion of title in jurisdictions where such is the
      customary evidence of title; or in the event such original or copy of the title
      insurance policy is unavailable, a written commitment or uniform binder or
      preliminary report of title issued by the title insurance or escrow
      company.

     

    In
      instances where an original recorded Mortgage cannot be delivered by the
      Depositor to the Trustee (or a Custodian on behalf of the Trustee) prior to
      or
      concurrently with the execution and delivery of this Agreement, due to a delay
      in connection with the recording of such Mortgage, the Depositor may, (a) in
      lieu of delivering such original recorded Mortgage referred to in clause (ii)
      above, deliver to the Trustee (or a Custodian on behalf of the Trustee) a copy
      thereof, provided that the Depositor certifies that the original Mortgage has
      been delivered to a title insurance company for recordation after receipt of
      its
      policy of title insurance or binder therefor (which may be a certificate
      relating to a master policy of title insurance), and (b) in lieu of delivering
      the completed assignment in recordable form referred to in clause (iii) above
      to
      the Trustee (or a Custodian on behalf of the Trustee), deliver such assignment
      to the Trustee (or a Custodian on behalf of the Trustee) completed except for
      recording information. In all such instances, the Depositor will deliver the
      original recorded Mortgage and completed assignment (if applicable) to the
      Trustee (or a Custodian on behalf of the Trustee) promptly upon receipt of
      such
      Mortgage. In instances where an original recorded Mortgage has been lost or
      misplaced, the Depositor or the related title insurance company may deliver,
      in
      lieu of such Mortgage, a copy of such Mortgage bearing recordation information
      and certified as true and correct by the office in which recordation thereof
      was
      made. In instances where the original or a copy of the title insurance policy
      referred to in clause (vi) above (which may be a certificate relating to a
      master policy of title insurance) pertaining to the Mortgaged Property relating
      to a Mortgage Loan cannot be delivered by the Depositor to the Trustee (or
      a
      Custodian on behalf of the Trustee) prior to or concurrently with the execution
      and delivery of this Agreement because such policy is not yet available, the
      Depositor may, in lieu of delivering the original or a copy of such title
      insurance referred to in clause (vi) above, deliver to the Trustee (or a
      Custodian on behalf of the Trustee) a binder with respect to such policy (which
      may be a certificate relating to a master policy of title insurance) and deliver
      the original or a copy of such policy (which may be a certificate relating
      to a
      master policy of title insurance) to the Trustee (or a Custodian on behalf
      of
      the Trustee) within 180 days of the Closing Date, in instances where an original
      assumption, modification, buydown or conversion-to-fixed- interest-rate
      agreement cannot be delivered by the Depositor to the Trustee (or a Custodian
      on
      behalf of the Trustee) prior to or concurrently with the execution and delivery
      of this Agreement, the Depositor may, in lieu of delivering the original of
      such
      agreement referred to in clause (iv) above, deliver a certified copy
      thereof.

     

    To
      the
      extent not already recorded, except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage
      or on a properly recorded assignment of the Mortgage as the mortgagee of record,
      the
      Servicer, at the expense of the Sponsor shall promptly (and in no event later
      than five Business Days following the later of the Closing Date and the date
      of
      receipt by the Servicer of the recording information for a Mortgage) submit
      or
      cause to be submitted for recording, at no expense to any Trust REMIC, in the
      appropriate public office for real property records, each Assignment delivered
      to it pursuant to (iii) above. In the event that any such Assignment is lost
      or
      returned unrecorded because of a defect therein, the Servicer, at the expense
      of
      the Sponsor, shall promptly prepare or cause to be prepared a substitute
      Assignment or cure or cause to be cured such defect, as the case may be, and
      thereafter cause each such Assignment to be duly recorded. Notwithstanding
      the
      foregoing, but without limiting the requirement that such Assignments be in
      recordable form, neither the Servicer nor the Trustee shall be required to
      submit or cause to be submitted for recording any Assignment delivered to it
      or
      a Custodian pursuant to (iii) above if such recordation shall not, as of the
      Closing Date, be required by the Rating Agencies, as a condition to their
      assignment on the Closing Date of their initial ratings to the Certificates,
      as
      evidenced by the delivery by the Rating Agencies of their ratings letters on
      the
      Closing Date; provided, however, notwithstanding the foregoing, the Servicer
      shall submit each Assignment for recording, at no expense to the Trust Fund
      or
      the Servicer, upon the earliest to occur of: (A) reasonable direction by Holders
      of Certificates entitled to at least 25% of the Voting Rights, (B) the
      occurrence of a Servicer Event of Default, (C) the occurrence of a bankruptcy,
      insolvency or foreclosure relating to the Sponsor, (D) the occurrence of a
      servicing transfer as described in Section 7.02 of this Agreement and (E) with
      respect to any one Assignment the occurrence of a foreclosure relating to the
      Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the
      Sponsor fails to pay the cost of recording the Assignments, such expense will
      be
      paid by the Servicer and the Servicer shall be reimbursed for such expenses
      by
      the Trust as Servicing Advances.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS
      System, the Depositor further agrees that it will cause, within 30 Business
      Days
      after the Closing Date, the MERS System to indicate that such Mortgage Loans
      have been assigned by the Depositor to the Trustee in accordance with this
      Agreement for the benefit of the Certificateholders by including in such
      computer files (a) the code in the field which identifies the specific Trustee
      and (b) the code in the field “Pool Field” which identifies the series of the
      Certificates issued in connection with such Mortgage Loans. The Depositor
      further agrees that it will not, and will not permit the Servicer to, and the
      Servicer agrees that it will not and will not permit a Sub-Servicer to, 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.

     

    With
      respect to a maximum of approximately 5.00% of the Original Mortgage Loans,
      by
      outstanding principal balance of the Original Mortgage Loans as of the Cut-off
      Date, if any original Mortgage Note referred to in (i) above cannot be located,
      the obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon delivery to the Trustee (or a Custodian on behalf of the Trustee)
      of a photocopy of such Mortgage Note, if available, with a lost note affidavit.
      If any of the original Mortgage Notes for which a lost note affidavit was
      delivered to the Trustee (or a Custodian on behalf of the Trustee) is
      subsequently located, such original Mortgage Note shall be delivered to the
      Trustee (or a Custodian on behalf of the Trustee) within three Business
      Days.

     

    The
      Depositor shall deliver or cause to be delivered to the Trustee (or a Custodian
      on behalf of the Trustee) promptly upon receipt thereof any other original
      documents constituting a part of a Mortgage File received with respect to any
      Mortgage Loan, including, but not limited to, any original documents evidencing
      an assumption, modification, consolidation or extension of any Mortgage Loan.
      

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee (or a Custodian on behalf of the Trustee) are and shall be held by
      or on
      behalf of the Sponsor, the Depositor or the Servicer, as the case may be, in
      trust for the benefit of the Trustee on behalf of the Certificateholders. In
      the
      event that any such original document is required pursuant to the terms of
      this
      Section to be a part of a Mortgage File, such document shall be delivered
      promptly to the Trustee (or a Custodian on behalf of the Trustee). Any such
      original document delivered to or held by the Depositor that is not required
      pursuant to the terms of this Section to be a part of a Mortgage File, shall
      be
      delivered promptly to the Servicer.

     

    Wherever
      it is provided in this Section 2.01 that any document, evidence or information
      relating to a Mortgage Loan be delivered or supplied to the Trustee, the
      Depositor shall do so by delivery thereof to the Trustee or a Custodian on
      behalf of the Trustee.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a high-cost home loan as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    The
      Depositor hereby directs the Trust Administrator to execute, deliver and perform
      its obligations under the Cap Contract (in its capacity as Cap Trustee). The
      Depositor, the Servicer and the Holders of the Floating Rate Certificates by
      their acceptance of such Certificates acknowledge and agree that the Trust
      Administrator shall execute, deliver and perform its obligations under the
      Cap
      Contract and shall do so solely in its capacity as Cap 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 Trust Administrator shall apply to the Trust Administrator’s execution of
      the Cap Contract, and the performance of its duties and satisfaction of its
      obligations thereunder.

     

    
      	SECTION
              2.02  	
              Acceptance
                of the Trust Fund by the Trustee.

            

    

     

    Subject
      to the provisions of Section 2.01 and subject to any exceptions noted on an
      exception report delivered by or on behalf of the Trustee, the Trustee
      acknowledges receipt of the documents referred to in Section 2.01 (other than
      such documents described in Section 2.01(iv)) above and all other assets
      included in the definition of “Trust Fund” and declares that it holds and will
      hold such documents and the other documents delivered to it constituting the
      Mortgage File, and that it holds or will hold all such assets and such other
      assets included in the definition of “Trust Fund” in trust for the exclusive use
      and benefit of all present and future Certificateholders.

     

    The
      Trustee, by execution and delivery hereof, acknowledges receipt, subject to
      the
      review described in the succeeding sentence, of the documents and other property
      referred to in Section 2.01 and declares that the Trustee (or a Custodian on
      behalf of the Trustee) holds and will hold such documents and other property,
      including property yet to be received in the Trust Fund, in trust, upon the
      trusts herein set forth, for the benefit of all present and future
      Certificateholders. The Trustee or the related Custodian on its behalf shall,
      for the benefit of the Trustee and the Certificateholders, review each Mortgage
      File within 90 days after execution and delivery of this Agreement, to ascertain
      that all required documents have been executed, received and recorded, if
      applicable, and that such documents relate to the Mortgage Loans. If in the
      course of such review the Trustee or the related Custodian on its behalf finds
      a
      document or documents constituting a part of a Mortgage File to be defective
      in
      any material respect, the Trustee or the related Custodian on its behalf shall
      promptly so notify the Depositor, the Trust Administrator, the Sponsor, the
      Servicer and, if such notice is from the related Custodian on the Trustee’s
      behalf, the Trustee. In addition, upon the discovery by the Depositor, the
      Servicer, the Trust Administrator or the Trustee of a breach of any of the
      representations and warranties made by the Originator or the Sponsor in the
      Assignment Agreement in respect of any Mortgage Loan which materially adversely
      affects such Mortgage Loan or the interests of the related Certificateholders
      in
      such Mortgage Loan, the party discovering such breach shall give prompt written
      notice to the other parties.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    The
      Trustee may, concurrently with the execution and delivery hereof or at any
      time
      thereafter, enter into a custodial agreement with a Custodian pursuant to which
      the Trustee appoints a Custodian to hold the Mortgage Files on behalf of the
      Trustee for the benefit of the Trustee and all present and future
      Certificateholders, which may provide that the related Custodian shall, on
      behalf of the Trustee, conduct the review of each Mortgage File required under
      the first paragraph of this Section 2.02. Initially, Citibank West, FSB is
      appointed as Custodian with respect to the related Mortgage Files of all the
      related Mortgage Loans and, notwithstanding anything to the contrary herein,
      it
      is understood that such initial Custodian shall be responsible for the review
      contemplated in the second paragraph of this Section 2.02 and for all other
      functions relating to the receipt, review, reporting and certification provided
      for herein with respect to the Mortgage Files (other than ownership thereof
      for
      the benefit of the Certificateholders and related duties and obligations set
      forth herein).

     

    
      	SECTION
              2.03  	
              Repurchase
                or Substitution of Mortgage Loans by the Sponsor or the
                Depositor.

            

    

     

    (a)  Upon
      discovery or receipt of notice by the Depositor, a Servicer, the Trust
      Administrator or the Trustee of any materially defective document in, or that
      a
      document is missing from, a Mortgage File or of the breach by the Originator
      or
      the Sponsor of any representation, warranty or covenant under the Assignment
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of such Mortgage Loan or the interest therein of the Certificateholders,
      the party so discovering or receiving notice shall promptly notify the other
      parties to this Agreement, and the Trustee thereupon shall promptly notify
      the
      Originator and the Sponsor of such defect, missing document or breach and
      request that the Originator or the Sponsor deliver such missing document or
      cure
      such defect or that the Originator or the Sponsor, as applicable, cure such
      breach within 90 days from the date the Originator or the Sponsor, as
      applicable, was notified of such missing document, defect or breach, and if
      the
      Originator or Sponsor, as applicable, does not deliver such missing document
      or
      cure such defect or breach in all material respects during such period, the
      Trustee shall enforce the obligations of the Originator or Sponsor, as
      applicable, under the Assignment Agreement (i) to repurchase such Mortgage
      Loan
      from REMIC I at the Purchase Price within 90 days after the date on which the
      Sponsor was notified (subject to Section 2.03(e)) of such missing document,
      defect or breach, and (ii) to indemnify the Trust Fund in respect of such
      missing document, defect or breach, in the case of each of (i) and (ii), if
      and
      to the extent that the Originator or Sponsor, as applicable, is obligated to
      do
      so under the Assignment Agreement. The Purchase Price for the repurchased
      Mortgage Loan and any indemnification shall be remitted by the Originator or
      the
      Sponsor, as applicable, to the Servicer for deposit into the related Collection
      Account, and the Trust Administrator, upon receipt of written notice from the
      Servicer of such deposit, shall give written notice to the Trustee and the
      Custodian that such deposit has taken place and the Trustee shall release (or
      cause the Custodian to release on its behalf) to the Originator or the Sponsor,
      as applicable, the related Mortgage File, and the Trustee and the Trust
      Administrator shall execute and deliver such instruments of transfer or
      assignment, in each case without recourse, as the Originator or the Sponsor,
      as
      applicable, shall furnish to it and as shall be necessary to vest in the
      Originator or the Sponsor, as applicable, any Mortgage Loan released pursuant
      hereto, and the Trustee and the Trust Administrator shall have no further
      responsibility with regard to such Mortgage File. In furtherance of the
      foregoing, if the Originator or the Sponsor, as applicable, is not a member
      of
      MERS and repurchases a Mortgage Loan which is registered on the MERS System,
      the
      Originator or the Sponsor, as applicable, pursuant to the Assignment Agreement,
      at its own expense and without any right of reimbursement, shall cause MERS
      to
      execute and deliver an assignment of the Mortgage in recordable form to transfer
      the Mortgage from MERS to the Originator or the Sponsor, as applicable, and
      shall cause such Mortgage to be removed from registration on the MERS System
      in
      accordance with MERS rules and regulations. In lieu of repurchasing any such
      Mortgage Loan as provided above, if so provided in the Assignment Agreement,
      the
      Originator or the Sponsor, as applicable, may cause such Mortgage Loan to be
      removed from REMIC I (in which case it shall become a Deleted Mortgage Loan)
      and
      substitute one or more Qualified Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(d). It is understood and
      agreed that the obligation of the Originator or the Sponsor, as applicable,
      to
      cure or to repurchase (or to substitute for) any Mortgage Loan as to which
      a
      document is missing, a material defect in a constituent document exists or
      as to
      which such a breach has occurred and is continuing, and if and to the extent
      provided in the Assignment Agreement to perform any applicable indemnification
      obligations with respect to any such omission, defect or breach, as provided
      in
      the Assignment Agreement, shall constitute the only remedies respecting such
      omission, defect or breach available to the Trustee or the Trust Administrator
      on behalf of the Certificateholders.

     

    (b)  Notwithstanding
      anything to the contrary in this Section 2.03, with respect to any breach by
      the
      Originator or the Sponsor, as applicable, of any representation and warranty
      which
      breach materially and adversely affects the value of any Prepayment Charge
      or
      the interests of the Certificateholders therein,
      the
      Trustee shall enforce the obligation of the Originator or the Sponsor, as
      applicable, to remedy such breach as provided in the Assignment Agreement as
      follows: upon any Principal Prepayment with respect to the affected Mortgage
      Loan, the Originator or the Sponsor, as applicable, shall pay or cause to be
      paid to the Purchaser the excess, if any, of (x) the amount of such Prepayment
      Charge calculated as set forth in the Mortgage Loan Schedule and (y) the amount
      collected from the Mortgagor in respect of such Prepayment Charge.

     

    (c)  Within
      90
      days of the earlier of discovery by the Servicer or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Servicer set forth in Section 2.05 which materially and adversely affects the
      interests of the Certificateholders in any Mortgage Loan, the Servicer shall
      cure such breach in all material respects.

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the date which is
      two
      years after the Startup Day for REMIC I.

     

    As
      to any
      Deleted Mortgage Loan for which the Originator or the Sponsor, as applicable,
      substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution
      shall be effected by the Originator or the Sponsor, as applicable, delivering
      to
      the Trustee (or to the related Custodian on behalf of the Trustee, as
      applicable), for such Qualified Substitute Mortgage Loan or Loans, the Mortgage
      Note, the Mortgage, the Assignment in blank or to the Trustee, and such other
      documents and agreements, with all necessary endorsements thereon, as are
      required by Section 2.01, together with an Officers’ Certificate providing that
      each such Qualified Substitute Mortgage Loan satisfies the definition thereof
      and specifying the Substitution Shortfall Amount (as described below), if any,
      in connection with such substitution. The Custodian on its behalf and on behalf
      of the Trustee shall, for the benefit of the Certificateholders, review each
      Mortgage File within 90 days after execution and delivery of this Agreement,
      to
      ascertain that all required documents have been executed, received and recorded,
      if applicable, and that such documents relate to the Mortgage Loans. If in
      the
      course of such review the Trustee or the Custodian on its behalf finds a
      document or documents constituting a part of a Mortgage File to be defective
      in
      any material respect, the Trustee or the Custodian on its behalf shall promptly
      so notify the Depositor, the Trust Administrator, the Originator, the Sponsor
      and the Servicer. Monthly Payments due with respect to Qualified Substitute
      Mortgage Loans in the month of substitution are not part of the Trust Fund
      and
      will be retained by the Originator or the Sponsor, as applicable. For the month
      of substitution, distributions to Certificateholders will reflect the Monthly
      Payment due on such Deleted Mortgage Loan on or before the Due Date in the
      month
      of substitution, and the Originator or the Sponsor, as applicable, shall
      thereafter be entitled to retain all amounts subsequently received in respect
      of
      such Deleted Mortgage Loan. The Trust Administrator shall give or cause to
      be
      given written notice to the Trustee and the Certificateholders that such
      substitution has taken place, and the Trust Administrator shall amend or cause
      the related Custodian to amend the Mortgage Loan Schedule to reflect the removal
      of such Deleted Mortgage Loan from the terms of this Agreement and the
      substitution of the Qualified Substitute Mortgage Loan or Loans and, upon
      receipt thereof, shall deliver a copy of such amended Mortgage Loan Schedule
      to
      the Servicer. Upon such substitution, such Qualified Substitute Mortgage Loan
      or
      Loans shall constitute part of the Mortgage Pool and shall be subject in all
      respects to the terms of this Agreement and the Assignment Agreement (including
      all applicable representations and warranties thereof included in the Assignment
      Agreement), in each case as of the date of substitution.

     

    For
      any
      month in which the Originator or the Sponsor, as applicable, substitutes one
      or
      more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans,
      the Servicer will determine the amount (the “Substitution Shortfall Amount”), if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate of, as to each such Qualified Substitute Mortgage Loan,
      the Scheduled Principal Balance thereof as of the date of substitution, together
      with one month’s interest on such Scheduled Principal Balance at the applicable
      Mortgage Loan Remittance Rate. On the date of such substitution, the Trustee
      will monitor the obligation of the Originator or the Sponsor, as applicable,
      to
      deliver or cause to be delivered, and shall request that such delivery be to
      the
      Servicer for deposit in the related Collection Account, an amount equal to
      the
      Substitution Shortfall Amount, if any, and the Trustee (or the related Custodian
      on behalf of the Trustee, as applicable), upon receipt of the related Qualified
      Substitute Mortgage Loan or Loans and written notice given by the Servicer
      of
      such deposit, shall release to the Originator or the Sponsor, as applicable,
      the
      related Mortgage File or Files and the Trustee and the Trust Administrator
      shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, as the Originator or the Sponsor, as applicable, shall deliver
      to it and as shall be necessary to vest therein any Deleted Mortgage Loan
      released pursuant hereto.

     

    In
      addition, the Originator or the Sponsor, as applicable, shall obtain at its
      own
      expense and deliver to the Trustee and the Trust Administrator an Opinion of
      Counsel to the effect that such substitution will not cause (a) any federal
      tax
      to be imposed on any Trust REMIC, including without limitation, any federal
      tax
      imposed on “prohibited transactions” under Section 860F(a)(1) of the Code or on
“contributions after the startup date” under Section 860G(d)(1) of the Code, or
      (b) any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificate is outstanding. If such Opinion of Counsel cannot be delivered,
      then
      such substitution may only be effected at such time as the required Opinion
      of
      Counsel can be given.

     

    (e)  Upon
      discovery by the Depositor, a Servicer, the Trust Administrator 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
      within two Business Days give written notice thereof to the other parties to
      this Agreement, and the Trustee shall give written notice thereof to the
      Sponsor. In connection therewith, the Originator or the Sponsor, as applicable,
      pursuant to the Assignment Agreement, or the Depositor pursuant to this
      Agreement shall repurchase or, subject to the limitations set forth in Section
      2.03(d), substitute one or more Qualified Substitute Mortgage Loans for the
      affected Mortgage Loan within 90 days of the earlier of discovery or receipt
      of
      such notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made by (i) the Originator or the Sponsor, as applicable,
      if the affected Mortgage Loan’s status as a non-qualified mortgage is or results
      from a breach of any representation, warranty or covenant made by the Originator
      or the Sponsor, as applicable, under the Assignment Agreement or (iii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage is
      a breach of no representation or warranty. Any such repurchase or substitution
      shall be made in the same manner as set forth in Sections 2.03(a). The Trustee
      shall reconvey to the Depositor, the Originator or the Sponsor, as the case
      may
      be, 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 by the
      Originator or the Sponsor for breach of a representation or
      warranty.

     

    
      	SECTION
              2.04  	
              [Reserved].

            

    

     

    
      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

    (a)  The
      Servicer hereby represents, warrants and covenants to the Trust Administrator
      and the Trustee, for the benefit of each of the Trustee, the Trust
      Administrator, the Certificateholders and to the Depositor that as of the
      Closing Date or as of such date specifically provided herein:

     

    (i)  The
      Servicer is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and is duly authorized and qualified
      to
      transact any and all business contemplated by this Agreement to be conducted
      by
      the 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 and
      to
      service the Mortgage Loans in accordance with the terms of this
      Agreement;

     

    (ii) The
      Servicer has the full corporate power and authority to 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 corporate action on the part of the Servicer the execution, delivery
      and performance of this Agreement; and this Agreement, assuming the due
      authorization, execution and delivery thereof by the Depositor and the Trustee,
      constitutes a legal, valid and binding obligation of the Servicer, enforceable
      against the Servicer in accordance with its terms, except to the extent 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 the equitable defenses and to the discretion
      of the court before which any proceeding therefor may be brought;

     

    (iii) The
      execution and delivery of this Agreement by the Servicer, the servicing of
      the
      Mortgage Loans by the Servicer hereunder, the consummation of any other of
      the
      transactions herein contemplated, and the fulfillment of or compliance with
      the
      terms hereof are in the ordinary course of business of the Servicer and will
      not
      (A) result in a breach of any term or provision of the charter or by-laws of
      the
      Servicer or (B) conflict with, result in a breach, violation or acceleration
      of,
      or result in a default under, the terms of any other material agreement or
      instrument to which the Servicer is a party or by which it may be bound, or
      any
      statute, order or regulation applicable to the Servicer of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over the
      Servicer; and the Servicer is not a party to, bound by, or in breach or
      violation of any indenture or other agreement or instrument, or subject to
      or in
      violation of any statute, order or regulation of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it, which
      materially and adversely affects or, to the Servicer’s knowledge, would in the
      future materially and adversely affect, (x) the ability of the Servicer to
      perform its obligations under this Agreement or (y) the business, operations,
      financial condition, properties or assets of the Servicer taken as a
      whole;

     

    (iv) The
      Servicer is an approved seller/servicer for Fannie Mae or Freddie Mac in good
      standing and is a HUD approved mortgagee pursuant to Section 203 and Section
      211
      of the National Housing Act;

     

    (v) Except
      as
      disclosed in the Prospectus Supplement, no litigation is pending against the
      Servicer that would materially and adversely affect the execution, delivery
      or
      enforceability of this Agreement or the ability of the Servicer to service
      the
      Mortgage Loans or to perform any of its other obligations hereunder in
      accordance with the terms hereof;

     

    (vi) No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer
      of,
      or compliance by the Servicer with, this Agreement or the consummation of the
      transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained prior
      to
      the Closing Date;

     

    (vii) The
      information set forth in the “monthly tape” provided to the Trustee or any of
      its affiliates is true and correct in all material respects;

     

    (viii) With
      respect to each Mortgage Loan, the Assignment is in recordable form (except
      that
      the name of the assignee and the recording information with respect to such
      Mortgage Loan is blank) and each Mortgage Loan was originated in the name of
      the
      Servicer or an affiliate thereof; and

     

    (ix) The
      Servicer has fully furnished and shall continue to fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (e.g., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian and Trans Union Credit Information Company
      or
      their successors on a monthly basis.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05(a) shall survive delivery of the Mortgage Files
      to
      the Trustee or to the related Custodian on its behalf and shall inure to the
      benefit of the Trustee, the Trust Administrator, the Depositor and the
      Certificateholders. Upon discovery by any of the Depositor, the Servicer, the
      Trust Administrator or the Trustee of a breach of any of the foregoing
      representations, warranties and covenants which materially and adversely affects
      the value of any Mortgage Loan or the interests therein of the
      Certificateholders, the party discovering such breach shall give prompt written
      notice (but in no event later than two Business Days following such discovery)
      to the Trustee and the Trust Administrator. Subject to Section 7.01, the
      obligation of Servicer set forth in Section 2.03(c) to cure breaches shall
      constitute the sole remedies against the Servicer available to the
      Certificateholders, the Depositor, the Trust Administrator or the Trustee on
      behalf of the Certificateholders respecting a breach of the representations,
      warranties and covenants contained in this Section 2.05.

     

    
      	SECTION
              2.06  	
              Issuance
                of the Certificates.

            

    

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it or to the related Custodian on its behalf of the Mortgage Files, subject
      to the provisions of Section 2.01 and Section 2.02, together with the assignment
      to it of all other assets included in REMIC I delivered on the date hereof,
      receipt of which is hereby acknowledged. Concurrently with such assignment
      and
      delivery of such assets delivered on the date hereof and in exchange therefor,
      the Trust Administrator, pursuant to the written request of the Depositor
      executed by an officer of the Depositor, has executed, authenticated and
      delivered, to or upon the order of the Depositor, the Certificates in authorized
      denominations. The interests evidenced by the Certificates (other than the
      Class
      CE Certificates, the Class P Certificates and the Class R-X Certificates),
      the
      Class CE Interest and the Class P Interest constitute the entire beneficial
      ownership interest in REMIC II.

     

    
      	SECTION
              2.07  	
              Conveyance
                of the REMIC Regular Interests; Acceptance of the Trust REMICs by
                the
                Trustee.

            

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC I for the benefit of the holders of the
      REMIC I Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-I Interest). The Trustee (or the related
      Custodian on its behalf, as applicable) acknowledges receipt of the assets
      described in the definition of REMIC I and declares that it holds and will
      hold
      the same in trust for the exclusive use and benefit of the holders of the REMIC
      I Regular Interests and the Class R Certificates (in respect of the Class R-I
      Interest). The interest evidenced by the Class R-I Interest, together with
      the
      REMIC I Regular Interests, constitute the entire beneficial ownership interest
      in REMIC I.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      I Regular Interests (which are uncertificated) for the benefit of the Holders
      of
      the Regular Certificates (other than the Class CE Certificates and the Class
      P
      Certificates), the Class CE Interest, the Class P Interest and the Class R
      Certificates (in respect of the Class R-II Interest). The Trustee acknowledges
      receipt of the REMIC I Regular Interests and declares that it holds and will
      hold the same in trust for the exclusive use and benefit of the Holders of
      the
      Regular Certificates (other than the Class CE Certificates and the Class P
      Certificates), the Class CE Interest, the Class P Interest and the Class R
      Certificates (in respect of the Class R-II Interest). The interest evidenced
      by
      the Class R-II Interest, together with the Regular Certificates, the Class
      CE
      Interest and the Class P Interest, constitute the entire beneficial ownership
      interest in REMIC II.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      CE Interest (which is uncertificated) for the benefit of the Holders of the
      Class CE Certificates and the Class R-X Certificates (in respect of the Class
      R-III Interest). The Trustee acknowledges receipt of the Class CE Interest
      and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class CE Certificates and the Class R-X
      Certificates (in respect of the Class R-III Interest). The interest evidenced
      by
      the Class R-III Interest, together with the Class CE Certificates, constitute
      the entire beneficial ownership interest in REMIC III.

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-IV
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R-X Certificates (in
      respect of the Class R-IV Interest). The interest evidenced by the Class R-IV
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC IV.

     

    (e)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC I and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      subsection (a) hereof, (ii) the assignment and delivery to the Trustee of REMIC
      II (including the Residual Interest therein represented by the Class R-II
      Interest) and the acceptance by the Trustee thereof, pursuant to Section 2.01,
      Section 2.02 and subsection (b) hereof, (iii) the assignment and delivery to
      the
      Trustee of REMIC III (including the Residual Interest therein represented by
      the
      Class R-III Interest) and the acceptance by the Trustee thereof, pursuant to
      Section 2.01, Section 2.02 and subsection (c) hereof and (iv) the assignment
      and
      delivery to the Trustee of REMIC IV (including the Residual Interest therein
      represented by the Class IV Interest) and the acceptance by the Trustee thereof,
      pursuant to Section 2.01, Section 2.02 and subsection (d) hereof, the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, (A) the Class R Certificates in authorized denominations evidencing
      the Class R-I Interest and the Class R-II Interest and (B) the Class R-X
      Certificates in authorized denominations evidencing the Class R-III Interest
      and
      the Class R-IV Interest.

     

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

    Unless
      otherwise specified, all references to actions to be taken by “the Servicer”
under this Article III or any other provision of this Agreement with respect
      to
      a Mortgage Loan or Mortgage Loans or with respect to an REO Property or REO
      Properties shall be to actions to be taken or previously taken by the Servicer
      with respect to a Mortgage Loan or Mortgage Loans serviced thereby or with
      respect to an REO Property or REO Properties administered thereby.
      Furthermore, unless otherwise specified, all references to actions to be taken
      or previously taken by “the Servicer” under this Article III or any other
      provision of this Agreement with respect to “the Collection Account” or “the
      Servicing Account” shall be to actions to be taken or previously taken by the
      Servicer with respect to the Collection Account or an escrow account to be
      established and maintained thereby. Consistent with the foregoing, but only
      insofar as the context so permits, this Article III is to be read as if the
      Servicer alone was servicing and administering its Mortgage Loans
      hereunder.

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      the terms of this Agreement and the respective Mortgage Loans and, to the extent
      consistent with such terms, in the same manner in which it services and
      administers similar mortgage loans for its own portfolio, giving due
      consideration to customary and usual standards of practice of prudent mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to:

     

    (i)  any
      relationship that the Servicer, any Sub-Servicer or any Affiliate of the
      Servicer or any Sub-Servicer may have with the related Mortgagor;

     

    (ii)  the
      ownership of any Certificate by the Servicer or any Affiliate of the
      Servicer;

     

    (iii)  the
      Servicer’s obligation to make P&I Advances or Servicing Advances;
      or

     

    (iv)  the
      Servicer’s or any Sub-Servicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek the timely
      and
      complete recovery of principal and interest on the Mortgage Notes and (b) shall
      waive (or permit a Sub-Servicer to waive) a Prepayment Charge only under the
      following circumstances: (i) (a) such waiver is standard and customary in
      servicing similar Mortgage Loans and such waiver relates to a default or a
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan or (b) the enforceability
      thereof shall have been limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally or
      the collectability thereof shall have been limited due to acceleration in
      connection with a foreclosure or other involuntary payment, (ii) the collection
      of such Prepayment Charge would be in violation of applicable laws, (iii) the
      amount of the Prepayment Charge set forth on the Prepayment Charge Schedule
      is
      not consistent with the related Mortgage Note or is otherwise unenforceable,
      (iv) the Servicer has not received information and documentation sufficient
      to
      confirm the existence or amount of such Prepayment Charge or (v) the collection
      of such Prepayment Charge would be considered “predatory” pursuant to written
      guidance published or issued by any applicable federal, state or local
      regulatory authority acting in its official capacity and having jurisdiction
      over such matters. If a Prepayment Charge is waived as permitted by meeting
      the
      standard described in clauses (ii), (iii), (iv) or (v) above and a
      representation or warranty regarding such Prepayment Charge has been breached,
      then, the Trustee shall make commercially reasonable efforts to attempt to
      enforce the obligations of the Originator under the related Master Agreement
      to
      pay the amount of such waived Prepayment Charge, for the benefit of the Holders
      of the Class P Certificates; provided, however, that the Trustee shall not
      be
      under any obligation to take any action pursuant to this paragraph unless
      directed by the Depositor and provided, further, the Depositor hereby agrees
      to
      assist the Trustee in enforcing any obligations of any Originator to repurchase
      or substitute for a Mortgage Loan which has breached a representation or
      warranty under the Assignment Agreement. If the Originator fails to pay the
      amount of such waived Prepayment Charge in accordance with its obligations
      under
      the related Master Agreement, the Trustee, Trust Administrator, the Servicer
      and
      the Depositor shall consult on further actions to be taken against the
      Originator. Notwithstanding the foregoing, to the extent that the Trustee and
      the Originator are the same entity, the Trust Administrator shall enforce the
      obligations of the Originator under the related Master Agreement pursuant to
      the
      terms of this paragraph. If a Prepayment Charge is waived other than in
      accordance with (i) through (v) above, the Servicer shall pay the amount of
      such
      waived Prepayment Charge to the Trust Administrator for deposit in the
      Distribution Account for the benefit of the Holders of the Class P Certificates
      (the “Servicer Prepayment Charge Payment Amount”). 

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes. Subject only to the above-described servicing standards and the terms
      of
      this Agreement and of the respective Mortgage Loans, the Servicer shall have
      full power and authority, acting alone or through Sub-Servicers as provided
      in
      Section 3.02, to do or cause to be done any and all things in connection with
      such servicing and administration which it may deem necessary or desirable.
      Without limiting the generality of the foregoing, the Servicer in its own name
      or in the name of a Sub-Servicer is hereby authorized and empowered by the
      Trustee when the Servicer believes it appropriate in its best judgment in
      accordance with the servicing standards set forth above, to execute and deliver,
      on behalf of the Certificateholders and the Trustee, and upon notice to the
      Trustee, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge, and all other comparable instruments, with respect
      to the Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders. The Servicer shall
      service and administer the Mortgage Loans in accordance with applicable state
      and federal law and shall provide to the Mortgagors any reports required to
      be
      provided to them thereby. The Servicer shall also comply in the performance
      of
      this Agreement with all reasonable rules and requirements of any standard hazard
      insurance policy. Subject to Section 3.17, the Trustee shall execute, at the
      written request of the Servicer, and furnish to the Servicer and any
      Sub-Servicer such documents as are necessary or appropriate to enable the
      Servicer or any Sub-Servicer to carry out their servicing and administrative
      duties hereunder, and the Trustee hereby grants to the Servicer a power of
      attorney to carry out such duties. The Trustee shall not be liable for the
      actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Servicer shall
      advance or cause to be advanced funds as necessary for the purpose of effecting
      the timely payment of taxes and assessments on the Mortgaged Properties, which
      advances shall be Servicing Advances reimbursable in the first instance from
      related collections from the Mortgagors pursuant to Section 3.09, and further
      as
      provided in Section 3.11. Any cost incurred by the Servicer or by Sub-Servicers
      in effecting the timely payment of taxes and assessments on a Mortgaged Property
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit provided,
      however, that (subject to Section 3.07) the Servicer may capitalize the amount
      of any Servicing Advances incurred pursuant to this Section 3.01 in connection
      with the modification of a Mortgage Loan.

     

    The
      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
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is 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. Any reasonable expenses (i) incurred as a result of
      MERS
      discontinuing or becoming unable to continue operations in connection with
      the
      MERS System or (ii) if the affected Mortgage Loan is in default or, in the
      judgment of the Servicer, such default is reasonably foreseeable, incurred
      in
      connection with the actions described in the preceding sentence, shall be
      subject to withdrawal by the Servicer from the Collection Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.03)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan (except with respect to a Mortgage Loan that is in default or,
      in
      the judgment of the Servicer, such default is reasonably foreseeable) that
      would
      change the Mortgage Rate, reduce or increase the principal balance (except
      for
      reductions resulting from actual payments of principal) or change the final
      maturity date on such Mortgage Loan or (ii) permit any modification, waiver
      or
      amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or
      final, temporary or proposed Treasury regulations promulgated thereunder) and
      (B) cause any Trust REMIC to fail to qualify as a REMIC under the Code or the
      imposition of any tax on “prohibited transactions” or “contributions after the
      startup date” under the REMIC Provisions.

     

    The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however, that no such delegation shall release the Servicer from the
      responsibilities or liabilities arising under this Agreement.

     

    The
      Servicer (or a Sub-Servicer servicing the Mortgage Loans on its behalf) has
      fully furnished and will continue to fully furnish, in accordance with the
      Fair
      Credit Reporting Act and its implementing regulations, accurate and complete
      information (e.g., favorable and unfavorable) on its borrower credit files
      to
      Equifax, Experian and Trans Union Credit Information Company or their successors
      on a monthly basis.

     

    
      	SECTION
              3.02  	
              Sub-Servicing
                Agreements Between the Servicer and
                Sub-Servicers.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing
      Agreements
      (provided that such agreements would not result in a withdrawal or a downgrading
      by the Rating Agencies of the rating on any Class of Certificates) with
      Sub-Servicers, for the servicing and administration of the Mortgage Loans;
      provided, however, such sub-servicing arrangement and the terms of the related
      Sub-Servicing Agreement must provide for the servicing of Mortgage Loans in
      a
      manner consistent with the servicing arrangement contemplated hereunder.

     

    (b)  Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      in which the related Mortgaged Properties it is to service are situated, if
      and
      to the extent required by applicable law to enable the Sub-Servicer to perform
      its obligations hereunder and under the Sub-Servicing Agreement and (ii) a
      Freddie Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing
      Agreement must impose on the Sub-Servicer requirements conforming to the
      provisions set forth in Section 3.08 and provide for servicing of the Mortgage
      Loans consistent with the terms of this Agreement. The Servicer will examine
      each Sub-Servicing Agreement and will be familiar with the terms thereof. The
      terms of any Sub-Servicing Agreement will not be inconsistent with any of the
      provisions of this Agreement. The Servicer and the Sub-Servicers may enter
      into
      and make amendments to the Sub-Servicing Agreements or enter into different
      forms of Sub-Servicing Agreements; provided, however, that any such amendments
      or different forms shall be consistent with and not violate the provisions of
      this Agreement, and that no such amendment or different form shall be made
      or
      entered into which could be reasonably expected to be materially adverse to
      the
      interests of the Certificateholders, without the consent of the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any variation
      without the consent of the Holders of Certificates entitled to at least 66%
      of
      the Voting Rights from the provisions set forth in Section 3.08 relating to
      insurance or priority requirements of Sub-Servicing Accounts, or credits and
      charges to the Sub- Servicing Accounts or the timing and amount of remittances
      by the Sub-Servicers to the Servicer, are conclusively deemed to be inconsistent
      with this Agreement and therefore prohibited. The Servicer shall deliver to
      the
      Trustee and the Trust Administrator copies of all Sub-Servicing Agreements,
      and
      any amendments or modifications thereof, promptly upon the Servicer’s execution
      and delivery of such instruments.

     

    (c)  As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trustee
      and the Certificateholders, shall enforce the obligations of each Sub-Servicer
      under the related Sub-Servicing Agreement, including, without limitation, any
      obligation to make advances in respect of delinquent payments as required by
      a
      Sub-Servicing Agreement. Such enforcement, including, without limitation, the
      legal prosecution of claims, termination of Sub-Servicing Agreements, and the
      pursuit of other appropriate remedies, shall be in such form and carried out
      to
      such an extent and at such time as the Servicer, in its good faith business
      judgment, would require were it the owner of the related Mortgage Loans. The
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor only (i) from a general recovery resulting from such
      enforcement, to the extent, if any, that such recovery exceeds all amounts
      due
      in respect of the related Mortgage Loans, or (ii) from a specific recovery
      of
      costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed.

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

    The
      Servicer shall be entitled to terminate any Sub-Servicing Agreement and the
      rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
      without any act or deed on the part of such Sub-Servicer or the Servicer, and
      the Servicer either shall service directly the related Mortgage Loans or shall
      enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
      qualifies under Section 3.02.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Trustee or the Trust Administrator without fee,
      in
      accordance with the terms of this Agreement, in the event that the Servicer
      shall, for any reason, no longer be the Servicer (including termination due
      to a
      Servicer Event of Default).

     

    
      	SECTION
              3.04  	
              Liability
                of the Servicer.

            

    

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed by this Agreement and undertaken hereunder
      by
      the Servicer herein.

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or liability
      by
      virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Sub-Servicer and to the same extent and under the
      same
      terms and conditions as if the Servicer alone were servicing and administering
      the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
      with a Sub- Servicer for indemnification of the Servicer by such Sub-Servicer
      and nothing contained in this Agreement shall be deemed to limit or modify
      such
      indemnification.

     

    
      	SECTION
              3.05  	
              No
                Contractual Relationship Between Sub-Servicers and Trustee, Trust
                Administrator or
                Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the Trustee, the Trust Administrator and the Certificateholders shall not
      be
      deemed parties thereto and shall have no claims, rights, obligations, duties
      or
      liabilities with respect to the Sub-Servicer except as set forth in Section
      3.06. The Servicer shall be solely liable for all fees owed by it to any
      Sub-Servicer, irrespective of whether the Servicer’s compensation pursuant to
      this Agreement is sufficient to pay such fees.

     

    
      	SECTION
              3.06  	
              Assumption
                or Termination of Sub-Servicing Agreements by Trust
                Administrator.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Trust
      Administrator or its designee shall thereupon assume all of the rights and
      obligations of the Servicer under each Sub-Servicing Agreement that the Servicer
      may have entered into, unless the Trust Administrator elects to terminate any
      Sub-Servicing Agreement in accordance with its terms as provided in Section
      3.03. Upon such assumption, the Trust Administrator, its designee or the
      successor servicer for the Trust Administrator appointed pursuant to Section
      7.02 shall be deemed, subject to Section 3.03, to have assumed all of the
      Servicer’s interest therein and to have replaced the Servicer as a party to each
      Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement
      had been assigned to the assuming party, except that (i) the Servicer shall
      not
      thereby be relieved of any liability or obligations under any Sub-Servicing
      Agreement and (ii) none of the Trust Administrator, its designee or any
      successor Servicer shall be deemed to have assumed any liability or obligation
      of the Servicer that arose before it ceased to be the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Trust Administrator, deliver
      to the assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub- Servicing
      Agreements to the assuming party.

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing and the servicing
      standards set forth in Section 3.01, the Servicer may in its discretion (i)
      waive any late payment charge or, if applicable, penalty interest, (ii) waive
      any provision of any Mortgage Loan requiring the related Mortgagor to submit
      to
      mandatory arbitration with respect to disputes arising thereunder or (iii)
      extend the due dates for Monthly Payments due on a Mortgage Note for a period
      of
      not greater than 180 days; provided that any extension pursuant to clause (iii)
      above shall not affect the amortization schedule of any Mortgage Loan for
      purposes of any computation hereunder, except as provided below. In the event
      of
      any such arrangement pursuant to clause (iii) above, the Servicer shall make
      timely advances on such Mortgage Loan during such extension pursuant to Section
      4.03 and in accordance with the amortization schedule of such Mortgage Loan
      without modification thereof by reason of such arrangements. Notwithstanding
      the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may waive,
      modify or vary any term of such Mortgage Loan (including, but not limited to,
      modifications that change the Mortgage Rate, forgive the payment of principal
      or
      interest or extend the final maturity date of such Mortgage Loan), accept
      payment from the related Mortgagor of an amount less than the Stated Principal
      Balance in final satisfaction of such Mortgage Loan (such payment, a “Short
      Pay-off”) or consent to the postponement of strict compliance with any such term
      or otherwise grant indulgence to any Mortgagor, if
      in the
      Servicer’s determination such waiver, modification, postponement or indulgence
      is not materially adverse to the interests of the Certificateholders (taking
      into account any estimated Realized Loss that might result absent such action).
      

     

    
      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Collection Account. The
      Sub-Servicer shall deposit in the Sub-Servicing Account, in no event more than
      two Business Days after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement. The Sub-Servicer shall
      thereafter remit such proceeds to the Servicer for deposit in the Collection
      Account not later than two Business Days after the deposit of such amounts
      in
      the Sub-Servicing Account. For purposes of this Agreement, the Servicer shall
      be
      deemed to have received payments on the Mortgage Loans when the Sub-Servicer
      receives such payments.

     

    
      	SECTION
              3.09  	
              Collection
                of Taxes and Similar Items; Servicing
                Accounts.

