Document:

Exhibit 10.1

                                                                    
      Exhibit 10.1

     

     

    AMENDED
      AND RESTATED

     

    SELECT
      COMFORT COPRORATION

     

    NON-EMPLOYEE
      DIRECTOR EQUITY PLAN

     

    (Effective
      as of April 28, 2006)

     

    1.    Establishment
      and Purposes of the Plan

     

    1.1    Establishment
      of the Plan.
      Select
      Comfort Corporation (the “Company”) hereby establishes the Select Comfort
      Corporation Non-Employee Director Equity Plan (the “Plan”). The Plan shall be an
      unfunded nonqualified deferred compensation plan within the meaning of Section
      409A the Internal Revenue Code of 1986, as amended (including regulations and
      rulings issued thereunder) (the “Code”). The Plan does not cover employees and
      is therefore not subject to the Employee Retirement Income Security Act of
      1974,
      as amended.

     

    1.2    Purposes
      of the Plan.
      The
      purposes of the Plan are to enable the Company to attract and retain qualified
      individuals to serve as Non-Employee Directors of the Company, to provide
      Non-Employee Directors with the opportunity to increase their equity interest
      in
      the Company through the receipt of all or a portion of the Non-Employee
      Director’s fees in the form of stock and to thereby increase the personal
      interest of the Non-Employee Directors in the Company’s continued success, and
      to provide Non-Employee Directors the opportunity to defer a the receipt of
      compensation that would otherwise be paid to those directors.

     

    1.3    Effective
      Date and Duration of the Plan.
      The
      Plan shall be effective as of November 17, 2005, provided that no shares of
      Common Stock shall be issued under the Plan prior to approval by the
      shareholders of the Company of the issuance of such shares. If any benefits
      are
      required to be paid to any Participant under the Plan prior to the date the
      issuance of shares under the Plan has been approved by shareholders of the
      Company, such benefits shall be paid in the form of cash in an amount equal
      to
      the Fair Market Value of the shares of Common Stock otherwise payable hereunder.
      The Plan will terminate at midnight on December 31, 2015 and may be terminated
      prior to such time by action of the Board of Directors of the
      Company.

     

    1.4    Maximum
      Number of Shares Available under the Plan.
      Subject
      to adjustment to reflect the effect of any stock dividend, stock split,
      combination of shares or similar recapitalization as provided in Section 8.1
      below, the aggregate maximum number of shares of Common Stock that will be
      available for issuance under the Plan will be one hundred thousand (100,000)
      shares.

     

    2.    Definitions

     

    2.1    Beneficiary.
      “Beneficiary” means the individual, trust or other entity designated by the
      Participant to receive any benefits to be distributed under the Plan after
      the
      Participant’s death. A Participant may designate more than one Beneficiary with
      specification of the percentage of any benefits to be paid to each designated
      Beneficiary. A Participant may designate or change a Beneficiary by filing
      a
      signed designation with the Company in a form

     

     

     

     

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    approved
      by the Company. If a designation has not been properly completed and filed
      with
      the Company or is ineffective for any other reason, the Beneficiary shall be
      the
      Participant’s surviving spouse.

     

    2.2    Board.
“Board”
      means the Board of Directors of the Company.

     

    2.3     Change
      in Control.
      A
“Change in Control” of the Company shall mean any of the following, provided,
      however, that such event constitutes a “change in control event” under Section
      409A of the Code: (a) the sale, lease, exchange or other transfer of all or
      substantially all of the assets of the Company (in one transaction or in a
      series of related transactions) to a corporation that is not controlled by
      the
      Company; (b) the approval by the shareholders of the Company of any plan or
      proposal for the liquidation or dissolution of the Company; or (c) a change
      in
      control of a nature that would be required to be reported (assuming such event
      has not been “previously reported”) in response to Item 5.01 of the Current
      Report on Form 8-K, as in effect on the effective date of the Plan, pursuant
      to
      Section 13 or 15(d) of the Exchange Act, whether or not the Company is then
      subject to such reporting requirement; provided that, without limitation, such
      a
      Change in Control shall be deemed to have occurred at such time as (x) any
      Person becomes the “beneficial owner” (as defined in Rule 13d-3 under the
      Exchange Act) directly or indirectly, of 50% or more of the combined voting
      power of the Company’s outstanding securities ordinarily having the right to
      vote at elections of directors or (y) individuals who constitute the Board
      of
      Directors on the effective date of the Plan cease for any reason to constitute
      at least a majority thereof, provided that any person becoming a director
      subsequent to the effective date of the Plan whose election, or nomination
      for
      election by the Company’s shareholders, was approved by a vote of at least a
      majority of the directors comprising the Board of Directors on the effective
      date of the Plan (either by a specific vote or by approval of the proxy
      statement of the Company in which such person is named as a nominee for
      director, without objection to such nomination) shall be, for purposes of this
      clause (y), considered as though such person were a member of the Board of
      Directors on the effective date of the Plan.

     

    2.4    Committee.
      “Committee” means the Management Development and Compensation Committee of the
      Board or such other committee as the Board shall designate to administer the
      Plan.

     

    2.5     Common
      Stock.
“Common
      Stock” means the common stock, par value $0.01 per share, of the
      Company.

     

    2.6    
Director’s
      Fees.
      “Director’s Fees” means any compensation payable by the Company in the form of
      cash to a Non-Employee Director for service as a Non-Employee Director on the
      Board or any committee of the Board as may be approved from time to time by
      the
      Board, excluding expense allowances, reimbursements and insurance premiums
      paid
      to or on behalf of such Non-Employee Directors.

     

    2.7     Fair
      Market Value.
“Fair
      Market Value” means, with respect to the Common Stock, as of any date (or, if no
      shares were traded or quoted on such date, as of the next preceding date on
      which there was such a trade or quote): (a) the mean between the reported high
      and low sale prices of the Common Stock if the Common Stock is listed, admitted
      to unlisted trading privileges or reported on any foreign or national securities
      exchange or on the Nasdaq 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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      National
        Market or an equivalent foreign market on which sale prices are reported;
        (b) if
        the Common Stock is not so listed, admitted to unlisted trading privileges
        or
        reported, the closing bid price as reported by the Nasdaq SmallCap Market,
        OTC
        Bulletin Board or the National Quotation Bureau, Inc. or other comparable
        service; or (c) if the Common Stock is not so listed or reported, such price
        as
        the Committee determines in good faith in the exercise of its reasonable
        discretion, and in accordance with the requirements of Section 409A of the
        Code,
        to be the fair market value of such Common Stock. If determined by the
        Committee, such determination will be final, conclusive and binding for all
        purposes and on all persons, including, without limitation, the Company,
        the
        shareholders of the Company, the Participants and their respective
        successors-in-interest. No member of the Committee will be liable for any
        determination regarding the fair market value of the Common Stock that is
        made
        in good faith.

    

     

    2.8     Non-Employee
      Director.
      “Non-Employee Director” means any individual who serves as a member of the Board
      and who is not an employee of the Company or any of its subsidiaries; provided,
      that the Committee may exclude any Non-Employee Director from participating
      in
      the Plan at any time or from time to time pursuant to an individual agreement
      or
      arrangement with such Non-Employee Director.

     

    2.9     Participant.
      “Participant” means any Non-Employee Director who elects to participate in the
      Plan.

     

    2.10     Plan.
“Plan”
      means this Select Comfort Corporation Non-Employee Director Equity
      Plan.

     

    2.11     Plan
      Year.
“Plan
      Year” means the 12-month period beginning each January 1, commencing January 1,
      2006.

     

    2.12     Separation
      from Service.
      “Separation from Service” means the Participant’s separation from service as a
      director and independent contractor with the Company (and all entities with
      whom
      the Company would be considered a single employer under Sections 414(b) and
      414(c) of the Code), voluntarily or involuntarily, for any reason, provided
      such
      Separation from Service constitutes a “separation from service” within the
      meaning of Section 409A of the Code.

     

    2.13     Unforeseeable
      Emergency.
      An
“Unforeseeable Emergency” is a severe financial hardship of a Participant
      resulting from an illness or accident of the Participant, his or her spouse,
      his
      or her dependent (as defined in Code section 152(a)); the loss of the
      Participant’s property due to casualty; or other similar extraordinary and
      unforeseeable circumstances arising as a result of events beyond the control
      of
      the Participant.

     

    3.    Administration

     

    3.1     Power
      and Authority.
      The
      Committee shall administer the Plan and shall have full power and authority
      to
      interpret the provisions of the Plan and to supervise the administration of
      the
      Plan. All determinations, interpretations and selections made by the Committee
      regarding the Plan shall be final and conclusive.

     

    3.2     Delegation
      of Powers; Employment of Advisers.
      The
      Committee may delegate to any person or entity such duties and powers, both
      administrative and discretionary, as it deems

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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      appropriate,
        except for such duties that may not be delegated by law or regulation. In
        administering the Plan, the Committee may employ attorneys, consultants,
        accountants or other persons, and the Company and the Committee shall be
        entitled to rely upon the advice or opinions of any such persons. All ordinary
        and reasonable expenses of the Committee shall be paid by the
        Company.

    

     

    4.    Election
      to Receive Director’s Fees in the Form of Common Stock

     

    4.1     Election.
      A
      Non-Employee Director may elect to receive all or any portion of any Director’s
      Fees in the form of Common Stock by giving notice of such election to the
      Company in a form approved by the Committee. Such an election shall be effective
      with respect to Director’s Fees payable commencing with the next Plan Year
      following the date of the election.

     

    4.2     Revocation
      of Election.
      An
      election to receive payment of Director’s Fees in the form of Common Stock may
      be revoked only by a subsequent election to receive payment of Director’s Fees
      in cash or to defer such Director’s Fees pursuant to Section 5 below. Such an
      election shall be effective with respect to Director’s Fees payable commencing
      with the next Plan Year following the date of the election.

     

    4.3.     Determination
      of Number of Shares.
      The
      number of shares of Common Stock to be paid to a Participant shall be determined
      by dividing the amount of Director’s Fees payable by the Fair Market Value of
      the Common Stock on the date such Director’s Fees would have been paid in cash
      but for the Participant’s election to receive payment of such Director’s Fees in
      the form of Common Stock. The amount of any fractional share shall be paid
      in
      cash.

     

    4.4     Issuance
      and Delivery of Shares.
      If a
      Participant has elected to receive his or her Director’s Fees in the form of
      Common Stock, a certificate for the number of shares of Common Stock to which
      the Participant is entitled shall be issued as soon as reasonably practicable
      following the date the Participant otherwise would have received the Director’s
      Fees or, alternatively, the shares may be issued in non-certificated form and
      delivered via electronic means to a brokerage account designated by the
      Participant.

     

    5.    Election
      to Defer Receipt of Director’s Fees and to Receive Director’s Fees in the Form
      of Common Stock

     

    5.1     Election.
      A
      Non-Employee Director may elect to defer receipt of all or any portion of any
      Director’s Fees and to receive such deferred Director’s Fees in the form of
      Common Stock by giving notice of such election to the Company in a form approved
      by the Committee (a “Deferral
      Election”).
      A
      Deferral Election shall be effective with respect to Director’s Fees payable
      commencing with the next Plan Year following the date of the Deferral Election.
      A new Non-Employee Director who first becomes eligible to participate in the
      Plan may make an initial irrevocable Deferral Election during the first 30
      days
      of eligibility to participate and such election shall apply only to Director’s
      Fees earned for performance of services following the date of the election.
      If a
      new Participant does not make an election during this 30-day period, the
      Participant may not make a Deferral Election to be effective earlier than the
      beginning of the next Plan Year. An election becomes irrevocable after the
      last
      day on which such election can be made and remains so for the Plan
      Year.

     

    5.2     Revocation
      of Election; Change in Distribution Date for Subsequent Plan
      Years.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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      (a) Except
      as
      provided in Section 5.9, a Deferral Election may be revoked only by a subsequent
      election to receive payment of Director’s Fees in cash or to receive such
      Director’s Fees in the form of Common Stock pursuant to Section 4 above. Such an
      election shall be effective with respect to Director’s Fees payable for services
      commencing with the next Plan Year following the date of the
      election.

     

    
    

      
      (b) For
      each
      succeeding Plan Year in which a Deferral Election is in effect, a Participant
      may change the distribution date for purposes of Section 5.4 for amounts
      deferred in the succeeding Plan Year(s) by timely delivering a new Deferral
      Election to the Company, specifying the distribution date for the amounts to
      be
      deferred in the succeeding Plan Year(s).

     

    
    

    5.3     Establishment
      of Deferred Stock Unit Account.
      As of
      any date that Director’s Fees would have been paid in cash to a Participant but
      for the Deferral Election, any amounts deferred pursuant to this Section 5
      shall
      be credited to a bookkeeping reserve account (“Account”)
      maintained by the Company in stock units (“Stock
      Units”).
      The
      number of Stock Units credited to a Participant’s Account shall be determined by
      dividing the amount of Director’s Fees to be deferred by the Fair Market Value
      of the Common Stock on the date such Director’s Fees would have been paid in
      cash to a Participant but for the Deferral Election, and shall include fractions
      of a Stock Unit. All Stock Units credited to a Participant’s Account pursuant to
      the Plan shall at all times be fully vested and non-forfeitable.

     

    5.4     Payment
      of Deferred Stock Unit Account.
      

     

      
      (a) Except
      as
      otherwise provided in Sections 7.1 and 7.2 below, Stock Units Credited to a
      Participant’s Account shall be payable in either a single distribution or in a
      series of annual installments over a period of two (2) to ten (10) years, as
      specified by the Participant in the applicable Deferral Election. The amount
      of
      the annual installment shall be determined by dividing the number of Stock
      Units
      in the Participant’s Account by the number of remaining installments to be made
      (including the payment being determined).

     

      
      (b) Except
      as
      otherwise provided in Sections 7.1 and 7.2 below, distribution of Stock Units
      shall be made or shall commence at such time or times as may be specified by
      the
      Participant in the applicable Deferral Election; provided that the designated
      payment date or dates with respect to any Deferral Election must be no earlier
      than the first day of the calendar year after the calendar year in which the
      Director’s Fees would have been paid but for the Deferral Election. A
      Participant may elect to receive distribution either upon a fixed, predetermined
      date (but not an event), or upon the Participant’s Separation from
      Service.

     

      
      (c) Stock
      Units shall be payable in a number of shares of Common Stock equal to the number
      of Stock Units in the Account. The amount of any fractional shares shall be
      paid
      in cash.

     

    5.5     Issuance
      and Delivery of Shares.
      The
      Company shall issue and deliver to the Participant a certificate for the number
      of shares of Common Stock due such Participant as payment for Stock Units as
      soon as practicable following the date on which Stock Units are

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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      payable
        or, alternatively, the shares may be issued in non-certificated form and
        delivered via electronic means to a brokerage account designated by the
        Participant.

    

     

    5.6     Unfunded
      Nature of Accounts.
      The
      Plan shall be unfunded with respect to the Company’s obligation to pay any
      amount of Stock Units in any Account, and a Participant’s rights to receive any
      payment of cash or shares of Common Stock for Stock Units in any Account shall
      be no greater than the rights of an unsecured general creditor of the
      Company.

     

    5.7     Designation
      of Beneficiary.
      A
      Non-Employee Director may designate a Beneficiary or Beneficiaries to receive
      any distributions under the Plan upon his or her death.

     

    5.8     Dividends.
      In the
      event a cash dividend is declared with respect to the Common Stock, the Account
      of each Participant shall be credited with a number of Stock Units determined
      by
      first calculating the product of (a) the cash dividend payable with respect
      to
      each share of Common Stock and (b) the total number of Stock Units credited
      to
      the Account as of the record date for such dividend; and second, by dividing
      such product by the Fair Market Value of the Common Stock on the payment date
      for such dividend.

     

    5.9     Unforeseeable
      Emergency.
      A
      Participant may receive a distribution from his or her Account if the Committee
      determines that such distribution is on account of an Unforeseeable Emergency.
      The amount that may be distributed with respect to a Participant’s Unforeseeable
      Emergency may not exceed the amounts necessary to satisfy the emergency plus
      amounts necessary to pay taxes reasonably anticipated as a result of the
      distribution, after taking into account the extent to which such Unforeseeable
      Emergency is or may be relieved through reimbursement or compensation by
      insurance or otherwise or by liquidation of the Participant’s assets (to the
      extent the liquidation of such assets would not itself cause severe financial
      hardship), and the cancellation of the Participant’s deferral election for the
      balance of the Plan Year, provided the determination of such limitation is
      consistent with the requirements of Section 409A(2)(B)(ii) of the Code. To
      receive such a distribution, the Participant must request a distribution by
      filing an application with the Committee and furnishing such supporting
      documentation as the Committee may require. In the application, the Participant
      shall specify the basis for the distribution and the dollar amount to be
      distributed. If such request is approved by the Committee, distribution shall
      be
      made in a lump sum payment as soon as administratively practicable following
      the
      approval of the completed application by the Committee.

     

    6.     Compliance
      with Rule 16b-3

     

    Notwithstanding
      the above, no election otherwise permitted under Section 4 or 5 above shall
      be
      effective if such election would cause the payment of Director’s Fees in the
      form of Common Stock to be a non-exempt purchase under Rule 16b-3 promulgated
      under the Securities Exchange Act of 1934 or would terminate the Non-Employee
      Director’s status s a non-employee director under Rule 16b-3, unless approved by
      the Board or the Committee.

     

    7.    Distribution
      upon Change in Control or upon Death of a Participant

     

    7.1     Distribution
      upon Change in Control.
      Notwithstanding anything in the Plan to the contrary (including Section 5.4
      above), in the event of a Change in Control, all Stock Units credited to an
      Account for a Participant shall, as of the date of the occurrence of a Change
      in
      Control, be immediately payable to such Participant in the form of shares of
      Common Stock

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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equal
        in
        number to the Stock Units held as of the date of the Change in Control. In
        the
        event that the Change in Control shall have resulted in the payment of cash,
        securities or other consideration for outstanding shares of Common Stock,
        then
        the Participants shall be entitled to receive the amount of such cash,
        securities or other consideration as would have been payable in connection
        with
        such Change in Control in respect of the shares of Common Stock otherwise
        payable to the Participants hereunder. The amount of any fractional shares
        shall
        be paid in cash.

    

     

    7.2     Distribution
      upon Separation from Service.
      Notwithstanding anything in the Plan to the contrary (including Section 5.4
      above), in the event of the death of a Participant, all Stock Units credited
      to
      an Account for the deceased Participant shall, as of the date of the
      Participant’s death, be immediately payable to the Participant’s Beneficiary or
      Beneficiaries in the form of shares of Common Stock equal in number to the
      Stock
      Units held in the deceased Participant’s Account as of the date of the
      Participant’s death. If
      there
      is no Beneficiary,
      as that
      term is defined under this Plan, the
      remaining benefits shall be distributed to the Participant’s estate.
The
      amount of any fractional shares shall be paid in cash.

     

    7.3     Tax
      Withholding.
      Notwithstanding anything in the Plan to the contrary, the Company may withhold
      from any distribution the amount of any federal, state or local tax that the
      Company reasonably determines is required by law to be withheld. Any benefits
      withheld and determined not to be required to be withheld shall be distributed
      as soon as there is a final determination of the applicable withholding. No
      interest shall be payable to any Participant or any Beneficiary for any period
      that any amount is withheld pursuant to this Section 7.3.

     

    8.    General
      Provisions

     

    8.1     Adjustments
      to Shares of Common Stock Upon Certain Events.
      In the
      event of any reorganization, merger, consolidation, recapitalization,
      liquidation, reclassification, stock dividend, stock split, combination of
      shares, rights offering, divestiture or extraordinary dividend (including a
      spin
      off) or any other change in the corporate structure or shares of the Company,
      the Committee (or, if the Company is not the surviving corporation in any such
      transaction, the board of directors of the surviving corporation) will make
      appropriate adjustment (which determination will be conclusive) as to the number
      and kind of securities or other property (including cash) payable with respect
      to Accounts under the Plan in order to prevent dilution or enlargement of the
      rights of Participants.

     

    8.2     Amendment;
      Termination.
      The
      Company reserves the right to amend the Plan prospectively or retroactively,
      in
      whole or in part, or to terminate the Plan, provided that (a) no amendment
      or
      termination may reduce or revoke any Participant’s rights under the Plan accrued
      and existing as of the later of the date of adoption of the amendment or
      termination or the effective date of the amendment or termination and (b)
      following shareholder approval of the Plan (i) the provisions of Sections 1.3
      and 1.4 above and this Section 8.2 may not be amended without shareholder
      approval and (ii) no other provision of the Plan may be amended without
      shareholder approval if and to the extent that shareholder approval of such
      amendment is required by any applicable law, any rule or regulation of any
      securities exchange on which the Company’s shares may then be listed or the
      Internal Revenue Code. Upon termination of the Plan, the Accounts of affected
      Participants shall be administered and distributed in accordance with the
      provisions of the Plan. The Company may, to the extent it complies with
      the

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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      requirements
        of Section 409A of the Code, accelerate distribution of the Participant’s
        Accounts following termination of the Plan.

    

     

    8.3     Rights
      Not Assignable.
      Except
      for designation of a Beneficiary, Participants’ Accounts or other rights under
      the Plan shall not be subject to assignment, conveyance, transfer, anticipation,
      pledge, alienation, sale, encumbrance or charge, whether voluntary or
      involuntary, by the Participant or any Beneficiary of the Participant. An
      interest in an Account or the amount represented thereby shall not provide
      collateral or security for a debt of a Participant or Beneficiary or be subject
      to garnishment, execution, assignment, levy or to another form of judicial
      or
      administrative process or to the claim of a creditor of a Participant or
      Beneficiary, through legal process or otherwise. Any attempt to anticipate,
      alienate, sell, transfer, assign, pledge, encumber, charge or to otherwise
      dispose of benefits, before actual receipt of the benefits, or a right to
      receive benefits, shall be void and shall not be recognized.

     

    8.4     Unsecured
      Creditor Status.
      A
      Participant shall be an unsecured general creditor of the Company as to the
      distribution of any benefits under the Plan. The right of any Participant or
      Beneficiary to receive any distribution under the Plan shall be no greater
      than
      the right of any other general, unsecured creditor of the Company.

     

    8.5     No
      Trust or Fiduciary Relationship.
      Nothing
      contained in the Plan shall be deemed to create a trust or fiduciary
      relationship of any kind for the benefit of any Participant or
      Beneficiary.

     

    8.6     Rights
      as a Stockholder.
      A
      Participant will have no rights as a shareholder unless and until shares of
      Common Stock are issued hereunder and the Participant becomes the holder of
      record of such shares.

     

    8.7     Construction.
      The
      singular includes the plural, and the plural includes the singular, unless
      the
      context clearly indicates the contrary. Capitalized terms (except those at
      the
      beginning of a sentence or part of a heading) have the meaning specified in
      the
      Plan. If a capitalized term is not defined in the Plan, the term shall have
      the
      general, accepted meaning of the term.

     

    8.8     Disputes.
      The
      Committee shall be the final arbiter of any dispute related to any matter under
      the Plan. If the Participant involved in a dispute is a member of the Committee,
      such Participant shall not participate in the Committee’s deliberations or
      decision related to the dispute. The determination by the Committee with respect
      to any such dispute shall be final and binding on all parties.

     

    8.9     Unfunded
      Plan.
      This
      Plan is intended to be an unfunded nonqualified deferred compensation plan
      within the meaning of Section 409A of the Code and shall be interpreted
      accordingly. Benefits provided in the Plan constitute only an unsecured
      contractual promise to distribute Common Stock (and cash in lieu of fractional
      shares) in accordance with the terms of the Plan by the Company.

     

    8.10     Self-Employment
      Taxes.
      To the
      extent that amounts distributed or deferred under the Plan are deemed to be
      net
      earnings from self-employment, each Participant shall be responsible for any
      taxes payable under federal, state or local law.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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    8.11     Right
      of Company to Replace Directors.
      Neither
      the action of the Company in establishing the Plan, nor any provision of the
      Plan, shall be construed as giving any Non-Employee Director the right to be
      retained as a director, or any right to any payment whatsoever except to the
      extent of the benefits provided for by the Plan. The Company expressly reserves
      the right at any time to replace or fail to renominate any Non-Employee Director
      without any liability for any claim against the Company for any payment or
      distribution whatsoever except to the extent provided for in the
      Plan.

     

    8.12     Governing
      Law; Severability.
      The
      Plan shall be construed, regulated and administered under the laws of the State
      of Minnesota. If any provisions of the Plan shall be held invalid or
      unenforceable for any reason, such invalidity or unenforceability shall not
      affect the remaining provisions of the Plan, and the Plan shall be deemed to
      be
      modified to the least extent possible to make it valid and enforceable in its
      entirety.

     

    8.13     Trust
      Fund.
      The
      Company shall be responsible for the distribution of all benefits provided
      under
      the Plan. At its discretion, the Company may establish one or more trust, with
      such trustees as the Board or the Committee may approve, for the purpose of
      providing for the distribution of such benefits. Such trust or trusts may be
      irrevocable, but the assets thereof shall be subject to the claims of the
      Company’s creditors. To the extent any benefits provided under the Plan are
      actually distributed from any such trust, the Company shall have no further
      obligation with respect thereto, but to the extent not so distributed, such
      benefits shall remain the obligation of, and shall be distributed by, the
      Company.

     

    8.14     Securities
      Law and Other Restrictions.
      Notwithstanding any other provision of the Plan or any agreements entered into
      pursuant to the Plan, the Company may, to the extent permitted under Section
      409A of the Code, delay the distribution of any shares of Common Stock under
      this Plan if the Company reasonably anticipates that the making of the payment
      will violate federal securities laws or other applicable law, provided payment
      will be made at the earliest date at which the Company reasonably anticipates
      that the distribution will not cause such violation. A Participant may not
      sell,
      assign, transfer or otherwise dispose of shares of Common Stock issued pursuant
      to the Plan, unless (a) there is in effect with respect to such shares a
      registration statement under the Securities Act and any applicable securities
      laws of a state or foreign jurisdiction or an exemption from such registration
      under the Securities Act and applicable state or foreign securities laws, and
      (b) there has been obtained any other consent, approval or permit from any
      other
      U.S. or foreign regulatory body which the Committee, in its sole discretion,
      deems necessary or advisable. The Company may condition the issuance, sale
      or
      transfer of shares of Common Stock upon the receipt of any representations
      or
      agreements from the parties involved, and the placement of any legends on
      certificates representing shares of Common Stock, as may be deemed necessary
      or
      advisable by the Company in order to comply with such securities law or other
      restrictions.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        9Unassociated Document

     

    Exhibit
      4.1

    

     

    CITIGROUP
      MORTGAGE LOAN TRUST INC.

    Depositor

     

    CITIMORTGAGE,
      INC.

    Master
      Servicer and Trust Administrator

     

    CITIBANK,
      N.A.

    Paying
      Agent, Certificate Registrar and Authenticating Agent

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    Trustee

     

    _________________________________________

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of March 1, 2006

    _________________________________________

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-AR2

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    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 Seller or the
                  Depositor.

              
	
                SECTION
                  2.04

              	
                Reserved.

              
	
                SECTION
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Master 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

              	
                Master
                  Servicer to Act as Master Servicer.

              
	
                SECTION
                  3.02

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

              
	
                SECTION
                  3.03

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04

              	
                Liability
                  of the Master 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 Trustee.

              
	
                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

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies; Collections
                  Thereunder.

              
	
                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 Master Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3.25

              	
                Obligations
                  of the Master Servicer in Respect of Monthly Payments.

                 

              
	
                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

              	
                Commission
                  Reporting.

              
	
                SECTION
                  4.07

              	
                Distributions
                  and Allocations of Realized Losses on the REMIC Regular
                  Interests.

                 

              
	
                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 MASTER SERVICER

                 

              
	
                SECTION
                  6.01

              	
                Liability
                  of the Depositor and the Master Servicer.

              
	
                SECTION
                  6.02

              	
                Merger
                  or Consolidation of the Depositor or the Master
                  Servicer.

              
	
                SECTION
                  6.03

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

              
	
                SECTION
                  6.04

              	
                Limitation
                  on Resignation of the Master Servicer.

              
	
                SECTION
                  6.05

              	
                Rights
                  of the Depositor in Respect of the Master Servicer.

                 

              
	
                ARTICLE
                  VII

                DEFAULT

                 

              
	
                SECTION
                  7.01

              	
                Master
                  Servicer Events of Default.

              
	
                SECTION
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                SECTION
                  7.03

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.04

              	
                Waiver
                  of Master Servicer Events of Default.

                 

              
	
                ARTICLE
                  VIII

                CONCERNING
                  THE TRUSTEE, THE TRUST ADMINISTRATOR, THE PAYING AGENT, THE CERTIFICATE
                  REGISTRAR AND THE AUTHENTICATING AGENT

                 

              
	
                SECTION
                  8.01

              	
                Duties
                  of Trustee, Trust Administrator and Others.

              
	
                SECTION
                  8.02

              	
                Certain
                  Matters Affecting the Trustee, the Trust Administrator and
                  Others.

              
	
                SECTION
                  8.03

              	
                Trustee,
                  Trust Administrator and Others not Liable for Certificates or Mortgage
                  Loans.

              
	
                SECTION
                  8.04

              	
                Trustee,
                  Trust Administrator and Others May Own Certificates.

              
	
                SECTION
                  8.05

              	
                Trustee’s,
                  Trust Administrator’s, Paying Agent’s, Authenticating Agent’s, Certificate
                  Registrar’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

              	
                [intentionally
                  omitted]

              
	
                SECTION
                  8.12

              	
                Appointment
                  of Office or Agency.

              
	
                SECTION
                  8.13

              	
                Representations
                  and Warranties.

              
	
                SECTION
                  8.14

              	
                Appointment
                  and Removal of Paying Agent, Authenticating Agent and Certificate
                  Registrar.

              
	
                SECTION
                  8.15

              	
                No
                  Trustee 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

              	
                Master
                  Servicer 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

              	
                Intention
                  of the Parties and Interpretation.

              

      

       

      
 

      Exhibits

       

      
        
          	
                  Exhibit
                    A-1

                	
                  Form
                    of Class I-A1 Certificate

                
	
                  Exhibit
                    A-2

                	
                  Form
                    of Class I-A2 Certificate

                
	
                  Exhibit
                    A-3

                	
                  Form
                    of Class I-AB Certificate

                
	
                  Exhibit
                    A-4

                	
                  Form
                    of Class I-B1 Certificate 

                
	
                  Exhibit
                    A-5

                	
                  Form
                    of Class I-B2 Certificate 

                
	
                  Exhibit
                    A-6

                	
                  Form
                    of Class I-B3 Certificate 

                
	
                  Exhibit
                    A-7

                	
                  Form
                    of Class I-B4 Certificate

                
	
                  Exhibit
                    A-8

                	
                  Form
                    of Class I-B5 Certificate

                
	
                  Exhibit
                    A-9

                	
                  Form
                    of Class I-B6 Certificate 

                
	
                  Exhibit
                    A-10

                	
                  Form
                    of Class I-P Certificate

                
	
                  Exhibit
                    A-11

                	
                  Form
                    of Class I-R Certificate

                
	
                  Exhibit
                    A-12

                	
                  Form
                    of Class II-A1 Certificate

                
	
                  Exhibit
                    A-13

                	
                  Form
                    of Class II-A2 Certificate

                
	
                  Exhibit
                    A-14

                	
                  Form
                    of Class II-B1 Certificate

                
	
                  Exhibit
                    A-15

                	
                  Form
                    of Class II-B2 Certificate 

                
	
                  Exhibit
                    A-16

                	
                  Form
                    of Class II-B3 Certificate

                
	
                  Exhibit
                    A-17

                	
                  Form
                    of Class II-B4 Certificate

                
	
                  Exhibit
                    A-18

                	
                  Form
                    of Class II-B5 Certificate

                
	
                  Exhibit
                    A-19

                	
                  Form
                    of Class II-B6 Certificate

                
	
                  Exhibit
                    A-20

                	
                  Form
                    of Class II-R 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 Mortgage Loan Purchase 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

                	
                  Form
                    of Master Servicer Certification 

                
	
                  Exhibit
                    I

                	
                  Form
                    of Back-up Certification

                
	 	 
	
                  Schedule
                    1

                	
                  Mortgage
                    Loan Schedule

                

        

      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of March 1, 2006,
      among CITIGROUP MORTGAGE LOAN TRUST INC., as Depositor, CITIMORTGAGE, INC.,
      as
      Master Servicer and Trust Administrator, CITIBANK, N.A. as Paying Agent,
      Certificate Registrar and Authenticating Agent 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 segregated pool of assets comprised of the Mortgage
      Loans and certain other related assets subject to this Agreement.

     

    REMIC
      I-A

     

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the Group I Mortgage Loans and certain other related
      assets subject to this Agreement as a REMIC (as defined herein) for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC I-A”. The Class R-IA Residual Interest will be the sole class of
“residual interests” in REMIC I-A for purposes of the REMIC Provisions (as
      defined herein). The following table irrevocably sets forth the designation,
      the
      REMIC I-A 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-A Regular Interests (as defined
      herein). None of the REMIC I-A Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              REMIC
                I-A 

              Remittance
                Rate

            	 	
              Initial
                Uncertificated

              Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LT-1A

            	 	
              (2)

            	 	 	
              $    
                1,575,018.60

            	 	
              March
                2036

            
	
              LT-1B

            	 	
              (2)

            	 	 	
              $   17,697,038.60

            	 	
              March
                2036

            
	
              LT-2A

            	 	
              (2)

            	 	 	
              $    
                3,015,608.30

            	 	
              March
                2036

            
	
              LT-2B

            	 	
              (2)

            	 	 	
              $  
                33,883,108.30

            	 	
              March
                2036

            
	
              LT-ZZZ

            	 	
              (2)

            	 	 	
              $
                459,630,495.20

            	 	
              March
                2036

            
	
              LT-P

            	 	
              (2)

            	 	 	
              $             
                 100.00

            	 	
              March
                2036

            
	
              LT-R

            	 	
              (2)

            	 	 	
              $              
                100.00

            	 	
              March
                2036

            

    

    

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Group I
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each REMIC I-A Regular Interest.

     

    (2) Calculated
      in accordance with the definition of “REMIC I-A Remittance Rate”
here

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    REMIC
      I-B

     

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the REMIC I-A Regular Interests subject to this
      Agreement as a REMIC (as defined herein) for federal income tax purposes, and
      such segregated pool of assets will be designated as “REMIC I-B”. The Class R-IB
      Residual Interest will be the sole class of “residual interests” in REMIC I-B
      for purposes of the REMIC Provisions (as defined herein). The following table
      irrevocably sets forth the designation, the Pass-Through Rate, the Initial
      Certificate Principal Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the Classes of Certificates that evidence “regular interests” or
“residual interests” in REMIC I-B.

     

    
      	
              Designation

            	 	
              Pass-Through

              Rate(2)

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                I-A1

            	 	
              Variable

            	 	
              $
                161,220,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-A2

            	 	
              Variable

            	 	
              $
                308,675,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-AB1 Interest(4)

            	 	
              Variable

            	 	
              $  
                 7,875,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-AB2 Interest(4)

            	 	
              Variable

            	 	
              $ 
                15,078,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-B1

            	 	
              Variable

            	 	
              $    8,511,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-B2

            	 	
              Variable

            	 	
              $   
                5,416,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-B3

            	 	
              Variable

            	 	
              $   
                3,353,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-B4

            	 	
              Variable

            	 	
              $   
                3,095,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-B5

            	 	
              Variable

            	 	
              $   
                1,290,000.00

            	 	 	
              March
                2036

            
	
              Class
                I-B6

            	 	
              Variable

            	 	
              $   
                1,288,269.00

            	 	 	
              March
                2036

            
	
              Class
                I-P

            	 	
              (3)

            	  	
                       
                     
                $             
                100.00

            	 	 	
              March
                2036

            
	
              Class
                I-R

            	 	
              Variable

            	 	
                              $             
                100.00

            	 	 	
              March
                2036

            

    

    

     

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Group I
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each Class of Certificates.

     

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

     

    (3) The
      Class
      I-P Certificates are principal only certificates and will not have a
      pass-through rate or accrue interest.

     

    (4) The
      Class
      I-AB1 Interest and the Class I-AB2 Interest shall be uncertificated. The Class
      I-AB Certificate shall represent ownership of the Class I-AB1 Interest and
      the
      Class I-AB2 Interest, and the Initial Certificate Principal Balance of the
      Class
      I-AB Certificate shall equal $22,953,000.00, which is the sum of the initial
      uncertificated balances of the Class I-AB1 Interest and the Class I-AB2
      Interest.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

     

    As
      provided herein, the Trust Administrator will elect to treat the segregated
      pool
      of assets consisting of the Group II Mortgage Loans and certain other related
      assets subject to this agreement as a REMIC (as defined herein) for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC II”. The Class II-R Certificates will be the sole class of “residual
      interests” in REMIC II for purposes of the REMIC Provisions (as defined herein).
      The following table irrevocably sets forth the designation, the Pass-Through
      Rate, the Initial Certificate Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the Classes of Certificates that evidence “regular interests” or
“residual interests” in REMIC II.

     

    
      	
              Designation

            	 	
              Pass-Through

              Rate(2)

            	 	
              Initial
                Aggregate

              Certificate
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            

    

    

    
      	
              Class
                II-A1

            	 	
              Variable

            	 	
              $

            	
              15,472,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-A2

            	 	
              Variable

            	 	
              $

            	
              67,041,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-B1

            	 	
              Variable

            	 	
              $

            	
              503,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-B2

            	 	
              Variable

            	 	
              $

            	
              210,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-B3

            	 	
              Variable

            	 	
              $

            	
              251,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-B4

            	 	
              Variable

            	 	
              $

            	
              126,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-B5

            	 	
              Variable

            	 	
              $

            	
              84,000.00
                

            	 	
              March
                2036

            
	
              Class
                II-B6

            	 	
              Variable

            	 	
              $

            	
              125,226.00
                

            	 	
              March
                2036

            
	
              Class
                II-R

            	 	
              Variable

            	 	
              $

            	
              100.00
                

            	 	
              March
                2036

            

    

    

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Group II
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each Class of Certificates.

     

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

     

    As
      of the
      Cut-off Date, the Group I Mortgage Loans had an aggregate Scheduled Principal
      Balance equal to $599,613,795. As of the Cut-off Date, the Group I-1 Mortgage
      Loans had an aggregate Scheduled Principal Balance equal to $176,970,387.
      As
      of the
      Cut-off Date, the Group I-2 Mortgage Loans had an aggregate Scheduled Principal
      Balance equal to $338,831,083. As of the Cut-off Date, the Group II Mortgage
      Loans had an aggregate Scheduled Principal Balance equal to $83,812,326.

    

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer, the Trust Administrator, the Paying Agent, the Authenticating
      Agent, the Certificate Registrar 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 Group I Mortgage Loan.

     

    “Adjustment
      Amount”: With respect to each Collateral Pool and each anniversary of the
      Cut-off Date, an amount equal to the greatest of (i) 1.00% multiplied by the
      aggregate outstanding principal balance of the related Mortgage Loans, (ii)
      the
      aggregate outstanding principal balance of the related Mortgage Loans secured
      by
      Mortgaged Properties located in the California postal zip code area in which
      the
      highest percentage of related Mortgage Loans based on outstanding principal
      balance are located and (iii) two times the outstanding principal balance of
      the
      related Mortgage Loan having the largest outstanding principal balance, in
      each
      case as of such anniversary of the Cut-off Date.

     

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

     

    “Administration
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to one month’s interest (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) at the applicable Administration Fee Rate on the same principal amount
      on which interest on such Mortgage Loan accrues for such calendar month.

     

    “Administration
      Fee Rate”: With respect to the Group I Mortgage Loans, 0.0025% per annum. With
      respect to the Group II Mortgage Loans, 0.0025% per annum. 

     

    “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.

     

    “Aggregate
      Senior Percentage”: With respect to any Distribution Date and the Group I Senior
      Certificates, the lesser of (a) 100% and (b) a fraction, expressed as a
      percentage, the numerator of which is the aggregate Certificate Principal
      Balance of the Group I Senior Certificates for such Distribution Date and the
      denominator of which is the sum of (i) the aggregate Scheduled Principal Balance
      of the Group I Mortgage Loans, plus (ii) the aggregate Scheduled Principal
      Balance of the REO Properties in Collateral Pool I, in each case before
      reduction for any Realized Losses on such Distribution Date. 

     

    “Aggregate
      Subordinate Percentage”: With respect to any Distribution Date and the Group I
      Subordinate Certificates, 100% minus the Aggregate Senior Percentage for such
      Distribution Date. 

     

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

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the sale of
      the
      Mortgage.

     

    “Available
      Distribution Amount”: With respect to any Loan Group within Collateral Pool I,
      the related Group I Available Distribution Amount. With respect to Collateral
      Pool II, the Group II Available Distribution Amount. 

     

    “Authenticating
      Agent”: Citibank, or its successor in interest, or any successor authenticating
      agent appointed as herein provided. 

     

    “Back-up
      Certification”: If the Master Servicer is not an affiliate of the Trust
      Administrator, a written certification, substantially in the form attached
      hereto as Exhibit I, signed by an officer of the Trust
      Administrator.

     

    “Bankruptcy
      Amount”: As of any date of determination, with respect to Collateral Pool I, an
      amount equal to the excess, if any, of (A) $100,000 over
      (B)
      the aggregate amount of Bankruptcy Losses allocated solely to the related
      Subordinate Certificates in accordance with Section 4.04. As of any date of
      determination, with respect to Collateral Pool II, an amount equal to the
      excess, if any, of (A) $50,000 over (B) the aggregate amount of Bankruptcy
      Losses allocated solely to the related Subordinate Certificates in accordance
      with Section 4.04. 

     

    “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 all Classes of the
      Certificates other than the Residual Certificates and the Class I-P
      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, each state in which
      any
      Initial Sub-Servicer conducts its business, the State of Missouri, the State
      of
      Texas, the city in which the Corporate Trust Office of the Trustee or the
      Corporate Trust Office of the Paying Agent is located are authorized or
      obligated by law or executive order to be closed.

     

    “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 Inc., Mortgage Pass-Through
      Certificates, Series 2006-AR2, 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 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 of such Class of Certificates
      to
      be made on such Distribution Date), and the denominator of which is the initial
      aggregate Certificate Principal Balance of such Class of Certificates as of
      the
      Closing Date. 

     

    “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 the Master
      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 the Master 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 any 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, reduced by the aggregate of (a) all
      distributions of principal made thereon on such immediately prior Distribution
      Date and (b) without duplication of amounts described in clause (a) above,
      reductions in the Certificate Principal Balance thereof in connection with
      allocations thereto of Realized Losses on the Mortgage Loans and Extraordinary
      Trust Fund Expenses on such immediately prior Distribution Date (or, in the
      case
      of any date of determination up to and including the initial Distribution Date,
      the initial Certificate Principal Balance of such Certificate, as stated on
      the
      face thereof). The Certificate Principal Balance of any Class of Certificates
      as
      of any date of determination is equal to the aggregate of the Certificate
      Principal Balances of the Certificates of such Class. Notwithstanding any of
      the
      foregoing, the Certificate Principal Balance of a Subordinate Certificate of
      the
      Class of Subordinate Certificates relating to a Collateral Pool outstanding
      with
      the highest numerical designation at any given time shall not be greater than
      the Percentage Interest evidenced by such Certificate multiplied by the excess,
      if any, of (A) the then aggregate Stated Principal Balance of the Mortgage
      Loans
      in such related Collateral Pool over (B) the then aggregate Certificate
      Principal Balances of all other Classes of Certificates relating to that
      Collateral Pool then outstanding.