            

    

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall
      establish and maintain one or more accounts (the “Servicing Accounts”), into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, fire, flood, and hazard insurance
      premiums, hazard insurance proceeds (to the extent such amounts are to be
      applied to the restoration or repair of the property) and comparable items
      for
      the account of the Mortgagors (“Escrow Payments”) shall be deposited and
      retained. Servicing Accounts shall be Eligible Accounts. The Servicer shall
      deposit in the Servicing Accounts on a daily basis and in no event later than
      the second Business Day after receipt, and retain therein, all Escrow Payments
      collected on account of the Mortgage Loans, for the purpose of effecting the
      timely payment of any such items as required under the terms of this Agreement.
      Withdrawals of amounts from a Servicing Account may be made only to (i) effect
      timely payment of taxes, fire, flood, and hazard insurance premiums, and
      comparable items; (ii) reimburse the Servicer out of related collections for
      any
      advances made pursuant to Section 3.01 (with respect to taxes and assessments)
      and Section 3.14 (with respect to fire, flood and hazard insurance); (iii)
      refund to Mortgagors any sums as may be determined to be overages; (iv) pay
      interest, if required and as described below, to Mortgagors on balances in
      the
      Servicing Account; or (v) clear and terminate the Servicing Account at the
      termination of the Servicer’s obligations and responsibilities in respect of the
      Mortgage Loans under this Agreement in accordance with Article IX. As part
      of
      its servicing duties, the Servicer shall pay to the Mortgagors interest on
      funds
      in Servicing Accounts, to the extent required by law and, to the extent that
      interest earned on funds in the Servicing Accounts is insufficient, to pay
      such
      interest from its or their own funds, without any reimbursement therefor.
      Notwithstanding the foregoing, the Servicer shall not be obligated to collect
      Escrow Payments if the related Mortgage Loan does not require such payments
      but
      the Servicer shall nevertheless be obligated to make Servicing Advances as
      provided in Section 3.01. In the event the Servicer shall deposit in the
      Servicing Accounts any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Servicing Accounts, any provision to
      the
      contrary notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that is necessary to avoid the loss of the Mortgaged Property
      due
      to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      Servicer receives notice of a tax lien with respect to the Mortgage Loan being
      imposed, the Servicer will, to the extent required to avoid loss of the
      Mortgaged Property, advance or cause to be advanced funds necessary to discharge
      such lien on the Mortgaged Property. The Servicer assumes full responsibility
      for the payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances from its
      own
      funds to effect such payments.

     

    
      	SECTION
              3.10  	
              Collection
                Account and Distribution Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain one or more
      separate, segregated trust accounts (such account or accounts, the “Collection
      Account”), held in trust for the benefit of the Trust Administrator, the Trustee
      and the Certificateholders. On behalf of the Trust Fund, the Servicer shall
      deposit or cause to be deposited in the clearing account (which account must
      be
      an Eligible Account) in which it customarily deposits payments and collections
      on mortgage loans in connection with its mortgage loan servicing activities
      on a
      daily basis, and in no event more than two Business Days after the Servicer’s
      receipt thereof, and shall thereafter deposit in the Collection Account, in
      no
      event more than one Business Day after the deposit of such funds into the
      clearing account, as and when received or as otherwise required hereunder,
      the
      following payments and collections received or made by it from and after the
      Cut-off Date (other than in respect of principal or interest on the related
      Mortgage Loans due on or before the Cut-off Date), or payments (other than
      Principal Prepayments) received by it on or prior to the Cut-off Date but
      allocable to a Due Period subsequent thereto:

     

    (i)  all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

    (ii)  all
      payments on account of interest (net of the related Servicing Fee and any
      Prepayment Interest Excess) on each Mortgage Loan; 

     

    (iii)  all
      Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (other than
      (a) proceeds to be held in an escrow account and applied to the restoration
      or
      repair of the Mortgaged Property or released to the Mortgagor in accordance
      with
      the terms of this Agreement or (b) proceeds collected in respect of any
      particular REO Property and amounts paid by the Servicer in connection with
      a
      purchase of Mortgage Loans and REO Properties pursuant to Section
      9.01);

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account;

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03 or Section 9.01; 

     

    (vii)  all
      amounts required to be deposited in connection with shortfalls in principal
      amount of Qualified Substitute Mortgage Loans pursuant to Section 2.03;
      and

     

    (viii)  all
      Prepayment Charges collected by the Servicer and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    For
      purposes of the immediately preceding sentence, the Cut-off Date with respect
      to
      any Qualified Substitute Mortgage Loan shall be deemed to be the date of
      substitution.

     

    The
      foregoing requirements for deposit in the Collection Accounts shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges, Prepayment
      Interest Excess or assumption fees (other than Prepayment Charges) need not
      be
      deposited by the Servicer in the Collection Account. In the event the Servicer
      shall deposit in the Collection Account any amount not required to be deposited
      therein, it may at any time withdraw such amount from the Collection Account,
      any provision herein to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Trust Administrator, as agent for the Trustee, shall
      establish and maintain one or more separate, segregated trust accounts (such
      account or accounts, the “Distribution Account”), held in trust for the benefit
      of the Certificateholders. On behalf of the Trust Fund, the Servicer shall
      deliver to the Trust Administrator in immediately available funds for deposit
      in
      the Distribution Account on or before 4:00 p.m. New York time on the Servicer
      Remittance Date, that portion of the Available Distribution Amount (calculated
      without regard to the subtraction therefrom of the Credit Risk Manager Fee)
      for
      the related Distribution Date then on deposit in the Collection Account, the
      amount of all Prepayment Charges collected during the applicable Prepayment
      Period by the Servicer and Servicer Prepayment Charge Payment Amounts in
      connection with the Principal Prepayment of any of the Mortgage Loans then
      on
      deposit in the Collection Account.

     

    (c)  Funds
      in
      the Collection Account and the Distribution Account may be invested in Permitted
      Investments in accordance with the provisions set forth in Section 3.12. The
      Servicer shall give notice to the Trust Administrator (who shall give notice
      to
      the Trustee and the Depositor) of the location of the Collection Account
      maintained by it when established and prior to any change thereof. The Trust
      Administrator shall give notice to the Servicer, the Trustee and the Depositor
      of the location of the Distribution Account when established and prior to any
      change thereof.

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      to
      the Trust Administrator for deposit in an account (which may be the Distribution
      Account and must satisfy the standards for the Distribution Account as set
      forth
      in the definition thereof) and for all purposes of this Agreement shall be
      deemed to be a part of the Collection Account; provided, however, that the
      Trust
      Administrator shall have the sole authority to withdraw any funds held pursuant
      to this subsection (d). In the event the Servicer shall deliver to the Trust
      Administrator for deposit in the Distribution Account any amount not required
      to
      be deposited therein, it may at any time request that the Trust Administrator
      withdraw such amount from the Distribution Account and remit to it any such
      amount, any provision herein to the contrary notwithstanding. In addition,
      the
      Servicer shall deliver to the Trust Administrator from time to time for deposit,
      and upon written notification from the Servicer, the Trust Administrator shall
      so deposit, in the Distribution Account:

     

    (i)  any
      P&I Advances, as required pursuant to Section 4.03;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.23(d) or (f) in
      connection with any REO Property;

     

    (iii)  any
      amounts to be paid by the Servicer in connection with a purchase of Mortgage
      Loans and REO Properties pursuant to Section 9.01;

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.24 in connection with
      any
      Prepayment Interest Shortfalls; and

     

    (v)  any
      Stayed Funds, as soon as permitted by the federal bankruptcy court having
      jurisdiction in such matters.

     

    (e)  Promptly
      upon receipt of any Stayed Funds, whether from the Servicer, a trustee in
      bankruptcy, or federal bankruptcy court or other source, the Trust Administrator
      shall deposit such funds in the Distribution Account, subject to withdrawal
      thereof as permitted hereunder. 

     

    (f)  The
      Servicer shall deposit in the Collection Account any amounts required to be
      deposited pursuant to Section 3.12(b) in connection with losses realized on
      Permitted Investments with respect to funds held in the Collection
      Account.

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 4.03:

     

    (i)  to
      remit
      to the Trust Administrator for deposit in the Distribution Account the amounts
      required to be so remitted pursuant to Section 3.10(b) or permitted to be so
      remitted pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to
      the extent of amounts received which represent Late Collections (net of the
      related Servicing Fees) of Monthly Payments on Mortgage Loans with respect
      to
      which such P&I Advances were made in accordance with the provisions of
      Section 4.03;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (A) any unpaid
      Servicing Fees, (B) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Liquidation Proceeds, Insurance
      Proceeds or other amounts as may be collected by the Servicer from a Mortgagor,
      or otherwise received with respect to such Mortgage Loan and (C) without
      limiting any right of withdrawal set forth in clause (vi) below, any Servicing
      Advances made with respect to a Mortgage Loan that, following the final
      liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the
      extent that Late Collections, Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer or any Sub-Servicer for such Servicing Advances;

     

    (iv)  to
      pay to
      the Servicer as servicing compensation (in addition to the Servicing Fee) on
      the
      Servicer Remittance Date any interest or investment income earned on funds
      deposited in the Collection Account;

     

    (v)  to
      pay to
      the Servicer, the Depositor or the Sponsor, as the case may be, with respect
      to
      each Mortgage Loan that has previously been purchased or replaced pursuant
      to
      Section 2.03 all amounts received thereon subsequent to the date of purchase
      or
      substitution, as the case may be;

     

    (vi)  to
      reimburse the Servicer for any P&I Advance or Servicing Advance previously
      made which the Servicer has determined to be a Nonrecoverable Advance in
      accordance with the provisions of Section 4.03;

     

    (vii)  to
      reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
      to the Servicer or the Depositor, as the case may be, pursuant to Section
      6.03;

     

    (viii)  to
      reimburse the Servicer, the Trust Administrator or the Trustee, as the case
      may
      be, for expenses reasonably incurred in respect of the breach or defect giving
      rise to the purchase obligation under Section 2.03 or Section 2.04 of this
      Agreement that were included in the Purchase Price of the Mortgage Loan,
      including any expenses arising out of the enforcement of the purchase
      obligation;

     

    (ix)  to
      pay
      itself any Prepayment Interest Excess (to the extent not otherwise
      retained);

     

    (x)  to
      pay,
      or to reimburse the Servicer for advances in respect of expenses incurred in
      connection with any Mortgage Loan pursuant to Section 3.16(b);

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01; and

     

    (xii)  to
      withdraw any amounts deposited in the Collection Account in error.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer
      shall provide written notification to the Trustee and the Trust Administrator,
      on or prior to the next succeeding Servicer Remittance Date, upon making any
      withdrawals from the Collection Account pursuant to subclause (vii)
      above.

     

    (b)  The
      Trust
      Administrator shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes, without priority:

     

    (i)  to
      make
      distributions to Certificateholders in accordance with Section
      4.01;

     

    (ii)  to
      pay to
      itself any interest income earned on funds deposited in the Distribution Account
      pursuant to Section 3.12(c);

     

    (iii)  to
      reimburse the Trust Administrator or the Trustee pursuant to Section
      7.02;

     

    (iv)  to
      pay
      any amounts in respect of taxes pursuant to 10.01(g)(iii);

     

    (v)  to
      pay
      any Extraordinary Trust Fund Expenses;

     

    (vi)  to
      reimburse the Trust Administrator or the Trustee for any P&I Advance made by
      it under Section 7.01 (if not reimbursed by the Servicer) to the same extent
      the
      Servicer would be entitled to reimbursement under Section 3.11(a);

     

    (vii)  to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee; and

     

    (viii)  to
      clear
      and terminate the Distribution Account pursuant to Section 9.01.

     

    
      	SECTION
              3.12  	
              Investment
                of Funds in the Collection Account and the Distribution
                Account.

            

    

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account (for purposes of this Section 3.12, an “Investment Account”), and the
      Trust Administrator may at the direction of the Depositor direct any depository
      institution maintaining the Distribution Account (for purposes of this Section
      3.12, also an “Investment Account”), to hold the funds in such Investment
      Account uninvested or to invest the funds in such Investment Account in one
      or
      more Permitted Investments specified in such instruction bearing interest or
      sold at a discount, and maturing, unless payable on demand, (i) no later than
      the Business Day immediately preceding the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if a Person other
      than the Trust Administrator is the obligor thereon, and (ii) no later than
      the
      date on which such funds are required to be withdrawn from such account pursuant
      to this Agreement, if the Trust Administrator is the obligor thereon. All such
      Permitted Investments shall be held to maturity, unless payable on demand.
      Any
      investment of funds in an Investment Account shall be made in the name of the
      Trust Administrator (in its capacity as such) or in the name of a nominee of
      the
      Trust Administrator. The Trust Administrator shall be entitled to sole
      possession (except with respect to investment direction of funds held in the
      Collection Account and the Distribution Account and any income and gain realized
      thereon) over each such investment, and any certificate or other instrument
      evidencing any such investment shall be delivered directly to the Trust
      Administrator or its agent, together with any document of transfer necessary
      to
      transfer title to such investment to the Trust Administrator or its nominee.
      In
      the event amounts on deposit in an Investment Account are at any time invested
      in a Permitted Investment payable on demand, the Trust Administrator
      shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trust Administrator that such Permitted Investment
      would not constitute a Permitted Investment in respect of funds thereafter
      on
      deposit in the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account held by or on behalf of the Servicer, shall be for the
      benefit of the Servicer and shall be subject to its withdrawal in accordance
      with Section 3.11. The Servicer shall deposit in the Collection Account the
      amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such accounts immediately upon realization of
      such
      loss.

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account held by or on behalf of the Trust Administrator, shall
      be
      for the benefit of the Trust Administrator and shall be subject to its
      withdrawal at any time. The Trust Administrator shall deposit in the
      Distribution Account the amount of any loss of principal incurred in respect
      of
      any such Permitted Investment made with funds in such accounts immediately
      upon
      realization of such loss.

     

    (d)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trust
      Administrator may and, subject to Section 8.01 and Section 8.02(a)(v), upon
      the
      request of the Holders of Certificates representing more than 50% of the Voting
      Rights allocated to any Class of Certificates, shall take such action as may
      be
      appropriate to enforce such payment or performance, including the institution
      and prosecution of appropriate proceedings.

     

    
      	SECTION
              3.13  	
              [Reserved].

            

    

     

    
      	SECTION
              3.14  	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    (a)  The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      Servicer shall cause to be maintained for each Mortgaged Property fire and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the least
      of (i) the current principal balance of such Mortgage Loan, (ii) the amount
      necessary to fully compensate for any damage or loss to the improvements which
      are a part of such property on a replacement cost basis and (iii) the maximum
      insurable value of the improvements which are a part of such Mortgaged Property,
      in each case in an amount not less than such amount as is necessary to avoid
      the
      application of any coinsurance clause contained in the related hazard insurance
      policy. The Servicer shall also cause to be maintained fire and hazard insurance
      on each REO Property with extended coverage as is 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 which are a part
      of such property and (ii) the outstanding principal balance of the related
      Mortgage Loan at the time it became an REO Property. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts to be collected by
      the
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with the procedures that the
      Servicer would follow in servicing loans held for its own account, subject
      to
      the terms and conditions of the related Mortgage and Mortgage Note) shall be
      deposited in the Collection Account, subject to withdrawal pursuant to Section
      3.11, if received in respect of a Mortgage Loan, or in the REO Account, subject
      to withdrawal pursuant to Section 3.23, if received in respect of an REO
      Property. Any cost incurred by the Servicer in maintaining any such insurance
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit; provided,
      however, that the Servicer may capitalize the amount of any Servicing Advances
      incurred pursuant to this Section 3.14 in connection with the modification
      of a
      Mortgage Loan. It is understood and agreed that no earthquake or other
      additional insurance is to be required of any Mortgagor 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 or REO
      Property is at any time in an area identified in the Federal Register by the
      Federal Emergency Management Agency as having special flood hazards, the
      Servicer will cause to be maintained a flood insurance policy in respect
      thereof. Such flood insurance shall be in an amount equal to the least of (i)
      the unpaid principal balance of the related Mortgage Loan, (ii) the maximum
      amount of such insurance available for the related Mortgaged Property under
      the
      national flood insurance program (assuming that the area in which such Mortgaged
      Property is located is participating in such program) and (iii) the maximum
      insurable value of the improvements which are a part of such Mortgaged
      Property.

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide insuring against hazard losses on all of the Mortgage Loans, it shall
      conclusively be deemed to have satisfied its obligations as set forth in the
      first two sentences of this Section 3.14, it being understood and agreed that
      such policy may contain a deductible clause, in which case the Servicer shall,
      in the event that there shall not have been maintained on the related Mortgaged
      Property or REO Property a policy complying with the first two sentences of
      this
      Section 3.14, and there shall have been one or more losses which would have
      been
      covered by such policy, deposit to the Collection Account from its own funds
      the
      amount not otherwise payable under the blanket policy because of such deductible
      clause. In connection with its activities as administrator and servicer of
      the
      Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself,
      the Trustee, the Trust Fund and the Certificateholders, claims under any such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (b)  The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of its respective obligations under this Agreement, which policy
      or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      the Servicer, has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall each also maintain a fidelity bond in the form
      and amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      the Servicer, has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall be deemed to have complied with this provision
      if an Affiliate of the 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 Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty days’ prior written notice to the Trustee and the Trust
      Administrator.

     

    
      	SECTION
              3.15  	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not exercise any such rights if prohibited by law from doing so. If the Servicer
      reasonably believes it is unable under applicable law to enforce such
“due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the Servicer will enter into an assumption
      and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      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 the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the Mortgage Loans. In connection with any assumption or
      substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee and the
      Trust Administrator that any such substitution or assumption agreement has
      been
      completed by forwarding to the Trust Administrator on behalf of 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.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason whatever.
      For purposes of this Section 3.15, the term “assumption” is deemed to also
      include a sale (of the Mortgaged Property) subject to the Mortgage that is
      not
      accompanied by an assumption or substitution of liability
      agreement.

     

    
      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall, consistent with the servicing standard set forth in Section
      3.01, 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 pursuant to Section 3.07. The Servicer shall be responsible for all
      costs and expenses incurred by it in any such proceedings; provided, however,
      that such costs and expenses will be recoverable as Servicing Advances by the
      Servicer as contemplated in Section 3.11 and Section 3.23. The foregoing is
      subject to the provision that, in any case in which Mortgaged Property shall
      have suffered damage from an Uninsured Cause, the Servicer shall not be required
      to expend its own funds toward the restoration of such property unless it shall
      determine in its discretion that such restoration will increase the proceeds
      of
      liquidation of the related Mortgage Loan after reimbursement to itself for
      such
      expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund, the Trust Administrator, the Servicer or the Certificateholders would
      be
      considered to hold title to, to be a “mortgagee-in-possession” of, or to be an
“owner” or “operator” of such Mortgaged Property within the meaning of the
      Comprehensive Environmental Response, Compensation and Liability Act of 1980,
      as
      amended from time to time, or any comparable law, unless the Servicer has also
      previously determined, based on its reasonable judgment and a report prepared
      by
      a Person who regularly conducts environmental audits using customary industry
      standards, that:

     

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

     

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

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  
      The
      Servicer shall have the right to purchase from REMIC I any defaulted Mortgage
      Loan that is 90 days or more delinquent, which the Servicer determines in good
      faith will otherwise become subject to foreclosure proceedings (evidence of
      such
      determination to be delivered in writing to the Trustee and the Trust
      Administrator, in form and substance satisfactory to the Trustee and the Trust
      Administrator prior to purchase), at a price equal to the Purchase Price. The
      Purchase Price for any Mortgage Loan purchased hereunder shall be deposited
      in
      the Collection Account, and the Trust Administrator, upon receipt of written
      certification from the Servicer of such deposit, shall release or cause to
      be
      released to the Servicer the related Mortgage File and the Trust Administrator,
      upon receipt of written certification from the Servicer of such deposit, shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, as the Servicer shall furnish and as shall be necessary to
      vest in the Servicer title to any Mortgage Loan released pursuant
      hereto.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer or any
      Sub-Servicer for any related unreimbursed Servicing Advances and P&I
      Advances, pursuant to Section 3.11(a)(ii) or (a)(iii)(B); second, to accrued
      and
      unpaid interest on the Mortgage Loan, to the date of the Final Recovery
      Determination, or to the Due Date prior to the Distribution Date on which such
      amounts are to be distributed if not in connection with a Final Recovery
      Determination; and third, as a recovery of principal of the Mortgage Loan.
      If
      the amount of the recovery so allocated to interest is less than the full amount
      of accrued and unpaid interest due on such Mortgage Loan, the amount of such
      recovery will be allocated by the Servicer as follows: first, to unpaid
      Servicing Fees; and second, to the balance of the interest then due and owing.
      The portion of the recovery so allocated to unpaid Servicing Fees shall be
      reimbursed to the Servicer or any Sub-Servicer pursuant to Section
      3.11(a)(iii)(A).

     

    
      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the related Custodian,
      on
      behalf of the Trustee, by a Request for Release in the form of Exhibit E (which
      certification shall include a statement to the effect that all amounts received
      or to be received in connection with such payment which are required to be
      deposited in the Collection Account pursuant to Section 3.10 have been or will
      be so deposited) of a Servicing Officer and shall request that the related
      Custodian, on behalf of the Trustee, deliver to it the Mortgage File. Upon
      receipt of such certification and request, the related Custodian, on behalf
      of
      the Trustee, shall promptly release the related Mortgage File to the Servicer,
      and the Servicer is authorized to cause the removal from the registration on
      the
      MERS® System of any such Mortgage, if applicable, 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.
      No
      expenses incurred in connection with any instrument of satisfaction or deed
      of
      reconveyance shall be chargeable to the Collection Account or the Distribution
      Account.

     

    The
      Trustee (or a Custodian on its behalf) shall, at the written request and expense
      of any Certificateholder, provide a written report to such Certificateholder
      of
      all Mortgage Files released to the Servicer for servicing purposes.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the related Custodian, on behalf of the Trustee,
      shall, upon request of the Servicer and delivery to the related Custodian and
      the Trustee of a Request for Release in the form of Exhibit E, release the
      related Mortgage File to the Servicer, and the related Custodian, on behalf
      of
      the Trustee, shall, at the direction of the Servicer, execute such documents
      as
      shall be necessary to the prosecution of any such proceedings. Such Request
      for
      Release shall obligate the Servicer to return each and every document previously
      requested from the Mortgage File to the related Custodian when the need therefor
      by the Servicer no longer exists, unless the Mortgage Loan has been liquidated
      and the Liquidation Proceeds relating to the Mortgage Loan have been deposited
      in the Collection Account or the Mortgage File or such document has 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 either judicially
      or
      non-judicially, and the Servicer has delivered to the related Custodian, on
      behalf of the Trustee, a certificate of a Servicing Officer certifying as to
      the
      name and address of the Person to which such Mortgage File or such document
      was
      delivered and the purpose or purposes of such delivery. Upon receipt of a
      certificate of a Servicing Officer stating that such Mortgage Loan was
      liquidated and that all amounts received or to be received in connection with
      such liquidation that are required to be deposited into the Collection Account
      have been so deposited, or that such Mortgage Loan has become an REO Property,
      a
      copy of the Request for Release shall be released by the related Custodian,
      on
      behalf of the Trustee, to the Servicer.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer any court pleadings, requests for trustee’s sale or
      other documents reasonably necessary to the foreclosure or trustee’s sale in
      respect of a Mortgaged Property or to any legal action brought to obtain
      judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain
      a
      deficiency judgment, or to enforce any other remedies or rights provided by
      the
      Mortgage Note or Mortgage or otherwise available at law or in equity. Each
      such
      certification shall include a request that such pleadings or documents be
      executed by the Trustee and a statement as to the reason such documents or
      pleadings are required and that the execution and delivery thereof by the
      Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
      for the termination of such a lien upon completion of the foreclosure or
      trustee’s sale.

     

    
      	SECTION
              3.18  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds, Subsequent Recoveries or Liquidation Proceeds
      to
      the extent permitted by Section 3.11(a)(iii)(A) and out of amounts derived
      from
      the operation and sale of an REO Property to the extent permitted by Section
      3.23. The right to receive the Servicing Fee may not be transferred in whole
      or
      in part except in connection with the transfer of all of the Servicer’s
      responsibilities and obligations under this Agreement.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges
      and
      other similar fees and charges (other than Prepayment Charges) shall be retained
      by the Servicer (subject to Section 3.24) only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account, and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including premiums for the insurance required by Section 3.14, to
      the
      extent such premiums are not paid by the related Mortgagors or by a
      Sub-Servicer, servicing compensation of each Sub-Servicer, and to the extent
      provided herein in Section 8.05, the fees and expenses of the Trustee and the
      Trust Administrator) and shall not be entitled to reimbursement therefor except
      as specifically provided herein.

     

    
      	SECTION
              3.19  	
              Reports
                to the Trust Administrator; Collection Account
                Statements.

            

    

     

    Upon
      reasonable request by the Trust Administrator (such request to be made by the
      related Distribution Date), the Servicer shall forward to the Trust
      Administrator no later than 10 calendar days after such request, a statement
      prepared by the Servicer setting forth the status of the Collection Account
      as
      of the close of business on the last day of the calendar month relating to
      such
      Distribution Date and showing, for the period covered by such statement, the
      aggregate amount of deposits into and withdrawals from the Collection Account
      of
      each category of deposit specified in Section 3.10(a) and each category of
      withdrawal specified in Section 3.11. Such statement may be in the form of
      the
      then current Fannie Mae Monthly Accounting Report for its Guaranteed Mortgage
      Pass-Through Program with appropriate additions and changes, and shall also
      include information as to the aggregate of the outstanding principal balances
      of
      all of the Mortgage Loans as of the last day of the calendar month immediately
      preceding such Distribution Date or such other format as mutually agreed to
      between the Servicer and the Trust Administrator. Copies of such statement
      shall
      be provided by the Trust Administrator to any Certificateholder and to any
      Person identified to the Trust Administrator as a prospective transferee of
      a
      Certificate, upon the request and at the expense of the requesting party,
      provided such statement is delivered by the Servicer to the Trust
      Administrator.

     

    
      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

    

     

    The
      Servicer shall deliver to the Trust Administrator, on or before March
      20th
      of each
      calendar year beginning in 2007, an Officers’ Certificate (an “Annual Statement
      of Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of the Servicer during the preceding calendar year and of performance
      under this Agreement has been made under such officers’ supervision and (ii) to
      the best of such officers’ knowledge, based on such review, the Servicer has
      fulfilled all of its obligations under this 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 of cure provisions thereof. The Servicer
      shall
      deliver, or cause any entity determined by the Servicer to be a Sub-Servicer
      to
      deliver, a similar Annual Statement of Compliance by any Sub-Servicer to which
      the Servicer has delegated any servicing responsibilities with respect to the
      Mortgage Loans, to the Trust Administrator as described above as and when
      required with respect to the Servicer. 

     

    If
      the
      Servicer does not deliver the Annual Statement of Compliance by March
      20th
      of any
      year, either the Trust Administrator or the Depositor shall provide the Servicer
      with written notice of its failure to deliver such Annual Statement of
      Compliance and the Servicer shall have 5 calendar days from the date its receipt
      of such written notice to cure such failure to deliver.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 shall be deemed a
      Servicer Event of Default, and upon the receipt of written notice from the
      Trust
      Administrator of such Event of Default, the Trustee may at the direction of
      the
      Depositor, in addition to whatever rights the Trustee may have under this
      Agreement and at law or equity or to damages, including injunctive relief and
      specific performance, upon notice immediately terminate all the rights and
      obligations of the Servicer under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof without compensating the Servicer for the same;
      provided
      that to
      the extent that any provision of this Agreement expressly provides for the
      survival of certain rights or obligations following termination of the Servicer,
      such provision shall be given effect. This paragraph shall supercede any other
      provision in this Agreement or any other agreement to the contrary.

     

    The
      Servicer shall indemnify and hold harmless the Depositor, the Trust
      Administrator and their officers, directors and Affiliates from and against
      any
      actual losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses that such
      Person may sustain based solely and directly upon a breach of the Servicer’s
      obligations under this Section 3.20. Such indemnification shall not cover any
      damages that are indirect, consequential, punitive or special in
      nature.

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    (a)  The
      Servicer shall service and administer the Mortgage Loans in accordance with
      all
      applicable requirements of the Servicing Criteria (as set forth in Exhibit
      C
      hereto). The Servicer shall deliver to the Trust Administrator on or before
      March 20th
      of each
      calendar year beginning in 2007, the following: 

     

    (i)  a
      report
      (an “Assessment of Compliance”) regarding the Servicer’s 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
      the Servicer, and shall address each of the applicable Servicing Criteria set
      forth in Exhibit C hereto;

     

    (ii)  a
      report
      (an “Attestation Report”) of a registered public accounting firm reasonably
      acceptable to the Depositor that attests to, and reports on, the assessment
      of
      compliance made by the Servicer and delivered pursuant to the preceding
      paragraph. 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;
      and

     

    (iii)  cause
      each Sub-Servicer, and each subcontractor determined by the Servicer to be
      “participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, to deliver an Assessment of Compliance and Attestation Report
      as
      and when provided in paragraphs (i) and (ii) of this Section
      3.21(a).

     

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

     

    (b)  The
      Servicer shall, or shall cause any Sub-Servicer and each subcontractor
      determined by the Servicer to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB to, deliver to the Trust
      Administrator and the Depositor an Assessment of Compliance and Attestation
      Report as and when provided above.

     

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

     

    Failure
      of the Servicer to timely comply with this Section 3.21 shall be deemed a
      Servicer Event of Default, and upon the receipt of written notice from the
      Trust
      Administrator of such Event of Default, the Trustee at the direction of the
      Depositor may, in addition to whatever rights the Trustee may have under this
      Agreement and at law or equity or to damages, including injunctive relief and
      specific performance, upon notice immediately terminate all the rights and
      obligations of the Servicer under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof without compensating the Servicer for the same;
      provided, however, the Depositor shall not be entitled to instruct the Trustee
      to terminate the rights and obligations of the Servicer pursuant to clause
      (iii)
      above if a failure of the 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. This paragraph shall supercede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    The
      Trust
      Administrator shall also provide an Assessment of Compliance and Attestation
      Report, as and when provided above, which shall at a minimum address each of
      the
      Servicing Criteria specified on Exhibit C hereto which are indicated as
      applicable to the “trust administrator.”

     

    The
      Servicer shall indemnify and hold harmless the Depositor and the Trust
      Administrator and their officers, directors and Affiliates from and against
      any
      actual losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses that such
      Person may sustain based solely and directly upon a breach of the Servicer’s
      obligations, as applicable, under this Section 3.21. The Trust Administrator
      shall indemnify and hold harmless the Depositor and its officers, directors
      and
      Affiliates from and against any actual losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person may sustain based upon any failure
      of the Trust Administrator to deliver when required its Assessment of
      Compliance. Such indemnification shall not cover any damages that are indirect,
      consequential, punitive or special in nature.

     

    
      	SECTION
              3.22  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Depositor, the Trust Administrator and the Trustee
      access to the documentation regarding the Mortgage Loans required by applicable
      laws and regulations. Such access shall be afforded without charge, but only
      upon reasonable request and during normal business hours at the offices of
      the
      Servicer designated by it. In addition, access to the documentation regarding
      the Mortgage Loans required by applicable laws and regulations will be provided
      to the Trustee or the Trust Administrator on behalf of, and for purposes of
      providing such documentation to, any Person identified as
      a Certificateholder or any federal or state banking or insurance
      regulatory authority that may exercise authority over any Certificateholder
      or a
      prospective transferee of a Certificate or a subject to the execution of a
      confidentiality agreement in form and substance satisfactory to the Servicer,
      upon reasonable request during normal business hours at the offices of the
      Servicer designated by it at the expense of the Trustee or Trust Administrator.
      Nothing in this Section 3.22 shall derogate from the obligation of any such
      party to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of any such party to provide access
      as
      provided in this Section as a result of such obligation shall not constitute
      a
      breach of this Section 3.22. In each case, access to any documentation regarding
      the Mortgage Loans may be conditioned upon the requesting party’s acknowledgment
      in writing of a confidentiality agreement regarding any information that is
      required to remain confidential under the Gramm-Leach-Bliley Act of
      1999.

     

    
      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, in trust for the benefit of the Certificateholders.
      The
      Servicer, on behalf of the Trust Fund, shall either sell any REO Property before
      the close of the third taxable year following the year the Trust Fund acquires
      ownership of such REO Property for purposes of Section 860G(a)(8) of the Code
      or
      request from the Internal Revenue Service, no later than 60 days before the
      day
      on which the above three-year grace period would otherwise expire, an extension
      of the above three-year grace period, unless the Servicer shall have delivered
      to the Trustee, the Trust Administrator and the Depositor an Opinion of Counsel,
      addressed to the Trustee, the Trust Administrator and the Depositor, to the
      effect that the holding by the Trust Fund of such REO Property subsequent to
      the
      close of the third taxable year after its acquisition will not result in the
      imposition on the Trust Fund of taxes on “prohibited transactions” thereof, as
      defined in Section 860F of the Code, or cause any Trust REMIC to fail to qualify
      as a REMIC under Federal law at any time that any Certificates are outstanding.
      The Servicer shall manage, conserve, protect and operate each REO Property
      for
      the Certificateholders solely for the purpose of its prompt disposition and
      sale
      in a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any Trust REMIC of any “income from non-permitted
      assets” within the meaning of Section 860F(a)(2)(B) of the Code, or any “net
      income from foreclosure property” which is subject to taxation under the REMIC
      Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee for the benefit of the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Servicer shall be permitted to allow the Collection Account to serve as the
      REO
      Account, subject to separate ledgers for each REO Property. The Servicer shall
      be entitled to retain or withdraw any interest income paid on funds deposited
      in
      the REO Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period as the Servicer deems
      to
      be in the best interests of Certificateholders. In connection therewith, the
      Servicer shall deposit, or cause to be deposited in the clearing account (which
      account must be an Eligible Account) in which it customarily deposits payments
      and collections on mortgage loans in connection with its mortgage loan servicing
      activities on a daily basis, and in no event more than two Business Days after
      the Servicer’s receipt thereof, and shall thereafter deposit in the REO Account,
      in no event more than one Business Day after the deposit of such funds into
      the
      clearing account, all revenues received by it with respect to an REO Property
      and shall withdraw therefrom funds necessary for the proper operation,
      management and maintenance of such REO Property including, without
      limitation:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Notwithstanding
      the foregoing, none of the Servicer, the Trust Administrator or the Trustee
      shall:

     

    (i)  authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

    (ii)  authorize
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (iii)  authorize
      any construction on any REO Property, other than the completion of a building
      or
      other improvement thereon, and then only if more than ten percent of the
      construction of such building or other improvement was completed before default
      on the related Mortgage Loan became imminent, all within the meaning of Section
      856(e)(4)(B) of the Code; or

     

    (iv)  authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Trust Administrator and the Trustee, to the effect that such action will
      not
      cause such REO Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code at any time that it is held by the
      Trust Fund, in which case the Servicer may take such actions as are specified
      in
      such Opinion of Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

    (iv)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such
      fees.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and P&I Advances made in respect of such REO
      Property or the related Mortgage Loan. Any income from the related REO Property
      received during any calendar months prior to a Final Recovery Determination,
      net
      of any withdrawals made pursuant to Section 3.23(c) or this Section 3.23(d),
      shall be withdrawn by the Servicer from each REO Account maintained by it and
      remitted to the Trust Administrator for deposit into the Distribution Account
      in
      accordance with Section 3.10(d)(ii) on the Servicer Remittance Date relating
      to
      a Final Recovery Determination with respect to such Mortgage Loan, for
      distribution on the related Distribution Date in accordance with Section
      4.01.

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), and further subject to
      obtaining the approval of the insurer under any related Primary Mortgage
      Insurance Policy (if and to the extent that such approvals are necessary to
      make
      claims under such policies in respect of the affected REO Property), each REO
      Disposition shall be carried out by the Servicer at such price and upon such
      terms and conditions as the Servicer shall deem necessary or advisable, as
      shall
      be normal and usual in its general servicing activities for similar
      properties.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      remitted to the Trust Administrator for deposit in the Distribution Account
      in
      accordance with Section 3.10(d)(ii) on the Servicer Remittance Date in the
      month
      following the receipt thereof for distribution on the related Distribution
      Date
      in accordance with Section 4.01. Any REO Disposition shall be for cash only
      (unless changes in the REMIC Provisions made subsequent to the Startup Day
      allow
      a sale for other consideration).

     

    (g)  The
      Servicer shall file information returns with respect to the receipt of mortgage
      interest received in a trade or business, reports of foreclosures and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    
      	SECTION
              3.24  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    The
      Servicer shall deliver to the Trust Administrator for deposit into the
      Distribution Account on or before 4:00 p.m. New York time on the Servicer
      Remittance Date from its own funds (or from a Sub-Servicer’s own funds received
      by the Servicer in respect of Compensating Interest) an amount equal to the
      lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the
      related Distribution Date resulting from full or partial Principal Prepayments
      during the related Prepayment Period and (ii) the applicable Compensating
      Interest Payment.

     

    
      	SECTION
              3.25  	
              Obligations
                of the Servicer in Respect of Monthly
                Payments.

            

    

     

    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,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Trust Administrator 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 Trust
      Administrator, the Depositor and any successor servicer in respect of any such
      liability. Such indemnities shall survive the termination or discharge of this
      Agreement. If amounts paid by the Servicer with respect to any Mortgage Loan
      pursuant to this Section 3.25 are subsequently recovered from the related
      Mortgagor, the Servicer shall be permitted to reimburse itself for such amounts
      paid by it pursuant to this Section 3.25 from such recoveries. 

     

    
      	SECTION
              3.26  	
              Advance
                Facility.

            

    

     

    (a)  The
      Servicer and/or the Trustee on behalf of the Trust Fund is hereby authorized
      to
      enter into a facility (an “Advance Facility”) with any Person (an “Advancing
      Person”) (1) under which the Servicer sells, assigns or pledges to the Advancing
      Person the Servicer’s rights under this Agreement to be reimbursed for any
      P&I Advances and/or Servicing Advances or (2) which provides that the
      Advancing Person may fund P&I Advances and/or Servicing Advances to the
      Trust Fund under this Agreement, although no such facility shall reduce or
      otherwise affect the Servicer’s obligation to fund such P&I Advances and/or
      Servicing Advances. If the Servicer enters into such an Advance Facility
      pursuant to this Section 3.26, upon reasonable request of the Advancing Person,
      the Trust Administrator shall execute a letter of acknowledgment, confirming
      its
      receipt of notice of the existence of such Advance Facility. To the extent
      that
      an Advancing Person funds any P&I Advance or any Servicing Advance or is
      assigned the right to be reimbursed for any P&I Advance or Servicing Advance
      and provides the Trust Administrator with notice acknowledged by the Servicer
      that such Advancing Person is entitled to reimbursement directly from the Trust
      Administrator pursuant to the terms of the Advance Facility, such Advancing
      Person shall be entitled to receive reimbursement pursuant to this Agreement
      for
      such amount to the extent provided in Section 3.26(b). Such notice from the
      Advancing Person must specify the amount of the reimbursement, the Section
      of
      this Agreement that permits the applicable Advance or Servicing Advance to
      be
      reimbursed and the section(s) of the Advance Facility that entitle the Advancing
      Person to request reimbursement from the Trust Administrator, rather than the
      Servicer, and include the Servicer’s acknowledgment thereto or proof of an event
      of default under the Advance Facility. The Trust Administrator shall have no
      duty or liability with respect to any calculation of any reimbursement to be
      paid to an Advancing Person and shall be entitled to rely without independent
      investigation on the Advancing Person’s notice provided pursuant to this Section
      3.26. An Advancing Person whose obligations hereunder are limited to the funding
      of P&I Advances and/or Servicing Advances shall not be required to meet the
      qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof
      and shall not be deemed to be a Sub-Servicer under this Agreement.

     

    (b)  If,
      pursuant to the terms of the Advance Facility, an Advancing Person is entitled
      to reimbursement directly from the Trust Administrator, then the Servicer shall
      not reimburse itself therefor under Section 3.11(a)(ii), Section 3.11(a)(iii)
      or
      Section 3.11(a)(vi) prior to the remittance to the Trust Fund, but instead
      the
      Servicer shall include such amounts in the applicable remittance to the Trust
      Administrator made pursuant to Section 3.10 to the extent of amounts on deposit
      in the Collection Account on the Servicer Remittance Date. The Trust
      Administrator is hereby authorized to pay to the Advancing Person reimbursements
      for Advances and Servicing Advances from the Distribution Account, to the extent
      permitted under the terms of the Advance Facility, to the same extent the
      Servicer would have been permitted to reimburse itself for such Advances and/or
      Servicing Advances in accordance with Section 3.11(a)(ii), Section 3.11(a)(iii)
      or Section 3.11(a)(vi), as the case may be, had the Servicer itself funded
      such
      Advance or Servicing Advance. The Trust Administrator is hereby authorized
      to
      pay directly to the Advancing Person such portion of the Servicing Fee as the
      parties to any Advance Facility agree to in writing delivered to the Trust
      Administrator. An Advance Facility may provide that the Servicer will otherwise
      cause the remittance of P&I Advance and/or Servicing Advance reimbursement
      amounts to the Advancing Person, in which case the foregoing sentences in this
      Section 3.26(b) shall not apply.

     

    (c)  All
      P&I Advances and Servicing Advances made pursuant to the terms of this
      Agreement shall be deemed made and shall be reimbursed on a “first in first out”
(FIFO) basis.

     

    (d)  None
      of
      the Trust Fund, any party to this Agreement or any other Person shall have
      any
      right or claim (including without limitation any right of offset or recoupment)
      to any amounts allocable under this Agreement to the reimbursement of P&I
      Advances or Servicing Advances that have been assigned, conveyed or pledged
      to
      an Advancing Person, or that relate to P&I Advances or Servicing Advances
      that were funded by an Advancing Person.

     

    (e)  Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor master servicer, may be entered into by the parties
      to
      this Agreement without the consent of any Certificateholder but with written
      confirmation from each Rating Agency that the amendment shall not result in
      the
      reduction or withdrawal of the then-current ratings of any outstanding Class
      of
      Certificates or any other notes secured by collateral which includes all or
      a
      portion of the Class CE Certificates, the Class P Certificates and/or the
      Residual Certificates, notwithstanding anything to the contrary in this
      Agreement.

     

     

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

    (a)  (1)On
      each
      Distribution Date, the Trust Administrator shall, first, withdraw from the
      Distribution Account an amount equal to the Credit Risk Manager Fee for such
      Distribution Date and shall pay such amount to the Credit Risk Manager and,
      second, withdraw from the Distribution Account an amount equal to the Available
      Distribution Amount for such Distribution Date and shall distribute the
      following amounts, in the following order of priority:

     

    (I) On
      each
      Distribution Date, the Group I Interest Remittance Amount shall be distributed
      to the Certificateholders in the following order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Senior Interest Distribution Amount
      related to such Certificates; and

     

    (ii)  concurrently,
      to the Holders of each Class of Group II Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Senior Interest Distribution
      Amount for each such Class, remaining undistributed after the distribution
      of
      the Group II Interest Remittance Amount, as set forth in Section
      4.01(a)(1)(II)(i) below.

     

    (II) On
      each
      Distribution Date, the Group II Interest Remittance Amount shall be distributed
      to the Certificateholders in the following order of priority:

     

    (i)  concurrently,
      to the Holders of each Class of Group II Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Senior Interest Distribution
      Amount related to such Certificates; and

     

    (ii)  to
      the
      Holders of the Group I Certificates, the Senior Interest Distribution Amount
      related to such Certificates, remaining undistributed after the distribution
      of
      the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(1)(I)(i)
      above.

     

    (III) On
      each
      Distribution Date, following the distributions made pursuant to Section
      4.01(a)(1)(I) and (II) above, any remaining Group I Interest Remittance Amount
      and Group II Interest Remittance Amount will be distributed 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, Class M-9, Class M-10 and Class M-11 Certificates, in that order,
      in
      an amount equal to the Interest Distribution Amount for each such
      Class.

     

    (2)(I) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Group I Principal Distribution Amount shall be distributed
      in
      the following order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, until the Certificate Principal Balance
      of
      such Class has been reduced to zero; and

     

    (ii)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), after
      taking into account the distribution of the Group II Principal Distribution
      Amount, as described in Section 4.01(a)(2)(II)(i) below, until the Certificate
      Principal Balances of such Classes have been reduced to zero.

     

    (II) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Group II Principal Distribution Amount shall be distributed
      in
      the following order of priority:

     

    (i)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), until
      the
      Certificate Principal Balances of such Classes have been reduced to zero;
      and

     

    (ii)  to
      the
      Holders of the Group I Certificates, after taking into account the distribution
      of the Group I Principal Distribution Amount, as described in Section
      4.01(a)(2)(I)(i) above, until the Certificate Principal Balance of such Class
      has been reduced to zero.

     

    (III) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the sum of the Group I Principal Distribution Amount and the
      Group
      II Principal Distribution Amount remaining undistributed for such Distribution
      Date shall be distributed 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, Class M-9, Class M-10
      and
      Class M-11 Certificates, in that order, in each case, until the Certificate
      Principal Balance of such Class has been reduced to zero.

     

    (IV) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Group I Principal Distribution Amount shall be
      distributed in the following order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Group I Senior Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; and

     

    (ii)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), after
      taking into account the distribution of the Group II Principal Distribution
      Amount, as described in Section 4.01(a)(2)(V)(i) below, up to an amount equal
      to
      the Group II Senior Principal Distribution Amount remaining undistributed,
      until
      the Certificate Principal Balances of such Classes have been reduced to
      zero.

     

    (V) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Group II Principal Distribution Amount shall be
      distributed in the following order of priority:

     

    (i)  to
      the
      Holders of the Group II Certificates (allocated among the Classes of Group
      II
      Certificates in the priority described in Section 4.01(a)(4) below), the Group
      II Senior Principal Distribution Amount, until the Certificate Principal
      Balances of such Classes have been reduced to zero; and

     

    (ii)  to
      the
      Holders of the Group I Certificates, after taking into account the distribution
      of the Group I Principal Distribution Amount, as described in Section
      4.01(a)(2)(IV)(i) above, up to an amount equal to the Group I Senior Principal
      Distribution Amount remaining undistributed, until the Certificate Principal
      Balance of such Class has been reduced to zero.

     

    (VI) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the sum of the Group I Principal Distribution Amount
      and
      the Group II Principal Distribution Amount remaining undistributed for such
      Distribution Date shall be distributed in the following order of
      priority:

     

    (i)  to
      the
      Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ii)  to
      the
      Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iii)  to
      the
      Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  to
      the
      Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (v)  to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii)  to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix)  to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (x)  to
      the
      Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero; and

     

    (xi)  to
      the
      Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    (3) On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed by
      the
      Trust Administrator as follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, as part of the Principal Distribution
      Amount in an amount equal to the Overcollateralization Increase Amount for
      the
      Certificates, without taking into account amounts, if any, received under the
      Cap Contract, distributable as part of the Group I Principal Distribution Amount
      and the Group II Principal Distribution Amount;

     

    (ii)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, in each case, in an amount equal to the Interest
      Carry Forward Amount allocable to such Class of Certificates;

     

    (iii)  sequentially
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, in each case up to the related Allocated Realized
      Loss Amount related to each such Class of Certificates for such Distribution
      Date;

     

    (iv)  to
      the
      Net WAC Rate Carryover Reserve Account, any Net WAC Rate Carryover Amounts
      for
      the Floating Rate Certificates, without taking into account amount, if any,
      received under the Cap Contract for such Distribution Date;

     

    (v)  to
      reimburse the Servicer for the amount of any P&I Advances or Servicing
      Advances added to the unpaid principal balance of a Mortgage Loan pursuant
      to a
      capitalization modification permitted in accordance with the proviso in the
      last
      sentence of Section 3.07 (it being understood that with respect to any P&I
      Advances or Servicing Advances outstanding on any modified Mortgage Loan that
      was modified pursuant to any modification of a kind not contemplated and
      permitted by such proviso, then such advances shall only be reimbursable as
      provided in clauses (ii), (iii) and (vi) of Section 3.11(a));

     

    (vi)  to
      the
      Holders of the Class CE Certificates, (a) the Interest Distribution Amount
      and
      any Overcollateralization Reduction Amount for such Distribution Date and (b)
      on
      any Distribution Date on which the aggregate Certificate Principal Balance
      of
      the Floating Rate Certificates have been reduced to zero, any remaining amounts
      in reduction of the Certificate Principal Balance of the Class CE Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      and

     

    (vii)  to
      the
      Holders of the Class R Certificates, any remaining amounts; provided that if
      such Distribution Date is the Distribution Date immediately following the
      expiration of the latest Prepayment Charge term on a Mortgage Loan as identified
      on the Mortgage Loan Schedule or any Distribution Date thereafter, then any
      such
      remaining amounts will be distributed first, to the Holders of the Class P
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and second, to the Holders of the Class R Certificates.

     

    (4) With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, to the Class A-2A, Class A-2B and Class A-2C
      Certificates, in that order, until the respective Certificate Principal Balance
      of each such Class has been reduced to zero, with the exception that on any
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Mezzanine Certificates and the Class CE Certificates has been reduced to zero,
      principal distributions will be allocated concurrently, to the Class A-2A,
      Class
      A-2B and Class A-2C Certificates, on a pro rata basis based on the Certificate
      Principal Balances of each such Class, until their respective Certificate
      Principal Balances have been reduced to zero.

     

    (5) On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Trust Administrator will withdraw from the Net
      WAC Rate Carryover Reserve Account, to the extent of amounts remaining on
      deposit therein, the amount of any Net WAC Rate Carryover Amount for such
      Distribution Date and distribute such amount in the following order of priority:
      

     

    (i)  concurrently,
      to the Class A Certificates, on a pro rata basis based on the Certificate
      Principal Balance for each such Class prior to any distributions of principal
      on
      such Distribution Date and then on a pro
      rata
      basis
      based on any remaining Net WAC Rate Carryover Amount for each such Class;
      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, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Net WAC Rate Carryover Amount.

     

    (6) On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount, Net Monthly Excess Cashflow and amounts on the deposit in the Net WAC
      Rate Carryover Reserve Account as set forth above, the Trust Administrator,
      in
      its capacity as Cap Administrator, shall distribute the amount on deposit in
      the
      Cap Account as follows:

     

    (i)  concurrently,
      to each Class of Class A Certificates, the related Senior Interest Distribution
      Amount remaining undistributed after the distributions of the Group I Interest
      Remittance Amount and the Group II Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Senior Interest Distribution
      Amount;

     

    (ii)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the difference
      between (x) the Overcollateralization Deficiency Amount, if any, and (y) the
      amount distributed pursuant to Section 4.01(d)(i) of this
      Agreement;

     

    (iii)  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, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Interest Distribution Amount and Interest Carry Forward
      Amount, to the extent remaining undistributed after the distributions of the
      Group I Interest Remittance Amount, the Group II Interest Remittance Amount
      and
      the Net Monthly Excess Cashflow;

     

    (iv)  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, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (v)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount
      remaining unpaid after distributions from the Net WAC Rate Carryover Reserve
      Account, on a pro
      rata
      basis
      based on the Certificate Principal Balance for each such Class prior to any
      distributions of principal on such Distribution Date and then on a pro
      rata
      basis
      based on such respective remaining Net WAC Rate Carryover Amounts;
      and

     

    (vi)  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, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Net WAC Rate Carryover Amount remaining unpaid after
      distributions from the Net WAC Rate Carryover Reserve Account.

     

    (7)
      On
      each Distribution Date, the following amounts, in the following order of
      priority, shall be distributed by REMIC I to REMIC II on account of the REMIC
      I
      Regular Interests or withdrawn from the Distribution Account and distributed
      to
      the holders of the Class R-I Interest, as the case may be:

     

    (i)  to
      Holders of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTA1,
      REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I
      Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular
      Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest
      I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC
      I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular
      Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest
      I-LTM11, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP,
      in
      an amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Interest in respect of
      REMIC I Regular Interest I-LTZZ shall be reduced when the sum of the REMIC
      I
      Overcollateralized Amount is less than the REMIC I Required Overcollateralized
      Amount, by the lesser of (x) the amount of such difference and (y) the Maximum
      I-LTZZ Uncertificated Interest Deferral Amount and such amounts will be payable
      to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest
      I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C,
      REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I
      Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
      Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest
      I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC
      I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11, in the same
      proportion as the Overcollateralization Increase Amount is allocated to the
      Corresponding Certificates and the Uncertificated Balance of REMIC I Regular
      Interest I-LTZZ shall be increased by such amount;

     

    (ii)  to
      Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP,
      REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC
      I
      Regular Interest I-LTXX, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates;

     

    (iii)  to
      the
      Holders of REMIC I Regular Interests, in an amount equal to the remainder of
      the
      REMIC I Marker Allociation Percentage of the Available Distribution Amount
      for
      such Distribution Date after the distributions made pursuant to clause (i)
      above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder (less the amount payable in clause (v) below) to the Holders
      of
      REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such REMIC
      I Regular Interest is reduced to zero;

     

    (b) 2.00%
      of
      such remainder (less the amount payable in clause (v) below) first, to the
      Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A,
      REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I
      Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
      Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest
      I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC
      I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular
      Interest I-LTM10 and REMIC I Regular Interest I-LTM11, and in the same
      proportion as principal payments are allocated to the Corresponding
      Certificates, until the Uncertificated Balances of such REMIC I Regular
      Interests are reduced to zero and second, to the Holders of REMIC I Regular
      Interest I-LTZZ, until the Uncertificated Balance of such REMIC I Regular
      Interest is reduced to zero; 

     

    (c) to
      the
      Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing
      Prepayment Charges in respect of the Mortgage Loans received during the related
      Prepayment Period and (B) on the Distribution Date immediately following the
      expiration of the latest Prepayment Charge as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter until $100 has been
      distributed pursuant to this clause; 

     

    (iv)  to
      the
      Holders of REMIC I Regular Interests, in an amount equal to the remainder of
      the
      REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution
      Date after the distributions made pursuant to clause (ii) above, and such that
      distributions of principal shall be deemed to be made to the REMIC I Regular
      Interests first, so as to keep the Uncertificated Balance of each REMIC I
      Regular Interest ending with the designation “GRP” equal to 0.01% of the
      aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
      Group; second, to each REMIC I Regular Interest ending with the designation
      “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest
      is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related Loan Group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related Loan Group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC I
      Regular Interests such that the REMIC I Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC I Regular Interest
      I-LTXX; and 

     

    (v)  any
      remaining amount to the Holders of the Class R Certificates (as Holder of the
      Class R-I Interest).

     

    (b)  On
      each
      Distribution Date, the Trust Administrator shall withdraw any amounts then
      on
      deposit in the Distribution Account that represent Prepayment Charges collected
      by the Servicer or any Sub-Servicer in connection with the Principal Prepayment
      of any of the Mortgage Loans or any Servicer Prepayment Charge Payment Amount
      and shall distribute such amounts to the Holders of the Class P Certificates.
      Such distributions shall not be applied to reduce the Certificate Principal
      Balance of the Class P Certificates.

     

    Following
      the foregoing distributions, an amount equal to the amount of Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the Highest Priority up to the extent of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.04. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.04. Holders of such Certificates will not be entitled to any
      distribution in respect of interest 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 to the Certificate Principal Balance
      of each Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (c)  All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 4.01(e)
      or
      Section 9.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Trust Administrator in
      writing at least five Business Days prior to the Record Date immediately prior
      to such Distribution Date and with respect to any Class of Certificates other
      than the Residual Certificates is the registered owner of Certificates having
      an
      initial aggregate Certificate Principal Balance that is in excess of the lesser
      of (i) $5,000,000 or (ii) two-thirds of the initial Certificate Principal
      Balance of such Class of Certificates, or otherwise by check mailed by first
      class mail to the address of such Holder 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
      of the Trust Administrator or such other location specified in the notice to
      Certificateholders of such final distribution.

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the Trust
      Administrator, the Depositor or the Servicer shall have any responsibility
      therefor except as otherwise provided by this Agreement or applicable
      law.

     

    (d)  The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Depositor, the Trustee, the Trust Administrator or the
      Servicer shall in any way be responsible or liable to the Holders of any other
      Class of Certificates in respect of amounts properly previously distributed
      on
      the Certificates.

     

    (e)  Except
      as
      otherwise provided in Section 9.01, whenever the Trust Administrator expects
      that the final distribution with respect to any Class of Certificates will
      be
      made on the next Distribution Date, the Trust Administrator shall, no later
      than
      five days after the latest related Determination Date, mail on such date to
      each
      Holder of such Class of Certificates a notice to the effect that:

     

    (i)  the
      Trust
      Administrator expects that the final distribution with respect to such Class
      of
      Certificates will be made on such Distribution Date, but only upon presentation
      and surrender of such Certificates at the office of the Trust Administrator
      therein specified, and

     

    (ii)  no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

     

    (iii)  Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trust Administrator and credited to the account of the appropriate non-tendering
      Holder or Holders. If any Certificates as to which notice has been given
      pursuant to this Section 4.01(e) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Trust Administrator shall mail a second notice to the remaining non-tendering
      Certificateholders to surrender their Certificates for cancellation in order
      to
      receive the final distribution with respect thereto. If within one year after
      the second notice all such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall, directly or through an agent,
      mail
      a final notice to remaining non-tendering Certificateholders concerning
      surrender of their Certificates and shall continue to hold any remaining funds
      for the benefit of non-tendering Certificateholders. The costs and expenses
      of
      maintaining the funds in trust and of contacting such Certificateholders shall
      be paid out of the assets remaining in such trust fund. If within one year
      after
      the final notice any such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall pay to Citigroup Global Markets
      Inc.
      all such amounts, and all rights of non-tendering Certificateholders in or
      to
      such amounts shall thereupon cease. No interest shall accrue or be payable
      to
      any Certificateholder on any amount held in trust by the Trust Administrator
      as
      a result of such Certificateholder’s failure to surrender its Certificate(s) for
      final payment thereof in accordance with this Section 4.01(e).

     

    (f)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount allocated to such Certificate in
      respect of Realized Losses pursuant to Section 4.04 and (ii) in no event shall
      the Uncertificated Balance of a REMIC Regular Interest be reduced more than
      once
      in respect of any particular amount both (a) allocated to such REMIC Regular
      Interest in respect of Realized Losses pursuant to Section 4.04 and (b)
      distributed on such REMIC Regular Interest in reduction of the Uncertificated
      Balance thereof pursuant to this Section 4.01.

     

    
      	SECTION
              4.02  	
              Statements
                to Certificateholders.

            

    

     

    On
      each
      Distribution Date, the Trust Administrator shall prepare and make available
      on
      its website to each Holder of the Regular Certificates and the Cap Provider,
      a
      statement as to the distributions made on such Distribution Date setting
      forth:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      Certificates of each such Class allocable to principal and the amount of the
      distribution made on such Distribution Date to the Holders of the Class P
      Certificates allocable to Prepayment Charges;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      Certificates of each such Class allocable to interest;

     

    (iii)  the
      aggregate amount of P&I Advances for such Distribution Date (including the
      general purpose of such P&I Advances);

     

    (iv)  the
      fees
      and expenses of the trust accrued and paid on such Distribution Date and to
      whom
      such fees and expenses were paid;

     

    (v)  the
      aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
      at the close of business on such Distribution Date;

     

    (vi)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

    (vii)  the
      number and aggregate unpaid principal balance of Mortgage Loans that are (a)
      delinquent 30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or
      more days in each case, as of the last day of the preceding calendar month,
      (d)
      as to which foreclosure proceedings have been commenced and (e) with respect
      to
      which the related Mortgagor has filed for protection under applicable bankruptcy
      laws, with respect to whom bankruptcy proceedings are pending or with respect
      to
      whom bankruptcy protection is in force;

     

    (viii)  with
      respect to any Mortgage Loan that became an REO Property during the preceding
      calendar month, the loan number of such Mortgage Loan, the unpaid principal
      balance and the Stated Principal Balance of such Mortgage Loan as of the date
      it
      became an REO Property;

     

    (ix)  the
      Delinquency Percentage;

     

    (x)  the
      book
      value and the Stated Principal Balance of any REO Property as of the close
      of
      business on the last Business Day of the calendar month preceding the
      Distribution Date;

     

    (xi)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period;

     

    (xii)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period (or, in the case of Bankruptcy Losses allocable to interest, during
      the
      related Due Period), separately identifying whether such Realized Losses
      constituted Bankruptcy Losses;

     

    (xiii)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiv)  the
      aggregate Certificate Principal Balance of each such Class of Certificates,
      after giving effect to the distributions, and allocations of Realized Losses
      and
      Extraordinary Trust Fund Expenses, made on such Distribution Date, separately
      identifying any reduction thereof due to allocations of Realized Losses and
      Extraordinary Trust Fund Expenses;

     

    (xv)  the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xvi)  the
      Interest Distribution Amount in respect of each such Class of Certificates
      for
      such Distribution Date (separately identifying any reductions in the case of
      Subordinate Certificates resulting from the allocation of Realized Losses
      allocable to interest and Extraordinary Trust Fund Expenses on such Distribution
      Date) and the respective portions thereof, if any, remaining unpaid following
      the distributions made in respect of such Certificates on such Distribution
      Date;

     

    (xvii)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24;

     

    (xviii)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xix)  the
      Net
      Monthly Excess Cashflow, the Overcollateralization Target Amount, the
      Overcollateralized Amount, the Overcollateralization Reduction Amount, the
      Overcollateralization Increase Amount and the Credit Enhancement
      Percentage;

     

    (xx)  with
      respect to any Mortgage Loan as to which foreclosure proceedings have been
      concluded, the loan number and unpaid principal balance of such Mortgage Loan
      as
      of the date of such conclusion of foreclosure proceedings;

     

    (xxi)  with
      respect to Mortgage Loans as to which a Final Liquidation has occurred, the
      number of Mortgage Loans, the unpaid principal balance of such Mortgage Loans
      as
      of the date of such Final Liquidation and the amount of proceeds (including
      Liquidation Proceeds and Insurance Proceeds) collected in respect of such
      Mortgage Loans;

     

    (xxii)  any
      Allocated Realized Loss Amount with respect to each Class of Certificates for
      such Distribution Date;

     

    (xxiii)  the
      amounts deposited into the Net WAC Rate Carryover Reserve Account for such
      Distribution Date, the amounts withdrawn from such account and distributed
      to
      each Class of Certificates, and the amounts remaining on deposit in such account
      after all deposits into and withdrawals from such account on such Distribution
      Date; 

     

    (xxiv)  the
      Net
      WAC Rate Carryover Amounts for each Class of Certificates, if any, for such
      Distribution Date and the amounts remaining unpaid after reimbursements therefor
      on such Distribution Date;

     

    (xxv)  whether
      a
      Stepdown Date or Trigger Event is in effect;

     

    (xxvi)  the
      total
      cashflows received and the general sources thereof;

     

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

     

    (xxviii)  
      the
      applicable Record Dates, Interest Accrual Periods and Determination Dates for
      calculating distributions for such Distribution Date; 

     

    (xxix)  payments,
      if any, made under the Cap Contract and the amount distributed to the Floating
      Rate Certificates from payments made under the Cap Contract; and

     

    (xxx)  the
      Significance Percentage for such Distribution Date.

     

    In
      the
      case of information furnished pursuant to subclauses (i) through (iii) above,
      the amounts shall be expressed as a dollar amount per Single Certificate of
      the
      relevant Class.

     

    For
      all
      purposes of this Agreement, with respect to any Mortgage Loan, delinquencies
      shall be determined by the Trust Administrator from information provided by
      the
      Servicer and reported by the Trust Administrator based on the OTS methodology
      for determining delinquencies on mortgage loans similar to the Mortgage Loans.
      By way of example, a Mortgage Loan would be delinquent with respect to a Monthly
      Payment due on a Due Date if such Monthly Payment is not made by the close
      of
      business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan
      would be more than 30-days Delinquent with respect to such Monthly Payment
      if
      such Monthly Payment were not made by the close of business on the Mortgage
      Loan’s second succeeding Due Date.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trust
      Administrator shall forward to each Person (with a copy to the Trustee) who
      at
      any time during the calendar year was a Holder of a Regular Certificate a
      statement containing the information set forth in subclauses (i) through (iii)
      above, aggregated for such calendar year or applicable portion thereof during
      which such person was a Certificateholder. Such obligation of the Trust
      Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be provided by the Trust
      Administrator pursuant to any requirements of the Code as from time to time
      are
      in force.

     

    On
      each
      Distribution Date, the Trust Administrator shall make available to the
      Depositor, each Holder of a Residual Certificate, the Trustee, the Servicer
      and
      the Credit Risk Manager, a copy of the reports forwarded to the Regular
      Certificateholders on such Distribution Date and a statement setting forth
      the
      amounts, if any, actually distributed with respect to the Residual Certificates,
      respectively, on such Distribution Date.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trust
      Administrator shall forward to each Person (with a copy to the Trustee) who
      at
      any time during the calendar year was a Holder of a Residual Certificate a
      statement setting forth the amount, if any, actually distributed with respect
      to
      the Residual Certificates, as appropriate, aggregated for such calendar year
      or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Trust Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Trust Administrator to such Holders pursuant to the rules and
      regulations of the Code as are in force from time to time.

     

    Upon
      request, the Trust
      Administrator
      shall
      forward to each Certificateholder, during the term of this Agreement, such
      periodic, special, or other reports or information, whether or not provided
      for
      herein, as shall be reasonable with respect to the Certificateholder, or
      otherwise with respect to the purposes of this Agreement, all such reports
      or
      information to be provided at the expense of the Certificateholder in accordance
      with such reasonable and explicit instructions and directions as the
      Certificateholder may provide. For purposes of this Section 4.02, the Trust
      Administrator’s duties are limited to the extent that the Trust Administrator
      receives timely reports as required from the Servicer.

     

    On
      each
      Distribution Date, the Trust Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) on its website (1) CUSIP level factors for each
      class of Certificates as of such Distribution Date and (2) the number and
      aggregate unpaid principal balance of Mortgage Loans that are (a) delinquent
      30
      to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days in
      each
      case, as of the last day of the preceding calendar month, (d) as to which
      foreclosure proceedings have been commenced and (e) with respect to which the
      related Mortgagor has filed for protection under applicable bankruptcy laws,
      with respect to whom bankruptcy proceedings are pending or with respect to
      whom
      bankruptcy protection is in force, in each case using a format and media
      mutually acceptable to the Trust Administrator and Bloomberg.

     

    For
      each
      Distribution Date, the Trust Administrator shall calculate the Significance
      Percentage of the Cap Contract. If on any such Distribution Date through and
      including the Distribution Date in December 2006, the Significance Percentage
      is
      equal to or greater than 10%, the Trust Administrator shall promptly notify
      the
      Depositor and the Depositor shall file, by Form 10-D no later than fifteen
      days
      following the related Distribution Date, the financial statements of the Cap
      Provider as required by Item 1115 of Regulation AB. 

     

    
      	SECTION
              4.03  	
              Remittance
                Reports; P&I Advances.

            

    

     

    (a)  No
      later
      than the 18th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      18th
      day is
      not a Business Day, the Business Day immediately following, the Servicer shall
      deliver to the Trust Administrator, in a mutually agreed upon electronic format
      (or by such other means as the Servicer and the Trust Administrator may agree
      from time to time) a Remittance Report with respect to the related Distribution
      Date. The Trust Administrator shall, on behalf of the Servicer, on such date
      furnish a copy of such Remittance Report to the Credit Risk Manager by such
      means as the Trust Administrator shall agree from time to time. Such
      Remittance Report will include such other information with respect to the
      Mortgage Loans as the Trust Administrator may reasonably require to perform
      the
      calculations necessary to make the distributions contemplated by Section 4.01
      and to prepare the statements to Certificateholders contemplated by Section
      4.02. No
      later
      than the Servicer Remittance Date, the Servicer shall furnish to the Trust
      Administrator a monthly report containing such information regarding prepayments
      in full on Mortgage Loans during the applicable Prepayment Period in a format
      as
      mutually agreed to between the Servicer and the Trust Administrator. Neither
      the
      Trustee nor the Trust Administrator shall be responsible to recompute,
      recalculate or verify any information provided to it by the
      Servicer.

     

    (b)  With
      respect to any Mortgage Loan on which a Monthly Payment was due during the
      related Due Period and delinquent on the related Determination Date, the amount
      of the Servicer's P&I Advance will be equal to the amount of the Monthly
      Payment (net of the related Servicing Fee) that is delinquent as of the close
      of
      business on the related Determination Date. With respect to each REO Property,
      which REO Property was acquired during or prior to the related Prepayment Period
      and as to which such REO Property an REO Disposition did not occur during the
      related Prepayment Period, an amount equal to the excess, if any, of the Monthly
      Payment (net of the related Servicing Fee) that would have been due on the
      related Due Date in respect of the related Mortgage Loan, over the net income
      from such REO Property deposited in the Collection Account pursuant to Section
      3.23 for distribution on such Distribution Date.

     

    By
      4:00
      p.m. New York time on the Servicer Remittance Date, the Servicer shall remit
      in
      immediately available funds to the Trust Administrator for deposit in the
      Distribution Account an amount equal to the aggregate amount of P&I
      Advances, if any, to be made in respect of the Mortgage Loans for the related
      Distribution Date either (i) from its own funds or (ii) from the related
      Collection Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      the Collection Account that amounts held for future distribution have been,
      as
      permitted by this Section 4.03, used by the Servicer in discharge of any such
      P&I Advance) or (iii) in the form of any combination of (i) and (ii)
      aggregating the total amount of P&I Advances to be made by the Servicer with
      respect to the Mortgage Loans. Any amounts held for future distribution used
      by
      a Servicer to make a P&I Advance as permitted in the preceding sentence
      shall be appropriately reflected in the Servicer’s records and replaced by the
      Servicer by deposit in the Collection Account on or before any future Servicer
      Remittance Date to the extent that the Available Distribution Amount for the
      related Distribution Date (determined without regard to P&I Advances to be
      made on the Servicer Remittance Date) shall be less than the total amount that
      would be distributed to the Certificateholders pursuant to Section 4.01 on
      such
      Distribution Date if such amounts held for future distributions had not been
      so
      used to make P&I Advances. The Trust Administrator will provide notice to
      the Servicer by telecopy by the close of business on the Business Day prior
      to
      the Distribution Date via email to the appropriate investor reporting contact
      of
      the Servicer (as well as the manager of the Servicer’s investor reporting group)
      in the event that the amount remitted by the Servicer to the Trust Administrator
      on such date is less than the P&I Advances required to be made by the
      Servicer for the related Distribution Date.

     

    (c)  The
      obligation of the Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to (d) below,
      and, with respect to any Mortgage Loan or REO Property, shall continue until
      a
      Final Recovery Determination in connection therewith or the removal thereof
      from
      the Trust Fund pursuant to any applicable provision of this Agreement, except
      as
      otherwise provided in this Section.

     

    (d)  Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicer if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance, respectively. The determination by the
      Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable
      Servicing Advance or that any proposed P&I Advance or Servicing Advance, if
      made, would constitute a Nonrecoverable P&I Advance or Nonrecoverable
      Servicing Advance, respectively, shall be evidenced by a certification of a
      Servicing Officer delivered to the Trust Administrator (whereupon, upon receipt
      of such certification, the Trust Administrator shall forward a copy of such
      certification to the Depositor, the Trustee and the Credit Risk Manager).
      Notwithstanding the foregoing, if following the application of Liquidation
      Proceeds on any Mortgage Loan that was the subject of a Final Recovery
      Determination, any Servicing Advance with respect to such Mortgage Loan shall
      remain unreimbursed to the Servicer, then without limiting the provisions of
      Section 3.11(a), a certification of a Servicing Officer regarding such
      Nonrecoverable Servicing Advance shall not be required to be delivered by the
      Servicer to the Trust Administrator.

     

    
      	SECTION
              4.04  	
              Allocation
                of Extraordinary Trust Fund Expenses and Realized
                Losses.

            

    

     

    (a)  Prior
      to
      each Distribution Date, the Servicer shall determine as to each Mortgage Loan
      and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized Losses
      constituted Bankruptcy Losses; and (iii) the respective portions of such
      Realized Losses allocable to interest and allocable to principal. Prior to
      each
      Distribution Date, the Servicer shall also determine as to each Mortgage Loan:
      (A) the total amount of Realized Losses, if any, incurred in connection with
      any
      Deficient Valuations made during the related Prepayment Period; and (B) the
      total amount of Realized Losses, if any, incurred in connection with Debt
      Service Reductions in respect of Monthly Payments due during the related Due
      Period. The information described in the two preceding sentences that is to
      be
      supplied by the Servicer shall be either included in the related Remittance
      Report (in form and format reasonably required and mutually agreed upon by
      the
      Servicer) or evidenced by an Officers’ Certificate delivered to the Trust
      Administrator and the Trustee by the Servicer prior to the Determination Date
      immediately following the end of (x) in the case of Bankruptcy Losses allocable
      to interest, the Due Period during which any such Realized Loss was incurred,
      and (y) in the case of all other Realized Losses, the Prepayment Period during
      which any such Realized Loss was incurred.

     

    (b)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trust
      Administrator on each Distribution Date as follows: first, to the Interest
      Distribution Amount for the Class CE Certificates for the related Interest
      Accrual Period; second, to payments received under the Cap Contract, third,
      to
      the Class CE Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; fourth, to the Class M-11 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero, fifth, to the
      Class M-10 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero, sixth, to the Class M-9 Certificates until the Certificate
      Principal Balance thereof has been reduced to zero; seventh, to the Class M-8
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; eighth, to the Class M-7 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; ninth, to the Class M-6 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; tenth,
      to the Class M-5 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; eleventh, to the Class M-4 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; twelfth, to
      the
      Class M-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; thirteenth, to the Class M-2 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; and fourteenth,
      to the Class M-1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero.

     

    All
      Realized Losses to be allocated to the Certificate Principal Balances of all
      Classes on any Distribution Date shall be so allocated after the actual
      distributions to be made on such date as provided above. All references above
      to
      the Certificate Principal Balance of any Class of Certificates shall be to
      the
      Certificate Principal Balance of such Class immediately prior to the relevant
      Distribution Date, before reduction thereof by any Realized Losses, in each
      case
      to be allocated to such Class of Certificates, on such Distribution
      Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated and any allocation of Realized Losses to a Class CE
      Certificates shall be made by reducing the amount otherwise payable in respect
      thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class A Certificates
      or the Class P Certificates.

     

    (c)  The
      REMIC
      I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans
      shall be allocated by the Trust Administrator on each Distribution Date to
      the
      following REMIC I Regular Interests in the specified percentages, as follows:
      first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA
      and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the
      REMIC
      I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the
      Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I
      Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal
      Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
      Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11
      and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC I Regular Interest I-LTM11 has been reduced
      to
      zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA,
      REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%,
      1%
      and 1%, respectively, until the Uncertificated Balance of REMIC I Regular
      Interest I-LTM10 has been reduced to zero; fifth, to the Uncertificated Balances
      of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC
      I
      Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; sixth,
      to
      the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of
      REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC
      I
      Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; eighth,
      to
      the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC
      I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular
      Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC I Regular Interest I-LTM5 has been reduced to zero; tenth, to the
      Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of
      REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC
      I
      Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; twelfth,
      to
      the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM2 has been reduced to zero and thirteenth, to the Uncertificated Balances
      of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC
      I
      Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC I Regular Interest I-LTM1 has been reduced to
      zero.

     

    (d)  The
      REMIC
      I Sub WAC Allocation Percentage of all Realized Losses shall be applied after
      all distributions have been made on each Distribution Date first, so as to
      keep
      the Uncertificated Balance of each REMIC I Regular Interest ending with the
      designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of
      the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular
      Interest ending with the designation “SUB,” so that the Uncertificated Balance
      of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x)
      the
      aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
      Group over (y) the current Certificate Principal Balance of the Class A
      Certificate in the related Loan Group (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC I Regular Interests such that
      the
      REMIC I Subordinated Balance Ratio is maintained); and third, any remaining
      Realized Losses shall be allocated to REMIC I Regular Interest
      I-LTXX.

     

    
      	SECTION
              4.05  	
              Compliance
                with Withholding Requirements.

            

    

     

    Notwithstanding
      any other provision of this Agreement, the Trust Administrator shall comply
      with
      all federal withholding requirements respecting payments to Certificateholders
      of interest or original issue discount that the Trust Administrator reasonably
      believes are applicable under the Code. The consent of Certificateholders shall
      not be required for such withholding. In the event the Trust Administrator
      does
      withhold any amount from interest or original issue discount payments or
      advances thereof to any Certificateholder pursuant to federal withholding
      requirements, the Trust Administrator shall indicate the amount withheld to
      such
      Certificateholders.

     

    
      	SECTION
              4.06  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    (a)  No
      later
      than the Closing Date, the Trust Administrator shall establish and maintain
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Citibank, N.A., as Trust Administrator, in trust for the registered
      holders of Citigroup Mortgage Loan Trust, Asset-Backed Pass-Through
      Certificates, Series 2006-AMC1.”

     

    (b)  On
      each
      Distribution Date, the Trust Administrator has been directed by the Class CE
      Certificateholders to, and therefore shall, deposit into the Net WAC Rate
      Carryover Reserve Account, any Net WAC Rate Carryover Amounts for such
      Distribution Date, rather than distributing such amounts to the Class CE
      Certificateholders. On each such Distribution Date, the Trust Administrator
      shall hold all such amounts for the benefit of the Holders of the Floating
      Rate
      Certificates, and shall distribute the aggregate Net WAC Rate Carryover Amount,
      if any, for such Distribution Date from the Net WAC Rate Carryover Reserve
      Account to the Holders of the Floating Rate Certificates in the amounts and
      priorities set forth in Section 4.01(g).

     

    On
      each
      Distribution Date, after the payment of any Net WAC Rate Carryover Amounts
      on
      the Floating Rate Certificates, any amounts remaining in the Net WAC Rate
      Carryover Reserve Account, shall be payable to the Trust Administrator as
      additional compensation to it, subject to the immediately following
      paragraph.

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class CE Certificates
      unless and until the date when either (a) there is more than one Class CE
      Certificateholder or (b) any Class of Certificates in addition to the Class
      CE
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership. All amounts deposited into the Net WAC Rate Carryover
      Reserve Account shall be treated as amounts distributed by REMIC II to the
      Holder of the Class CE Interest and by REMIC III to the Holder of the Class
      CE
      Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside
      reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h).
      Upon the termination of the Trust Fund, or the payment in full of the Floating
      Rate Certificates, all amounts remaining on deposit in the Net WAC Rate
      Carryover Reserve Account shall be released by the Trust Fund and distributed
      to
      the Class CE Certificateholders or their designees. The Net WAC Rate Carryover
      Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC
      and any payments to the Holders of the Floating Rate Certificates of Net WAC
      Rate Carryover Amounts will not be payments with respect to a “regular interest”
in a REMIC within the meaning of Code Section 860(G)(a)(1).

     

    (d)  By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trust Administrator, and the Trust Administrator is hereby is
      directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts
      described above on each Distribution Date rather than distributing such amounts
      to the Class CE Certificateholders. By accepting a Class CE Certificate, each
      Class CE Certificateholder further agrees that such direction is given for
      good
      and valuable consideration, the receipt and sufficiency of which is acknowledged
      by such acceptance.

     

    (e)  All
      amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    (f)  For
      federal tax return and information reporting, the right of the Holders of the
      Floating Rate Certificates to receive payments from the Net WAC Rate Carryover
      Reserve Account in respect of any Net WAC Rate Carryover Amount may have more
      than a de
      minimis
      value.

     

    
      	SECTION
              4.07  	
              Commission
                Reporting.

            

    

     

    (a)  
      (i)
      Within 10 days after each Distribution Date, the Trust Administrator shall,
      in
      accordance with industry standards, file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a distribution report on Form
      10-D, signed by the Depositor, with a copy of the monthly statement to be
      furnished by the Trust Administrator to the Certificateholders for such
      Distribution Date. Any disclosure in addition to the monthly statement required
      to be included on the Form 10-D (“Additional Form 10-D Disclosure”) shall be
      determined and prepared by the entity that is indicated in Exhibit B as the
      responsible party for providing that information, and the Trust Administrator
      will have no duty or liability to verify the accuracy or sufficiency of any
      such
      Additional Form 10-D Disclosure and the Trust Administrator shall have no
      liability with respect to any failure to properly prepare or file such Form
      10-D
      resulting from or relating to the Trust Administrator’s inability or failure to
      obtain any information in a timely manner from the party responsible for
      delivery of such Additional Form 10-D Disclosure.

     

    Within
      5
      calendar days after the related Distribution Date (or if not a Business Day,
      the
      immediately preceding Business Day), each entity that is indicated in Exhibit
      B
      as the responsible party for providing Additional Form 10-D Disclosure shall
      be
      required to provide to the Trust
      Administrator and
      the
      Depositor, to the extent known, clearly identifying which item of Form 10-D
      the
      information relates to, any Additional Form 10-D Disclosure, if applicable.
      The
      Trust Administrator shall compile the information provided to it, prepare the
      Form 10-D and forward the Form 10-D to the Depositor for verification. The
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the Form 10-D. No later than three Business Days prior to the 10th
      calendar
      day after the related Distribution Date, an officer of the Depositor shall
      sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the Trust
      Administrator.

     

    (ii)  (ii)Within
      three (3) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Trust Administrator shall
      prepare and file any Form 8-K, as required by the Exchange Act, (other than
      the
      initial Form 8-K in connection with the issuance of the Certificates, which
      shall be prepared and filed by the Depositor). Any disclosure or information
      related to a Reportable Event or that is otherwise required to be included
      on
      Form 8-K (“Form 8-K Disclosure Information”) shall be determined and prepared by
      the entity that is indicated in Exhibit B as the responsible party for providing
      that information. The Trust Administrator shall not be responsible for
      determining what information is required to be filed on Form 8-K or for any
      filing that is not made on a timely basis in accordance with Regulation AB
      in
      the event that such information is not delivered to the Trust Administrator
      on
      or prior to the fourth Business Day prior to the applicable filing
      deadline.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit B as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Trust Administrator, to the extent known, the form
      and substance of any Form 8-K Disclosure Information, if applicable. The Trust
      Administrator shall compile the information provided to it, and prepare and
      file
      the Form 8-K, which shall be signed by an officer of the Depositor.

     

    (iii) Prior
      to
      January 30 of the first year in which the Trust Administrator is able to do
      so
      under applicable law, the Trust Administrator shall, in accordance with industry
      standards, file a Form 15 Suspension Notice with respect to the Trust Fund,
      if
      applicable. Prior to (x) March 20, 2007 and (y) unless and until a Form 15
      Suspension Notice shall have been filed, prior to March 1 of each year
      thereafter, the Servicer shall provide the Trust Administrator with an Annual
      Compliance Statement, together with a copy of the Assessment of Compliance
      and
      Attestation Report to be delivered by the Servicer pursuant to Sections 3.20
      and
      3.21 (including with respect to any Sub-Servicer or any subcontractor, if
      required to be filed). Prior to (x) March 31, 2007 and (y) unless and until
      a
      Form 15 Suspension Notice shall have been filed, March 31 of each year
      thereafter, the Trust Administrator shall file a Form 10-K, in substance as
      required by applicable law or applicable Securities and Exchange Commission
      staff’s interpretations and conforming to industry standards, with respect to
      the Trust Fund. Such Form 10-K shall include the Assessment of Compliance,
      Attestation Report, Annual Compliance Statements and other documentation
      provided by the Servicer pursuant to Sections 3.20 and 3.21 (including with
      respect to any Sub-Servicer or subcontractor, if required to be filed) and
      Section 3.21 with respect to the Trust Administrator, and the Form 10-K
      certification in the form attached hereto as Exhibit H-1 (the “Certification”)
      signed by the senior officer of the Depositor in charge of securitization.
      The
      Trust Administrator shall receive the items described in the preceding sentence
      no later than March 20th
      of each
      calendar year prior to the filing deadline for the Form 10-K.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trust Administrator shall file an amended Form 10-K
      including such documents as exhibits reasonably promptly after they are
      delivered to the Trust Administrator. The Trust Administrator shall have no
      liability with respect to any failure to properly prepare or file such periodic
      reports resulting from or relating to the Trust Administrator’s inability or
      failure to timely obtain any information from any other party.

     

    Prior
      to
      (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1st
      of each
      year thereafter, each entity that is indicated in Exhibit B as the responsible
      party for providing Additional Form 10-K Disclosure shall be required to provide
      to the Trust Administrator and the Depositor, to the extent known, the form
      and
      substance of any Additional Form 10-K Disclosure Information, if applicable.
      The
      Trust Administrator shall compile the information provided to it, prepare the
      Form 10-K and forward the Form 10-K to the Depositor for verification. The
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the Form 10-K by no later than March 25th
      of the
      relevant year (or the immediately preceding Business Day if March 25th
      is not a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic or fax copy of such signed Form 10-K (with an original executed
      hard copy to follow by overnight mail) to the Trust Administrator.

     

    The
      Servicer shall be responsible for determining the pool concentration applicable
      to any Sub-Servicer to which the Servicer delegated any of its responsibilities
      with respect to the Mortgage Loans at any time, for purposes of disclosure
      as
      required by Items 1117 and 1119 of Regulation AB. The Trust Administrator will
      provide electronic or paper copies of all Form 10-D, 8-K and 10-K filings free
      of charge to any Certificateholder upon written request. Any expenses incurred
      by the Trust Administrator in connection with the previous sentence shall be
      reimbursable to the Trust Administrator out of the Trust Fund.

     

    The
      Trust
      Administrator shall sign a certification (in the form attached hereto as
      Exhibit H-2) for the benefit of the Depositor and its officers, directors
      and Affiliates in respect of items 1 through 3 of the Certification (the “Trust
      Administrator Certification”) (provided, however, that the Trust Administrator
      shall not undertake an analysis of the Attestation Report attached as an exhibit
      to the Form 10-K), and the Servicer shall sign a certification (the “Servicer
      Certification”) solely with respect to the Servicer (substantially in the form
      attached hereto as Exhibit H-3 or Exhibit H-4, as applicable) for the
      benefit of the Depositor, the Trust Administrator and each Person, if any,
      who
“controls” the Depositor or the Trust Administrator within the meaning of the
      Securities Act of 1933, as amended, and their respective officers and directors.
      Each such certification shall be delivered to the Depositor and the Trust
      Administrator by March 20th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit H-1 shall be delivered to the
      Trust Administrator by March 25th
      for
      filing on or prior to March 31st
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (b)  In
      addition, (A) the Trust Administrator shall indemnify and hold harmless the
      Depositor, the Servicer and its officers, directors and Affiliates from and
      against any actual losses, damages, penalties, fines, forfeitures, reasonable
      and necessary legal fees and related costs, judgments and other costs and
      expenses arising out of third party claims solely and directly based upon (i)
      a
      breach of the Trust Administrator’s obligations under this Section 4.07 or (ii)
      any material misstatement or omission contained in the Trust Administrator
      Certification and (B) the Servicer shall indemnify and hold harmless the
      Depositor, the Trust Administrator and their respective officers, directors
      and
      Affiliates from and against any actual losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person may sustain arising out of third
      party claims based upon (i) a breach of the Servicer’s obligations under this
      Section 4.07, (ii) any material misstatement or omission contained in the
      Assessment of Compliance provided by the Servicer pursuant to Section 3.21
      or
      (iii) any information correctly derived by the Trust Administrator and included
      in a Form 10-D or Form 10-K from information provided to the Trust Administrator
      by the Servicer under this Agreement. If the indemnification provided for herein
      is unavailable or insufficient to hold harmless the Depositor, then (i) the
      Trust Administrator agrees that it shall contribute to the amount paid or
      payable by the Depositor as a result of the losses, claims, damages or
      liabilities of the Depositor in such proportion as is appropriate to reflect
      the
      relative fault of the Depositor on the one hand and the Trust Administrator
      on
      the other and (ii) the Servicer agrees that it shall contribute to the amount
      paid or payable by the Depositor as a result of the losses, claims, damages
      or
      liabilities of the Depositor in such proportion as is appropriate to reflect
      the
      relative fault of the Depositor on the one hand and the Servicer on the other.
      Notwithstanding the foregoing, in no event shall the Trust Administrator or
      any
      Servicer be liable for any special, consequential, indirect or punitive
      damages.

     

    
      	SECTION
              4.08  	
              Cap
                Account

            

    

     

    (a)  No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      or
      the Cap Administrator, a separate, segregated trust account titled, “U.S. Bank
      National Association, as Cap Trustee, in trust for the registered holders of
      Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Certificates, Series
      2006-AMC1—Cap Account.” Such account shall be an Eligible Account and amounts
      therein shall be held uninvested.

     

    (b)  Prior
      to
      each Distribution Date, pursuant to the Cap Administration Agreement, prior
      to
      any distribution to any Certificate, the Cap Administrator on behalf of the
      Cap
      Trustee shall deposit into the Cap Account amounts received by it under the
      Cap
      Contract, for distribution in accordance with Section 4.01(a)(6) above.

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Cap Account be disregarded as an entity
      separate from the Holder of the Class CE Certificates unless and until the
      date
      when either (a) there is more than one Class CE Certificateholder or (b) any
      Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Cap Account for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Cap
      Account be treated as a partnership. The Cap Account will be an “outside reserve
      fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the
      termination of the Trust Fund, or the payment in full of the Floating Rate
      Certificates, all amounts remaining on deposit in the Cap Account shall be
      released by the Trust Fund and distributed to the Class CE Certificateholders
      or
      their designees. The Cap Account shall be part of the Trust Fund but not part
      of
      any Trust REMIC and any payments to the Holders of the Floating Rate
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trust Administrator, and the Trust Administrator is hereby
      directed, to deposit into the Cap Account the amounts described above on each
      Distribution Date.

     

    Upon
      an
      early termination of the Cap Contract other than in connection with the optional
      termination of the Trust pursuant to Section 9.01 of the Pooling and Servicing
      Agreement, the Depositor will use reasonable efforts to identify a satisfactory
      successor cap contract provider and the Cap Trustee will appoint such successor.
      The Cap Administrator on behalf of the Cap Trustee will apply any Cap Contract
      Termination Payment received from the original Cap Provider in connection with
      such early termination of the Cap Contract to the upfront payment required
      to
      appoint the successor cap contract provider. If the Cap Trustee is unable to
      appoint a successor cap contract provider within 30 days of the Cap Contract
      Early Termination, then the Cap Trustee will establish, and will deposit any
      Cap
      Termination Payment received from the original Cap Provider into, a separate,
      non-interest bearing reserve account (a “Cap Termination Reserve Account”) and
      will, on each subsequent distribution date, withdraw from the amount then
      remaining on deposit in such reserve account an amount equal to the payment,
      if
      any, that would have been paid to the trust administrator by the original Cap
      Provider calculated in accordance with the terms of the original Cap Contract,
      and distribute such amount in accordance with Section 3(a) and the Cap
      Administration Agreement.

     

    Upon
      a
      Cap Contract Early Termination in connection with the optional termination
      of
      the trust, if the Cap Trustee or the Cap Administrator on its behalf receives
      a
      Cap Contract Termination Payment from the Cap Provider, such Cap Contract
      Termination Payment will be distributed in accordance with the terms of the
      Cap
      Administration Agreement.

     

     

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

    (a)  The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in the Trust Fund.
      At the Closing Date, the aggregate Certificate Principal Balance of the
      Certificates will equal the aggregate Stated Principal Balance of the Mortgage
      Loans.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-19. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed, authenticated and delivered
      by the Trust Administrator to or upon the order of the Depositor. The
      Certificates shall be executed and attested by manual or facsimile signature
      on
      behalf of the Trust Administrator by an authorized signatory. Certificates
      bearing the manual or facsimile signatures of individuals who were at any time
      the proper officers of the Trust Administrator shall bind the Trust
      Administrator, notwithstanding that such individuals or any of them have ceased
      to hold such offices prior to the execution, authentication and delivery of
      such
      Certificates or did not hold such offices at the date of such Certificates.
      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 provided herein executed by the Trust
      Administrator by manual signature, and such certificate of authentication shall
      be conclusive evidence, and the only evidence, that such Certificate has been
      duly authenticated and delivered hereunder. All Certificates shall be dated
      the
      date of their authentication.