     

    References
      herein to the
      “Certificate Principal Balance of the related Senior Support Certificates or
      Component Principal Balance of the related Senior Support Component, as
      applicable” shall mean, with respect to the Group I-1 Mortgage Loans, the
      Component Principal Balance of the I-A1 Component; and with respect to the
      Group
      I-2 Mortgage Loans, the Component Principal Balance of the I-A2
      Component.

     

    “Certificate
      Register”: The register maintained pursuant to Section 5.02.

     

    “Certificate
      Registrar”: Citibank, or its successor in interest, or any successor certificate
      registrar appointed as herein provided. 

     

    “Citibank”:
      Citibank, N.A.

     

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

     

    “Class
      I-A1 Certificate”: Any one of the Class I-A1 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-1 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-A2 Certificate”: Any one of the Class I-A2 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-2 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-AB Certificate”: Any one of the Class I-AB Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-3 and evidencing ownership of the Class
      I-AB1 Interest and the Class I-AB2 Interest.

     

    “Class
      I-B1 Certificate”: Any one of the Class I-B1 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-4 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-B1 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class I-B1 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class I-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group I Subordinate Certificates immediately prior to such date.

     

    “Class
      I-B2 Certificate”: Any one of the Class I-B2 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-5 and
      evidencing a Regular Interest in REMIC I-B for purposes of the REMIC
      Provisions.

     

    “Class
      I-B2 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class I-B2 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class I-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group I Subordinate Certificates immediately prior to such date.

     

    “Class
      I-B3 Certificate”: Any one of the Class I-B3 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-6 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-B3 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class I-B3 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class I-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group I Subordinate Certificates immediately prior to such date.

     

    “Class
      I-B4 Certificate”: Any one of the Class I-B4 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-7 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-B4 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class I-B4 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class I-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group I Subordinate Certificates immediately prior to such date.

     

    “Class
      I-B5 Certificate”: Any one of the Class I-B5 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-8 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-B5 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class I-B5 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class I-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group I Subordinate Certificates immediately prior to such date.

     

    “Class
      I-B6 Certificate”: Any one of the Class I-B6 Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-9 and evidencing a Regular Interest
      in
      REMIC I-B for purposes of the REMIC Provisions.

     

    “Class
      I-B6 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class I-B6 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class I-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group I Subordinate Certificates immediately prior to such date.

     

    Class
      I-P
      Certificate”: Any one of the Class I-P Certificates executed by the Paying Agent
      and authenticated and delivered by the Authenticating Agent, substantially
      in
      the form annexed hereto as Exhibit A-10 and evidencing a Regular Interest in
      REMIC I-B for purposes of the REMIC Provisions. 

     

    “Class
      I-R Certificate”: Any one of the Class I-R Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-11 and evidencing ownership of the
      Class
      R-IA Residual Interest and the Class R-IB Residual Interest.

     

    “Class
      II-A1 Certificate”: Any one of the Class II-A1 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      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
      II-A2 Certificate”: Any one of the Class II-A2 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      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
      II-B1 Certificate”: Any one of the Class II-B1 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      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
      II-B1 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class II-B1 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class II-B1 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group II Subordinate Certificates immediately prior to such date.

     

    “Class
      II-B2 Certificate”: Any one of the Class II-B2 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      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
      II-B2 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class II-B2 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class II-B2 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group II Subordinate Certificates immediately prior to such date.

     

    “Class
      II-B3 Certificate”: Any one of the Class II-B3 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-16 and evidencing a
      Regular Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      II-B3 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class II-B3 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class II-B3 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group II Subordinate Certificates immediately prior to such date.

     

    “Class
      II-B4 Certificate”: Any one of the Class II-B4 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-17 and evidencing a
      Regular Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      II-B4 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class II-B4 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class II-B4 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group II Subordinate Certificates immediately prior to such date.

     

    “Class
      II-B5 Certificate”: Any one of the Class II-B5 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-18 and evidencing a
      Regular Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      II-B5 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class II-B5 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class II-B5 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group II Subordinate Certificates immediately prior to such date.

     

    “Class
      II-B6 Certificate”: Any one of the Class II-B6 Certificates executed by the
      Paying Agent and authenticated and delivered by the Authenticating Agent,
      substantially in the form annexed hereto as Exhibit A-19 and evidencing a
      Regular Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      II-B6 Percentage”: With respect to any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the excess, if any, of the aggregate
      Certificate Principal Balance of the Class II-B6 Certificates immediately prior
      to such date over the aggregate amount, if any, payable to the Holders of the
      Class II-B6 Certificates on such date pursuant to Section 4.01(b)(i)(Z), and
      the
      denominator of which is the aggregate of the Scheduled Principal Balance of
      the
      Group II Subordinate Certificates immediately prior to such date.

     

    “Class
      II-R Certificate”: Any one of the Class II-R Certificates executed by the Paying
      Agent and authenticated and delivered by the Authenticating Agent, substantially
      in the form annexed hereto as Exhibit A-20 and evidencing the sole class of
      “residual interests” in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      B
      Percentage”: Any one of the Class I-B1 Percentage, the Class I-B2 Percentage,
      the Class I-B3 Percentage, the Class I-B4 Percentage, the Class I-B5 Percentage,
      the Class I-B6 Percentage, the Class II-B1 Percentage, the Class II-B2
      Percentage, the Class II-B3 Percentage, the Class II-B4 Percentage, the Class
      II-B5 Percentage or the Class II-B6 Percentage.

     

    “Class
      P
      Certificates”: The Class I-P Certificates. 

     

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

     

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

     

    “Closing
      Date”: March 30, 2006.

     

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

     

    “Collateral
      Pool”: Collateral Pool I and Collateral Pool II.

     

    “Collateral
      Pool I”: The Mortgage Loans in Loan Group I-1 and Loan Group I-2.

     

    “Collateral
      Pool II”: The Group II Mortgage Loans.

     

    “Collection
      Account”: The account or accounts created and maintained by the Master Servicer
      pursuant to Section 3.10(a), which shall be entitled, “CitiMortgage, Inc., as
      Master Servicer for U.S. Bank National Association, as Trustee, in trust for
      the
      registered holders of Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through
      Certificates, Series 2006-AR2.” The Collection Account must be an Eligible
      Account.

     

    “Commission”:
      The Securities and Exchange Commission. 

     

    “Compensating
      Interest Payment”: With respect to the Collateral Pool I and the Mortgage Loans
      in such Collateral Pool and any prepayment in full or in part, an amount which,
      when added to all amounts allocable to interest received in connection with
      such
      prepayment, equals one month’s interest on the amount of principal so prepaid at
      the related mortgage rate net of the related servicing fee rate (as
      set
      forth in the applicable Initial Sub-Servicing Agreement).
      With
      respect to Collateral Pool II and the Mortgage Loans in such Collateral Pool
      and
      any prepayments
      in full, an
      amount
equal
      to
      one-twelfth of the product of (i) the servicing fee rate percentage for the
      Mortgage
      Loans in such Collateral Pool (as set forth in the applicable Initial
      Sub-Servicing Agreement) and
      (ii)
      the stated principal balance of the Mortgage
      Loans in such Collateral Pool.

     

    “Component
      Principal Balance”: With respect to any Senior Support Component as of any date
      of determination, the Component Principal Balance of such Senior Support
      Component on the Distribution Date immediately prior to such date of
      determination plus any Subsequent Recoveries added to the Component Principal
      Balance of such Senior Support Component pursuant to Section 4.01, reduced
      by
      the aggregate of (a) all distributions of principal made thereon on such
      immediately prior Distribution Date and (b) without duplication of amounts
      described in clause (a) above, reductions in the Component Principal Balance
      thereof in connection with allocations thereto of Realized Losses on the
      Mortgage Loans and Extraordinary Trust Fund Expenses on such immediately prior
      Distribution Date (or, in the case of any date of determination up to and
      including the initial Distribution Date, the initial Component Principal Balance
      of such Senior Support Component, as stated on the face thereof). 

     

    The
      initial Component Principal Balance of the Senior Support Components is as
      follows:

    
      	
              Component

            	
              Initial

              Component
                Principal Balance(1) 

            
	
              I-A1

            	
              $7,875,000

            
	
              I-A2
                

            	
              $15,078,000

            

    

    _____________

    (1) Approximate;
      subject to a permitted variance of plus or minus 5%.

    

    References
      herein to the
      Component Principal Balance of the related Senior Support Component shall mean,
      with respect to the Group I-1 Mortgage Loans, the Component Principal Balance
      of
      the I-A1 Component and with respect to the Group I-2 Mortgage Loans, the
      Component Principal Balance of the I-A2 Component.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent, as the case may
      be, at which at any particular time its corporate trust business in connection
      with this Agreement shall be administered, which office at the date of the
      execution of this instrument is located at (i) with respect to the Trustee,
      U.S.
      Bank National Association, One Federal Street, 3rd
      Floor,
      Boston, Massachusetts 02110, Attention: Corporate Trust Services, or at such
      other address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Paying Agent, the
      Certificate Registrar, the Authenticating Agent and the Trust Administrator
      and
      (ii) with respect to the Paying Agent, the Certificate Registrar and the
      Authenticating Agent, Citibank, N.A., as Paying Agent, as Certificate Registrar
      or as Authenticating Agent, as the case may be, 388 Greenwich Street,
      14th
      Floor,
      New York, New York 10013, or at such other address as the Paying Agent, the
      Certificate Registrar and the Authenticating Agent may designate from time
      to
      time by notice to the Certificateholders, the Depositor, the Master Servicer,
      the Trust Administrator and the Trustee.

     

    “Cross-Collateralization
      Date”: With respect to Collateral Pool I, any Distribution Date on which there
      is an Undercollateralized Loan Group and an Overcollateralized Loan Group
      relating to such Collateral Pool.

     

    “Custodian”:
      A document custodian appointed by the Trustee to perform (or in the case of
      the
      initial Custodian otherwise engaged to perform) custodial duties with respect
      to
      the Mortgage Files. The initial Custodian is Citibank (West), a federal savings
      bank. 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 initial Custodian,
      the
      applicable agreement pursuant to which the Initial Custodian performs its
      custodial duties with respect to the Mortgage Files.

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, March 1, 2005. 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.

     

    “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 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.

     

    “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 by at least two of the Rating Agencies (or a comparable
      rating if S&P, Fitch and Moody’s 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 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 such 18th
      day;
      provided, however, that with respect to each Distribution Date and any Mortgage
      Loans subject to an Initial Sub-Servicing Agreement, the Determination Date
      shall be the date, relating to such Distribution Date, after which any Monthly
      Payments received are not reported by the related Sub-Servicer as having been
      received for inclusion in the amounts remitted by such Sub-Servicer on the
      related remittance date under the applicable Sub-Servicing Agreement in respect
      of Monthly Payments on the related Mortgage Loans.

     

    “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-A or REMIC II, other than through
      an
      Independent Contractor; provided, however, that the Trustee (or the Master
      Servicer on behalf of the Trustee) shall not be considered to Directly Operate
      an REO Property solely because the Trustee (or the Master 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 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 Paying
      Agent pursuant to Section 3.10(b) which shall be entitled “Citibank, N.A., as
      Paying Agent, in trust for the registered holders of Citigroup Mortgage Loan
      Trust Inc., Mortgage Pass- Through Certificates, Series 2006-AR2.” 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 April
      2006.

     

    “Diverted
      Interest Amount”: With respect to Collateral Pool I and any Distribution Date,
      one month’s interest accrued during the related Interest Accrual Period on the
      Overcollateralized Amount at the Pass-Through Rate for the Super Senior
      Certificates and Senior Support Component related to the Undercollateralized
      Loan Group and any other unpaid interest shortfalls on the Super Senior
      Certificates and Senior Support Component related to such Undercollateralized
      Loan Group, to the extent available (with overcollateralization and
      undercollateralization calculated, for purposes of this definition only, as
      of
      the prior Distribution Date after taking into account all distributions and
      Realized Loss allocations that occurred on such prior Distribution Date). On
      any
      Distribution Date, any Diverted Interest Amount will be diverted to the
      Available Distribution Amount of the Undercollateralized Loan Group. On any
      Distribution Date, any Diverted Interest Amount will be diverted from the
      Available Distribution Amounts of the Overcollateralized Loan
      Group.

     

    “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 or (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. 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
      Bankruptcy Loss”: With respect to any Collateral Pool, any Bankruptcy Loss, or
      portion thereof, which exceeds the then applicable Bankruptcy
      Amount.

     

    “Excess
      Fraud Loss”: With respect to any Collateral Pool, any Fraud Loss, or portion
      thereof, which exceeds the then applicable Fraud Loss Amount.

     

    “Excess
      Loss”: With respect to any Collateral Pool, any Excess Bankruptcy Loss, Excess
      Special Hazard Loss, Excess Fraud Loss or Extraordinary Loss.

     

    “Excess
      Special Hazard Loss”: With respect to any Collateral Pool, any Special Hazard
      Loss, or portion thereof, that exceeds the then applicable Special Hazard
      Amount. 

     

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

     

    “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 applicable Servicing Fee Rate, (ii) the Administration Fee Rate and
      (iii) the rate at which any lender-paid primary mortgage insurance premiums
      accrue.

     

    “Extraordinary
      Loss”: Any Realized Loss or portion thereof caused by or resulting
      from:

     

    (i) nuclear
      or chemical reaction or nuclear radiation or radioactive or chemical
      contamination, all whether controlled or uncontrolled and whether such loss
      be
      direct or indirect, proximate or remote or be in whole or in part caused by,
      contributed to or aggravated by a peril covered by the definition of the term
      “Special Hazard Loss”;

     

    (ii) hostile
      or warlike action in time of peace or war, including action in hindering,
      combating or defending against an actual, impending or expected attack by any
      government or sovereign power, de
      jure
      or
de
      facto,
      or by
      any authority maintaining or using military, naval or air forces, or by
      military, naval or air forces, or by an agent of any such government, power,
      authority or forces;

     

    (iii) any
      weapon of war employing atomic fission or radioactive forces whether in time
      of
      peace or war, and

     

    (iv) insurrection,
      rebellion, revolution, civil war, usurped power or action taken by governmental
      authority in hindering, combating or defending against such an occurrence,
      seizure or destruction under quarantine or customs regulations, confiscation
      by
      order of any government or public authority, or risks of contraband or illegal
      transactions or trade.

     

    “Extraordinary
      Trust Fund Expenses”: Any amounts reimbursable to the Master 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, Citibank 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 Seller,
      the Depositor or the Master Servicer pursuant to or as contemplated by Section
      2.03 or Section 9.01), a determination made by the Master Servicer that all
      Liquidation Proceeds have been recovered. The Master Servicer shall maintain
      records of each Final Recovery Determination made thereby.

     

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

     

    “Fraud
      Loss”: Any Realized Loss or portion thereof sustained by reason of a default
      arising from intentional fraud, dishonesty or misrepresentation in connection
      with the related Mortgage Loan, including by reason of the denial of coverage
      under any related Primary Mortgage Insurance Policy because of fraud, dishonesty
      or misrepresentation.

     

    “Fraud
      Loss Amount”: With respect to Collateral Pool I, as of any date of determination
      after the Cut-off Date, an amount equal to: (X) prior to the second anniversary
      of the Cut-off Date, 2.00% of the aggregate outstanding principal balance of
      the
      Group I Mortgage Loans as of the Cut-off Date minus the aggregate amount of
      Fraud Losses on the Group I Mortgage Loans allocated solely to the related
      Subordinate Certificates in accordance with Section 4.04 since the Cut-off
      Date
      up to such date of determination and (Y) from the second anniversary of the
      Cut-off Date and prior to the fifth anniversary of the Cut-off Date, (1) the
      lesser of (a) the related Fraud Loss Amount as of the most recent anniversary
      of
      the Cut-off Date and (b) 3.00% of the aggregate outstanding principal balance
      of
      the Group I Mortgage Loans as of the most recent anniversary of the Cut-off
      Date
      minus (2) the Fraud Losses on the Group I Mortgage Loans allocated solely to
      the
      related Subordinate Certificates in accordance with Section 4.04 since the
      most
      recent anniversary of the Cut-off Date up to such date of determination. On
      and
      after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount with
      respect to Collateral Pool I shall be zero. In addition, after the Certificate
      Principal Balances of the related Subordinate Certificates are reduced to zero,
      the Fraud Loss Amount with respect to Collateral Pool I shall be
      zero.

     

    With
      respect to Collateral Pool II, as of any date of determination after the Cut-off
      Date, an amount equal to: (X) prior to the third
      anniversary of the Cut-off Date, 1.00% of the aggregate outstanding principal
      balance of the Group II Mortgage Loans as of the Cut-off Date minus the
      aggregate amount of Fraud Losses on the Group II Mortgage Loans allocated solely
      to the related Subordinate Certificates in accordance with Section 4.04 since
      the Cut-off Date up to such date of determination and (Y) on
      and
      after the third anniversary of
      the
      Cut-off Date, the Fraud Loss Amount with respect to Collateral Pool II shall
      be
      zero. In addition, after the Certificate Principal Balances of the related
      Subordinate Certificates are reduced to zero, the Fraud Loss Amount with respect
      to Collateral Pool II shall be zero.

     

    “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 Mortgage Loan.

     

    “Group
      I
      Available Distribution Amount”: With respect to any Distribution Date and any
      Loan Group within Collateral Pool I, an amount equal to the excess of (i) the
      sum attributable to the related Group I Mortgage Loans of (a) the aggregate
      of
      the Monthly Payments due on or before the Due Date relating to such Distribution
      Date and received by the Master Servicer (or a Sub-Servicer on its behalf)
      on or
      prior to the related Determination Date, after deduction of the applicable
      Servicing Fee and the Administration Fee (b) Liquidation Proceeds, Insurance
      Proceeds, Principal Prepayments, proceeds from repurchases of and substitutions
      for the related Group I Mortgage Loans, Subsequent Recoveries and other
      unscheduled collections of principal and interest in respect of the related
      Group I Mortgage Loans or REO Properties received by the Servicer during the
      related Prepayment Period (exclusive of any prepayment charges, penalties or
      premiums), (c) the aggregate of any amounts on deposit in the Distribution
      Account representing Compensating Interest Payment paid by the Master Servicer
      in respect of related Prepayment Interest Shortfalls relating to Principal
      Prepayments that occurred during the related Prepayment Period and (d) the
      aggregate of any P&I Advances made by the Master Servicer for such
      Distribution Date over (ii) the sum attributable to or allocable to the related
      Group I Mortgage Loans of (a) amounts reimbursable to the Depositor, the Master
      Servicer, the Trustee, the Trust Administrator, Citibank 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 Master Servicer or to be withdrawn by the Master Servicer from the
      Collection Account pursuant to Section 3.18. 

     

    Notwithstanding
      the foregoing, the Group I Available Distribution Amount for any Distribution
      Date shall be increased (in the case of an Undercollateralized Loan Group)
      or
      decreased (in the case of an Overcollateralized Loan Group) by any applicable
      Diverted Interest Amount for such Distribution Date.

     

    Provided,
      that, on any Distribution Date on which there are Group I Class A Certificates
      relating to only one Loan Group remaining outstanding, the Group I Available
      Distribution Amount for that Distribution Date will be calculated on an
      aggregate Collateral Pool I basis, without regard to the related Loan Group.
      

     

    “Group
      I
      Certificates”: The Group I Senior Certificates and the Group I Subordinate
      Certificates.

     

    “Group
      I
      Class A Certificates”: The Class I-A1 Certificates, the Class I-A2 Certificates
      and the Class I-AB Certificates.

     

    “Group
      I
      Mortgage Loans”: Each mortgage loan identified as such on the attached Mortgage
      Loan Schedule.

     

    “Group
      I-1 Mortgage Loans”: Each Loan identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      I-2 Mortgage Loans”: Each Loan identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      I
      Senior Certificates”: The Group I Class A Certificates and the Class I-R
      Certificates.

     

    “Group
      I
      Senior Percentage”: With respect to any Distribution Date and a Loan Group
      included in Collateral Pool I, the lesser of (a) 100% and (b) a fraction,
      expressed as a percentage, the numerator of which is the excess, if any, of
      the
      aggregate Certificate Principal Balance of the related Super Senior Certificates
      and the Component Principal Balance of the related Senior Support Component
      for
      such Distribution Date over the aggregate amount, if any, payable to the Holders
      of the related Certificates and Components on such date pursuant to clause
      (d)
      of the definition of “Senior Principal Distribution Amount,” and
      the
      denominator of which is
      the
      sum of (i) the aggregate Scheduled Principal Balance of the related Group I
      Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance of the
      REO
      Properties in the related Loan Group, in each case before reduction for any
      Realized Losses on such Distribution Date.
      

     

    Notwithstanding
      the foregoing, on any Cross-Collateralization Date on which (x) the sum of
      (i)
      the aggregate Scheduled Principal Balance of the related Group I Mortgage Loans,
      plus (ii) the aggregate Scheduled Principal Balance of the REO Properties in
      the
      related Loan Group, in each case before reduction for any Realized Losses on
      such Distribution Date exceeds (y) the excess, if any, of the Certificate
      Principal Balance of the related Group I Class A Certificates for such
      Distribution Date over the aggregate amount, if any, payable to the Holders
      of
      the related Group I Class A Certificates on such date pursuant to clause (d)
      of
      the definition of “Senior Principal Distribution Amount,” the Group I Senior
      Percentage will equal the lesser of (a) 100% and (b) fraction, expressed as
      a
      percentage, the numerator of which is the sum of (i) the excess, if any, of
      the
      Certificate Principal Balance of the related Group I Class A Certificates for
      such Distribution Date over the aggregate amount, if any, payable to the Holders
      of the related Group I Class A Certificates on such date pursuant to clause
      (d)
      of the definition of “Senior Principal Distribution Amount,” plus (ii) the
      Overcollateralized Amount with respect to Collateral Pool I, and the denominator
      of which is the sum of (i) the aggregate Scheduled Principal Balance of the
      related Group I Mortgage Loans, plus (ii) the aggregate Scheduled Principal
      Balance of the REO Properties in related loan group, in each case before
      reduction for any Realized Losses on such Distribution Date. On any Distribution
      Date after the reduction of the Certificate Principal Balances of one of the
      related Group I Class A Certificates to zero, the Group I Senior Percentage
      for
      the remaining Loan Group will be the lesser of (a) 100% and (b) a fraction,
      expressed as a percentage, the numerator of which is the excess, if any, of
      the
      Certificate Principal Balance of the related Group I Class A Certificates for
      such Distribution Date over the aggregate amount, if any, payable to the Holders
      of the related Group I Class A Certificates on such date pursuant to clause
      (d)
      of the definition of “Senior Principal Distribution Amount,” and the denominator
      of which is the sum of (i) the aggregate Scheduled Principal Balance of the
      Group I Mortgage Loans, plus (ii) the aggregate Scheduled Principal Balance
      of
      the REO Properties in Collateral Pool I, in each case before reduction for
      any
      Realized Losses on such Distribution Date.

     

    “Group
      I
      Senior Prepayment Percentage”: With respect to any Distribution Date and any
      Group I Class A Certificates within the range indicated below, the percentage
      as
      indicated below:

     

    
      	
              Distribution
                Date

            	
              Group
                I Senior Prepayment Percentage

            
	
              April
                2006 through March
                2013

            	
              100%

            
	
              April
                2013 through March 2014

            	
              Group
                I Senior Percentage, plus 70% of the Group I Subordinate
                Percentage

            
	
              April
                2014 through March 2015

            	
              Group
                I Senior Percentage, plus 60% of the Group I Subordinate
                Percentage

            
	
              April
                2015 through March 2016

            	
              Group
                I Senior Percentage, plus 40% of the Group I Subordinate
                Percentage

            
	
              April
                2016 through March 2017

            	
              Group
                I Senior Percentage, plus 20% of the Group I Subordinate
                Percentage

            
	
              April
                2017 and thereafter

            	
              Group
                I Senior Percentage

            

    

    

    provided,
      however,
      no
      reduction to the Group I Senior Prepayment Percentage described above shall
      be
      made as of any Distribution Date unless (i) the outstanding principal balance
      of
      the Group I Mortgage Loans delinquent 60 days or more (including REO Properties
      and Mortgage Loans in foreclosure) averaged over the last six months (or such
      fewer number of months as have elapsed from the Cut-Off Date through the end
      of
      the related Prepayment Period) does not exceed 50% of the sum of the then
      current Certificate Principal Balances of the Group I Subordinate Certificates
      and (ii) Realized Losses on the Group I Mortgage Loans to date are less than
      the
      then applicable Trigger Amount.

     

    On
      any
      Distribution Date on which Realized Losses on the Group I Mortgage Loans to
      date
      are greater than the then applicable Trigger Amount, the Group I Senior
      Prepayment Percentage for each Loan Group within Collateral Pool I will be
      the
      greater of (x) the related Group I Senior Prepayment Percentage for such
      Distribution Date or (y) the related Group I Senior Prepayment Percentage for
      the immediately preceding Distribution Date.

     

    Notwithstanding
      the above, if on any Distribution Date (a) the Aggregate Subordinate Percentage,
      prior to giving effect to any distributions on such Distribution Date, equals
      or
      exceeds two times the initial Aggregate Subordinate Percentage as of the Cut-Off
      Date for Collateral Pool I, (b) the provisions of clause (i) of the second
      preceding paragraph are met and (c) (i) on or prior to the Distribution Date
      occurring in March 2009, cumulative Realized Losses on the Group I Mortgage
      Loans as of the end of the related Prepayment Period do not exceed 20% of the
      initial aggregate Certificate Principal Balance of the Group I Subordinate
      Certificates and (ii) after the Distribution Date occurring in March 2009,
      cumulative Realized Losses on the Group I Mortgage Loans as of the end of the
      Prepayment Period do not exceed 30% of the initial aggregate Certificate
      Principal Balance of the Group I Subordinate Certificates, then the Group I
      Senior Prepayment Percentage for such Distribution Date and each Loan Group
      within Collateral Pool I will equal the related Group I Senior Percentage plus
      50% of the Group I Subordinate Percentage for such Distribution Date, if such
      Distribution Date is prior to April
      2009,
      and
      will equal the related Group I Senior Percentage for such Distribution Date,
      if
      such Distribution Date occurs on or after April
      2009.

     

    On
      any
      Distribution Date on which the Aggregate Senior Percentage for Collateral Pool
      I
      exceeds the initial Aggregate Senior Percentage for Collateral Pool I, the
      Group
      I Senior Prepayment Percentage for each Loan Group within Collateral Pool I
      shall be 100%.

     

    Upon
      reduction of the Certificate Principal Balances of the related Group I Class
      A
      Certificates to zero, the Group I Senior Prepayment Percentage for the related
      Loan Group shall be 0%.

     

    “Group
      I
      Subordinate Certificates”: The Class I-B1 Certificates, the Class I-B2
      Certificates, the Class I-B3 Certificates, the Class I-B4 Certificates, the
      Class I-B5 Certificates and the Class I-B6 Certificates.

     

    “Group
      I
      Subordinate Percentage”:  With respect to any Loan Group within Collateral
      Pool I and any Distribution Date, 100% minus the Group I Senior Percentage
      for
      that Loan Group and Distribution Date. 

     

    “Group
      I
      Subordinate Prepayment Percentage”:  With respect to any Loan Group within
      Collateral Pool I and a Distribution Date, 100% minus the related Group I Senior
      Prepayment Percentage for that Loan Group and Distribution Date. 

     

    “Group
      II
      Available Distribution Amount”: With respect to any Distribution Date and
      Collateral Pool II, an amount equal to the excess of (i) the sum attributable
      to
      the Group II Mortgage Loans of (a) the aggregate of the Monthly Payments due
      on
      or before the Due Date relating to such Distribution Date and received by the
      Master Servicer (or a Sub-Servicer on its behalf) on or prior to the related
      Determination Date, after deduction of the applicable Servicing Fee and the
      Administration Fee (b) Liquidation Proceeds, Insurance Proceeds, Principal
      Prepayments, proceeds from repurchases of and substitutions for the Group II
      Mortgage Loans, Subsequent Recoveries and other unscheduled collections of
      principal and interest in respect of the Group II Mortgage Loans or REO
      Properties received by the Servicer during the related Prepayment Period
      (exclusive of any prepayment charges, penalties or premiums), (c) the aggregate
      of any amounts on deposit in the Distribution Account representing Compensating
      Interest Payment paid by the Master Servicer in respect of related Prepayment
      Interest Shortfalls relating to Principal Prepayments that occurred during
      the
      related Prepayment Period and (d) the aggregate of any P&I Advances made by
      the Master Servicer for such Distribution Date over (ii) the sum attributable
      to
      or allocable to the Group II Mortgage Loans of (a) amounts reimbursable to
      the
      Depositor, the Master Servicer, the Trustee, the Trust Administrator, Citibank
      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 Master Servicer or to be withdrawn by the Master
      Servicer from the Collection Account pursuant to Section 3.18. 

     

    “Group
      II
      Certificates”: The Group II Senior Certificates and the Group II Subordinate
      Certificates.

     

    “Group
      II
      Class A Certificates”: The Class II-A1 Certificates and the Class II-A2
      Certificates. 

     

    “Group
      II
      Mortgage Loans”: The Mortgage Loans identified as such on the attached Mortgage
      Loan Schedule.

     

    “Group
      II
      Senior Certificates”: The Group II Class A Certificates and the Class II-R
      Certificates. 

    

    “Group
      II
      Senior Percentage”: With respect to any Distribution Date, the lesser of (a)
      100% and (b) a fraction, expressed as a percentage, the numerator of which
      is
      the excess, if any, of the aggregate Certificate Principal Balance of the Group
      II Class A Certificates for such Distribution Date over the aggregate amount,
      if
      any, payable to the Holders of the Group II Class A Certificates on such date
      pursuant to clause (d) of the definition of “Senior Principal Distribution
      Amount,” and the denominator of which is the sum of (i) the aggregate of the
      Scheduled Principal Balances of the Group II Mortgage Loans, plus (ii) the
      aggregate of the Scheduled Principal Balances of the REO Properties in
      Collateral Pool II, in each case before reduction for any Realized Losses on
      such Distribution Date.

     

    “Group
      II
      Senior Prepayment Percentage”: With respect to any Distribution Date within the
      range indicated below, the percentage as indicated below:

     

    
      	
              Distribution
                Date

            	
              Group
                II Senior Prepayment Percentage

            
	
              April
                2006 through March 2011

            	
              100%

            
	
              April
                2011 through March 2012

            	
              Group
                II Senior Percentage, plus 70% of the Group II Subordinate
                Percentage

            
	
              April
                2012 through March 2013

            	
              Group
                II Senior Percentage, plus 60% of the Group II Subordinate
                Percentage

            
	
              April
                2013 through March 2014

            	
              Group
                II Senior Percentage, plus 40% of the Group II Subordinate
                Percentage

            
	
              April
                2014 through March 2015

            	
              Group
                II Senior Percentage, plus 20% of the Group II Subordinate
                Percentage

            
	
              April
                2015 and thereafter

            	
              Group
                II Senior Percentage

            

    

    

    provided,
      however,
      no
      reduction to the Group II Senior Prepayment Percentage described above shall
      be
      made as of any Distribution Date unless (i) the outstanding principal balance
      of
      the Group II Mortgage Loans delinquent 60 days or more (including REO Properties
      and Mortgage Loans in foreclosure) averaged over the last six months (or such
      fewer number of months as have elapsed from the Cut-Off Date through the end
      of
      the related Prepayment Period) does not exceed 50% of the sum of the then
      current Certificate Principal Balances of the Group II Subordinate Certificates
      and (ii) Realized Losses on the Group II Mortgage Loans to date are less than
      the then applicable Trigger Amount.

     

    On
      any
      Distribution Date on which Realized Losses on the Group II Mortgage Loans to
      date are greater than the then applicable Trigger Amount, the Group II Senior
      Prepayment Percentage will be the greater of (x) the Group II Senior Prepayment
      Percentage for such Distribution Date or (y) the Group II Senior Prepayment
      Percentage for the immediately preceding Distribution Date.

     

    On
      any
      Distribution Date on which the Group II Senior Percentage exceeds the initial
      Group II Senior Percentage, the Group II Senior Prepayment Percentage shall
      be
      100%.

     

    Upon
      reduction of the Certificate Principal Balances of the Group II Class A
      Certificates to zero, the Group II Senior Prepayment Percentage shall be
      0%.

     

    “Group
      II
      Subordinate Certificates”: The Class II-B1 Certificates, the Class II-B2
      Certificates, the Class II-B3 Certificates, the Class II-B4 Certificates, the
      Class II-B5 Certificates and the Class II-B6 Certificates.

     

    “Group
      II
      Subordinate Percentage”: For any Distribution Date, 100% minus the Group II
      Senior Percentage.

     

    “Group
      II
      Subordinate Prepayment Percentage”: For any Distribution Date, 100% minus the
      Group II Senior Prepayment Percentage.

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor, the Master Servicer and their respective
      Affiliates, (b) does not have any direct financial interest in or any material
      indirect financial interest in the Depositor, the Master Servicer or any
      Affiliate thereof, and (c) is not connected with the Depositor, the Master
      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 Master 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 Master Servicer or any Affiliate thereof, as the case
      may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than the Master 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 the Master 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 any Adjustable-Rate Mortgage Loan, the index for the adjustment
      of the Mortgage Rate set forth as such on the related Mortgage
      Note.

     

    “Initial
      Sub-Servicing Agreement”: With respect to the Group I Mortgage Loans,
      the
      Amended and Restated Master Mortgage Loan Purchase Agreement, dated as of March
      1, 2006, between Wells Fargo and the Seller, as
      modified as of the date hereof with respect to the Group
      I
Mortgage
      Loans in the Trust Fund.
      With
      respect to the Group II Mortgage Loans, the Mortgage Loan Purchase and Sale
      Agreement, dated as of September 1, 2005 between Washington Mutual and the
      Seller, as
      modified as of the date hereof with respect to the Group
      II
Mortgage
      Loans in the Trust Fund. 

     

    “Insurance
      Proceeds”: Proceeds of any Primary Mortgage Insurance Policy, 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
      Master 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 any Class of
      Certificates, the calendar month preceding the month in which the Distribution
      Date occurs, and each such Interest Accrual Period shall be deemed to be 30
      days
      regardless of its actual length. All distributions of interest on the
      Certificates will be based on a 360-day year consisting of twelve 30-day
      Interest Accrual Periods. 

     

    “Interest
      Distribution Amount”: With respect to any Group I Certificates and in the case
      of the Senior Support Certificates, the related Senior Support Component, for
      any Distribution Date, an amount equal to one month’s interest accrued during
      the most recently ended Interest Accrual Period at the applicable Pass-Through
      Rate on the Certificate Principal Balance or Component Principal Balance on
      such
      class of certificates or component, as the case may be, immediately prior to
      such Distribution Date. With respect to any Group II Certificates for any
      Distribution Date, an amount equal to one month’s interest accrued during the
      most recently ended Interest Accrual Period at the applicable Pass-Through
      Rate
      on the Certificate Principal Balance thereof immediately prior to such
      Distribution Date. The Interest Distribution Amount for any such Class of
      Certificates or Component, as the case may be, (a) will also include, in the
      case of any Distribution Date subsequent to the initial Distribution Date,
      the
      excess, if any, of the Interest Distribution Amount in respect of such Class
      or
      Component, as the case may be, for the immediately preceding Distribution Date,
      over the aggregate distributions of interest made in respect of such Class
      or
      Component, as the case may be, pursuant to Section 4.01(a)(1) on such
      immediately preceding Distribution Date and (b) will be reduced, in the case
      of
      any Distribution Date, by the amount of any Prepayment Interest Shortfalls
      (to
      the extent not covered by Compensating Interest Payments paid by related Initial
      Sub-Servicer or by the Master Servicer) and Relief Act Interest Shortfalls
      that
      were allocated to such Class on such Distribution Date pursuant to Section
      1.02.
      The Interest Distribution Amount for any Class of Certificates or Component,
      as
      the case may be, will be based on a 360 day year consisting of twelve 30-day
      Interest Accrual Periods.

     

    “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
      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 the applicable
      Trust 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 the applicable
      Trust REMIC 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 Master 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
      Group”: Any of Loan Group I-1 or Loan Group I-2. 

     

    “Loan
      Group I-1”: The Loan Group consisting of the Group I-1 Mortgage
      Loans.

     

    “Loan
      Group I-2”: The Loan Group consisting of the Group I-2 Mortgage
      Loans.

     

    “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.

     

    “Master
      Servicer”: CitiMortgage, Inc. or any successor master servicer appointed as
      herein provided, in its capacity as Master Servicer hereunder.

     

    “Master
      Servicer Certification”: A written certification, substantially in the form
      attached hereto as Exhibit H, signed by an officer of the Master
      Servicer.

     

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

     

    “Master
      Servicer Remittance Date”: With respect to any Distribution Date, 12:00 p.m. New
      York time on the Business Day preceding the Distribution Date or if the
      Collection Account is held at Citibank (for so long as Citibank is the Paying
      Agent), 12:00 p.m. New York time on the Distribution Date.

     

    “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.

     

    “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.

     

    “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.

     

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

     

    “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 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 Master
      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 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 of this Agreement, as from time to time held as
      a
      part of REMIC I-A or REMIC II, as applicable, the Mortgage Loans so held being
      identified in the Mortgage Loan Schedule.

     

    “Mortgage
      Loan Purchase Agreement”: The agreement between the Depositor and the Seller
      regarding the transfer of the Mortgage Loans by the Seller to or at the
      direction of the Depositor, substantially in the form of Exhibit D annexed
      hereto.

     

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

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I-A
      or REMIC II on such date, attached hereto as Schedule 1. The Mortgage Loan
      Schedule shall set forth, but is not limited to, the following information
      with
      respect to each Mortgage Loan: 

     

    (i) the
      Master Servicer’s 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) a
      code
      indicating if the Mortgage Loan is subject to a Primary Mortgage Insurance
      Policy;

     

    (xviii) the
      Value
      of the Mortgaged Property;

     

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

     

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

     

    (xxi) the
      Servicing Fee Rate and whether the Servicing Fee Rate steps up on the initial
      Adjustment Date; 

     

    (xxii) if
      such
      Mortgage Loan is an Adjustable-Rate Mortgage Loan, the Maximum Mortgage Rate,
      Minimum Mortgage Rate, Gross Margin, Index and Periodic Rate Cap;

     

    (xxiii) whether
      such Mortgage Loan has an interest-only period, and if so, the first Due Date
      on
      which Monthly Payments are scheduled to include principal amortization;

     

    (xxiv) the
      Collateral Pool in which such Mortgage Loan shall reside, and in the case of
      Collateral Pool I, the Loan Group in which such Mortgage Loan shall reside;
      

     

    (xxv) the
      originator of such Mortgage Loan and the Initial Sub-Servicer of such Mortgage
      Loan; 

     

    
      	(xxvi)  	
              [reserved];
                and

            

    

     

    
      	(xxvii)  	
              [reserved].
                

            

    

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans 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. 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
      WAC
      Rate”: The
      Net
      WAC Rate for any Distribution Date and the Group I-1 Mortgage Loans is a rate
      per annum equal to the weighted average of the Expense Adjusted Mortgage Rates
      of the Group I-1 Mortgage Loans, weighted based on their principal balances
      as
      of the first day of the related Due Period. The Net WAC Rate for any
      Distribution Date and the Group I-2 Mortgage Loans is a rate per annum equal
      to
      the weighted average of the Expense Adjusted Mortgage Rates of the Group I-2
      Mortgage Loans, weighted based on their principal balances as of the first
      day
      of the related Due Period. The Net WAC Rate for any Distribution Date and the
      Group II Mortgage Loans is a rate per annum equal to the weighted average of
      the
      Expense Adjusted Mortgage Rates of the Group II Mortgage Loans, weighted based
      on their principal balances as of the first day of the related Due Period.
      

     

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

     

    “Nonrecoverable
      P&I Advance”: Any P&I 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 Master Servicer, will not or, in the case of a proposed P&I
      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.

     

    “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 the Seller or the Depositor, as applicable; with
      respect to the Master Servicer, any officer who is authorized to act for the
      Master Servicer in matters relating to this Agreement, and whose action is
      binding upon the Master Servicer, initially including those individuals whose
      names appear on the list of authorized officers delivered at the
      closing.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be
      salaried counsel for the Depositor, the Master 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.

     

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

     

    “Originator”:
      Mortgage Access Corp. d/b/a Weichert Financial Services, MortgageIT, Inc.,
      Quicken Loans Inc., Washington Mutual or Wells Fargo, as applicable.

     

    “Overcollateralized
      Amount”: As to any Distribution Date and the Group I Class A Certificates, an
      amount equal to the Undercollateralized Amount for the Classes of Class A
      Certificates relating to the same Collateral Pool.

    

    “Overcollateralized
      Loan Group”: With respect to the Class A Certificates relating to Collateral
      Pool I, as to any Distribution Date on which there is an Undercollateralized
      Loan Group within such Collateral Pool, the Loan Group within such Collateral
      Pool for which there is no Undercollateralized Amount.

     

    “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 each Class of Group I Class A Certificates (other than
      the Class I-AB Certificates) and any Distribution Date, the Net WAC Rate for
      the
      related Group I Mortgage Loans for such Distribution Date. For federal income
      tax purposes, the equivalent of the foregoing shall (i) in the case of the
      Class
      I-A1 Certificates, be expressed as the weighted average of the REMIC I-A
      Remittance Rate on REMIC I-A Regular Interest LT-1B, weighted on the basis
      of
      the Uncertificated Balance of such REMIC I-A Regular Interest, and (ii) in
      the
      case of the Class I-A2 Certificates, be expressed as the weighted average of
      the
      REMIC I-A Remittance Rate on REMIC I-A Regular Interest LT-2B, weighted on
      the
      basis of the Uncertificated Balance of such REMIC I-A Regular
      Interest.

     

    With
      respect to the Class I-AB Certificates and any Distribution Date, the weighted
      average of the Net WAC Rate for the Group I-1 Mortgage Loans and the Net WAC
      Rate for the Group I-2 Mortgage Loans for such Distribution Date, weighted
      on
      the basis of the Senior Support Component for the related Loan Groups. For
      federal income tax purposes, the Class I-AB Certificates shall be deemed to
      own
      the Class I-AB1 Interest and the Class I-AB2 Interest. For federal income tax
      purposes, the Pass-Through Rate shall be (x) with respect to the Class I-AB1
      Interest, the REMIC I-A Remittance Rate on REMIC I-A Regular Interest LT-1B,
      weighted on the basis of the Uncertificated Balance of such REMIC I-A Regular
      Interest and (y) with respect to the Class I-AB2 Interest, the REMIC I-A
      Remittance Rate on REMIC I-A Regular Interest LT-2B, weighted on the basis
      of
      the Uncertificated Balance of such REMIC I-A Regular Interest.

     

    With
      respect to the Class I-R Certificates and the first Distribution Date, the
      Net
      WAC Rate for the Group I-1 Mortgage Loans for such Distribution Date. For
      federal income tax purposes, the equivalent of the foregoing shall be expressed
      as the weighted average of the REMIC I-A Remittance Rate on REMIC I-A Regular
      Interest LT-1B, weighted on the basis of the Uncertificated Balance of such
      REMIC I-A Regular Interest.

     

    With
      respect to each class of Group I Subordinate Certificates and any Distribution
      Date, the related Subordinate Net WAC Rate for such Distribution Date. For
      federal income tax purposes, the equivalent of the foregoing shall be expressed
      as the weighted average of the REMIC I-A Remittance Rate on REMIC I-A Regular
      Interest LT-1A and REMIC I-A Regular Interest LT-2A (subject to a cap and a
      floor equal to the REMIC I-A Remittance Rate on REMIC I-A Regular Interest
      LT-1B
      and REMIC I-A Regular Interest LT-2B, respectively) weighted on the basis of
      the
      Uncertificated Balance of each such REMIC I-A Regular Interest.

     

    The
      Class
      I-P Certificates shall have a Pass-Through Rate of 0.00% per annum and shall
      not
      be entitled to any distributions of interest.

     

    With
      respect to the Group II Certificates and any Distribution Date, the Net WAC
      Rate
      for the Group II Mortgage Loans for such Distribution Date. 

     

    With
      respect to the Class II-R Certificates and the first Distribution Date, the
      Net
      WAC Rate for the Group II Mortgage Loans for such Distribution
      Date.

     

    “Paying
      Agent”: Citibank, or its successor in interest, or any successor paying agent
      appointed as herein provided.

     

    “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.

     

    “Percentage
      Interest”: With respect to any Class of 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 represented
      by
      such Certificate, and the denominator of which is the initial aggregate
      Certificate Principal Balance of all of the Certificates of such Class. The
      Book-Entry Certificates are issuable only in Percentage Interests corresponding
      to initial Certificate Principal Balances of $100,000 and integral multiples
      of
      $1.00 in excess thereof. The Private Certificates are issuable only in
      Percentage Interests corresponding to the 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 of such Class or to an otherwise
      authorized denomination for such Class plus such remainder. The Residual
      Certificates are issuable only in Percentage Interests of 20% and multiples
      thereof.

     

    “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, the Master Servicer, the Trustee, the Paying Agent,
      the
      Authenticating Agent, the Certificate Registrar, 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 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 advised by the Trustee, the
      Trust Administrator or an Affiliate of either of them, that have been rated
      “AAA” by S&P and “Aaa” by Moody’s and in the highest rating category by
      Fitch if rated by Fitch; and

     

    (vii) if
      previously confirmed in writing to the Master 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 Senior
      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 the
      Master 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”: A prepayment rate for the mortgage loans in Collateral Pool I of
      25% CPR and a prepayment rate for the mortgage loans in Collateral Pool II
      of
      250%
      of the prepayment speed assumption, or PSA.
      A CPR
      (Constant Prepayment Rate) represents an annualized constant assumed rate of
      prepayment each month of a pool of mortgage loans relative to its outstanding
      principal balance for the life of such pool. A
      prepayment assumption of 100% PSA assumes constant prepayment rates of 0.20%
      per
      annum of the then outstanding principal balance of the mortgage loans in the
      first month of the life of the mortgage loans and an additional 0.20% per annum
      in each month thereafter until the 30th month. Beginning in the 30th month
      and
      in each month thereafter during the life of the mortgage loans, 100% PSA assumes
      a constant prepayment rate of 6% per annum each month. As used in the tables
      entitled “Percent of Initial Certificate Principal Balance Outstanding,” “0%
      PSA” assumes prepayment rates equal to 0% of PSA, or no prepayments.
      Correspondingly, “100% PSA” and “250% PSA” assumes prepayment rates equal to
      100% of PSA and 250% of PSA, respectively, and so forth. 

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was during the related Prepayment Period the subject of a Principal
      Prepayment in full or in part that was applied by the Master Servicer to reduce
      the outstanding principal balance of such loan on a date preceding the Due
      Date
      in the succeeding Prepayment Period, 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 related Prepayment Period. The
      obligations of the Master Servicer in respect of any Prepayment Interest
      Shortfall are set forth in Section 3.24.

     

    “Prepayment
      Period”: With respect to the Wells Fargo Mortgage Loans and the Washington
      Mutual Mortgage Loans, and any Distribution Date, the calendar month preceding
      the calendar month in which such Distribution Date occurs. With respect
all
      other
      Mortgage Loans and any Distribution Date, the period commencing on the 14th
      day
      of the calendar month preceding the calendar month in which such Distribution
      Date occurs (or, in the case of the first Distribution Date, commencing on
      March
      1, 2006) and ending on the 13th day of the calendar month in which such
      Distribution Date occurs.

     

    “Primary
      Mortgage Insurance Policy”: Each primary policy of mortgage guaranty insurance
      in effect as represented in the Mortgage Loan Purchase Agreement and as so
      indicated on the Mortgage Loan Schedule, or any replacement policy therefor
      obtained by the Master Servicer or any Sub-Servicer pursuant to Section 3.13.
      

     

    “Prime
      Rate”: The lesser of (i) the per annum rate of interest, publicly announced from
      time to time by JPMorgan Chase Bank, N.A. 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 JPMorgan Chase Bank,
      N.A.) 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.

     

    “Private
      Certificates”: The Class I-B4 Certificate, Class I-B5 Certificate, Class I- B6
      Certificate, Class I-P Certificate, and the Group II Certificates. 

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03 or Section 9.01, and as confirmed
      by an Officers’ Certificate from the Master Servicer 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 the
      Master 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
      Master 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 and Administration 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.

     

    “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 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) have a Maximum Mortgage Rate not less than the Maximum Mortgage
      Rate
      on the Deleted Mortgage Loan, (iv) have a Minimum Mortgage Rate not less than
      the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) have a Gross Margin
      equal to the Gross Margin of the Deleted Mortgage Loan, (vi) have a next
      Adjustment Date not more than two months later than the next Adjustment Date
      on
      the Deleted Mortgage Loan, (vii) 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, (viii) have a remaining term to maturity not greater than
      (and
      not more than one year less than) that of the Deleted Mortgage Loan, (ix) 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, (xi)
      [intentionally omitted]; and (xii) conform to each representation and warranty
      set forth in Section 6 of the 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 (x) 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 (xii) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

    “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”: Moody’s and Fitch 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, the Paying Agent, the Authenticating
      Agent, the Certificate Registrar and the Master 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 Master 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 Master 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 and unpaid Administration
      Fees
      for which the Master 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 (v) 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 Certificate, 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 Senior Certificate or Subordinate 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, as amended.

     

    “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-A”:
      As
      defined in the Preliminary Statement.
      

     

    “REMIC
      I-A Regular Interests”: The REMIC I-A Regular Interests, as set forth in the
      Preliminary Statement.

     

    “REMIC
      I-A Remittance Rate”: With respect to REMIC I-A Regular Interest LT-1A, REMIC
      I-A Regular Interest LT-2A, REMIC I-A Regular Interest LT-ZZZ, REMIC
      I-A
      Regular Interest LT-P
      and
      REMIC I-A Regular Interest LT-R, the weighted average of the Expense Adjusted
      Mortgage Rates of the Group I Mortgage Loans, weighted based on their principal
      balances as of the first day of the related Due Period. With respect to REMIC
      I-A Regular Interest LT-1B and REMIC I-A Regular Interest LT-2B, the weighted
      average of the Expense Adjusted Mortgage Rates of the related Loan Group,
      weighted based on their principal balances as of the first day of the related
      Due Period.

     

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

     

    “REMIC
      II”: As defined in the Preliminary Statement.

     

    “REMIC
      II
      Regular Interests”: The REMIC II Regular Interests, as set forth in the
      Preliminary Statement. 

     

    “Remittance
      Report”: A report in form and substance acceptable to the Trust Administrator
      and the Trustee prepared by the Master Servicer pursuant to Section 4.03 with
      such additions, deletions and modifications as agreed to by the Trustee, the
      Trust Administrator and the Master 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 Master 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-A or REMIC II, 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 the Master 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
      Certificate”: Any one of the Class I-R Certificates or Class II-R
      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 Paying Agent,
      the Certificate Registrar or the Authenticating Agent, 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.

     

    “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.

     

    “Seller”:
      Citigroup Global Markets Realty Corp. or its successor in interest, in its
      capacity as seller under the Mortgage Loan Purchase Agreement.

     

    “Senior
      Certificate”: Any Group I Senior Certificate or Group II Senior
      Certificate.

     

    “Senior
      Percentage”: A Group I Senior Percentage or the Group II Senior Percentage, as
      applicable. 

     

    “Senior
      Prepayment Percentage”: The Group I Senior Prepayment
      Percentage
      or the Group II Senior Prepayment Percentage, as applicable.

     

    “Senior
      Principal Distribution Amount”: For any Distribution Date and the Super Senior
      Certificates and Senior Support Certificates or Senior Support Components,
      as
      applicable, and the Class I-R Certificates relating to any Loan Group, an amount
      equal to the lesser of (i) the applicable Group I Available Distribution Amount,
      remaining after distribution of the related Senior Interest Distribution Amount
      and (ii) the sum of:

     

    (a) the
      product of (x) the then-applicable related Senior Percentage and (y) the sum
      of
      the following:

     

    

    (i) the
      aggregate of the principal portions of all Monthly Payments due during the
      related Due Period in respect of the related Mortgage Loans, whether or not
      received; 

    

    (ii) the
      principal portion of all Insurance Proceeds, Subsequent Recoveries and
      Liquidation Proceeds (other than amounts described in clause (c) below) received
      in respect of the related Mortgage Loans during the related Prepayment Period
      (other than any related Mortgage Loan that was purchased, sold or replaced
      pursuant to or as contemplated by Section 2.03 or Section 9.01 during the
      related Prepayment Period), net of any portion thereof that represents a
      recovery of principal for which an advance was made by the Master Servicer
      pursuant to Section 4.03 in respect of a preceding Distribution Date;

    

    (iii) the
      Stated Principal Balance (calculated immediately prior to such Distribution
      Date) of each related Mortgage Loan that was purchased, sold or replaced
      pursuant to or as contemplated by Section 2.03 or Section 9.01 during the
      related Prepayment Period; 

    

    (iv) [reserved];

    

    (v) in
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans in the related Loan Group pursuant
      to Section 2.03 during the related Prepayment Period, the excess, if any, of
      (A)
      the aggregate of the Stated Principal Balances (calculated as of the respective
      dates of substitution) of such Deleted Mortgage Loans, net of the aggregate
      of
      the principal portions of the Monthly Payments due during the related Prepayment
      Period (to the extent received from the related Mortgagor or advanced by the
      related Servicer and distributed pursuant to Section 4.01 on the Distribution
      Date in the related Prepayment Period) in respect of each such Deleted Mortgage
      Loan that was replaced prior to the Distribution Date in the related Prepayment
      Period, over (B) the aggregate of the Stated Principal Balances (calculated
      as
      of the respective dates of substitution) of such Qualified Substitute Mortgage
      Loans; 

    

    (b) the
      product of (x) the then-applicable related Senior Prepayment Percentage and
      (y)
      all Principal Prepayments received in respect of the related Mortgage Loans
      during the related Prepayment Period; 

    

    (c) with
      respect to any related Mortgage Loan which was the subject of a Final Recovery
      Determination in the related Prepayment Period, the lesser of (a) the
      then-applicable related Senior Prepayment Percentage multiplied by the net
      Liquidation Proceeds and Insurance Proceeds allocable to principal in respect
      of
      such Mortgage Loan and (b) the then-applicable related Senior Percentage
      multiplied by the Scheduled Principal Balance of the related Mortgage Loan
      at
      the time of such Final Recovery Determination; and

    

    (d) in
      the
      case of any Distribution Date subsequent to the initial Distribution Date,
      an
      amount equal to the excess, if any, of the amounts calculated pursuant to
      clauses (a), (b) and (c) above for the immediately preceding Distribution Date,
      over the aggregate distributions of principal made in respect of the related
      Class or Classes of Class A Certificates on such immediately preceding
      Distribution Date pursuant to Section 4.01 to the extent that any such amounts
      are not attributable to Realized Losses which were allocated to the related
      Subordinate Certificates pursuant to Section 4.04.

    

    For
      any
      Distribution Date and the Class A Certificates relating to Collateral Pool
      II,
      as applicable, an amount equal to the lesser of (i) the Group II Available
      Distribution Amount remaining after distribution of the related Senior Interest
      Distribution Amount and (ii) the sum of:

     

    (a) the
      product of (x) the then-applicable related Senior Percentage and (y) the sum
      of
      the following:

     

    

    (i) the
      aggregate of the principal portions of all Monthly Payments due during the
      related Due Period in respect of the related Mortgage Loans, whether or not
      received; 

    

    (ii) the
      principal portion of all Insurance Proceeds, Subsequent Recoveries and
      Liquidation Proceeds (other than amounts described in clause (c) below) received
      in respect of the related Mortgage Loans during the related Prepayment Period
      (other than any related Mortgage Loan that was purchased, sold or replaced
      pursuant to or as contemplated by Section 2.03 or Section 9.01 during the
      related Prepayment Period), net of any portion thereof that represents a
      recovery of principal for which an advance was made by the Master Servicer
      pursuant to Section 4.03 in respect of a preceding Distribution Date;

    

    (iii) the
      Stated Principal Balance (calculated immediately prior to such Distribution
      Date) of each related Mortgage Loan that was purchased, sold or replaced
      pursuant to or as contemplated by Section 2.03 or Section 9.01 during the
      related Prepayment Period; 

    

    (iv) [reserved];

    

    (v) in
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans in the related Collateral Pool
      pursuant to Section 2.03 during the related Prepayment Period, the excess,
      if
      any, of (A) the aggregate of the Stated Principal Balances (calculated as of
      the
      respective dates of substitution) of such Deleted Mortgage Loans, net of the
      aggregate of the principal portions of the Monthly Payments due during the
      related Prepayment Period (to the extent received from the related Mortgagor
      or
      advanced by the related Servicer and distributed pursuant to Section 4.01 on
      the
      Distribution Date in the related Prepayment Period) in respect of each such
      Deleted Mortgage Loan that was replaced prior to the Distribution Date in the
      related Prepayment Period, over (B) the aggregate of the Stated Principal
      Balances (calculated as of the respective dates of substitution) of such
      Qualified Substitute Mortgage Loans; 

    

    (b) the
      product of (x) the then-applicable related Senior Prepayment Percentage and
      (y)
      the Principal Prepayments received in respect of the related Mortgage Loans
      during the related Prepayment Period; 

    

    (c) with
      respect to any related Mortgage Loan which was the subject of a Final Recovery
      Determination in the related Prepayment Period, the least of (a) the
      then-applicable related Senior Prepayment Percentage multiplied by the net
      Liquidation Proceeds and Insurance Proceeds allocable to principal in respect
      of
      such Mortgage Loan; (b) the then-applicable related Senior Percentage multiplied
      by the Scheduled Principal Balance of the related Mortgage Loan at the time
      of
      such Final Recovery Determination; and (c) the principal portion of all amounts
      collected in connection with such a Final Recovery Determination;
      and

    

    (d) in
      the
      case of any Distribution Date subsequent to the initial Distribution Date,
      an
      amount equal to the excess, if any, of the amounts calculated pursuant to
      clauses (a), (b) and (c) above for the immediately preceding Distribution Date,
      over the aggregate distributions of principal made in respect of the related
      Class or Classes of Class A Certificates on such immediately preceding
      Distribution Date pursuant to Section 4.01 to the extent that any such amounts
      are not attributable to Realized Losses which were allocated to the related
      Subordinate Certificates pursuant to Section 4.04. 

    

    “Senior
      Support Certificates”: The Class I-AB Certificates. The Class I-AB Certificates
      are comprised of the I-A1 Component and the I-A2 Component. References herein
      to
      the “Senior Support Certificates or Senior Support Component, as applicable”
shall mean, with respect to the Group I-1 Mortgage Loans, the I-A1 Component;
      and with respect to the Group I-2 Mortgage Loans, the I-A2
      Component.

    

    “Senior
      Support Components”: The I-A1 Component and the I-A2 Component. References
      herein to the “Senior Support Certificates or Senior Support Component, as
      applicable” shall mean, with respect to the Group I-1 Mortgage Loans, the I-A1
      Component; and with respect to the Group I-2 Mortgage Loans, the I-A2
      Component.

    

    “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 the
      Master Servicer in connection with a default, delinquency or other unanticipated
      event by the Master Servicer in the performance of its servicing obligations,
      including, but not limited to, the cost of (i) the preservation, restoration
      and
      protection of a Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, 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, and (iv) 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. The
      Master 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 Master Servicer, would not be ultimately recoverable from related Insurance
      Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property as
      provided herein.

    

    “Servicing
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to one month’s interest (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) at the applicable Servicing Fee Rate on the same principal amount
      on
      which interest on such Mortgage Loan accrues for such calendar month. A portion
      of such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

    

    “Servicing
      Fee Rate”: The Servicing Fee Rate on the Group I Mortgage Loans will be equal to
      0.250% per annum. The Servicing Fee Rate on the Group II Mortgage Loans will
      be
      equal to 0.250% per annum. 

    

    “Servicing
      Officer”: Any employee of the Master 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 Master Servicer to the Trustee,
      the
      Trust Administrator and the Depositor on the Closing Date, as such list may
      from
      time to time be amended.

     

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

     

    “Special
      Hazard Amount”:
      For
      Collateral Pool I, initially an amount equal to $5,819,157. For Collateral
      Pool
      II, initially an amount equal to $419,062. As of each anniversary of the Cut-off
      Date, for any Collateral Pool the Special Hazard Amount shall equal the lesser
      of (i) the Special Hazard Amount on the immediately preceding anniversary of
      the
      Cut-off Date less the sum of all amounts allocated to the related Subordinate
      Certificates in respect of Special Hazard Losses on the related Mortgage Loans
      during such year and (ii) the related Adjustment Amount for such anniversary.
      After the Certificate Principal Balances of the related Subordinate Certificates
      are reduced to zero, the Special Hazard Amount for a Collateral Pool will be
      zero.

     

    “Special
      Hazard Loss”: Any Realized Loss or portion thereof not in excess of the lesser
      of the cost of repair or replacement of a Mortgaged Property suffered by such
      Mortgaged Property by reason of damage caused by certain hazards (including
      earthquakes, mudflows, and, to a limited extent, floods) not insured against
      under the hazard insurance policies or fire or flood insurance policies required
      to be maintained in respect of such Mortgaged Property pursuant to Section
      3.14,
      or by reason of the application of any co-insurance provision. Special Hazard
      Losses shall not include any Extraordinary Loss or any of the
      following:

     

    (i) wear
      and
      tear, deterioration, rust or corrosion, mold, wet or dry rot; inherent vice
      or
      latent defect; animals, birds, vermin, insects;

     

    (ii) smog,
      smoke, vapor, liquid or dust discharge from agricultural or industrial
      operations; pollution; contamination;

     

    (iii) settling,
      subsidence, cracking, shrinkage, bulging or expansion of pavements, foundations,
      walls, floors, roofs or ceilings; and

     

    (iv) errors
      in
      design, faulty workmanship or faulty materials, unless the collapse of the
      property or a part thereof ensues and then only for the ensuing loss.

     

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

     

    “S&P”:
      Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies,
      Inc., 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 Master 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 Master 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 Master 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 the Master Servicer is the subject of a proceeding under the federal
      Bankruptcy Code and the making of a 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 Master Servicer,
      a trustee in bankruptcy or a federal bankruptcy court and should have been
      the
      subject of such Remittance absent such prohibition.

     

    “Subordinate
      Certificates”: The Group I Subordinate Certificates and the Group II Subordinate
      Certificates. 

     

    “Subordinate
      Net WAC Rate”: For
      any
      Distribution Date and the Group I Subordinate Certificates, a per annum rate
      equal to the weighted average (weighted in proportion to the results of
      subtracting, from the aggregate principal balance of the mortgage loans in
      each
      of Loan Group I-1 and Loan Group I-2, the Certificate Balance of the related
      Super Senior Certificates and the Component Principal Balance of the related
      Senior Support Component, from the aggregate principal balance of the mortgage
      loans in Loan Group I-1, the Certificate Balance of the Class I-R Certificates
      and the Class I-P Certificates) of the weighted average Expense Adjusted
      Mortgage Rates of the Group I-1 Mortgage Loans and Group I-2 Mortgage Loans.
      For
      federal income tax purposes, the equivalent of the foregoing shall be expressed
      as the weighted average of the REMIC I-A Remittance Rates on REMIC I-A Regular
      Interest LT-1A and REMIC I-A Regular Interest LT-2A, weighted on the basis
      of
      the Uncertificated Balance of each such REMIC I-A Regular Interest.

    

    “Subordinate
      Percentage”: A Group I Subordinate Percentage or the Group II Subordinate
      Percentage, as applicable.

    

    “Subordinate
      Prepayment Percentage”: The Group I Subordinate Prepayment Percentage or the
      Group II Subordinate Prepayment Percentage, as applicable. 

    

    “Subordinate
      Principal Distribution Amount”: With respect to any Collateral Pool and for any
      Distribution Date, an amount equal to the lesser of (i) the related Available
      Distribution Amount or related Available Distribution Amounts, as the case
      may
      be, remaining after distribution of the Interest Distribution Amounts to the
      related Classes of Senior Certificates and the Interest Distribution Amounts
      to
      the related Classes of Subordinate Certificates and (ii) the aggregate of the
      sum of:

    

    (a) the
      product of (x) the then-applicable related Subordinate Percentage and (y) the
      sum of the following:

    

     

    (i) the
      aggregate of the principal portions of all Monthly Payments due during the
      related Due Period in respect of the related Mortgage Loans, whether or not
      received; 

    

    (ii) the
      principal portion of all Insurance Proceeds, Subsequent Recoveries and
      Liquidation Proceeds (other than amounts described in clause (c) below) received
      in respect of the related Mortgage Loans during the related Prepayment Period
      (other than any related Mortgage Loan that was purchased, sold or replaced
      pursuant to or as contemplated by Section 2.03 or Section 9.01 during the
      related Prepayment Period), net of any portion thereof that represents a
      recovery of principal for which an advance was made by the Master Servicer
      pursuant to Section 4.03 in respect of a preceding Distribution Date;

    

    (iii) the
      Stated Principal Balance (calculated immediately prior to such Distribution
      Date) of each related Mortgage Loan that was purchased, sold or replaced
      pursuant to or as contemplated by Section 2.03 or Section 9.01 during the
      related Prepayment Period; 

    

    (iv) [reserved];

    

    (v) in
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans in the related Collateral Pool
      pursuant to Section 2.03 during the related Prepayment Period, the excess,
      if
      any, of (A) the aggregate of the Stated Principal Balances (calculated as of
      the
      respective dates of substitution) of such Deleted Mortgage Loans, net of the
      aggregate of the related principal portions of the Monthly Payments due during
      the related Prepayment Period (to the extent received from the related Mortgagor
      or advanced by the related Servicer and distributed pursuant to Section 4.01
      on
      the Distribution Date in the related Prepayment Period) in respect of each
      such
      Deleted Mortgage Loan that was replaced prior to the Distribution Date in the
      related Prepayment Period, over (B) the aggregate of the Stated Principal
      Balances (calculated as of the respective dates of substitution) of such
      Qualified Substitute Mortgage Loans; 

     

    (b) the
      product of (x) the then-applicable related Subordinate Prepayment Percentage
      and
      (y) the Principal Prepayments received in respect of the related Mortgage Loans
      during the related Prepayment Period;

     

    (c) with
      respect to any related Mortgage Loans which were the subject of a Final Recovery
      Determination in the related Prepayment Period, the amount, if any, by which
      the
      net Liquidation Proceeds and Insurance Proceeds allocable to principal in
      respect of such Mortgage Loans exceed the amount distributable to the related
      Class A Certificates; and

     

    (d) in
      the
      case of any Distribution Date subsequent to the initial Distribution Date,
      an
      amount equal to the excess, if any, of the amounts calculated pursuant to
      clauses (a), (b) and (c) above for the immediately preceding Distribution Date,
      over the aggregate distributions of principal made in respect of the Subordinate
      Certificates on such immediately preceding Distribution Date pursuant to Section
      4.01 to the extent that any such amounts are not attributable to Realized Losses
      that were allocated to the Subordinate Certificates pursuant to Section
      4.04.

     

    “Sub-Servicer”:
      Any Person (i) with which the Master Servicer has entered into a Sub-Servicing
      Agreement and which meets the qualifications of a Sub-Servicer pursuant to
      Section 3.02 or (ii) in the case of each Initial Sub-Servicing Agreement, the
      related servicer thereunder. 

     

    “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 Master
      Servicer.

     

    “Sub-Servicing
      Agreement”: Either (i) the written contract between the Master Servicer and a
      Sub-Servicer relating to servicing and administration of certain Mortgage Loans
      as provided in Section 3.02 or (ii) any Initial Sub Servicing
      Agreement.

     

    “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 Master 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 hereof. 

     

    “Super
      Senior Certificates”: The Class I-A1 Certificates and Class I-A2 Certificates.

     

    “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.

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      With respect to the termination of REMIC I-A, the Seller (provided that the
      Seller may at any time sell, assign or otherwise dispose of its right to be
      Terminator of REMIC I-A). With respect to the termination of REMIC II the Seller
      (provided that the Seller may at any time sell, assign or otherwise dispose
      of
      its right to be Terminator of REMIC II). 

     

    “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
      Amount”: The Trigger Amount for Collateral Pool I and for any Distribution Date
      occurring after the first seven years from the Closing Date will be as follows:
      for any Distribution Date on or after the seventh and prior to the eighth
      anniversary of the first Distribution Date, 30% of the initial sum of the
      Certificate Principal Balances of the related Subordinate Certificates; for
      any
      Distribution Date on or after the eighth and prior to the ninth anniversary
      of
      the first Distribution Date, 35% of the initial sum of the Certificate Principal
      Balances of the related Subordinate Certificates; for any Distribution Date
      on
      or after the ninth and prior to the tenth anniversary of the first Distribution
      Date, 40% of the initial sum of the Certificate Principal Balances of the
      related Subordinate Certificates; for any Distribution Date on or after the
      tenth and prior to the eleventh anniversary of the first Distribution Date,
      45%
      of the initial sum of the Certificate Principal Balances of the related
      Subordinate Certificates; and for any Distribution Date on or after the eleventh
      anniversary of the first Distribution Date, 50% of the initial sum of the
      Certificate Principal Balances of the related Subordinate
      Certificates.

     

    The
      Trigger Amount for Collateral Pool II and for any Distribution Date occurring
      after the first five years from the Closing Date will be as follows: for any
      Distribution Date on or after the fifth and prior to the sixth anniversary
      of
      the first Distribution Date, 30% of the initial sum of the Certificate Principal
      Balances of the related Subordinate Certificates; for any Distribution Date
      on
      or after the sixth and prior to the seventh anniversary of the first
      Distribution Date, 35% of the initial sum of the Certificate Principal Balances
      of the related Subordinate Certificates; for any Distribution Date on or after
      the seventh and prior to the eighth anniversary of the first Distribution Date,
      40% of the initial sum of the Certificate Principal Balances of the related
      Subordinate Certificates; for any Distribution Date on or after the eighth
      and
      prior to the ninth anniversary of the first Distribution Date, 45% of the
      initial sum of the Certificate Principal Balances of the related Subordinate
      Certificates; and for any Distribution Date on or after the ninth anniversary
      of
      the first Distribution Date, 50% of the initial sum of the Certificate Principal
      Balances of the related Subordinate Certificates.

     

    “Trust
      Administrator”: CitiMortgage, Inc., or its successor in interest, or any
      successor trust administrator appointed as herein provided. 

     

    “Trust
      Fund”: Collectively, all of the assets of REMIC I-A, REMIC I-B and REMIC
      II.

     

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

     

    “Trust
      REMIC”: Each of REMIC I-A, REMIC I-B and REMIC II.

     

    “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 such
      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 such REMIC Regular Interest shall
      be
      reduced by all distributions of principal made on such REMIC Regular Interest
      on
      such Distribution Date pursuant to Section 4.08 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.

     

    “Undercollateralized
      Amount”: As to any Distribution Date and any Loan Group within Collateral Pool
      I, the excess, if any, of the Certificate Principal Balance of the related
      Class
      A Certificates immediately prior to such Distribution Date over the sum of
      (i)
      the aggregate Scheduled Principal Balance of the related Mortgage Loans plus
      (ii) the aggregate Scheduled Principal Balance of the REO Properties in the
      related Loan Group, in each case before reduction for any Realized Losses on
      such Distribution Date. 

     

    “Undercollateralized
      Loan Group”: With respect to the Class A Certificates relating to Collateral
      Pool I, as to any Distribution Date, any Loan Group within such Collateral
      Pool
      for which an Undercollateralized Amount greater than zero is calculated.

     

    “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 Class R
      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, 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 value thereof as determined by
      an
      appraisal made for the originator of the Mortgage Loan at the time of
      origination of the Mortgage Loan or such other value assigned to such Mortgaged
      Property by the originator at the time of origination of the Mortgage
      Loan.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times during the term of this Agreement,
      (i) 99% of all of the Voting Rights relating to Collateral Pool I or Collateral
      Pool II shall be allocated to the Holders of the related Classes of Regular
      Certificates in proportion to their then outstanding Certificate Principal
      Balances and (ii) 1% of all Voting Rights relating to such Collateral Pool
      will
      be allocated among the Holders of the related Residual Certificates. All Voting
      Rights allocated to any Holders of any Class of Certificates relating to
      Collateral Pool I or Collateral Pool II shall be allocated among the Holders
      of
      the Certificates of such Class pro
      rata
      in
      accordance with the respective Percentage Interests evidenced thereby.

     

    “Washington
      Mutual”: Washington Mutual Bank, or
      its
      successor in interest.

     

    “Washington
      Mutual Mortgage Loans”: The Mortgage Loans originated by Washington
      Mutual.

     

    “Wells
      Fargo”: Wells Fargo Bank, N.A., as successor in interest to Wells Fargo Home
      Mortgage, Inc., or
      its
      successor in interest.

     

    “Wells
      Fargo Mortgage Loans”: The Mortgage Loans originated by Wells
      Fargo.

     

    SECTION
      1.02 Allocation
      of Certain Interest Shortfalls.

     

    The
      aggregate amount of any Prepayment Interest Shortfalls (to the extent not
      covered by payments by the Master Servicer pursuant to Section 3.24) and any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans in
      a
      Collateral Pool for any Distribution Date shall be allocated among the related
      Certificates (other than the Class I-P Certificates) pro
      rata
      in
      accordance with, and to the extent of one month’s interest at the Pass Through
      Rate on the respective Certificate Principal Balance of such Certificate
      immediately prior to such Distribution Date. The aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Master Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans in Collateral Pool I for any
      Distribution Date shall be allocated among the REMIC I-A Regular Interests
      (other than the REMIC I-A Regular Interest LT-P) pro
      rata
      in
      accordance with, and to the extent of one month’s interest at the REMIC I-A
      Remittance Rate on the respective Uncertificated Balance of such REMIC I-A
      Regular Interest immediately prior to such Distribution Date.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 Mortgage Loan Purchase Agreement
      (except Section 18 thereof), and all other assets included or to be included
      in
      REMIC I-A and REMIC II. Such assignment includes all interest and principal
      received by the Depositor or the Master 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 an executed copy of the Mortgage Loan Purchase Agreement, and
      the
      Trustee, on behalf of the Certificateholders, acknowledges receipt of the same.
      

     

    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
      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 to the
      Trustee 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;

     

    (v) With
      respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject
      to
      a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance
      Policy or certificate or a copy thereof; 

     

    (vi) 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; and

     

    (v) if
      such
      Mortgage Loan is a Buydown Mortgage Loan (as shown in the Mortgage Loan
      Schedule), the original Buydown Agreement or a copy thereof.

     

    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 Master Servicer, at the expense of
      the
      Seller 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 Master 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 Master Servicer, at the expense of the Seller,
      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 Master 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 Master Servicer shall
      submit each Assignment for recording, at no expense to the Trust Fund or the
      Master 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 Master Servicer Event of Termination, (C) the occurrence of
      a
      bankruptcy, insolvency or foreclosure relating to the Seller, (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
      Seller fails to pay the cost of recording the Assignments, such expense will
      be
      paid by the Master Servicer and the Master Servicer shall be reimbursed for
      such
      expenses by the Trust as set forth herein.

     

    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 Master Servicer to,
      and
      the Master 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 Seller, the Depositor or the Master 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 Master 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 Custodian on behalf
      of the Trustee.

     

    It
      is
      agreed and understood by the parties hereto that it is not intended that any
      Mortgage Loan to be included in the Trust Fund be (i) a “High-Cost Home Loan” as
      defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii)
      a
“High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act
      effective January 1, 2004, (iii) a “High-Cost Home Mortgage Loan” as defined in
      the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
      or (iv) a “High Cost Home Loan” as defined in the Indiana Home Loan Practices
      Act effective January 1, 2005. It is agreed and understood by the parties hereto
      that it is not intended that any Mortgage Loan to be included in the Trust
      Fund
not
      comply in all material respects with applicable local, state and federal laws,
      including, but not limited to, all applicable predatory and abusive lending
      laws.

     

    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)) 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 a 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 a 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 a Custodian on its behalf shall promptly so notify the Depositor,
      the Trust Administrator, the Paying Agent, the Seller, the Master Servicer
      and,
      if such notice is from a Custodian on the Trustee’s behalf, the Trustee. In
      addition, upon the discovery by the Depositor, the Master Servicer, the Trust
      Administrator, the Paying Agent or the Trustee of a breach of any of the
      representations and warranties made by the Seller in the Mortgage Loan Purchase
      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 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), a federal savings
      bank, is appointed as Custodian with respect to the Mortgage Files of all the
      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 Seller or the Depositor.

     

    (a) Upon
      discovery or receipt of notice by the Depositor, the Master 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 Seller of
      any
      representation, warranty or covenant under the Mortgage Loan Purchase 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 Seller
      of
      such defect, missing document or breach and request that the Seller deliver
      such
      missing document or cure such defect or breach within 90 days from the date
      the
      Seller was notified of such missing document, defect or breach, and if the
      Seller 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 Seller under the Mortgage Loan Purchase Agreement (i) to
      repurchase such Mortgage Loan from REMIC I-A or REMIC II at the Purchase Price
      within 90 days after the date on which the Seller 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 Seller is
      obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase
      Price for the repurchased Mortgage Loan and any indemnification shall be
      remitted by the Seller to the Master Servicer for deposit into the Collection
      Account, and the Trust Administrator, upon receipt of written notice from the
      Master Servicer of such deposit, shall give written notice to the Trustee that
      such deposit has taken place and the Trustee shall release (or cause a Custodian
      to release on its behalf) to the Seller 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 Seller shall
      furnish to it and as shall be necessary to vest in the Seller 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 Seller is not a member of MERS and repurchases a Mortgage
      Loan which is registered on the MERS System, the Seller pursuant to the Mortgage
      Loan Purchase 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 Seller
      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 Mortgage Loan Purchase
      Agreement the Seller may cause such Mortgage Loan to be removed from REMIC
      I-A
      or REMIC II (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 Seller 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 Mortgage
      Loan Purchase Agreement to perform any applicable indemnification obligations
      with respect to any such omission, defect or breach, as provided in the Mortgage
      Loan Purchase 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) Reserved.

     

    (c) Within
      90
      days of the earlier of discovery by the Master Servicer or receipt of notice
      by
      the Master Servicer of the breach of any representation, warranty or covenant
      of
      the Master Servicer set forth in Section 2.05 which materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan, the Master
      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-A or REMIC II.

     

    As
      to any
      Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
      Mortgage Loan or Loans, such substitution shall be effected by the Seller
      delivering to the Trustee (or to a 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. A 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 a 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 a Custodian on its behalf shall promptly so
      notify the Depositor, the Trust Administrator, the Seller and the Master
      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 Seller. 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 Seller
      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 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 Master 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 Mortgage Loan Purchase
      Agreement (including all applicable representations and warranties thereof
      included in the Mortgage Loan Purchase Agreement), in each case as of the date
      of substitution.

     

    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Master 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 Seller to deliver or cause to be delivered, and shall request that such
      delivery be to the Master Servicer for deposit in the Collection Account, an
      amount equal to the Substitution Shortfall Amount, if any, and the Trustee
      (or a
      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
      Master Servicer of such deposit, shall release to the Seller 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 Seller shall deliver to it and as shall be necessary to vest
      therein any Deleted Mortgage Loan released pursuant hereto.

     

    In
      addition, the Seller 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.

     

    (e) Upon
      discovery by the Depositor, the Master 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
      Seller. In connection therewith, the Seller pursuant to the Mortgage Loan
      Purchase 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 Seller 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 Seller under the Mortgage Loan Purchase Agreement or (ii) 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) and 2.03(d).
      The Trustee shall reconvey to the Depositor or the Seller, 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 Seller
      for breach of a representation or warranty.

     

    SECTION
      2.04 Reserved.

     

    SECTION
      2.05 Representations,
      Warranties and Covenants of the Master Servicer.

     

    The
      Master 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
      Master Servicer is a corporation duly organized, validly existing and in good
      standing under the laws of the State of New York and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement to
      be
      conducted by the Master Servicer in any state in which a Mortgaged Property
      is
      located or is otherwise not required under applicable law to effect such
      qualification and, in any event, is in compliance with the doing business laws
      of any such State, to the extent necessary to ensure its ability to enforce
      each
      Mortgage Loan and to service the Mortgage Loans in accordance with the terms
      of
      this Agreement;

     

    (ii) The
      Master 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 Master Servicer
      the execution, delivery and performance of this Agreement; and this Agreement,
      assuming the due authorization, execution and delivery thereof by the other
      parties hereto, constitutes a legal, valid and binding obligation of the Master
      Servicer, enforceable against the Master Servicer in accordance with its terms,
      except 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 Master Servicer, the servicing
      of the Mortgage Loans by the Master 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
      Master Servicer and will not (A) result in a breach of any term or provision
      of
      the charter or by-laws of the Master 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 Master Servicer is
      a
      party or by which it may be bound, or any statute, order or regulation
      applicable to the Master Servicer of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over the Master Servicer; and
      the Master Servicer is not 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 Master Servicer’s knowledge, would in the future
      materially and adversely affect, (x) the ability of the Master Servicer to
      perform its obligations under this Agreement or (y) the business, operations,
      financial condition, properties or assets of the Master Servicer taken as a
      whole;

     

    (iv) The
      Master 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 of the
      National Housing Act;

     

    (v) No
      litigation is pending against the Master Servicer that would materially and
      adversely affect the execution, delivery or enforceability of this Agreement
      or
      the ability of the Master Servicer to service the Mortgage Loans or to perform
      any of its other obligations 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 Master
      Servicer of, or compliance by the Master 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
      Master Servicer covenants that its computer and other systems used in servicing
      the Mortgage Loans operate in a manner such that the Master Servicer can service
      the Mortgage Loans in accordance with the terms of this Agreement;
      and

     

    (viii) The
      Master Servicer (or a Sub-Servicer servicing the Mortgage Loans on its behalf)
      is a member of MERS in good standing, and will comply in all material respects
      with the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee or to a 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 Master 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. Subject to Section
      7.01,
      the obligation of the Master Servicer set forth in Section 2.03(c) to cure
      breaches shall constitute the sole remedies against the Master 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 a 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, and the Authenticating Agent has
      authenticated and delivered, to or upon the order of the Depositor, the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates constitute the entire beneficial ownership interest in REMIC I-B
      and REMIC II.

     

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

     

    The
      rights of the Class I-R Certificateholders and of the Class II-R
      Certificateholders, and of the holder of each REMIC Regular Interest created
      hereunder and the Holder of each Regular Certificate to receive distributions,
      and all ownership interests evidenced or constituted by the Class I-R
      Certificates, the Class II-R Certificates and the Regular Certificates, shall
      be
      as set forth in this Agreement.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC I-A
      Regular Interests for the benefit of the Class I-R Certificateholders (as holder
      of the Class R-IA Residual Interest) and REMIC I-B (as holder of the REMIC
      I-A
      Regular Interests). The Trustee acknowledges receipt of the REMIC I-A Regular
      Interests and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of all present and future Class I-R Certificateholders
      (as holder of the Class R-IA Residual Interest) and REMIC I-B (as holder of
      the
      REMIC I-A Regular Interests). The rights of the Class I-R Certificateholders
      (as
      holder of the Class R-IA Interest) and of REMIC I-B (as holder of the REMIC
      I-A
      Regular Interests) to receive distributions from the proceeds of REMIC I-A,
      and
      all ownership interests evidenced or constituted by the Class I-R Certificates
      and the Regular Certificates evidencing interests in REMIC I-B, shall be as
      set
      forth in this Agreement. 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3.01 Master
      Servicer to Act as Master Servicer.

     

    The
      Master Servicer shall service and administer the Mortgage Loans on behalf of
      the
      Trustee and in the best interests of and for the benefit of the
      Certificateholders (as determined by the Master 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 Master Servicer, any Sub-Servicer or any Affiliate of
      the
      Master Servicer or any Sub-Servicer may have with the related
      Mortgagor;

     

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

     

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

     

    (iv) the
      Master 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 Master 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 Master
      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
      Master Servicer in its own name or in the name of a Sub-Servicer is hereby
      authorized and empowered by the Trustee when the Master 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 Master 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 Master Servicer shall also comply in the performance of this Agreement
      with
      all reasonable rules and requirements of each insurer under each Primary
      Mortgage Insurance Policy and any standard hazard insurance policy. Subject
      to
      Section 3.17, the Trustee shall execute, at the written request of the Master
      Servicer, and furnish to the Master Servicer and any Sub-Servicer such documents
      as are necessary or appropriate to enable the Master Servicer or any
      Sub-Servicer to carry out their servicing and administrative duties hereunder,
      and the Trustee hereby grants to the Master Servicer a power of attorney to
      carry out such duties. The Trustee shall not be liable for the actions of the
      Master Servicer or any Sub-Servicers under such powers of attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Master Servicer
      shall advance or cause to be advanced funds as necessary for the purpose of
      effecting the 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 Master
      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.

     

    The
      Master Servicer further is authorized and empowered by the Trustee, on behalf
      of
      the Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Master 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 Master Servicer, such default is reasonably foreseeable,
      incurred in connection with the actions described in the preceding sentence,
      shall be subject to withdrawal by the Master Servicer from the Collection
      Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Master Servicer may not make
      any
      future advances with respect to a Mortgage Loan (except as provided in Section
      4.03) and the Master 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 Master 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
      Master Servicer may delegate its responsibilities under this Agreement;
      provided, however, that no such delegation shall release the Master Servicer
      from the responsibilities or liabilities arising under this
      Agreement.

     

    The
      Master Servicer shall accurately and fully report (or cause each Sub-Servicer
      to
      accurately and fully report), its borrower credit files to each of the credit
      repositories in a timely manner.

     

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

     

    (a) The
      Master 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.
      As of
      the Cut-Off Date, Wells Fargo is the Sub-Servicer with respect to the Group
      I
      Loans and in such capacity Wells Fargo will be primarily responsible for the
      servicing of such Mortgage Loans. As of the Cut-Off Date, Washington Mutual
      is
      the Sub-Servicer with respect to the Group II Mortgage Loans and in such
      capacity Washington Mutual will be primarily responsible for the servicing
      of
      such Mortgage Loans. 

     

    (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, (ii) an
      institution approved as a mortgage loan originator by the Federal Housing
      Administration or an institution the deposit accounts of which are insured
      by
      the FDIC and (iii) 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 Master 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 Master 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 Master Servicer, are
      conclusively deemed to be inconsistent with this Agreement and therefore
      prohibited. The Master 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 Master Servicer’s execution and
      delivery of such instruments.

     

    (c) As
      part
      of its servicing activities hereunder, the Master 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 and of the Seller under the Mortgage
      Loan Purchase Agreement, including, without limitation, any obligation to make
      advances in respect of delinquent payments as required by a Sub- Servicing
      Agreement, or to purchase a Mortgage Loan on account of missing or defective
      documentation or on account of a breach of a representation, warranty or
      covenant, as described in Section 2.03(a). 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 Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the related
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      at
      its own expense, and shall be reimbursed therefor only (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
      Master 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 Master
      Servicer without any act or deed on the part of such Sub-Servicer or the Master
      Servicer, and the Master 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 (other than any Initial 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 Master Servicer shall, for any reason,
      no
      longer be the Master Servicer (including termination due to a Master Servicer
      Event of Default).