     

    (b)  The
      Book-Entry Certificates shall initially be issued as one or more Certificates
      held by Book-Entry Custodian or, if appointed to hold such Certificates as
      provided below, the Depository and registered in the name of the Depository
      or
      its nominee and, except as provided below, registration of such Certificates
      may
      not be transferred by the Trust Administrator except to another Depository
      that
      agrees to hold such Certificates for the respective Certificate Owners with
      Ownership Interests therein. The Certificate Owners shall hold their respective
      Ownership Interests in and to such Certificates through the book-entry
      facilities of the Depository and, except as provided below, shall not be
      entitled to definitive, fully registered Certificates (“Definitive
      Certificates”) in respect of such Ownership Interests. All transfers by
      Certificate Owners of their respective Ownership Interests in the 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 the Ownership Interests in
      the
      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. The Trust Administrator is hereby initially appointed as the
      Book-Entry Custodian and hereby agrees to act as such in accordance herewith
      and
      in accordance with the agreement that it has with the Depository authorizing
      it
      to act as such. The Book-Entry Custodian may, and if it is no longer qualified
      to act as such, the Book-Entry Custodian shall, appoint, by a written instrument
      delivered to the Depositor, the Servicer and the Trust Administrator, any other
      transfer agent (including the Depository or any successor Depository) to act
      as
      Book-Entry Custodian under such conditions as the predecessor Book-Entry
      Custodian and the Depository or any successor Depository may prescribe, provided
      that the predecessor Book-Entry Custodian shall not be relieved of any of its
      duties or responsibilities by reason of any such appointment of other than
      the
      Depository. If the Trust Administrator resigns or is removed in accordance
      with
      the terms hereof, the successor Trust Administrator or, if it so elects, the
      Depository shall immediately succeed to its predecessor’s duties as Book-Entry
      Custodian. The Depositor shall have the right to inspect, and to obtain copies
      of, any Certificates held as Book-Entry Certificates by the Book-Entry
      Custodian.

     

    The
      Trustee, the Trust Administrator, the Servicer and the Depositor may for all
      purposes (including the making of payments due on the Book-Entry Certificates)
      deal with the Depository as the authorized representative of the Certificate
      Owners with respect to the Book-Entry Certificates for the purposes of
      exercising the rights of Certificateholders hereunder. The rights of Certificate
      Owners with respect to the Book-Entry Certificates shall be limited to those
      established by law and agreements between such Certificate Owners and the
      Depository Participants and brokerage firms representing such Certificate
      Owners. Multiple requests and directions from, and votes of, the Depository
      as
      Holder of the Book-Entry Certificates with respect to any particular matter
      shall not be deemed inconsistent if they are made with respect to different
      Certificate Owners. The Trust Administrator may establish a reasonable record
      date in connection with solicitations of consents from or voting by
      Certificateholders and shall give notice to the Depository of such record
      date.

     

    If
      (i)(A)
      the Depositor advises the Trust Administrator in writing that the Depository
      is
      no longer willing or able to properly discharge its responsibilities as
      Depository, and (B) the Depositor is unable to locate a qualified successor
      or
      (ii) after the occurrence of a Servicer Event of Default, Certificate Owners
      representing in the aggregate not less than 51% of the Ownership Interests
      of
      the Book-Entry Certificates advise the Trust Administrator through the
      Depository, 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
      Trust Administrator shall notify all Certificate Owners, through the Depository,
      of the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Trust Administrator of the Book- Entry Certificates by the Book-Entry Custodian
      or the Depository, as applicable, accompanied by registration instructions
      from
      the Depository for registration of transfer, the Trust Administrator shall
      issue
      the Definitive Certificates. Such Definitive Certificates will be issued in
      minimum denominations of $25,000, except that any beneficial ownership that
      was
      represented by a Book-Entry Certificate in an amount less than $25,000
      immediately prior to the issuance of a Definitive Certificate shall be issued
      in
      a minimum denomination equal to the amount represented by such Book-Entry
      Certificate. None of the Depositor, the Servicer, the Trust Administrator or
      the
      Trustee shall be liable for any delay in the delivery of such instructions
      and
      may conclusively rely on, and shall be protected in relying on, such
      instructions. 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 Trust Administrator, to the extent
      applicable with respect to such Definitive Certificates, and the Trust
      Administrator shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder. 

     

    
      	SECTION
              5.02  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Trust
      Administrator shall cause to be kept at one of the offices or agencies to be
      appointed by the Trust Administrator in accordance with the provisions of
      Section 8.12 a Certificate Register for the Certificates in which, subject
      to
      such reasonable regulations as it may prescribe, the Trust Administrator shall
      provide for the registration of Certificates and of transfers and exchanges
      of
      Certificates as herein provided. 

     

    (b)  No
      transfer of any Private Certificate shall be made unless that transfer is made
      pursuant to an effective registration statement under the Securities Act of
      1933, as amended (the “1933 Act”), and effective registration or qualification
      under applicable state securities laws, or is made in a transaction that does
      not require such registration or qualification. In the event that such a
      transfer of a Private Certificate is to be made without registration or
      qualification (other than in connection with (i) the initial transfer of any
      such Certificate by the Depositor to an Affiliate of the Depositor or, in the
      case of the Residual Certificates, the first transfer by an Affiliate of the
      Depositor, (ii) the transfer of any such Class CE, Class P or Residual
      Certificate to the issuer under the Indenture or the indenture trustee or
      indenture trustee administrator under the Indenture (provided that upon such
      a
      transfer the Trust Administrator shall provide notice thereof to the Credit
      Risk
      Manager, if any) or (iii) a transfer of any such Class CE, Class P or Residual
      Certificate from the issuer under the Indenture or the indenture trustee or
      indenture trustee administrator under the Indenture to the Depositor or an
      Affiliate of the Depositor), the Trustee shall require receipt of: (i) if such
      transfer is purportedly being made in reliance upon Rule 144A under the 1933
      Act, written certifications from the Certificateholder desiring to effect the
      transfer and from such Certificateholder’s prospective transferee, substantially
      in the forms attached hereto as Exhibit F-1; and (ii) in all other cases, an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration (which Opinion of Counsel shall not be an expense of the
      Trust
      Fund or of the Depositor, the Trustee, the Trust Administrator, the Servicer,
      in
      its capacity as such, or any Sub-Servicer), together with copies of the written
      certification(s) of the Certificateholder desiring to effect the transfer and/or
      such Certificateholder’s prospective transferee upon which such Opinion of
      Counsel is based, if any. None of the Depositor, the Trust Administrator or
      the
      Trustee is obligated to register or qualify any such Certificates under the
      1933
      Act or any other securities laws or to take any action not otherwise required
      under this Agreement to permit the transfer of such Certificates without
      registration or qualification. Any Certificateholder desiring to effect the
      transfer of any such Certificate shall, and does hereby agree to, indemnify
      the
      Trustee, the Trust Administrator, the Depositor and the 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.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferee will be deemed to have made each of the transferee
      representations and warranties set forth Exhibit F-1 hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate. The Certificate
      Owner of any such Ownership Interest in any such Book-Entry Certificate 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.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described in this Section
      5.02(b) will be required in connection with the transfer, on the Closing Date,
      of any Residual Certificate by the Depositor to an “accredited investor” within
      the meaning of Rule 501(d) of the 1933 Act.

     

    No
      transfer of a Private Certificate or any interest therein shall be made to
      any
      Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly
      or indirectly, on behalf of any such Plan or any Person acquiring such
      Certificates with “Plan Assets” of a Plan within the meaning of the Department
      of Labor regulation promulgated at 29 C.F.R.§ 2510.3-101 (“Plan Assets”), as
      certified by such transferee in the form of Exhibit G, unless, (i) in the case
      of a Class CE Certificate, a Class P Certificate or Residual Certificate, the
      Trust Administrator is provided with an Opinion of Counsel on which the Trust
      Administrator, the Depositor, the Trustee and the Servicer may rely, to the
      effect that the purchase of such Certificates is permissible under ERISA and
      the
      Code, will not constitute or result in any non-exempt prohibited transaction
      under ERISA or Section 4975 of the Code and will not subject the Depositor,
      the
      Servicer, the Trustee, the Trust Administrator or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee, the Trust Administrator or the Trust Fund or (ii) in the case
      of a
      Class M-11 or Class M-10 Certificate, (1) such Person is an insurance company,
      (2) the source of funds used to acquire or hold the Certificate or interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (3) the conditions in
      Sections I and III of PTCE 95-60 have been satisfied. Neither a certification
      nor an Opinion of Counsel will be required in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an Affiliate of the
      Depositor or, in the case of the Residual Certificates, the first transfer
      by an
      Affiliate of the Depositor, (ii) the transfer of any such Class CE, Class P
      or
      Residual Certificate to the issuer under the Indenture or the indenture trustee
      under the Indenture or (iii) a transfer of any such Class CE, Class P or
      Residual Certificate from the issuer under the Indenture or the indenture
      trustee under the Indenture to the Depositor or an Affiliate of the Depositor
      (in which case, the Depositor or any Affiliate thereof shall have deemed to
      have
      represented that such Affiliate is not a Plan or a Person investing Plan Assets)
      and the Trust Administrator shall be entitled to conclusively rely upon a
      representation (which, upon the request of the Trust Administrator, shall be
      a
      written representation) from the Depositor of the status of such transferee
      as
      an affiliate of the Depositor.

     

    Each
      beneficial owner of a Mezzanine Certificate or any interest therein shall be
      deemed to have represented, by virtue of its acquisition or holding of that
      certificate or interest therein, that either (i) it is not a Plan investor,
      (ii)
      for Mezzanine Certificates other than the Class M-10 and Class M-11
      Certificates, it has acquired and is holding such Mezzanine Certificate in
      reliance on Prohibited Transaction Exemption (“PTE”) 91-23, as amended by PTE
      97-34, PTE 2000-58 and PTE 2002-41 (the “Underwriters’ Exemption”), and that it
      understands that there are certain conditions to the availability of the
      Underwriters’ Exemption, including that such Mezzanine Certificate must be
      rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by
      S&P, Moody’s or Fitch and the Certificates are so rated or (iii) (1) it is
      an insurance company, (2) the source of funds used to acquire or hold the
      Certificate or interest therein is an “insurance company general account,” as
      such term is defined in PTCE 95-60, and (3) the conditions in Sections I and
      III
      of PTCE 95-60 have been satisfied.

     

    If
      any
      Private Certificate or Mezzanine Certificate or any interest therein is acquired
      or held in violation of the provisions of the preceding two paragraphs, the
      next
      preceding permitted beneficial owner will be treated as the beneficial owner
      of
      that Certificate retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of any such
      Certificate or interest therein was effected in violation of the provisions
      of
      the preceding two paragraphs shall indemnify and hold harmless the Depositor,
      the Servicer, the Trustee, the Trust Administrator and the Trust Fund from
      and
      against any and all liabilities, claims, costs or expenses incurred by those
      parties as a result of that acquisition or holding.

     

    (c)  (i)
      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 to have irrevocably
      authorized the Trust Administrator or its designee under clause (iii)(A) below
      to deliver payments to a Person other than such Person and to negotiate the
      terms of any mandatory sale under clause (iii)(B) below and to execute all
      instruments of Transfer and to do all other things necessary in connection
      with
      any such sale. The rights of each Person acquiring any Ownership Interest in
      a
      Residual Certificate are expressly subject to the following
      provisions:

     

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

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Trust Administrator shall require delivery to it and shall
      not
      register the Transfer of any Residual Certificate until its receipt of an
      affidavit and agreement (a “Transfer Affidavit and Agreement”), in the form
      attached hereto as Exhibit F-2, from the proposed Transferee, in form and
      substance satisfactory to the Trust Administrator, representing and warranting,
      among other things, that such Transferee is a Permitted Transferee, that it
      is
      not acquiring its Ownership Interest in the Residual Certificate that is the
      subject of the proposed Transfer as a nominee, trustee or agent for any Person
      that is not a Permitted Transferee, that for so long as it retains its Ownership
      Interest in a Residual Certificate, it will endeavor to remain a Permitted
      Transferee, and that it has reviewed the provisions of this Section 5.02(d)
      and
      agrees to be bound by them.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Trust Administrator
      who
      is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (y) not to transfer its Ownership Interest unless
      it
      provides a transferor affidavit (a “Transferor Affidavit”), in the form attached
      hereto as Exhibit F-2, to the Trust Administrator stating that, among other
      things, it has no actual knowledge that such other Person is not a Permitted
      Transferee.

     

    (E)  Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the Trust
      Administrator written notice that it is a “pass-through interest holder” within
      the meaning of temporary Treasury regulation Section 1.67- 3T(a)(2)(i)(A)
      immediately upon acquiring an Ownership Interest in a Residual Certificate,
      if
      it is, or is holding an Ownership Interest in a Residual Certificate on behalf
      of, a “pass-through interest holder.”

     

    (ii)  The
      Trust
      Administrator will register the Transfer of any Residual Certificate only if
      it
      shall have received the Transfer Affidavit and Agreement and all of such other
      documents as shall have been reasonably required by the Trust Administrator
      as a
      condition to such registration. In addition, no Transfer of a Residual
      Certificate shall be made unless the Trust Administrator shall have received
      a
      representation letter from the Transferee of such Certificate to the effect
      that
      such Transferee is a Permitted Transferee.

     

    (iii)  (A)
      If any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 5.02(d), then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights as Holder thereof retroactive to the date of registration of such
      Transfer of such Residual Certificate. The Trust Administrator shall be under
      no
      liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section 5.02(d) or for making
      any payments due on such Certificate to the Holder thereof or for taking any
      other action with respect to such Holder under the provisions of this
      Agreement.

     

    (B)  If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the restrictions in this Section 5.02(d) and to the extent that
      the
      retroactive restoration of the rights of the Holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Trust Administrator shall have the right, without notice
      to the Holder or any prior Holder of such Residual Certificate, to sell such
      Residual Certificate to a purchaser selected by the Trust Administrator on
      such
      terms as the Trust Administrator may choose. Such purported Transferee shall
      promptly endorse and deliver each Residual Certificate in accordance with the
      instructions of the Trust Administrator. Such purchaser may be the Trust
      Administrator itself or any Affiliate of the Trust Administrator. The proceeds
      of such sale, net of the commissions (which may include commissions payable
      to
      the Trust Administrator or its Affiliates), expenses and taxes due, if any,
      will
      be remitted by the Trust Administrator to such purported Transferee. The terms
      and conditions of any sale under this clause (iii)(B) shall be determined in
      the
      sole discretion of the Trust Administrator, and the Trust Administrator shall
      not be liable to any Person having an Ownership Interest in a Residual
      Certificate as a result of its exercise of such discretion.

     

    (iv)  The
      Trust
      Administrator shall make available to the Internal Revenue Service and those
      Persons specified by the REMIC Provisions all information necessary to compute
      any tax imposed (A) as a result of the Transfer of an Ownership Interest in
      a
      Residual Certificate to any Person who is a Disqualified Organization, including
      the information described in Treasury regulations sections 1.860D-1(b)(5) and
      1.860E-2(a)(5) with respect to the “excess inclusions” of such Residual
      Certificate and (B) as a result of any regulated investment company, real estate
      investment trust, common trust fund, partnership, trust, estate or organization
      described in Section 1381 of the Code that holds an Ownership Interest in a
      Residual Certificate having as among its record holders at any time any Person
      which is a Disqualified Organization. Reasonable compensation for providing
      such
      information may be accepted by the Trust Administrator.

     

    (v)  The
      provisions of this Section 5.02(d) set forth prior to this subsection (v) may
      be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Trust Administrator at the expense of the party seeking to modify, add
      to
      or eliminate any such provision the following:

     

    (A)  written
      notification from the Rating Agencies to the effect that the modification,
      addition to or elimination of such provisions will not cause the Rating Agencies
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B)  an
      Opinion of Counsel, in form and substance satisfactory to the Trust
      Administrator, to the effect that such modification of, addition to or
      elimination of such provisions will not cause any Trust REMIC to cease to
      qualify as a REMIC and will not cause (x) any Trust REMIC to be subject to
      an
      entity-level tax caused by the Transfer of any Residual Certificate to a Person
      that is not a Permitted Transferee or (y) a Person other than the prospective
      transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
      Certificate to a Person that is not a Permitted Transferee.

     

    (d)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trust Administrator maintained for
      such purpose pursuant to Section 8.12, the Trust Administrator shall execute,
      authenticate and deliver, in the name of the designated Transferee or
      Transferees, one or more new Certificates of the same Class of a like aggregate
      Percentage Interest.

     

    (e)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Trust Administrator maintained for
      such
      purpose pursuant to Section 8.12. Whenever any Certificates are so surrendered
      for exchange, upon notice from the Trust Administrator, the Trust Administrator
      shall execute, authenticate and deliver, the Certificates which the
      Certificateholder making the exchange is entitled to receive. Every Certificate
      presented or surrendered for transfer or exchange shall (if so required by
      the
      Trust Administrator) be duly endorsed by, or be accompanied by a written
      instrument of transfer in the form satisfactory to the Trust Administrator
      duly
      executed by, the Holder thereof or his attorney duly authorized in writing.
      In
      addition, (i) with respect to each Class R Certificate, the Holder thereof
      may
      exchange, in the manner described above, such Class R Certificate for two
      separate Certificates, each representing such Holder’s respective Percentage
      Interest in the Class R-I Interest and the Class R-II Interest that was
      evidenced by the Class R Certificate being exchanged and (ii) with respect
      to
      each Class R-X Certificate, the Holder thereof may exchange, in the manner
      described above, such Class R-X Certificate for two separate Certificates,
      each
      representing such Holder’s respective Percentage Interest in the Class R-III
      Interest and the Class R-IV Interest, respectively, in each case that was
      evidenced by the Class R-X Certificate being exchanged.

     

    (f)  No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Trust Administrator may require 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.

     

    (g)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Trust Administrator in accordance with its customary
      procedures.

     

    
      	SECTION
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trust Administrator, or the
      Trust Administrator receive evidence to its satisfaction of the destruction,
      loss or theft of any Certificate, and (ii) there is delivered to the Trustee
      and
      the Trust Administrator such security or indemnity as may be required by them
      to
      save each of them harmless, then, in the absence of actual knowledge by the
      Trust Administrator that such Certificate has been acquired by a bona fide
      purchaser, the Trust Administrator shall execute, authenticate and deliver,
      in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of the same Class and of like denomination and
      Percentage Interest. Upon the issuance of any new Certificate under this
      Section, the Trust Administrator 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 Trust
      Administrator) connected therewith. Any replacement Certificate issued pursuant
      to this Section shall constitute complete and indefeasible evidence of ownership
      in the applicable REMIC created hereunder, 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
      Depositor, the Servicer, the Trustee, the Trust Administrator and any agent
      of
      any of them may treat the Person in whose name any Certificate is registered
      as
      the owner of such Certificate for the purpose of receiving distributions
      pursuant to Section 4.01 and for all other purposes whatsoever, and none of
      the
      Depositor, the Servicer, the Trustee, the Trust Administrator or any agent
      of
      any of them shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05  	
              Certain
                Available Information.

            

    

     

    The
      Trust
      Administrator shall maintain at its Corporate Trust Office and shall make
      available free of charge during normal business hours for review by any Holder
      of a Certificate or any Person identified to the Trust Administrator as a
      prospective transferee of a Certificate, originals or copies of the following
      items: (A) this Agreement and any amendments hereof entered into pursuant to
      Section 11.01, (B) all monthly statements required to be delivered to
      Certificateholders of the relevant Class pursuant to Section 4.02 since the
      Closing Date, and all other notices, reports, statements and written
      communications delivered to the Certificateholders of the relevant Class
      pursuant to this Agreement since the Closing Date, (C) all certifications
      delivered by a Responsible Officer of the Trust Administrator since the Closing
      Date pursuant to Section 10.01(h), (D) any and all Officers’ Certificates
      delivered to the Trust Administrator by the Servicer since the Closing Date
      to
      evidence the Servicer’s determination that any P&I Advance or Servicing
      Advance was, or if made, would be a Nonrecoverable Advance and (E) any and
      all
      Officers’ Certificates delivered to the Trust Administrator by the Servicer
      since the Closing Date pursuant to Section 4.04(a). Copies and mailing of any
      and all of the foregoing items will be available from the Trust Administrator
      upon request at the expense of the person requesting the same.

     

     

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE SERVICER

     

    
      	SECTION
              6.01  	
              Liability
                of the Depositor and the Servicer.

            

    

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed by this Agreement and undertaken hereunder
      by
      the Servicer herein. The Depositor shall be liable in accordance herewith only
      to the extent of the obligations specifically imposed by this Agreement and
      undertaken hereunder by the Depositor herein.

     

    
      	SECTION
              6.02  	
              Merger
                or Consolidation of the Depositor or the
                Servicer.

            

    

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      corporation under the laws of the jurisdiction of its incorporation and its
      qualification as an approved conventional seller/servicer for Fannie Mae or
      Freddie Mac in good standing. The Depositor and the Servicer each 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, the Certificates or any of the
      Mortgage Loans and to perform its respective duties under this
      Agreement.

     

    The
      Depositor or the Servicer may be merged or consolidated with or into any Person,
      or transfer all or substantially all of its assets to any Person, in which
      case
      any Person resulting from any merger or consolidation to which the Depositor
      or
      the Servicer shall be a party, or any Person succeeding to the business of
      the
      Depositor or the Servicer, shall be the successor of the Depositor or the
      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 Servicer shall be qualified to service mortgage loans
      on
      behalf of Fannie Mae or Freddie Mac; and provided further that the Rating
      Agencies’ ratings of the Class A Certificates and the Mezzanine Certificates in
      effect immediately prior to such merger or consolidation will not be qualified,
      reduced or withdrawn as a result thereof (as evidenced by a letter to such
      effect from the Rating Agencies).

     

    
      	SECTION
              6.03  	
              Limitation
                on Liability of the Depositor, the Servicer and
                Others.

            

    

     

    None
      of
      the Depositor, the Servicer (and any Sub-Servicer) or any of the directors,
      officers, employees or agents of the Depositor or the Servicer (and any
      Sub-Servicer) shall be under any liability to 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 the related Sub-Servicing
      Agreement, as applicable, or for errors in judgment; provided, however, that
      this provision shall not protect the Depositor, the Servicer (and any
      Sub-Servicer) or any such person against any breach of warranties,
      representations or covenants made herein, or against any specific liability
      imposed on the Servicer (and any Sub-Servicer) pursuant hereto or the related
      Sub-Servicing Agreement, as applicable, or against any liability which would
      otherwise be imposed by reason of willful misfeasance, bad faith or negligence
      in the performance of duties or by reason of reckless disregard of obligations
      and duties hereunder or the related Sub-Servicing Agreement, as applicable.
      The
      Depositor, the Servicer (and any Sub-Servicer) and any director, officer,
      employee or agent of the Depositor or the Servicer may rely in good faith on
      any
      document of any kind which, prima
      facie,
      is
      properly executed and submitted by any Person respecting any matters arising
      hereunder or the related Sub-Servicing Agreement, as applicable. The Depositor,
      the Servicer (and any Sub-Servicer) and any director, officer, employee or
      agent
      of the Depositor or the Servicer (and any Sub-Servicer) shall be indemnified
      and
      held harmless by the Trust Fund against (i) any loss, liability or expense
      incurred in connection with any legal action relating to this Agreement or
      the
      Certificates (except as any such loss, liability or expense shall be otherwise
      reimbursable pursuant to this Agreement) or any loss, liability or expense
      incurred by reason of willful misfeasance, bad faith or negligence in the
      performance of duties hereunder or the related Sub-Servicing Agreement, as
      applicable, or by reason of reckless disregard of obligations and duties
      hereunder or the related Sub-Servicing Agreement, as applicable, and (ii) any
      breach of a representation or warranty regarding the Mortgage Loans. None of
      the
      Depositor or the Servicer (and any Sub-Servicer) shall be under any obligation
      to appear in, prosecute or defend any legal action unless such action is related
      to its respective duties under this Agreement or the related Sub-Servicing
      Agreement, as applicable, and, in its opinion, does not involve it in any
      expense or liability; provided, however, that each of the Depositor and the
      Servicer (and any Sub-Servicer) may in its discretion undertake any such action
      which it may deem necessary or desirable with respect to this Agreement or
      the
      related Sub-Servicing Agreement, as applicable, and the rights and duties of
      the
      parties hereto or to the related Sub-Servicing Agreement, as applicable, and
      the
      interests of the Certificateholders hereunder. In such event, unless the
      Depositor or the Servicer (and any Sub-Servicer) acts without the consent of
      Holders of Certificates entitled to at least 51% of the Voting Rights (which
      consent shall not be necessary in the case of litigation or other legal action
      by either to enforce their respective rights or defend themselves hereunder
      or
      the related Sub-Servicing Agreement, as applicable), the legal expenses and
      costs of such action and any liability resulting therefrom (except any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder or the related Sub-Servicing
      Agreement, as applicable) shall be expenses, costs and liabilities of the Trust
      Fund, and the Depositor (subject to the limitations set forth above) and the
      Servicer (and any Sub-Servicer) shall be entitled to be reimbursed therefor
      from
      the related Collection Account as and to the extent provided in Section 3.11
      or
      from the corresponding custodial account established under the related
      Sub-Servicing Agreement, any such right of reimbursement being prior to the
      rights of the Certificateholders to receive any amount in the related Collection
      Account.

     

    
      	SECTION
              6.04  	
              Limitation
                on Resignation of the Servicer.

            

    

     

    The
      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) with the written consent of the Trustee
      and the Trust Administrator, which consent may not be unreasonably withheld,
      with written confirmation from the Rating Agencies (which confirmation shall
      be
      furnished to the Depositor, the Trustee and the Trust Administrator) that such
      resignation will not cause the Rating Agencies to reduce the then current rating
      of the Class A Certificates and provided that a qualified successor has agreed
      to assume the duties and obligations of the Servicer hereunder. Any such
      determination pursuant to clause (i) of the preceding sentence permitting the
      resignation of the Servicer shall be evidenced by an Opinion of Counsel to
      such
      effect obtained at the expense of the Servicer and delivered to the Trustee
      and
      the Trust Administrator. No resignation of the Servicer shall become effective
      until the Trust Administrator or the Trustee, as applicable, in accordance
      with
      Section 7.02 hereof, or a successor servicer shall have assumed the Servicer’s
      responsibilities, duties, liabilities (other than those liabilities arising
      prior to the appointment of such successor) and obligations under this
      Agreement.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, nor delegate
      to or
      subcontract with, nor authorize or appoint any other Person to perform any
      of
      the duties, covenants or obligations to be performed by the Servicer hereunder.
      If, pursuant to any provision hereof, the duties of the Servicer are transferred
      to a successor servicer, the entire amount of the Servicing Fee and other
      compensation payable to the Servicer pursuant hereto shall thereafter be payable
      to such successor servicer.

     

    
      	SECTION
              6.05  	
              Rights
                of the Depositor in Respect of the
                Servicer.

            

    

     

    The
      Servicer shall afford (and any Sub-Servicing Agreement shall provide that each
      Sub-Servicer shall afford) the Depositor, the Trustee and the Trust
      Administrator, upon reasonable notice, during normal business hours, access
      to
      all records maintained by the Servicer (and any such Sub-Servicer) in respect
      of
      the Servicer’s rights and obligations hereunder and access to officers of the
      Servicer (and those of any such Sub-Servicer) responsible for such obligations.
      Upon request, the Servicer shall furnish to the Depositor, the Trustee and
      the
      Trust Administrator its (and any such Sub-Servicer’s) most recent financial
      statements of the parent company of the Servicer and such other information
      relating to the 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 Trustee and the Trust Administrator
      shall not disseminate any information obtained pursuant to the preceding two
      sentences without the Servicer’s written consent, except as required pursuant to
      this Agreement or to the extent that it is appropriate to do so (i) in working
      with legal counsel, auditors, taxing authorities or other governmental agencies,
      rating agencies or reinsurers or (ii) pursuant to any law, rule, regulation,
      order, judgment, writ, injunction or decree of any court or governmental
      authority having jurisdiction over the Depositor, the Trustee, the Trust
      Administrator or the Trust Fund, and in either case, the Depositor, the Trustee
      or the Trust Administrator, as the case may be, shall use its 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 a Servicer
      under this Agreement and may, but is not obligated to, perform, or cause a
      designee to perform, any defaulted obligation of a Servicer under this Agreement
      or exercise the rights of any Servicer under this Agreement; provided that
      a
      Servicer shall not be relieved of any of its obligations under this Agreement
      by
      virtue of such performance by the Depositor or its designee. The Depositor
      shall
      not have any responsibility or liability for any action or failure to act by
      a
      Servicer and is not obligated to supervise the performance of a Servicer under
      this Agreement or otherwise.

     

    
      	SECTION
              6.06  	
              Duties
                of the Credit Risk Manager.

            

    

     

    For
      and
      on behalf of the Trust, pursuant to the Credit Risk Management Agreement, the
      Credit Risk Manager will provide reports and recommendations concerning certain
      delinquent and defaulted Mortgage Loans, and as to the collection of any
      Prepayment Charges with respect to the Mortgage Loans. Such reports and
      recommendations will be based upon information provided to the Credit Risk
      Manager in form and format as specified in the Credit Risk Management Agreement,
      and the Credit Risk Manager shall look solely to the Servicer for all
      information and data (including loss and delinquency information and data)
      relating to the servicing of the related Mortgage Loans. Upon any termination
      of
      the Credit Risk Manager or the appointment of a successor Credit Risk Manager,
      the Depositor shall give written notice thereof to the Servicer, the Trustee,
      the Trust Administrator and each Rating Agency. Notwithstanding the foregoing,
      the termination of the Credit Risk Manager pursuant to this Section shall not
      become effective until the appointment of a successor Credit Risk
      Manager.

     

    
      	SECTION
              6.07  	
              Limitation
                Upon Liability of the Credit Risk
                Manager.

            

    

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      the
      Trust Administrator or the Depositor for any action taken or for refraining
      from
      the taking of any action made in good faith pursuant to this Agreement, in
      reliance upon information provided by the Servicer under the related Credit
      Risk
      Management Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Credit Risk Manager or any such person against
      liability that would otherwise be imposed by reason of willful malfeasance
      or
      bad faith in its performance of its duties. The Credit Risk Manager and any
      director, officer, employee, or agent of the Credit Risk Manager 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,
      and may rely in good faith upon the accuracy of information furnished by the
      Servicer pursuant to the applicable Credit Risk Management Agreement in the
      performance of its duties thereunder and hereunder.

     

    
      	SECTION
              6.08  	
              Removal
                of the Credit Risk Manager.

            

    

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by a vote of at least
      a majority of the holders of the Class CE Certificates, in the exercise of
      its
      or their sole discretion. The Certificateholders shall provide written notice
      of
      the Credit Risk Manager’s removal to the Trust
      Administrator.
      Upon
      receipt of such notice, the Trust Administrator shall provide written notice
      to
      the Credit Risk Manager of its removal, which shall be effective upon receipt
      of
      such notice by the Credit Risk Manager.

     

     

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01  	
              Servicer
                Events of Default.

            

    

     

    With
      respect to the Servicer, individually, “Servicer Event of Default,” wherever
      used herein, means any one of the following events:

     

    (i)  any
      failure by the Servicer to remit to the Trust Administrator for distribution
      to
      the Certificateholders any payment (other than a P&I Advance required to be
      made from its own funds on any Servicer Remittance Date pursuant to Section
      4.03) required to be made under the terms of the Certificates and this Agreement
      which continues unremedied for a period of two Business Days after the date
      upon
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Depositor, the Trust Administrator or
      the
      Trustee (in which case notice shall be provided by telecopy), or to the
      Servicer, the Depositor, the Trust Administrator and the Trustee by the Holders
      of Certificates entitled to at least 25% of the Voting Rights; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in this Agreement (other than the agreements of the Servicer contained
      in Section 3.20 and Section 3.21) (or, because the Servicer is the Originator,
      the failure of the Originator to repurchase a Mortgage Loan as to which a breach
      has been established that requires a repurchase pursuant to the terms of related
      Master Agreement), or the breach by the Servicer of any representation and
      warranty contained in Section 2.05 (other than representation 2.05(b)(ix)),
      which continues unremedied for a period of 45 days (or if such failure or breach
      cannot be remedied within 45 days, then such remedy shall have been commenced
      within 45 days and diligently pursued thereafter; provided, however, that in
      no
      event shall such failure or breach be allowed to exist for a period of greater
      than 60 days) after the earlier of (i) the date on which written notice of
      such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor, the Trust Administrator or the Trustee, or to the
      Servicer, the Depositor, the Trust Administrator and the Trustee by the Holders
      of Certificates entitled to at least 25% of the Voting Rights and (ii) actual
      knowledge of such failure by a Servicing Officer; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      if
      such proceeding is being contested by the Servicer in good faith such decree
      or
      order shall have remained in force undischarged or unstayed for a period of
      60
      consecutive days or results in the entry of an order for relief or any such
      adjudication or appointment; or

     

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

     

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

     

    (vi)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in Section 3.20 and Section 3.21; or

     

    (vii)  any
      failure of the Servicer to make any P&I Advance on any Servicer Remittance
      Date required to be made from its own funds pursuant to Section 4.03 which
      continues unremedied until 5:00 p.m. New York time on first Business Day after
      the date upon which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Servicer by the Trust Administrator
      or
      the Trustee (in which case notice shall be provided by telecopy).

     

    If
      a
      Servicer Event of Default described in clauses (i) through (vii) of this Section
      shall occur and be continuing, then, and in each and every such case, so long
      as
      the Servicer Event of Default shall not have been remedied, the Depositor or
      the
      Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the Servicer (and to the Depositor and the Trust Administrator if
      given by the Trustee or to the Trustee and the Trust Administrator if given
      by
      the Depositor), terminate all of the rights and obligations of the Servicer
      in
      its capacity as a Servicer under this Agreement, to the extent permitted by
      law,
      and in and to the Mortgage Loans and the proceeds thereof.
      If a
      Servicer Event of Default described in clause (viii) hereof shall occur and
      shall not have been remedied during the applicable time period set forth in
      clause (viii) above, the Trust Administrator shall, by notice in writing to
      the
      Servicer and the Depositor, terminate all of the rights and obligations of
      the
      Servicer in its capacity as a Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof. On
      or
      after the receipt by the Servicer of such written notice, all authority and
      power of the Servicer under this Agreement, whether with respect to the
      Certificates (other than as a Holder of any Certificate) or the Mortgage Loans
      or otherwise, shall pass to and be vested in the Trust Administrator pursuant
      to
      and under this Section and, without limitation, the Trust Administrator is
      hereby authorized and empowered, as attorney-in-fact or otherwise, to execute
      and deliver on behalf of and at the expense of the Servicer, 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. The Servicer agrees, at its sole
      cost
      and expense, promptly (and in any event no later than ten Business Days
      subsequent to such notice) to provide the Trust Administrator with all documents
      and records requested by it to enable it to assume the Servicer’s functions
      under this Agreement, and to cooperate with the Trust Administrator in effecting
      the termination of the Servicer’s responsibilities and rights under this
      Agreement, including, without limitation, the transfer within one Business
      Day
      to the Trust Administrator for administration by it of all cash amounts which
      at
      the time shall be or should have been credited by the Servicer to the Collection
      Account held by or on behalf of the Servicer, the Distribution Account or any
      REO Account or Servicing Account held by or on behalf of the Servicer or
      thereafter be received with respect to the Mortgage Loans or any REO Property
      serviced by the Servicer (provided, however, that the Servicer shall continue
      to
      be entitled to receive all amounts accrued or owing to it under this Agreement
      on or prior to the date of such termination, whether in respect of P&I
      Advances or otherwise, and shall continue to be entitled to the benefits of
      Section 6.03, notwithstanding any such termination, with respect to events
      occurring prior to such termination). For purposes of this Section 7.01, the
      Trustee and the Trust Administrator shall not be deemed to have knowledge of
      a
      Servicer Event of Default unless a Responsible Officer of the Trustee or the
      Trust Administrator, as the case may be, assigned to and working in the
      Trustee’s or the Trust Administrator’s Corporate Trust Office, as applicable,
      has actual knowledge thereof or unless written notice of any event which is
      in
      fact such a Servicer Event of Default is received by the Trustee or the Trust
      Administrator, as applicable, and such notice references the Certificates,
      the
      Trust Fund or this Agreement.

     

    
      	SECTION
              7.02  	
              Trust
                Administrator or Trustee to Act; Appointment of
                Successor.

            

    

     

    (a)  On
      and
      after the time the Servicer receives a notice of termination, the Trust
      Administrator (and in the event the Trust Administrator fails in its obligation,
      the Trustee) shall be the successor in all respects to the Servicer in its
      capacity as Servicer under this Agreement, the Servicer shall not have the
      right
      to withdraw any funds from the Collection Account without the consent of the
      Trust Administrator or the Trustee, as applicable, and the transactions set
      forth or provided for herein and shall be subject to all the responsibilities,
      duties and liabilities relating thereto and arising thereafter placed on the
      Servicer (except for any representations or warranties of the Servicer under
      this Agreement, the responsibilities, duties and liabilities contained in
      Section 2.03(c) and its obligation to deposit amounts in respect of losses
      pursuant to Section 3.12) by the terms and provisions hereof including, without
      limitation, the Servicer’s obligations to make P&I Advances pursuant to
      Section 4.03; provided, however, that if the Trust Administrator or the Trustee,
      as applicable, is prohibited by law or regulation from obligating itself to
      make
      advances regarding delinquent mortgage loans, then the Trust Administrator
      or
      the Trustee, as applicable, shall not be obligated to make P&I Advances
      pursuant to Section 4.03; and provided further, that any failure to perform
      such
      duties or responsibilities caused by the Servicer’s failure to provide
      information required by Section 7.01 shall not be considered a default by the
      Trust Administrator or the Trustee, as applicable, as successor to the Servicer
      hereunder. As compensation therefor, the Trust Administrator or the Trustee,
      as
      applicable, shall be entitled to the Servicing Fees and all funds relating
      to
      the Mortgage Loans to which the Servicer would have been entitled if it had
      continued to act hereunder (other than amounts which were due or would become
      due to the Servicer prior to its termination or resignation). Notwithstanding
      the above, the Trust Administrator or the Trustee, as applicable, may, if it
      shall be unwilling to so act, or shall, if it is unable to so act or if it
      is
      prohibited by law from making advances regarding delinquent mortgage loans,
      or
      if the Holders of Certificates entitled to at least 51% of the Voting Rights
      so
      request in writing to the Trust Administrator or the Trustee, as applicable,
      promptly appoint or petition a court of competent jurisdiction to appoint,
      an
      established mortgage loan servicing institution acceptable to the Rating
      Agencies and having a net worth of not less than $15,000,000 as the successor
      to
      the Servicer under this Agreement in the assumption of all or any part of the
      responsibilities, duties or liabilities of the Servicer under this Agreement.
      No
      appointment of a successor Servicer under this Agreement shall be effective
      until the assumption by the successor of all of the Servicer’s responsibilities,
      duties and liabilities hereunder. In connection with such appointment and
      assumption described herein, the Trust Administrator or the Trustee, as
      applicable, 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 that
      permitted the Servicer as such hereunder. The Depositor, the Trust
      Administrator, the Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      Pending appointment of a successor to the Servicer under this Agreement, the
      Trust Administrator or the Trustee, as applicable, shall act in such capacity
      as
      hereinabove provided.

     

    (b)  In
      connection with the termination or resignation of the Servicer hereunder, either
      (i) the successor servicer, including the Trust Administrator or the Trustee,
      as
      applicable, if the Trust Administrator or the Trustee, as applicable, is acting
      as successor 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, in which case the predecessor Servicer
      shall cooperate with the successor Servicer in causing MERS to revise its
      records to reflect the transfer of servicing to the successor Servicer as
      necessary under MERS’ rules and regulations, or (ii) the predecessor Servicer
      shall cooperate with the successor Servicer in causing MERS to execute and
      deliver an assignment of Mortgage in recordable form to transfer the Mortgage
      from MERS to the Trust Administrator or the Trustee, as applicable, 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 Servicer.
      The predecessor Servicer shall file or cause to be filed any such assignment
      in
      the appropriate recording office. The predecessor Servicer shall bear any and
      all fees of MERS, costs of preparing any assignments of Mortgage, and fees
      and
      costs of filing any assignments of Mortgage that may be required under this
      Section 7.02(b).

     

    
      	SECTION
              7.03  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination of a Servicer pursuant to Section 7.01 above or any appointment
      of a
      successor to a Servicer pursuant to Section 7.02 above, the Trust
      Administrator shall
      give prompt written notice thereof to Certificateholders at their respective
      addresses appearing in the Certificate Register.

     

    (b)  Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Servicer
      Event of Default or five days after a Responsible Officer of the Trust
      Administrator becomes aware of the occurrence of such an event, the Trust
      Administrator shall transmit by mail to all Holders of Certificates notice
      of
      each such occurrence, unless such default or Servicer Event of Default shall
      have been cured or waived.

     

    
      	SECTION
              7.04  	
              Waiver
                of Servicer Events of Default.

            

    

     

    Subject
      to Section 11.09(d), the Holders representing at least 66% of the Voting Rights
      evidenced by all Classes of Certificates affected by any default or Servicer
      Event of Default hereunder may waive such default or Servicer Event of Default;
      provided, however, that a default or Servicer Event of Default under clause
      (i)
      or (vi) of Section 7.01 may be waived only by all of the Holders of the Regular
      Certificates. Upon any such waiver of a default or Servicer Event of Default,
      such default or Servicer Event of Default shall cease to exist and shall be
      deemed to have been remedied for every purpose hereunder. No such waiver shall
      extend to any subsequent or other default or Servicer Event of Default or impair
      any right consequent thereon except to the extent expressly so
      waived.

     

     

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE AND THE TRUST ADMINISTRATOR

     

    
      	SECTION
              8.01  	
              Duties
                of Trustee and Trust Administrator.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator, prior to the occurrence of a Servicer
      Event of Default and after the curing of all Servicer Events of Default which
      may have occurred, undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Agreement. During a Servicer Event of Default,
      each of the Trustee and the Trust Administrator 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. Any permissive
      right of the Trustee or the Trust Administrator enumerated in this Agreement
      shall not be construed as a duty.

     

    Each
      of
      the Trustee and the Trust Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which 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; provided, however,
      that neither the Trustee nor the Trust Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner, it shall
      take such action as it deems appropriate to have the instrument corrected,
      and
      if the instrument is not corrected to its satisfaction, it will provide notice
      thereof to the Certificateholders.

     

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

     

    (i)  Prior
      to
      the occurrence of a Servicer Event of Default, and after the curing of all
      the
      Servicer Events of Default which may have occurred, the duties and obligations
      of each of the Trustee and the Trust Administrator shall be determined solely
      by
      the express provisions of this Agreement, neither the Trustee nor the Trust
      Administrator shall 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
      or the Trust Administrator and, in the absence of bad faith on the part of
      the
      Trustee or the Trust Administrator, as applicable, the Trustee or the Trust
      Administrator, as the case may be, 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 or the Trust Administrator,
      as
      the case may be, that conform to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Trust Administrator shall be personally liable for any
      error
      of judgment made in good faith by a Responsible Officer or Responsible Officers
      of it unless it shall be proved that it was negligent in ascertaining the
      pertinent facts; 

     

    (iii)  Neither
      the Trustee nor the Trust Administrator shall be personally liable 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 Certificates entitled to at
      least 25% of the Voting Rights relating to the time, method and place of
      conducting any proceeding for any remedy available to the it or exercising
      any
      trust or power conferred upon it, under this Agreement; and

     

    (iv)  Neither
      the Trustee nor the Trust Administrator shall be required to take notice or
      be
      deemed to have notice or knowledge of any default unless a Responsible Officer
      of the Trustee or the Trust Administrator, as the case may be, shall have
      received written notice thereof or a Responsible Officer shall have actual
      knowledge thereof. In the absence of receipt of such notice or actual knowledge,
      the Trustee or Trust Administrator, as applicable, may conclusively assume
      there
      is no default.

     

    Neither
      the Trustee nor the Trust Administrator shall be required to expend or risk
      its
      own funds or otherwise incur financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, in
      each
      case not including expenses, disbursements and advances incurred or made by
      the
      Trustee or the Trust Administrator, as applicable, including the compensation
      and the expenses and disbursements of its agents and counsel, in the ordinary
      course of the Trustee’s or the Trust Administrator’s, as the case may be,
      performance in accordance with the provisions of this Agreement, if there is
      reasonable ground for believing that the repayment of such funds or adequate
      indemnity against such risk or liability is not reasonably assured to it. With
      respect to the Trustee and the Trust Administrator, none of the provisions
      contained in this Agreement shall in any event require the Trustee or the Trust
      Administrator, as the case may be, to perform, or be responsible for the manner
      of performance of, any of the obligations of the Servicer under this Agreement,
      except during such time, if any, as the Trustee or the Trust Administrator,
      as
      applicable, shall be the successor to, and be vested with the rights, duties,
      powers and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      	SECTION
              8.02  	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  Each
      of
      the Trustee and the Trust Administrator and any director, officer, employee
      or
      agent of the Trustee or the Trust Administrator, as the case may be, may request
      and conclusively rely upon and shall be fully 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 reasonably
      believed by it to be genuine and to have been signed or presented by the proper
      party or parties;

     

    (ii)  Each
      of
      the Trustee and the Trust Administrator, as the case may be, may consult with
      counsel of its selection 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)  Neither
      the Trustee nor the Trust Administrator shall be under any obligation to
      exercise any of the trusts 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 or the Trust Administrator, as applicable, security
      or
      indemnity satisfactory to it against the costs, expenses and liabilities which
      may be incurred therein or thereby; the right of the Trustee or the Trust
      Administrator to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and neither the Trustee nor the Trust
      Administrator shall be answerable for other than its negligence or willful
      misconduct in the performance of any such act; nothing contained herein shall,
      however, relieve the Trust Administrator or the Trustee of the obligation,
      upon
      the occurrence of a Servicer Event of Default (which has not been cured or
      waived), to exercise such of the rights and powers vested in it by this
      Agreement, and to 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;

     

    (iv)  Neither
      the Trustee nor the Trust Administrator shall be personally 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;

     

    (v)  Prior
      to
      the occurrence of a Servicer Event of Default hereunder, and after the curing
      of
      all Servicer Events of Default which may have occurred, neither the Trustee
      nor
      the Trust Administrator shall 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 to do so by the Holders of Certificates
      entitled to at least 25% of the Voting Rights; provided, however, that if the
      payment within a reasonable time to the Trustee or the Trust Administrator,
      as
      applicable, 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 or the Trust
      Administrator, as applicable, not reasonably assured to the Trustee or the
      Trust
      Administrator, as applicable, by such Certificateholders, the Trustee or the
      Trust Administrator, as applicable, may require indemnity satisfactory to it
      against such cost, expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

    (vi)  Each
      of
      the Trustee and the Trust Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and neither the Trustee nor the Trust Administrator shall
      be
      responsible for any misconduct or negligence on the part of any agent or
      attorney appointed with due care;

     

    (vii)  Neither
      the Trustee nor the Trust Administrator shall be personally liable for any
      loss
      resulting from the investment of funds held in the Collection Account at the
      direction of the Servicer pursuant to Section 3.12; and

     

    (viii)  Any
      request or direction of the Depositor, the Servicer or the Certificateholders
      mentioned herein shall be sufficiently evidenced in writing.