     

    SECTION
      3.04 Liability
      of the Master Servicer.

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Master Servicer and a Sub-Servicer or
      reference to actions taken through a Sub-Servicer or otherwise, the Master
      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 Master Servicer
      alone were servicing and administering the Mortgage Loans. The Master Servicer
      shall be entitled to enter into any agreement with a Sub- Servicer for
      indemnification of the Master 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 Master 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 Master Servicer shall be solely liable for all fees owed
      by it
      to any Sub-Servicer, irrespective of whether the Master Servicer’s compensation
      pursuant to this Agreement is sufficient to pay such fees.

     

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

     

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

     

    The
      Master Servicer at its expense shall, upon request of the Trustee, 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
      Master 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 related Primary Mortgage Insurance Policy and any other
      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 Master Servicer may in its discretion (i) waive
      any late payment charge or, if applicable, penalty interest, only upon
      determining that the coverage of such Mortgage Loan by the related Primary
      Mortgage Insurance Policy, if any, will not be affected, or (ii) 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 (ii) 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 (ii) above, the Master 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 Master Servicer, such default is reasonably foreseeable, the Master
      Servicer, consistent with the standards set forth in Section 3.01, may waive,
      modify or vary any term of such Mortgage Loan (including 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 Master 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 (provided,
      however, that in the case of each Initial Sub-Servicing Agreement, the
      applicable Sub-Servicing Account shall comply with all requirements of the
      Initial Sub-Servicing Agreement relating to the custodial account provided
      for
      therein). The Sub-Servicer shall deposit 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 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, and shall thereafter deposit such amounts in the
      Sub-Servicing Account, in no event more than one Business Day after the deposit
      of such funds into the clearing account. The Sub-Servicer shall thereafter
      remit
      such proceeds to the Master Servicer for deposit in the Collection Account
      not
      later than two Business Days after the deposit of such amounts in the
      Sub-Servicing Account (or, in the case of the Initial Sub-Servicing Agreement,
      at such time as is required pursuant to the terms of the Initial Sub-Servicing
      Agreement). For purposes of this Agreement, the Master 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, Assessments and Similar Items; Servicing Accounts.

     

    The
      Master Servicer shall establish and maintain (or cause a Sub-Servicer to
      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 ground rents, taxes, assessments, fire and
      hazard insurance premiums, Primary Mortgage Insurance Premiums, water charges,
      sewer rents and comparable items for the account of the Mortgagors (“Escrow
      Payments”) shall be deposited and retained. Servicing Accounts shall be Eligible
      Accounts. The Master Servicer (or the applicable Sub-Servicer) shall deposit
      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 Master Servicer’s (or the applicable
      Sub-Servicer’s) receipt thereof, all Escrow Payments collected on account of the
      Mortgage Loans and shall thereafter deposit such Escrow Payments in the
      Servicing Accounts, in no event more than one Business Day after the deposit
      of
      such funds in the clearing account, for the purpose of effecting the 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 payment of
      Escrow Payments; (ii) reimburse the Master Servicer (or a Sub-Servicer to the
      extent provided in the related Sub-Servicing Agreement) 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 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; (v) clear and terminate the Servicing Account at the
      termination of the Master Servicer’s obligations and responsibilities in respect
      of the Mortgage Loans under this Agreement in accordance with Article IX; or
      (vi) recover amounts deposited in error. As part of its servicing duties, the
      Master Servicer or Sub-Servicers 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. To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Master Servicer
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that avoids the loss of the Mortgaged Property due to a tax sale
      or the foreclosure of a tax lien. The Master 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 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 Master 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 Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Master 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 Master
      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, on the
      Mortgage Loans;

     

    (ii) all
      payments on account of interest (net of the related Servicing Fee and the
      related Administration Fee) on each Mortgage Loan; 

     

    (iii) all
      Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (other than
      proceeds collected in respect of any particular REO Property and amounts paid
      by
      the Master 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 Master 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;

     

    (viii) [reserved];
      and

     

    (viv) any
      amounts required to be transferred from any Buydown Account pursuant to Section
      3.28.

     

    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 or assumption
      fees need not be deposited by the Master Servicer in the Collection Account.
      In
      the event the Master 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 Paying Agent on behalf of the Trust Administrator 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 Master Servicer
      shall deliver to the Paying Agent in immediately available funds for deposit
      in
      the Distribution Account on or before 12:00 p.m. New York time (i) on the Master
      Servicer Remittance Date, that portion of the Available Distribution Amount
      (calculated without regard to the subtraction therefrom of any amounts described
      in clause (ii)(a) of the definition thereof) for the related Distribution Date
      then on deposit in the Collection Account and (ii) on each Business Day as
      of
      the commencement of which the balance on deposit in the Collection Account
      exceeds $75,000 following any withdrawals pursuant to the next succeeding
      sentence, the amount of such excess, but only if the Collection Account
      constitutes an Eligible Account solely pursuant to clause (ii) of the definition
      of “Eligible Account.” If the balance on deposit in the Collection Account
      exceeds $75,000 as of the commencement of business on any Business Day and
      the
      Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account,” the Master Servicer shall, on or
      before 12:00 p.m. New York time on such Business Day, withdraw from the
      Collection Account any and all amounts payable or reimbursable to the Depositor,
      the Master Servicer, the Trustee, the Trust Administrator, the Seller or any
      Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons
      entitled thereto.

     

    (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
      Master Servicer shall give notice to the Trustee, the Trust Administrator,
      the
      Paying Agent and the Depositor of the location of the Collection Account
      maintained by it when established and prior to any change thereof. The Paying
      Agent shall give notice to the Master Servicer, the Trust Administrator, the
      Paying Agent 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 Master
      Servicer to the Paying Agent on behalf of 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 Paying Agent shall have the sole authority
      to withdraw any funds held pursuant to this subsection (d). In the event the
      Master Servicer shall deliver to the Paying Agent for deposit in the
      Distribution Account any amount not required to be deposited therein, it may
      at
      any time request that the Paying Agent withdraw such amount from the
      Distribution Account and remit to it any such amount, any provision herein
      to
      the contrary notwithstanding. In addition, the Master Servicer shall deliver
      to
      the Paying Agent from time to time for deposit, and upon written notification
      from the Master Servicer, the Paying Agent 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 Master 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 Master Servicer, a trustee
      in
      bankruptcy, or federal bankruptcy court or other source, the Paying Agent shall
      deposit such funds in the Distribution Account, subject to withdrawal thereof
      as
      permitted hereunder. 

     

    (f) The
      Master 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
      Master 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 Paying Agent 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 Master Servicer for P&I Advances, but
      only to the extent of amounts received which represent Late Collections (net
      of
      the related Servicing Fees and Administration 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 Master Servicer or any Sub- Servicer (A) any
      unpaid Servicing Fees and unpaid Administration 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 Master Servicer from a Mortgagor, or otherwise received with
      respect to such Mortgage Loan and (C) any nonrecoverable Servicing Advances
      following the final liquidation of a Mortgage Loan, 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 Master Servicer
      or any Sub-Servicer for such Servicing Advances;

     

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

     

    (v) to
      pay to
      the Master Servicer, the Depositor or the Seller, 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 Master Servicer for any P&I Advance previously made which the
      Master Servicer has determined to be a Nonrecoverable P&I Advance in
      accordance with the provisions of Section 4.03;

     

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

     

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

     

    (x) [reserved];
      and

     

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

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      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 Master
      Servicer shall provide written notification to the Trustee, the Trust
      Administrator and the Paying Agent, on or prior to the next succeeding Master
      Servicer Remittance Date, upon making any withdrawals from the Collection
      Account pursuant to subclause (vii) above.

     

    (b) The
      Paying Agent 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 Paying Agent or the Trustee for any P&I Advance made by it
      under Section 7.01 (if not reimbursed by the Master Servicer) to the same extent
      the Master Servicer would be entitled to reimbursement under Section 3.11(a);
      and

     

    (vii) 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
      Master Servicer may direct any depository institution maintaining the Collection
      Account (for purposes of this Section 3.12, an “Investment Account”), and the
      Paying Agent may 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 Paying Agent 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 Paying Agent 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 Master Servicer, shall be for
      the
      benefit of the Master Servicer and shall be subject to its withdrawal in
      accordance with Section 3.11. The Master 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 Paying Agent, shall be for
      the
      benefit of the Paying Agent and shall be subject to its withdrawal at any time.
      The Paying Agent 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 Trustee
      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 Maintenance
      of the Primary Mortgage Insurance Policies; Collections Thereunder.

     

    The
      Master Servicer will maintain or cause the related Sub-Servicer, if any, to
      maintain in full force and effect, if required under the Mortgage Loan Purchase
      Agreement and to the extent available, a Primary Mortgage Insurance Policy
      with
      respect to each Mortgage Loan so insured as of the Closing Date (or, in the case
      of a Qualified Substitute Mortgage Loan, on the date of substitution). Such
      coverage will be maintained with respect to each such Mortgage Loan for so
      long
      as it is outstanding, subject to any applicable laws or until the related
      Loan-to-Value Ratio is reduced to less than or equal to 80% based on Mortgagor
      payments. The Master Servicer shall cause the premium for each Primary Mortgage
      Insurance Policy to be paid on a timely basis and shall pay such premium out
      of
      its own funds if it is not otherwise paid. The Master Servicer or the related
      Sub-Servicer, if any, will not cancel or refuse to renew any such Primary
      Mortgage Insurance Policy in effect on the Closing Date (or, in the case of
      a
      Qualified Substitute Mortgage Loan, on the date of substitution) that is
      required to be kept in force under this Agreement unless a replacement Primary
      Mortgage Insurance Policy for such canceled or non-renewed policy is obtained
      from and maintained with a Qualified Insurer.

     

    The
      Master Servicer shall not take, or permit any Sub-Servicer to take, any action
      which would result in non-coverage under any applicable Primary Mortgage
      Insurance Policy of any loss which, but for the actions of the Master Servicer
      or Sub-Servicer, would have been covered thereunder. The Master Servicer will
      comply in the performance of this Agreement with all reasonable rules and
      requirements of each insurer under each Primary Mortgage Insurance Policy.
      In
      connection with any assumption and modification agreement or substitution of
      liability agreement entered into or to be entered into pursuant to Section
      3.15,
      the Master Servicer shall promptly notify the insurer under the related Primary
      Mortgage Insurance Policy, if any, of such assumption in accordance with the
      terms of such policies and shall take all actions which may be required by
      such
      insurer as a condition to the continuation of coverage under the Primary
      Mortgage Insurance Policy. If any such Primary Mortgage Insurance Policy is
      terminated as a result of such assumption, the Master Servicer or the related
      Sub-Servicer shall obtain a replacement Primary Mortgage Insurance Policy as
      provided above.

     

    In
      connection with its activities as administrator and servicer of the Mortgage
      Loans, the Master Servicer agrees to prepare and present, on behalf of itself,
      the Trustee and the Certificateholders, claims to the insurer under any Primary
      Mortgage Insurance Policy in a timely fashion in accordance with the terms
      of
      such policies and, in this regard, to take such action as shall be necessary
      to
      permit recovery under any Primary Mortgage Insurance Policy respecting a
      defaulted Mortgage Loan. Any amounts collected by the Master Servicer under
      any
      Primary Mortgage Insurance Policy shall be deposited in the Collection Account,
      subject to withdrawal pursuant to Section 3.11; and any amounts collected by
      the
      Master Servicer under any Primary Mortgage Insurance Policy in respect of any
      REO Property shall be deposited in the Collection Account, subject to withdrawal
      pursuant to Section 3.23. In those cases in which a Mortgage Loan is serviced
      by
      a Sub-Servicer, the Sub-Servicer, on behalf of itself, the Trustee, and the
      Certificateholders, will present claims to the insurer under any Primary
      Mortgage Insurance Policy and all collections thereunder shall be deposited
      initially in the Sub-Servicing Account.

     

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

     

    (a) The
      Master Servicer shall cause to be maintained for each Mortgage Loan fire
      insurance with extended coverage on the related Mortgaged Property 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 that 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 Master Servicer shall
      also
      cause to be maintained fire insurance with extended coverage on each REO
      Property 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, plus accrued interest at the Mortgage Rate and related
      Servicing Advances. The Master 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 Master 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 Master 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 Master 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. 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 Master Servicer will cause to be maintained a flood insurance
      policy in respect thereof. Such flood insurance shall be in an amount equal
      to
      the lesser of (i) the unpaid principal balance of the related Mortgage Loan
      and
      (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).

     

    In
      the
      event that the Master Servicer shall obtain and maintain a blanket policy with
      an insurer having a General Policy Rating of A:X or better in Best’s Key Rating
      Guide (or such other rating that is comparable to such rating) 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 Master 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 Master Servicer agrees to prepare and present, on behalf of itself,
      the Trustee and the Certificateholders, claims under any such blanket policy
      in
      a timely fashion in accordance with the terms of such policy.

     

    (b) The
      Master 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 the Master Servicer’s 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 Master Servicer has obtained a waiver of such
      requirements from Fannie Mae or Freddie Mac. The Master Servicer shall also
      maintain a fidelity bond in the form and amount that would meet the requirements
      of Fannie Mae or Freddie Mac, unless the Master Servicer has obtained a waiver
      of such requirements from Fannie Mae or Freddie Mac. The Master Servicer shall
      provide the Trustee and the Paying Agent (upon the Trustee’s or Paying Agent’s
      reasonable request) with copies of any such insurance policies and fidelity
      bond. The Master Servicer shall be deemed to have complied with this provision
      if an Affiliate of the Master Servicer has such errors and omissions and
      fidelity bond coverage and, by the terms of such insurance policy or fidelity
      bond, the coverage afforded thereunder extends to the Master Servicer. 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. The Master
      Servicer shall also cause each Sub-Servicer to maintain a policy of insurance
      covering errors and omissions and a fidelity bond which would meet such
      requirements.

     

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

     

    The
      Master 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
      Master Servicer shall not exercise any such rights if prohibited by law from
      doing so or if the exercise of such rights would impair or threaten to impair
      any recovery under the related Primary Mortgage Insurance Policy, if any. If
      the
      Master 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 Master 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 Master 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 underwriting criteria of the Master Servicer. In connection
      with any assumption or substitution, the Master 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 Master 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 Primary Mortgage
      Insurance Policy or hazard insurance policy, or a new policy meeting the
      requirements of this Section is obtained. Any fee collected by the Master
      Servicer in respect of an assumption or substitution of liability agreement
      will
      be retained by the Master 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 Master Servicer shall notify the Trustee
      that
      any such substitution or assumption agreement has been completed by forwarding
      to the Custodian (with a copy to the Trustee) the executed original of such
      substitution or assumption agreement, which document shall be added to the
      related Mortgage File and shall, for all purposes, be considered a part of
      such
      Mortgage File to the same extent as all other documents and instruments
      constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Master
      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 Master 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
      Master 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 Master 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 Master 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
      Master 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 Master Servicer
      has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Master Servicer
      shall not, 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 Master 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 Master
      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 3.23 shall be
      advanced by the Master Servicer, subject to the Master Servicer’s right to be
      reimbursed therefor from the Collection Account as provided in Section
      3.11(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
      Master 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 Master 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 Master Servicer, subject to the Master 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
      Master Servicer shall have the right to purchase from the Trust Fund any
      defaulted Mortgage Loan that is 90 days or more delinquent, which the Master
      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 Trustee (or a Custodian
      on
      behalf of the Trustee), upon receipt of written certification from the Master
      Servicer of such deposit, shall release or cause to be released to the Master
      Servicer the related Mortgage File and the Trustee (or a Custodian on behalf
      of
      the Trustee), upon receipt of written certification from the Master Servicer
      of
      such deposit, shall execute and deliver such instruments of transfer or
      assignment, in each case without recourse, as the Master Servicer shall furnish
      and as shall be necessary to vest in the Master 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 Master 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 Master Servicer as follows: first, to unpaid
      Servicing Fees and Administration Fees; and second, to the balance of the
      interest then due and owing. The portion of the recovery so allocated to unpaid
      Servicing Fees and unpaid Administration Fees shall be reimbursed to the Master
      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 Master Servicer
      of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Master Servicer will immediately notify the Custodian, on
      behalf of the Trustee, by a certification 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 Custodian,
      on
      behalf of the Trustee, deliver to it the Mortgage File. Upon receipt of such
      certification and request, the Custodian, on behalf of the Trustee, shall
      promptly release the related Mortgage File to the Master Servicer, and the
      Master 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 Master 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 Primary Mortgage
      Insurance Policy or any other insurance policy relating to the Mortgage Loans,
      the Custodian, on behalf of the Trustee, shall, upon request of the Master
      Servicer and delivery to the Custodian and the Trustee of a Request for Release
      in the form of Exhibit E-l, release the related Mortgage File to the Master
      Servicer, and the Custodian, on behalf of the Trustee, shall, at the direction
      of the Master Servicer, execute such documents as shall be necessary to the
      prosecution of any such proceedings. Such Request for Release shall obligate
      the
      Master Servicer to return each and every document previously requested from
      the
      Mortgage File to the Custodian when the need therefor by the Master 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 Master
      Servicer has delivered to the 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 Custodian, on behalf of the Trustee, to the Master
      Servicer.

     

    (c) Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Master 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 Master Servicer hereunder, the Master
      Servicer shall be entitled to the Servicing Fee and the Administration Fee
      and
      Buydown Funds 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 Master Servicer shall be entitled to recover unpaid Servicing Fees and
      unpaid Administration Fees out of Insurance Proceeds 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 and the Administration Fee may
      not
      be transferred in whole or in part except in connection with the transfer of
      all
      of the Master 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 shall be retained by the Master Servicer (subject
      to Section 3.24) only to the extent such fees or charges are received by the
      Master Servicer. The Master 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 Master Servicer shall be required to pay all expenses incurred
      by it in connection with its servicing activities hereunder (including premiums
      due under any Primary Insurance Policies, if applicable, 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.

     

    Not
      later
      than fifteen days after each Distribution Date, the Master Servicer shall
      forward to the Trust Administrator and the Trustee, upon the request of the
      Trust Administrator or the Trustee, a statement prepared by the Master 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. Copies of such statement shall be provided by the Trust Administrator
      to
      the Certificates Registrar, and the Certificate Registrar shall provide the
      same
      to any Certificateholder and to any Person identified to the Certificate
      Registrar 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
      Master Servicer to the Trust Administrator and by the Trust Administrator to
      the
      Certificate Registrar.

     

    SECTION
      3.20 Statement
      as to Compliance.

     

    The
      Master Servicer shall deliver to the Depositor and the Trust Administrator,
      on
      or before March 15th
      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 Master 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
      Master 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 Master Servicer shall deliver, or cause any Sub-Servicer to
      deliver, a similar Annual Statement of Compliance by any Sub-Servicer to which
      any servicing responsibilities have been delegated with respect to the Mortgage
      Loans, to the Depositor and the Trust Administrator as described above as and
      when required with respect to the Master Servicer. 

     

    If
      the
      Master Servicer cannot deliver the related Annual Statement of Compliance by
      March 15th
      of such
      year, the Trustee, at the direction of the Depositor, may permit a cure period
      for the Master Servicer to deliver such Annual Statement of Compliance, but
      in
      no event later than March 18th
      of such
      year.

     

    Failure
      of the Master Servicer to comply with this Section 3.20 shall be deemed a Master
      Servicer Event of Default and the Trustee at the direction of the Depositor
      shall, 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 of the rights and obligations
      of the Master Servicer under this Agreement and in and to the Mortgage Loans
      and
      the proceeds thereof without compensating the Master Servicer for the same.
      This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary. 

     

    The
      Master Servicer 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 a breach of the Master Servicer’s obligations under this Section
      3.20.

     

    SECTION
      3.21 Assessments
      of Compliance and Attestation Reports.

     

    (a)  The
      Master 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 Master Servicer shall deliver to the Depositor and the
      Trust Administrator or cause to be delivered to the Depositor and the Trust
      Administrator, on or before March 1st
      of each
      calendar year beginning in 2007, the following: 

     

    (i)  a
      report
      (an “Assessment of Compliance”) regarding the Master 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 Master Servicer, and shall address each of the 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 Master 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;

     

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

     

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

     

    (b)  As
      provided in 3.21(a)(iii) above, the Master Servicer shall, or shall cause any
      Sub-Servicer and each subcontractor determined by the Master 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.

     

    If
      the
      Master Servicer cannot deliver any Assessment of Compliance or Attestation
      Report by March 1st
      of such
      year, the Trustee, at the direction of the Depositor, may permit a cure period
      for the Master Servicer to deliver such Assessment of Compliance or Attestation
      Report, but in no event later than March 15th
      of such
      year.

     

    Failure
      of the Master Servicer to timely comply with this Section 3.21 shall be deemed
      a
      Master Servicer Event of Default, and upon the receipt of written notice from
      the Trustee 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 Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. 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 Paying Agent, Certificate Registrar
      and Authenticating Agent 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 Paying Agent, Certificate Registrar and Authenticating
      Agent. The Master Servicer shall on behalf of the Trustee enforce the
      obligations of the Custodian under the Custodial Agreement to provide an
      Assessment of Compliance and Attestation Report, as, when and to the extent
      set
      forth in the Custodial Agreement.

     

    The
      Master Servicer 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 a breach of the Master 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 and Attestation Report. The Paying Agent,
      Certificate Registrar and Authenticating Agent 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 Paying Agent, Certificate
      Registrar and Authenticating Agent to deliver when required its Assessment
      of
      Compliance.

     

    SECTION
      3.22 Access
      to
      Certain Documentation.

     

    The
      Master Servicer shall provide to the Office of the Controller of the Currency,
      the Office of Thrift Supervision, the FDIC, and any other federal or state
      banking or insurance regulatory authority that may exercise authority over
      any
      Certificateholder, 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 Master Servicer designated by it. In addition,
      access to the documentation regarding the Mortgage Loans required by applicable
      laws and regulations will be provided to such Certificateholder, the Trustee,
      the Trust Administrator and to any Person identified to the Master Servicer
      as a
      prospective transferee of a Certificate, upon reasonable request during normal
      business hours at the offices of the Master Servicer designated by it at the
      expense of the Person requesting such access.

     

    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
      Master 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 Master
      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 Master 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
      Master 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
      Master Servicer shall be permitted to allow the Collection Account to serve
      as
      the REO Account, subject to separate ledgers for each REO Property. The Master
      Servicer shall be entitled to retain or withdraw any interest income paid on
      funds deposited in the REO Account.

     

    (c) The
      Master 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 Master Servicer manages and operates similar property owned by the
      Master Servicer or any of its Affiliates, all on such terms and for such period
      as the Master Servicer deems to be in the best interests of Certificateholders.
      In connection therewith, the Master 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 Master 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 Master Servicer shall advance
      from its own funds such amount as is necessary for such purposes if, but only
      if, the Master Servicer would make such advances if the Master Servicer owned
      the REO Property and if in the Master 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 Master 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 Master 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 Master Servicer may take such
      actions as are specified in such Opinion of Counsel.

     

    The
      Master 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 Master
      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 Master 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
      Master 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
      Master 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 Master Servicer by such
      Independent Contractor, and nothing in this Agreement shall be deemed to limit
      or modify such indemnification. The Master Servicer shall be solely liable
      for
      all fees owed by it to any such Independent Contractor, irrespective of whether
      the Master 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 Master 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 of
      Administration 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
      Master Servicer from each REO Account maintained by it and remitted to the
      Paying Agent for deposit into the Distribution Account in accordance with
      Section 3.10(d)(ii) on the Master 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 Master Servicer at such price and upon
      such terms and conditions as the Master 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 Master Servicer or any Sub-Servicer as provided above,
      shall be remitted to the Paying Agent for deposit in the Distribution Account
      in
      accordance with Section 3.10(d)(ii) on the Master 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
      Master 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 Master Servicer in Respect of Prepayment Interest
      Shortfalls.

     

    With
      respect to each Collateral Pool, the Master Servicer shall deliver to the Paying
      Agent for deposit into the Distribution Account on or before 12:00 p.m. New
      York
      time on the Master Servicer Remittance Date from its own funds (or from a
      Sub-Servicer’s own funds received by the Master 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 for that Collateral
      Pool.

     

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

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

    (a) (1)
      On
      each Distribution Date, the Paying Agent, in accordance with calculations and
      determinations made by the Trust Administrator as reflected in the statement
      to
      Certificateholders prepared by the Trust Administrator pursuant to Section
      4.02,
      shall withdraw from the Distribution Account an amount equal to the related
      Group I Available Distribution Amount for each Loan Group within Collateral
      Pool
      I. Distributions on each Distribution Date with respect to the Group I
      Certificates will be made in the following amounts and order of priority, from
      the related Available Distribution Amount or related Available Distribution
      Amounts:

     

    
      	 	
              (i)

            	
              from
                the Available Distribution Amount for each Loan Group, concurrently,
                to
                the Holders of the related Super Senior Certificates and Senior Support
                Component, the Interest Distribution Amount for each Class or Component,
                as the case may be, and such Distribution Date, on a pro
                rata
                basis based on their respective entitlements to interest pursuant
                to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              from
                the remaining Available Distribution Amount for each Loan Group,
                concurrently to the Holders of the related Super Senior Certificates
                and
                Senior Support Component, and on the first Distribution Date, the
                Holders
                of any related Residual Certificates, to the extent of the related
                Senior
                Principal Distribution Amount, in reduction of the Certificate Principal
                Balances or Component Principal Balance of each such Class or Component,
                distributable first to the Holders of any related Class of Residual
                Certificates until the Certificate Principal Balance thereof has
                been
                reduced to zero and then to the Holders of each such Class or Component
                of
                the related Class A Certificates, on a pro
                rata
                basis based on their respective Certificate Principal Balances or
                Component Principal Balance, until the Certificate Principal Balances
                or
                Component Principal Balance thereof has been reduced to
                zero;

            

    

     

    
      	 	
              (iii)

            	
              from
                the remaining Available Distribution Amounts for all Loan Groups
                within
                Collateral Pool I, to the Holders of the related Subordinate Certificates,
                the related Interest Distribution Amount for each Class of the related
                Subordinate Certificates for such Distribution Date, distributable
                to the
                Holders of the Subordinate Certificates related to such Collateral
                Pool in
                the order of priority from the Class of such Subordinate Certificates
                with
                the lowest numerical designation to the Class of such Subordinate
                Certificates with the highest numerical
                designation;

            

    

     

    
      	 	
              (iv)

            	
              from
                the remaining Available Distribution Amounts for all Loan Groups
                within
                Collateral Pool I,
                to the Holders of the related Subordinate Certificates, an aggregate
                amount equal to the related Subordinate Principal Distribution Amount
                for
                such Distribution Date, allocable among the related Classes of Subordinate
                Certificates in reduction of the Certificate Principal Balances thereof
                pro
                rata
                in
                accordance with the respective amounts payable as to each such Class
                pursuant to the priorities and amounts set forth in Section
                4.01(b)(i);

            

    

     

    
      	 	
              (v)

            	
              from
                the remaining Available Distribution Amounts for all Loan Groups
                within
                Collateral Pool I, if such Distribution Date follows the expiration
                of the
                latest expiring prepayment
                charge, penalty or premium on
                any Mortgage Loan remaining such Collateral Pool, to the Class I-P
                Certificates, until the Certificate Principal Balance thereof has
                been
                reduced to zero; and

            

    

     

    
      	 	
              (vi)

            	
              from
                the remaining Available Distribution Amounts for all Loan Groups
                within
                Collateral Pool I, to the Holders of the Class I-R Certificates,
                any
                remaining amounts.

            

    

     

    (2) On
      each
      Distribution Date, the Paying Agent, in accordance with calculations and
      determinations made by the Trust Administrator as reflected in the statement
      to
      Certificateholders prepared by the Trust Administrator pursuant to Section
      4.02,
      shall withdraw from the Distribution Account an amount equal to the Group II
      Available Distribution Amount. Distributions on each Distribution Date with
      respect to the Group II Certificates will be made in the following amounts
      and
      order of priority, from the Group II Available Distribution Amount:

     

    
      	 	
              (i)

            	
              concurrently,
                to the Holders of the related Senior Certificates, the Interest
                Distribution Amount for each Class of the related Senior Certificates,
                on
                a pro
                rata
                basis based on their respective entitlements to interest pursuant
                to this
                clause;

            

    

     

    
      	 	
              (ii)

            	
              concurrently
                to the Holders of the Group II Class A Certificates, and on the first
                Distribution Date, the Holders of the Class II-R Certificates, to
                the
                extent of the related Senior Principal Distribution Amount, in reduction
                of the Certificate Principal Balances of such Certificates, distributable
                first to the Holders of the Class II-R Certificates until the Certificate
                Principal Balance thereof has been reduced to zero and then to the
                Holders
                of each Class of the Group II Class A Certificates, in the order
                of
                priority set forth in Section 4.01(a)(3), until the Certificate Principal
                Balances thereof have been reduced to
                zero;

            

    

     

    
      	 	
              (iii)

            	
              to
                the Holders of the Group II Subordinate Certificates (other than
                the Class
                of Group II Subordinate Certificates then outstanding with the lowest
                payment priority), the related Interest Distribution Amount for each
                Class
                of the Group II Subordinate Certificates for such Distribution Date,
                distributable to the Holders of the Group II Subordinate Certificates
                in
                the order of priority from the Class of such Subordinate Certificates
                with
                the lowest numerical designation to the Class of such Subordinate
                Certificates with the highest numerical
                designation;

            

    

     

    
      	 	
              (iv)

            	
              to
                the Holders of the Group II Subordinate Certificates, an aggregate
                amount
                equal to the related Subordinate Principal Distribution Amount for
                such
                Distribution Date, allocable among the related Classes of Subordinate
                Certificates in reduction of the Certificate Principal Balances thereof
                pro
                rata
                in
                accordance with the respective amounts payable as to each such Class
                pursuant to the priorities and amounts set forth in Section 4.01(b)(i);
                and

            

    

     

    
      	 	
              (v)

            	
              to
                the Holders of the Class II-R Certificates, any remaining
                amounts.

            

    

     

    (3) All
      distributions to the Holders of the Group II Class A Certificates pursuant
      to
      Section 4.01(a)(2)(ii) above shall be made sequentially first, to the Holders
      of
      the Class II-A1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, and then to the Holders of the Class II-A2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero.

     

    (4) On
      each
      Distribution Date, all amounts representing prepayment charges, penalties or
      premiums in respect of the Group I Mortgage Loans received during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Paying Agent to the Holders of the Class I-P Certificates
      and
      shall not be available for distribution to the Holders of any other Class of
      Certificates. The payment of the foregoing amounts to the Holders of the Class
      I-P Certificates shall not reduce the Certificate Principal Balance
      thereof.

     

    (5) Immediately
      prior to the distributions to the Holders of the Certificates on each
      Distribution Date, any adjustments to the Certificate Principal Balances or
      Component Principal Balance of the Certificates or Components, as applicable,
      as
      required by this paragraph shall be made. For each Collateral Pool, an amount
      equal to the lesser of (x) the amount of related Subsequent Recoveries included
      in the available funds for such Distribution Date and (y) the aggregate amount
      of related Realized Losses, other than Excess Bankruptcy Losses, Excess Fraud
      Losses, Excess Special Hazard Losses and Extraordinary Losses, previously
      allocated to the Class of Certificates or Components, as the case may be, and
      that remain “outstanding” as set forth below shall be applied as follows: first,
      to increase the Certificate Principal Balances or Component Principal Balance
      of
      the related Class of Certificates or Components, as the case may be, with the
      highest payment priority to which such Realized Losses were previously
      allocated, to the extent of any such Realized Losses previously allocated to
      such Class of Certificates or Components, as the case may be, and remaining
      “outstanding”; second, to increase the Certificate Principal Balances or
      Component Principal Balance of the related Class of Certificates or Components,
      as the case may be, with the next highest payment priority to which such
      Realized Losses were previously allocated, to the extent of any such Realized
      Losses previously allocated to such Class of Certificates or Components, as
      the
      case may be, and remaining “outstanding”; and so forth. For purposes of the
      foregoing, with respect to any Class of Certificates or Components, as the
      case
      may be, the amount of previously allocated Realized Losses that have been offset
      by an increase in Certificate Principal Balances or Component Principal Balance
      as provided above shall be deemed no longer “outstanding” but not by more than
      the amount of Realized Losses previously allocated to that Class of Certificates
      or Components, as the case may be, pursuant to Section 4.04. Holders of any
      Class of Certificates or Components, as the case may be, with respect to which
      there shall have been a Certificate Principal Balances or Component Principal
      Balance increase pursuant to this paragraph will not be entitled to any
      distribution in respect of interest on the amount of such increase for any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal
      Balances or Component Principal Balance of each Class of Certificates or
      Components, as the case may be, in accordance with its respective Percentage
      Interest.

     

    All
      references above to the Certificate Principal Balances or Component Principal
      Balance of any Class of Certificates or Components, as the case may be, shall
      be
      to the Certificate Principal Balances or Component Principal Balance of such
      Class of Certificates or Components, as the case may be, prior to the allocation
      of Extraordinary Trust Fund Expenses and Realized Losses, in each case allocated
      to such Class of Certificates or Components, as the case may be, on such
      Distribution Date pursuant to Section 4.04.

     

    (b) (i) On
      each
      Distribution Date, the aggregate distributions of principal made on such date
      in
      respect of the Group I Subordinate Certificates pursuant to Section
      4.01(a)(1)(iv) above and the aggregate distributions of principal made on such
      date in respect of the Group II Subordinate Certificates pursuant to Section
      4.01(a)(2)(iv) above, respectively, shall be applied among the various Classes
      thereof, in the order of priority within each Collateral Pool from the Class
      of
      related Subordinate Certificates with the lowest numerical designation to the
      Class of related Subordinate Certificates with the highest numerical
      designation, in each case to the extent of remaining available funds up to
      the
      amount allocable to such Class for such Distribution Date and in each case
      until
      the aggregate Certificate Principal Balance of each such Class is reduced to
      zero, in an amount with respect to each such Class equal to the sum of (X)
      the
      related Class B Percentage of the amounts described in clauses (i) through
      (v)
      of clause (a) of the definition of Subordinate Principal Distribution Amount,
      (Y) the portion of the amounts described in clauses (b), (c) and (e) of the
      definition of Subordinate Principal Distribution Amount allocable to such Class
      pursuant to Section 4.01(b)(ii) below and (Z) the excess, if any, of the amount
      required to be distributed to such Class pursuant to this Section 4.01(b)(i)
      for
      the immediately preceding Distribution Date, over the aggregate distributions
      of
      principal made in respect of such Class of Certificates on such immediately
      preceding Distribution Date pursuant to Section 4.01 to the extent that any
      such
      excess is not attributable to Realized Losses which were allocated to related
      Subordinate Certificates with a lower priority pursuant to Section
      4.04.

     

    (ii) On
      any
      Distribution Date, the portion of (a) all net Liquidation Proceeds and Insurance
      Proceeds with respect to any Group I Mortgage Loans that were the subject of
      a
      Final Recovery Determination in the related Prepayment Period and (b) all
      Principal Prepayments received in respect of the Group I Mortgage Loans in
      the
      related Prepayment Period, allocable to principal and not included in the
      related Senior Principal Distribution Amount, will be allocated on a
pro
      rata
      basis
      among the following Classes of Group I Subordinate Certificates (each, an
“Eligible Class”) in proportion to the respective outstanding Certificate
      Principal Balances thereof: (i) the Class I-B1 Certificates, (ii) the Class
      I-B2
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool I evidenced by the Class I-B2 Certificates, the Class I-B3
      Certificates, the Class I-B4 Certificates, the Class I-B5 Certificates and
      the
      Class I-B6 Certificates equals or exceeds 2.80% before giving effect to
      distributions on such Distribution Date, (iii) the Class I-B3 Certificates,
      if
      on such Distribution Date the aggregate percentage interest in Collateral Pool
      I
      evidenced by the Class I-B3 Certificates, the Class I-B4 Certificates, the
      Class
      I-B5 Certificates and the Class I-B6 Certificates equals or exceeds 1.75% before
      giving effect to distributions on such Distribution Date, (iv) the Class I-B4
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool I evidenced by the Class I-B4 Certificates, the Class I-B5
      Certificates and the Class I-B6 Certificates equals or exceeds 1.10% before
      giving effect to distributions on such Distribution Date, (v) the Class I-B5
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool I evidenced by the Class I-B5 Certificates and the Class I-B6
      Certificates equals or exceeds 0.50% before giving effect to distributions
      on
      such Distribution Date and (vi) the Class I-B6 Certificates, if on such
      Distribution Date the percentage interest in Collateral Pool I evidenced by
      the
      Class I-B6 Certificates equals or exceeds 0.25% before giving effect to
      distributions on such Distribution Date. If any of the foregoing Certificates
      is
      not an Eligible Class, any amounts allocable to principal and distributable
      pursuant to this Section 4.01(b)(ii) will be distributed among the Certificates
      that are Eligible Classes in the manner set forth above.

     

    On
      any
      Distribution Date, the portion of (a) all net Liquidation Proceeds and Insurance
      Proceeds with respect to any Group II Mortgage Loans that were the subject
      of a
      Final Recovery Determination in the related Prepayment Period and (b) all
      Principal Prepayments received in respect of the Group II Mortgage Loans in
      the
      related Prepayment Period, allocable to principal and not included in the
      related Senior Principal Distribution Amounts, will be allocated on a
pro
      rata
      basis
      among the following Classes of Group II Subordinate Certificates (each, an
      “Eligible Class”) in proportion to the respective outstanding Certificate
      Principal Balances thereof: (i) the Class II-B1 Certificates, (ii) the Class
      II-B2 Certificates, if on such Distribution Date the aggregate percentage
      interest in Collateral Pool II evidenced by the Class II-B2 Certificates, the
      Class II-B3 Certificates, the Class II-B4 Certificates, the Class II-B5
      Certificates and the Class II-B6 Certificates equals or exceeds 0.95% before
      giving effect to distributions on such Distribution Date, (iii) the Class II-B3
      Certificates, if on such Distribution Date the aggregate percentage interest
      in
      Collateral Pool II evidenced by the Class II-B3 Certificates, the Class II-B4
      Certificates, the Class II-B5 Certificates and the Class II-B6 Certificates
      equals or exceeds 0.70% before giving effect to distributions on such
      Distribution Date, (iv) the Class II-B4 Certificates, if on such Distribution
      Date the aggregate percentage interest in Collateral Pool II evidenced by the
      Class II-B4 Certificates, the Class II-B5 Certificates and the Class II-B6
      Certificates equals or exceeds 0.40% before giving effect to distributions
      on
      such Distribution Date, (v) the Class II-B5 Certificates, if on such
      Distribution Date the aggregate percentage interest in Collateral Pool II
      evidenced by the Class II-B5 Certificates and the Class II-B6 Certificates
      equals or exceeds 0.25% before giving effect to distributions on such
      Distribution Date and (vi) the Class II-B6 Certificates, if on such Distribution
      Date the percentage interest in Collateral Pool II evidenced by the Class II-B6
      Certificates equals or exceeds 0.15% before giving effect to distributions
      on
      such Distribution Date. If any of the foregoing Certificates is not an Eligible
      Class, any amounts allocable to principal and distributable pursuant to this
      Section 4.01(b)(ii) will be distributed among the Certificates that are Eligible
      Classes in the manner set forth above.

     

    Notwithstanding
      the foregoing, if the application of the foregoing on any Distribution Date
      as
      provided in Section 4.01 would result in a distribution in respect of principal
      to any Class or Classes of Subordinate Certificates in an amount greater than
      the remaining Certificate Principal Balance thereof (any such Class, a “Maturing
      Class”) then: (a) the amount to be allocated to each Maturing Class shall be
      reduced to a level that, when applied as described above, would exactly reduce
      the Certificate Principal Balance of such Class to zero and (b) the total amount
      of the reduction in the amount to be allocated to the Maturing Class or Classes
      shall be allocated among the remaining related Eligible Classes on a
pro
      rata
      basis in
      proportion to the respective outstanding Certificate Principal Balances thereof
      prior to the allocation thereto of any of the amounts described in the preceding
      sentence.

     

    (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 Certificate Registrar 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 Certificate Registrar 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 Paying Agent, the Certificate Registrar, the Authenticating
      Agent, the Depositor or the Master 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, the
      Authenticating Agent, the Paying Agent, the Certificate Registrar or the Master
      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 so timely
      advise the Paying Agent and the Paying Agent 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
      Paying Agent 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 Certificate Registrar
      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
      Paying Agent 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 Paying Agent 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 Paying Agent
      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 Paying Agent
      shall pay to the 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 Paying Agent 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).

     

    SECTION
      4.02 Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, the Trust Administrator shall prepare and make available
      to
      the Paying Agent, and the Paying Agent shall make available on its website
      to
      each Holder of the Regular Certificates, 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 or Components of each such Class allocable to
      principal;

     

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

     

    (iii) with
      respect to each Collateral Pool, the aggregate amount of servicing compensation
      received by the Master Servicer with respect the related Due Period and such
      other customary information as the Trust Administrator deems necessary or
      desirable, or which a Certificateholder reasonably requests, to enable
      Certificateholders to prepare their tax returns;

     

    (iv) with
      respect to each Collateral Pool, the aggregate amount of P&I Advances for
      such Distribution Date;

     

    (v) with
      respect to each Collateral Pool, the aggregate Stated Principal Balance of
      the
      related Mortgage Loans and any related REO Properties at the close of business
      on such Distribution Date;

     

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

     

    (vii) with
      respect to each Collateral Pool, the number and aggregate unpaid principal
      balance of related 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 (such delinquencies for all purposes in this
      Agreement as calculated using the MBA/OTS method);

     

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

     

    (ix) with
      respect to each Collateral Pool, the book value and the Stated Principal Balance
      of any related REO Property as of the close of business on the last Business
      Day
      of the calendar month preceding the Distribution Date;

     

    (x) with
      respect to each Collateral Pool, the aggregate amount of Principal Prepayments
      made during the related Prepayment Period;

     

    (xi) with
      respect to each Collateral Pool, 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), the aggregate
      amount of Realized Losses incurred since the Cut-off Date and the aggregate
      amount of Subsequent Recoveries received during the Prepayment Period and the
      cumulative amount of Subsequent Recoveries received since the Cut-off Date,
      in
      each case separately identifying whether such Realized Losses constituted Fraud
      Losses, Special Hazard Losses or Bankruptcy Losses;

     

    (xii) with
      respect to each Collateral Pool, the aggregate amount of Extraordinary Trust
      Fund Expenses withdrawn from the Collection Account or the Distribution Account
      for such Distribution Date and to whom such Extraordinary Trust Expenses were
      paid and for what purpose;

     

    (xiii) the
      aggregate Certificate Principal Balance of each such Class of Certificates
      immediately prior to such Distribution Date and 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;

     

    (xiv) with
      respect to each Collateral Pool, the Administration Fee paid to the Trust
      Administrator with respect to the calendar month preceding such Distribution
      Date, and the aggregate Servicing Fees accrued with respect to the servicing
      of
      the Mortgage Loans in such Collateral Pool during such calendar
      month;

     

    (xv) the
      Pass-Through Rate Amount in respect of each such Class of Certificates (other
      than the Class I-P Certificates) for such Distribution Date and the Interest
      Distribution Amount in respect of each such Class of Certificates (other than
      the Class I-P Certificates) for 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;

     

    (xvi) with
      respect to each Collateral Pool, the aggregate amount of any Prepayment Interest
      Shortfalls for such Distribution Date, to the extent not covered by payments
      by
      the Master Servicer pursuant to Section 3.24;

     

    (xvii) with
      respect to each Collateral Pool, the aggregate amount of Relief Act Interest
      Shortfalls for such Distribution Date;

     

    (xviii) with
      respect to each Collateral Pool, the then-applicable Bankruptcy Amount, Fraud
      Loss Amount, and Special Hazard Amount;

     

    (xix) the
      applicable Record Date for each Class for such Distribution Date;
      

     

    (xx) with
      respect to each Collateral Pool, for any related Mortgage Loan as to which
      foreclosure proceedings have been concluded, the unpaid principal balance of
      such Mortgage Loan as of the date of such conclusion of foreclosure
      proceedings;

     

    (xxi) with
      respect to each Collateral Pool, for related 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) 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; 

     

    (xxiii)
      whether Realized Losses or delinquencies are at levels such as to prevent
      scheduled declines in any of the Senior Prepayment Percentages;

     

    (xxiii)
      whether any material breaches of loan-level representations and warranties
      made
      by the Seller under the Mortgage Loan Purchase Agreement have been discovered
      by
      or reported to the Master Servicer, and the dollar amount of any repurchases
      or
      substitutions in connection with any such breaches. 

     

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

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Paying Agent
      shall forward to each Person (with a copy to the Trust Administrator and 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
      Paying Agent shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be prepared by the Trust
      Administrator and provided by the Paying Agent pursuant to any requirements
      of
      the Code as from time to time are in force.

     

    On
      each
      Distribution Date, the Paying Agent shall make available to the Depositor,
      each
      Holder of a Residual Certificate, the Trust Administrator and the Master
      Servicer, 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 Paying Agent
      shall forward to each Person (with a copy to the Trust Administrator and 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 Paying Agent shall be deemed to have
      been satisfied to the extent that substantially comparable information shall
      be
      prepared by the Trust Administrator and furnished by the Paying Agent to such
      Holders pursuant to the rules and regulations of the Code as are in force from
      time to time.

     

    Upon
      request, the Paying Agent 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 Paying Agent’s duties are limited to the extent that the
      Paying Agent receives timely reports as required from the Trust Administrator
      and the Master Servicer and that the Trust Administrator receives timely reports
      as required from the Master Servicer.

     

    On
      each
      Distribution Date, the Trust Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) (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.

     

    SECTION
      4.03 Remittance
      Reports; P&I Advances.

     

    (a) On
      the
      second Business Day prior to the related Distribution Date, the Master Servicer
      shall deliver to the Trust Administrator, the Paying Agent and the Trustee
      by
      telecopy (or by such other means as the Master Servicer, the Paying Agent and
      the Trust Administrator and the Trustee may agree from time to time) a
      Remittance Report with respect to the related Distribution Date. Such Remittance
      Report will include (i) the amount of P&I Advances to be made by the Master
      Servicer in respect of the related Distribution Date, the aggregate amount
      of
      P&I Advances outstanding after giving effect to such P&I Advances, and
      the aggregate amount of Nonrecoverable P&I Advances in respect of such
      Distribution Date and (ii) such other information with respect to the Mortgage
      Loans as the Trust Administrator or the Paying Agent may reasonably require
      to
      perform the calculations necessary for the Paying Agent to make the
      distributions contemplated by Section 4.01 and for the Trust Administrator
      to
      prepare the statements to Certificateholders contemplated by Section 4.02;
      provided, however, that if the Master Servicer is not the Trust Administrator,
      the Master Servicer will forward to the successor Trust Administrator the
      information set forth in clause (i) above on the next Business Day following
      the
      latest related Determination Date and the information set forth in clause (ii)
      above on the fifth Business Day following the last day of the related calendar
      month. Neither the Trustee, the Paying Agent nor the Trust Administrator shall
      be responsible to recompute, recalculate or verify any information provided
      to
      it by the Master Servicer.

     

    (b) The
      amount of P&I Advances to be made by the Master Servicer for any
      Distribution Date shall equal, subject to Section 4.03(d), the sum of (i) the
      aggregate amount of Monthly Payments (with each interest portion thereof net
      of
      the related Servicing Fee and the related Administration Fee), due on the
      related Due Date in respect of the Mortgage Loans, which Monthly Payments were
      delinquent as of the close of business on the related Determination Date and
      (ii) 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 Monthly Payments (with each interest portion thereof net of the
      related Servicing Fee and the related Administration Fee) that would have been
      due on the related Due Date in respect of the related Mortgage
      Loans.

     

    On
      or
      before 12:00 p.m. New York time on the Master Servicer Remittance Date, the
      Master Servicer shall remit in immediately available funds to the Paying Agent
      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 and REO
      Properties for the related Distribution Date either (i) from its own funds
      or,
      if received from a Sub-Servicer, from funds remitted by a Sub-Servicer in
      payment of required P&I Advances or (ii) from the 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 Collection Account
      that
      amounts held for future distribution have been, as permitted by this Section
      4.03, used by the Master 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 Master Servicer with respect to the
      Mortgage Loans and REO Properties. Any amounts held for future distribution
      and
      so used shall be appropriately reflected in the Master Servicer’s records and
      replaced by the Master Servicer by deposit in the Collection Account on or
      before any future Master 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 Master Servicer Remittance
      Date) shall be less than the total amount that would be distributed to the
      Classes of 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 Master
      Servicer by telecopy by the close of business on the Master Servicer Remittance
      Date in the event that the amount remitted by the Master Servicer to the Trust
      Administrator on such Master Servicer Remittance Date is less than the P&I
      Advances required to be made by the Master Servicer for the related Distribution
      Date.

     

    (c) The
      obligation of the Master 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
      REMIC I 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 shall be required to be made
      hereunder by the Master Servicer if such P&I Advance would, if made,
      constitute a Nonrecoverable P&I Advance. The determination by the Master
      Servicer that it has made a Nonrecoverable P&I Advance or that any proposed
      P&I Advance, if made, would constitute a Nonrecoverable P&I Advance,
      shall be evidenced by an Officers’ Certificate of the Master Servicer delivered
      to the Depositor, the Trust Administrator, the Paying Agent and the Trustee.
      

     

    (e) If
      the
      Master Servicer shall fail to make any P&I Advance on any Master Servicer
      Remittance Date required to be made from its own funds pursuant to this Section
      4.03, then the Paying Agent, by not later than 1:00 p.m. on the related
      Distribution Date, shall make such P&I advance from its own funds by
      depositing the amount of such advance into the Distribution Account, and the
      Trust Administrator and the Paying Agent shall include the amount so advanced
      by
      the Paying Agent in the Available Distribution Amount distributed on such
      Distribution Date. 

     

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

     

    (a) Prior
      to
      each Distribution Date, the Master 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 Fraud Losses or Special Hazard Losses; and (iii) the respective
      portions of such Realized Losses allocable to interest and allocable to
      principal. Prior to each Distribution Date, the Master 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 Master Servicer shall be
      evidenced by an Officers’ Certificate delivered to the Trust Administrator, the
      Paying Agent and the Trustee by the Master 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 related to each Collateral Pool (other
      than Excess Losses) shall be allocated by the Paying Agent on each Distribution
      Date in reverse sequential order to the related Subordinate Certificates, in
      each case until the Certificate Principal Balance thereof has been reduced
      to
      zero. 

     

    Thereafter,
      (i) with respect to Collateral Pool I, upon the reduction of the Certificate
      Principal Balances of the related Subordinate Certificates to zero, all Realized
      Losses on the Mortgage Loans related to such Collateral Pool (other than Excess
      Losses) shall be allocated to the Class I-A1 Certificates and the Class I-AB
      Certificates as described below (if such Realized Loss is on a Group I-1
      Mortgage Loan) or to the Class I-A2 Certificates and the Class I-AB Certificates
      as described below (if such Realized Loss is on a Group I-2 Mortgage Loan)
      and
      (ii) with respect to Collateral Pool II, upon the reduction of the Certificate
      Principal Balances of the related Subordinate Certificates to zero, all Realized
      Losses on the Mortgage Loans related to such Collateral Pool (other than Excess
      Losses) shall be allocated to the Group II Class A Certificates on a
pro
      rata
      basis.

     

    Excess
      Losses on the Group I Mortgage Loans will be allocated on any Distribution
      Date
      by allocating (i) the related Senior Percentage of the Excess Loss to the Class
      I-A1 Certificates and
      the
      Class I-AB Certificates as
      described below (if such Excess Loss is on a Group I-1 Mortgage Loan) or to
      the
      Class I-A2 Certificates and the Class I-AB Certificates as described below
      (if
      such Excess Loss is on a Group I-2 Mortgage Loan) and (ii) the related Group
      I
      Subordinate Percentage of the Excess Loss to the Group I Subordinate
      Certificates on a pro
      rata
      basis.

     

    Excess
      Losses on the Mortgage Loans in Collateral Pool II will be allocated on any
      Distribution Date by allocating (i) the related Senior Percentage of the Excess
      Loss to the Group II Class A Certificates on a pro
      rata
      basis
      and (ii) the Group II Subordinate Percentage of the Excess Loss to the Group
      II
      Subordinate Certificates on a pro
      rata
      basis.

     

    Any
      Extraordinary Trust Fund Expenses relating to Collateral Pool I will be
      allocated on any Distribution Date as follows: first, to the Class I-B6
      Certificates; second, to the Class I-B5 Certificates; third, to the Class I-B4
      Certificates; fourth, to the Class I-B3 Certificates; fifth, to the Class I-B2
      Certificates; and sixth, to the Class I-B1 Certificates, in each case until
      the
      Certificate Principal Balance of such Class has been reduced to zero.
      Thereafter, any Extraordinary Trust Fund Expenses relating to Collateral Pool
      I
      will be allocated on any Distribution Date among the Group I Class A
      Certificates on a pro
      rata
      basis.
      Any Extraordinary Trust Fund Expenses relating to Collateral Pool II will be
      allocated on any Distribution Date as follows: first, to the Class II-B6
      Certificates; second, to the Class II-B5 Certificates; third, to the Class
      II-B4
      Certificates; fourth, to the Class II-B3 Certificates; fifth, to the Class
      II-B2
      Certificates; and sixth, to the Class II-B1 Certificates, in each case until
      the
      Certificate Principal Balance of such Class has been reduced to zero.
      Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool
      II
      will be allocated on any Distribution Date among the Group II Class A
      Certificates on a pro
      rata
      basis.

     

    Notwithstanding
      the foregoing, any
      Realized Loss (including any Excess Loss) that is allocated to the Class I-A1
      Certificates and Class I-AB Certificates will be allocated between such classes
      on a pro
      rata
      basis
      (based on the Certificate
      Principal Balance of the Class
      I-A1 Certificates and the
      Component Principal Balance of the I-A1
      Component); provided that any Realized Losses (other
      than any Excess Losses) so
      allocated to the Class I-A1 Certificates and Class I-AB Certificates will be
      allocated first to the Class I-AB Certificates to
      the
      extent of the Component Principal Balance of the I-A1 Component
      until
      the Component
      Principal Balance of the I-A1 Component
      has been
      reduced to zero and then to the Class I-A1 Certificates. Any Realized Loss
      (including any Excess Loss) or any Extraordinary Trust Fund Expense that is
      allocated to the Class I-A2 Certificates and Class I-AB Certificates will be
      allocated between such classes on a pro
      rata
      basis
      (based on the Certificate
      Principal Balance of the Class
      I-A2 Certificates and the
      Component Principal Balance of the I-A2
      Component); provided that any Realized Losses other than any Excess Losses)
      so
      allocated to the Class I-A2 Certificates and Class I-AB Certificates will be
      allocated first to the Class I-AB Certificates to
      the
      extent of the Component Principal Balance of the I-A2 Component
      until
      the Component
      Principal Balance of the I-A2 Component
      has been
      reduced to zero and then to the Class I-A2 Certificates. 

     

    Notwithstanding
      the method of allocation of Realized Losses and Extraordinary Fund Expenses
      above, if any overcollateralization exists when Realized Losses or Extraordinary
      Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary
      Trust Fund Expenses will be allocated first to the overcollateralization, until
      the overcollateralization is reduced to zero, prior to allocating such Realized
      Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance
      with the priorities set forth above.

     

    As
      used
      herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense
      on
      a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby. Any allocation of a Realized
      Loss
      of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing
      the Certificate Principal Balance thereof by the amount so allocated as of
      the
      Distribution Date following the Prepayment Period in which such Realized Loss
      was incurred.

     

    (c) Notwithstanding
      anything to the contrary herein, in no event shall the Certificate Principal
      Balance of a Class A Certificate be reduced more than once in respect of any
      particular amount both (i) allocable to such Certificate in respect of Realized
      Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii)
      payable to the Holder of such Certificate pursuant to Section 4.01(a) as a
      portion of the Senior Principal Distribution Amount.

     

    SECTION
      4.05 Compliance
      with Withholding Requirements.

     

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

     

    SECTION
      4.06 Commission
      Reporting.

     

    (a)  (i)
      Within 15 calendar 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 Master Servicer, 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 shall be reported
      by
      such entity to the Depositor and the Trust Administrator and approved by the
      Depositor. The
      Trust
      Administrator shall have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-D Disclosure absent such reporting
      (other than in the case where the Trust Administrator is the reporting party
      as
      set forth in Exhibit B) and approval,
      and the
      Trust Administrator will have no duty or liability to verify the accuracy or
      sufficiency of any such Additional Form 10-D Disclosure (except in any case
      where the Trust Administrator is the responsible party for providing that
      information pursuant to Exhibit B).

     

    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, in EDGAR-compatible format, or in such other form as otherwise agreed
      upon by the Trust Administrator and the Depositor and such party, and 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. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Additional Form 10-D Disclosure.

     

    After
      preparing the Form 10-D, the Trust Administrator shall forward electronically
      a
      copy of the Form 10-D to the Depositor (in every case where the Form 10-D
      includes Additional 10-D Disclosure and otherwise if requested by the Depositor)
      and the Master Servicer for review. Within two Business Days after receipt
      of
      such copy, but no later than the 12th calendar day after the Distribution Date
      (provided that, the Trust Administrator shall have forwarded a copy of the
      Form
      10-D no later than the 10th calendar after the Distribution Date), the Depositor
      shall notify the Trust Administrator in writing (which may be furnished
      electronically) of any changes to or approval of such Form 10-D. In the absence
      of receipt of any written changes or approval, the Trust Administrator shall
      be
      entitled to assume that such Form 10-D is in final form and the Trust
      Administrator may proceed with arrangements for the execution of, and filing
      of,
      the Form 10-D. No later than 2 Business Days prior to the 15th calendar day
      after the related Distribution Date, a duly authorized officer of the Master
      Servicer 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. If a Form 10-D cannot be filed on time or
      if a
      previously filed Form 10-D needs to be amended, the Trust Administrator shall
      follow the procedures set forth in Section 4.06(a)(vi). Once the Form 10-D
      has
      been filed with the Commission it will be available through EDGAR at
www.sec.gov.
      The
      Trust Administrator will provide copies of the report to investors, free of
      charge, upon request. The parties to this Agreement acknowledge that the
      performance by the Master Servicer and the Trust Administrator of their
      respective duties under Sections 4.06(a)(i) and (vi) related to the timely
      preparation, execution and filing of Form 10-D is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under such Sections. Neither the Master Servicer nor the Trust Administrator
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      such
      Form 10-D, where such failure results from the Master Servicer’s or the Trust
      Administrator’s inability or failure to receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 10-D, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (ii)
      Within 4 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, at the direction of the Depositor, on behalf of the Trust,
      any
      Form 8-K, as required by the Exchange Act; provided that, the Depositor shall
      file the initial Form 8-K in connection with the issuance of the Certificates.
      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, pursuant to the paragraph immediately below, reported by the responsible
      parties set forth on Exhibit B to the Trust Administrator and the Depositor
      and
      approved by the Depositor, and the Trust Administrator will have no duty or
      liability for any failure hereunder to determine or prepare any Form 8-K absent
      such reporting (other than in the case where the Trust Administrator is the
      reporting party as set forth in Exhibit B) and approval.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than 5:00 p.m. New York City time on the 2nd Business Day after the
      occurrence of a Reportable Event (i) the responsible parties set forth in
      Exhibit B shall be required pursuant to Section 4.06(a)(v) below to provide
      to
      the Trust Administrator and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible format, or in such other form as otherwise
      agreed upon by the Trust Administrator and the Depositor and such party, the
      form and substance of any Form 8-K Disclosure Information, if applicable, and
      (ii) the Depositor shall approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Form 8-K Disclosure Information on Form
      8-K. 

     

    After
      preparing the Form 8-K, the Trust Administrator shall forward electronically
      a
      copy of the Form 8-K to the Depositor and the Master Servicer for review. No
      later than the close of business New York City time on the 3rd Business Day
      after the Reportable Event, an officer of the Master Servicer shall sign the
      Form 8-K and, return an electronic or fax copy of such signed Form 8-K (with
      an
      original executed hard copy to follow by overnight mail) to the Trust
      Administrator. Promptly, but no later than the close of business on the 3rd
      Business Day after the Reportable Event (provided that, the Trust Administrator
      shall have forwarded a copy of the Form 8-K no later than the 2nd Business
      Day
      after the Reportable Event), the Depositor shall notify the Trust Administrator
      in writing (which may be furnished electronically) of any changes to or approval
      of such Form 8-K. In the absence of receipt of any written changes or approval,
      the Trust Administrator shall be entitled to assume that such Form 8-K is in
      final form and the Trust Administrator may proceed with arrangements for the
      execution of, and filing of, the Form 8-K. If a Form 8-K cannot be filed on
      time
      or if a previously filed Form 8-K needs to be amended, the Trust Administrator
      shall follow the procedures set forth in Section 4.06(a)(vi). Once the Form
      8-K
      has been filed with the Commission it will be available through EDGAR at
www.sec.gov.
      The
      Trust Administrator will provide copies of the report to investors, free of
      charge, upon request. The parties to this Agreement acknowledge that the
      performance by Master Servicer and the Trust Administrator of their respective
      duties under this Section 4.06(a)(ii) related to the timely preparation,
      execution and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 4.06(a)(ii). Neither the Master Servicer nor the Trust Administrator
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      such
      Form 8-K, where such failure results from the Master Servicer’s or the Trust
      Administrator’s inability or failure to receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (iii)
      Within 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust ends on December 31st of
      each year), commencing in March 2007, the Trust Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Trust Administrator within
      the applicable time frames set forth in this Agreement, (I) an Annual Statement
      of Compliance for the Master Servicer and any Sub-servicer, as provided under
      Section 3.20, (II)(A) the Assessments of Compliance for the Master Servicer,
      each Sub-servicer and subcontractor participating in the servicing function,
      the
      Trust Administrator, the Paying Agent and the Custodian, as provided under
      Section 3.21, and (B) if the Master Servicer’s, any Sub-servicer’s or
      subcontractor’s participating in the servicing function, the Trust
      Administrator’s, the Paying Agent’s or the Custodian’s Assessments of Compliance
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if the Master Servicer’s, any Sub-servicer’s or
      subcontractor’s participating in the servicing function, the Trust
      Administrator’s, the Paying Agent’s or the Custodian’s Assessments of Compliance
      is not included as an exhibit to such Form 10-K, disclosure that such report
      is
      not included and an explanation why such report is not included, (III)(A) the
      Attestation Report for the Master Servicer, each Sub-servicer and subcontractor
      participating in the servicing function, the Trust Administrator, the Paying
      Agent and the Custodian, as provided under Section 3.21, and (B) if any
      Attestation Report rendered as contemplated under Section 3.21 identifies any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such Attestation Report is not included as an exhibit
      to such Form 10-K, disclosure that such report is not included and an
      explanation why such report is not included, and (IV) a Master Servicer
      Certification in the form prescribed by Exhibit H (provided, however, that
      the
      Trust Administrator, at its discretion, may omit from the Form 10-K any annual
      compliance statement, assessment of compliance or attestation report that is
      not
      required to be filed with such Form 10-K pursuant to Regulation AB). Any
      disclosure or information in addition to (I) through (IV) above that is required
      to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be,
      pursuant to the paragraph immediately below, reported by the responsible parties
      set forth on Exhibit B to the Trust Administrator and the Depositor and approved
      by the Depositor, and the Trust Administrator will have no duty or liability
      for
      any failure hereunder to determine or prepare any Additional Form 10-K
      Disclosure absent such reporting (other than in the case where the Trust
      Administrator is the reporting party as set forth in Exhibit B) and
      approval.

     

    No
      later
      than March 15th of each year that the Trust is subject to the Exchange Act
      reporting requirements, commencing in 2007, (A) the responsible parties set
      forth in Exhibit B shall be required to provide pursuant to Section 4.06(a)(v)
      below to the Trust Administrator and the Depositor, to the extent known by
      a
      responsible officer thereof, in EDGAR-compatible format, or in such other form
      as otherwise agreed upon by the Trust Administrator and the Depositor and such
      party, the form and substance of any Additional Form 10-K Disclosure, if
      applicable, and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Additional Form 10-K
      Disclosure on Form 10-K. 

     

    After
      preparing the Form 10-K, the Trust Administrator shall forward electronically
      a
      copy of the Form 10-K to the Depositor and the Master Servicer for review.
      Within 3 Business Days after receipt of such copy, but no later than March
      25th
      (provided that, the Trust Administrator forwards a copy of the Form 10-K no
      later than the 3rd Business Day prior to March 25th), the Depositor shall notify
      the Trust Administrator in writing (which may be furnished electronically)
      of
      any changes to or approval of such Form 10-K. In the absence of receipt of
      any
      written changes or approval, the Trust Administrator shall be entitled to assume
      that such Form 10-K is in final form and the Trust Administrator may proceed
      with the execution and filing of the Form 10-K. No later than 12:00 p.m. Eastern
      Standard time on the 4th Business Day prior to the 10-K Filing Deadline, an
      officer of the Master Servicer in charge of the master servicing function 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. If a Form 10-K cannot be filed on time or if a previously filed
      Form 10-K needs to be amended, the Trust Administrator will follow the
      procedures set forth in Section 4.06(a)(vi). Once the Form 10-K has been filed
      with the Commission it will be available through EDGAR at www.sec.gov.
      The
      Trust Administrator will provide copies of the report to investors, free of
      charge, upon request. The parties to this Agreement acknowledge that the
      performance by the Master Servicer and the Trust Administrator of their
      respective duties under Sections 4.06(a)(iv) and (vi) related to the timely
      preparation, execution and filing of Form 10-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under such Sections and under Section 3.20 and Section 3.21. Neither the Master
      Servicer nor the Trust Administrator shall have any liability for any loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 10-K, where such failure results
      from the Master Servicer’s or the Trust Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    The
      Master Servicer shall deliver the Master Servicer Certification, executed by
      an
      officer of the Master Servicer in charge of the master servicing function,
      to
      the Trust Administrator not later than March 15th of each year in which the
      Trust is subject to the reporting requirements of the Exchange
      Act.  In
      connection with the filing of any 10-K hereunder, in the case where the Master
      Servicer and Trust Administrator are not affiliated, the Trust Administrator
      shall sign a Back-Up Certification substantially in the form of Exhibit I;
      provided, however, that the Trust Administrator shall not be required to
      undertake an analysis of any accountant’s report attached as an exhibit to the
      Form 10-K.

     

    (iv)
      With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trust Administrator’s obligation to
      include such Additional Disclosure in the applicable Exchange Act report is
      subject to receipt from the entity that is indicated in Exhibit B as the
      responsible party for providing that information, if other than the Trust
      Administrator, as and when required as described in Section 4.06(a)(i) through
      (iv) above. Each of the Master Servicer, Sponsor, Trust Administrator and
      Depositor hereby agrees to notify and provide to the extent known to the Master
      Servicer, the Sponsor, the Trust Administrator and the Depositor all Additional
      Disclosure relating to the Trust Fund, with respect to which such party is
      indicated in Exhibit B as the responsible party for providing that information.
      

     

    So
      long
      as the Depositor is subject to the filing requirements of the Exchange Act
      with
      respect to the Trust Fund, the Trustee shall notify the Trust Administrator
      and
      the Depositor of any bankruptcy or receivership with respect to the Trustee
      or
      of any proceedings of the type described under Item 1117 of Regulation AB that
      have occurred as of the related Due Period, together with a description thereof,
      no later than the date on which such information is required of other parties
      hereto as set forth under this Section 4.06. In addition, the Trustee shall
      notify the Trust Administrator and the Depositor of any affiliations or
      relationships that develop after the Closing Date between the Trustee and the
      Depositor, the Sponsor, the Trust Administrator, the Master Servicer, the
      Servicer or the Custodian of the type described under Item 1119 of Regulation
      AB, together with a description thereof, no later than the date on which such
      information is required of other parties hereto as set forth under this Section
      4.06.

     

    The
      Master Servicer shall be responsible for determining the pool concentration
      applicable to any Sub-Servicer to which any of the Master Servicer’s
      responsibilities with respect to the Mortgage Loans have been delegated 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.

     

    (v)
      On or
      prior to January 30th of the first year in which the Trust Administrator is
      able
      to do so under applicable law, the Trust Administrator shall prepare and file
      a
      Form 15 relating to the automatic suspension of reporting in respect of the
      Trust under the Exchange Act. 

     

    In
      the
      event that the Trust Administrator is unable to timely file with the Commission
      all or any required portion of any Form 8-K, 10-D or 10-K required to be filed
      by this Agreement because required disclosure information was either not
      delivered to it or delivered to it after the delivery deadlines set forth in
      this Agreement or for any other reason, the Trust Administrator shall promptly
      notify the Depositor and the Master Servicer. In the case of Form 10-D and
      10-K,
      the Depositor, the Master Servicer and the Trust Administrator shall cooperate
      to prepare and file a Form 12b-25 and a 10-DA and 10-KA as applicable, pursuant
      to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Trust
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      8-K, 10-D or 10-K needs to be amended, and such amendment relates to any
      Additional Disclosure, the Trust Administrator shall notify the Depositor and
      the parties affected thereby and such parties will cooperate to prepare any
      necessary Form 8-KA, 10-DA or 10-KA. Any Form 15, Form 12b-25 or any amendment
      to Form 8-K, 10-D or 10-K shall be signed by a duly authorized officer of the
      Master Servicer. The parties hereto acknowledge that the performance by the
      Master Servicer and the Trust Administrator of their respective duties under
      this Section 4.06(a)(v) related to the timely preparation, execution and filing
      of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is
      contingent upon the Master Servicer and the Depositor timely performing their
      duties under this Section. Neither the Master Servicer nor the Trust
      Administrator shall have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Form
      8-K,
      10-D or 10-K, where such failure results from the Master Servicer’s or the Trust
      Administrator’s inability or failure to receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 15, Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trust Administrator, from time
      to
      time upon request, such further information, reports and financial statements
      within its control related to this Agreement or the Mortgage Loans as the Trust
      Administrator reasonably deems appropriate to prepare and file all necessary
      reports with the Commission. The Trust Administrator shall have no
      responsibility to file any items other than those specified in this Section
      4.06; provided, however, the Trust Administrator shall cooperate with the
      Depositor in connection with any additional filings with respect to the Trust
      Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses
      incurred by the Trust Administrator in connection with this Section 4.06 shall
      not be reimbursable from the Trust Fund.

     

    (b) Without
      limiting any other indemnification provided pursuant to any other Section of
      this Agreement, the Trust Administrator shall indemnify and hold harmless,
      the
      Depositor and the Master Servicer and each of their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon a breach of the Trust
      Administrator’s obligations under Sections 3.21 or 4.06 or the Trust
      Administrator’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Trust Administrator shall indemnify and hold
      harmless the Depositor and each of its officers, directors and affiliates and
      the Master Servicer from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that (i) arise out of or are based upon any untrue
      statement or alleged untrue statement of any material fact contained in any
      Back-Up Certification, the Assessment of Compliance, any Additional Disclosure
      or other information provided by the Trust Administrator pursuant to Section
      3.21 or 4.06 (the “Trust Administrator Information”), or (ii) arise out of or
      are based upon the omission or alleged omission to state therein a material
      fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances in which they were made, not misleading; provided,
      by
      way of clarification, that clause (ii) of this paragraph shall be construed
      solely by reference to the Trust Administrator Information and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Trust Administrator Information or any portion thereof is presented
      together with or separately from such other information.

     

    Without
      limiting any other indemnification provided pursuant to any other Section of
      this Agreement, the Master Servicer shall indemnify and hold harmless the Trust
      Administrator and the Depositor and each of its respective officers, directors
      and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon a breach of the
      obligations of the Master Servicer under
      Sections 3.20, 3.21 and 4.06 or
      the
      Master Servicer’s negligence, bad faith or willful misconduct in connection
      therewith In addition, the Master Servicer shall indemnify and hold harmless
      the
      Depositor and each of its officers, directors and affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon (i) arise out of or are based upon any untrue statement or
      alleged untrue statement of any material fact contained in the Master Servicer
      Certification, the Annual Statement of Compliance, the Assessment of Compliance,
      any Additional Disclosure or other information provided by the Master Servicer
      pursuant to Section 3.20, 3.21 or 4.06 (the
      “Master Servicer Information”), or (ii) arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that clause (ii) of this paragraph shall be construed solely
      by
      reference to the Master Servicer Information and not to any other information
      communicated in connection with the Certificates, without regard to whether
      the
      Master Servicer Information or any portion thereof is presented together with
      or
      separately from such other information.

     

    In
      addition, without limiting any other indemnification provided pursuant to any
      other Section of this Agreement, the Paying Agent 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 arising out of third party claims based upon a breach of the Paying
      Agent’s obligations under Section 4.06. If the indemnification provided for
      under this paragraph is unavailable or insufficient to hold harmless the
      Depositor, then the Paying Agent 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 Paying Agent on the
      other. Notwithstanding the foregoing, in no event shall the Paying Agent be
      liable under this paragraph for any consequential, indirect or punitive
      damages.

     

    SECTION
      4.07 Distributions
      and Allocations of Realized Losses on the REMIC Regular Interests. 

     

    With
      respect to the Group I Mortgage Loans

    

    (a) Interest
      shall be payable to the REMIC I-A Regular Interests at the REMIC I-A Remittance
      Rate for each such REMIC I-A Regular Interest on the related Uncertificated
      Balance.

     

    (b) Distributions
      of principal shall be deemed to be made from amounts received on the Group
      I
      Mortgage Loans to the REMIC I-A Regular Interests, first, so as to keep the
      Uncertificated Balance of each REMIC I-A Regular Interest ending with the
      designation “B” equal to 1.0% of the aggregate Scheduled Principal Balance of
      the Mortgage Loans in the related Loan Group; second, to each REMIC I-A Regular
      Interest ending with the designation “A,” so that the Uncertificated Balance of
      each such REMIC I-A Regular Interest is equal to 1.0% of the excess of (x)
      the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Loan
      Group over (y) the sum of (i) the Certificate Principal Balance of the related
      Senior Certificates plus (ii) the Certificate Principal Balance of the related
      Senior Support Certificates (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-A Regular Interests such that the REMIC I-A
      Subordinated Balance Ratio is maintained); and third, any remaining principal
      to
      REMIC I-A Regular Interest LT-ZZZ.

     

    (c) On
      each
      Distribution Date, 100% of the amount paid in respect of Prepayment Charges
      on
      the Group I Mortgage Loans shall be paid to REMIC I-A Regular Interest LT-P
      and
      on the Distribution Date immediately following the expiration of the latest
      Prepayment Charge on a Group I Mortgage Loan, as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter, $100 shall be distributed
      to REMIC I-A Regular Interest LT-P pursuant to this clause. 

     

    (d) Realized
      Losses on the Group I Mortgage Loans 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-A Regular Interest ending with the designation “B” equal
      to 1.0% of the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Loan Group; second, to each REMIC I-A Regular Interest ending with
      the designation “A,” so that the Uncertificated Balance of each such REMIC I-A
      Regular Interest is equal to 1.0% of the excess of (x) the aggregate Scheduled
      Principal Balance of the Mortgage Loans in the related Loan Group over (y)
      the
      sum of (i) the Certificate Principal Balance of the related Senior Certificates
      plus (ii) the Certificate Principal Balance of the related Senior Support
      Certificates (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-A Regular Interests such that the REMIC I-A Subordinated
      Balance Ratio is maintained); and third, any remaining Realized Losses on the
      Mortgage Loans shall be allocated to REMIC I-A Regular Interest LT-ZZZ. Interest
      shall be payable to the REMIC I-A Regular Interests at the REMIC I-A Remittance
      Rate for each such REMIC I-A Regular Interest on the related Uncertificated
      Balance.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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-20. 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 by the Paying Agent and
      delivered by the Authenticating Agent to or upon the order of the Depositor.
      The
      Certificates shall be executed and attested by manual or facsimile signature
      on
      behalf of the Paying Agent by an authorized signatory. Certificates bearing
      the
      manual or facsimile signatures of individuals who were at any time the proper
      officers of the Paying Agent shall bind the Paying Agent, 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 Authenticating Agent 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 Certificate Registrar 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 Paying Agent 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 Master Servicer and the Trust Administrator
      and
      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 Paying Agent resigns or is
      removed in accordance with the terms hereof, the successor Paying Agent 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 Master Servicer, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar 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 Paying Agent 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, the Paying Agent and the
      Certificate Registrar 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 Master 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, the Paying Agent and the
      Certificate Registrar 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 Certificate Registrar 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 Certificate Registrar 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 Paying Agent shall issue the Definitive Certificates. Such
      Definitive Certificates will be issued in minimum denominations of $100,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $100,000 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
      Master Servicer, the Trust Administrator, the Authenticating Agent, the Paying
      Agent, the Certificate Registrar nor 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 Certificate Registrar and the Paying Agent, to the extent applicable with
      respect to such Definitive Certificates, and the Certificate Registrar and
      the
      Paying Agent shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder. 

     

    SECTION
      5.02 Registration
      of Transfer and Exchange of Certificates.

     

    (a) The
      Certificate Registrar 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 Certificate Registrar
      shall
      provide for the registration of Certificates and of transfers and exchanges
      of
      Certificates as herein provided.

     

    (b) No
      transfer of any Private Certificate or Ownership Interest therein 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 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 a Private Certificate is to be made without
      registration or qualification (other than in connection with the initial
      transfer of any such Certificate by the Depositor to an affiliate of the
      Depositor), the Certificate Registrar shall require, receipt of 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, or in the case of any Definitive Certificate,
      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 Certificate
      Registrar, the Authenticating Agent , the Paying Agent, the Master 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. 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 Certificate by the Depositor,
      such transfer shall be required to be made in reliance upon Rule 144A under
      the
      1933 Act, and the transferor will be deemed to have made each of the
      representations and warranties set forth on Exhibit F-1 hereto in respect of
      such interest as if it was evidenced by a Definitive Certificate and the
      transferee will be deemed to have made each of the representations and
      warranties set forth on Exhibit F-1 hereto in respect of such interest as if
      it
      was evidenced by a Definitive Certificate. None of the Depositor 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 or Ownership Interest therein shall, and does hereby agree
      to,
      indemnify the Trustee, the Trust Administrator, the Certificate Registrar,
      the
      Paying Agent, the Authenticating Agent, the Master Servicer 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. 

     

    (c) (i)
      No
      transfer of a Residual 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 DOL
      Regulations (“Plan Assets”) as certified by such transferee in the form of
      Exhibit G, unless the Certificate Registrar is provided with an Opinion of
      Counsel on which the Certificate Registrar, the Depositor, the Trustee, the
      Trust Administrator, the Paying Agent, the Authenticating Agent and the Master
      Servicer may rely, to the effect that the purchase and holding of such
      Certificates will be permissible under applicable law, 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 Master
      Servicer, the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar 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 Master
      Servicer, the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar or the Trust Fund. In lieu
      of
      such Opinion of Counsel, any prospective Transferee of such Certificates may
      provide a certification in the form of Exhibit G to this Agreement (or other
      form acceptable to the Depositor, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Paying Agent, the Authenticating Agent and the Master
      Servicer), which the Certificate Registrar may rely upon without further inquiry
      or investigation. Neither a certification nor an Opinion of Counsel will be
      required in connection with the initial transfer of any such Certificate by
      the
      Depositor to 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 Certificate Registrar
      shall be entitled to conclusively rely upon a representation (which, upon the
      request of the Certificate Registrar, shall be a written representation) from
      the Depositor of the status of such transferee as an affiliate of the Depositor.
      

     

    (ii) Each
      beneficial owner of a Subordinate or any interest therein shall be deemed to
      have represented, by virtue of its acquisition and holding of such Certificate
      or interest therein, that either (A) it is not a Plan or investing with Plan
      Assets, (B) other than with respect to a Class I-B4 Certificate, Class I-B5
      Certificate, Class I-B6 Certificate, Class II-B4 Certificate, Class II-B5
      Certificate or Class II-B6 Certificate, it has acquired and is holding such
      Certificate in reliance on the Underwriter’s Exemption granted by the Department
      of Labor on April 18, 1991 as Prohibited Transaction Exemption (“PTE”) 91-23 at
      56 F.R. 15936 and amended on July 21, 1997 as PTE 97-34 at 62 F.R. 39021 and
      further amended on November 13, 2000 by PTE 2000-58 at 65 F.R. 67765 and on
      August 22, 2002 by PTE 2001-41 at 67 F.R. 54487 (“Underwriter’s Exemption”), and
      that it understands that there are certain conditions to the availability of
      the
      Underwriter’s Exemption, including that the certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, Moody’s or
      S&P and, in the case of a Class II-B1 Certificate, Class II-B2 Certificate
      or a Class II-B3 Certificate, it will represent that it is an “accredited
      investor” as defined in Rule 501(a)(1) of Regulation D under the Securities Act
      and will obtain a representation from any transferee that such transferee is
      an
      accredited investor so long as it is required to obtain a representation
      regarding compliance with the Securities Act, or (C) (i) it is an insurance
      company, (ii) the source of funds used to acquire or hold the Certificate or
      interest therein is an “insurance company general account,” as defined in
      Prohibited Transaction Class Exemption (“PTCE”) 95-60, and (iii) the conditions
      in Sections I and III of PTCE 95-60 have been satisfied.

    

    (iii)
      If
      any 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
      paragraph shall indemnify and hold harmless the Depositor, the Master Servicer,
      the Trustee, the Trust Administrator, the Certificate Registrar, the Paying
      Agent, the Authenticating Agent 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.

     

    (d) (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 Paying Agent 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 Certificate
      Registrar 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 Certificate Registrar 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 Certificate Registrar, 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 Certificate Registrar
      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 Certificate Registrar 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
      Certificate Registrar 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
      Certificate Registrar 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 Certificate
      Registrar as a condition to such registration. In addition, no Transfer of
      a
      Residual Certificate shall be made unless the Certificate Registrar 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 Certificate Registrar 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 Certificate Registrar 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 Certificate Registrar
      on such terms as the Certificate Registrar may choose. Such purported Transferee
      shall promptly endorse and deliver each Residual Certificate in accordance
      with
      the instructions of the Certificate Registrar. Such purchaser may be the
      Certificate Registrar itself or any Affiliate of the Certificate Registrar.
      The
      proceeds of such sale, net of the commissions (which may include commissions
      payable to the Certificate Registrar or its Affiliates), expenses and taxes
      due,
      if any, will be remitted by the Certificate Registrar 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 Certificate Registrar, and
      the
      Certificate Registrar 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 and the Certificate Registrar 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 and the Certificate Registrar.

     

    (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 and the Certificate Registrar 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 Certificate
      Registrar and 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.

     

    (e) Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Certificate Registrar maintained
      for
      such purpose pursuant to Section 8.12, the Certificate Registrar shall give
      notice of such surrender to the Paying Agent and the Authenticating Agent.
      Upon
      receipt of such notice, the Paying Agent shall execute and the Authenticating
      Agent shall 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.

     

    (f) 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 Certificate Registrar maintained for
      such purpose pursuant to Section 8.12. Whenever any Certificates are so
      surrendered for exchange, upon notice from the Certificate Registrar, the Paying
      Agent shall execute, and the Authenticating Agent shall 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 Certificate Registrar) be duly endorsed
      by, or be accompanied by a written instrument of transfer in the form
      satisfactory to the Certificate Registrar duly executed by, the Holder thereof
      or his attorney duly authorized in writing.

     

    (g) No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Certificate Registrar 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.

     

    (h) All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Certificate Registrar in accordance with its customary
      procedures.

     

    SECTION
      5.03 Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar, or the
      Certificate Registrar receive evidence to its satisfaction of the destruction,
      loss or theft of any Certificate, and (ii) there is delivered to the Certificate
      Registrar, 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 Certificate Registrar that such Certificate has been
      acquired by a bona fide purchaser, the Paying Agent shall execute, and the
      Authenticating Agent shall 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 Certificate Registrar
      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 Certificate Registrar)
      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 Master Servicer, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Authenticating Agent, the Paying Agent 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 Master Servicer, the Trustee, the Trust Administrator, the
      Certificate Registrar, the Authenticating Agent, the Paying Agent or any agent
      of any of them shall be affected by notice to the contrary.

     

    SECTION
      5.05 Certain
      Available Information.

     

    The
      Paying Agent 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 Paying Agent 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 or the
      Paying Agent by the Master Servicer since the Closing Date to evidence the
      Master Servicer’s determination that any P&I Advance was, or if made, would
      be a Nonrecoverable P&I Advance and (E) any and all Officers’ Certificates
      delivered to the Trust Administrator or the Paying Agent by the Master 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 Paying Agent upon
      request at the expense of the person requesting the same.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    SECTION
      6.01 Liability
      of the Depositor and the Master Servicer.

     

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

     

    SECTION
      6.02 Merger
      or
      Consolidation of the Depositor or the Master 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
      Master 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 Master 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 Master 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 Master Servicer shall be a party, or any Person succeeding
      to
      the business of the Depositor or the Master Servicer, shall be the successor
      of
      the Depositor or the Master Servicer, as the case may be, hereunder, without
      the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding; provided,
      however, that the successor or surviving Person to the Master Servicer shall
      be
      qualified to service mortgage loans on behalf of Fannie Mae or Freddie Mac;
      and
      provided further that the Rating Agencies’ ratings of the Certificates rated
      thereby and 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 Master Servicer and Others.

     

    None
      of
      the Depositor, the Master Servicer or any of the directors, officers, employees
      or agents of the Depositor or the Master 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 for errors in judgment; provided, however, that this provision
      shall not protect the Depositor, the Master Servicer or any such person against
      any breach of warranties, representations or covenants made herein, or against
      any specific liability imposed on the Master Servicer pursuant hereto, 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. The Depositor, the
      Master Servicer and any director, officer, employee or agent of the Depositor
      or
      the Master 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. The Depositor, the Master Servicer and any director,
      officer, employee or agent of the Depositor or the Master Servicer shall be
      indemnified and held harmless by the Trust Fund against any loss, liability
      or
      expense incurred in connection with any legal action relating to this Agreement
      or the Certificates, other than any loss, liability or expense to any specific
      Mortgage Loan or Mortgage Loans (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 by reason of reckless
      disregard of obligations and duties hereunder. Neither the Depositor nor the
      Master 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 and, in its opinion, does not involve it in any expense or
      liability; provided, however, that each of the Depositor and the Master Servicer
      may in its discretion undertake any such action which it may deem necessary
      or
      desirable with respect to this Agreement and the rights and duties of the
      parties hereto and the interests of the Certificateholders hereunder. In such
      event, unless the Depositor or the Master 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),
      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) shall
      be
      expenses, costs and liabilities of the Trust Fund, and the Depositor (subject
      to
      the limitations set forth above) and the Master Servicer shall be entitled
      to be
      reimbursed therefor from the Collection Account as and to the extent provided
      in
      Section 3.11, any such right of reimbursement being prior to the rights of
      the
      Certificateholders to receive any amount in the Collection Account.