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee or the Trust Administrator, may be enforced by it
      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 or the Trust Administrator shall be brought
      in its name for the benefit of all the Holders of such Certificates, subject
      to
      the provisions of this Agreement.

     

    
      	SECTION
              8.03  	
              Neither
                the Trustee nor Trust Administrator Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trust Administrator, on behalf of the Trustee, the authentication of the
      Trust Administrator on the Certificates, the acknowledgments of the Trustee
      and
      the Trust Administrator contained in Article II and the representations and
      warranties of the Trustee and the Trust Administrator in Section 8.12) shall
      be
      taken as the statements of the Depositor and neither the Trustee nor the Trust
      Administrator assumes any responsibility for their correctness. Neither the
      Trustee nor the Trust Administrator makes any representations or warranties
      as
      to the validity or sufficiency of this Agreement (other than as specifically
      set
      forth in Section 8.12) or of the Certificates (other than the signature of
      the
      Trust Administrator and authentication of the Trust Administrator on the
      Certificates) or of any Mortgage Loan or related document or of MERS or the
      MERS
      System. Neither the Trustee nor the Trust Administrator shall be accountable
      for
      the use or application by the Depositor of any of the Certificates or of the
      proceeds of such Certificates, or for the use or application of any funds paid
      to the Depositor or the Servicer in respect of the Mortgage Loans or deposited
      in or withdrawn from the Collection Account by the Servicer. 

     

    
      	SECTION
              8.04  	
              Trustee
                and Trust Administrator May Own
                Certificates.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator in its individual capacity or any other
      capacity may become the owner or pledgee of Certificates with the same rights
      it
      would have if it were not the Trustee or the Trust Administrator, as
      applicable.

     

    
      	SECTION
              8.05  	
              Trustee’s,
                Trust Administrator’s and Custodians’ Fees and
                Expenses.

            

    

     

    (a)  The
      Trust
      Administrator shall withdraw from the Distribution Account on each Distribution
      Date and pay to itself any income and gain realized from the investment of
      funds
      deposited in the Distribution Account. The Trustee’s fees will be paid by the
      Trust Administrator pursuant to a separate agreement between the Trustee and
      the
      Trust Administrator, and such compensation will not be an expense of the Trust.
      Each of the Trustee, the Trust Administrator, a Custodian and any director,
      officer, employee or agent of any of them, as applicable, shall be indemnified
      by the Trust Fund and held harmless against any loss, liability or expense
      (not
      including expenses, disbursements and advances incurred or made by the Trustee,
      the Trust Administrator or a Custodian, as applicable, including the
      compensation and the expenses and disbursements of its agents and counsel,
      in
      the ordinary course of the Trustee’s, the Trust Administrator’s or a
      Custodian’s, as the case may be, performance in accordance with the provisions
      of this Agreement) incurred by the Trustee, the Trust Administrator or a
      Custodian, as applicable, in connection with any claim or legal action or any
      pending or threatened claim or legal action arising out of or in connection
      with
      the acceptance or administration of its obligations and duties under this
      Agreement (or, in the case of a Custodian, under the applicable Custodial
      Agreement), other than any loss, liability or expense (i) resulting from any
      breach of any Servicer’s obligations in connection with this Agreement for which
      the Servicer shall indemnify the Trustee and the Trust Administrator pursuant
      to
      Section 8.05(b) and Section 10.03 (and in the case of the Trustee, resulting
      from any breach of the Trust Administrator’s obligations in connection with this
      Agreement for which the Trust Administrator shall indemnify the Trustee pursuant
      to Section 10.03(a) and in the case of the Trust Administrator, resulting from
      any breach of the Trustee’s obligations in connection with this Agreement for
      which the Trustee shall indemnify the Trust Administrator pursuant to Section
      10.03(c)), (ii) that constitutes a specific liability of the Trustee or the
      Trust Administrator, as applicable, pursuant to Section 10.01(g) or (iii) any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder (or, in the case of a Custodian,
      under the applicable Custodial Agreement) or as a result of a breach of the
      Trustee’s or the Trust Administrator’s obligations under Article X hereof (or,
      in the case of a Custodian, as a result of a breach of such Custodian’s
      obligations under the related Custodial Agreement). Any amounts payable to
      the
      Trustee, the Trust Administrator, a Custodian, or any director, officer,
      employee or agent of any of them in respect of the indemnification provided
      by
      this paragraph (a), or pursuant to any other right of reimbursement from the
      Trust Fund that the Trustee, the Trust Administrator, a Custodian or any
      director, officer, employee or agent of any of them may have hereunder in its
      capacity as such, may be withdrawn by the Trust Administrator for payment to
      the
      applicable indemnified Person from the Distribution Account at any
      time.

     

    (b)  The
      Servicer agrees to indemnify the Trustee, the Trust Administrator and any
      Custodian from, and hold each harmless against, any loss, liability or expense
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the Trustee, the Trust Administrator
      or such Custodian, as the case may be. Any payment hereunder made by the
      Servicer to the Trustee, the Trust Administrator or such Custodian shall be
      from
      the Servicer’s own funds, without reimbursement from the Trust Fund
      therefor.

     

    
      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee and Trust
                Administrator.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator hereunder shall at all times be a
      corporation or an association organized and doing business under the laws of
      any
      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 and subject to supervision or examination by federal or state
      authority. In case at any time the Trustee or the Trust Administrator shall
      cease to be eligible in accordance with the provisions of this Section, the
      Trustee or the Trust Administrator, as the case may be, shall resign immediately
      in the manner and with the effect specified in Section 8.07.

     

    
      	SECTION
              8.07  	
              Resignation
                and Removal of the Trustee and the Trust
                Administrator.

            

    

     

    Either
      of
      the Trustee or the Trust Administrator may at any time resign and be discharged
      from the trust hereby created by giving written notice thereof to the Depositor,
      the Servicer and the Certificateholders and, if the Trustee is resigning, to
      the
      Trust Administrator, or, if the Trust Administrator is resigning, to the
      Trustee. Upon receiving such notice of resignation, the Depositor shall promptly
      appoint a successor trustee or trust administrator (which may be the same Person
      in the event both the Trustee and the Trust Administrator resign or are removed)
      by written instrument, in duplicate, which instrument shall be delivered to
      the
      resigning Trustee or Trust Administrator and to the successor trustee or trust
      administrator, as applicable. A copy of such instrument shall be delivered
      to
      the Certificateholders, the Trustee or Trust Administrator, as applicable,
      and
      the Servicer by the Depositor. If no successor trustee or trust administrator
      shall have been so appointed and have accepted appointment within 30 days after
      the giving of such notice of resignation, the resigning Trustee or Trust
      Administrator, as applicable, may petition any court of competent jurisdiction
      for the appointment of a successor trustee or trust administrator, as
      applicable.

     

    If
      at any
      time the Trustee or the Trust Administrator shall cease to be eligible in
      accordance with the provisions of Section 8.06 and shall fail to resign after
      written request therefor by the Depositor (or in the case of the Trust
      Administrator, the Trustee), or if at any time the Trustee or the Trust
      Administrator shall become incapable of acting, or shall be adjudged bankrupt
      or
      insolvent, or a receiver of the Trustee or the Trust Administrator or of its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or the Trust Administrator or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, then the Depositor
      (or
      in the case of the Trust Administrator, the Trustee) may remove the Trustee
      or
      the Trust Administrator, as applicable, and appoint a successor trustee or
      trust
      administrator (which may be the same Person in the event both the Trustee and
      the Trust Administrator resign or are removed) by written instrument, in
      duplicate, which instrument shall be delivered to the Trustee or Trust
      Administrator so removed and to the successor trustee or trust administrator.
      A
      copy of such instrument shall be delivered to the Certificateholders, the
      Trustee or the Trust Administrator, as applicable, and the Servicer by the
      Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Trust Administrator and appoint a successor
      trustee or trust administrator 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 to the Depositor,
      one
      complete set to the Trustee or the Trust Administrator, as the case may be,
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders and the Servicer by
      the
      Depositor. 

     

    If
      no
      successor Trust Administrator shall have been appointed and shall have accepted
      appointment within 60 days after the Trust Administrator ceases to be the Trust
      Administrator pursuant to this Section 8.07, then the Trustee shall perform
      the
      duties of the Trust Administrator pursuant to this Agreement. The Trustee shall
      notify the Rating Agencies of any change of Trust Administrator.

     

    Any
      resignation or removal of the Trustee or the Trust Administrator and appointment
      of a successor trustee or trust administrator, as the case may be, pursuant
      to
      any of the provisions of this Section shall not become effective until
      acceptance of appointment by the successor trustee or trust administrator as
      provided in Section 8.08. Notwithstanding the foregoing, in the event the Trust
      Administrator advises the Trustee that it is unable to continue to perform
      its
      obligations pursuant to the terms of this Agreement prior to the appointment
      of
      a successor, the Trustee shall be obligated to perform such obligations until
      a
      new trust administrator is appointed. Such performance shall be without
      prejudice to any claim by a party hereto or beneficiary hereof resulting from
      the Trust Administrator’s breach of its obligations hereunder. As compensation
      therefor, the Trustee shall be entitled to all fees the Trust Administrator
      would have been entitled to if it had continued to act hereunder.

     

    
      	SECTION
              8.08  	
              Successor
                Trustee or Trust Administrator.

            

    

     

    Any
      successor trustee or trust administrator appointed as provided in Section 8.07
      shall execute, acknowledge and deliver to the Depositor, the Trustee or the
      Trust Administrator, as applicable, and to its predecessor trustee or trust
      administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor trustee or trust administrator
      shall become effective and such successor trustee or trust administrator,
      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 or trust administrator herein.
      The predecessor trustee or trust administrator shall deliver to the successor
      trustee or trust administrator all Mortgage Files and related documents and
      statements, as well as all moneys, held by it hereunder and the Depositor and
      the predecessor trustee or trust administrator 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 or trust
      administrator all such rights, powers, duties and obligations.

     

    No
      successor trustee or trust administrator shall accept appointment as provided
      in
      this Section unless at the time of such acceptance such successor trustee or
      trust administrator shall be eligible under the provisions of Section 8.06
      and
      the appointment of such successor trustee or trust administrator shall not
      result in a downgrading of any Class of Certificates by the Rating Agencies,
      as
      evidenced by a letter from the Rating Agencies.

     

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

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee or Trust
                Administrator.

            

    

     

    Any
      corporation or association into which either the Trustee or the Trust
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Trust Administrator, as the case
      may
      be, shall be a party, or any corporation or association succeeding to the
      business of the Trustee or the Trust Administrator, as applicable, shall be
      the
      successor of the Trustee or the Trust Administrator, as the case may be,
      hereunder, provided such corporation or association shall be eligible under
      the
      provisions of Section 8.06, 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.

     

    
      	SECTION
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC I or property
      securing the same may at the time be located, the 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
      separate trustees, of all or any part of REMIC I, and to vest in such Person
      or
      Persons, in such capacity, such title to REMIC I, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Servicer and the Trustee may consider
      necessary or desirable. If the Servicer shall not have joined in such
      appointment within 15 days after the receipt by it of a request to do so, or
      in
      case a Servicer 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 hereunder and no notice to Holders of
      Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
      be
      required under Section 8.08 hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10 all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to the 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 REMIC I or any portion
      thereof in any such jurisdiction) shall be exercised and performed by such
      separate trustee or co-trustee at the direction of the 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 trust
      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.

     

    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  	
              [Reserved].

            

    

     

    
      	SECTION
              8.12  	
              Appointment
                of Office or Agency.

            

    

     

    The
      Trust
      Administrator will appoint an office or agency in the City of New York where
      the
      Certificates may be surrendered for registration of transfer or exchange, and
      presented for final distribution, and where notices and demands to or upon
      the
      Trust Administrator in respect of the Certificates and this Agreement may be
      served.

     

    
      	SECTION
              8.13  	
              Representations
                and Warranties.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator hereby represents and warrants to the
      Servicer, the Depositor and the Trustee and the Trust Administrator, as
      applicable, as of the Closing Date, that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States of America.

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      the
      it to perform its obligations under this Agreement or the financial condition
      of
      it.

     

    (vi)  No
      litigation is pending or, to the best of its knowledge, threatened against
      it
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or the financial
      condition of it.

     

    
      	SECTION
              8.14  	
              [Reserved].

            

    

     

    
      	SECTION
              8.15  	
              No
                Trustee or Trust Administrator Liability for Actions or Inactions
                of
                Custodians.

            

    

     

    Notwithstanding
      anything to the contrary herein, in no event shall the Trustee or the Trust
      Administrator be liable to any party hereto or to any third party for the
      performance of any custody-related functions with respect to which the
      applicable Custodian shall fail to take action on behalf of the Trustee or
      Trust
      Administrator, as the case may be, or, with respect to which the performance
      of
      custody-related functions pursuant to the terms of the custodial agreement
      with
      the applicable Custodian shall fail to satisfy all the related requirements
      under this Agreement.

     

     

     

    ARTICLE
      IX

     

    TERMINATION

     

    
      	SECTION
              9.01  	
              Termination
                Upon Repurchase or Liquidation of the Mortgage
                Loans.

            

    

     

    (a)  Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Servicer, the Trustee and the Trust
      Administrator with respect to the Mortgage Loans (other than the obligations
      of
      the Servicer to the Trustee and the Trust Administrator pursuant to Section
      8.05
      and of the Servicer to provide for and the Trust Administrator to make payments
      in respect of the REMIC I Regular Interests and the Classes of Certificates
      as
      hereinafter set forth) shall terminate upon payment to the Certificateholders
      and the deposit of all amounts held by or on behalf of the Trustee or the Trust
      Administrator and required hereunder to be so paid or deposited on the
      Distribution Date coinciding with or following the earlier to occur of (i)
      the
      purchase by the Terminator (on a servicing retained basis) of all Mortgage
      Loans
      and each related REO Property remaining in REMIC I and (ii) the final payment
      or
      other liquidation (or any advance with respect thereto) of the last Mortgage
      Loan or related REO Property remaining in REMIC I; provided, however, that
      in no
      event shall the trust created hereby continue beyond the earlier of (a) 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, living on the date hereof and (b) the Latest Possible Maturity Date
      (as
      defined in the Preliminary Statement). 

     

    Subject
      to Section 3.10 hereof, the purchase by the Terminator of all Mortgage Loans
      and
      each REO Property remaining in REMIC I shall be at a price equal to the greater
      of (i) the Stated Principal Balance of the Mortgage Loans and the appraised
      value of any REO Properties (such appraisal to be conducted by an appraiser
      mutually agreed upon by the Servicer and the Trust Administrator) and (ii)
      the
      fair market value of the Mortgage Loans and the REO Properties (as determined
      by
      the Servicer, with the consent of the Trust Administrator as of the close of
      business on the third Business Day next preceding the date upon which notice
      of
      any such termination is furnished to the related Certificateholders pursuant
      to
      Section 9.01(c)), in each case plus accrued and unpaid interest thereon at
      the
      weighted average of the Mortgage Rates through the end of the Due Period
      preceding the final Distribution Date plus unreimbursed Servicing Advances
      allocable to such Mortgage Loans and REO Properties (the “Termination
      Price”);
      provided, however, such option may only be exercised if the Termination Price
      is
      sufficient to result in the payment of all interest accrued on, as well as
      amounts necessary to retire the principal balance of, each class of notes issued
      pursuant to the Indenture. 

     

    (b)  The
      Servicer shall have the right (the party exercising such right, the
“Terminator”),
      to
      purchase all of the Mortgage Loans and each REO Property remaining in REMIC
      I
      pursuant to clause (i) of the preceding paragraph no later than the
      Determination Date in the month immediately preceding the Distribution Date
      on
      which the Certificates will be retired; provided, however, that the Terminator
      may elect to purchase all of the Mortgage Loans and each REO Property remaining
      in REMIC I pursuant to clause (i) above only if the aggregate Stated Principal
      Balance of the Mortgage Loans and each REO Property remaining in the Trust
      Fund
      at the time of such election is reduced to less than 10% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date. By acceptance
      of
      a Residual Certificate, the Holders of the Residual Certificates agree, in
      connection with any termination hereunder, to assign and transfer any amounts
      in
      excess of par, and to the extent received in respect of such termination, to
      pay
      any such amounts to the Holders of the Class CE Certificates.

     

    (c)  Notice
      of
      the liquidation of any Certificates shall be given promptly by the Trust
      Administrator by letter to the related Certificateholders mailed (a) in the
      event such notice is given in connection with the purchase of the Mortgage
      Loans
      and each related REO Property remaining in REMIC I by the Terminator, not
      earlier than the 15th day and not later than the 25th day of the month next
      preceding the month of the final distribution on the related Certificates or
      (b)
      otherwise during the month of such final distribution on or before the
      Determination Date in such month, in each case specifying (i) the Distribution
      Date upon which REMIC I will terminate and final payment of the Certificates
      and
      will be made upon presentation and surrender of the Certificates at the office
      of the Trust Administrator therein designated, (ii) the amount of any such
      final
      payment, (iii) that no interest shall accrue in respect of the Certificates
      from
      and after the Interest Accrual Period relating to the final Distribution Date
      therefor and (iv) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, payments being made only upon presentation and surrender
      of the Certificates at the office of the Trust Administrator. In the event
      such
      notice is given in connection with the purchase of all of the Mortgage Loans
      and
      each REO Property remaining in REMIC I by the Terminator, the Terminator shall
      deliver to the Trust Administrator for deposit in the Distribution Account
      not
      later than the last Business Day of the month next preceding the month in which
      such distribution will be made an amount in immediately available funds equal
      to
      the Termination Price. Upon certification to the Trust Administrator by a
      Servicing Officer of the making of such final deposit, the Trust Administrator
      shall promptly release or cause to be released to the related Terminator the
      Mortgage Files for the remaining Mortgage Loans and the Trust Administrator
      shall execute all assignments, endorsements and other instruments delivered
      to
      it which are necessary to effectuate such transfer.

     

    (d)  Upon
      receipt of notice by the Trust Administrator of the presentation of the
      Certificates by the Certificateholders on the related final Distribution Date
      to
      the Trust Administrator, the Trust Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with Section
      4.01 in respect of the Certificates so presented and surrendered. Any funds
      not
      distributed to any Holder or Holders of Certificates being retired on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trust Administrator and credited to the account of the appropriate non-tendering
      Holder or Holders. If any Certificates as to which notice has been given
      pursuant to this Section 9.01 shall not have been surrendered for cancellation
      within six months after the time specified in such notice, the Trust
      Administrator shall mail a second notice to the remaining non-tendering
      Certificateholders to surrender their Certificates for cancellation in order
      to
      receive the final distribution with respect thereto. If within one year after
      the second notice all such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall, directly or through an agent,
      mail
      a final notice to remaining related non-tendering Certificateholders concerning
      surrender of their Certificates. The costs and expenses of maintaining the
      funds
      in trust and of contacting such Certificateholders shall be paid out of the
      assets remaining in the trust funds. If within one year after the final notice
      any such Certificates shall not have been surrendered for cancellation, the
      Trust Administrator shall pay to Citigroup Global Markets Inc. all such amounts,
      and all rights of non-tendering Certificateholders in or to such amounts shall
      thereupon cease. No interest shall accrue or be payable to any Certificateholder
      on any amount held in trust by the Trust Administrator as a result of such
      Certificateholder’s failure to surrender its Certificate(s) for final payment
      thereof in accordance with this Section 9.01.

     

    Immediately
      following the deposit of funds in trust hereunder in respect of each of the
      Certificates the Trust Fund shall terminate. 

     

    
      	SECTION
              9.02  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO
      Property, REMIC I shall be terminated, in each case in accordance with the
      following additional requirements (or in connection with the final payment
      on or
      other liquidation of the last Mortgage Loan or REO Property remaining in REMIC
      I, the additional requirement specified in clause (i) below):

     

    (i)  The
      Trust
      Administrator shall specify the first day in the 90-day liquidation period
      in a
      statement attached to REMIC I’s final Tax Return pursuant to Treasury regulation
      Section 1.860F-1, and such termination shall satisfy all requirements of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel obtained at the expense of
      the
      Servicer;

     

    (ii)  During
      such 90-day liquidation period, and at or prior to the time of making of the
      final payment on the Certificates, the Trust Administrator shall sell all of
      the
      assets of REMIC I to the Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the related Certificates, the Trust
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Class R Certificates all cash on hand in REMIC
      I
      (other than cash retained to meet claims), and REMIC I shall terminate at that
      time.

     

    (b)  At
      the
      expense of the Terminator (or in the event of termination under Section
      9.01(a)(ii), at the expense of the Servicer), the Trust Administrator shall
      prepare or cause to be prepared the documentation required in connection with
      the adoption of a plan of liquidation of REMIC I pursuant to this Section
      9.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trust Administrator to specify the 90-day liquidation period for REMIC I which
      authorization shall be binding upon all successor
      Certificateholders.

     

     

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	SECTION
              10.01  	
              REMIC
                Administration.

            

    

     

    (a)  The
      Trust
      Administrator shall elect to treat each REMIC created hereunder as a REMIC
      under
      the Code and, if necessary, under applicable state law. Such election will
      be
      made by the Trust Administrator on behalf of the Trustee on Form 1066 or other
      appropriate federal tax or information return or any appropriate state return
      for the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. For the purposes of the REMIC election in respect
      of
      REMIC I, the REMIC I Regular Interests shall be designated as the Regular
      Interests in REMIC I and the Class R-I Interest shall be designated as the
      Residual Interest in REMIC I. The Floating Rate Certificates, the Class CE
      Interest and the Class P Interest shall be designated as the Regular Interests
      in REMIC II and the Class R-II Interest shall be designated as the Residual
      Interest in REMIC II. The Class CE Certificates shall be designated as the
      Regular Interests in REMIC III and the Class R-III Interest shall be designated
      as the Residual Interest in REMIC III. The Class P Certificates shall be
      designated as the Regular Interests in REMIC IV and the Class R-IV Interest
      shall be designated as the Residual Interest in REMIC IV. Neither the Trustee
      nor the Trust Administrator shall permit the creation of any “interests” in any
      Trust REMIC (within the meaning of Section 860G of the Code) other than the
      REMIC Regular Interests and the interests represented by the
      Certificates.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      created hereunder within the meaning of Section 860G(a)(9) of the
      Code.

     

    (c)  The
      Trust
      Administrator shall pay any and all expenses relating to any tax audit of the
      Trust Fund (including, but not limited to, any professional fees or any
      administrative or judicial proceedings with respect to any Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), and shall be
      entitled to reimbursement from the Trust therefor to the extent permitted under
      Section 8.05. The Trust Administrator, as agent for any Trust REMIC’s tax
      matters person, shall (i) act on behalf of the Trust Fund in relation to any
      tax
      matter or controversy involving any Trust REMIC and (ii) represent the Trust
      Fund in any administrative or judicial proceeding relating to an examination
      or
      audit by any governmental taxing authority with respect thereto. The holder
      of
      the largest Percentage Interest of the Residual Certificates shall be
      designated, in the manner provided under Treasury regulations section
      1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1, as the tax
      matters person of the related REMIC created hereunder. By its acceptance
      thereof, the holder of the largest Percentage Interest of the Residual
      Certificates hereby agrees to irrevocably appoint the Trust Administrator or
      an
      Affiliate as its agent to perform all of the duties of the tax matters person
      for the Trust Fund.

     

    (d)  The
      Trust
      Administrator shall prepare and the Trustee at the direction of the Trust
      Administrator shall sign and the Trust Administrator shall file all of the
      Tax
      Returns in respect of the REMIC created hereunder. The expenses of preparing
      and
      filing such returns shall be borne by the Trust Administrator without any right
      of reimbursement therefor. The Servicer shall provide on a timely basis to
      the
      Trust Administrator or its designee such information with respect to the assets
      of the Trust Fund as is in its possession and reasonably required by the Trust
      Administrator to enable it to perform its obligations under this
      Article.

     

    (e)  The
      Trust
      Administrator shall perform on behalf of any Trust REMIC all reporting and
      other
      tax compliance duties that are the responsibility of the REMIC under the Code,
      the REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority including the filing of Form
      8811
      with the Internal Revenue Service within 30 days following the Closing Date.
      Among its other duties, as required by the Code, the REMIC Provisions or other
      such compliance guidance, the Trust Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee, (ii) to the Certificateholders such
      information or reports as are required by the Code or the REMIC Provisions
      including reports relating to interest, original issue discount and market
      discount or premium (using the Prepayment Assumption as required) and (iii)
      to
      the Internal Revenue Service the name, title, address and telephone number
      of
      the person who will serve as the representative of any Trust REMIC. The Servicer
      shall provide on a timely basis to the Trust Administrator such information
      with
      respect to the assets of the Trust Fund, including, without limitation, the
      Mortgage Loans, as is in its possession and reasonably required by the Trust
      Administrator to enable it to perform its obligations under this subsection.
      In
      addition, the Depositor shall provide or cause to be provided to the Trust
      Administrator, within ten (10) days after the Closing Date, all information
      or
      data that the Trust Administrator reasonably determines to be relevant for
      tax
      purposes as to the valuations and issue prices of the Certificates, including,
      without limitation, the price, yield, Prepayment Assumption and projected cash
      flow of the Certificates.

     

    (f)  The
      Trustee, the Trust Administrator, the Servicer and the Holders of Certificates
      shall take such action or cause the Trust REMIC to take such action as shall
      be
      necessary to create or maintain the status thereof as a REMIC under the REMIC
      Provisions. The Trustee, the Trust Administrator and the Servicer shall not
      take
      any action or cause the Trust Fund to take any action or fail to take (or fail
      to cause to be taken) any action that, under the REMIC Provisions, if taken
      or
      not taken, as the case may be, could (i) endanger the status of each Trust
      REMIC
      as a REMIC or (ii) result in the imposition of a tax upon the Trust Fund
      (including but not limited to the tax on prohibited transactions as defined
      in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth
      in Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Trustee has received an Opinion of Counsel, addressed to the Trustee
      and the Trust Administrator (at the expense of the party seeking to take such
      action but in no event at the expense of the Trustee or the Trust Administrator)
      to the effect that the contemplated action will not, with respect to any Trust
      REMIC, endanger such status or result in the imposition of such a tax, nor
      shall
      any Servicer take or fail to take any action (whether or not authorized
      hereunder) as to which the Trustee or the Trust Administrator has advised it
      in
      writing that it has received an Opinion of Counsel to the effect that an Adverse
      REMIC Event could occur with respect to such action; provided that a Servicer
      may conclusively rely on such Opinion of Counsel and shall incur no liability
      for its action or failure to act in accordance with such Opinion of Counsel.
      In
      addition, prior to taking any action with respect to any Trust REMIC or the
      respective assets of each, or causing any Trust REMIC to take any action, which
      is not contemplated under the terms of this Agreement, a Servicer consult with
      the Trustee and the Trust Administrator or their designee, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC and the Servicer shall not take any such action
      or
      cause any Trust REMIC to take any such action as to which the Trustee or the
      Trust Administrator has advised it in writing that an Adverse REMIC Event could
      occur; provided that the Servicer may conclusively rely on such writing and
      shall incur no liability for its action or failure to act in accordance with
      such writing. The Trust Administrator and the Trustee may consult with counsel
      to make such written advice, and the cost of same shall be borne by the party
      seeking to take the action not permitted by this Agreement, but in no event
      shall such cost be an expense of the Trustee or the Trust Administrator. At
      all
      times as may be required by the Code, the Trustee, the Trust Administrator
      and
      the Servicer will ensure that substantially all of the assets of REMIC I will
      consist of “qualified mortgages” as defined in Section 860G(a)(3) of the Code
      and “permitted investments” as defined in Section 860G(a)(5) of the Code, to the
      extent such obligations are within the Trustee’s, Trust Administrator’s or
      Servicer’s, as applicable, control and not otherwise inconsistent with the terms
      of this Agreement.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of the REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of the REMIC as defined in Section 860G(c) of the Code, on
      any contributions to the REMIC after the Startup Day therefor pursuant to
      Section 860G(d) of the Code, or any other tax is imposed by the Code or any
      applicable provisions of state or local tax laws, such tax shall be charged
      (i)
      to the Trust Administrator pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Trust Administrator of any of its
      obligations under this Article X, (ii) to the Trustee pursuant to Section 10.03
      hereof, if such tax arises out of or results from a breach by the Trustee of
      any
      of its obligations under this Article X, (iii) to the Servicer pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the
      Servicer of any of its obligations under Article III or this Article X, or
      otherwise (iv) against amounts on deposit in the Distribution Account and shall
      be paid by withdrawal therefrom.

     

    (h)  [Reserved].

     

    (i)  The
      Trust
      Administrator shall, for federal income tax purposes, maintain books and records
      with respect to any Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, the Servicer, the Trustee and the Trust Administrator shall
      not
      accept any contributions of assets to any Trust REMIC other than in connection
      with any Qualified Substitute Mortgage Loan delivered in accordance with Section
      2.03 unless it shall have received an Opinion of Counsel to the effect that
      the
      inclusion of such assets in the Trust Fund will not cause the REMIC to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding or subject
      the REMIC to any tax under the REMIC Provisions or other applicable provisions
      of federal, state and local law or ordinances.

     

    (k)  None
      of
      the Trustee, the Trust Administrator or the Servicer shall enter into any
      arrangement by which any Trust REMIC will receive a fee or other compensation
      for services nor permit either such REMIC to receive any income from assets
      other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    
      	SECTION
              10.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Servicer, the Trust Administrator or the Trustee shall sell,
      dispose of or substitute for any of the Mortgage Loans (except in connection
      with (i) the foreclosure of a Mortgage Loan, including but not limited to,
      the
      acquisition or sale of a Mortgaged Property acquired by deed in lieu of
      foreclosure, (ii) the bankruptcy of any Trust REMIC, (iii) the termination
      of
      any Trust REMIC pursuant to Article IX of this Agreement, (iv) a substitution
      pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans
      pursuant to Article II or III of this Agreement), nor acquire any assets for
      any
      Trust REMIC (other than REO Property acquired in respect of a defaulted Mortgage
      Loan), nor sell or dispose of any investments in the Collection Account or
      the
      Distribution Account for gain, nor accept any contributions to any Trust REMIC
      after the Closing Date (other than a Qualified Substitute Mortgage Loan
      delivered in accordance with Section 2.03), unless it has received an Opinion
      of
      Counsel, addressed to the Trustee and the Trust Administrator (at the expense
      of
      the party seeking to cause such sale, disposition, substitution, acquisition
      or
      contribution but in no event at the expense of the Trustee or the Trust
      Administrator) that such sale, disposition, substitution, acquisition or
      contribution will not (a) affect adversely the status of any Trust REMIC as
      a
      REMIC or (b) cause any Trust REMIC to be subject to a tax on “prohibited
      transactions” or “contributions” pursuant to the REMIC Provisions.

     

    
      	SECTION
              10.03  	
              Servicer,
                Trustee and Trust Administrator
                Indemnification.

            

    

     

    (a)  The
      Trust
      Administrator agrees to indemnify the Trust Fund, the Depositor, the Servicer
      and the Trustee for any taxes and costs including, without limitation, any
      reasonable attorneys fees imposed on or incurred by the Trust Fund, the
      Depositor, the Servicer or the Trustee as a result of a breach of the Trust
      Administrator’s covenants set forth in this Article X.

     

    (b)  The
      Servicer agrees to indemnify the Trust Fund, the Depositor, the Trust
      Administrator and the Trustee for any taxes and costs including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Trust Administrator or the Trustee, as a result of
      a
      breach of the Servicer’s covenants set forth in Article III (other than Section
      3.20 or Section 3.21) or this Article X.

     

    (c)  The
      Trustee agrees to indemnify the Trust Fund, the Depositor, the Trust
      Administrator and the Servicer for any taxes and costs including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Trust Administrator or the Servicer, as a result of
      a
      breach of the Trustee’s covenants set forth in this Article X.

     

    

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Trustee and the Trust Administrator without the consent of any of the
      Certificateholders, (i) to cure any ambiguity or defect, (ii) to correct, modify
      or supplement any provisions herein (including to give effect to the
      expectations of Certificateholders) or (iii) to make any other provisions with
      respect to matters or questions arising under this Agreement which shall not
      be
      inconsistent with the provisions of this Agreement, provided that such action
      shall not, as evidenced by either (a) an Opinion of Counsel delivered to the
      Trustee and the Trust Administrator, adversely affect in any material respect
      the interests of any Certificateholder or (b) written notice to the Depositor,
      the Servicer, the Trustee and the Trust Administrator from the Rating Agencies
      that such action will not result in the reduction or withdrawal of the rating
      of
      any outstanding Class of Certificates with respect to which it is a Rating
      Agency). No amendment shall be deemed to adversely affect in any material
      respect the interests of any Certificateholder who shall have consented thereto,
      and no Opinion of Counsel or Rating Agency confirmation shall be required to
      address the effect of any such amendment on any such consenting
      Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      the Trustee and the Trust Administrator with the consent of the Holders of
      Certificates entitled to at least 66% of the Voting Rights 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
      Cap
      Provider or Holders of Certificates; provided, however, that no such amendment
      shall (i) reduce in any manner the amount of, or delay the timing of, payments
      received on Mortgage Loans which are 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 Cap Provider
      or
      Holders of any Class of Certificates (as evidenced by either (i) an Opinion
      of
      Counsel delivered to the Trustee and Trust Administrator or (ii) written notice
      to the Depositor, the Servicer, the Trustee and the Trust Administrator from
      the
      Rating Agencies that such action will not result in the reduction or withdrawal
      of the rating of any outstanding Class of Certificates with respect to which
      it
      is a Rating Agency) in a manner, other than as described in (i), without the
      consent of the Holders of Certificates of such Class evidencing at least 66%
      of
      the Voting Rights allocated to such Class, or (iii) modify the consents required
      by the immediately preceding clauses (i) and (ii) without the consent of the
      Holders of all Certificates then outstanding. Notwithstanding any other
      provision of this Agreement, for purposes of the giving or withholding of
      consents pursuant to this Section 11.01, Certificates registered in the name
      of
      the Depositor or the Servicer or any Affiliate thereof shall be entitled to
      Voting Rights with respect to matters affecting such Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, neither the Trustee nor the Trust
      Administrator shall consent to any amendment to this Agreement unless it shall
      have first received an Opinion of Counsel to the effect that such amendment
      will
      not result in the imposition of any tax on any Trust REMIC pursuant to the
      REMIC
      Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time
      that any Certificates are outstanding.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trustee and the Trust
      Administrator shall be entitled to receive an Opinion of Counsel (provided
      by
      the Person requesting such amendment) to the effect that such amendment is
      authorized or permitted by this Agreement.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer or the Trustee shall enter into any amendment to Section 4.01(e),
      Section 4.08 or Section 11.10 of this Agreement without the prior written
      consent of the Cap Provider.

     

    Promptly
      after the execution of any such amendment the Trust Administrator shall furnish
      a copy of such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      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 Trust Administrator may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee or the Trust
      Administrator.

     

    Notwithstanding
      the foregoing, each of the Trustee and Trust Administrator may, but shall not
      be
      obligated to enter into any amendment pursuant to this Section that affects
      its
      rights, duties and immunities under this Agreement or otherwise.

     

    
      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, 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 Servicer at the expense
      of
      the Certificateholders, but only upon direction of Certificateholders
      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
              11.03  	
              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
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      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 expressly provided
      for
      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 any 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 person 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 of any provision 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 (i) such Holder previously
      shall have given to the Trustee and Trust Administrator a written notice of
      default and of the continuance thereof, as hereinbefore provided, and (ii)
      the
      Holders of Certificates entitled to at least 25% of the Voting Rights shall
      have
      made written request upon the Trustee and the Trust Administrator to institute
      such action, suit or proceeding in its own name as Trustee or Trust
      Administrator hereunder and shall have offered to the Trustee or the Trust
      Administrator, as applicable, such indemnity satisfactory to it against the
      costs, expenses and liabilities to be incurred therein or thereby, and the
      Trustee or the Trust Administrator, for 15 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 is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder, the Trustee and the Trust Administrator, that no one or
      more
      Holders of Certificates shall have any right in any manner whatsoever by virtue
      of any provision of this Agreement to affect, disturb or prejudice the rights
      of
      the Holders of any other of such 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 equal,
      ratable and common benefit of all Certificateholders. For the protection and
      enforcement of the provisions of this Section, each and every Certificateholder,
      the Trustee and the Trust Administrator shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    
      	SECTION
              11.04  	
              Governing
                Law.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws.

     

    
      	SECTION
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be sent (i) via facsimile (with
      confirmation of receipt) or (ii) in writing and shall be deemed to have been
      duly given when received if personally delivered at or mailed by first class
      mail, postage prepaid, or by express delivery service or delivered in any other
      manner specified herein, to (a) in the case of the Depositor, 390 Greenwich
      Street, New York, New York 10013, Attention: Mortgage Finance Group (telecopy
      number (212) 723-8604), or such other address or telecopy number as may
      hereafter be furnished to the Servicer, the Trust Administrator and the Trustee
      in writing by the Depositor,
      (b) in
      the case of Ameriquest, 1100 Town & Country Road, 11th
      Floor,
      Orange, California 92868, Attention: General Counsel (telecopy number: (714)
      564-9639), or such other address or telecopy number as may hereafter be
      furnished to the Trustee, the Trust Administrator and the Depositor in writing
      by Ameriquest, (c)
      in the
      case of the Trust Administrator, Citibank, N.A., 388 Greenwich Street, 14th
      Floor, New York, New York 10013, Attention: CMLTI 2006-AMC1 (telecopy number
      (949) 250-6450), or such other address or telecopy number as may hereafter
      be
      furnished to the Trustee, the Servicer and the Depositor in writing by the
      Trust
      Administrator and (d) in the case of the Trustee, U.S. Bank National
      Association, One Federal Street, 3rd Floor, Boston, Massachusetts 02110,
      Attention: Structured Finance/CMLTI 2006-AMC1 (telecopy number (617) 603-6637),
      or such other address or telecopy number as may hereafter be furnished to the
      Servicer, the Trust Administrator and the Depositor in writing by the Trustee.
      Any notice required or permitted to be given to a Certificateholder shall be
      given by first class mail, postage prepaid, at the address of such Holder as
      shown in the Certificate Register. Any notice so mailed within the time
      prescribed in this Agreement shall be conclusively presumed to have been duly
      given when mailed, whether or not the Certificateholder receives such notice.
      A
      copy of any notice required to be telecopied hereunder also shall be mailed
      to
      the appropriate party in the manner set forth above.

     

    
      	SECTION
              11.06  	
              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
              11.07  	
              Notice
                to Rating Agencies.

            

    

     

    The
      Trust
      Administrator shall use its best efforts promptly to provide notice to the
      Rating Agencies, and the Servicer shall use its best efforts promptly to provide
      notice to the Trust Administrator, with respect to each of the following of
      which the Trust Administrator or the Servicer, as applicable, has actual
      knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

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

     

    3. The
      resignation or termination of the Servicer, the Trust Administrator or the
      Trustee;

     

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

     

    5. The
      final
      payment to the Holders of any Class of Certificates;

     

    6. Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    7. Any
      event
      that would result in the inability of the Trust Administrator or the Trustee,
      as
      applicable, were it to succeed as Servicer, to make advances regarding
      delinquent Mortgage Loans; and

     

    8. The
      filing of any claim under the Servicer’s blanket bond and errors and omissions
      insurance policy required by Section 3.14 or the cancellation or material
      modification of coverage under any such instrument.

     

    In
      addition, the Trust Administrator shall make available to the Rating Agencies
      copies of each report to Certificateholders described in Section 4.02 and the
      Servicer, as required pursuant to Section 3.20 and Section 3.21, shall promptly
      furnish to the Rating Agencies copies of the following:

     

    1. Each
      annual statement as to compliance described in Section 3.20; and

     

    2. Each
      annual independent public accountants’ servicing report described in Section
      3.21.

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to DBRS, 55 Broadway, New York,
      New York 10006, to Standard & Poor’s Ratings Services, a division of the
      McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, and
      to
      Moody’s at 99 Church Street, New York, New York 10007, or such other addresses
      as the Rating Agencies may designate in writing to the parties
      hereto.

     

    
      	SECTION
              11.08  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.09  	
              Grant
                of Security Interest.

            

    

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans by the Depositor
      to secure a debt or other obligation of the Depositor. However, in the event
      that, notwithstanding the aforementioned intent of the parties, the Mortgage
      Loans are held to be property of the Depositor, then, (a) it is the express
      intent of the parties that such conveyance be deemed a pledge of the Mortgage
      Loans by the Depositor to the Trustee to secure a debt or other obligation
      of
      the Depositor and (b)(1) this Agreement shall also be deemed to be a security
      agreement within the meaning of Articles 8 and 9 of the Uniform Commercial
      Code
      as in effect from time to time in the State of New York; (2) the conveyance
      provided for in Section 2.01 hereof shall be deemed to be a grant by the
      Depositor to the Trustee of a security interest in all of the Depositor’s right,
      title and interest in and to the Mortgage Loans and all amounts payable to
      the
      holders of the Mortgage Loans in accordance with the terms thereof and all
      proceeds of the conversion, voluntary or involuntary, of the foregoing into
      cash, instruments, securities or other property, including without limitation
      all amounts, other than investment earnings, from time to time held or invested
      in the Collection Account and the Distribution Account, whether in the form
      of
      cash, instruments, securities or other property; (3) the obligations secured
      by
      such security agreement shall be deemed to be all of the Depositor’s obligations
      under this Agreement, including the obligation to provide to the
      Certificateholders the benefits of this Agreement relating to the Mortgage
      Loans
      and the Trust Fund; and (4) notifications to persons holding such property,
      and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the Trustee
      for the purpose of perfecting such security interest under applicable law.
      Accordingly, the Depositor hereby grants to the Trustee a security interest
      in
      the Mortgage Loans and all other property described in clause (2) of the
      preceding sentence, for the purpose of securing to the Trustee the performance
      by the Depositor of the obligations described in clause (3) of the preceding
      sentence. Notwithstanding the foregoing, the parties hereto intend the
      conveyance pursuant to Section 2.01 to be a true, absolute and unconditional
      sale of the Mortgage Loans and assets constituting the Trust Fund by the
      Depositor to the Trustee.

     

    
      	SECTION
              11.10  	
              Third
                Party Rights.

            

    

     

    The
      Cap
      Provider shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    
      	SECTION
              11.11  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and  4.07 of this Agreement is to facilitate compliance by
      the Depositor with the provisions of Regulation AB promulgated by the
Commission
      under
      the 1934 Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from
      time to time and subject to clarification and interpretive advice as may be
      issued by the staff of the Commission from time to time. Therefore, each of
      the
      parties agrees that (a) the obligations of the parties hereunder shall be
      interpreted in such a manner as to accomplish that purpose, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be
      consistent with any such amendments, interpretive advice or guidance, convention
      or consensus among active participants in the asset-backed securities markets,
      opinion of counsel, or otherwise in respect of the requirements of Regulation
      AB, (c) the parties shall comply with requests made by the Depositor for
      delivery of additional or different information, to the extent that such
      information is available or reasonably attainable, as the Depositor or the
      Servicer may determine in good faith is necessary to comply with the provisions
      of Regulation AB, and (d) no amendment of this Agreement shall be required
      to
      effect any such changes in the parties’ obligations as are necessary to
      accommodate evolving interpretations of the provisions of Regulation AB;
      provided, however, that any such changes shall require the consent of each
      of
      the parties hereto.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Trust Administrator and the
      Trustee have caused their names to be signed hereto by their respective officers
      thereunto duly authorized, in each case as of the day and year first above
      written.

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.,

    as
      Depositor

     

    By:/s/
      Matthew Bollo      

    Name:
      Matthew Bollo

    Title:
      Vice President

     

    AMERIQUEST
      MORTGAGE COMPANY,

    as
      Servicer

     

    By:/s/
      John P. Grazer       

    Name:
      John P. Grazer

    Title:
      EVP

    

    CITIBANK,
      N.A.,

    as
      Trust
      Administrator

     

    By:/s/
      Valerie Delgado    

    Name:
      Valerie Delgado

    Title:
      Vice President

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, not in its 

    individual
      capacity but solely as Trustee

     

    By:/s/
      Clare M. O'Brien     

    Name:
      Clare M. O'Brien

    Title:
      Vice President

     

    
      	
              For
                purposes of Sections 6.06, 6.07 and 6.08:

            	 
	 	 
	
              PENTALPHA
                SURVEILLANCE LLC

            	 
	 	 
	 	 
	
              By:/s/
                Jill Gilbert Callahan    

            	 
	
              Name:
                Jill Gilbert Callahan

            	 
	
              Title:
                President

            	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ____ day of September 2006, before me, a notary public in and for said State,
      personally appeared __________________, known to me to be a __________________
      of Citigroup Mortgage Loan Trust Inc., one of the entities that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _________________________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of September 2006, before me, a notary public in and for said State,
      personally appeared __________________, known to me to be a __________________
      of Ameriquest Mortgage Company, one of the entities that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said entity, and acknowledged to me that such entity executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    __________________________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ____ day of September 2006, before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a
      ________________________ of Citibank, N.A., one of the entities that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    __________________________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              COMMONWEALTH
                OF MASSACHUSETTS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of September 2006, before me, a notary public in and for said State,
      personally appeared ___________________________, known to me to be a
      __________________________ of U.S. Bank National Association, one of the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said entity, and acknowledged to me that
      such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    __________________________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      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”).