     

    SECTION
      6.04 Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or (ii) 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 Master Servicer hereunder. Any
      such
      determination pursuant to clause (i) of the preceding sentence permitting the
      resignation of the Master Servicer shall be evidenced by an Opinion of Counsel
      to such effect obtained at the expense of the Master Servicer and delivered
      to
      the Trustee and the Trust Administrator. No resignation of the Master Servicer
      shall become effective until the Trustee or a successor servicer shall have
      assumed the Master Servicer’s responsibilities, duties, liabilities (other than
      those liabilities arising prior to the appointment of such successor) and
      obligations under this Agreement.

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign nor 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
      Master Servicer hereunder. If, pursuant to any provision hereof, the duties
      of
      the Master Servicer are transferred to a successor master servicer, the entire
      amount of the Servicing Fee, the Administration Fee and other compensation
      payable to the Master Servicer pursuant hereto shall thereafter be payable
      to
      such successor master servicer.

     

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

     

    The
      Master 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 Master Servicer (and any such Sub-Servicer) in
      respect of the Master Servicer’s rights and obligations hereunder and access to
      officers of the Master Servicer (and those of any such Sub-Servicer) responsible
      for such obligations. Upon request, the Master 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
      Master Servicer and such other information relating to the Master Servicer’s
      capacity to perform its obligations under this Agreement that it possesses.
      Notwithstanding the foregoing, in the case of each Initial Sub-Servicer, such
      access and information described in the preceding two sentences shall be
      required to be provided only to the extent provided in the Sub-Servicing
      Agreement. 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 Master 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 the Master
      Servicer under this Agreement and may, but is not obligated to, perform, or
      cause a designee to perform, any defaulted obligation of the Master Servicer
      under this Agreement or exercise the rights of the Master Servicer under this
      Agreement; provided that the Master Servicer shall not be relieved of any of
      its
      obligations under this Agreement by virtue of such performance by the Depositor
      or its designee. The Depositor shall not have any responsibility or liability
      for any action or failure to act by the Master Servicer and is not obligated
      to
      supervise the performance of the Master Servicer under this Agreement or
      otherwise.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

    DEFAULT

     

    SECTION
      7.01 Master
      Servicer Events of Default.

     

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

     

    (i) (A)
      any
      failure by the Master Servicer to remit to the Paying Agent for distribution
      to
      the Certificateholders any payment (other than a P&I Advance required to be
      made from its own funds on any Master 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 one Business Day after
      the
      date upon which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Master Servicer (with a copy to the
      Paying Agent ) by the Depositor, the Trust Administrator or the Trustee (in
      which case notice shall be provided by telecopy), or to the Master Servicer,
      the
      Depositor, the Trust Administrator, the Paying Agent and the Trustee by the
      Holders of Certificates entitled to at least 25% of the Voting Rights; or (B)
      any deemed Master Servicer Event of Default caused by a failure by the Master
      Servicer to timely comply with its obligations under Section 3.19 or Section
      3.20 or Section 4.06, taking into account any cure period allowed by the Trustee
      at the direction of the Depositor that may be provided under such sections;
      or

     

    (ii) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any of the covenants or agreements on the part of the Master
      Servicer contained in the Certificates or in this Agreement which continues
      unremedied for a period of 30 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 Master Servicer by the Depositor, the Trust Administrator
      or
      the Trustee, or to the Master 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
      of the Master Servicer; 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 Master Servicer
      and if such proceeding is being contested by the Master 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
      Master 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 Master Servicer or
      of
      or relating to all or substantially all of its property; or

     

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

     

    (vi) any
      failure of the Master Servicer to make, or of the Paying Agent to make on behalf
      of the Master Servicer, any P&I Advance on any Master Servicer Remittance
      Date required to be made from its own funds pursuant to Section
      4.03.

     

    If
      a
      Master Servicer Event of Default described in clauses (i) through (v) of this
      Section shall occur, then, and in each and every such case, so long as such
      Master 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 Master Servicer (and to the Depositor if given by the Trustee
      or
      to the Trustee if given by the Depositor), terminate all of the rights and
      obligations of the Master Servicer in its capacity as a Master Servicer under
      this Agreement, to the extent permitted by law, and in and to the Mortgage
      Loans
      and the proceeds thereof. If a Master Servicer Event of Default described in
      clause (vi) hereof shall occur and shall not have been remedied by 1:00 p.m.
      on
      the related Distribution Date, the Paying Agent shall notify the Trustee of
      the
      same, and the Trustee shall be obligated to make such P&I Advance and, then
      so long as such Master Servicer Event of Default shall not have been remedied
      during the applicable time period set forth in clause (vi) above (including
      the
      reimbursement to the Trustee by the Master Servicer, with interest thereon
      at
      the Prime Rate, for any P&I Advance made), the Trustee shall, by notice in
      writing to the Master Servicer and the Depositor, terminate all of the rights
      and obligations of the Master Servicer in its capacity as a Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof.
      On or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master 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 Trustee pursuant
      to and under this Section and, without limitation, the Trustee is hereby
      authorized and empowered, as attorney-in-fact or otherwise, to execute and
      deliver on behalf of and at the expense of the Master 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 Master 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 Trustee with all documents and
      records requested by it to enable it to assume the Master Servicer’s functions
      under this Agreement, and to cooperate with the Trustee in effecting the
      termination of the Master Servicer’s responsibilities and rights under this
      Agreement, including, without limitation, the transfer within one Business
      Day
      to the Trustee for administration by it of all cash amounts which at the time
      shall be or should have been credited by the Master Servicer to the Collection
      Account held by or on behalf of the Master Servicer, the Distribution Account
      or
      any REO Account or Servicing Account held by or on behalf of the Master Servicer
      or thereafter be received with respect to the Mortgage Loans or any REO Property
      serviced by the Master Servicer (provided, however, that the Master 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 shall not be deemed to have knowledge of a Master Servicer
      Event of Default unless a Responsible Officer of the Trustee assigned to and
      working in the Trustee’s Corporate Trust Office has actual knowledge thereof or
      unless written notice of any event which is in fact such a Master Servicer
      Event
      of Default is received by the Trustee and such notice references the
      Certificates, the Trust Fund or this Agreement.

     

    SECTION
      7.02 Trustee
      to Act; Appointment of Successor.

     

    (a) On
      and
      after the time the Master Servicer receives a notice of termination, the Trustee
      shall be the successor in all respects to the Master Servicer in its capacity
      as
      Master Servicer under this Agreement, the Master Servicer shall not have the
      right to withdraw any funds from the Collection Account without the consent
      of
      the Trustee 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 Master Servicer (except for any representations
      or warranties of the Master 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 Master Servicer’s
      obligations to make P&I Advances pursuant to Section 4.03; provided,
      however, that if the Trustee is prohibited by law or regulation from obligating
      itself to make advances regarding delinquent mortgage loans, then the Trustee
      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 Master Servicer’s failure to provide information required by
      Section 7.01 shall not be considered a default by the Trustee as successor
      to
      the Master Servicer hereunder. As compensation therefor, the Trustee shall
      be
      entitled to the Servicing Fees and Administration Fees and all funds relating
      to
      the Mortgage Loans to which the Master Servicer would have been entitled if
      it
      had continued to act hereunder (other than amounts which were due or would
      become due to the Master Servicer prior to its termination or resignation).
      Notwithstanding the above, the Trustee 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
      Trustee, 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 Master Servicer under this Agreement in the assumption of
      all
      or any part of the responsibilities, duties or liabilities of the Master
      Servicer under this Agreement. No appointment of a successor to the Master
      Servicer under this Agreement shall be effective until the assumption by the
      successor of all of the Master Servicer’s responsibilities, duties and
      liabilities hereunder. In connection with such appointment and assumption
      described herein, the Trustee may make such arrangements for the compensation
      of
      such successor out of payments on Mortgage Loans as it and such successor shall
      agree; provided, however, that no such compensation shall be in excess of that
      permitted the Master Servicer as such hereunder. The Depositor, 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 Master Servicer under this Agreement, the Trustee shall act
      in
      such capacity as hereinabove provided.

     

    (b) In
      connection with the termination or resignation of the Master Servicer hereunder,
      either (i) the successor servicer, including the Trustee, if the Trustee is
      acting as successor Master Servicer, shall represent and warrant that it is
      a
      member of MERS in good standing and shall agree to comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS, in which case the
      predecessor Master Servicer shall cooperate with the successor Master Servicer
      in causing MERS to revise its records to reflect the transfer of servicing
      to
      the successor Master Servicer as necessary under MERS’ rules and regulations, or
      (ii) the predecessor Master Servicer shall cooperate with the successor Master
      Servicer in causing MERS to execute and deliver an assignment of Mortgage in
      recordable form to transfer the Mortgage from MERS to the Trustee and to execute
      and deliver such other notices, documents and other instruments as may be
      necessary or desirable to effect a transfer of such Mortgage Loan or servicing
      of such Mortgage Loan on the MERS® System to the successor Master Servicer. The
      predecessor Master Servicer shall file or cause to be filed any such assignment
      in the appropriate recording office. The predecessor Master 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 the Master Servicer pursuant to Section 7.01 above or any
      appointment of a successor to the Master Servicer pursuant to Section 7.02
      above, the Trustee 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 Master
      Servicer Event of Default or five days after a Responsible Officer of the
      Trustee becomes aware of the occurrence of such an event, the Trustee shall
      transmit by mail to all Holders of Certificates notice of each such occurrence,
      unless such default or Master Servicer Event of Default shall have been cured
      or
      waived.

     

    SECTION
      7.04 Waiver
      of
      Master 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 Master
      Servicer Event of Default hereunder may waive such default or Master Servicer
      Event of Default; provided, however, that a default or Master 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
      Master Servicer Event of Default, such default or Master 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 Master Servicer Event of Default or impair any right consequent
      thereon except to the extent expressly so waived.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

    CONCERNING
      THE TRUSTEE, THE TRUST ADMINISTRATOR, THE PAYING AGENT, THE CERTIFICATE
      REGISTRAR AND THE AUTHENTICATING AGENT

     

    SECTION
      8.01 Duties
      of
      Trustee, Trust Administrator and Others.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing of all Master Servicer Events of Default which may have occurred,
      and
      each of the Trust Administrator, the Paying Agent, the Certificate Registrar
      and
      the Authenticating Agent, at all times, undertakes to perform such duties and
      only such duties as are specifically set forth in this Agreement. During a
      Master Servicer Event of Default, the Trustee shall exercise such of the rights
      and powers vested in it by this Agreement, and use the same degree of care
      and
      skill in their exercise as a prudent person would exercise or use under the
      circumstances in the conduct of such person’s own affairs. Any permissive right
      of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent enumerated in this Agreement shall not
      be
      construed as a duty.

     

    Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent, 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 none of the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent 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, the
      Trust
      Administrator, the
      Paying Agent, the Certificate Registrar or the Authenticating Agent
      from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    (i) With
      respect to the Trustee, prior to the occurrence of a Master Servicer Event
      of
      Default, and after the curing of all such Master Servicer Events of Default
      which may have occurred, and with respect to the Trust Administrator, the Paying
      Agent, the Certificate Registrar and the Authenticating Agent, at all times,
      the
      duties and obligations of each of the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar and the Authenticating Agent, shall
      be
      determined solely by the express provisions of this Agreement, none of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent 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, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent and, in the absence of bad faith on the part of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar or the Authenticating Agent, 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, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent, as the case may be, that
      conform to the requirements of this Agreement;

     

    (ii) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent 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) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent 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) The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default unless a Responsible Officer of the Trustee 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 may conclusively assume there is no default.

     

    None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent 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, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, 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 the Paying Agent’s, the Certificate
      Registrar’s or the Authenticating Agent’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, none of the provisions contained in this Agreement shall in any event
      require the Trustee to perform, or be responsible for the manner of performance
      of, any of the obligations of the Master Servicer under this Agreement, except
      during such time, if any, as the Trustee shall be the successor to, and be
      vested with the rights, duties, powers and privileges of, the Master Servicer
      in
      accordance with the terms of this Agreement.

     

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

     

    (a) Except
      as
      otherwise provided in Section 8.01:

     

    (i) Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent and any director, officer, employee
      or
      agent of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent, 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, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent 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) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent 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, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, 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, the Trust Administrator, the Paying Agent,
      the Certificate Registrar or the Authenticating Agent to perform any
      discretionary act enumerated in this Agreement shall not be construed as a
      duty,
      and none of the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent 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 Trustee of the obligation,
      upon the occurrence of a Master 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) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent 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) With
      respect to the Trustee, prior to the occurrence of a Master Servicer Event
      of
      Default hereunder, and after the curing of all Master Servicer Events of Default
      which may have occurred, and with respect to the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent, at all times,
      none
      of the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent 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, the Trust
      Administrator, the Paying Agent, the Certificate Registrar or the Authenticating
      Agent, 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, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent, as applicable, not reasonably assured to the Trustee,
      the Trust Administrator, the Paying Agent, the Certificate Registrar or the
      Authenticating Agent, as applicable, by such Certificateholders, the Trustee,
      the Trust Administrator, the Paying Agent, the Certificate Registrar or the
      Authenticating Agent, 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, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and none of the Trustee, the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent shall be
      responsible for any misconduct or negligence on the part of any agent or
      attorney appointed with due care;

     

    (vii) None
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar or the Authenticating Agent shall be personally liable for any loss
      resulting from the investment of funds held in the Collection Account at the
      direction of the Master Servicer pursuant to Section 3.12; and

     

    (viii) Any
      request or direction of the Depositor, the Master 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, the Trust Administrator, the Paying Agent, the
      Certificate Registrar or the Authenticating Agent, 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, the Trust Administrator, the Paying Agent,
      the Certificate Registrar or the Authenticating Agent 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 Trustee,
      Trust Administrator and Others not Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signatures
      of
      the Trustee, the Trust Administrator and Citibank hereto, the signature of
      the
      Paying Agent and the authentication of the Authenticating Agent on the
      Certificates, the acknowledgments of the Trustee and the Trust Administrator
      contained in Article II and the representations and warranties of the Trustee,
      the Trust Administrator and Citibank in Section 8.12) shall be taken as the
      statements of the Depositor and none of the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar or the Authenticating Agent assumes
      any responsibility for their correctness. None of the Trustee, the Trust
      Administrator, the Paying Agent, the Certificate Registrar or the Authenticating
      Agent 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 Paying Agent and
      authentication of the Authenticating Agent on the Certificates) or of any
      Mortgage Loan or related document or of MERS or the MERS System. None of the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar
      or
      the Authenticating Agent 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 Master
      Servicer in respect of the Mortgage Loans or deposited in or withdrawn from
      the
      Collection Account by the Master Servicer. 

     

    SECTION
      8.04 Trustee,
      Trust Administrator and Others May Own Certificates.

     

    Each
      of
      the Trustee, the Trust Administrator, the Paying Agent, the Certificate
      Registrar and the Authenticating Agent 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, the Trust Administrator, the Paying
      Agent, the Certificate Registrar or the Authenticating Agent, as
      applicable.

     

    SECTION
      8.05 Trustee’s,
      Trust Administrator’s, Paying Agent’s, Authenticating Agent’s, Certificate
      Registrar’s and Custodians’ Fees and Expenses.

     

    (a) The
      compensation to be paid to the Trustee, the Trust Administrator, the Paying
      Agent, the Authenticating Agent and the Certificate Registrar in respect of
      each
      of its obligations under this Agreement or of a Custodian’s obligations under
      the applicable Custodial Agreement will be the amounts paid by the Master
      Servicer from its own funds or from a portion of the compensation paid to the
      Master Servicer hereunder pursuant to letter agreements between the Master
      Servicer and the Trustee, the Trust Administrator, the Paying Agent, the
      Authenticating Agent, the Certificate Registrar and such Custodian (which
      compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust) and no such compensation shall
      be
      paid from the assets of the Trust. Each of the Trustee, the Trust Administrator,
      the Paying Agent, the Certificate Registrar, the Authenticating Agent, 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, the Paying Agent,
      the
      Certificate Registrar, the Authenticating Agent 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 the
      Paying Agent’s, the Certificate Registrar’s, the Authenticating Agent’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, the Paying
      Agent, the Certificate Registrar, the Authenticating Agent 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
      the
      Master Servicer’s (and in the case of the Trustee, the Trust Administrator’s or
      the Paying Agent’s; in the case of the Trust Administrator, the Trustee’s or the
      Paying Agent’s; or in the case of the Paying Agent, the Trustee’s or the Trust
      Administrator’s) obligations in connection with this Agreement and the Mortgage
      Loans, (ii) that constitutes a specific liability of the Trustee, the Trust
      Administrator or the Paying Agent, 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, the Trust Administrator’s or the Paying Agent’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, the
      Paying Agent, the Certificate Registrar or the Authenticating Agent, 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, the Paying Agent, the Certificate Registrar, the Authenticating
      Agent, 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 Paying
      Agent
      for payment to the applicable indemnified Person from the Distribution Account
      at any time.

     

    (b) The
      Master Servicer agrees to indemnify the Trustee, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and any
      Custodian from, and hold each harmless against, any loss, liability or expense
      resulting from a breach of the Master 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, the Paying Agent, the Certificate Registrar, the Authenticating
      Agent or such Custodian, as the case may be. Any payment hereunder made by
      the
      Master Servicer to the Trustee, the Trust Administrator, the Paying Agent,
      the
      Certificate Registrar, the Authenticating Agent or such Custodian shall be
      from
      the Master 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 Master 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 the Trust Administrator resigns or is 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 Master 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 the Trust Administrator
      resigns or is 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 Master 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 Master 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-A or REMIC II
      or
      property securing the same may at the time be located, the Master Servicer
      and
      the Trustee acting jointly shall have the power and shall execute and deliver
      all instruments to appoint one or more Persons approved by the Trustee to act
      as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of REMIC I-A or REMIC II, and to vest
      in
      such Person or Persons, in such capacity, such title to REMIC I-A or REMIC
      II,
      or any part thereof, and, subject to the other provisions of this Section 8.10,
      such powers, duties, obligations, rights and trusts as the Master Servicer
      and
      the Trustee may consider necessary or desirable. If the Master Servicer shall
      not have joined in such appointment within 15 days after the receipt by it
      of a
      request to do so, or in case a Master 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 Master Servicer hereunder), the Trustee shall be incompetent
      or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to REMIC I-A or REMIC
      II
      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 [intentionally
      omitted]

     

    SECTION
      8.12 Appointment
      of Office or Agency.

     

    The
      Trust
      Administrator or the Paying Agent on its behalf 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 Certificate Registrar, the Paying
      Agent
      or the Trust Administrator in respect of the Certificates and this Agreement
      may
      be served.

     

    SECTION
      8.13 Representations
      and Warranties.

     

    Each
      of
      the Trustee, the Trust Administrator and Citibank hereby represents and warrants
      to the Master Servicer, the Depositor and the Trustee, the Trust Administrator
      and Citibank, as applicable, as of the Closing Date, that:

     

    (i) It
      is
      duly organized, validly existing and in good standing under the laws of the
      State of New York, in the case of the Trust Administrator, and the laws of
      the
      United States, in the case of the Trustee and Citibank.

     

    (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 Appointment
      and Removal of Paying Agent, Authenticating Agent and Certificate
      Registrar.

     

    (a) The
      Trust
      Administrator hereby appoints Citibank as Paying Agent and Citibank hereby
      accepts such appointment. The Paying Agent shall hold all amounts deposited
      with
      it by the Trust Administrator or the Master Servicer for payment on the
      Certificates in trust for the benefit of the Certificateholders until the
      amounts are paid to the Certificateholders or otherwise disposed of in
      accordance with this Agreement.

     

    Any
      corporation or national banking association into which the Paying Agent may
      be
      merged in or converted or with which it may be consolidated, or any corporation
      or national banking association resulting from any merger, conversion or
      consolidation to which such Paying Agent shall be a party, or any corporation
      or
      national banking association succeeding to the corporate agency or corporate
      trust business of the Paying Agent, shall continue to be the Paying Agent,
      provided such corporation or national banking association shall be otherwise
      eligible under this section 8.14(a), without the execution or filing of any
      paper or any further act on the part of the Trustee, the Trust Administrator
      or
      the Paying Agent.

     

    The
      Paying Agent may resign at any time by giving written notice thereof to the
      Trustee and the Trust Administrator. The Trust Administrator may at any time
      terminate the Paying Agent by giving written notice thereof to the Paying Agent
      and to the Trustee. Upon receiving such a notice of resignation or upon such
      a
      termination, or in case at any time such Paying Agent shall cease to be eligible
      in accordance with the provisions of this section 8.14(a), the Trust
      Administrator shall appoint a successor and shall mail written notice of such
      appointment by first-class mail, postage prepaid to all Certificateholders
      as
      their names and addresses appear in the Certificate Register and to the Rating
      Agencies. Following the termination or resignation of the Paying Agent and
      prior
      to the appointment of a successor Paying Agent, the Trust Administrator shall
      act as Paying Agent hereunder. Any successor Paying Agent upon acceptance of
      its
      appointment hereunder shall become vested with all the rights, powers and duties
      of its predecessor hereunder, with like effect as if originally named as the
      Paying Agent herein. No successor Paying Agent shall be appointed unless
      eligible under the provisions of this section 8.14(a).

     

    The
      Paying Agent and any successor Paying Agent (i) may not be an Originator, the
      Master Servicer, a subservicer, the Depositor or an affiliate of the Depositor
      unless the Paying Agent is an institutional trust department, (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization, and (iii) must at all times be rated at least “A1” by S&P
      if S&P is a Rating Agency and at least “A/F1” by Fitch if Fitch is a rating
      agency and the equivalent rating by Moody’s, if Moody’s is a Rating
      Agency.

     

    The
      Trust
      Administrator shall pay to the Paying Agent from its own funds reasonable
      compensation for its services hereunder, and such expense of the Trust
      Administrator shall not be payable from the Trust Fund and shall not be
      recoverable by the Trust Administrator from the assets of the Trust Fund
      pursuant to section 8.05 or any other provision of this Agreement.

     

    (b) The
      Trust
      Administrator hereby appoints Citibank as Authenticating Agent and Citibank
      hereby accepts such appointment. The Authenticating Agent shall be authorized
      to
      authenticate the Certificates, and Certificates so authenticated shall be
      entitled to the benefit of this Agreement.

     

    The
      Authenticating Agent shall at all times remain a corporation or national banking
      association organized and doing business under the laws of the United States
      of
      America, any state thereof or the District of Columbia, authorized under such
      laws to act as Authenticating Agent, having a combined capital and surplus
      of
      not less than $15,000,000, authorized under such laws to conduct a trust
      business and subject to supervision or examination by federal or state
      authority. If the Authenticating Agent publishes reports of condition at least
      annually, pursuant to law or to the requirements of said supervising or
      examining authority, then for the purposes of this section 8.14(b), the combined
      capital and surplus of the Authenticating Agent shall be deemed to be its
      combined capital and surplus as set forth in its most recent report of condition
      so published. If at any time an Authenticating Agent shall cease to be eligible
      in accordance with the provisions of this section 8.14(b), such Authenticating
      Agent shall resign immediately in the manner and with the effect specified
      in
      this section 8.14(b).

     

    Any
      corporation or national banking association into which the Authenticating Agent
      may be merged in or converted or with which it may be consolidated, or any
      corporation or national banking association resulting from any merger,
      conversion or consolidation to which such Authenticating Agent shall be a party,
      or any corporation or national banking association succeeding to the corporate
      agency or corporate trust business of the Authenticating Agent, shall continue
      to be the Authenticating Agent, provided such corporation or national banking
      association shall be otherwise eligible under this section 8.14(b), without
      the
      execution or filing of any paper or any further act on the part of the Trustee,
      the Trust Administrator or the Authenticating Agent.

     

    The
      Authenticating Agent may resign at any time by giving written notice thereof
      to
      the Trustee and the Trust Administrator. The Trust Administrator may at any
      time
      terminate the Authenticating Agent by giving written notice thereof to the
      Authenticating Agent and to the Trustee. Upon receiving such a notice of
      resignation or upon such a termination, or in case at any time such
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this section 8.14(b), the Trust Administrator shall appoint a
      successor and shall mail written notice of such appointment by first-class
      mail,
      postage prepaid to all Certificateholders as their names and addresses appear
      in
      the Certificate Register. Following the termination or resignation of the
      Authenticating Agent and prior to the appointment of a successor Authenticating
      Agent, the Trust Administrator shall act as Authenticating Agent hereunder.
      Any
      successor Authenticating Agent upon acceptance of its appointment hereunder
      shall become vested with all the rights, powers and duties of its predecessor
      hereunder, with like effect as if originally named as the Authenticating Agent
      herein. No successor Authenticating Agent shall be appointed unless eligible
      under the provisions of this section 8.14(b).

     

    The
      Trust
      Administrator shall pay to the Authenticating Agent from its own funds
      reasonable compensation for its services hereunder, and such expense of the
      Trust Administrator shall not be payable from the Trust Fund and shall not
      be
      recoverable by the Trust Administrator from the assets of the Trust Fund
      pursuant to section 8.05 or any other provision of this Agreement.

     

    (c) The
      Trust
      Administrator hereby appoints Citibank as Certificate Registrar and Citibank
      hereby accepts such appointment.

     

    Any
      corporation or national banking association into which the Certificate Registrar
      may be merged in or converted or with which it may be consolidated, or any
      corporation or national banking association resulting from any merger,
      conversion or consolidation to which such Certificate Registrar shall be a
      party, or any corporation or national banking association succeeding to the
      corporate agency or corporate trust business of the Certificate Registrar,
      shall
      continue to be the Certificate Registrar, provided such corporation or national
      banking association shall be otherwise eligible under this section 8.14(c),
      without the execution or filing of any paper or any further act on the part
      of
      the Trustee, the Trust Administrator or the Certificate Registrar.

     

    The
      Certificate Registrar may resign at any time by giving written notice thereof
      to
      the Trustee and the Trust Administrator. The Trust Administrator may at any
      time
      terminate the Certificate Registrar by giving written notice thereof to the
      Certificate Registrar and to the Trustee.

     

    Upon
      receiving such a notice of resignation or upon such a termination, or in case
      at
      any time such Certificate Registrar shall cease to be eligible in accordance
      with the provisions of this section 8.14(c), the Trust Administrator shall
      appoint a successor and shall mail written notice of such appointment by
      first-class mail, postage prepaid to all Certificateholders as their names
      and
      addresses appear in the Certificate Register. Following the termination or
      resignation of the Certificate Registrar and prior to the appointment of a
      successor Certificate Registrar, the Trust Administrator shall act as
      Certificate Registrar hereunder. Any successor Certificate Registrar upon
      acceptance of its appointment hereunder shall become vested with all the rights,
      powers and duties of its predecessor hereunder, with like effect as if
      originally named as the Certificate Registrar herein. No successor Certificate
      Registrar shall be appointed unless eligible under the provisions of this
      section 8.14(c).

     

    The
      Trust
      Administrator shall pay to the Certificate Registrar from its own funds
      reasonable compensation for its services hereunder, and such expense of the
      Trust Administrator shall not be payable from the Trust Fund and shall not
      be
      recoverable by the Trust Administrator from the assets of the Trust Fund
      pursuant to section 8.05 or any other provision of this Agreement.

     

    (e) Notwithstanding
      anything to the contrary herein, in no event shall the 

    Trustee
      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, 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.

    

    SECTION
      8.15 No
      Trustee Liability for Actions or Inactions of Custodians.

     

    Notwithstanding
      anything to the contrary herein, in no event shall the Trustee 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, 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 Master Servicer, the Trustee, the Paying Agent,
      the Certificate Registrar, the Authenticating Agent and the Trust Administrator
      with respect to the Group I Mortgage Loans (other than the obligations of the
      Master Servicer to the Trustee and the Trust Administrator pursuant to Section
      8.05 and of the Master Servicer and the Trust Administrator to provide for
      and
      the Paying Agent to make payments to the Holders of the Group I Certificates
      as
      hereinafter set forth) shall terminate upon payment to the Holders of the Group
      I Certificates 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 applicable Terminator of all Group I Mortgage
      Loans and each related REO Property remaining in REMIC I-A and (ii) the final
      payment or other liquidation (or any advance with respect thereto) of the last
      Group I Mortgage Loan or related REO Property remaining in REMIC I-A. The
      purchase by the applicable Terminator of all Group I Mortgage Loans and each
      related REO Property remaining in REMIC I-A shall be at a price (the “Group I
      Termination Price”) equal to the Purchase Price of the Group I Mortgage Loans
      included in REMIC I-A, plus the appraised value of each related REO Property,
      if
      any, included in REMIC I-A, such appraisal to be conducted by an appraiser
      mutually agreed upon by the Master Servicer and the Trustee in their reasonable
      discretion (as determined by the Master Servicer, with the consent of the
      Trustee, 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 Holders
      of
      the Group I Certificates pursuant to Section 9.01(e)).

     

    (b) Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer, the Trustee, the Paying Agent,
      the Certificate Registrar, the Authenticating Agent and the Trust Administrator
      with respect to the Group II Mortgage Loans (other than the obligations of
      the
      Master Servicer to the Trustee and the Trust Administrator pursuant to Section
      8.05 and of the Master Servicer and the Trust Administrator to provide for
      and
      the Paying Agent to make payments to the Holders of the Group II Certificates
      as
      hereinafter set forth) shall terminate upon payment to the Holders of the Group
      II Certificates 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 applicable Terminator of all Group II Mortgage
      Loans and each related REO Property remaining in REMIC II and (ii) the final
      payment or other liquidation (or any advance with respect thereto) of the last
      Group II Mortgage Loan or related REO Property remaining in REMIC II. The
      purchase by the applicable Terminator of all Group II Mortgage Loans and each
      related REO Property remaining in REMIC II shall be at a price (the “Group II
      Termination Price”) equal to the Purchase Price of the Group II Mortgage Loans
      included in REMIC II, plus the appraised value of each related REO Property,
      if
      any, included in REMIC II, such appraisal to be conducted by an appraiser
      mutually agreed upon by the Master Servicer and the Trustee in their reasonable
      discretion (as determined by the Master Servicer, with the consent of the
      Trustee, 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 Holders
      of
      the Group II Certificates pursuant to Section 9.01(e)).

     

    (c) [Reserved].

     

    (d) The
      related Terminator shall have the right to purchase all of the Group I Mortgage
      Loans and each REO Property remaining in REMIC I-A and/or all of the Group
      II
      Mortgage Loans and each REO Property remaining in REMIC II pursuant to Section
      9.01(a)(i) or Section 9.01(b)(i), as applicable, no later than the Determination
      Date in the month immediately preceding the Distribution Date on which the
      Group
      I Certificates, the Group II Certificates, as applicable, will be retired;
      provided, however, that the related Terminator, as provided above, may elect
      to
      purchase (i) all of the Group I Mortgage Loans and each REO Property remaining
      in REMIC I-A pursuant to Section 9.01(a)(i) only if the aggregate Stated
      Principal Balance of the Group I Mortgage Loans and each REO Property remaining
      in REMIC I-A at the time of such election is reduced to less than 10% of the
      aggregate Stated Principal Balance of the Group I Mortgage Loans at the Cut-off
      Date and/or (ii) all of the Group II Mortgage Loans and each REO Property
      remaining in REMIC II pursuant to Section 9.01(b)(i) only if the aggregate
      Stated Principal Balance of the Group II Mortgage Loans and each REO Property
      remaining in REMIC II at the time of such election is reduced to less than
      10%
      of the aggregate Stated Principal Balance of the Group II Mortgage Loans at
      the
      Cut-off Date. For federal income tax purposes, the purchase by the related
      Terminator of the Mortgage Loans and the REO Properties underlying the
      Certificates is intended to facilitate a redemption of such Certificates
      pursuant to a “cleanup call” within the meaning of Treasury regulation section
      1.860G-2(j). Notwithstanding the foregoing, the applicable Terminator shall
      have
      the right to transfer, sell or assign its rights to purchase the Mortgage Loans
      and each REO Property remaining in REMIC I-A or REMIC II.

     

    (e) Notice
      of
      the liquidation of any Certificates shall be given promptly by the Paying Agent
      by letter to the related Certificateholders (with a copy to the Trustee and
      the
      Trust Administrator mailed (a) in the event such notice is given in connection
      with the purchase of either the Group I Mortgage Loans or the Group II Mortgage
      Loans and each related REO Property remaining in REMIC I-A or REMIC II, as
      applicable, by the related 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-A or REMIC
      II,
      as applicable, will terminate and final payment of the Group I Certificates
      or
      the Group II Certificates, as applicable, will be made upon presentation and
      surrender of the Certificates at the office of the Certificate Registrar 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 Certificate Registrar. In the event such notice is given in
      connection with the purchase of all of the Group I Mortgage Loans or the Group
      II Mortgage Loans and each related REO Property remaining in REMIC I-A or REMIC
      II, as applicable, by the related Terminator, the related Terminator shall
      deliver to the Paying Agent for deposit in the Distribution Account (with notice
      to the Trustee and the Trust Administrator) 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 Group I Termination Price
      or
      the Group II Termination Price, as applicable. Upon certification to the Trustee
      by a Servicing Officer of the making of such final deposit, the Trustee shall
      promptly release or cause to be released to the related Terminator the Mortgage
      Files for the remaining Group I Mortgage Loans or Group II Mortgage Loans,
      as
      applicable, and the Trustee shall execute all assignments, endorsements and
      other instruments delivered to it which are necessary to effectuate such
      transfer.

     

    (f) Upon
      receipt of notice by the Paying Agent of the presentation of the Certificates
      by
      the Certificateholders on the related final Distribution Date to the Certificate
      Registrar, the Paying Agent 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 Paying Agent 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 Paying Agent 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 Paying Agent 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 Paying Agent 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 Paying Agent 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
      Group I Certificates and the Group II Certificates, the Trust Fund shall
      terminate. In no event shall the trust created hereby continue beyond the
      earlier of (a) the Latest Possible Maturity Date and (b) 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.

     

    SECTION
      9.02 Additional
      Termination Requirements.

     

    (a) In
      the
      event that the related Terminator purchases all the Group I Mortgage Loans
      and
      each related REO Property or all the Group II Mortgage Loans and each related
      REO Property, REMIC I-A (in the case of a purchase of all the Group I Mortgage
      Loans and each related REO Property) or REMIC II (in the case of a purchase
      of
      all the Group II Mortgage Loans and each related REO Property) 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 Group I Mortgage Loan or related REO Property remaining in REMIC I-A
      or
      the last Group II Mortgage Loan or related REO Property remaining in REMIC
      II,
      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-A’s or REMIC II’s, as applicable, 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 Master 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 on behalf of the
      Trustee shall sell all of the assets of REMIC I-A or REMIC II, as applicable,
      to
      the related Terminator for cash; and

     

    (iii) At
      the
      time of the making of the final payment on the related Certificates, the Paying
      Agent shall distribute or credit, or cause to be distributed or credited, to
      the
      Holders of the Class I-R Certificates all cash on hand in REMIC I-A and to
      the
      Holders of the Class II-R Certificates all cash on hand in REMIC II (in each
      case other than cash retained to meet claims), and either REMIC I-A and REMIC
      I-B or REMIC II, as applicable, shall terminate at that time.

     

    (b) At
      the
      expense of the related Terminator (or in the event of termination under Section
      9.01(a)(ii) or Section 9.01(b)(ii), at the expense of the Trust Administrator),
      the Trust Administrator shall prepare or cause to be prepared the documentation
      required in connection with the adoption of a plan of liquidation of each REMIC,
      as applicable, 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 each REMIC,
      as
      applicable, which authorization shall be binding upon all successor
      Certificateholders.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

    REMIC
      PROVISIONS

     

    SECTION
      10.01 REMIC
      Administration.

     

    (a) The
      Trustee 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-A, the REMIC I-A Regular Interests shall be designated as the Regular
      Interests in REMIC I-A and the Class R-IA Interest shall be designated as the
      Residual Interests in REMIC I-A. For the purposes of the REMIC election in
      respect of REMIC I-B, the Group I Certificates (other than the Class I-R
      Certificates) shall be designated as the Regular Interests in REMIC I-B and
      the
      Class R-IB Interest shall be designated as the Residual Interest in REMIC I-B.
      Neither the Trustee nor the Trust Administrator shall permit the creation of
      any
“interests” in REMIC I-A or REMIC I-B (within the meaning of Section 860G of the
      Code) other than the REMIC I-A Regular Interests and the Group I Certificates.
      For the purposes of the REMIC election in respect of REMIC II, the REMIC II
      Regular Interests shall be designated as the Regular Interests in REMIC II
      and
      the Class II-R Certificates shall be designated as the Residual Interests in
      REMIC II. Neither the Trustee nor the Trust Administrator shall permit the
      creation of any “interests” in REMIC II (within the meaning of Section 860G of
      the Code) other than the REMIC II Regular Interests and the Group II
      Certificates. The Trustee 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. 

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each 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 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 Master 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 Master
      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
      Master Servicer, the Trustee and the Trust Administrator shall take such action
      and shall cause any 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
      Master Servicer, the Trustee and the Trust Administrator shall not take any
      action, 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 any 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 and the Trust Administrator have 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
      Trust Administrator or the Trustee) 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 the Master 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. In addition, prior to taking any action with respect to any Trust
      REMIC or its assets, or causing any Trust REMIC to take any action, which is
      not
      contemplated under the terms of this Agreement, the Master Servicer will 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 Master 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. 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 Trust Administrator, the Trustee
      or
      the Master Servicer will ensure that substantially all of the assets of any
      Trust REMIC 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.

     

    (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 Master Servicer pursuant
      to Section 10.03 hereof, if such tax arises out of or results from a breach
      by
      the Master Servicer of any of its obligations under Article III or this Article
      X, (iv) to the Paying Agent pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Paying Agent of any of its obligations
      under this Article X, or otherwise (v) 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 Master 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 Master 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 Master Servicer, the Trust Administrator, the Paying Agent
      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 Master
      Servicer and Trust Administrator Indemnification.

     

    (a) The
      Trust
      Administrator agrees to indemnify the Trust Fund, the Depositor, the Master
      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 Master Servicer or the Trustee as a result of a breach of the
      Trust Administrator’s covenants set forth in this Article X.

     

    (b) The
      Master 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 Master Servicer’s covenants set forth in Article III or this
      Article X.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
      Authenticating Agent 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 an Opinion of Counsel delivered to the Trustee and
      the Trust Administrator, adversely affect in any material respect the interests
      of any Certificateholder. 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 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 Master
      Servicer, the Trustee, the Paying Agent, the Certificate Registrar, the
      Authenticating Agent 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
      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 Holders of any Class of Certificates
      in a
      manner, other than as described in (i), without the consent of the Holders
      of
      Certificates of such Class evidencing 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
      Master 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, the Trust Administrator shall not
      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 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.

     

    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, the Paying Agent, the Certificate Registrar,
      the Authenticating Agent 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 Master 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 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 to institute such action, suit or proceeding
      in
      its own name as Trustee hereunder and shall have offered to the Trustee such
      indemnity satisfactory to it against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, 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 and the Trustee, 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 and the Trustee 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 Master Servicer, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent and the
      Trustee in writing by the Depositor, (b) in the case of the Master Servicer,
      Master
      Servicing Division- MC: N3B-355M, 4000 Regent Blvd., Irvine, TX 75063
      (Attention: Compliance Manager), facsimile no.: (469) 220-1573 (with a copy
      to,
      1000 Technology Drive, O’Fallon, MO 63368, Attention: Chief Legal Counsel
      (facsimile no.: (636) 261-6518)), or such other address or facsimile number
      as
      may hereafter be furnished to the
      Trustee, the Trust Administrator, the Paying Agent, the Certificate Registrar,
      the Authenticating Agent and the Depositor in writing by the Master Servicer,
      (c) in the case of the Trust Administrator, 1000 Technology Drive, M.S. 337,
      O’Fallon, Missouri 63368, Attention: Mortgage Finance (telecopy number (636)
      261-1394), or such other address or telecopy number as may hereafter be
      furnished to the Trustee, the Trust Administrator, the Paying Agent, the
      Certificate Registrar, the Authenticating Agent and the Depositor in writing
      by
      the Master Servicer (d) in the case of the Paying Agent, the Authenticating
      Agent and the Certificate Registrar, 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Citibank Agency & Trust, CMLTI
      2006-AR2, (telephone number (212) 816-5680), or such other address or telecopy
      number as may hereafter be furnished to the Master Servicer, the Depositor,
      the
      Trust Administrator and the Trustee in writing by the Paying Agent, the
      Certificate Registrar or the Authenticating Agent and (e) in the case of the
      Trustee, U.S. Bank National Association, One Federal Street, 3rd
      Floor,
      Boston, Massachusetts 02110, Attention: Corporate Trust Services (telecopy
      number (617) 603-6638), or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the Trust Administrator, the
      Paying Agent, the Certificate Registrar, the Authenticating Agent 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 each of the Master Servicer and the Paying Agent 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, the Master
      Servicer or the Paying Agent, as applicable, has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

    2. The
      occurrence of any Master Servicer Event of Default that has not been cured
      or
      waived;

     

    3. The
      resignation or termination of the Master Servicer, the Trust Administrator,
      the
      Paying Agent, the Certificate Registrar, the Authenticating Agent 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 Trustee, were it to succeed as Master
      Servicer, to make advances regarding delinquent Mortgage Loans; and

     

    8. The
      filing of any claim under the Master 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
      Master Servicer shall promptly furnish to the Rating Agencies copies of the
      following:

     

    1. Each
      Annual Statement of Compliance described in Section 3.20; and

     

    2. Each
      Compliance Assessment and Attestation 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 Standard & Poor’s Ratings
      Services, a division of the McGraw-Hill Companies, Inc., 55 Water Street, New
      York, New York 10004; to Moody’s Investors Services, 99 Church Street, New York,
      New York 10007; and to Fitch Ratings, One State Street Plaza, 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  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.06 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 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.

     

    All
      percentages of Voting Rights referred to herein shall be deemed, with respect
      to
      matters affecting the related Collateral Pool and the related Certificates,
      to
      mean percentages of the Voting Rights with respect to such related Certificates.
      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Trust Administrator,
      the Paying Agent, the Authenticating Agent, the Certificate Registrar 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/
                Peter D. Steinmetz

            
	 	 	 	 	 	 	 	
              Name:

            	
              Peter
                D. Steinmetz

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              CITIMORTGAGE,
                INC.,

              as
                Master Servicer and Trust Administrator

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Tommy R. Harris

            
	 	 	 	 	 	 	 	
              Name:

            	
              Tommy
                R. Harris

            
	 	 	 	 	 	 	 	
              Title:

            	
              Sr.
                Vice President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              CITIBANK,
                N.A.,

              as
                Paying Agent, Certificate Registrar and Authenticating
                Agent

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Jennifer McCourt

            
	 	 	 	 	 	 	 	
              Name:

            	
              Jennifer
                McCourt

            
	 	 	 	 	 	 	 	
              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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

    On
      the
      ____ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________, known to me to be an
      _____________________ of Citigroup Mortgage Loan Trust Inc., one of the
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________, known to me to be a
      _____________________ of CitiMortgage, Inc., one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ____ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________, known to me to be an
      _____________________ of Citibank, N.A., one of the corporations that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official the day
      and
      year in this certificate first above written.

     

    

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of December, 2005, 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 corporation, 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 I-A1 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-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-A1 Certificates as
                  of the
                  Issue Date: $161,220,000

                 

                Denomination:
                  $161,220,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6K 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-A1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-A1 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-A1
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
        executed.

       

      Dated:
        March ___, 2006

       

      
        	 	 	 	 	 	 	 	
                CITIBANK,
                  N.A., not in its individual

                capacity,
                  but solely as Paying Agent

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Officer

              

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	 	 	 	 	 	
                CITIGROUP
                  MORTGAGE LOAN TRUST

                INC.,
                  MORTGAGE PASS-THROUGH

                CERTIFICATES,
                  SERIES 2006-AR2

                 

                CITIBANK,
                  N.A., not in its individual

                capacity,
                  but solely as Authenticating Agent

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Officer

              

      

      

      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 of 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 Mortgage 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 I-A2 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-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-A2 Certificates as
                  of the
                  Issue Date: $308,675,000

                 

                Denomination:
                  $308,675,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6L 7

                 

              

      

      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.

      
MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-A2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-A2 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-A2
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-AB 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-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-AB Certificates as
                  of the
                  Issue Date: $22,953,000

                 

                Denomination:
                  $22,953,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6M 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. 

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-AB Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-AB Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-AB
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-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 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”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN. 

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: None

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-P Certificates as
                  of the
                  Issue Date: $100

                 

                Denomination:
                  $100

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:

                 

              

      

      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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-P Certificates
        as
        of the Issue Date) in that certain beneficial ownership interest evidenced
        by
        all the Class I-P Certificates in the Trust Fund 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 Master Servicer,
        the Trust Administrator, Citibank, N.A. 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.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement

       

      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 I-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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      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
        Certificate Registrar 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, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent or the Master 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 Trustee
        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 Depositor, the Trust Administrator, the Certificate Registrar,
        the
        Paying Agent, the Authenticating Agent and the Master Servicer against any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-B1 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 GROUP I SENIOR CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-B1 Certificates as
                  of the
                  Issue Date: $8,511,000

                 

                Denomination:
                  $8,511,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6N 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-B1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-B1 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-B1
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-B2 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 GROUP I SENIOR CERTIFICATES AND THE CLASS
        I-B1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-B2 Certificates as
                  of the
                  Issue Date: $5,416,000

                 

                Denomination:
                  $5,416,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6P 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-B2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-B2 Certificates in the Trust Fund 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 Master Servicer, Trust Administrator,
        Citibank, N.A. 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 I-B2
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-B3 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 GROUP I SENIOR CERTIFICATES, THE CLASS
        I-B1
        CERTIFICATES AND THE CLASS I-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-B3 Certificates as
                  of the
                  Issue Date: $3,353,000

                 

                Denomination:
                  $3,353,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6Q 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-B3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-B3 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-B3
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-B4 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 GROUP I SENIOR CERTIFICATES, THE CLASS
        I-B1
        CERTIFICATES, THE CLASS I-B2 CERTIFICATES AND THE CLASS I-B3 CERTIFICATES
        TO THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-B4 Certificates as
                  of the
                  Issue Date: $3,095,000

                 

                Denomination:
                  $3,095,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6S 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-B4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-B4 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-B4
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made to
        a
“qualified institutional buyer” as defined under Rule 144A under the Securities
        Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
        the registration requirements of the 1933 Act and that does not require
        registration or qualification under applicable state securities laws. In
        the
        event that a transfer of this Certificate is to be made, the Certificate
        Registrar 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 Trustee 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 Depositor, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent and the Master Servicer against any liability that may result if the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-B5 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 GROUP I SENIOR CERTIFICATES, THE CLASS
        I-B1
        CERTIFICATES, THE CLASS I-B2 CERTIFICATES, THE CLASS I-B3 CERTIFICATES AND
        THE
        CLASS I-B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-B5 Certificates as
                  of the
                  Issue Date: $1,290,000

                 

                Denomination:
                  $1,290,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6T 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 I-B5 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-B5 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-B5
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A., 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made to
        a
“qualified institutional buyer” as defined under Rule 144A under the Securities
        Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
        the registration requirements of the 1933 Act and that does not require
        registration or qualification under applicable state securities laws. In
        the
        event that a transfer of this Certificate is to be made, the Certificate
        Registrar 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 Trustee 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 Depositor, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent and the Master Servicer against any liability that may result if the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-B6 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 GROUP I SENIOR CERTIFICATES, THE CLASS
        I-B1
        CERTIFICATES, THE CLASS I-B2 CERTIFICATES, THE CLASS I-B3 CERTIFICATES, THE
        CLASS I-B4 CERTIFICATES AND THE CLASS I-B5 CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

       

       

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-B6 Certificates as
                  of the
                  Issue Date: $1,288,269

                 

                Denomination:
                  $1,288,269

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6U 7

              

      

      

      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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A. 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 I-B6 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        I-B6 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-B6
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A., 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made to
        a
“qualified institutional buyer” as defined under Rule 144A under the Securities
        Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
        the registration requirements of the 1933 Act and that does not require
        registration or qualification under applicable state securities laws. In
        the
        event that a transfer of this Certificate is to be made, the Certificate
        Registrar 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 Trustee 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 Depositor, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent and the Master Servicer against any liability that may result if the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 I-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 (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 POOLING AND SERVICING
        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”), OTHER 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(C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class I-R Certificates as
                  of the
                  Issue Date: $100

                 

                Denomination:
                  $100

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6R 4

                 

              

      

      

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUSTEE, THE TRUST
        ADMINSITRATOR, CITIBANK, N.A. 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
        the
        Percentage Interest evidenced by this Certificate specified above in that
        certain beneficial ownership interest evidenced by all the Class I-R
        Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 I-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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee
        and the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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.

      

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Certificate Registrar (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 a REMIC,
        (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 any Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-A1 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-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-A1 Certificates as
                  of the
                  Issue Date: $15,472,000

                 

                Denomination:
                  $15,472,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6B 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 II-A1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-A1 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-A1
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-A2 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-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Notional Amount of the Class II-A2 Certificates as of the Issue
                  Date:
                  $67,041,000

                 

                Denomination:
                  $67,041,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6C 7

                 

              

      

      

      THE
        NOTIONAL AMOUNT OF THIS CERTIFICATE WILL VARY MONTHLY. ACCORDINGLY, THE
        OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY VARY FROM THE AMOUNT SHOWN
        ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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
        Notional Amount of the Class II-A2 Certificates as of the Issue Date) in
        that
        certain beneficial ownership interest evidenced by all the Class II-A2
        Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-A2
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-B1 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 GROUP I SENIOR CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-B1 Certificates as
                  of the
                  Issue Date: $503,000

                 

                Denomination:
                  $503,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6D 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 II-B1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-B1 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-B1
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
            executed.

           

          Dated:
            March ___, 2006

           

          
            	 	 	 	 	 	 	 	
                    CITIBANK,
                      N.A., not in its individual

                    capacity,
                      but solely as Paying Agent

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Authorized
                      Officer

                  

          

          

          

          CERTIFICATE
            OF AUTHENTICATION

           

          This
            is
            one of the Certificates referred to in the within-mentioned
            Agreement.

           

          
            	 	 	 	 	 	 	 	
                    CITIGROUP
                      MORTGAGE LOAN TRUST

                    INC.,
                      MORTGAGE PASS-THROUGH

                    CERTIFICATES,
                      SERIES 2006-AR2

                     

                    CITIBANK,
                      N.A., not in its individual

                    capacity,
                      but solely as Authenticating Agent

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Authorized
                      Officer

                  

          

          

          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 of 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 Mortgage 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 II-B2 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 GROUP II SENIOR CERTIFICATES AND THE CLASS
        II-B1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-B2 Certificates as
                  of the
                  Issue Date: $210,000

                 

                Denomination:
                  $210,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6E 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 II-B2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-B2 Certificates in the Trust Fund 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 Master Servicer, Trust Administrator,
        Citibank, N.A. 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 II-B2
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-B3 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 GROUP II SENIOR CERTIFICATES, THE CLASS
        II-B1
        CERTIFICATES AND THE CLASS II-B2 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-B3 Certificates as
                  of the
                  Issue Date: $251,000

                 

                Denomination:
                  $251,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6F 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 II-B3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-B3 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-B3
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
          executed.

         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-B4 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 GROUP II SENIOR CERTIFICATES, THE GROUP
        II-B1
        CERTIFICATES, THE GROUP II-B3 CERTIFICATES AND THE GROUP II-B3 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-B4 Certificates as
                  of the
                  Issue Date: $126,000

                 

                Denomination:
                  $126,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6G 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 II-B4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-B4 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-B4
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made to
        a
“qualified institutional buyer” as defined under Rule 144A under the Securities
        Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
        the registration requirements of the 1933 Act and that does not require
        registration or qualification under applicable state securities laws. In
        the
        event that a transfer of this Certificate is to be made, the Certificate
        Registrar 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 Trustee 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 Depositor, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent and the Master Servicer against any liability that may result if the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
        executed.

      
         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-B5 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 GROUP II SENIOR CERTIFICATES, THE GROUP
        II-B1
        CERTIFICATES, THE GROUP II-B2 CERTIFICATES, THE GROUP II-B3 CERTIFICATES
        AND THE
        GROUP II-B4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-B5 Certificates as
                  of the
                  Issue Date: $84,000

                 

                Denomination:
                  $84,000

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6H 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A., 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 II-B5 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-B5 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-B5
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A., 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made to
        a
“qualified institutional buyer” as defined under Rule 144A under the Securities
        Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
        the registration requirements of the 1933 Act and that does not require
        registration or qualification under applicable state securities laws. In
        the
        event that a transfer of this Certificate is to be made, the Certificate
        Registrar 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 Trustee 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 Depositor, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent and the Master Servicer against any liability that may result if the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be duly
        executed.

      
         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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 II-B6 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 GROUP II SENIOR CERTIFICATES, THE GROUP
        II-B1
        CERTIFICATES, THE GROUP II-B2 CERTIFICATES, THE GROUP II-B3 CERTIFICATES,
        THE
        GROUP II-B4 CERTIFICATES AND THE GROUP II-B5 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

       

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-B6 Certificates as
                  of the
                  Issue Date: $125,226

                 

                Denomination:
                  $125,226

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

                CUSIP:
                  17307G 6J 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.

       

      MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUST ADMINISTRATOR,
        CITIBANK, N.A. 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 II-B6 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        II-B6 Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-B6
        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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A., the Trustee, and
        the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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 Certificate Registrar 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A., 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        as of
        the Cut-off Date.

       

      No
        transfer of this Certificate shall be made unless the transfer is made to
        a
“qualified institutional buyer” as defined under Rule 144A under the Securities
        Act of 1933, as amended (the “1933 Act”), in a transaction that is exempt from
        the registration requirements of the 1933 Act and that does not require
        registration or qualification under applicable state securities laws. In
        the
        event that a transfer of this Certificate is to be made, the Certificate
        Registrar 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 Trustee 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 Depositor, the Trust
        Administrator, the Certificate Registrar, the Paying Agent, the Authenticating
        Agent and the Master Servicer against any liability that may result if the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of 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(c) of the Agreement.

       

      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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be
        duly executed.

      
         

        Dated:
          March ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Paying Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN TRUST

                  INC.,
                    MORTGAGE PASS-THROUGH

                  CERTIFICATES,
                    SERIES 2006-AR2

                   

                  CITIBANK,
                    N.A., not in its individual

                  capacity,
                    but solely as Authenticating Agent

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                

        

        

        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 of 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 Mortgage 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-20

      FORM
        OF CLASS II-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 (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 POOLING AND SERVICING
        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”), OTHER 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(C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

       

      

      
        	
                Series
                  2006-AR2

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off Date and date of Pooling and
                  Servicing Agreement: March 1, 2006

                 

                First
                  Distribution Date: April 25, 2006

                 

                No.1
                  

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class II-R Certificates as
                  of the
                  Issue Date: $100

                 

                Denomination:
                  $100

                 

                Master
                  Servicer: CitiMortgage, Inc.

                 

                Trust
                  Administrator: CitiMortgage, Inc.

                 

                Certificate
                  Registrar, Paying Agent and Authenticating Agent: Citibank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: March 30, 2006

                 

              

      

      
MORTGAGE
        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, adjustable-rate
        and
        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 MASTER SERVICER, THE TRUSTEE, THE TRUST
        ADMINSITRATOR, CITIBANK, N.A. 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
        the
        Percentage Interest evidenced by this Certificate specified above in that
        certain beneficial ownership interest evidenced by all the Class II-R
        Certificates in the Trust Fund 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 Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 II-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 Paying Agent by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Paying Agent 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 Paying Agent of the pendency of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Paying Agent for that purpose as provided
        in
        the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage 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 this 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
        Master Servicer, the Trust Administrator, Citibank, N.A. and the Trustee
        and the
        rights of the Certificateholders, under the Agreement at any time by the
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A. 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 Certificate Registrar 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 Certificate Registrar
        duly executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations 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(c) 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 Certificate Registrar 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.

      

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Certificate Registrar (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 a REMIC,
        (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 any Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, Citibank, N.A.,
        the
        Trustee and any agent of the Depositor, the Master Servicer, the Trust
        Administrator, Citibank, N.A. 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 Master Servicer, the Trust Administrator, Citibank, N.A.,
        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
        Trustee 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
        Trust Fund and (ii) the purchase by the party designated in the Agreement
        at a
        price determined as provided in the Agreement from the Trust Fund 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 Trust Fund all the Mortgage Loans in the Collateral
        Pool
        relating to this Certificate and all property acquired in respect of any
        Mortgage Loan in such Collateral Pool at a price determined as provided in
        the
        Agreement. The exercise of such right will effect early retirement of the
        Certificates relating to such Collateral Pool; however, such right to purchase
        is subject to the aggregate Stated Principal Balance of the Mortgage Loans
        in
        such Collateral Pool at the time of purchase being less than 10% of the
        aggregate principal balance of the Mortgage Loans in such Collateral Pool
        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 Authenticating
        Agent, 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 Paying Agent has caused this Certificate to be
          duly executed.

        
           

          Dated:
            March ___, 2006

           

          
            	 	 	 	 	 	 	 	
                    CITIBANK,
                      N.A., not in its individual

                    capacity,
                      but solely as Paying Agent

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Authorized
                      Officer

                  

          

          

          

          CERTIFICATE
            OF AUTHENTICATION

           

          This
            is
            one of the Certificates referred to in the within-mentioned
            Agreement.

           

          
            	 	 	 	 	 	 	 	
                    CITIGROUP
                      MORTGAGE LOAN TRUST

                    INC.,
                      MORTGAGE PASS-THROUGH

                    CERTIFICATES,
                      SERIES 2006-AR2

                     

                    CITIBANK,
                      N.A., not in its individual

                    capacity,
                      but solely as Authenticating Agent

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Authorized
                      Officer

                  

          

          

          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 of 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 Mortgage 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 party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 3.19. 

      

      Under
        Item 1 of Form 10-D: a) items marked “6.07 statement” are required to be
        included in the periodic Payment Date statement under Section 6.07, provided
        by
        the Trust Administrator based on information received from the Master Servicer;
        and b) items marked “Form 10-D report” are required to be in the Form 10-D
        report but not the 6.07 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.
        All such information and any other Items on Form 8-K and Form 10-D set forth
        in
        this Exhibit shall be sent to the Trust Administrator and the
        Depositor.

      

      
        	
                Form

                 

              	
                Item

                 

              	
                Description

                 

              	
                Servicer(s)

                 

              	
                Master
                  Servicer

                 

              	
                Trust
                  Administrator

                 

              	
                Custodian

                 

              	
                Trustee

                 

              	
                Depositor

                 

              	
                Sponsor

                 

              
	
                10-D

                 

              	
                Must
                  be filed within 15 days of the payment date for the asset-backed
                  securities.

                 

              	 	
                (nominal)

                 

              	 	 
	
                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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  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 remaining term, pool factors and prepayment
                  amounts.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

                 

              	 
	
                (9)
                  Delinquency and loss information for the period.

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

                 

              	
                X

                 

              	 	 	 	 	 	 
	
                (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.

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

                 

                 

                (6.07
                  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.

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

                 

                 

                (if
                  agreed upon by the parties)

                 

              	 	 	
                X

                 

              	 
	
                (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.

                 

              	 	 	
                X

                 

                 

                 

                (6.07
                  Statement)

                 

              	 	 	 	 
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                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.

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

              	 	 	
                X

                 

              	 
	
                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.

                 

              	 	 	 	 	 	
                X

                 

              	
                X

                 

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                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:

                 

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

                 

              	 	 	 	 	 	 	
                X

                 

              
	
                Depositor

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Trustee

                 

              	 	 	 	 	
                X

                 

              	 	 
	
                Issuing
                  entity

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

                 

              	
                X

                 

              	
                X

                 

              	 	 	 	 	 
	
                Trust
                  Administrator

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Custodian

                 

              	 	 	 	
                X

                 

              	 	 	 
	
                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.

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                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)

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                5

                 

              	
                Submission
                  of Matters to a Vote of Security Holders

                 

              	 	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                6

                 

              	
                Significant
                  Obligors of Pool Assets

                 

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                *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

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                 

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Determining
                  current significance percentage

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                *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

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                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

                 

              	
                X

                 

              	
                X

                 

              	
                X 

                 

              	 	 	
                X 

                 

              	
                X

                 

              
	
                1.02

                 

              	
                Termination
                  of a Material Definitive Agreement

                 

              	
                X

                 

              	
                X

                 

              	
                X 

                 

              	 	 	
                X

                 

              	
                X 

                 

              
	
                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.

                 

              	 	 	 	 	 	 	 
	
                1.03

                 

              	
                Bankruptcy
                  or Receivership

                 

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Master Servicer, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Certificate Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty, Custodian

                 

              	
                X

                 

              	
                X

                 

              	
                X 

                 

              	
                X

                 

              	 	
                X 

                 

              	
                X

                 

              
	
                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 6.07 statement

                 

              	 	
                X

                 

              	
                X

                 

              	 	 	 	 
	
                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

                 

              	 	 	
                X

                 

              	 	 	
                X

                 

              	 
	
                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”

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                5.06

                 

              	
                Change
                  in Shell Company Status

                 

              	 	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                6.01

                 

              	
                ·  ABS
                  Informational and Computational Material

                 

              	 	 	 	 	 	 	 
	
                [Not
                  included in reports to be filed under Section 3.18]

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                6.02

                 

              	
                Change
                  of Servicer or Trustee

                 

              	 	 	 	 	 	 	 
	
                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, certificate
                  administrator or trustee. 

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

              	 	 	
                X

                 

              	 
	 	
                Reg
                  AB disclosure about any new servicer is also required.

                 

              	
                X

                 

              	 	 	 	 	 	 
	
                Reg
                  AB disclosure about any new trustee is also required.

                 

              	 	 	 	 	
                X
                  (to the extent required by successor trustee

                 

              	 	 
	
                Reg
                  AB disclosure about any new Trust Administrator is also
                  required.

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                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.
                  

                 

              	 	 	
                X

                 

              	 	 	
                X

                 

              	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

                 

              	 	 	
                X

                 

              	 	 	
                X

                 

              	 
	
                6.04

                 

              	
                Failure
                  to Make a Required Distribution

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                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.

                 

              	 	 	 	 	 	
                X

                 

              	
                 

                 

              
	
                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.

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                7.01

                 

              	
                Regulation
                  FD Disclosure

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

              	 	
                X

                 

              	 
	
                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.

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                9.01

                 

              	
                Financial
                  Statements and Exhibits

                 

              	
                The
                  Responsible Party applicable to reportable event.

                 

              
	
                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

                 

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above.

                 

              
	 	
                15

                 

              	
                Exhibits
                  and Financial Statement Schedules

                 

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                 

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                 

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

                 

              	 	 	 	 	 	
                X

                 

              	 
	 	 	
                Determining
                  current significance percentage

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                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:

                 

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

                 

              	 	 	 	 	 	 	
                X

                 

              
	
                Depositor

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Trustee

                 

              	 	 	 	 	X	 	 
	
                Issuing
                  entity

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

                 

              	
                X

                 

              	
                X

                 

              	 	 	 	 	 
	
                Trust
                  Administrator

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Custodian

                 

              	 	 	 	
                X

                 

              	 	 	 
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                 

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

                 

              	 	 	 	 	 	 	
                X

                 

              
	
                Depositor

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Trustee

                 

              	 	 	 	 	
                X

                 

              	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

                 

              	
                X

                 

              	
                X

                 

              	 	 	 	 	 
	
                Trust
                  Administrator

                 

              	 	 	
                X

                 

              	 	 	 	 
	
                Originator

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Custodian

                 

              	 	 	 	
                X

                 

              	 	 	 
	
                Credit
                  Enhancer/Support Provider

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Significant
                  Obligor

                 

              	 	 	 	 	 	
                X

                 

              	 
	
                Item
                  1122 - Assessment of Compliance with Servicing Criteria

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

              	
                X

                 

              	 	 	 
	
                Item
                  1123 - Servicer Compliance Statement

                 

              	
                X

                 

              	
                X

                 

              	 	 	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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 

      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

              	
                Master
                  Servicer

              	
                Trust
                  Administrator

              	
                Paying
                  Agent

              
	
                 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

              	 	 
	
                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

              	
                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

              	
                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
        MORTGAGE LOAN PURCHASE AGREEMENT

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        This
          is a
          Mortgage Loan Purchase Agreement (the “Agreement”), dated March 29, 2006 between
          Citigroup Mortgage Loan Trust Inc., a Delaware corporation (the “Purchaser”) and
          Citigroup Global Markets Realty Corp., a New York corporation (the
“Seller”).

         

        Preliminary
          Statement

         

        The
          Seller intends to sell the Mortgage Loans (as hereinafter defined) to the
          Purchaser on the terms and subject to the conditions set forth in this
          Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
          pool comprising the trust fund. The trust fund will be evidenced by a single
          series of mortgage pass-through certificates designated as Series 2006-AR2
          (the
“Certificates”). The Certificates will consist of twenty classes of
          certificates. The Certificates will be issued pursuant to a Pooling and
          Servicing Agreement, dated as of March 1, 2006 (the “Pooling and Servicing
          Agreement”), among the Purchaser as depositor, CitiMortgage, Inc. as master
          servicer (in such capacity, the “Master Servicer”) and as trust administrator
          (in such capacity, the “Trust Administrator”) Citibank, N.A. as paying agent,
          certificate registrar and authenticating agent and U.S. Bank Trust National
          Association as trustee (the “Trustee”). Capitalized terms used but not defined
          herein shall have the meanings set forth in the Pooling and Servicing
          Agreement.

         

        The
          parties hereto agree as follows:

         

        Section
          1.  Agreement
          to Purchase.
          The
          Seller agrees to sell, and the Purchaser agrees to purchase, on or before
          March
          30, 2006 (the “Closing Date”), certain fixed-rate and adjustable-rate,
          conventional residential mortgage loans (the “Mortgage Loans”) originated by
          Wells Fargo Bank, N.A. (“Wells Fargo”), Mortgage Access Corp. D/B/A Weichert
          Financial Services (“Weichert”), Quicken Loans Inc. (“Quicken”), MortgageIT,
          Inc. (“MortgageIT”) and Washington Mutual Bank (“WAMU”, each an “Originator”,
          and collectively, the “Originators”), having an aggregate principal balance as
          of the close of business on March 1, 2006 (the “Cut-off Date”) of $599,613,795
          (the “Closing Balance”), after giving effect to all payments due on the Mortgage
          Loans on or before the Cut-off Date, whether or not received.

         

        Section
          2.  Mortgage
          Loan Schedule.
          The
          Purchaser and the Seller have agreed upon which of the mortgage loans owned
          by
          the Seller are to be purchased by the Purchaser pursuant to this Agreement
          and
          the Seller will prepare or cause to be prepared on or prior to the Closing
          Date
          a final schedule (the “Closing Schedule”) that together shall describe such
          Mortgage Loans and set forth all of the Mortgage Loans to be purchased
          under
          this Agreement. The Closing Schedule will conform to the requirements set
          forth
          in this Agreement and to the definition of “Mortgage Loan Schedule” under the
          Pooling and Servicing Agreement. The Closing Schedule shall be used as
          the
          Mortgage Loan Schedule under the Pooling and Servicing Agreement and shall
          be
          prepared by the Seller based on information provided by the
          Originators.

         

        Section
          3.  Consideration.

         

        (a)  In
          consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
          shall, as described in Section 7, pay to or upon the order of the Seller
          in
          immediately available funds an amount (the “Mortgage Loan Purchase Price”) equal
          to the net sale proceeds of the Certificates, plus accrued
          interest.

         

        (b)  The
          Purchaser or any assignee, transferee or designee of the Purchaser shall
          be
          entitled to all scheduled payments of principal due after the Cut-off Date,
          all
          other payments of principal due and collected after the Cut-off Date, and
          all
          payments of interest on the Mortgage Loans allocable to the period after
          the
          Cut-off Date. All scheduled payments of principal and interest due on or
          before
          the Cut-off Date and collected after the Cut-off Date shall belong to the
          Seller.

         

        (c)  Pursuant
          to the Pooling and Servicing Agreement, the Purchaser will assign all of
          its
          right, title and interest in and to the Mortgage Loans, together with its
          rights
          under this Agreement, to the Trustee for the benefit of the related
          Certificateholders.

         

        Section
          4.  Transfer
          of the Mortgage Loans.

         

        (a)  Possession
          of Mortgage Files.
          The
          Seller does hereby sell, transfer, assign, set over and convey to the Purchaser,
          without recourse but subject to the terms of this Agreement, all of its
          right,
          title and interest in, to and under the Mortgage Loans. The contents of
          each
          Mortgage File not delivered to the Purchaser or to any assignee, transferee
          or
          designee of the Purchaser on or prior to the Closing Date are and shall
          be held
          in trust by the Seller for the benefit of the Purchaser or any assignee,
          transferee or designee of the Purchaser. Upon the sale of the Mortgage
          Loans,
          the ownership of each Mortgage Note, the related Mortgage and the other
          contents
          of the related Mortgage File is vested in the Purchaser and the ownership
          of all
          records and documents with respect to each related Mortgage Loan prepared
          by or
          that come into the possession of the Seller on or after the Closing Date
          shall
          immediately vest in the Purchaser and shall be delivered immediately to
          the
          Purchaser or as otherwise directed by the Purchaser.

         

        (b)  Delivery
          of Mortgage Loan Documents.
          The
          Seller will, on or prior to the Closing Date, deliver or cause to be delivered
          to the Purchaser or any assignee, transferee or designee of the Purchaser
          each
          of the following documents for each Mortgage Loan:

         

        (i)  the
          original Mortgage Note, endorsed in one of the following forms: (i) in
          the name
          of the Trustee or (ii) in blank, in each case, with all prior and intervening
          endorsements showing a complete chain of endorsement from the originator
          to the
          Person so endorsing to the Trustee; 

         

        (ii)  the
          original Mortgage with evidence of recording thereon; 

         

        (iii)  an
          original Assignment of the Mortgage in recordable form in blank or to the
          Trustee; 

         

        (iv)  the
          original recorded Assignment or Assignments of the Mortgage showing a complete
          chain of assignment from the originator to the Person assigning the Mortgage
          in
          blank or to the Trustee as contemplated by the immediately preceding clause
          (iii); 

         

        (v)  the
          original of or a copy of each related assumption, modification, consolidation
          or
          extension agreement, with evidence of recording thereon, if any; 

         

        (vi)  with
          respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject
          to
          a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance
          Policy or certificate; 

         

        (vii)  the
          original mortgagee title insurance policy or an attorney’s opinion of title
          where customary; and

         

        (viii)  any
          of
          the following that are in the possession of the Seller or a document custodian
          on its behalf: (A) the original of or a copy of any security agreement,
          chattel
          mortgage or equivalent document executed in connection with the Mortgage
          or (B)
          the original of or a copy of any power of attorney, if applicable. 

         

        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 Section 4(b)(i) above
          cannot
          be located, the obligations of the Seller to deliver such documents shall
          be
          deemed to be satisfied upon delivery to the Trust Administrator (as designee
          of
          the Purchaser) 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 Trust Administrator is subsequently located,
          such
          original Mortgage Note shall be delivered to the Trust Administrator within
          three Business Days.

         

        If
          any of
          the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has
          as of
          the Closing Date been submitted for recording but either (x) has not been
          returned from the applicable public recording office or (y) has been lost
          or
          such public recording office has retained the original of such document,
          the
          obligations of the Seller to deliver such documents shall be deemed to
          be
          satisfied upon (1) delivery to the Trust Administrator of a copy of each
          such
          document certified by the Originator in the case of (x) above or the applicable
          public recording office in the case of (y) above to be a true and complete
          copy
          of the original that was submitted for recording and (2) if such copy is
          certified by the Originator, delivery to the Trust Administrator promptly
          upon
          receipt thereof of either the original or a copy of such document certified
          by
          the applicable public recording office to be a true and complete copy of
          the
          original. 

         

        To
          the
          extent not already recorded, the Trust Administrator, at the expense of
          the
          Seller shall pursuant to the Pooling and Servicing Agreement promptly (and
          in no
          event later than three months following the later of the Closing Date and
          the
          date of receipt by the Trust Administrator of the recording information
          for a
          Mortgage) submit or cause to be submitted for recording, at no expense
          to the
          Trust Estate or the Trust Administrator, in the appropriate public office
          for
          real property records, each Assignment delivered to it pursuant to Sections
          4(b)(iii) and (iv) above. In the event that any such Assignment is lost
          or
          returned unrecorded because of a defect therein, the Trust Administrator,
          at the
          expense of the Seller, 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 Trust Administrator nor
          the
          Trustee shall be required to submit or cause to be submitted for recording
          each
          Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) 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.

         

        The
          Seller shall deliver or cause to be delivered to the Trust Administrator
          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
          Trust Administrator are and shall be held by or on behalf of the Seller,
          the
          Servicer, the Purchaser or the Master 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 Trust Administrator. Any such original document delivered
          to or
          held by the Seller or the Purchaser 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 related Servicer. 

         

        (c)  Acceptance
          of Mortgage Loans.
          The
          documents delivered pursuant to Section 4(b) hereof shall be reviewed by
          the
          Purchaser or any assignee, transferee or designee of the Purchaser at any
          time
          before or after the Closing Date (and with respect to each document permitted
          to
          be delivered after the Closing Date within seven days of its delivery)
          to
          ascertain that all required documents have been executed and received and
          that
          such documents relate to the Mortgage Loans identified on the Mortgage
          Loan
          Schedule.

         

        (d)  Transfer
          of Interest in Agreements.
          The
          Purchaser has the right to assign its interest under this Agreement, in
          whole or
          in part, to the Trustee, as may be required to effect the purposes of the
          Pooling and Servicing Agreement, without the consent of the Seller, and
          the
          assignee shall succeed to the rights and obligations hereunder of the Purchaser.
          Any expense reasonably incurred by or on behalf of the Purchaser or the
          Trustee
          in connection with enforcing any obligations of the Seller under this Agreement
          will be promptly reimbursed by the Seller.

         

        (e)  Examination
          of Mortgage Files.
          Prior
          to the Closing Date, the Seller shall either (i) deliver in escrow to the
          Purchaser or to any assignee, transferee or designee of the Purchaser,
          for
          examination, the Mortgage File pertaining to each Mortgage Loan, or (ii)
          make
          such Mortgage Files available to the Purchaser or to any assignee, transferee
          or
          designee of the Purchaser for examination. Such examination may be made
          by the
          Purchaser or the Trustee, and their respective designees, upon reasonable
          notice
          to the Seller during normal business hours before the Closing Date and
          within 60
          days after the Closing Date. If any such person makes such examination
          prior to
          the Closing Date and identifies any Mortgage Loans that do not conform
          to the
          requirements of the Purchaser as described in this Agreement, such Mortgage
          Loans shall be deleted from the Closing Schedule. The Purchaser may, at
          its
          option and without notice to the Seller, purchase all or part of the Mortgage
          Loans without conducting any partial or complete examination. The fact
          that the
          Purchaser or any person has conducted or has failed to conduct any partial
          or
          complete examination of the Mortgage Files shall not affect the rights
          of the
          Purchaser or any assignee, transferee or designee of the Purchaser to demand
          repurchase or other relief as provided herein or under the Pooling and
          Servicing
          Agreement.

         

        Section
          5.  Representations,
          Warranties and Covenants of the Seller.

         

        The
          Seller and the Purchaser understand, acknowledge and agree that, the
          representations and warranties set forth in this Section 5 are made as
          of the
          Closing Date or as of the date specifically provided herein. 

         

        As
          permitted under the Master Mortgage Loan Purchase and Servicing Agreement,
          dated
          as of August 1, 2006, between Weichert and the Seller (the “Weichert Servicing
          Agreement”), the Master Mortgage Loan Purchase and Interim Servicing Agreement,
          dated as of November 1, 2004, between Quicken and the Seller (the “Quicken
          Servicing Agreement”), the Amended and Restated Master Mortgage Loan Purchase
          and Interim Servicing Agreement, dated as of March 1, 2005, and as amended
          and
          restated to and including November 1, 2006, between MortgageIT and the
          Seller
          (the “MortgageIT Servicing Agreement”), the Mortgage Loan Purchase and Sale
          Agreement, dated as of September 1, 2005, between WAMU and the Seller (the
“WAMU
          Servicing Agreement”), the Amended and Restated Master Mortgage Loan Purchase
          Agreement, dated as of March 1, 2006, between Wells Fargo and the Seller
          (the
“Wells Fargo Servicing Agreement”), the Seller’s Warranties and Servicing
          Agreement, dated as of June 1, 2005, relating to the WFHM 2005-W40 Mortgage
          Loans, between Wells Fargo and the Seller (the “2005-W40 Wells Fargo Servicing
          Agreement”), the Seller’s Warranties and Servicing Agreement, dated as of July
          1, 2005, relating to the WFHM 2005-W52 Mortgage Loans, between Wells Fargo
          and
          the Seller (the “2005-W55 Wells Fargo Servicing Agreement”), the Seller’s
          Warranties and Servicing Agreement, dated as of September 1, 2005, relating
          to
          the WFHM 2005-W77 Mortgage Loans, between Wells Fargo and the Seller (the
          “2005-W77 Wells Fargo Servicing Agreement, and collectively with the Weichert
          Servicing Agreement, the Quicken Servicing Agreement, the MortgageIT Servicing
          Agreement, the Wells Fargo Servicing Agreement, the 2005-W40 Wells Fargo
          Servicing Agreement and the 2005-W55 Wells Fargo Servicing Agreement, the
          “Servicing Agreements”), the Seller hereby assigns to the Purchaser all of its
          right, title and interest under the Servicing Agreements to the extent
          of the
          Mortgage Loans set forth on the Mortgage Loan Schedule, including, but
          not
          limited to, any representations and warranties of the Originators concerning
          the
          Mortgage Loans.

         

        (a)  The
          Seller hereby represents and warrants, as to each Mortgage Loan, to the
          Purchaser, as of the date hereof and as of the Closing Date, and covenants,
          that:

         

        (i)  To
          the
          best of the Seller’s knowledge, nothing has occurred in the period of time from
          the date each representation and warranty was made by each Originator pursuant
          to the respective Servicing Agreement to the Closing Date which would cause
          such
          representation and warranty to be untrue in any material respect on the
          Closing
          Date.

         

        (ii)  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.

         

        (iii)  None
          of
          the mortgage loans are (i) “High Cost” as such term is defined in the Home
          Ownership Protection Act of 1994 (“HOEPA”) or (ii) a reasonably equivalent
          provision as defined by the applicable predatory and abusive lending
          laws.

         

        (iv)  An
          appraisal form 1004 or Form 2055 with an interior inspection for first
          lien
          mortgage loans has been obtained.

         

        (v)  No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the current version of Standard & Poor's LEVELS®
Glossary Revised, Appendix E).

         

        (vi)  (vi)There
          is
          no mortgage loan in the trust that was originated on or after October 1,
          2002
          and before March 7, 2003 which is secured by property located in the State
          of
          Georgia.

         

        (b)  With
          respect to the Group I-1 Mortgage Loans, the Seller hereby represents and
          warrants to the Purchaser, as of the date hereof and as of the Closing
          Date, and
          covenants, that if any breach of any if the representations set forth in
          this
          Section 5 (other than Section 5(c)) results in a breach of a representation
          set
          forth in the following Freddie Mac Required Representations and Covenants,
          such
          breach shall be deemed to materially and adversely affect the value of
          the
          related Mortgage Loans or the interest therein of the related Certificateholders
          and shall trigger the remedy obligations set forth in Section 6
          below.

         

        (i)  No
          mortgage loan underlying the security is covered by the Home Ownership
          and
          Equity Protection Act of 1994 (“HOEPA”).

         

        (ii)  With
          respect to mortgage premises located in the State of Georgia:

         

        (1)  There
          is
          no mortgage loan in the trust that was originated on or after October 1,
          2002
          and before March 7, 2003, which is secured by property located in the State
          of
          Georgia.

         

        (2)  There
          is
          no mortgage loan in the trust that was originated on or after March 7,
          2003,
          which is a “high cost home loan” as defined under the Georgia Fair Lending
          Act.

         

        (iii)  No
          mortgage loan in the trust is a “high cost home,” “covered” (excluding home
          loans defined as "covered home loans" in the New Jersey Home Ownership
          Security
          Act of 2002 that were originated between November 26, 2003 and July 7,
          2004),
“high risk home” or “predatory” loan under any applicable state, federal or
          local law (or a similarly classified loan using different terminology under
          a
          law imposing heightened regulatory scrutiny or additional legal liability
          for
          residential mortgage loans having high interest rates, points and/or
          fees).

         

        (iv)  With
          respect to each mortgage loan underlying the Security, 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. 

         

        (v)  No
          subprime mortgage loan originated on or after October 1, 2002 underlying
          the
          Security will impose a prepayment premium for a term in excess of three
          years.
          Any loans originated prior to such date, and any non-subprime loans, will
          not
          impose prepayment penalties in excess of five years. 

         

        (vi)  The
          servicer for each mortgage loan underlying the Security has fully furnished,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          accurate and complete information (i.e., favorable and unfavorable) on
          its
          borrower credit files to Equifax, Experian, and Trans Union Credit Information
          Company (three of the credit repositories), on a monthly basis.

         

        (vii)  The
          servicer for each mortgage loan underlying the Security 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 (three of the credit repositories), on a monthly basis. 

         

        (viii)  Each
          Mortgage Loan is a “qualified mortgage” under Section 860G(a)(3) of the
          Code.

         

        (ix)  With
          respect to any mortgage loan originated on or after August 1, 2004 and
          underlying the Security, 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.
          

         

        (x)  The
          original principal balance of each mortgage loan underlying the Security
          is
          within Freddie Mac’s dollar amount limits for conforming one- to four-family
          mortgage loans. 

         

        Without
          limiting the foregoing, the Seller hereby acknowledges and agrees that
          if any
          breach of any of the representations set forth in this Section 5 (other
          than
          Section 5(c)) attributable to the existence with respect to the Group I-1
          Mortgage Loans of any prepayment charge provisions or arbitration provisions
          that fall outside the related Originator’s applicable underwriting guidelines
          results in a breach of the preceding representations (v) or (ix), then
          such
          breach shall be deemed to materially and adversely affect the value of
          the
          related Mortgage Loans or the interest therein of the related Certificateholders
          and shall trigger the remedy obligations set forth in Section 6
          below.

        

        (c)  The
          Seller hereby represents and warrants to the Purchaser, as of the date
          hereof
          and as of the Closing Date, and covenants, that:

         

        (i)  The
          Seller is duly organized, validly existing and in good standing as a corporation
          under the laws of the State of New York with full corporate power and authority
          to conduct its business as presently conducted by it to the extent material
          to
          the consummation of the transactions contemplated herein. The Seller has
          the
          full corporate power and authority to own the Mortgage Loans and to transfer
          and
          convey the Mortgage Loans to the Purchaser and has the full corporate power
          and
          authority to execute and deliver, engage in the transactions contemplated
          by,
          and perform and observe the terms and conditions of this Agreement.

         

        (ii)  The
          Seller 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 hereof by the Purchaser,
          constitutes a legal, valid and binding obligation of the Seller, enforceable
          against it in accordance with its terms except as the enforceability thereof
          may
          be limited by bankruptcy, insolvency or reorganization or by general principles
          of equity.

         

        (iii)  The
          execution, delivery and performance of this Agreement by the Seller (x)
          does not
          conflict and will not conflict with, does not breach and will not result
          in a
          breach of and does not constitute and will not constitute a default (or
          an
          event, which with notice or lapse of time or both, would constitute a default)
          under (A) any terms or provisions of the articles of incorporation or by-laws
          of
          the Seller, (B) any term or provision of any material agreement, contract,
          instrument or indenture, to which the Seller is a party or by which the
          Seller
          or any of its property is bound or (C) any law, rule, regulation, order,
          judgment, writ, injunction or decree of any court or governmental authority
          having jurisdiction over the Seller or any of its property and (y) does
          not
          create or impose and will not result in the creation or imposition of any
          lien,
          charge or encumbrance which would have a material adverse effect upon the
          Mortgage Loans or any documents or instruments evidencing or securing the
          Mortgage Loans.

         

        (iv)  No
          consent, approval, authorization or order of, registration or filing with,
          or
          notice on behalf of the Seller to any governmental authority or court is
          required, under federal laws or the laws of the State of New York, for
          the
          execution, delivery and performance by the Seller of, or compliance by
          the
          Seller with, this Agreement or the consummation by the Seller of any other
          transaction contemplated hereby and by the Pooling and Servicing Agreement;
          provided, however, that the Seller makes no representation or warranty
          regarding
          federal or state securities laws in connection with the sale or distribution
          of
          the Certificates.

         

        (v)  This
          Agreement does not contain any untrue statement of material fact or omit
          to
          state a material fact necessary to make the statements contained herein
          not
          misleading. The written statements, reports and other documents prepared
          and
          furnished or to be prepared and furnished by the Seller pursuant to this
          Agreement or in connection with the transactions contemplated hereby taken
          in
          the aggregate do not contain any untrue statement of material fact or omit
          to
          state a material fact necessary to make the statements contained therein
          not
          misleading.

         

        (vi)  The
          Seller is not in violation of, and the execution and delivery of this Agreement
          by the Seller 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 Seller or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Seller or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder.

         

        (vii)  The
          Seller 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.

         

        (viii)  Immediately
          prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
          the Seller will be the owner of the related Mortgage and the indebtedness
          evidenced by the related Mortgage Note, and, upon the payment to the Seller
          of
          the Purchase Price, in the event that the Seller retains or has retained
          record
          title, the Seller shall retain such record title to each Mortgage, each
          related
          Mortgage Note and the related Mortgage Files with respect thereto in trust
          for
          the Purchaser as the owner thereof from and after the date hereof.

         

        (ix)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Seller
          before any court, administrative or other tribunal (A) that might prohibit
          its
          entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
          Loans by the Seller or the consummation of the transactions contemplated
          by this
          Agreement or (C) that might prohibit or materially and adversely affect
          the
          performance by the Seller of its obligations under, or validity or
          enforceability of, this Agreement.

         

        (x)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller, and the transfer, assignment
          and
          conveyance of the Mortgage Notes and the Mortgages by the Seller are not
          subject
          to the bulk transfer or any similar statutory provisions.

         

        (xi)  The
          Seller has not dealt with any broker, investment banker, agent or other
          person,
          except for the Purchaser or any of its affiliates, that may be entitled
          to any
          commission or compensation in connection with the sale of the Mortgage
          Loans.

         

        (xii)  There
          is
          no litigation currently pending or, to the best of the Seller’s knowledge
          without independent investigation, threatened against the Seller that would
          reasonably be expected to adversely affect the transfer of the Mortgage
          Loans,
          the issuance of the Certificates or the execution, delivery, performance
          or
          enforceability of this Agreement, or that would result in a material adverse
          change in the financial condition of the Seller.

         

        (xiii)  The
          Seller is solvent and will not be rendered insolvent by the consummation
          of the
          transactions contemplated hereby. The Seller is not transferring any Mortgage
          loan with any intent to hinder, delay or defraud any of its
          creditors.