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class A-1 Certificates as
                  of the
                  Issue Date: $602,007,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $602,007,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AS 5

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-1 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class A-1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of written certifications from the Holder
        of
        the Certificate desiring to effect the transfer, and from such Holder’s
        prospective transferee, substantially in the forms attached to the Agreement
        as
        Exhibit F-1. None of the Depositor or the Trust Administrator is obligated
        to
        register or qualify the Class of Certificates specified on the face hereof
        under
        the 1933 Act or any other securities law or to take any action not otherwise
        required under the Agreement to permit the transfer of such Certificates
        without
        registration or qualification. Any Holder desiring to effect a transfer of
        this
        Certificate shall be required to indemnify the Trustee, the Trust Administrator,
        the Depositor, the Servicer and any Sub-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.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        September ___, 2006

       

      
        	 	 	 
	 	Citibank,
                N.A., as
                Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                Authorized
                  Officer

              
	 	 

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

      
         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Signatory

                
	 	 

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

       

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2A CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2A Certificates as
                  of the
                  Issue Date:
                  $208,254,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  : $208,254,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company 

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AA 4

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-2A Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2A Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class A-2A
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      
         

        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT -Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

       

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

       

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-2B CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2B Certificates as
                  of the
                  Issue Date: $169,186,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $169,186,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AB 2

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-2B Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2B Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class A-2B
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      
         

        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-2C CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2C Certificates as
                  of the
                  Issue Date: $7,144,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $7,144,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AC 0

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-2C Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2C Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class A-2C
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS M-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-1 Certificates as
                  of the
                  Issue Date: $44,334,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $44,334,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AD 8

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-1 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-2 Certificates as
                  of the
                  Issue Date: $51,827,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $51,827,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AE 6

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-2 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      
         

        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

       

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES AND
        THE
        CLASS M-2 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-3 Certificates as
                  of the
                  Issue Date: $21,231,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  : $21,231,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company 

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AF 3

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-3 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-4 Certificates as
                  of the
                  Issue Date: $17,484,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $17,484,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AG 1

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-4 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-4
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND
        THE
        CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-5 Certificates as
                  of the
                  Issue Date: $22,479,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $22,479,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AH 9

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-5 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-5 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-5
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      
         

        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-6 Certificates as
                  of the
                  Issue Date: $14,362,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  : $14,362,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company 

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AJ 5

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-6 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-6 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-6
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-7 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-7 Certificates as
                  of the
                  Issue Date: $16,860,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $16,860,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company 

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AK 2

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-7 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-7 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-7
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator, the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-8 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES
        AND THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-8 Certificates as
                  of the
                  Issue Date: $9,366,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $9,366,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AL 0

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-8 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-8 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-8
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-9 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-9 Certificates as
                  of the
                  Issue Date: $16.235,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $16,235,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AM 8

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-9 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-9 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-9
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-10 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-10 Certificates as
                  of the
                  Issue Date: $9,991,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $9,991,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AT 3

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-10 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-10 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-10
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of written certifications from the Holder
        of
        the Certificate desiring to effect the transfer, and from such Holder’s
        prospective transferee, substantially in the forms attached to the Agreement
        as
        Exhibit F-1. None of the Depositor or the Trust Administrator is obligated
        to
        register or qualify the Class of Certificates specified on the face hereof
        under
        the 1933 Act or any other securities law or to take any action not otherwise
        required under the Agreement to permit the transfer of such Certificates
        without
        registration or qualification. Any Holder desiring to effect a transfer of
        this
        Certificate shall be required to indemnify the Trustee, the Trust Administrator,
        the Depositor, the Servicer and any Sub-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 this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS M-11 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES
        AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-10 Certificates as
                  of the
                  Issue Date: $12,488,000.00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $12,488,000.00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: September 1, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 
	 	
                CUSIP:
                  17309P AU 0

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-11 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-11 Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class M-11
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of written certifications from the Holder
        of
        the Certificate desiring to effect the transfer, and from such Holder’s
        prospective transferee, substantially in the forms attached to the Agreement
        as
        Exhibit F-1. None of the Depositor or the Trust Administrator is obligated
        to
        register or qualify the Class of Certificates specified on the face hereof
        under
        the 1933 Act or any other securities law or to take any action not otherwise
        required under the Agreement to permit the transfer of such Certificates
        without
        registration or qualification. Any Holder desiring to effect a transfer of
        this
        Certificate shall be required to indemnify the Trustee, the Trust Administrator,
        the Depositor, the Servicer and any Sub-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 this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

       

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS CE 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
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      
        	
                Series:
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class CE Certificates as of
                  the Issue
                  Date: $25,602,284.29

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $25,602,284.29

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: September 1,
                  2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	
                Aggregate
                  Notional Amount of the Class

                 

                CE
                  Certificates as of the Issue Date: $1,248,850,284.29

              	
                Issue
                  Date: September 28, 2006

              

      

       

       

      THE
        OUTSTANDING CERTIFICATE PRINCIPAL BALANCE OR NOTIONAL AMOUNT HEREOF AT ANY
        TIME
        MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE INITIAL CERTIFICATE PRINCIPAL
        BALANCE OR NOTIONAL AMOUNT, AS THE CASE MAY BE, OF THIS
        CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Citigroup Global Markets Realty Corp. is the registered owner
        of
        a Percentage Interest (obtained by dividing the denomination of this Certificate
        by the aggregate Certificate Principal Balance of the Class CE Certificates
        as
        of the Issue Date) in that certain beneficial ownership interest evidenced
        by
        all the Class CE Certificates in REMIC II created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among Citigroup
        Mortgage Loan Trust Inc. (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), the Servicer, Trust
        Administrator and the Trustee, a summary of certain of the pertinent provisions
        of which is set forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class CE
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      

      EXHIBIT
        A-17

       

      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
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      

       

      
        	
                Series:
                  2006-AMC1

              	
                Aggregate
                  Certificate Principal Balance of the Class P Certificates as of
                  the Issue
                  Date: $100.00

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: September 1,
                  2006

              	
                Denomination:
                  $100.00

              
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company 

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	 	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Citigroup Global Markets Realty Corp. is the registered owner
        of
        a Percentage Interest (obtained by dividing the denomination of this Certificate
        by the aggregate Certificate Principal Balance of the Class P Certificates
        as of
        the Issue Date) in that certain beneficial ownership interest evidenced by
        all
        the Class P Certificates in REMIC II created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer and the Trustee, a summary
        of certain of the pertinent provisions of which is set forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class P Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________ 

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN
        COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
        SUCH
        TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
        OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
        TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
        TO BE
        OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
        TO BE
        A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
        TO,
        THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
        CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date:
                  100%

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: September 1,
                  2006

              	 
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	 	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate,
        first lien mortgage loans (the “Mortgage Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Citigroup Global Markets Inc. is the registered owner of a
        Percentage Interest (obtained by dividing the denomination of this Certificate
        by the aggregate Certificate Principal Balance of the Class R Certificates
        as of
        the Issue Date) in that certain beneficial ownership interest evidenced by
        all
        the Class R Certificates created pursuant to a Pooling and Servicing Agreement,
        dated as specified above (the “Agreement”), among Citigroup Mortgage Loan Trust
        Inc. (hereinafter called the “Depositor,” which term includes any successor
        entity under the Agreement), the Servicer, the Trust Administrator and the
        Trustee, a summary of certain of the pertinent provisions of which is set
        forth
        hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class R Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing a Percentage Interest
        in the Class of Certificates equal to the denomination specified on the face
        hereof divided by the aggregate Certificate Principal Balance of the Class
        of
        Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator, the Trustee, and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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.

       

      Any
        resale, transfer or other disposition of this certificate may be made only
        in
        accordance with the provisions of section 5.02 of the agreement referred
        to
        herein.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(b) of the Agreement.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R Certificates have been designated as a residual interest in REMIC
        I and
        REMIC II, (B) it will include in its income a pro rata share of the net income
        of the Trust Fund and that such income may be an “excess inclusion,” as defined
        in the Code, that, with certain exceptions, cannot be offset by other losses
        or
        benefits from any tax exemption, and (C) it expects to have the financial
        means
        to satisfy all of its tax obligations including those relating to holding
        the
        Class R Certificates. Notwithstanding the registration in the Certificate
        Register of any transfer, sale or other disposition of this Certificate to
        a
        Disqualified Organization or an agent (including a broker, nominee or middleman)
        of a Disqualified Organization, such registration shall be deemed to be of
        no
        legal force or effect whatsoever and such Person shall not be deemed to be
        a
        Certificateholder for any purpose, including, but not limited to, the receipt
        of
        distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon REMIC I or REMIC
        II.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the purchase by the holders of the Class X
        Certificates or the Servicer of all Mortgage Loans and related REO Property
        remaining in REMIC I, (ii) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan or REO Property
        remaining in REMIC I. The Agreement permits, but does not require, the party
        designated in the Agreement to purchase from REMIC I all the Mortgage Loans
        and
        all property acquired in respect of any Mortgage Loan at a price determined
        as
        provided in the Agreement. The exercise of such right will effect early
        retirement of the Certificates; however, such right to purchase is subject
        to
        the aggregate Stated Principal Balance of the Mortgage Loans at the time
        of
        purchase being less than 10% of the aggregate principal balance of the Mortgage
        Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and
        none of the Trustee, Servicer or Trust Administrator assume responsibility
        for
        their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      

      

       

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS R-X CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN
        COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
        SUCH
        TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
        OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
        TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
        TO BE
        OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
        TO BE
        A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
        TO,
        THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
        CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

       

      
        	
                Series
                  2006-AMC1

              	
                Aggregate
                  Percentage Interest of the Class R-X Certificates as of the Issue
                  Date:
                  100%

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: September 1,
                  2006

              	 
	 	 
	
                First
                  Distribution Date: October 25, 2006

              	
                Servicer:
                  Ameriquest Mortgage Company 

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: Citibank, N.A.

              
	 	 
	 	
                Trustee:
                  U.S. Bank National Association

              
	 	 
	 	
                Issue
                  Date: September 28, 2006

              
	 	 

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate,
        first lien mortgage loans (the “Mortgage Loans”) formed and sold by

       

      CITIGROUP
        MORTGAGE LOAN TRUST INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CITIGROUP
        MORTGAGE LOAN TRUST INC., THE SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE
        OR
        ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
        MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
        STATES.

       

      This
        certifies that Citigroup Global Markets Inc. is the registered owner of a
        Percentage Interest (obtained by dividing the denomination of this Certificate
        by the aggregate Certificate Principal Balance of the Class R-X Certificates
        as
        of the Issue Date) in that certain beneficial ownership interest evidenced
        by
        all the Class R-X Certificates created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Citigroup Mortgage
        Loan Trust Inc. (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), the Servicer, the Trust Administrator
        and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the 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 the Holders of Class R-X
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing a Percentage Interest
        in the Class of Certificates equal to the denomination specified on the face
        hereof divided by the aggregate Certificate Principal Balance of the Class
        of
        Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator, the Trustee, and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. 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 herefor 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.

       

      Any
        resale, transfer or other disposition of this certificate may be made only
        in
        accordance with the provisions of section 5.02 of the agreement referred
        to
        herein.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator 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 evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933, as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(b) of the Agreement.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R-X Certificates have been designated as a residual interest in REMIC
        I
        and REMIC II, (B) it will include in its income a pro rata share of the net
        income of the Trust Fund and that such income may be an “excess inclusion,” as
        defined in the Code, that, with certain exceptions, cannot be offset by other
        losses or benefits from any tax exemption, and (C) it expects to have the
        financial means to satisfy all of its tax obligations including those relating
        to holding the Class R-X Certificates. Notwithstanding the registration in
        the
        Certificate Register of any transfer, sale or other disposition of this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon REMIC I or REMIC
        II.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the purchase by the holders of the Class X
        Certificates or the Servicer of all Mortgage Loans and related REO Property
        remaining in REMIC I, (ii) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan or REO Property
        remaining in REMIC I. The Agreement permits, but does not require, the party
        designated in the Agreement to purchase from REMIC I all the Mortgage Loans
        and
        all property acquired in respect of any Mortgage Loan at a price determined
        as
        provided in the Agreement. The exercise of such right will effect early
        retirement of the Certificates; however, such right to purchase is subject
        to
        the aggregate Stated Principal Balance of the Mortgage Loans at the time
        of
        purchase being less than 10% of the aggregate principal balance of the Mortgage
        Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and
        none of the Trustee, Servicer or Trust Administrator assume responsibility
        for
        their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      
        Dated:
          September ___, 2006

         

        
          	 	 	 
	 	Citibank,
                  N.A., as
                  Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Authorized
                    Officer

                
	 	 

        

        

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

        
           

          
            	 	 	 
	 	Citibank,
                    N.A., as
                    Trust Administrator
	 
 	 
 	 
 
	 	By:  	 
	 	
                    
                      

                    

                    Authorized
                      Signatory

                  
	 	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such 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 Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

      
 

      EXHIBIT
        B

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trust
        Administrator pursuant to Section 4.07(a)(iv). If the Trust Administrator
        is
        indicated below as to any item, then the Trust Administrator is primarily
        responsible for obtaining that information. 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust Administrator based on information received from the
        Servicer; and b) items marked “Form 10-D report” are required to be in the Form
        10-D report but not the 4.02 statement, provided by the party indicated.
        Information under all other Items of Form 10-D is to be included in the Form
        10-D report.

      

        
          	
                  Form

                	
                  Item

                	
                  Description

                	
                  Responsible
                    Party

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the Distribution Date.

                
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	
                   

                
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	
                   

                
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	
                  4.02
                    statement

                
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	
                  4.02
                    statement

                
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	
                  4.02
                    statement

                
	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	
                  4.02
                    statement

                
	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	
                  4.02
                    statement

                
	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	
                  4.02
                    statement

                
	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	
                  4.02
                    statement

                
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	
                  4.02
                    statement

                
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	
                  4.02
                    statement

                
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	
                  4.02
                    statement

                
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	
                  4.02
                    statement

                
	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average life, weighted average remaining term,
                    pool
                    factors and prepayment amounts.

                	
                  4.02
                    statement

                   

                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                
	
                  (9)
                    Delinquency and loss information for the period. 

                   

                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool
                    assets.

                	
                  4.02
                    statement.

                   

                  Form
                    10-D report: Depositor

                
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  4.02
                    statement

                
	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  Form
                    10-D report: Trust Administrator (to
                    the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  Form
                    10-D report 

                
	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	
                  4.02
                    statement

                
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, 

                  [information
                    regarding] any pool asset changes (other than in connection with
                    a pool
                    asset converting into cash in accordance with its terms), such
                    as
                    additions or removals in connection with a prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	
                  Form
                    10-D report: Depositor

                   

                  Form
                    10-D report: Depositor

                   

                   

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                  Updated
                    pool information as required under Item 1121(b).

                	
                  Depositor

                
	
                  2

                	
                  Legal
                    Proceedings

                	
                   

                
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Issuing
                    entity

                  Servicer

                  Originator
                    

                  Custodian

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Depositor

                  Servicer

                  Originator

                  Custodian

                
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	
                   

                
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	
                   

                   

                   

                  Depositor

                
	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	
                   

                
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                   

                   

                  N/A

                
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	
                   

                
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Depositor
                    or Trust Administrator (to
                    the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	
                   

                
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	
                   

                
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	
                   

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Depositor

                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information*

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Depositor

                  Trust
                    Administrator

                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	
                   

                
	
                  8

                	
                  Other
                    Information

                	
                   

                
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below

                
	
                  9

                	
                  Exhibits

                	
                   

                
	
                  Distribution
                    report

                	
                  Trust
                    Administrator

                
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	
                  Depositor

                
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	
                   

                
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                  Examples:
                    servicing agreement, custodial agreement.

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  Depositor

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                   

                
	
                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  Depositor

                
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	
                   

                
	
                  Disclosure
                    is required regarding the bankruptcy or receivership with respect
                    to any
                    of the following: 

                  Sponsor
                    (Seller), Depositor, Servicer, Trust Administrator, Cap Provider,
                    Custodian

                	
                  Trust
                    Administrator (to the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	
                   

                
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 4.02 statement

                	
                  Trust
                    Administrator (to the extent of the Trust Administrator’s actual
                    knowledge)

                
	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	
                   

                
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	
                  Trust
                    Administrator

                
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	
                   

                
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	
                  Depositor

                
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	
                   

                
	
                  [Not
                    applicable to ABS issuers]

                	
                  Depositor

                
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	
                   

                
	
                  [Not
                    included in reports to be filed under Section 4.07]

                	
                  Depositor

                
	
                  6.02

                	
                  Change
                    of Servicer, Trustee or Trust Administrator

                	
                   

                
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master Servicer, affiliated Servicer, other Servicer servicing
                    10% or more
                    of pool assets at time of report, other material Servicers, trust
                    administrator or trustee. Reg AB disclosure about any new Servicer,
                    trust
                    administrator or trustee is also required.

                	
                  Trust
                    Administrator or Servicer

                
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	
                   

                
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    Reg AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor
                    

                
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	
                  Trust
                    Administrator

                
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	
                   

                
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	
                  Depositor

                
	
                  If
                    there are any new Servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	
                  Depositor

                
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  Depositor

                
	
                  8.01

                	
                  Other
                    Events

                	
                   

                
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	
                  Depositor

                
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  N/A

                
	
                  10-K

                	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                
	
                  9B

                	
                  Other
                    Information

                	
                   

                
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  Depositor

                
	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	
                   

                
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	
                  N/A

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Depositor

                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  Trust
                    Administrator

                  Trust
                    Administrator

                  Depositor

                
	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates entered into outside the ordinary
                    course of
                    business or is on terms other than would be obtained in an arm’s length
                    transaction with an unrelated third party, apart from the asset-backed
                    securities transaction, that are material to
                    Certificateholders:

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Issuing
                    entity

                  Servicer

                  Originator
                    

                  Custodian
                    

                  Credit
                    Enhancer/Support Provider, if any

                  Significant
                    Obligor, if any

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee

                  Trust
                    Administrator

                  Issuing
                    entity

                  Servicer

                  Originator
                    

                  Custodian
                    

                  Depositor

                  Depositor

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  Each
                    Party participating in the servicing function

                
	
                  Item
                    1123 - Servicer Compliance Statement

                	
                  Servicer

                

        

      

       

      EXHIBIT
        C

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Trust
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor (Trust Administrator performs
        this function)

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “trust administrator” functions,
        while in another transaction, the trust administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:

      X
        -
        obligation

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer 

              	
                Primary
                  Servicer

              	
                Trust
                  Administrator 

              
	 	
                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.

              	
                X

              	
                X

              	 
	
                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.

              	
                X

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  Servicer
                  for the Pool Assets 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. 

              	
                X

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              
	
                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.
                  

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	 	 	
                X

              
	
                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.
                  * 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 
	
                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. 

              	
                X

              	
                X

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              
	
                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. 

              	
                X

              	
                X

              	
                X

              
	
                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. 

              	
                X

              	
                X

              	
                X

              
	
                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.
                  

              	
                X

              	
                X

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	
                X

              	 
	
                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. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 
	
                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. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 
	
                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. 

              	
                X

              	 	 
	
                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. 

              	
                X

              	 	 
	
                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. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	 	
                X

              	 
	
                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. 

              	 	 	
                X

              

      

      

      

      

        

        
          * Subject
            to clarification from the SEC.

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        D

       

      FORM
        OF
        ASSIGNMENT AND RECOGNITION AGREEMENT

       

      
         

        
 

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated September 28, 2006, (“Agreement”)
          among
          Citigroup Global Markets Realty Corp. (“Assignor”),
          Citigroup Mortgage Loan Trust Inc. (“Assignee”)
          and
          Ameriquest Mortgage Company (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

        

        1.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Mortgage Loan Purchase and
          Servicing
          Agreement dated as of May 1, 2006, as amended (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

        

        Recognition
          of the Company

        

        2.  From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          the trust created pursuant to a Pooling and Servicing Agreement, dated
          as of
          September 1, 2006 (the “Pooling
          Agreement”),
          among
          the Assignee, the Company as servicer (including its successors in interest
          and
          any successor servicer under the Pooling Agreement, the “Servicer”),
          Citibank, N.A. as trust administrator and U.S. Bank National Association,
          as
          trustee (including its successors in interest and any successor trustee
          under
          the Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee, the Trust Administrator and the Servicer
          acting on
          the Trust’s behalf) shall have all the rights and remedies available to the
          Assignor, insofar as they relate to the Mortgage Loans, under the Purchase
          Agreement, including, without limitation, the enforcement of the document
          delivery requirements and remedies with respect to breaches of representations
          and warranties set forth in the Purchase Agreement, and shall be entitled
          to
          enforce all of the obligations of the Company thereunder insofar as they
          relate
          to the Mortgage Loans, and (iv) all references to the Purchaser (insofar as
          they relate to the rights, title and interest and, with respect to obligations
          of the Purchaser, only insofar as they relate to the enforcement of the
          representations, warranties and covenants of the Company) or the Custodian
          under
          the Purchase Agreement insofar as they relate to the Mortgage Loans, shall
          be
          deemed to refer to the Trust (including the Trustee, the Trust Administrator
          and
          the Servicer acting on the Trust’s behalf). Neither the Company nor the Assignor
          shall amend or agree to amend, modify, waiver, or otherwise alter any of
          the
          terms or provisions of the Purchase Agreement which amendment, modification,
          waiver or other alteration would in any way affect the Mortgage Loans or
          the
          Company’s performance under the Purchase Agreement with respect to the Mortgage
          Loans without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Company

        

        3.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that: 

         

        (a)  The
          Company is duly organized, validly existing and in good standing as a
          corporation under the laws of the State of Delaware; 

         

        (b)  The
          Company has the full power and authority to execute, deliver and perform,
          and to
          enter into and consummate, all transactions contemplated by this Agreement.
          The
          Company has duly authorized the execution, delivery and performance of
          this
          Agreement, has duly executed and delivered this Agreement, and this Agreement,
          assuming due authorization, execution and delivery by the Assignor or Assignee
          constitutes a legal, valid and binding obligation of the Company, enforceable
          against it in accordance with its terms except as the enforceability thereof
          may
          be limited by bankruptcy, insolvency or reorganization; 

         

        (c)  The
          execution and delivery of this Agreement by the Company and the performance
          of
          and compliance with the terms of this Agreement will not violate the Company’s
          articles of incorporation or by-laws or constitute a default under or result
          in
          a breach or acceleration of, any material contract, agreement or other
          instrument to which the Company is a party or which may be applicable to
          the
          Company or its assets; 

         

        (d)  The
          Company is not in violation of, and the execution and delivery of this
          Agreement
          by the Company and its performance and compliance with the terms of this
          Agreement will not constitute a violation with respect to, any order or
          decree
          of any court or any order or regulation of any federal, state, municipal
          or
          governmental agency having jurisdiction over the Company or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Company or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder;

         

        (e)  The
          Company does not believe, nor does it have any reason or cause to believe,
          that
          it cannot perform each and every covenant contained in this Agreement;
          

         

        (f)  There
          are
          no actions or proceedings against, investigations known to it of, the Company
          before any court, administrative or other tribunal (A) that might prohibit
          its
          entering into this Agreement or (B) that might prohibit or materially and
          adversely affect the performance by the Company of its obligations under,
          or
          validity or enforceability of, this Agreement or the Mortgage Loans;
          and

         

        (g)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Company
          of,
          or compliance by the Company with, this Agreement or the consummation of
          the
          transactions contemplated by this Agreement, except for such consents,
          approvals, authorizations or orders, if any, that have been
          obtained.

         

        4.  Pursuant
          to Section 11 of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.03 of the
          Purchase Agreement, which are attached hereto at Exhibit B, are true and
          correct
          as of the date hereof as if such representations and warranties were made
          on the
          date hereof or such earlier date as specified in any such representation
          and
          warranty.

         

        5.  The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a) Each
          Mortgage Loan 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;

         

        (b) None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c) No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in Standard & Poor’s LEVELS Version 5.7 Glossary Revised,
          Appendix E); 

         

        (d)
           The
          stated principal balance of each Group I Mortgage Loan is within Freddie
          Mac’s
          dollar amount limits for conforming one-to-four-family mortgage loans;
          

         

        (e) No
          refinance or purchase money Group I Mortgage Loan has an APR or total points
          and
          fees that exceed the thresholds set by the Home Ownership and Equity Protection
          Act of 1994 (“HOEPA”) and its implementing regulations, including 12 CFR §
6.32(a)(1)(i) and no mortgage loan is in violation of any comparable state
          law;

         

        (f) No
          subordinate lien Group I Mortgage Loan has an original principal balance
          that
          exceeds one-half of the one-unit limitation for first lien Mortgage Loans,
          i.e.,
          $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without
          regard
          to the number of units; and

         

        (g) The
          original principal balance of the first lien Group I Mortgage Loan plus
          the
          original principal balance of any subordinate lien Group I Mortgage Loans
          relating to the same mortgaged property does not exceed the applicable
          Freddie
          Mac loan limit for first lien mortgage loans for that property
          type.

         

        (h) No
          Group
          I Mortgage Loan is “seasoned.”

         

        Remedies
          for Breach of Representations and Warranties

        

        6.  The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee, the Trust
          Administrator and the Servicer acting on the Trust’s behalf) in connection with
          any breach of the representations and warranties made by the Company set
          forth
          in Sections 3 and 4 hereof shall be as set forth in Subsection 7.03 of
          the
          Purchase Agreement as if they were set forth herein (including without
          limitation the repurchase and indemnity obligations set forth therein);
          provided, however, with respect to any representation of the Company which
          materially and adversely affects the interests of any Prepayment Charge,
          the
          Company shall pay the amount of the scheduled Prepayment Charge by remitting
          such amount to the Servicer for deposit into the Collection Account in
          respect
          of such Prepayment Charge. In addition, the Company hereby acknowledges
          and
          agrees that any breach of the representations set forth in Section 7.03(a)
          46,
          54, 57, 65, 66, 67, 68, 70, 71, 72 and 74 of the Purchase Agreement shall
          be
          deemed to materially and adversely affect the value of the related mortgage
          loans or the interests of the Trust in the related mortgage loans.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee, the Trust Administrator
          and the
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Assignor set forth in Section
          5
          hereof shall be as set forth in Section 2.03 of the Pooling Agreement as
          if they
          were set forth herein. In addition, the Assignor hereby acknowledges and
          agrees
          that any breach of the representations set forth in Section 5 (a), (d),
          (e),
          (f), (g) and (h) hereof shall be deemed to materially and adversely affect
          the
          value of the related mortgage loans or the interests of the Trust in the
          related
          mortgage loans.

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        Miscellaneous

        

        7.  This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws. 

         

        8.  No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee. 

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and the Servicers acting on the Trust’s behalf). Any entity into
          which Assignor, Assignee or Company may be merged or consolidated shall,
          without
          the requirement for any further writing, be deemed Assignor, Assignee or
          Company, respectively, hereunder. 

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument. 

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        13.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 
	 	
                  CITIGROUP
                    GLOBAL
                    MARKETS REALTY 

                  CORP.

                
	 
 	 
 	 
 
	 	 	By: ___________________________________
	 	Name:
                  _________________________________
	 	Title:
                  __________________________________

           

          
            	 	 	 
	 	
                    CITIGROUP
                      MORTGAGE
                      LOAN TRUST INC.

                  
	 
 	 
 	 
 
	 	 	By: ___________________________________
	 	Name:
                    _________________________________
	 	Title:
                    __________________________________

             

            
              	 	 	 
	 	
                      AMERIQUEST
                        MORTGAGE COMPANY

                    
	 
 	 
 	 
 
	 	 	By: ___________________________________
	 	Name:
                      _________________________________
	 	Title:
                      __________________________________

          

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

         

        
 

        EXHIBIT
          B

        

        Representations
          and Warranties

        

        

        Capitalized
          terms used but not defined herein shall have the meanings assigned thereto
          in
          the Purchase Agreement.

        

        7.03. Representations
          and Warranties Regarding Individual Mortgage Loans. 

        

        (a) The
          Company hereby represent and warrant to the Purchaser that, as to each
          Mortgage
          Loan, as of the related Closing Date, or as of such date specifically provided
          herein:

         

        1.  The
          information set forth in the Mortgage Loan Schedule is complete, true and
          correct as of the related Cut-off Date;

         

        2.  As
          of the
          Closing Date, the Mortgage Loan is in compliance with all requirements
          set forth
          in the Term Sheet;

         

        3.  As
          of the
          related Closing Date, the Company has not advanced funds, or induced, solicited
          or knowingly received any advance of funds from a party other than the
          owner of
          the related Mortgaged Property, directly, for the payment of any amount
          required
          by the Mortgage Note or Mortgage, and no Mortgage Loan has been delinquent
          for
          more than thirty (30) days in the prior twelve (12) months;

         

        4.  As
          of the
          related Closing Date, there are no delinquent taxes or insurance premiums
          affecting the related Mortgaged Property;

         

        5.  As
          of the
          related Closing Date, the terms of the Mortgage Note and the Mortgage have
          not
          been impaired, waived, altered or modified in any respect, except by written
          instruments, recorded in the applicable public recording office if necessary
          to
          maintain the lien priority of the Mortgage, and which have been delivered
          to the
          Custodian; the substance of any such waiver, alteration or modification
          has been
          approved by the title insurer, to the extent required by the related policy,
          and
          is reflected on the Mortgage Loan Schedule. No instrument of waiver, alteration
          or modification has been executed, and no Mortgagor has been released,
          in whole
          or in part, except in connection with an assumption agreement approved
          by the
          title insurer, to the extent required by the policy, and which assumption
          agreement has been delivered to the Custodian and the terms of which are
          reflected in the Mortgage Loan Schedule;

         

        6.  The
          Mortgage Note and the Mortgage are not subject to any valid right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any such valid right of rescission, set-off, counterclaim
          or defense, including the defense of usury and no such valid right of
          rescission, set-off, counterclaim or defense has been asserted with respect
          thereto;

         

        7.  As
          of the
          related Closing Date, all buildings upon the Mortgaged Property are insured
          by a
          generally acceptable insurer against loss by fire, hazards of extended
          coverage
          and such other hazards as are customary in the area where the Mortgaged
          Property
          is located, pursuant to insurance policies conforming to the requirements
          of the
          Servicing Addendum. All such insurance policies contain a standard mortgagee
          clause naming the originator, its successors and assigns as mortgagee and
          all
          premiums thereon are paid current. If upon origination of the Mortgage
          Loan, the
          Mortgaged Property was in an area identified on a Flood Hazard Map or Flood
          Insurance Rate Map issued by the Federal Emergency Management Agency as
          having
          special flood hazards (and such flood insurance has been made available)
          a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration is in effect which policy conforms to
          the
          requirements of Fannie Mae and Freddie Mac. Except as may otherwise be
          limited
          by applicable law, the Mortgage obligates the Mortgagor thereunder to maintain
          all such insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s
          failure to do so, authorizes the holder of the Mortgage to maintain such
          insurance at Mortgagor’s cost and expense and to seek reimbursement therefor
          from the Mortgagor;

         

        8.  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, disclosure laws and/or all
          predatory and abusive lending laws applicable to the origination and servicing
          of the Mortgage Loan have been complied with. Any and all disclosure statements
          required to be made by the Mortgagor relating to such requirements are
          and will
          remain in the Mortgage File;

         

        9.  As
          of the
          related Closing Date, the Mortgage has not been satisfied, canceled,
          subordinated or rescinded, in whole or in part, and the Mortgaged Property
          has
          not been released from the lien of the Mortgage, in whole or in part, nor
          has
          any instrument been executed that would effect any such satisfaction,
          cancellation, subordination, rescission or release;

         

        10.  The
          Mortgage creates a valid first or second lien, as applicable, in the related
          Mortgaged Property as reflected on the Mortgage Loan Schedule;

         

        11.  The
          related Mortgage is a valid, existing and enforceable (A) first lien and
          first
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule),
          or (B) second lien and second priority security interest with respect to
          each
          Mortgage Loan which is indicated by the Seller to be a Second Lien (as
          reflected
          on the Mortgage Loan Schedule), in either case on the related Mortgaged
          Property, including all improvements on the related Mortgaged Property
          subject
          only to (i) the lien of current real property taxes and assessments not
          yet due
          and payable, (ii) covenants, conditions and restrictions, rights of way,
          easements, mineral right reservations and other matters of the public record
          as
          of the date of recording of such Mortgage being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender’s title
          insurance policy delivered to the originator of the related Mortgage Loan
          and
          which do not adversely affect the Appraised Value of the related Mortgaged
          Property, (iii) 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 the related Mortgage or the use, enjoyment, value (as determined
          by Appraised Value) or marketability of the related Mortgaged Property
          and (iv)
          (d) with respect to each Mortgage Loan which is indicated by the Seller
          to be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule)
          a First
          Lien on the Mortgaged Property. Any security agreement, chattel mortgage
          or
          equivalent document related to and delivered in connection with the Mortgage
          Loan establishes and creates a valid, subsisting, enforceable and perfected
          (A)
          first lien and first priority security interest with respect to each Mortgage
          Loan which is indicated by the Seller to be a First Lien (as reflected
          on the
          Mortgage Loan Schedule) or (B) second lien and second priority security
          interest
          with respect to each Mortgage Loan which is indicated by the Seller to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, on the property described therein, and the Company has the
          full
          right to sell and assign the same to the Purchaser;

         

        12.  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;

         

        13.  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person, at least one Mortgagor
          is a
          party to the Mortgage Note, and the Mortgage is in an individual
          capacity;

         

        14.  Excluding
          any Mortgage Loan subject to an escrow holdback, the proceeds of the Mortgage
          Loan have been fully disbursed to or for the account of the Mortgagor and
          there
          is no obligation for the Mortgagee to advance additional funds thereunder
          and
          any and all requirements as to completion of any on-site or off-site improvement
          and as to disbursements of any escrow funds therefor have been complied
          with.
          All costs, fees and expenses incurred in making or closing the Mortgage
          Loan and
          the recording of the Mortgage have been paid, and the Mortgagor is not
          currently
          entitled to any refund of any amounts paid or due to the Mortgagee pursuant
          to
          the Mortgage Note or Mortgage;

         

        15.  As
          of the
          related Closing Date and immediately prior to the sale of the Mortgage
          Loan
          hereunder, the Company is the sole legal, beneficial and equitable owner
          of the
          Mortgage Note and the Mortgage and has full right to transfer and sell
          the
          Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
          lien,
          pledge, charge, claim or security interest excepting therefrom warehouse
          lending
          arrangements security interests which will be released concurrent with
          the
          closing of the sale to the Purchaser;

         

        16.  As
          of the
          related Closing Date, all parties which have had any interest in the Mortgage
          Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during
          the
          period in which they held and disposed of such interest, were) in compliance
          with any and all applicable “doing business” and licensing requirements of the
          laws of the state wherein the Mortgaged Property is located;

         

        17.  The
          Mortgage Loan is covered by an ALTA lender’s title insurance policy and, in the
          case of an Adjustable Rate Mortgage Loan, with an adjustable rate mortgage
          endorsement, such endorsement substantially in the form of ALTA Form 6.0
          or 6.1,
          issued by a title insurer and qualified to do business in the jurisdiction
          where
          the Mortgaged Property is located, insuring the Servicer, its successors
          and
          assigns as to the first priority lien of the Mortgage in the original principal
          amount of the Mortgage Loan and, with respect to an Adjustable Rate Mortgage
          Loan, against any loss by reason of the invalidity or unenforceability
          of the
          lien resulting from the provisions of the Mortgage providing for adjustment
          in
          the Mortgage Interest Rate and Monthly Payment. Additionally, such lender’s
          title insurance policy affirmatively insures ingress and egress to and
          from the
          Mortgaged Property, and against encroachments by or upon the Mortgaged
          Property
          or any interest therein. The Originator and its successors and assigns
          is the
          sole insured of such lender’s title insurance policy, and such lender’s title
          insurance policy is in full force and effect and will be in full force
          and
          effect upon the consummation of the transactions contemplated by this Agreement.
          Such lender’s title insurance policy does not require the consent of or
          notification to the related insurer for assignment to the Purchaser.

         

        18.  As
          of the
          related Closing Date, no claims have been made under such lender’s title
          insurance policy, and no prior holder of the related Mortgage, including
          the
          Company, has done, by act or omission, anything which would impair the
          coverage
          of such lender’s title insurance policy;

         

        19.  As
          of the
          related Closing Date, there is no default, breach, violation or event of
          acceleration existing under the Mortgage or the Mortgage Note and no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          of
          acceleration; and as of such Closing Date, the Company or the Servicer
          has not
          waived any default, breach, violation or event of acceleration, except
          as
          otherwise provided in this Agreement. With
          respect to each Mortgage Loan which is indicated by the Seller to be a
          Second
          Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) as of the
          origination date of such Second Lien Mortgage Loan (i) the First Lien is
          in full
          force and effect, (ii) there is no default, breach, violation or event
          of
          acceleration existing under such First Lien mortgage or the related mortgage
          note, (iii) no event which, with the passage of time or with notice and
          the
          expiration of any grace or cure period, would constitute a default, breach,
          violation or event of acceleration thereunder, and either (A) the First
          Lien
          mortgage contains a provision which allows or (B) applicable law requires,
          the
          mortgagee under the Second Lien Mortgage Loan to receive notice of, and
          affords
          such mortgagee an opportunity to cure any default by payment in full or
          otherwise under the First Lien mortgage. For
          purposes of the foregoing, a delinquent payment of less than thirty (30)
          days on
          a Mortgage Loan in and of itself does not constitute a default, breach,
          violation or event of acceleration with respect to such Mortgage
          Loan.

         

        20.  As
          of the
          related Closing Date, there are no mechanics’ or similar liens or claims which
          have been filed for work, labor or material (and no rights are outstanding
          that
          under law could give rise to such lien) affecting the related Mortgaged
          Property
          which are or may be liens prior to, or equal or coordinate with, the lien
          of the
          related Mortgage;

         

        21.  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property. Each appraisal has been
          performed in accordance with the provisions of the Financial Institutions
          Reform, Recovery and Enforcement Act of 1989;

         

        22.  The
          Mortgage Loan was (i) originated by or in conjunction with a mortgagee
          approved
          by the Secretary of Housing and Urban Development pursuant to Sections
          203 and
          211 of the National Housing Act, a savings and loan association, a savings
          bank,
          a commercial bank, mortgage banker, credit union, insurance company or
          similar
          banking institution which is supervised and examined by a federal or state
          authority or (ii) acquired by the Company or its affiliates directly through
          loan brokers or correspondents such that (a) the Mortgage Loan was originated
          in
          conformity with the Underwriting Guidelines and (b) the Company or its
          affiliates approved the Mortgage Loan prior to funding;

         

        23.  Other
          than with respect to Mortgage Loans which permit the payment of interest
          only,
          principal payments on the Mortgage Loan are scheduled to commence no more
          than
          sixty days after the proceeds of the Mortgage Loan are disbursed. The Mortgage
          Loan bears interest at the Mortgage Interest Rate. The Mortgage Note is
          payable
          on the first day of each month in Monthly Payments. Interest on the Mortgage
          Loan is calculated on the basis of a 360-day year consisting of twelve
          30-day
          months. The Mortgage Note does not permit negative amortization;

         

        24.  The
          origination and collection practices used by the Company and the Servicer,
          as
          applicable, with respect to each Mortgage Note and Mortgage have been in
          all
          respects legal, proper, reasonable and customary in the mortgage origination
          and
          servicing industry. The Mortgage Loan has been serviced by the Servicer
          and any
          predecessor servicer in accordance with the terms of the Mortgage Note
          and
          applicable law. With respect to escrow deposits and Escrow Payments (other
          than with respect to each Mortgage Loan which is indicated by the Seller
          to be a
          Second Lien Mortgage Loan and for which the mortgagee under the First Lien
          is
          collecting Escrow Payments (as reflected on the Mortgage Loan
          Schedule)),
          if any,
          all such payments (so long as the Company is acting as Servicer) are in
          the
          possession of, or under the control with, the Servicer, and there exist
          no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or Escrow Payments
          or
          other charges or payments due the Servicer have been capitalized under
          any
          Mortgage or the related Mortgage Note;

         

        25.  As
          of the
          related Closing Date, the Mortgaged Property is free of material damage
          and
          waste and there is no proceeding pending for the total or partial condemnation
          thereof;

         

        26.  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (i) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. As of
          the related Closing Date, since the date of origination of the Mortgage
          Loan,
          the Mortgaged Property has not been subject to any bankruptcy proceeding
          or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor, which would materially interfere with the right to sell
          the
          Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage.
          As of the related Closing Date, the Mortgagor has not notified the Servicer
          or
          the Company and the Company or the Servicer has no knowledge of any relief
          requested or allowed to the Mortgagor under the Servicemembers Civil Relief
          Act
          formerly known as the Soldiers and Sailors Civil Relief Act of
          1940;

         

        27.  The
          related Mortgaged Property is not a leasehold estate or, if such Mortgaged
          Property is a leasehold estate, the remaining term of such lease is at
          least
          five (5) years greater than the remaining term of the related Mortgage
          Note;

         

        28.  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to
          above;

         

        29.  The
          Mortgage File contains an appraisal or insured AVM of the related Mortgaged
          Property made prior to the approval of the Mortgage Loan. In the case of
          an
          appraisal it was made by a staff or third party qualified appraiser who
          had no
          interest, direct or indirect in the Mortgaged Property or in any loan made
          on
          the security thereof, whose compensation is not affected by the approval
          or
          disapproval of the Mortgage Loan, for whom no conflict of interest is present
          and who met the minimum qualifications of USPAP;

         

        30.  In
          the
          event the Mortgage constitutes 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 the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee’s sale after default by the Mortgagor;

         

        31.  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (i)
          paid or partially paid with funds deposited in any separate account established
          by the Company, the Mortgagor, or anyone on behalf of the Mortgagor, (ii)
          paid
          by any source other than the Mortgagor or (iii) contains any other similar
          provisions which may constitute a “buydown” provision. The Mortgage Loan is not
          a graduated payment mortgage loan and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        32.  The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of a Refinanced Mortgage Loan, and evidence of such
          receipt is and will remain in the Mortgage File;

         

        33.  The
          Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
          required to be delivered with respect to each Mortgage Loan pursuant to
          the
          Custodial Agreement, have been delivered to the Custodian all in compliance
          with
          the specific requirements of the Custodial Agreement;

         

        34.  As
          of the
          related Closing Date, the Mortgaged Property is lawfully occupied under
          applicable law and if it is the borrower’s primary residence is not vacant
          within ninety (90) days of the related Closing Date (with notice from and
          proof
          of such vacancy by the Purchaser); 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, have been made
          or
          obtained from the appropriate authorities;

         

        35.  The
          Assignment of Mortgage, is in recordable form and (other than with respect
          to
          the blank assignee and the lack of mortgage recordation information) is
          acceptable for recording under the laws of the jurisdiction in which the
          Mortgaged Property is located. When endorsed as provided for in this Agreement,
          the Mortgage Notes will be duly endorsed under applicable law;

         

        36.  Any
          principal advances made to the Mortgagor prior to the related 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. So long as the Company is acting as Servicer,
          the
          lien of the Mortgage securing the consolidated principal amount is expressly
          insured as having (A)
          first lien priority with respect to each Mortgage Loan which is indicated
          by the
          Seller to be a First Lien (as reflected on the Mortgage Loan Schedule),
          or (B)
          second lien priority with respect to each Mortgage Loan which is indicated
          by
          the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule), in either case,
          by a
          title insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to Fannie Mae
          and
          Freddie Mac. So long as the Company is acting as Servicer, the consolidated
          principal amount does not exceed the original principal amount of the Mortgage
          Loan; 

         

        37.  No
          Mortgage Loan has a balloon payment feature;

         

        38.  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project is not ineligible
          under
          Fannie Mae’s eligibility requirements;

         

        39.  No
          statement, report or other document constituting a part of the Mortgage
          Loan
          Documents contains any material untrue statement of fact or omits to state
          a
          fact necessary to make the statements contained therein not misleading
          which
          would, either individually or in the aggregate, have a material adverse
          effect
          on the value of the Mortgage Loans;

         

        40.  Each
          Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
          860G(a)(3) of the Code;

         

        41.  As
          of the
          related Closing Date, no Mortgage Loan has an LTV of more than
          100%;

         

        42.  No
          Mortgage Loan is a “high cost” mortgage loan, as defined under any applicable
          state, local or federal predatory and abusive lending laws, including,
          but not
          limited to, the Georgia Fair Lending Act and Section 6 L of the New York
          State
          Banking Law;

         

        43.  With
          respect to any Mortgage Loan which is a Texas Home Equity Loan, any and
          all
          requirements of Section 50, Article XVI of the Texas Constitution applicable
          to
          Texas Home Equity Loans which were in effect at the time of the origination
          of
          the Mortgage Loan have been complied with. Specifically, without limiting
          the
          generality of the foregoing: (i) all fees paid by the owner of the Mortgaged
          Property or such owner’s spouse, to any person, that were necessary to
          originate, evaluate, maintain, record, insure or service the Mortgage Loan
          are
          reflected in the closing statement for such Mortgage Loan; (ii) the Mortgage
          Loan was closed only at the office of the mortgage lender, an attorney
          at law,
          or a title company; (iii) the mortgagee has not been found by a federal
          regulatory agency to have engaged in the practice of refusing to make loans
          because the applicants for the loans reside or the property proposed to
          secure
          the loans is located in a certain area; (iv) the owner of the Mortgaged
          Property
          was not required to apply the proceeds of the Mortgage Loan to repay another
          debt except debt secured by the Mortgaged Property or debt to a lender
          other
          than the mortgagee; (v) the owner of the Mortgaged Property did not sign
          any
          documents or instruments relating to the Loan in which blanks were left
          to be
          filled in; and (vii) if discussions between the mortgagee and the Mortgagor
          were
          conducted primarily in a language other than English, the mortgagee provided
          to
          the owner of the Mortgaged Property, prior to closing, a copy of the notice
          required by Section 50(g), Article XVI of the Texas Constitution translated
          into
          the written language in which the discussions were conducted;

         

        44.  All
          notices, acknowledgments and disclosure statements required by Section
          50,
          Article XVI of the Texas Constitution applicable to Texas Home Equity Loans
          are
          contained in the Mortgage File for each such Mortgage Loan;

         

        45.  All
          cash-out Mortgage Loans secured by real property in the state of Texas
          shall be
          made in accordance with Texas law;

         

        46.  The
          Mortgage Loans are not subject to the requirement of the Home Ownership
          and
          Equity Protection Act of 1994 (“HOEPA”)
          and no
          Mortgage Loan is subject to, or in violation of, any applicable state or
          local
          law, ordinance or regulation similar to HOEPA and (2) (i) no Mortgage Loan
          is a
“high cost” loan as defined by HOEPA or any other applicable predatory or
          abusive lending laws and (ii) no Mortgage Loan is a “high cost home”, “covered”
(excluding home loans defined as “covered home loans” pursuant to clause (1) of
          the definition of that term 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 other applicable state, federal or
          local law (or similarly classified loan using different terminology under
          a law
          imposing heightened regulatory scrutiny or additional legal liability for
          resident mortgage loans having high interest rates, points and/or
          fees);

         

        47.  No
          Mortgage Loan is a “covered home loan” pursuant to the New Jersey Home Ownership
          Security Act of 2002;

         

        48.  With
          respect to each Mortgage Loan subject to a Prepayment Charge, such Prepayment
          Charge, at the time of the origination of the related Mortgage Loan, is
          enforceable and in compliance with all applicable local, state and federal
          law;

         

        49.  [Reserved];
          

         

        50.  As
          of the
          related Closing Date, the Mortgaged Property is being primarily used as
          a
          Residential Dwelling for residential purposes;

         

        51.  The
          Company has obtained a life of loan, transferable real estate tax service
          contract on each Mortgage Loan and such contract is assignable without
          penalty,
          premium or cost to the Purchaser; 

         

        52.  The
          Company has obtained a life of loan, transferable flood certification contract
          for each Mortgage Loan and such contract is assignable without penalty,
          premium
          or cost to the Purchaser;

         

        53.  The
          Mortgage Loans conform in all material respects to the Underwriting
          Guidelines;

         

        54.  No
          Mortgage Loan originated on or after October 1, 2002 and before March 7,
          2003 is
          secured by a Mortgaged Property located in the State of Georgia; No Mortgage
          Loan that was originated on or after March 7, 2003, is a “high-cost home loan”
as defined under the Georgia Fair Lending Act;

         

        55.  No
          proceeds from any Mortgage Loan were used to finance single-premium credit
          insurance policies;

         

        56.  No
          subprime Mortgage Loan originated on or after October 1, 2002 will impose
          a
          Prepayment Charge for a term in excess of three years; No Mortgage Loan
          originated prior to such date nor any non-subprime Mortgage Loan will impose
          prepayment charges in excess of five years; 

         

        57.  In
          connection with any Mortgage Loan, the Servicer has fully furnished, and
          will
          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 to Equifax, Experian and Trans
          Union
          Credit Information Company, on a monthly basis;

         

        58.  No
          Mortgage Loan is a “high cost”, “covered” or similarly classified loans as
          defined by the applicable federal, state or local predatory and abusive
          lending
          laws nor is any loan a High Cost Loan or Covered Loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary
          Revised, which is now Version 5.6(d) Revised, Appendix E);

         

        59.  No
          fraud
          was committed in connection with the origination of any Mortgage Loan;
          provided,
          however,
          the
          Company does not represent or warrant the accuracy of the qualifying income
          stated (provided that such stated income is not grossly unreasonable when
          considering all relevant factors relating to such Mortgagor, including
          without
          limitation, geographic area, unique expertise, years in the field of employment,
          etc) by the related Mortgagor(s) in connection with a Mortgage Loan that
          does
          not require income verification as defined in the Underwriting
          Guidelines;

         

        60.  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws, and is free from any and all toxic or hazardous substances, other
          than
          those commonly used for homeowner repair and maintenance and/or household
          purposes, and there exists no pending action or proceeding directly involving
          the Mortgaged Property in which compliance with any environmental law,
          rule or
          regulation is an issue;

         

        61.  The
          Mortgage Loan was not prepaid in full prior to the related Closing Date
          and the
          Company has not received written notification from the Mortgagor that a
          prepayment in full will be made following the Closing Date;

         

        62.  The
          Company has materially complied with all applicable anti-money laundering
          laws
          and regulations, including without limitation the USA Patriot Act of
          2001;

         

        63.  With
          respect to any Mortgage Loan or the underlying security related thereto,
          neither
          the related Mortgage nor the related Mortgage Note requires the Mortgagor
          to
          submit to arbitration to resolve any dispute arising out of or relating
          in any
          way thereto; and

         

        64.  No
          Mortgage Loan secured by a Mortgaged Property located in the State of Illinois
          is in violation of the provisions of the Illinois Interest Act, including
          Section 4.1a which provides that no Mortgage Loan with a Mortgage Interest
          Rate
          in excess of 8.0% per annum has lender-imposed fees (or other charges)
          in excess
          of 3.0% of the original principal balance of the related Mortgage
          Loan.

         

        65.  With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a premium upon a prepayment prior to maturity: (a) prior to the mortgage
          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; (b) the
          originator had a written policy of offering the borrower the option of
          obtaining
          a mortgage loan that did not require payment of such a premium unless the
          mortgage loan that did not require payment of such a premium would be a
          mortgage
          loan that is a HOEPA loan or a high-cost home loan under any applicable
          state or
          local law and prohibited by the originator’s underwriting guidelines; (c) the
          prepayment premium is adequately disclosed to the borrower pursuant to
          applicable state and federal law; (d) no subprime loan originated on or
          after
          October 1, 2002 will impose a prepayment premium for a term in excess of
          three
          years, and any loans originated prior to such date and any non-subprime
          loans
          will not impose prepayment penalties in excess of five years; in each case
          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 (e) notwithstanding any state
          or
          federal law to the contrary, the servicer shall not impose such prepayment
          premium in any instance when the mortgage loan is accelerated or paid off
          in
          connection with the workout of a delinquent mortgage or due to the borrower’s
          default.

         

        66.  No
          Mortgage Loan mortgagor was encouraged or required to select a mortgage
          loan
          product offered by the originator which is a higher cost product designed
          for a
          less creditworthy mortgagor, unless at the time of the Mortgage Loan’s
          origination, such mortgagor did not qualify taking into account credit
          history
          and debt-to income ratios for a lower-cost credit product then offered
          by the
          originator. A borrower who is able to qualify for one of the originator’s
          standard products should be directed towards or offered the originator’s
          standard mortgage line.

         

        67.  With
          respect to any Mortgage Loan, the methodology used in underwriting the
          extension
          of credit for each mortgage loan did not rely on the extent of the borrower’s
          equity in the collateral as the principal determining factor in approving
          such
          extension of credit. The methodology employed objective criteria that related
          such facts as, without limitation, the borrower’s credit history, income, assets
          or liabilities, to the proposed mortgage payment and, based on such methodology,
          the originator made a reasonable determination that at the time of origination
          the borrower had the ability to make timely payments on the mortgage loan.
          

         

        68.  With
          respect to any Mortgage Loan, no borrower was charged “point and fees” in an
          amount greater than (a) $1000 or (b) 5% of the principal amount of such
          mortgage
          loan, whichever is greater. For purposes of this representation, “points and
          fees” (x) include origination, underwriting, broker and finder’s fees and
          charges that the lender imposed as a condition of making the mortgage loan,
          whether they are paid to the lender or a third party; and (y) exclude bona
          fide
          discount points, fees paid for actual services rendered in connection with
          the
          origination of the mortgage (such as attorneys’ fees, notaries fees and fees
          paid for property appraisals, credit reports, surveys, title examinations
          and
          extracts, flood and tax certifications, and home inspections); the cost
          of
          mortgage insurance or credit-risk price adjustments; the costs of title,
          hazard,
          and flood insurance policies; state and local transfer taxes or fees; escrow
          deposits for the future payment of taxes and insurance premiums; and other
          miscellaneous fees and charges that, in total, do not exceed 0.25 percent
          of the
          loan amount.

         

        69.  [Reserved].

         

        70.  With
          respect to each Mortgage Loan, no borrower obtained a prepaid single-premium
          credit-life, credit disability, credit unemployment or credit property
          insurance
          policy in connection with the origination of the mortgage loan.

         

        71.  The
          Seller or one of its affiliates as servicer for each Mortgage Loan, has
          fully
          furnished and will fully furnish, in accordance with the Fair Credit Reporting
          Act and its implementing regulations, accurate and complete information
          (e.g.,
          favorable and unfavorable) on its borrower credit files to Equifax, Experian
          and
          Trans Union Credit Information Company or their successors (the “Credit
          Repositories”) on a monthly basis. 

         

        72.  With
          respect to any Mortgage Loan originated on or after August 1, 2004, neither
          the
          related Mortgage nor the related Mortgage Note requires the borrower to
          submit
          to arbitration to resolve any dispute arising out of or relating in any
          way to
          the mortgage loan transaction.

         

        73.  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term “borrower” is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related
          Mortgage
          Interest Rate (that would be effective once the introductory rate expires,
          with
          respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
          than
          2.25% the yield on United States Treasury securities having comparable
          periods
          of maturity to the maturity of the related Mortgage Loan as of the fifteenth
          day
          of the month immediately preceding the month in which the application for
          the
          extension of credit was received by the related lender or (b) the Mortgage
          Loan
          is an “open-end home loan” (as such term is used in the Massachusetts House Bill
          4880 (2004)) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
          Loan
          is in the "borrower's interest," as documented by a "borrower's interest
          worksheet" for the particular Mortgage Loan, which worksheet incorporates
          the
          factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
          promulgated thereunder for determining "borrower's interest," and otherwise
          complies in all material respects with the laws of the Commonwealth of
          Massachusetts.

         

        74.  No
          Mortgage Loan is secured by manufactured housing.

         

        75.  With
          respect to each Mortgage Loan which is a Second Lien, (i) the related First
          Lien
          does not provide for negative amortization, (ii) either no consent for
          the
          Mortgage Loan is required by the holder of the First Lien or such consent
          has
          been obtained and is contained in the Mortgage File and (iii) such Second
          Lien
          is on a Residential Dwelling that is (or will be) the principal residence
          of the
          Mortgagor upon origination of the Second Lien.

        
 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      TO: Citibank
        West

      5280
        Corporate Drive

      MS
        0052

      Frederick,
        MD 21703

      

      Re: Pooling
        and Servicing Agreement dated as of September 1, 2006, among Citigroup Mortgage
        Loan Trust Inc., as Depositor, Ameriquest Mortgage Company as Servicer,
        Citibank, N.A.
        as Trust Administrator and U.S. Bank National Association as
        Trustee 

       

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

       

      Mortgage
        Loan Number:

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                ______________

              	
                1.

              	
                Mortgage
                  Paid in Full

              
	
                ______________

              	
                2.

              	
                Foreclosure

              
	
                ______________

              	
                3.

              	
                Substitution

              
	
                ______________

              	
                4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              
	
                ______________

              	
                5.

              	
                Nonliquidation

              

      

      

       

      Reason:______________________________________________

       

      Address
        to which Trustee should

      Deliver
        the Custodian's Mortgage File:

       

      [____________]

      [____________]

       

      

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                Issuer:

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Address:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                Date:

              	 	 	 

      

      

       

      Trustee

       

       

      U.S.
        BANK
        NATIONAL ASSOCIATION

       

       

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

       

      
        	
                _____________________________________

              	 
	
                Signature

              	
                Date

              
	 	 
	
                Documents
                  returned to Trustee:

              	 
	 	 
	
                ____________________________________

              	 
	
                Trustee

              	
                Date

              

      

      

       

      EXHIBIT
        F-1

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      [Date]

      

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        NY 10013

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust Inc., Asset-Backed Pass-Through
                  Certificates,
                  Series 2006-AMC1, Class [__], representing a [__]% Class
                  Percentage Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ________________ (the “Transferor”) to
        ________________ (the “Transferee”) of the captioned mortgage pass-through
        certificates (the “Certificates”), the Transferor hereby certifies as
        follows:

       

      Neither
        the Transferor nor anyone acting on its behalf has (a) offered, pledged,
        sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        (e)
        has taken any other action, that (in the case of each of subclauses (a) through
        (e) above) would constitute a distribution of the Certificates under the
        Securities Act of 1933, as amended (the “1933 Act”), or would render the
        disposition of any Certificate a violation of Section 5 of the 1933 Act or
        any
        state securities law or would require registration or qualification pursuant
        thereto. The Transferor will not act, nor has it authorized or will it authorize
        any person to act, in any manner set forth in the foregoing sentence with
        respect to any Certificate. The Transferor will not sell or otherwise transfer
        any of the Certificates, except in compliance with the provisions of that
        certain Pooling and Servicing Agreement dated as of September 1, 2006, among
        Citigroup Mortgage Loan Trust Inc., as Depositor, Ameriquest Mortgage Company
        as
        Servicer, Citibank, N.A. as trust administrator and U.S. Bank National
        Association as Trustee (the “Pooling and Servicing Agreement”), pursuant to
        which Pooling and Servicing Agreement the Certificates were issued.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein shall have the meanings assigned thereto
        in
        the Pooling and Servicing Agreement.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [Transferor]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEREE REPRESENTATION LETTER

       

      [Date]

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        NY 10013

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust Inc., Asset-Backed Pass-Through
                  Certificates,
                  Class, Series 2006-AMC1, representing a [__]% Percentage
                  Interest  

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the purchase from ______________________ (the “Transferor”) on
        the date hereof of the captioned trust certificates (the “Certificates”),
        _______________ (the “Transferee”) hereby certifies as follows:

       

      1. The
        Transferee is a “qualified institutional buyer” as that term is defined in Rule
        144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
        completed either of the forms of certification to that effect attached hereto
        as
        Annex 1 or Annex 2. The Transferee is aware that the sale to it is being
        made in
        reliance on Rule 144A. The Transferee is acquiring the Certificates for its
        own
        account or for the account of a qualified institutional buyer, and understands
        that such Certificate 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 1933
        Act.

       

      2. The
        Transferee has been furnished with all information regarding (a) the
        Certificates and distributions thereon, (b) the nature, performance and
        servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
        referred to below, and (d) any credit enhancement mechanism associated with
        the
        Certificates, that it has requested.

       

      All
        capitalized terms used but not otherwise defined herein have the respective
        meanings assigned thereto in the Pooling and Servicing Agreement dated as
        of
        September 1, 2006, among Citigroup Mortgage Loan Trust Inc., as Depositor,
        Ameriquest Mortgage Company as Servicer, Citibank, N.A. as trust administrator
        and U.S. Bank National Association as Trustee ,
        pursuant to which the Certificates were issued.

       

      
        	 	 	 	 	 	 	 	
                [Transferee]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT F

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and U.S. Bank National Association, as Trustee, with
        respect to the mortgage pass-through certificates
        (the
“Certificates”) described in the Transferee Certificate to which this
        certification relates and to which this certification is an Annex:

       

      
        	 	
                1.

              	
                As
                  indicated below, the undersigned is the President, Chief Financial
                  Officer, Senior Vice President or other executive officer of the
                  entity
                  purchasing the Certificates (the “Transferee”).

              
	 	 	 
	 	
                2.

              	
                In
                  connection with purchases by the Transferee, the Transferee is
                  a
                  “qualified institutional buyer” as that term is defined in Rule 144A under
                  the Securities Act of 1933 (“Rule 144A”) because (i) the Transferee owned
                  and/or invested on a discretionary basis
                  $______________________1 
                  in
                  securities (except for the excluded securities referred to below)
                  as of
                  the end of the Transferee's most recent fiscal year (such amount
                  being
                  calculated in accordance with Rule 144A) and (ii) the Transferee
                  satisfies
                  the criteria in the category marked below.

              
	 	 	 
	 	
                ___

              	
                CORPORATION,
                  ETC. The Transferee is a corporation (other than a bank, savings
                  and loan
                  association or similar institution), Massachusetts or similar business
                  trust, partnership, or any organization described in Section 501(c)(3)
                  of
                  the Internal Revenue Code of 1986.

              
	 	 	 
	 	
                ___

              	
                BANK.
                  The Transferee (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 Transferee (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

              
	 	 	 
	 	
                ___

              	
                BROKER-DEALER.
                  The Transferee is a dealer registered pursuant to Section 15 of
                  the
                  Securities Exchange Act of 1934.

              
	 	 	 
	 	
                ___

              	
                INSURANCE
                  COMPANY. The Transferee 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 Transferee 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 Transferee is an employee benefit plan within the meaning
                  of
                  Title I of the Employee Retirement Income Security Act of
                  1974.

              
	 	 	 
	 	
                ___

              	
                INVESTMENT
                  ADVISOR. The Transferee is an investment advisor registered under
                  the
                  Investment Advisers Act of 1940.

              
	 	 	 
	 	
                3.

              	
                The
                  term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of
                  issuers that are affiliated with the Transferee, (ii) securities
                  that are
                  part of an unsold allotment to or subscription by the Transferee,
                  if the
                  Transferee 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 Transferee, the Transferee
                  used
                  the cost of such securities to the Transferee and did not include
                  any of
                  the securities referred to in the preceding paragraph. Further,
                  in
                  determining such aggregate amount, the Transferee may have included
                  securities owned by subsidiaries of the Transferee, but only if
                  such
                  subsidiaries are consolidated with the Transferee in its financial
                  statements prepared in accordance with generally accepted accounting
                  principles and if the investments of such subsidiaries are managed
                  under
                  the Transferee's direction. However, such securities were not included
                  if
                  the Transferee is a majority-owned, consolidated subsidiary of
                  another
                  enterprise and the Transferee is not itself a reporting company
                  under the
                  Securities Exchange Act of 1934.

              
	 	 	 
	 	
                5.

              	
                The
                  Transferee acknowledges that it is familiar with Rule 144A and
                  understands
                  that the Transferor 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 Transferee may be in reliance on Rule
                  144A.

              

      

      

      
        	
                ___

                Yes

              	
                ___

                No

              	
                Will
                  the Transferee be purchasing the Certificates only for the Transferee's
                  own account?

              

      

      

      
        	 	
                6.

              	
                If
                  the answer to the foregoing question is “no”, the Transferee agrees that,
                  in connection with any purchase of securities sold to the Transferee
                  for
                  the account of a third party (including any separate account) in
                  reliance
                  on Rule 144A, the Transferee will only purchase for the account
                  of a third
                  party that at the time is a “qualified institutional buyer” within the
                  meaning of Rule 144A. In addition, the Transferee agrees that the
                  Transferee will not purchase securities for a third party unless
                  the
                  Transferee has obtained a current representation letter from such
                  third
                  party or taken other appropriate steps contemplated by Rule 144A
                  to
                  conclude that such third party independently meets the definition
                  of
                  “qualified institutional buyer” set forth in Rule 144A.

              
	 	 	 
	 	
                7.

              	
                The
                  Transferee 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 Transferee's purchase of the Certificates
                  will
                  constitute a reaffirmation of this certification as of the date
                  of such
                  purchase. In addition, if the Transferee is a bank or savings and
                  loan as
                  provided above, the Transferee agrees that it will furnish to such
                  parties
                  updated annual financial statements promptly after they become
                  available.

              
	 	 	 

      

       

       

      
        

        
          1 Transferee
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Transferee is a dealer, and, in that case, Transferee
            must own
            and/or invest on a discretionary basis at least $10,000,000 in securities.
            $25,000,000 as demonstrated in its latest annual financial statements,
            A COPY OF
            WHICH IS ATTACHED HERETO.

        

      
        	
                Dated:

              	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Transferee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT F

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That Are Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and U.S. Bank National Association, as Trustee, with respect to
        the mortgage pass- through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.  As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
        because the Transferee is part of a Family of Investment Companies (as defined
        below), is such an officer of the investment adviser (the
“Adviser”).

       

      2.  In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as defined in Rule 144A because (i) the Transferee is an
        investment company registered under the Investment Company Act of 1940, and
        (ii)
        as marked below, the Transferee alone, or the Transferee'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 Transferee's most recent
        fiscal year. For purposes of determining the amount of securities owned by
        the
        Transferee or the Transferee's Family of Investment Companies, the cost of
        such
        securities was used.

       

      ____
        The
        Transferee owned $___________________ in securities (other than the excluded
        securities referred to below) as of the end of the Transferee's most recent
        fiscal year (such amount being calculated in accordance with Rule
        144A).

       

      ____
        The
        Transferee 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 Transferee's most recent fiscal year
        (such amount being calculated in accordance with Rule 144A).

       

      3.  The
        term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
        investment companies (or series thereof) that have the same investment adviser
        or investment advisers that are affiliated (by virtue of being majority owned
        subsidiaries of the same parent or because one investment adviser is a majority
        owned subsidiary of the other).

       

      4.  The
        term
“SECURITIES” as used herein does not include (i) securities of issuers that are
        affiliated with the Transferee or are part of the Transferee'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
        Transferee is familiar with Rule 144A and understands that the parties to
        which
        this certification is being made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Transferee will be
        in
        reliance on Rule 144A. In addition, the Transferee will only purchase for
        the
        Transferee's own account.

       

      6.  The
        undersigned will notify the parties to which this certification is made of
        any
        changes in the information and conclusions herein. Until such notice, the
        Transferee's purchase of the Certificates will constitute a reaffirmation
        of
        this certification by the undersigned as of the date of such
        purchase.

       

      
        	 	 	 	 	 	 	 	
                Dated:

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Transferee or Advisor

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                IF
                  AN ADVISER:

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Transferee

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF TRANSFEREE REPRESENTATION LETTER

       

      The
        undersigned hereby certifies on behalf of the purchaser named below (the
        “Purchaser”) as follows:

       

      
        	
                1.

              	
                I
                  am an executive officer of the Purchaser.

              
	 	 
	
                2.

              	
                The
                  Purchaser is a “qualified institutional buyer”, as defined in Rule 144A,
                  (“Rule 144A”) under the Securities Act of 1933, as
                  amended.

              
	 	 
	
                3.

              	
                As
                  of the date specified below (which is not earlier than the last
                  day of the
                  Purchaser's most recent fiscal year), the amount of “securities”, computed
                  for purposes of Rule 144A, owned and invested on a discretionary
                  basis by
                  the Purchaser was in excess of
                  $100,000,000.

              

      

      

      
        	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Name
                  of Purchaser

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                Date
                  of this certificate:

              
	 	 	 	 	 	 	
                Date
                  of information provided in paragraph
                  3

              

      

       

      
EXHIBIT
        F-2

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.  The
        undersigned is an officer of, the proposed Transferee of an Ownership Interest
        in a Residual Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement dated as of September 1,
        2006
        (the “Agreement”),
        among
        Citigroup Mortgage Loan Trust Inc., as depositor (the “Depositor”),
        Ameriquest Mortgage Company as Servicer, (the “Servicer”),
        Citibank, N.A. as trust administrator and U.S. Bank National Association,
        as
        trustee (the “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 for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        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(d) 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 L 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 has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. 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
        Certificate.

       

      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 Certificate may be a “noneconomic residual
        interest” 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.

       

      11.  The
        Transferee 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 any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

       o The
        present value
        of the anticipated tax liabilities associated with holding the Certificate,
        as
        applicable, does not exceed the sum of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) 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) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      o  The
        transfer
        of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

        None
        of the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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__

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	 
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1.  I
        am a
        ____________________ of ____________________________ (the “Owner”), a
        corporation duly organized and existing under the laws of ______________,
        on
        behalf of whom I make this affidavit.

       

      2.  The
        Owner
        is not transferring the Class R Certificates or Class R-X Certificates (the
        “Residual Certificates”) to impede the assessment or collection of any
        tax.

       

      3.  The
        Owner
        has no actual knowledge that the Person that is the proposed transferee (the
        “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
        any taxes owed by such proposed transferee as holder of the Residual
        Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
        for so long as the Residual Certificates remain outstanding and (iii) is
        not a
        Permitted Transferee.

       

      4.  The
        Owner
        understands that the Purchaser has delivered to the Trustee a transfer affidavit
        and agreement in the form attached to the Pooling and Servicing Agreement
        as
        Exhibit F-2. The Owner does not know or believe that any representation
        contained therein is false.

       

      5.  At
        the
        time of transfer, the Owner has conducted a reasonable investigation of the
        financial condition of the Purchaser as contemplated by Treasury Regulations
        Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
        has
        determined that the Purchaser has historically paid its debts as they became
        due
        and has found no significant evidence to indicate that the Purchaser will
        not
        continue to pay its debts as they become due in the future. The Owner
        understands that the transfer of a Residual Certificate may not be respected
        for
        United States income tax purposes (and the Owner may continue to be liable
        for
        United States income taxes associated therewith) unless the Owner has conducted
        such an investigation.

       

      6.  Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of ___________,
        20__.

       

      
        	 	 	 	 	 	 	 	
                [OWNER]

              	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:  [Vice]
                  President

              

      

      

      
        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                ATTEST

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Name:

              	 
	 	
                Title:  [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 a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        	 	 
	 	
                Notary
                  Public

              
	 	 
	 	 
	 	
                County
                  of _________________________

              
	 	
                State
                  of ___________________________

              
	 	 
	 	
                My
                  Commission expires:

              

      

      

      

       

      EXHIBIT
        G

       

      FORM
        OF
        CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

       

      [Date]

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th
        Floor

      New
        York,
        NY 10013

       

      Re:         
        Citigroup
        Mortgage Loan Trust Inc.

      Asset-Backed
        Pass-Through Certificates, Series 2006-AMC1, Mortgage Class 

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of Citigroup
        Mortgage Loan Trust, Series 2006-AMC1, Mortgage Pass-Through Certificates,
        Class
        [CE] [P] [R] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement dated as of September 1, 2006 (the “Agreement”),
        among
        Citigroup Mortgage Loan Trust Inc., as depositor (the “Depositor”),
        Ameriquest Mortgage Company as Servicer, (the “Servicer”),
        Citibank, N.A. as trust administrator and U.S. Bank National Association,
        as
        trustee (the “Trustee”).
        Capitalized terms used herein and not otherwise defined shall have the meanings
        assigned thereto in the Pooling and Servicing Agreement. The Transferee hereby
        certifies, represents and warrants to, and covenants with the Depositor,
        the
        Trustee and the Servicer that:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets,” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 of a Plan, and (iii) will not
        be transferred to any entity that is deemed to be investing in plan assets
        of a
        Plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

       

      EXHIBIT
        H-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

       

      
        	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-AMC1

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-AMC1

              

      

      

       

      I,
        [_____], certify that:

       

      l. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        of
        Citigroup Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series
        2006-AMC1 (the “Exchange Act periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4. Based
        on
        my knowledge and upon the annual compliance statement required in this report
        under Item 1123 of Regulation AB, and except as disclosed in the Exchange
        Act
        periodic reports, the Servicer has fulfilled each of its obligations under
        the
        servicing agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Ameriquest Mortgage Company and Citibank,
        N.A.

       

      Date:
        September [__], 2006

       

      
        	 	 	 	 	 	 	 	
                CITIGROUP
                  MORTGAGE LOAN TRUST, INC.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

      

      EXHIBIT
        H-2

       

      FORM
        CERTIFICATION TO BE

       

      PROVIDED
        TO DEPOSITOR BY THE TRUST ADMINISTRATOR

       

      
        	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-AMC1

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-AMC1

              

      

      

      The
        Trust
        Administrator of the Trust, hereby certifies to Citigroup Mortgage Loan Trust
        Inc. (the “Depositor”), and its officers, directors and affiliates, and with the
        knowledge and intent that they will rely upon this certification,
        that:

       

      1. The
        Trust
        Administrator has reviewed the annual report on Form 10-K for the fiscal
        year
        [___], and all reports on Form 10-D required to be filed in respect of the
        period covered by such Form 10-K of the Depositor relating to the
        above-referenced trust (the “Exchange Act periodic reports”);

       

      2. Based
        on
        the Trust Administrator’s knowledge, the information in the distribution reports
        prepared by the Trust Administrator, taken as a whole, does not contain any
        untrue statement of a material fact or omit to state a material fact necessary
        to make the statements made, in light of the circumstances under which such
        statements were made, not misleading as of the last day of the period covered
        by
        that annual report; and

       

      3. The
        information provided by the Trust Administrator pursuant to Sections 3.21
        and
        4.07 (solely with respect to information about the Trust Administrator) does
        not
        contain any untrue statement of material fact.

       

      4. Based
        on
        the Trust Administrator’s knowledge, the distribution information required to be
        provided by the Trust Administrator under the Pooling and Servicing Agreement
        is
        included in the Exchange Act periodic reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated September 1, 2006 (the “Pooling and
        Servicing Agreement”), among the Depositor as depositor, Ameriquest Mortgage
        Company as Servicer, Citibank, N.A. as trust administrator and U.S. Bank
        National Association as trustee.

      

        
          	 	 	 	 	 	 	 	
                  
                    CITIBANK,
                      N.A., 

                    as
                      Trust Administrator

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	
                  Date:

                	 

        

        

         

      

      EXHIBIT
        H-3

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE SERVICER

       

      

       

      
        	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust, Series 2006-AMC1

                Asset
                  Backed Pass-Through Certificates, Series
                  2006-AMC1

              

      

      

       

      I,
        [identify the certifying individual], acting of Ameriquest Mortgage Company,
        certify to Citigroup Mortgage Loan Trust, Inc. (the “Depositor”), the Trust
        Administrator and their respective officers, directors and affiliates, and
        with
        the knowledge and intent that they will rely upon this certification,
        that:

       

      1. I
        have
        reviewed the information provided to the Trust Administrator by the Servicer
        pursuant to the Pooling and Servicing Agreement and included in the annual
        report on Form 10-K for the fiscal year [___], and all reports on Form 10-D
        required to be filed in respect of the period covered by such Form 10-K of
        the
        Depositor relating to the above-referenced trust (the “Exchange Act periodic
        reports”) (the “Servicing Information”);

       

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

       

      3. Based
        on
        my knowledge, the Servicing Information required to be provided to the Trust
        Administrator by the Servicer has been provided as required under the Pooling
        and Servicing Agreement;

       

      4. I
        am
        responsible for reviewing the activities performed by the Servicer under
        the
        Pooling and Servicing Agreement and based upon the review required under
        the
        Pooling and Servicing Agreement, and except as disclosed to the Depositor
        and
        the Trust Administrator, the Servicer has fulfilled in all material respects
        its
        obligations under the Pooling and Servicing Agreement; and

       

      5. I
        have
        disclosed to the Servicer’s certified public accountants and the Depositor all
        significant deficiencies relating to the Servicer’s compliance with the
        Servicing Criteria as set forth in the Pooling and Servicing
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in
        the

      Pooling
        and Servicing Agreement, dated September 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Depositor as depositor, Ameriquest Mortgage Company as
        Servicer, Citibank, N.A. as trust administrator and U.S. Bank National
        Association as trustee.

      
        

          
            	 	 	 	 	 	 	 	
                    
                      
                        Ameriquest
                          Mortgage Company

                      

                    

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	
                    Date:

                  	 

          

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      EXHIBIT
        I

      

      FORM
        OF
        CAP CONTRACT

      

         

        
 

        [BEAR
          STEARNS LETTERHEAD]

         

        

        
          	
                  DATE:

                	
                  September
                    28 2006

                
	 	 
	
                  TO:

                	
                  Citibank,
                    N.A., not in its individual capacity but solely as Cap
                    Trustee on behalf of the Cap Trust with respect to the Citigroup
                    Mortgage 

                  Loan
                    Trust 2006-AMC1, Mortgage Pass-Through
                    Certificates, Series 2006-AMC1 

                
	 	 
	
                  TO:

                	
                  Citibank,
                    N.A., New York Branch

                
	
                  ATTENTION:

                	
                  Phil
                    Sears

                
	
                  TELEPHONE:

                	
                  212-723-1145

                
	
                  FACSIMILE:

                	
                  212-723-8604

                
	 	 
	
                  FROM:

                	
                  Derivatives
                    Documentation

                
	
                  TELEPHONE:

                	
                  212-272-2711

                
	
                  FACSIMILE:

                	
                  212-272-9857

                
	 	 
	
                  RE:

                	
                  Novation
                    Confirmation

                
	 	 
	
                  REFERENCE
                    NUMBER(S):

                	
                  FXNCC8681

                

        

        

        The
          purpose of this letter is to confirm the terms and conditions of the Novation
          Transaction entered into between the parties and effective from the Novation
          Date specified below. This Novation Confirmation constitutes a “Confirmation” as
          referred to in the New Agreement specified below. 

         

        
          	
                  1.

                	
                  The
                    definitions and provisions contained in the 2004 ISDA Novation
                    Definitions
                    (the “Definitions”) and the terms and provisions of the 2000 ISDA
                    Definitions, as published by the International Swaps and Derivatives
                    Association, Inc. and amended from time to time, are incorporated
                    in this
                    Novation Confirmation. In the event of any inconsistency between
                    (i) the
                    Definitions, (ii) the 2000 ISDA Definitions and/or (iii) the
                    Novation
                    Agreement and this Novation Confirmation, this Novation Confirmation
                    will
                    govern. 

                

        

         

        
          	
                  2.

                	
                  The
                    terms of the Novation Transaction to which this Novation Confirmation
                    relates are as follows: 

                

        

         

        
          	 	
                  Novation
                    Trade Date:

                	
                  September
                    28, 2006 

                
	 	
                  Novation
                    Date:

                	
                  September
                    28, 2006 

                
	 	
                  Novated
                    Amount:

                	
                  USD5,001,784
                    

                
	 	
                  Transferor:

                	
                  Citibank,
                    N.A. 

                
	 	
                  Transferee:

                	
                  Citibank,
                    N.A., not in its individual

                  capacity
                    but solely as Cap Trustee for

                  the
                    benefit of Citigroup Mortgage Loan

                  Trust
                    2006-AMC1, Mortgage Pass-

                  Through
                    Certificates, Series 2006-

                  AMC1

                
	 	
                  Remaining
                    Party:

                	
                  Bear
                    Stearns Financial Products Inc.

                
	 	
                  New
                    Agreement (between Transferee and Remaining Party):

                	
                  The
                    Master Agreement as defined in the

                  New
                    Confirmation

                

        

        

        
          	
                  3.

                	
                  The
                    terms of the Old Transaction to which this Novation Confirmation
                    relates,
                    for identification purposes, are as
                    follows:

                

        

         

        
          	 	
                  Trade
                    Date of Old Transaction:

                	
                  September
                    14, 2006 

                
	 	
                  Effective
                    Date of Old Transaction:

                	
                  September
                    28, 2006 

                
	 	
                  Termination
                    Date of Old Transaction:

                	
                  January
                    25, 2011

                

        

        

        
          	
                  4.

                	
                  The
                    terms of the New Transaction to which this Novation Confirmation
                    relates
                    shall be as specified in the New Confirmation attached hereto
                    as Exhibit
                    A. 

                

        

         

        
          	 	
                  Full
                    First Calculation Period:

                	
                  Applicable

                

        

        

         

        
          	
                  5.

                	
                  Offices:

                

        

         

        
          	 	
                  Transferor:

                	
                  Not
                    Applicable

                
	 	
                  Transferee:

                	
                  Not
                    Applicable

                
	 	
                  Remaining
                    Party:

                	
                  Not
                    Applicable

                

        

        

        The
          parties confirm their acceptance to be bound by this Novation Confirmation
          as of
          the Novation Date by executing a copy of this Novation Confirmation and
          returning a facsimile of the fully-executed Novation Confirmation to
212-272-9857.
          The
          Transferor, by its execution of a copy of this Novation Confirmation, agrees
          to
          the terms of the Novation Confirmation as it relates to the Old Transaction.
          The
          Transferee, by its execution of a copy of this Novation Confirmation, agrees
          to
          the terms of the Novation Confirmation as it relates to the New Transaction.
          For
          inquiries regarding U.S. Transactions, please contact Derivatives
          Documentation
          by
          telephone at 212-272-2711.
          For all
          other inquiries please contact Derivatives
          Documentation
          by
          telephone at 353-1-402-6223.

         

         

        
          	
                  Bear
                    Stearns Financial Products Inc.

                   

                   

                   

                	 	 	
                  Citibank,
                    N.A., New York Branch

                
	By:	 	 	By:
	
                  
                    

                  

                	 	 	
                  
                    

                  

                
	
                  Name:

                  Title:

                  Date

                	 	 	
                  As
                    authorized agent or officer for

                  Citibank,
                    N.A.

                  Name:

                  Title:

                  Date

                

        

         

        
          	
                  Citibank,
                    N.A. as Cap Trustee on behalf of the

                  Cap
                    Trust with respect to the Citigroup

                  Mortgage
                    Loan Trust 2006-AMC1, Mortgage

                  Pass-Through
                    Certificates, Series 2006-AMC1

                   

                   

                	 	 	
                   

                
	By:	 	 	 
	
                  
                    

                  

                	 	 	
                   

                
	
                  Name:

                  Title:

                  Date:

                	 	 	
                   

                

        

         

         

        [BEAR
          STEARNS LETTERHEAD]

         

        Exhibit
          A

         

        
          	
                  DATE:

                	
                  September
                    28, 2006

                
	 	 
	
                  TO:

                	
                  Citibank,
                    N.A., not individually, but solely as Cap Trustee on behalf of
                    the cap
                    trust with respect to the Citigroup Mortgage Loan Trust 2006-AMC1,
                    Asset-Backed Pass-Through Certificates, Series
                    2006-AMC1

                
	
                  ATTENTION:

                	
                  Agency
                    and Trust

                
	
                  TELEPHONE:

                	
                  212-816-5680

                
	
                  FACSIMILE:

                	
                  212-816-5527

                
	 	 
	
                  FROM:

                	
                  Derivatives
                    Documentation

                
	
                  TELEPHONE:

                	
                  212-272-2711

                
	
                  FACSIMILE:

                	
                  212-272-9857

                
	 	 
	
                  SUBJECT:

                	
                  Fixed
                    Income Derivatives Confirmation and Agreement

                
	 	 
	
                  REFERENCE
                    NUMBER:

                	
                  FXNCC8681

                

        

        

        The
          purpose of this letter agreement (“Agreement”) is to confirm the terms and
          conditions of the Transaction entered into on the Trade Date specified
          below
          (the “Transaction”) between Bear Stearns Financial Products Inc. (“BSFP”) and
          Citibank, N.A., not individually, but solely as Cap Trustee on behalf of
          the cap
          trust (the “Cap Trust”) with respect to Citigroup Mortgage Loan Trust 2006-AMC1,
          Asset-Backed Pass-Through Certificates, Series 2006-AMC1 (“Counterparty”) under
          the Pooling and Servicing Agreement, dated as of September 1, 2006, among
          Citibank, N.A., as Trust Administrator, Citigroup Mortgage Loan Trust Inc.,
          as
          Depositor, Ameriquest Mortgage Company, as Servicer, and U.S. Bank, National
          Association, as Trustee] (the “Pooling and Servicing Agreement”). This letter
          agreement constitutes the sole and complete “Confirmation,” as referred to in
          the “ISDA Form Master Agreement” (as defined below), as well as a “Schedule” as
          referred to in the ISDA Form Master Agreement. 

         

        1.    This
          Agreement is subject to the 2000
          ISDA Definitions
          (the
“Definitions”), as published by the International Swaps and Derivatives
          Association, Inc. (“ISDA”). Any reference to a “Swap Transaction” in the
          Definitions is deemed to be a reference to a “Transaction” for purposes of this
          Agreement, and any reference to a “Transaction” in this Agreement is deemed to
          be a reference to a “Swap Transaction” for purposes of the Definitions. You and
          we have agreed to enter into this Agreement in lieu of negotiating a Schedule
          to
          the 1992 ISDA Master Agreement (Multicurrency—Cross Border) form (the “ISDA Form
          Master Agreement”) but, rather, an ISDA Form Master Agreement shall be deemed to
          have been executed by you and us on the date we entered into the Transaction.
          For the avoidance of doubt, the Transaction described herein shall be the
          sole
          Transaction governed by such ISDA Form Master Agreement. In the event of
          any
          inconsistency between the provisions of this Agreement and the Definitions
          or
          the ISDA Form Master Agreement, this Agreement shall prevail for purposes
          of the
          Transaction. Terms capitalized but not defined herein shall have the meanings
          attributed to them in the Pooling and Servicing Agreement. 

         

        2.    The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

         

        
          	 	
                  Type
                    of Transaction:

                	
                  Rate
                    Cap

                
	 	 	 
	 	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the amount set forth for such
                    period in
                    Schedule I.

                
	 	 	 
	 	
                  Trade
                    Date:

                	
                  September
                    28, 2006

                
	 	 	 
	 	
                  Effective
                    Date:

                	
                  September
                    28, 2006

                
	 	 	 
	 	
                  Termination
                    Date:

                	
                  January
                    25, 2011, subject to adjustment in accordance with the Business
                    Day
                    Convention.

                
	 	 	 
	 	
                  Fixed
                    Amount (Premium):

                	
                  Inapplicable.
                    Premium has been paid under the Old Transaction. 

                
	 	 	 
	 	
                  Floating
                    Amounts:

                	 
	 	 	 
	 	
                  Floating
                    Rate Payer:

                	
                  BSFP
                    

                
	 	 	 
	 	
                  Cap
                    Rate:

                	
                  5.40000%
                    

                
	 	 	 
	 	
                  Floating
                    Rate Payer

                  Period
                    End Dates:

                	
                   

                  The
                    25th calendar day of each month during the Term of this Transaction,
                    commencing October 25, 2006, and ending on the Termination Date,
                    subject
                    to adjustment in accordance with the Business Day Convention.
                    

                
	 	 	 
	 	
                  Floating
                    Rate Payer

                  Payment
                    Dates:

                	
                   

                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be two Business Days prior to each Floating Rate Payer Period
                    End Date.
                    

                
	 	 	 
	 	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA;
                    provided that the Floating Rate Option shall be determined two
                    (2) London
                    and New York Business Days prior to the Reset Date.

                
	 	 	 
	 	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                
	 	 	 
	 	 	
                  Greater
                    of (i) 250 * (Floating Rate Option - Cap Rate) * Notional Amount
                    *
                    Floating Rate Day Count Fraction; and (ii) zero

                
	 	 	 
	 	
                  Designated
                    Maturity:

                	
                  One
                    month

                
	 	 	 
	 	
                  Floating
                    Rate Day

                  Count
                    Fraction:

                	
                   

                  Actual/360

                
	 	 	 
	 	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period.

                
	 	 	 
	 	
                  Compounding:

                	
                  Inapplicable

                
	 	 	 
	 	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 	 
	 	
                  Business
                    Day Convention:

                	
                  Following

                
	 	 	 
	
                  3.

                	
                  Additional
                    Provisions:

                	
                  Each
                    party hereto is hereby advised and acknowledges that the other
                    party has
                    engaged in (or refrained from engaging in) substantial financial
                    transactions and has taken (or refrained from taking) other material
                    actions in reliance upon the entry by the parties into the Transaction
                    being entered into on the terms and conditions set forth herein
                    and in the
                    Confirmation relating to such Transaction, as applicable. This
                    paragraph
                    shall be deemed repeated on the trade date of each
                    Transaction.

                

        

        

        4.    Provisions
          Deemed Incorporated in a Schedule to the ISDA Form Master Agreement:

         

        1)    The
          parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form Master
          Agreement will apply to any Transaction. 

         

        2)    Termination
          Provisions.
          Notwithstanding the provisions of paragraph 9 below, for purposes of the
          Master
          Agreement: 

         

        (a)    “Specified
          Entity” is not applicable to BSFP or Counterparty for any purpose. 

         

        (b)    “Breach
          of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
          Counterparty. 

         

        (c)    “Credit
          Support Default” provisions of Section 5(a)(iii) will not apply to BSFP (except
          with respect to any guarantee or other contingent agreement provided pursuant
          to
          paragraph 15 below) or Counterparty. 

         

        (d)    “Misrepresentation”
          provisions or Section 5(a)(iv) will not apply to BSFP or Counterparty.
          

         

        (e)    “Specified
          Transaction” is not applicable to BSFP or Counterparty for any purpose, and,
          accordingly, Section 5(a)(v) shall not apply to BSFP or Counterparty.

         

        (f)    The
          “Cross Default” provisions of Section 5(a)(vi) will not apply to BSFP or to
          Counterparty. 

         

        (g)    The
          “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to BSFP
          or Counterparty. 

         

        (h)    The
          “Bankruptcy” provision of Section 5(a)(vii)(2) will be inapplicable to
          Counterparty. 

         

        (i)    The
          “Merger Without Assumption” provisions of Section 5(a)(vii) will be inapplicable
          to the Counterparty. 

         

        (j)    The
          “Automatic Early Termination” provision of Section 6(a) will not apply to BSFP
          or to Counterparty. 

         

        (k)    Payments
          on Early Termination. For the purpose of Section 6(e): 

         

        (i)    Market
          Quotation will apply. 

         

        (ii)    The
          Second Method will apply. 

         

        (1)    “Termination
          Currency” means United States Dollars. 

         

        3)    Tax
          Representations.

         

        (a)
          Payer
          Representations. For the purpose of Section 3(e) of the ISDA Form Master
          Agreement, BSFP makes the following representations: 

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
          Agreement) to be made by it to the other party under this Agreement. In
          making
          this representation, it may rely on: 

         

        (i)    the
          accuracy of any representations made by the other party pursuant to Section
          3(f)
          of the ISDA Form Master Agreement; 

         

        (ii)    the
          satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
          of the
          ISDA Form Master Agreement and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of
          the ISDA
          Form Master Agreement; and 

         

        (iii)    the
          satisfaction of the agreement of the other party contained in Section 4(d)
          of
          the ISDA Form Master Agreement, provided that it shall not be a breach
          of this
          representation where reliance is placed on clause (ii) and the other party
          does
          not deliver a form or document under Section 4(a)(i) or 4(a)(iii) of the
          ISDA
          Form Master Agreement by reason of material prejudice to its legal or commercial
          position.

         

        (b)    Payee
          Representations. For the purpose of Section 3(f) of the ISDA Form Master
          Agreement, each of BSFP and the Counterparty make the following
          representations.

         

        The
          following representation will apply to BSFP: 

         

        BSFP
          is a
          corporation organized under the laws of the State of Delaware and its U.S.
          taxpayer identification number is 13-3866307. 

         

        The
          following representation will apply to the Counterparty: 

         

        [The
          beneficial owner of the payments made to it under this Agreement is a “U.S.
          person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States
          Treasury Regulations) for United States federal income tax purposes and
          an
“Exempt recipient” within the meaning of section 1.6049-4(c)(1)(ii) of United
          States Treasury Regulations.] 

         

        4)    [Reserved]

         

        5)    Documents
          to be Delivered.
          For the
          purpose of Section 4(a) of the ISDA Form Master Agreement:

         

        (1)    Tax
          forms, documents, or certificates to be delivered are:

         

        
          	
                  Party
                    required to deliver

                  document
                    

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 
	
                  BSFP
                    and the Counterparty

                	
                  Any
                    document required or reasonably requested to allow the other
                    party to make
                    payments under this Agreement without any deduction or withholding
                    for or
                    on the account of any Tax or with such deduction or withholding
                    at a
                    reduced rate

                	
                  Promptly
                    after the earlier of (i) reasonable demand by either party or
                    (ii)
                    learning that such form or document is required

                

        

        

        (2)    Other
          documents to be delivered are:

         

        
          	
                  Party
                    required

                  to
                    deliver

                  document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d)

                  Representation

                
	
                  BSFP
                    and the Counterparty

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver this Agreement, any Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under this Agreement, such Confirmation and/or Credit Support
                    Document, as
                    the case may be 

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  BSFP
                    and the Counterparty

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    this
                    Agreement, any relevant Credit Support Document, or any Confirmation,
                    as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  Counterparty

                	
                  An
                    executed copy of the Pooling and Servicing Agreement

                	
                  Within
                    30 days after the date of this Agreement

                	
                  No

                
	 	 	 	 

        

        

        6)    Miscellaneous.
          Miscellaneous

         

        
          	
                  (a)

                	
                  Address
                    for Notices: For the purposes of Section 12(a) of the ISDA Form
                    Master
                    Agreement: 

                

        

         

        
          	 	
                  Address
                    for notices or communications to BSFP:

                
	 	
                  Address:

                  Attention:

                  Facsimile:

                	
                  383
                    Madison Avenue, New York, New York 10179

                  DPC
                    Manager

                  (212)
                    272-5823

                
	 	
                  with
                    a copy to:

                	 
	 	
                  Address:

                  Attention:

                  Facsimile:

                   

                  (For
                    all purposes)

                	
                  One
                    Metrotech Center North, Brooklyn, New York 11201

                  Derivative
                    Operations - 7th Floor

                  (212)
                    272-1634

                
	 	
                  Address
                    for notices or communications to the Counterparty:

                
	 	
                  Address:

                	
                  Citibank,
                    N.A.

                  Corporate
                    and Investment Banking

                  388
                    Greenwich Street, 14th Floor

                  New
                    York, NY 10013 

                
	 	
                  Attention:

                  Facsimile:

                  Phone:

                   

                  (For
                    all purposes)

                	
                  Agency
                    and Trust

                  212-816-5527

                  212-816-5680

                

        

         

        (b)    Process
          Agent. For the purpose of Section 13(c) of the ISDA Form Master
          Agreement:

         

        
          	 	
                  BSFP
                    appoints as its

                  Process
                    Agent:

                	
                   

                  Not
                    Applicable 

                
	 	
                   

                  The
                    Counterparty appoints 

                
	 	
                  as
                    its Process Agent:

                	
                  Not
                    Applicable

                

        

        

        (c)   Offices.
          The provisions of Section 10(a) of the ISDA Form Master Agreement will
          not apply
          to this Agreement; neither BSFP nor the Counterparty have any Offices other
          than
          as set forth in the Notices Section and BSFP agrees that, for purposes
          of
          Section 6(b) of the ISDA Form Master Agreement, it shall not in future
          have any
          Office other than one in the United States. 

         

        (d)   Multibranch
          Party. For the purpose of Section 10(c) of the ISDA Form Master Agreement:
          

         

        BSFP
          is
          not a Multibranch Party.

         

        The
          Counterparty is not a Multibranch Party.

         

        (e)    Calculation
          Agent. The Calculation Agent is BSFP.

         

        (f)    Credit
          Support Document. 

         

        BSFP:
          Not
          applicable, except for any guarantee or contingent agreement delivered
          pursuant
          to paragraph 15 below. 

         

        Counterparty:
          Not Applicable 

         

        (g)   Credit
          Support Provider. 

         

        BSFP:
          Not
          Applicable, or, in the event that BSFP obtains a guarantor or other provider
          of
          credit support pursuant to paragraph 15 below, such guarantor or other
          provider
          of credit support. 

         

        The
          Counterparty: Not Applicable 

         

        (h)    Governing
          Law. The parties to this Agreement hereby agree that the law of the State
          of New
          York shall govern their rights and duties in whole without regard to the
          conflict of law provisions thereof other than New York General Obligations
          Law
          Sections 5-1401 and 5-1402. 

         

        (i)    
Severability.
          If any term, provision, covenant, or condition of this Agreement, or the
          application thereof to any party or circumstance, shall be held to be invalid
          or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if this Agreement had been executed with the invalid or unenforceable
          portion eliminated, so long as this Agreement as so modified continues
          to
          express, without material change, the original intentions of the parties
          as to
          the subject matter of this Agreement and the deletion of such portion of
          this
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. 

         

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

         

        (j)    Consent
          to Recording. Each party hereto consents to the monitoring or recording,
          at any
          time and from time to time, by the other party of any and all communications
          between officers or employees of the parties, waives any further notice
          of such
          monitoring or recording, and agrees to notify its officers and employees
          of such
          monitoring or recording. 

         

        (k)    Waiver
          of
          Jury Trial. Each party waives any right it may have to a trial by jury
          in
          respect of any Proceedings relating to this Agreement or any Credit Support
          Document. 

         

        7)    
“Affiliate”.
          Each of BSFP and Counterparty shall be deemed to have no Affiliates for
          purposes
          of this Agreement, including for purposes of Section 6(b)(ii) of the ISDA
          Form
          Master Agreement. 

         

        8)    Section
          3
          of the ISDA Form Master Agreement is hereby amended by adding at the end
          thereof
          the following subsection (g): 

         

        “(g)    Relationship
          Between Parties.
          

         

        Each
          party represents to the other party on each date when it enters into a
          Transaction that:--

         

        (1)    Nonreliance.
          It is
          not relying on any statement or representation of the other party regarding
          the
          Transaction (whether written or oral), other than the representations expressly
          made in this Agreement or the Confirmation in respect of that Transaction.
          

         

        (2)    Evaluation
          and Understanding.

         

        (i)
          BSFP
          is acting for its own account and Citibank, N.A., is acting as Cap Trustee
          under
          the Pooling and Servicing Agreement, and not for its own account. Each
          Party has
          made its own independent decisions to enter into this Transaction and as
          to
          whether this Transaction is appropriate or proper for it based upon its
          own
          judgment and upon advice from such advisors as it has deemed necessary.
          It is
          not relying on any communication (written or oral) of the other party as
          investment advice or as a recommendation to enter into this Transaction;
          it
          being understood that information and explanations related to the terms
          and
          conditions of this Transaction shall not be considered investment advice
          or a
          recommendation to enter into this Transaction. It has not received from
          the
          other party any assurance or guarantee as to the expected results of this
          Transaction. 

         

        (ii)
          It
          is capable of evaluating and understanding (on its own behalf or through
          independent professional advice), and understands and accepts, the tenns,
          conditions and risks of this Transaction. It is also capable of assuming,
          and
          assumes, the financial and other risks of this Transaction. 

         

        (iii)
          The
          other party is not acting as an agent or fiduciary or an advisor for it
          in
          respect of this Transaction. 

         

        (3)
          Purpose.
          It is
          an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
          the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
          participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
          amended, and it is entering into the Transaction for the purposes of managing
          its borrowings or investments, hedging its underlying assets or liabilities
          or
          in connection with a line of business.” 

         

        9)
          Additional Provisions. Notwithstanding the terms of Sections 5 and 6 of
          the ISDA
          Form Master Agreement, if Counterparty has satisfied its payment obligations
          under Section 2(a)(i) of the ISDA Form Master Agreement, then unless BSFP
          is
          required pursuant to appropriate proceedings to return to Counterparty
          or
          otherwise returns to Counterparty upon demand of Counterparty any portion
          of
          such payment, (a) the occurrence of an event described in Section 5(a)
          of the
          ISDA Form Master Agreement with respect to Counterparty shall not constitute
          an
          Event of Default or Potential Event of Default with respect to Counterparty
          as
          the Defaulting Party and (b) BSFP shall be entitled to designate an Early
          Termination Event pursuant to Section 6 of the ISDA Form Master Agreement
          only
          as a result of a Termination Event set forth in either Section 5(b)(i)
          or
          Section 5(b)(ii) of the ISDA Form Master Agreement with respect to BSFP
          as the
          Affected Party or Section 5(b)(iii) of the ISDA Form Master Agreement with
          respect to BSFP as the Burdened Party. For purposes of the Transaction
          to which
          this Agreement relates, Counterparty’s only obligation under Section 2(a)(i) of
          the ISDA Form Master Agreement is to pay the Fixed Amount on the Fixed
          Rate
          Payer Payment Date. This provision shall survive the termination of this
          Agreement. 

         

        10)
          Cap
          Trustee Capacity. It is expressly understood and agreed by the parties
          hereto
          that insofar as the Counterparty executing this Agreement is Citibank,
          N.A.
          (“Citibank”) as Cap Trustee (i) this Agreement is executed by Citibank not in
          its individual capacity or personally but solely as Cap Trustee, as directed
          by,
          and in the exercise of the powers and authority conferred upon and vested
          in it
          under, the Pooling and Servicing Agreement and for the purpose of perfecting
          the
          interests and rights in this Agreement intended by the Depositor to be
          conferred
          upon the Cap Trustee for the benefit of Holders of the Citigroup Mortgage
          Loan
          Trust 2006-AMC1 Asset-Backed Pass-Through Certificates Series 2006-AMC1;
          (ii)
          each of the representations, undertakings and agreements herein made on
          the part
          of the Counterparty is made and intended not as a personal representation,
          undertaking or agreement by Citibank, but is made and intended for the
          purposes
          of binding only the cap trust established pursuant to the Pooling and Servicing
          Agreement; (iii) nothing herein contained shall be construed as creating
          any
          liability on the part of Citibank, individually or personally, to perform
          any
          covenant or agreement either expressed or implied herein, all such liability,
          if
          any, being expressly waived by the parties hereto and by any Person claiming
          by,
          through or under the parties hereto; and (iv) under no circumstances shall
          Citibank in its individual capacity or personally be liable for the payment
          of
          any indebtedness or expenses or be personally liable for the breach or
          failure
          of any obligation, representation, warranty or covenant made or undertaken
          under
          this Agreement or any other related document. In addition, it is expressly
          understood by the parties hereto, that pursuant to the Pooling and Servicing
          Agreement, Citibank, as Cap Trustee thereunder, will perform the duties
          and
          obligations and exercise the rights of the Counterparty set forth herein.
          In
          such capacity, Citibank will be subject to the same protections and provisions
          set forth in this Agreement as are available to the Counterparty, including
          this
          paragraph 10. 

         

        11)
          Proceedings. BSFP shall not institute against or cause any other person
          to
          institute against, or join any other person in instituting against, Citibank,
          the Cap Trust or the trust created pursuant to the Pooling and Servicing
          Agreement, any bankruptcy, reorganization, arrangement, insolvency or
          liquidation proceedings, or other proceedings under any federal or state
          bankruptcy, dissolution or similar law, for a period of one year and one
          day
          (or, if longer, the applicable preference period) following indefeasible
          payment
          in full of the Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed
          Pass-Through Certificates, Series 2006-AMC1 (the “Certificates”) and any notes
          backed by the Certificates (the “Notes”). This provision shall survive the
          expiration of this Agreement. 

         

        12)
          Set-off. Notwithstanding any provision of this Agreement or any other existing
          or future agreement, each party irrevocably waives any and all rights it
          may
          have to set off, net, recoup or otherwise withhold or suspend or condition
          payment or performance of any obligation between it and the other party
          hereunder against any obligation between it and the other party under any
          other
          agreements. The provisions for Set-off set forth in Section 6(e) of the
          ISDA
          Form Master Agreement shall not apply for purposes of this Transaction.
          

         

        13)
          Additional Termination Events. The following Additional Termination Events
          shall
          apply: 

         

        (a) If
          a
          Rating Agency Downgrade has occurred and BSFP has not complied with paragraph
          15
          below, then an Additional Termination Event shall have occurred with respect
          to
          BSFP and BSFP shall be the sole Affected Party with respect to such Additional
          Termination Event. 

         

        (b) If,
          upon
          the occurrence of a Cap Disclosure Event (as defined in paragraph 16(ii)
          of this
          Agreement), BSFP has not, within 10 days after such Cap Disclosure Event
          complied with any of the provisions set forth in paragraph 16(iii) of this
          Agreement, then an Additional Termination Event shall have occurred with
          respect
          to BSFP and BSFP shall be the sole Affected Party with respect to such
          Additional Termination Event. 

         

        (c) An
          Additional Termination Event shall occur under the ISDA Form Master Agreement
          upon unrescindable notice that the Terminator will purchase all Mortgage
          Loans
          and in accordance with Section 9.01 of the Pooling and Servicing Agreement.
          With
          respect to such Additional Termination Event, Counterparty shall be the
          sole
          Affected Party and this Transaction shall be the sole Affected Transaction;
          provided, however, that notwithstanding Section 6(b)(iv) of the ISDA Form
          Master
          Agreement, only Counterparty may designate an Early Termination Date in
          respect
          of this Additional Termination Event. 

         

        14)
          Amendment to the ISDA Form Master Agreement. The “Failure
          to Pay or Deliver”
          provision in Section 5(a)(i) is hereby amended by deleting the word “third” in
          the third line thereof and inserting the word “second” in place thereof.

         

        15)
          Rating Agency Downgrade. In the event that BSFP’s long-term unsecured and
          unsubordinated debt rating is reduced below “AA-” by Standard and Poor’s Ratings
          Services, Inc. (“S&P”) or its long-term unsecured and unsubordinated debt
          rating is withdrawn or reduced below “Aa3” by Moody’s Investors Service, Inc.
          (“Moody’s” and together with S&P and Dominion Bond Ratings Service (“DBRS”),
          the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating
          Thresholds”), then within 30 days after such rating withdrawal or downgrade
          (unless, within 30 Days after such withdrawal or downgrade, each such Swap
          Rating Agency, as applicable, has reconfirmed the rating of the Certificates
          and
          any Notes, which was in effect immediately prior to such withdrawal or
          downgrade), BSFP shall, at its own expense, subject to the Rating Agency
          Condition, (i) seek another entity to replace BSFP as party to this Agreement
          that meets or exceeds the Approved Rating Thresholds on terms substantially
          similar to this Agreement, (ii) obtain a guaranty of, or a contingent agreement
          of another person with the Approved Rating Thresholds, to honor, BSFP’s
          obligations under this Agreement, or (iii) take any other action that satisfies
          the Rating Agency Condition. BSFP’s failure to do any of the foregoing shall
          constitute an Additional Termination Event with BSFP as the Affected Party.
          In
          the event that BSFP’s long-term unsecured and unsubordinated debt rating is
          withdrawn or reduced below “BBB-” by S&P, then within 10 Business Days after
          such rating withdrawal or downgrade, BSFP shall, subject to the Rating
          Agency
          Condition and at its own expense, (i) secure another entity to replace
          BSFP as
          party to this Agreement that meets or exceeds the Approved Rating Thresholds
          on
          terms substantially similar to this Agreement, (ii) obtain a guaranty of,
          or a
          contingent agreement of another person with the Approved Rating Thresholds,
          to
          honor, BSFP’s obligations under this Agreement, or (iii) take any other action
          that satisfies the Rating Agency Condition. For purposes of this provision,
          “Rating Agency Condition” means, with respect to any particular proposed act or
          omission to act hereunder that the party acting or failing to act must
          consult
          with each of the Swap Rating Agencies then providing a rating of the
          Certificates and any Notes and receive from each of the Swap Rating Agencies
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or any
          Notes. 

         

        16)
          Compliance with Regulation AB.

         

        (i)
          BSFP
          agrees and acknowledges that Citigroup Mortgage Loan Trust Inc. (“Depositor”) is
          required under Regulation AB under the Securities Act of 1933, as amended,
          and
          the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
          (“Regulation AB”), to disclose certain financial information regarding BSFP or
          its group of affiliated entities, if applicable, depending on the aggregate
          “significance percentage” of this Agreement and any other derivative contracts
          between BSFP or its group of affiliated entities, if applicable, and
          Counterparty, as calculated from time to time in accordance with Item 1115
          of
          Regulation AB. 

         

        (ii)
          It
          shall be a cap disclosure event (“Cap Disclosure Event”) if, on any Business Day
          after the date hereof, Depositor requests from BSFP the applicable financial
          information described in Item 1115 of Regulation AB (such request to be
          based on
          a reasonable determination by Depositor or Cap Trustee, in good faith,
          that such
          information is required under Regulation AB) (the “Cap Financial Disclosure”).

         

        (iii)
          Upon the occurrence of a Cap Disclosure Event, BSFP, at its own expense,
          shall
          (a) provide to Depositor the Cap Financial Disclosure, (b) secure another
          entity
          to replace BSFP as party to this Agreement on terms substantially similar
          to
          this Agreement and subject to prior notification to the Rating Agencies,
          which
          entity (or a guarantor therefor) meets or exceeds the Approved Rating Thresholds
          (and which satisfies the Rating Agency Condition) and which entity is able
          to
          comply with the requirements of Item 1115 of Regulation AB or (c) obtain
          a
          guaranty of the BSFP’s obligations under this Agreement from an affiliate of the
          BSFP that is able to comply with the financial information disclosure
          requirements of Item 1115 of Regulation AB, such that disclosure provided
          in
          respect of the affiliate will satisfy any disclosure requirements applicable
          to
          BSFP, and cause such affiliate to provide Cap Financial Disclosure. If
          permitted
          by Regulation AB, any required Cap Financial Disclosure may be provided
          by
          incorporation by reference from reports filed pursuant to the Exchange
          Act.

         

        (iv)
          BSFP
          agrees that, in the event that BSFP provides Cap Financial Disclosure to
          Depositor in accordance with paragraph 16(iii)(a) or causes its affiliate
          to
          provide Cap Financial Disclosure to Depositor in accordance with paragraph
          16(iii)(c), it will indemnify and hold harmless Depositor, its respective
          directors or officers and any person controlling Depositor, from and against
          any
          and all losses, claims, damages and liabilities caused by any untrue statement
          or alleged untrue statement of a material fact contained in such Cap Financial
          Disclosure or caused by any omission or alleged omission to state in such
          Cap
          Financial Disclosure a material fact required to be stated therein or necessary
          to make the statements therein, in light of the circumstances under which
          they
          were made, not misleading.

         

        17)
          Third
          Party Beneficiary. Depositor, to the extent of its right expressly set
          forth
          herein, shall be a third party beneficiary of this Agreement. 

         

        18)
          No
          transfer, amendment, waiver, supplement, assignment or other modification
          of
          this Transaction shall be permitted by either party unless (i) each of
          S&P,
          DBRS and Moody’s has been provided notice of the same and (ii) each of S&P,
          DBRS and Moody’s confirms in writing (including by facsimile transmission) that
          it will not downgrade, qualify, withdraw or otherwise modify its then-current
          rating of any Certificates or Notes. 

         

        NEITHER
          THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE
          BEAR
          STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT
          PROVIDER ON THIS AGREEMENT.

         

        
          	
                  5.    Account
                    Details and

                  Settlement
                    Information:

                	
                  Payments
                    to BSFP:

                  Citibank,
                    N.A., New York

                  ABA
                    Number: 021-0000-89, for the account of

                  Bear,
                    Stearns Securities Corp.

                  Account
                    Number: 0925-3186, for further credit to

                  Bear
                    Stearns Financial Products Inc.

                  Sub-account
                    Number: 102-04654-1-3

                  Attention:
                    Derivatives Department 

                
	 	 
	 	
                  Payments
                    to Counterparty:

                  Citibank,
                    N.A.

                  New
                    York, NY 10005

                  ABA#021000089

                  Acct
                    Name: Structured Finance Incoming Wire Account

                  Acct
                    No. 3617-2242

                  Ref:
                    CMLTI 2006-AMC1 A/C#106055

                

        

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument. 

         

        Counterparty
          hereby agrees to check this Confirmation and to confirm that the foregoing
          correctly sets forth the terms of the Transaction by signing in the space
          provided below and returning to BSFP a facsimile of the fully-executed
          Confirmation to 212-272-9857.
          For
          inquiries regarding U.S. Transactions, please contact Derivatives
          Documentation
          by
          telephone at 212-272-2711.
          For all
          other inquiries please contact Derivatives
          Documentation
          by
          telephone at 353-1-402-6233.
          Originals will be provided for your execution upon your
          request. 
 

        SCHEDULE
          I

         

        (all
          such
          dates subject to adjustment in accordance with the Business Day Convention)
          

         

        
          	
                  From
                    and including

                	
                  To
                    but excluding

                	
                  Notional
                    Amount

                  (USD)

                
	
                  Effective
                    Date

                	
                  10/25/06

                	
                  5,001,784.00

                
	
                  10/25/06

                	
                  11/25/06

                	
                  4,931,901.74

                
	
                  11/25/06

                	
                  12/25/06

                	
                  4,849,275.38

                
	
                  12/25/06

                	
                  01/25/07

                	
                  4,754,106.27

                
	
                  01/25/07

                	
                  02/25/07

                	
                  4,646,688.49

                
	
                  02/25/07

                	
                  03/25/07

                	
                  4,527,411.72

                
	
                  03/25/07

                	
                  04/25/07

                	
                  4,396,797.65

                
	
                  04/25/07

                	
                  05/25/07

                	
                  4,255,583.91

                
	
                  05/25/07

                	
                  06/25/07

                	
                  4,104,675.53

                
	
                  06/25/07

                	
                  07/25/07

                	
                  3,945,075.00

                
	
                  07/25/07

                	
                  08/25/07

                	
                  3,787,670.33

                
	
                  08/25/07

                	
                  09/25/07

                	
                  3,636,253.60

                
	
                  09/25/07

                	
                  10/25/07

                	
                  3,490,598.61

                
	
                  10/25/07

                	
                  11/25/07

                	
                  3,350,485.59

                
	
                  11/25/07

                	
                  12/25/07

                	
                  3,215,703.19

                
	
                  12/25/07

                	
                  01/25/08

                	
                  3,086,048.15

                
	
                  01/25/08

                	
                  02/25/08

                	
                  2,961,324.94

                
	
                  02/25/08

                	
                  03/25/08

                	
                  2,840,693.52

                
	
                  03/25/08

                	
                  04/25/08

                	
                  2,721,904.64

                
	
                  04/25/08

                	
                  05/25/08

                	
                  2,603,917.53

                
	
                  05/25/08

                	
                  06/25/08

                	
                  2,487,245.04

                
	
                  06/25/08

                	
                  07/25/08

                	
                  2,232,690.05

                
	
                  07/25/08

                	
                  08/25/08

                	
                  1,946,579.46

                
	
                  08/25/08

                	
                  09/25/08

                	
                  1,701,289.01

                
	
                  09/25/08

                	
                  10/25/08

                	
                  1,490,972.13

                
	
                  10/25/08

                	
                  11/25/08

                	
                  1,382,372.27

                
	
                  11/25/08

                	
                  12/25/08

                	
                  1,317,077.54

                
	
                  12/25/08

                	
                  01/25/09

                	
                  1,254,540.34

                
	
                  01/25/09

                	
                  02/25/09

                	
                  1,194,634.86

                
	
                  02/25/09

                	
                  03/25/09

                	
                  1,137,238.69

                
	
                  03/25/09

                	
                  04/25/09

                	
                  1,082,241.12

                
	
                  04/25/09

                	
                  05/25/09

                	
                  1,029,540.95

                
	
                  05/25/09

                	
                  06/25/09

                	
                  979,041.28

                
	
                  06/25/09

                	
                  07/25/09

                	
                  930,648.63

                
	
                  07/25/09

                	
                  08/25/09

                	
                  884,299.48

                
	
                  08/25/09

                	
                  09/25/09

                	
                  884,299.48

                
	
                  09/25/09

                	
                  10/25/09

                	
                  884,299.48

                
	
                  10/25/09

                	
                  11/25/09

                	
                  883,142.91

                
	
                  11/25/09

                	
                  12/25/09

                	
                  847,057.03

                
	
                  12/25/09

                	
                  01/25/10

                	
                  812,469.58

                
	
                  01/25/10

                	
                  02/25/10

                	
                  779,321.16

                
	
                  02/25/10

                	
                  03/25/10

                	
                  747,548.70

                
	
                  03/25/10

                	
                  04/25/10

                	
                  717,092.75

                
	
                  04/25/10

                	
                  05/25/10

                	
                  687,897.99

                
	
                  05/25/10

                	
                  06/25/10

                	
                  659,911.42

                
	
                  06/25/10

                	
                  07/25/10

                	
                  633,082.30

                
	
                  07/25/10

                	
                  08/25/10

                	
                  607,362.92

                
	
                  08/25/10

                	
                  09/25/10

                	
                  582,706.20

                
	
                  09/25/10

                	
                  10/25/10

                	
                  559,067.14

                
	
                  10/25/10

                	
                  11/25/10

                	
                  536,403.10

                
	
                  11/25/10

                	
                  12/25/10

                	
                  514,673.27

                
	
                  12/25/10

                	
                  Termination
                    Date

                	
                  493,838.53

                

        

        
 
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        J

      

      FORM
        OF
        CAP ADMINISTRATION AGREEMENT

       

       

      
 

      CAP
        ADMINISTRATION AGREEMENT

       

      This
        Cap
        Administration Agreement, dated as of September 28, 2006 (this “Agreement”),
        among Citibank, N.A. (“Citibank”), as cap trustee for the cap trust (in such
        capacity, the “Cap Trustee”),
        as
        trust administrator (in such capacity, the “Trust Administrator”) and as cap
        administrator (in such capacity, the “Cap Administrator”) and Citigroup Global
        Markets Realty Corp. (“CGMRC”), as majority holder of the Class CE Certificates,
        or its designee.

       

      WHEREAS,
        the Cap Trustee, on behalf of a separate trust established hereunder which
        holds
        an Interest Rate Cap Contract (the “Cap Contract”), a copy of which is attached
        hereto as Exhibit A, between the Cap Trustee and Bear Stearns Financial Products
        Inc. (the “Cap Provider”) is a counterparty to the Cap Contract;
        and

       

      WHEREAS,
        it is desirable to irrevocably appoint the Cap Trustee, and the Cap Trustee
        desires to accept such appointment, to receive and distribute funds payable
        by
        the Cap Provider to the Cap Trustee under the Cap Contract as provided herein;
        

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, and
        for
        other good and valuable consideration, the receipt and adequacy of which
        are
        hereby acknowledged, the parties agree as follows: 

       

      1.  Definitions.
        Capitalized terms used but not otherwise defined herein shall have the
        respective meanings assigned thereto in the Pooling and Servicing Agreement,
        dated as of September 1, 2006 (the “Pooling and Servicing Agreement”), among
        Citigroup Mortgage Loan Trust Inc., as Depositor, Ameriquest Mortgage Company,
        as servicer, the Trust Administrator and U.S. Bank National Association as
        trustee (the “Trustee”) relating to the Citigroup Mortgage Loan Trust 2006-AMC1
        (the “Trust”), Asset-Backed Pass-Through Certificates, Series 2006-AMC1 (the
“Certificates”), or in the related Indenture as the case may be, as in effect on
        the date hereof. 

       

      2.  Cap
        Trust.
        There
        is hereby established a separate trust (the “Cap Trust”), into which the Cap
        Trustee shall deposit the Cap Contract. The Cap Trust shall be maintained
        by the
        Cap Trustee and administered on its behalf by the Cap Administrator. The
        sole
        assets of the Cap Trust shall be the Cap Contract and the Cap Trust Account.
        For
        the avoidance of doubt, the parties hereto acknowledge and agree that all
        functions of the Cap Trustee hereunder shall be performed on its behalf by
        the
        Cap Administrator.

       

      3.  Cap
        Trustee.
        

       

      (a)  The
        Cap
        Trustee is hereby irrevocably appointed to receive all funds paid to the
        Cap
        Trustee by the Cap Provider under the Cap Contract (including any Cap
        Termination Payment) and the Cap Trustee accepts such appointment and hereby
        agrees to receive such amounts, deposit such amounts into the Cap Trust Account
        and to distribute on each Distribution Date such amounts in the following
        order
        of priority:

       

      (i)  first,
        for deposit into the Cap Account (established under the Pooling and Servicing
        Agreement), an amount equal to the aggregate amount required for distribution
        to
        the holders of the Floating Rate Certificates pursuant to Section 4.01(a)(b)(i)
        through 4.01(a)(b)(vi) of the Pooling and Servicing Agreement;

       

      (ii)  second,
        to CGMRC, as majority holder of the Class CE Certificates, or its designee,
        any
        amounts remaining after payment of (i) above, provided,
        however,
        upon the
        issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
        Class CE Certificates and the Class P Certificates (the “NIM Notes”), CGMRC, as
        majority holder of the Class CE Certificates, or its designee, hereby instructs
        the Cap Trustee to make any payments under this clause 3(a)(ii):

       

      (A)  to
        the
        Indenture Trustee for the Trust, for deposit into the Note Account (each
        as
        defined in the related Indenture), for distribution in accordance with the
        terms
        of the Indenture until satisfaction and discharge of the Indenture;
        and

       

      (B)  after
        satisfaction and discharge of the Indenture, to the Holders of the Class
        CE
        Certificates, pro
        rata
        based on
        the outstanding Notional Amount of each such Certificate.

       

      (b)  The
        Cap
        Trustee agrees to hold any amounts received from the Cap Provider in trust
        upon
        the terms and conditions and for the exclusive use and benefit of the Trust
        Administrator (in turn for the benefit of the Certificateholders, the
        Noteholders and CGMRC) as set forth herein. The rights, duties and liabilities
        of the Cap Trustee in respect of this Agreement shall be as
        follows:

       

      (i) The
        Cap
        Trustee shall have the full power and authority to do all things not
        inconsistent with the provisions of this Agreement that may be deemed advisable
        in order to enforce the provisions hereof. The Cap Trustee shall not be
        answerable or accountable except for its own bad faith, willful misconduct
        or
        negligence. The Cap Trustee shall not be required to take any action to exercise
        or enforce any of its rights or powers hereunder which, in the opinion of
        the
        Cap Trustee, shall be likely to involve expense or liability to the Cap Trustee,
        unless the Cap Trustee shall have received an agreement satisfactory to it
        in
        its sole discretion to indemnify it against such liability and
        expense.

       

      (ii) The
        Cap
        Trustee shall not be liable with respect to any action taken or omitted to
        be
        taken by it in good faith in accordance with the direction of any party hereto,
        or otherwise as provided herein, relating to the time, method and place of
        conducting any proceeding for any remedy available to the Cap Trustee or
        exercising any right or power conferred upon the Cap Trustee under this
        Agreement.

       

      (iii) The
        Cap
        Trustee may perform any duties hereunder either directly or by or through
        agents
        or attorneys of the Cap Trustee. The Cap Trustee shall not be liable for
        the
        acts or omissions of its agents or attorneys so long as the Cap Trustee chose
        such Persons with due care.

       

      4.  Cap
        Trust Account.
        The Cap
        Trustee shall segregate and hold all funds received from the Cap Provider
        (including any Cap Termination Payment) separate and apart from any of its
        own
        funds and general assets and shall establish and maintain in the name of
        the Cap
        Trustee one or more segregated accounts (the “Cap Trust Account”).

       

      5.     Replacement
        Cap Contracts.
        

       

      The
        Cap
        Trustee shall, at the direction of CGMRC, as majority holder of the Class
        CE
        Certificates, or its designee, enforce all of its rights and exercise any
        remedies under the Cap Contract. In the event the Cap Contract is terminated
        as
        a result of the designation by either party thereto of an Early Termination
        Date
        (as defined therein), CGMRC, as majority holder of the Class CE Certificates,
        or
        its designee, shall find a replacement counterparty to enter into a replacement
        cap contract.

       

      Any
        Cap
        Termination Payment received by the Cap Trustee from the Cap Provider shall
        be
        deposited into the Cap Trust Account and shall be used to make any upfront
        payment required under a replacement cap contract and any upfront payment
        received from the counterparty to a replacement cap contract shall be used
        to
        pay any Cap Termination Payment owed to the Cap Provider.

       

      Notwithstanding
        anything contained herein, in the event that a replacement cap contract cannot
        be obtained within 30 days after receipt by the Cap Trustee of the Cap
        Termination Payment paid by the terminated Cap Provider, the Cap Trustee
        shall
        deposit such Cap Termination Payment into the Cap Trust Account and the Cap
        Trustee shall, on each Distribution Date, withdraw from such account, an
        amount
        equal to the Cap Payment, if any, that would have been paid to the Cap Trust
        by
        the original Cap Provider (computed in accordance with Exhibit A) and distribute
        such amount in accordance with Section 3(a) of this Agreement. On the
        Distribution Date immediately after the termination date of the original
        Cap
        Contract, the Cap Trustee shall withdraw any funds remaining in the Cap Account
        and distribute such amount in accordance with Section 3(a)(ii) of this
        Agreement.

       

      Upon
        an
        early termination of the Cap Contract, other than in connection with the
        optional termination of the Trust pursuant to Section 9.01 of the Pooling
        and
        Servicing Agreement, the Cap Trustee will use reasonable efforts to appoint
        a
        successor cap contract provider. The Cap Trustee will apply any termination
        payment received from the original Cap Provider in connection with such early
        termination of the Cap Contract to the upfront payment required to appoint
        the
        successor cap contract provider. If the Cap Trustee is unable to appoint
        a
        successor cap contract provider within 30 days of the early termination of
        the
        Cap Contract, then the Cap Trustee will establish, and will deposit any
        termination payment received from the original Cap Provider into, a separate,
        non-interest bearing reserve account (a “Cap Termination Reserve Account”) and
        will, on each subsequent Distribution Date, withdraw from the amount then
        remaining on deposit in the Cap Termination Reserve Account an amount equal
        to
        the payment, if any, that would have been paid to the Cap Trustee by the
        original Cap Provider calculated in accordance with the terms of the original
        Cap Contract, and distribute such amount in accordance with Section 3(a)
        hereof.

       

      Upon
        an
        early termination of the Cap Contract in connection with the optional
        termination of the Trust pursuant to Section 9.01 of the Pooling and Servicing
        Agreement, if the Cap Trustee receives a termination payment from the Cap
        Provider, such termination payment will be distributed in accordance with
        Section 3(a) hereof.

       

      6.  Representations
        and Warranties of Citibank.
        Citibank represents and warrants as follows:

       

      (a)  Citibank
        is duly organized and validly existing as a national trust company under
        the
        laws of the United States and has all requisite power and authority to execute
        and deliver this Agreement and to perform its obligations as Cap Trustee
        hereunder.

       

      (b)  The
        execution, delivery and performance of this Agreement by Citibank as Cap
        Trustee
        have been duly authorized in the Pooling and Servicing Agreement.

       

      (c)  This
        Agreement has been duly executed and delivered by Citibank as Cap Trustee,
        Cap
        Administrator and Trust Administrator and is enforceable against Citibank
        in
        such capacities in accordance with its terms, except as enforceability may
        be
        affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
        moratorium and other similar laws relating to or affecting creditors’ rights
        generally, general equitable principles (whether considered in a proceeding
        in
        equity or at law).

       

                      7.    
        Replacement
        of Cap Trustee.

       

      Any
        corporation, bank, trust company or association into which the Cap Trustee
        may
        be merged or converted or with which it may be consolidated, or any corporation,
        bank, trust company or association resulting from any merger, conversion
        or
        consolidation to which the Cap Trustee shall be a party, or any corporation,
        bank, trust company or association succeeding to all or substantially all
        the
        corporate trust business of the Cap Trustee, shall be the successor of the
        Cap
        Trustee hereunder, without the execution or filing of any paper or any further
        act on the part of any of the parties hereto, except to the extent that
        assumption of its duties and obligations, as such, is not effected by operation
        of law.

       

      No
        resignation or removal of the Cap Trustee and no appointment of a successor
        Cap
        Trustee shall become effective until the appointment by CGMRC, as majority
        holder of the Class CE Certificates, or its designee, of a successor Cap
        Trustee. Any successor Cap Trustee shall execute such documents or instruments
        necessary or appropriate to vest in and confirm to such successor Cap Trustee
        all such rights and powers conferred by this Agreement.

       

      The
        Cap
        Trustee may resign at any time by giving written notice thereof to the other
        parties hereto. If a successor cap trustee shall not have accepted the
        appointment hereunder within 30 days after the giving by the resigning Cap
        Trustee of such notice of resignation, the resigning Cap Trustee may petition
        any court of competent jurisdiction for the appointment of a successor Cap
        Trustee.

       

      In
        the
        event of a resignation or removal of the Cap Trustee, CGMRC, as majority
        holder
        of the Class CE Certificates, or its designee, shall promptly appoint a
        successor Cap Trustee.

       

                     
        8.      Cap
        Trustee Obligations.

       

      Whenever
        the Cap Trustee, as a party to the Cap Contract, has the option or is requested
        in such capacity, whether such request is by the Cap Provider, to take any
        action or to give any consent, approval or waiver that it is on behalf of
        the
        Cap Trust entitled to take or give in such capacity, including, without
        limitation, in connection with an amendment of such agreement or the occurrence
        of a default or termination event thereunder, the Cap Trustee shall promptly
        notify the parties hereto, of such request in such detail as is available
        to it
        and, shall, on behalf of the parties hereto, take such action in connection
        with
        the exercise and/or enforcement of any rights and/or remedies available to
        it in
        such capacity with respect to such request as CGMRC, as majority holder of
        the
        Class CE Certificates, or its designee, shall direct in writing; provided
        that
        if no such direction is received prior to the date that is established for
        taking such action or giving such consent, approval or waiver (notice of
        which
        date shall be given by the Cap Trustee to the parties hereto, if any), the
        Cap
        Trustee may abstain from taking such action or giving such consent, approval
        or
        waiver.

       

      The
        Cap
        Trustee shall forward to the parties hereto, on the Distribution Date following
        its receipt thereof copies of any and all notices, statements, reports and/or
        other material communications and information (collectively, the “Cap Reports”)
        that it receives in connection with the Cap Contract or from the counterparty
        thereto.

       

                      9.    
        Miscellaneous.
        

       

      (a)  This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York.

       

      (b)  Any
        action or proceeding against any of the parties hereto relating in any way
        to
        this Agreement may be brought and enforced in the courts of the State of
        New
        York sitting in the borough of Manhattan or of the United States District
        Court
        for the Southern District of New York and the Cap Trustee irrevocably submits
        to
        the jurisdiction of each such court in respect of any such action or proceeding.
        The Cap Trustee waives, to the fullest extent permitted by law, any right
        to
        remove any such action or proceeding by reason of improper venue or inconvenient
        forum.

       

      (c)  This
        Agreement may be amended, supplemented or modified in writing by the parties
        hereto, but only with the consent of CGMRC.

       

      (d)  This
        Agreement may not be assigned or transferred without the prior written consent
        of CGMRC and the NIMS Insurer, if any; provided, however, the parties hereto
        acknowledge and agree to the assignment of the rights of CGMRC, as majority
        holder of the Class CE Certificates, or its designee, pursuant to the Sale
        Agreement, the Trust Agreement and the Indenture.

       

      (e)  This
        Agreement may be executed by one or more of the parties to this Agreement
        on any
        number of separate counterparts (including by facsimile transmission), and
        all
        such counterparts taken together shall be deemed to constitute one and the
        same
        instrument.

       

      (f)  Any
        provision of this Agreement which is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction.

       

      (g)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement. No act or omission
        on the
        part of any party hereto shall constitute a waiver of any such representation
        or
        warranty.

       

      (h)  The
        article and section headings herein are for convenience of reference only,
        and
        shall not limit or otherwise affect the meaning hereof.

       

      (i)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement. No act or omission
        on the
        part of any party hereto shall constitute a waiver of any such representation
        or
        warranty.

       

      10.  Third-Party
        Beneficiary.
        The
        Indenture Trustee, if any, shall be deemed a third-party beneficiary of this
        Agreement to the same extent as if it were a party hereto, and shall have
        the
        right to enforce the provisions of this Agreement.

       

      11.  Cap
        Trustee and Trustee Rights.
        The Cap
        Trustee and the Cap Administrator shall be entitled to the same rights,
        protections and indemnities afforded to the Trust Administrator under the
        Pooling and Servicing Agreement, as if specifically set forth herein with
        respect to the Cap Trustee and the Cap Administrator.

       

      12.  Limited
        Recourse.
        It is
        expressly understood and agreed by the parties hereto that this Agreement
        is
        executed and delivered by the Trust Administrator, not in its individual
        capacity but solely as Trust Administrator under the Pooling and Servicing
        Agreement. Notwithstanding any other provisions of this Agreement, the
        obligations of the Trust Administrator under this Agreement are non-recourse
        to
        the Trust Administrator, its assets and its property, and shall be payable
        solely from the assets of the Trust Fund, and following realization of such
        assets, any claims of any party hereto shall be extinguished and shall not
        thereafter be reinstated. No recourse shall be had against any principal,
        director, officer, employee, beneficiary, shareholder, partner, member, agent
        or
        affiliate of the Trust Administrator or any person owning, directly or
        indirectly, any legal or beneficial interest in the Trust Administrator,
        or any
        successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
        payment of any amount payable under this Agreement. The parties hereto shall
        not
        enforce the liability and obligations of the Trust Administrator to perform
        and
        observe the obligations contained in this Agreement by any action or proceeding
        wherein a money judgment establishing any personal liability shall be sought
        against the Trust Administrator, subject to the following sentence, or the
        Exculpated Parties. The agreements in this paragraph shall survive termination
        of this Agreement and the performance of all obligations hereunder.

       

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
        and
        delivered as of the day and year first above written. 

       

       

      
        	 	 	 
	 	
                CITIGROUP
                  GLOBAL MARKETS REALTY CORP., as majority holder of the Class CE
                  Certificates

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Name:

                
                  Title:  

                

              

      

      
         

         

        
          	 	 	 
	 	
                  
                    CITIBANK,
                      N.A., as Trust Administrator and as Cap
                      Administrator

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	
                  Name:

                  
                    Title:  

                  

                

        

        
          
             

             

            
              	 	 	 
	 	
                      
                        
                          CITIBANK,
                            N.A., as
                            Cap Trustee

                        

                      

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                    
	 	
                      Name:

                      
                        Title:  

                      

                    

            

          

        

      

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      EXHIBIT
        A

       

      CAP
        AGREEMENT

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      

       

      Available
        upon request

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        2

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      Available
        Upon RequestExhibit 10.1

 

EXHIBIT 10.1

AMENDED AND RESTATED CREDIT FACILITY AGREEMENT

AMENDMENT NUMBER 11

     This AMENDED AND RESTATED CREDIT FACILITY AGREEMENT AMENDMENT NUMBER 11 (“Amendment”) is made
as of the 13th day of October, 2006, by and among PHOENIX FOOTWEAR GROUP, INC., a corporation
formed under the laws of the State of Delaware (“Borrower”) and MANUFACTURERS AND TRADERS TRUST
COMPANY (“Agent”), a New York banking corporation, with offices at 255 East Avenue, Rochester, New
York 14604 as administrative agent for the Lenders, and each of the LENDERS (defined in the
Agreement described below).

     This Amendment amends the Amended and Restated Credit Facility Agreement (“Credit Agreement”)
dated as of August 3, 2005 made between Borrower, the Agent, and the Lenders described therein, as
previously amended by Amendment Number 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 and 11.

     1. The definition of “Bridge Loan Maturity Date” contained in Section 1.1 of
the Credit Agreement is hereby amended to read in its entirety as follows:

          “Bridge Loans Maturity Date” means November 30, 2006.

     2. In connection with this Amendment the Borrower agrees to pay the
Bank’s legal fees in connection herewith.

     3. All other terms of the Credit Agreement as amended shall remain in full
force and effect.

     4. Borrower represents and warrants that no Event of Default, or event that
with the giving of notice or the passage of time or both would constitute an Event of
Default, under the Credit Agreement has occurred and is continuing.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

[Signature Pages Follow]

 

 

MANUFACTURERS AND TRADERS TRUST COMPANY,

as Administrative Agent and on behalf of the Lenders

	 	 	 	 	 
	By:

	 	/s/ John C. Morsch
	 	 
	 

	 	 	 	 
	 

	 	John C. Morsch	 	 
	 

	 	Administrative Vice President	 	 
	 
	 	 	 	 
	PHOENIX FOOTWEAR GROUP, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kenneth E. Wolf	 	 
	 

	 	 	 	 
	 

	 	Kenneth E. Wolf	 	 
	Title:

	 	Chief Financial Officer	 	 

2

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