         

        (d)  With
          respect to the Weichert Mortgage Loans, the Seller hereby represents and
          warrants, for the benefit of the Purchaser, that the representations and
          warranties set forth on Exhibit A hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (e)  With
          respect to the Quicken Mortgage Loans, the Seller hereby represents and
          warrants, for the benefit of the Purchaser, that the representations and
          warranties set forth on Exhibit B hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (f)  With
          respect to the MortgageIT Mortgage Loans, the Seller hereby represents
          and
          warrants, for the benefit of the Purchaser, that the representations and
          warranties set forth on Exhibit C hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (g)  With
          respect to the WAMU Mortgage Loans, the Seller hereby represents and warrants,
          for the benefit of the Purchaser, that the representations and warranties
          set
          forth on Exhibit D hereto are true and correct as of the date hereof and
          as of
          the Closing Date.

         

        (h)  With
          respect to the Wells Fargo Mortgage Loans, the Seller hereby represents
          and
          warrants, for the benefit of the Purchaser, that the representations and
          warranties set forth on Exhibit E hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (i)  With
          respect to the Wells Fargo 2005-W40 Mortgage Loans, the Seller hereby represents
          and warrants, for the benefit of the Purchaser, that the representations
          and
          warranties set forth on Exhibit F hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (j)  With
          respect to the Wells Fargo 2005-W55 Mortgage Loans, the Seller hereby represents
          and warrants, for the benefit of the Purchaser, that the representations
          and
          warranties set forth on Exhibit G hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        (k)  With
          respect to the Wells Fargo 2005-W77 Mortgage Loans, the Seller hereby represents
          and warrants, for the benefit of the Purchaser, that the representations
          and
          warranties set forth on Exhibit H hereto are true and correct as of the
          date
          hereof and as of the Closing Date.

         

        
          	Section
                  6.  	
                  Repurchase
                    Obligation for Defective Documentation and for Breach of Representation
                    and Warranty.

                

        

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Section 5 shall survive the sale of the Mortgage Loans to the Purchaser
          and
          shall inure to the benefit of the Purchaser and any assignee, transferee
          or
          designee of the Purchaser, including the Trustee for the benefit of holders
          of
          the Mortgage Pass-Through Certificates evidencing an interest in all or
          a
          portion of the Mortgage Loans, notwithstanding any restrictive or qualified
          endorsement on any Mortgage Note or Assignment or the examination or lack
          of
          examination of any Mortgage File. With respect to the representations and
          warranties contained herein that are made to the knowledge or the best
          knowledge
          of the Seller, or as to which the Seller has no knowledge, if it is discovered
          that the substance of any such representation and warranty is inaccurate
          and the
          inaccuracy materially and adversely affects the value of the related Mortgage
          Loan, or the interest therein of the Purchaser or the Purchaser’s assignee,
          designee or transferee, then notwithstanding the Seller’s lack of knowledge with
          respect to the substance of such representation and warranty being inaccurate
          at
          the time the representation and warranty was made, such inaccuracy shall
          be
          deemed a breach of the applicable representation and warranty and the Seller
          shall take such action described in the following paragraphs of this Section
          6
          in respect of such Mortgage Loan. Upon discovery by either the Seller or
          the
          Purchaser of a breach of any of the foregoing representations and warranties
          made by the Seller that materially and adversely affects the value of the
          Mortgage Loans or the interest of the Purchaser (or which materially and
          adversely affects the interests of the Purchaser in the related Mortgage
          Loan in
          the case of a representation and warranty relating to a particular Mortgage
          Loan), the party discovering such breach shall give prompt written notice
          to the
          other.

         

        Within
          90
          days of the earlier of either discovery by or notice to the Seller of any
          breach
          of a representation or warranty made by the Seller that materially and
          adversely
          affects the value of a Mortgage Loan or the Mortgage Loans or the interest
          therein of the Purchaser, the Seller shall use its best efforts promptly
          to cure
          such breach in all material respects and, if such breach cannot be cured,
          the
          Seller shall, at the Purchaser’s option, repurchase such Mortgage Loan at the
          Purchase Price. The Seller may, at the request of the Purchaser and assuming
          the
          Seller has a Qualified Substitute Mortgage Loan, rather than repurchase
          a
          deficient Mortgage Loan as provided above, remove such Mortgage Loan and
          substitute in its place a Qualified Substitute Mortgage Loan or Loans.
          If the
          Seller does not provide a Qualified Substitute Mortgage Loan or Loans,
          it shall
          repurchase the deficient Mortgage Loan. Any repurchase of a Mortgage Loan(s)
          pursuant to the foregoing provisions of this Section 6 shall occur on a
          date
          designated by the Purchaser and shall be accomplished by deposit in accordance
          with Section 2.03 of the Pooling and Servicing Agreement. Any repurchase
          or
          substitution required by this Section shall be made in a manner consistent
          with
          Section 2.03 of the Pooling and Servicing Agreement.

         

        At
          the
          time of substitution or repurchase by the Seller of any deficient Mortgage
          Loan,
          the Purchaser and the Seller shall arrange for the reassignment of the
          repurchased or substituted Mortgage Loan to the Seller and the delivery
          to the
          Seller of any documents held by the Trustee relating to the deficient or
          repurchased Mortgage Loan. In the event the Purchase Price is deposited
          in the
          Collection Account. The Seller shall, simultaneously with such deposit,
          give
          written notice to the Purchaser that such deposit has taken place. Upon
          such
          repurchase, the Mortgage Loan Schedule shall be amended to reflect the
          withdrawal of the repurchased Mortgage Loan from this Agreement.

         

        As
          to any
          Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
          Mortgage Loan or Loans, the Seller shall effect such substitution by delivering
          to the Purchaser or its designee for such Qualified Substitute Mortgage
          Loan or
          Loans the Mortgage Note, the Mortgage, the Assignment and such other documents
          and agreements as are required by the Pooling and Servicing Agreement,
          with the
          Mortgage Note endorsed as required therein. The Seller shall remit for
          deposit
          in the Collection Account the Monthly Payment due on such Qualified Substitute
          Mortgage Loan or Loans in the month following the date of such substitution.
          Monthly payments due with respect to Qualified Substitute Mortgage Loans
          in the
          month of substitution will be retained by the Seller. For the month of
          substitution, distributions to the Purchaser will include the Monthly Payment
          due on such Deleted Mortgage Loan in the month of substitution, and the
          Seller
          shall thereafter be entitled to retain all amounts subsequently received
          by the
          Seller in respect of such Deleted Mortgage Loan. Upon such substitution,
          the
          Qualified Substitute Mortgage Loans shall be subject to the terms of this
          Agreement in all respects, and the Seller shall be deemed to have made
          with
          respect to such Qualified Substitute Mortgage Loan or Loans as of the date
          of
          substitution, the covenants, representations and warranties set forth in
          Section
          5.

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Section 5 shall survive delivery of the respective Mortgage Files to the
          Trustee
          on behalf of the Purchaser.

         

        It
          is
          understood and agreed that (i) the obligations of the Seller set forth
          in this
          Section 6 to cure, repurchase and substitute for a defective Mortgage Loan
          and
          (ii) the obligations of the Seller as provided in the next sentence constitute
          the sole remedies of the Purchaser respecting a missing or defective document
          or
          a breach of the representations and warranties contained in Section 5.
          The
          Seller shall indemnify the Purchaser and hold it harmless against any losses,
          damages, penalties, fines, forfeitures, reasonable and necessary legal
          fees and
          related costs, judgments, and other costs and expenses resulting from any
          claim,
          demand, defense or assertion based on or grounded upon, or resulting from,
          a
          breach of the representations and warranties contained in Sections 5(a),
          (c),
          (d) and (e) this Agreement. 

         

        Section
          7.  Closing;
          Payment for the Mortgage Loans.
          The
          closing of the purchase and sale of the Mortgage Loans shall be held at
          the New
          York City office of Thacher Proffitt & Wood llp
          at 10:00
          AM New York City time on the Closing Date.

         

        The
          closing shall be subject to each of the following conditions:

         

        (a)  All
          of
          the representations and warranties of the Seller under this Agreement shall
          be
          true and correct in all material respects as of the date as of which they
          are
          made and no event shall have occurred which, with notice or the passage
          of time,
          would constitute a default under this Agreement;

         

        (b)  The
          Purchaser shall have received, or the attorneys of the Purchaser shall
          have
          received in escrow (to be released from escrow at the time of closing),
          all
          Closing Documents as specified in Section 8 of this Agreement, in such
          forms as
          are agreed upon and acceptable to the Purchaser, duly executed by all
          signatories other than the Purchaser as required pursuant to the respective
          terms thereof;

         

        (c)  The
          Seller shall have delivered or caused to be delivered and released to the
          Purchaser or to its designee, all documents (including without limitation,
          the
          Mortgage Loans) required to be so delivered by the Purchaser; and

         

        (d)  All
          other
          terms and conditions of this Agreement shall have been complied
          with.

         

        Subject
          to the foregoing conditions, the Purchaser shall deliver or cause to be
          delivered to the Seller on the Closing Date, against delivery and release
          by the
          Seller to the Trustee of all documents required pursuant to the Pooling
          and
          Servicing Agreement, the consideration for the Mortgage Loans as specified
          in
          Section 3 of this Agreement, by delivery to the Seller of the Mortgage
          Loan
          Purchase Price.

         

        Section
          8.  Closing
          Documents.
          Without
          limiting the generality of Section 7 hereof, the closing shall be subject
          to
          delivery of each of the following documents:

         

        (a)  An
          Officers’ Certificate of the Seller, dated the Closing Date, upon which the
          Purchaser and Citigroup Global Markets Inc. (the “Underwriter”) may rely, in a
          form acceptable to the Purchaser;

         

        (b)  A
          Secretary’s Certificate of the Seller, dated the Closing Date, upon which the
          Purchaser and the Underwriter may rely, in a form acceptable to the Purchaser,
          and attached thereto copies of the certificate of incorporation, by-laws
          and
          certificate of good standing of the Seller;

         

        (c)  An
          Opinion of Counsel of the Seller, dated the Closing Date and addressed
          to the
          Purchaser and the Underwriter, in a form acceptable to the
          Purchaser;

         

        (d)  An
          Officers’ Certificate of each Originator, dated the Closing Date, upon which the
          Purchaser and the Underwriter may rely, in a form acceptable to the
          Purchaser;

         

        (e)  A
          Secretary’s Certificate of each Originator, dated the Closing Date, upon which
          the Purchaser and the Underwriter may rely, in a form acceptable to the
          Purchaser, and attached thereto copies of the certificate of incorporation,
          by-laws and certificate of good standing of the Originator;

         

        (f)  Such
          opinions of counsel as the Rating Agencies or the Trustee may request in
          connection with the sale of the Mortgage Loans by the Seller to the Purchaser
          or
          the Seller’s execution and delivery of, or performance under, this
          Agreement;

         

        (g)  A
          letter
          from Deloitte & Touche L.L.P., certified public accountants, dated the date
          hereof and to the effect that they have performed certain specified procedures
          as a result of which they determined that certain information of an accounting,
          financial or statistical nature set forth in the Purchaser’s Prospectus
          Supplement, dated March 29, 2006 and the Purchaser’s Private Placement
          Memorandum, dated March 30, 2006, agrees with the records of the
          Seller;

         

        (h)  Letters
          from certified public accountants for each Originator, dated the date hereof
          and
          to the effect that they have performed certain specified procedures as
          a result
          of which they determined that certain information of an accounting, financial
          or
          statistical nature set forth in the Purchaser’s Prospectus Supplement, dated
          March 29, 2006 under the subheading “The Servicer” and the Purchaser’s Private
          Placement Memorandum, dated March 30, 2006, under the subheading “The Servicer”
agrees with the records of the Servicer; and

         

        (i)  Such
          further information, certificates, opinions and documents as the Purchaser
          or
          the Underwriter may reasonably request.

         

        Section
          9.  Costs.
          The
          Seller shall pay (or shall reimburse the Purchaser or any other Person
          to the
          extent that the Purchaser or such other Person shall pay) all necessary
          and
          reasonable costs and expenses incurred directly in delivering this Agreement,
          the Pooling and Servicing Agreement, the Certificates, the prospectus,
          prospectus supplement and private placement memorandum relating to the
          Certificates and other related documents, the initial fees, costs and expenses
          of the Trust Administrator and the Trustee set forth in an engagement letter
          delivered to the Seller by the Trust Administrator, the fees and expenses
          of the
          Purchaser’s counsel in connection with the preparation of all documents relating
          to the securitization of the Mortgage Loans, the filing fee charged by
          the
          Securities and Exchange Commission for registration of the Certificates,
          the
          fees charged by any rating agency to rate the Certificates and the ongoing
          expenses of the Rating Agencies. All other costs and expenses in connection
          with
          the transactions contemplated hereunder shall be borne by the party incurring
          such expense.

         

        Section
          10.  [Reserved].

         

        Section
          11.  Mandatory
          Delivery; Grant of Security Interest.
          The
          sale and delivery on the Closing Date of the Mortgage Loans described on
          the
          Mortgage Loan Schedule in accordance with the terms and conditions of this
          Agreement is mandatory. It is specifically understood and agreed that each
          Mortgage Loan is unique and identifiable on the date hereof and that an
          award of
          money damages would be insufficient to compensate the Purchaser for the
          losses
          and damages incurred by the Purchaser in the event of the Seller’s failure to
          deliver the Mortgage Loans on or before the Closing Date. The Seller hereby
          grants to the Purchaser a lien on and a continuing security interest in
          the
          Seller’s interest in each Mortgage Loan and each document and instrument
          evidencing each such Mortgage Loan to secure the performance by the Seller
          of
          its obligation hereunder, and the Seller agrees that it holds such Mortgage
          Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
          to the Closing Date, to reject any Mortgage Loan to the extent permitted
          by this
          Agreement and (ii) obligation to deliver or cause to be delivered the
          consideration for the Mortgage Loans pursuant to Section 7 hereof. Any
          Mortgage
          Loans rejected by the Purchaser shall concurrently therewith be released
          from
          the security interest created hereby. The Seller agrees that, upon acceptance
          of
          the Mortgage Loans by the Purchaser or its designee and delivery of payment
          to
          the Seller, that its security interest in the Mortgage Loans shall be released.
          All rights and remedies of the Purchaser under this Agreement are distinct
          from,
          and cumulative with, any other rights or remedies under this Agreement
          or
          afforded by law or equity and all such rights and remedies may be exercised
          concurrently, independently or successively.

         

        Notwithstanding
          the foregoing, if on the Closing Date, each of the conditions set forth
          in
          Section 7 hereof shall have been satisfied and the Purchaser shall not
          have paid
          or caused to be paid the Mortgage Loan Purchase Price, or any such condition
          shall not have been waived or satisfied and the Purchaser determines not
          to pay
          or cause to be paid the Mortgage Loan Purchase Price, the Purchaser shall
          immediately effect the redelivery of the Mortgage Loans, if delivery to
          the
          Purchaser has occurred and the security interest created by this Section
          11
          shall be deemed to have been released.

         

        Section
          12.  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered to or mailed by
          registered mail, postage prepaid, or transmitted by telex or telegraph
          and
          confirmed by a similar mailed writing, if to the Purchaser, addressed to
          the
          Purchaser at 390 Greenwich Street, 4th Floor, New York, New York 10013,
          Attention: Mortgage Finance Group, or such other address as may hereafter
          be
          furnished to the Seller in writing by the Purchaser, and if to the Seller,
          addressed to the Seller at 390 Greenwich Street, 4th Floor, New York, New
          York
          10013, Attention: Mortgage Finance Group, or such other address as may
          hereafter
          be furnished to the Purchaser in writing by the Seller.

         

        Section
          13.  Severability
          of Provisions.
          Any
          part, provision, representation or warranty of this Agreement which is
          prohibited or which is held to be void or unenforceable shall be ineffective
          to
          the extent of such prohibition or unenforceability without invalidating
          the
          remaining provisions hereof. Any part, provision, representation or warranty
          of
          this Agreement which is prohibited or unenforceable or is held to be void
          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 as to any Mortgage Loan shall not invalidate or render
          unenforceable such provision in any other jurisdiction. To the extent permitted
          by applicable law, the parties hereto waive any provision of law which
          prohibits
          or renders void or unenforceable any provision hereof.

         

        Section
          14.  Agreement
          of Parties.
          The
          Seller and the Purchaser each agree to execute and deliver such instruments
          and
          take such actions as either of the others may, from time to time, reasonably
          request in order to effectuate the purpose and to carry out the terms of
          this
          Agreement and the Pooling and Servicing Agreement.

         

        Section
          15.  Survival.
          The
          Seller agrees that the representations, warranties and agreements made
          by it
          herein and in any certificate or other instrument delivered pursuant hereto
          shall be deemed to be relied upon by the Purchaser, notwithstanding any
          investigation heretofore or hereafter made by the Purchaser or on its behalf,
          and that the representations, warranties and agreements made by the Seller
          herein or in any such certificate or other instrument shall survive the
          delivery
          of and payment for the Mortgage Loans and shall continue in full force
          and
          effect, notwithstanding any restrictive or qualified endorsement on the
          Mortgage
          Notes and notwithstanding subsequent termination of this Agreement, the
          Pooling
          and Servicing Agreement or the Trust Fund.

         

        Section
          16.  GOVERNING
          LAW.
          THIS
          AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
          PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
          LAWS
          (INCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF
          NEW YORK.
          THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE
          NEW YORK
          GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

         

        Section
          17.  Miscellaneous.
          This
          Agreement may be executed in two or more counterparts, each of which when
          so
          executed and delivered shall be an original, but all of which together
          shall
          constitute one and the same instrument. This Agreement shall inure to the
          benefit of and be binding upon the parties hereto and their respective
          successors and assigns. This Agreement supersedes all prior agreements
          and
          understandings relating to the subject matter hereof. Neither this Agreement
          nor
          any term hereof may be changed, waived, discharged or terminated orally,
          but
          only by an instrument in writing signed by the party against whom enforcement
          of
          the change, waiver, discharge or termination is sought. The headings in
          this
          Agreement are for purposes of reference only and shall not limit or otherwise
          affect the meaning hereof.

         

        It
          is the
          express intent of the parties hereto that the conveyance of the Mortgage
          Loans
          by the Seller to the Purchaser as provided in Section 4 hereof be, and
          be
          construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
          and
          not as a pledge of the Mortgage Loans by the Seller to the Purchaser to
          secure a
          debt or other obligation of the Seller. However, in the event that,
          notwithstanding the aforementioned intent of the parties, the Mortgage
          Loans are
          held to be property of the Seller, then, (a) it is the express intent of
          the
          parties that such conveyance be deemed a pledge of the Mortgage Loans by
          the
          Seller to the Purchaser to secure a debt or other obligation of the Seller
          and
          (b) (1) this Agreement shall also be deemed to be a security agreement
          within
          the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
          (2) the
          conveyance provided for in Section 4 hereof shall be deemed to be a grant
          by the
          Seller to the Purchaser of a security interest in all of the Seller’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 whether in the form of cash, instruments, securities
          or other property; (3) the possession by the Purchaser or its agent of
          Mortgage
          Notes, the related Mortgages and such other items of property that constitute
          instruments, money, negotiable documents or chattel paper shall be deemed
          to be
“possession by the secured party” for purposes of perfecting the security
          interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
          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 Purchaser for
          the
          purpose of perfecting such security interest under applicable law. Any
          assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
          shall also be deemed to be an assignment of any security interest created
          hereby. The Seller and the Purchaser shall, to the extent consistent with
          this
          Agreement, take such actions as may be necessary to ensure that, if this
          Agreement were deemed to create a security interest in the Mortgage Loans,
          such
          security interest would be deemed to be a perfected security interest of
          first
          priority under applicable law and will be maintained as such throughout
          the term
          of this Agreement and the Pooling and Servicing Agreement.

         

        Section
          18.  Indemnification.
          The
          Seller shall indemnify and hold harmless each of (i) the Purchaser, (ii)
          Citigroup Global Markets Inc. and (iii) each person, if any, who controls
          the
          Purchaser within the meaning of Section 15 of the Securities Act of 1933,
          as
          amended (the “1933 Act”) ((i) through (iii) collectively, the “Indemnified
          Party”) against any and all losses, claims, expenses, damages or liabilities
          to
          which the Indemnified Party may become subject, under the 1933 Act or otherwise,
          insofar as such losses, claims, expenses, damages or liabilities (or actions
          in
          respect thereof) arise out of, are based upon, or result from, a breach
          by the
          Seller of any of the representations and warranties made by the Seller
          herein,
          it being understood that the Purchaser has relied upon such representations
          and
          warranties.

         

        

         

        IN
          WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
          be
          signed by their respective officers thereunto duly authorized as of the
          date
          first above written.

         

        
          	 	 	 	 	 	 	 	
                  CITIGROUP
                    MORTGAGE LOAN

                  TRUST
                    INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  CITIGROUP
                    GLOBAL MARKETS REALTY

                  CORP.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        Representation
          and Warranties with Respect to the Weichert Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Weichert Mortgage Loans sold by the
          Seller to the Purchaser, all capitalized terms in this Exhibit A shall
          have the
          meanings ascribed to them in the Weichert Servicing Agreement.

        

        (1)  The
          information set forth in the related Mortgage Loan Schedule and the Mortgage
          Loan data delivered to the Purchaser in the Data File is complete, true
          and
          correct;

         

        (2)  All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller 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 or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage. There has been no delinquency, exclusive of
          any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (3)  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (4)  The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and is improved by a Residential Dwelling;

         

        (5)  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 or registered with the MERS System if
          necessary to maintain the lien priority of the Mortgage, and which have
          been
          delivered to the Purchaser; the substance of any such waiver, alteration
          or
          modification has been approved by the insurer under the Primary Insurance
          Policy
          or LPMI Policy, if any, and the title insurer, to the extent required by
          the
          related policy, and is reflected on the related 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 insurer under the Primary Insurance
          Policy
          or LPMI Policy, if any, the title insurer, to the extent required by the
          policy,
          and which assumption agreement has been delivered to the Purchaser and
          the terms
          of which are reflected in the related Mortgage Loan Schedule;

         

        (6)  The
          Mortgage Note and the Mortgage are not subject to any 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/or the Mortgage,
          or the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set
          off, counterclaim or defense has been asserted with respect
          thereto;

         

        (7)  The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          of
          the Seller in effect at the time the Mortgage Loan was originated; and
          the
          Mortgage Note and Mortgage are on forms acceptable to FNMA and
          FHLMC;

         

        (8)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA and FHLMC against loss by fire, hazards of extended coverage and such
          other
          hazards as are customary in the area where the Mortgaged Property is located,
          in
          an amount not less than the greatest of (i) 100% of the replacement cost
          of all
          improvements to the Mortgaged Property, (ii) either (A) the outstanding
          principal balance of the Mortgage Loan with respect to each first lien
          Mortgage
          Loan or (B) with respect to each second lien Mortgage Loan, the sum of
          the
          outstanding principal balance of the related first lien mortgage loan and
          the
          outstanding principal balance of the second lien Mortgage Loan, (iii) the
          amount
          necessary to avoid the operation of any co-insurance provisions with respect
          to
          the Mortgaged Property, or (iv) the amount necessary to fully compensate
          for any
          damage or loss to the improvements that are a part of such property on
          a
          replacement cost basis. All such insurance policies contain a standard
          mortgagee
          clause naming the Seller, its successors and assigns as mortgagee and all
          premiums thereon have been paid. If the Mortgaged Property is 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 FNMA and FHLMC.
          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;

         

        (9)  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, fair housing, disclosure laws
          or
          all predatory and abusive lending laws applicable to the origination and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with and the consummation of the transactions contemplated hereby
          will
          not involve the violation of any such laws, and the Seller shall maintain
          in its
          possession, available for the inspection of the Purchaser or its designee,
          and
          shall deliver to the Purchaser or its designee, upon two Business Days’ request,
          evidence of compliance with such requirements;

         

        (10)  The
          Mortgage has not been satisfied, cancelled, 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;

         

        (11)  The
          related Mortgage is properly recorded and 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 Mortgaged Property, including all improvements on the Mortgaged
          Property
          subject only to (a) the lien of current real property taxes and assessments
          not
          yet due and payable, (b) covenants, conditions and restrictions, rights
          of way,
          easements and other matters of the public record as of the date of recording
          being acceptable to mortgage lending institutions generally and specifically
          referred to in the lender’s title insurance policy delivered to the originator
          of the Mortgage Loan and which do not adversely affect the Appraised Value
          of
          the Mortgaged Property, (c) other matters to which like properties are
          commonly
          subject which do not materially interfere with the benefits of the security
          intended to be provided by the Mortgage or the use, enjoyment, value or
          marketability of the related Mortgaged Property and (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, 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 Mortgage Loan
          (as
          reflected on the Mortgage Loan Schedule), in either case, on the property
          described therein and the Seller has full right to sell and assign the
          same to
          the Purchaser. The Mortgaged Property was not, as of the date of origination
          of
          the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure
          debt or
          other security instrument creating a lien subordinate to the lien of the
          Mortgage;

         

        (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;

         

        (14)  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 entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (15)  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage. The Seller has full right and authority under all governmental
          and regulatory bodies having jurisdiction over such Seller, subject to
          no
          interest or participation of, or agreement with, any party, to transfer
          and sell
          the Mortgage Loan to the Purchaser pursuant to this Agreement free and
          clear of
          any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
          claim, participation interest or security interest of any nature (collectively,
          a “Lien”); and immediately upon the transfers and assignments herein
          contemplated, the Seller shall have transferred and sold all of its right,
          title
          and interest in and to each Mortgage Loan and the Purchaser will hold good,
          marketable and indefeasible title to, and be the owner of, each Mortgage
          Loan
          subject to no Lien;

         

        (16)  All
          parties which have had any interest in the Mortgage Loan, whether as originator,
          mortgagee, assignee, pledgee or otherwise, are (or, during the period in
          which
          they held and disposed of such interest, were): (A) organized under the
          laws of
          such state, or (B) qualified to do business in such state, or (C) federal
          savings and loan associations or national banks having principal offices
          in such
          state, or (D) not doing business in such state so as to require qualification
          or
          licensing, or (E) not otherwise required to be licensed in such state.
          All
          parties which have had any interest in the Mortgage Loan 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 or were not required
          to
          be licensed in such state;

         

        (17)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
          lender’s title insurance policy acceptable to FNMA and FHLMC (which, in the case
          of an Adjustable Rate Mortgage Loan has an adjustable rate mortgage endorsement
          in the form of ALTA 6.0 or 6.1), issued by a title insurer acceptable to
          FNMA
          and FHLMC and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained above
          in
          (xi)(a) and (b) and, 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) clause (d)) the Seller, 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 any 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 Seller 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. No claims have been made under such lender’s title insurance policy,
          and no prior holder of the related Mortgage, including the Seller, has
          done, by
          act or omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (18)  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 the Seller has
          not
          waived any default, breach, violation or event of acceleration. 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) (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;

         

        (19)  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;

         

        (20)  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (21)  Payments
          on the Mortgage Loan shall commence (with respect to any newly originated
          Mortgage Loans) or commenced no more than sixty days after the proceeds
          of the
          Mortgage Loan were disbursed. The Mortgage Loan bears interest at the Mortgage
          Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is
          payable
          on the first day of each month in Monthly Payments, which, (A) in the case
          of a
          Fixed Rate Mortgage Loan, are sufficient to fully amortize the original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period) and to pay
          interest
          at the related Mortgage Interest Rate, and (B) in the case of an Adjustable
          Rate
          Mortgage Loan, are changed on each Adjustment Date, and in any case, are
          sufficient to fully amortize the original principal balance over the original
          term thereof and to pay interest at the related Mortgage Interest Rate.
          The
          Index for each Adjustable Rate Mortgage Loan is as defined in the related
          Mortgage Loan Schedule. With respect to each Mortgage Loan identified on
          the
          Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
          period shall not exceed the period specified on the Mortgage Loan Schedule
          and
          following the expiration of such interest-only period, the remaining Monthly
          Payments shall be sufficient to fully amortize the original principal balance
          over the remaining term of the Mortgage Loan. The Mortgage Note does not
          permit
          negative amortization. No Mortgage Loan is a Convertible Mortgage
          Loan;

         

        (22)  The
          origination, servicing and collection practices used by the Seller with
          respect
          to each Mortgage Note and Mortgage, including without limitation the
          establishment, maintenance and servicing of the Escrow Accounts and Escrow
          Payments, if any, since origination have been in all respects legal, proper,
          prudent and customary in the mortgage origination and servicing industry.
          The
          Mortgage Loan has been serviced by the Seller and any predecessor servicer
          in
          accordance with all applicable laws, rules and regulations, the terms of
          the
          Mortgage Note and Mortgage, and the FNMA and FHLMC servicing guides. 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
          are in
          the possession of, or under the control of, the Seller 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 Seller have been capitalized under any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Seller for any work on a Mortgaged Property
          which
          has not been completed;

         

        (23)  The
          Mortgaged Property is free of damage and waste and is in good repair, and
          there
          is no proceeding pending or threatened for the total or partial condemnation
          thereof nor is such a proceeding currently occurring;

         

        (24)  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, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. 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 interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage; The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act;

         

        (25)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which,
          (a)
          with respect to First Lien Mortgage Loans, was on appraisal form 1004 or
          form
          2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
          Loans, was on appraisal form 704, 2065 or 2055 with an exterior only
          inspection], and (c) with respect to (a) or (b) above, was made and signed,
          prior to the approval of the Mortgage Loan application, by a qualified
          appraiser, duly appointed by the Seller, 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
          and who met the minimum qualifications of FNMA and FHLMC. Each appraisal
          of the
          Mortgage Loan was made in accordance with the relevant provisions of the
          Financial Institutions Reform, Recovery, and Enforcement Act of
          1989;

         

        (26)  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;

         

        (27)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (28)  
          The
          Loan-to-Value Ratio of any Mortgage Loan at origination was not more than
          95%
          and the CLTV of any Mortgage Loan at origination was not more than 100%;
          Each
          Mortgage Loan with an original Loan-to-Value Ratio at origination than
          80% is an
          will be subject to a Primary Insurance Policy, issued by a Qualified Insurer,
          which insures that portion of the Mortgage Loan in excess of the portion
          of the
          Appraised Value of the Mortgaged Property as required by FNMA. All provisions
          of
          such Primary Insurance Policy have been and are being complied with, such
          policy
          is in full force and effect, and all premiums due thereunder have been
          paid. Any
          Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor
          thereunder to maintain such insurance and to pay all premiums and charges
          in
          connection therewith. The Mortgage Interest Rate for the Mortgage Loan
          does not
          include any such insurance premium. If a Mortgage Loan is identified on
          the
          Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy,
          such policy insures that portion of the Mortgage Loan set forth in the
          LPMI
          Policy. All provisions of any such LPMI Policy have been and are being
          complied
          with, such policy is in full force and effect, and all premiums due thereunder
          have been paid. The Mortgage Interest Rate for the Mortgage Loan does not
          include the insurance premium for any LPMI Policy;

         

        (29)  
          To the
          best of Seller’s knowledge, the Mortgaged Property is lawfully occupied under
          applicable law; all inspections, licenses and certificates required to
          be made
          or issued with respect to all occupied portions of the Mortgaged Property
          and,
          with respect to the use and occupancy of the same, including but not limited
          to
          certificates of occupancy and fire underwriting certificates, have been
          made or
          obtained from the appropriate authorities. No improvement located on or
          being
          part of any Mortgaged Property is in violation of any applicable zoning
          and
          subdivision law, ordinance or regulation;

         

        (30)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (31)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term reflected on the Mortgage Loan Schedule. The 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 FNMA and FHLMC. The consolidated principal
          amount does not exceed the original principal amount of the Mortgage
          Loan;

         

        (32)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (33)  
          The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (34)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994, as amended (“HOEPA”), (b) a “high cost”, “covered”,
“abusive”, “predatory”, “home loan”, “Section 10” or “high risk” mortgage loan
          (or a similarly designated loan using different terminology) under any
          federal,
          state or local law, or any other statute or regulation providing assignee
          liability to holders of such mortgage loans, or (c) subject to or in violation
          of any such or comparable federal, state or local statutes or regulations.
          No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the Standard & Poor’s LEVELS Version 5.6 Glossary
          Revised, Appendix E as of the related Closing Date).

         

        (35)  
          No
          Mortgage Loan had an original term to maturity of more than thirty (30)
          years;

         

        (36)  Each
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the related Mortgage Loan in the event
          the
          related Mortgaged Property is sold or transferred without the prior consent
          of
          the mortgagee thereunder;

         

        (37)  With
          respect to each Mortgage Loan which is a Second Lien, (i) the related First
          Lien
          does not provide for negative amortization, and (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;

         

        (38)  The
          Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
          Charges specifically authorizes such Prepayment Charges to be collected,
          such
          Prepayment Charges are permissible and enforceable in accordance with the
          terms
          of the related Mortgage Loan Documents and all applicable federal, state
          and
          local laws (except to the extent that the enforceability thereof may be
          limited
          by bankruptcy, insolvency, moratorium, receivership and other similar laws
          relating to creditors’ rights generally or the collectability thereof may be
          limited due to acceleration in connection with a foreclosure) and each
          Prepayment Charge was originated in compliance with all applicable federal,
          state and local laws;

         

        (39)  The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”). The Seller has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws;
          no
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224
          (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations; 

         

        (40)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          Assignment of Mortgage to MERS has been duly and properly recorded or has
          been
          delivered for recording to the applicable recording office; 

         

        (41)  With
          respect to each MERS Mortgage Loan, the Seller has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (42)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto.

         

        (43)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct;

         

        (44)  Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1); 

         

        (45)  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 meets the eligibility
          requirements of FNMA and FHLMC;

         

        (46)  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;

         

        (47)  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 in
          (xi) above;

         

        (48)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. 

         

        (49)  The
          Mortgage Loan is not a graduated payment mortgage loan or a balloon Mortgage
          Loan, and the Mortgage Loan does not have a shared appreciation or other
          contingent interest feature;

         

        (50)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (51)  Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded,
          or are
          in the process of being recorded, in the appropriate jurisdictions wherein
          such
          recordation is necessary to perfect the lien thereof as against creditors
          of the
          Seller. As to any Mortgage Loan which is not a MERS Mortgage Loan, the
          Assignment of Mortgage is in recordable form (except for the name of the
          assignee which is blank) and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (52)  Each
          Mortgage Loan originated in the state of Texas pursuant to Article XVI,
          Section
          50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
          originated in compliance with the provisions of Article XVI, Section 50(a)(6)
          of
          the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
          With
          respect to each Texas Refinance Loan that is a Cash Out Refinancing, the
          related
          Mortgage Loan Documents state that the Mortgagor may prepay such Texas
          Refinance
          Loan in whole or in part without incurring a Prepayment Charge. The Seller
          does
          not collect any such Prepayment Charges in connection with any such Texas
          Refinance Loan;

         

        (53)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

        (54)  The
          Seller shall, at its own expense, cause each Mortgage Loan to be covered
          by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
          designee at no cost to the Purchaser or its designee; provided however,
          that if
          the Seller fails to purchase such Tax Service Contract, the Seller shall
          be
          required to reimburse the Purchaser for all costs and expenses incurred
          by the
          Purchaser in connection with the purchase of any such Tax Service
          Contract;

         

        (55)  Each
          Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
          is assignable to the Purchaser or its designee at no cost to the Purchaser
          or
          its designee or, for each Mortgage Loan not covered by such Flood Zone
          Service
          Contract, the Seller agrees to purchase such Flood Zone Service
          Contract;

         

        (56)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (57)  Reserved;

         

        (58)  No
          selection procedures were used by the Seller that identified the Mortgage
          Loans
          as being less desirable or valuable than other comparable mortgage loans
          in the
          Seller’s portfolio;

         

        (59)  Each
          Mortgage Loan has a valid and original Credit Score, with a minimum Credit
          Score
          as set forth in the related Confirmation;

         

        (60)  No
          Mortgage Loan originated or modified on or after October 1, 2002 and prior
          to
          March 7, 2003 is secured by a Mortgaged Property located in the State of
          Georgia;

         

        (61)  No
          Mortgage Loan is a “manufactured housing loan” pursuant to the NJ Act, and one
          hundred percent of the amount financed of any purchase money Second Lien
          Mortgage Loan subject to the NJ Act was used for the purchase of the related
          Mortgaged Property;

         

        (62)  With
          respect to any Mortgage Loan for which a mortgage loan application was
          submitted
          by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by
          a
          Mortgage 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 such 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 Mortgage Loan;

         

        (63)  No
          Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
          as
          a lessee under a ground lease of the related Mortgaged Property;

         

        (64)  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;

         

        (65)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (66)  The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          cause the
          Mortgage Loan to not be paid in full when due, or adversely affect the
          value of
          the Mortgage Loan;

         

        (67)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (68)  No
          Mortgagor is the obligor on more than two Mortgage Notes in each Mortgage
          Loan
          Package, unless mutually agreed upon by Seller and Purchaser;

         

        (69)  With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a Prepayment Charge upon a Principal Prepayment prior to maturity: (i)
          prior to
          the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Charge
          in exchange for a monetary benefit, including but not limited to a Mortgage
          Interest Rate or fee reduction, (ii) prior to the Mortgage Loan’s origination,
          the Mortgagor was offered the option of obtaining a Mortgage Loan that
          did not
          require payment of a Prepayment Charge, (iii) the Prepayment Charge is
          disclosed
          to the Mortgagor in the Mortgage Loan Documents pursuant to applicable
          state and
          federal law, (iv) for Mortgage Loans originated on or after September 1,
          2004,
          the duration of the prepayment period shall not exceed three (3) years
          from the
          date of the Mortgage Note, unless the Mortgage Loan was modified to reduce
          the
          prepayment period to no more than three years from the date of the Mortgage
          Note
          and the Mortgagor was notified in writing of such reduction in the prepayment
          period, (v) no Mortgage Loan originated prior to October 1, 2002 has a
          Prepayment Charge longer than five years (vi) notwithstanding any state
          or
          federal law to the contrary, the Seller shall not impose such Prepayment
          Charge
          in any instance when the Mortgage debt is accelerated as the result of
          the
          Mortgagor’s default in making the Monthly Payments; Each Prepayment Charge is
          permissible, collectable and enforceable.

         

        (70)  No
          predatory, abusive or deceptive lending practices, including but not limited
          to,
          the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no tangible net benefit to the Mortgagor, were employed in connection
          with the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
          with the anti-predatory lending eligibility for purchase requirements of
          FNMA’s
          Selling Guide. No Mortgagor was encouraged or required to select a Mortgage
          Loan
          product offered by the Mortgage Loan’s originator which is a higher cost product
          designed for less creditworthy borrowers, 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 Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s
          originator. If, at the time of the related loan application, the Mortgagor
          may
          have qualified for a lower cost credit product then offered by any mortgage
          lending affiliate of the Mortgage Loan’s originator, the Mortgage Loan’s
          originator referred the Mortgagor’s application to such affiliate for
          underwriting consideration; 

         

        (71)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        (72)  All
          points, fees and charges, including finance charges (whether or not financed,
          assessed, collected or to be collected), in connection with the origination
          and
          servicing of each Mortgage Loan were disclosed in writing to the related
          Mortgagor in accordance with applicable state and federal law and regulation.
          Except in the case of a Mortgage Loan in an original principal amount of
          less
          than $60,000 which would have resulted in an unprofitable origination,
          no
          related Mortgagor was charged “points and fees” (whether or not financed) in an
          amount greater than 5% of the principal amount of such loan, such 5% limitation
          is calculated in accordance with FNMA’s anti-predatory lending requirements as
          set forth in the FNMA Selling Guide; 

         

        (73)  The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Seller agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (74)  No
          Mortgagor was required to purchase any credit life, disability, accident
          or
          health insurance product or debt cancellation agreement as a condition
          of
          obtaining the extension of credit. No Mortgagor obtained a prepaid single
          premium credit life, disability, accident or health insurance policy in
          connection with the origination of the Mortgage Loan, and no proceeds from
          any
          Mortgage Loan were used to finance single-premium credit insurance policies
          or
          debt cancellation agreements as part of the origination of, or as a condition
          to
          closing, such Mortgage Loan; 

         

        (75)  The
          Seller and any predecessor servicer has fully furnished, 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 (three
          of
          the credit repositories) on a monthly basis; and the Seller 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 Credit Information
          Company (three of the credit repositories), on a monthly basis; and

         

        (76)  With
          respect to each Mortgage Loan, 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 to the Mortgage Loan transaction;
          No Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out
          of or relating in any way to the Mortgage Loan transaction.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        Representation
          and Warranties with Respect to the Quicken Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Quicken Mortgage Loans sold by the
          Seller to the Purchaser, all capitalized terms in this Exhibit B shall
          have the
          meanings ascribed to them in the Quicken Servicing Agreement.

        

        (i)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        (ii)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct;

         

        (iii)  All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made.
          The
          Seller 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 or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; and there has been no delinquency, exclusive
          of any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        (iv)  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (v)  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 or registered with the MERS System if
          necessary to maintain the lien priority of the Mortgage, and which have
          been
          delivered to the Purchaser or its designee; 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 related 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
          Purchaser or its designee and the terms of which are reflected in the related
          Mortgage Loan Schedule;

         

        (vi)  The
          Mortgage Note and the Mortgage are not subject to any 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 right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (vii)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA or FHLMC 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 FNMA or
          FHLMC.
          All such insurance policies contain a standard mortgagee clause naming
          the
          Seller, its successors and assigns as mortgagee and all premiums thereon
          have
          been paid. If the Mortgaged Property is 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 FNMA or FHLMC. 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;

         

        (viii)  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with;

         

        (ix)  The
          Mortgage has not been satisfied, cancelled, 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;

         

        (x)  The
          Mortgage is a valid, existing and enforceable first or second (as indicated
          on
          the Mortgage Loan Schedule) lien on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender’s title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          to the
          extent the Mortgage Loan is a second lien Mortgage Loan, the related first
          lien
          on the Mortgaged Property; and (d) 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 Mortgage or the use, enjoyment,
          value or
          marketability of the related 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, existing and enforceable
          first or
          second (as indicated on the Mortgage Loan Schedule) lien and first or second
          (as
          indicated on the Mortgage Loan Schedule) priority security interest on
          the
          property described therein and the Seller has full right to sell and assign
          the
          same to the Purchaser. The Mortgaged Property was not, as of the date of
          origination of the Mortgage Loan, subject to a mortgage, deed of trust,
          deed to
          secure debt or other security instrument creating a lien subordinate to
          the lien
          of the Mortgage;

         

        (xi)  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 except as such enforcement may be limited by bankruptcy;

         

        (xii)  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;

         

        (xiii)  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 entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv)  The
          Seller 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;

         

        (xv)  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 material compliance with any and
          all
          applicable “doing business” and licensing requirements of the laws of the state
          wherein the Mortgaged Property is located (or were otherwise exempt from
          such
          requirements under applicable law);

         

        (xvi)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy (which, in the case of an Adjustable Rate Mortgage
          Loan
          has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or
          6.1)
          acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA
          or
          FHLMC and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in (x)(a)
          and
          (b) above) the Seller, its successors and assigns as to the first or second
          (as
          indicated on the Mortgage Loan Schedule) priority lien of the Mortgage
          in the
          original principal amount of the Mortgage Loan and, with respect to any
          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 Seller 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.
          No claims have been made under such lender’s title insurance policy, and no
          prior holder of the related Mortgage, including the Seller, has done, by
          act or
          omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (xvii)  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 the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien mortgage loan (i) the first lien mortgage loan 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;

         

        (xviii)  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;

         

        (xix)  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;

         

        (xx)  As
          of the
          origination of the Mortgage Loan, no improvement located on the Mortgaged
          Property was in violation of any applicable zoning or subdivision laws
          or
          ordinances;

         

        (xxi)  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank, credit union, insurance company or similar
          institution which is supervised and examined by a federal or state authority,
          or
          by a mortgagee approved as such by the Secretary of HUD pursuant to Section
          203
          and 211 of the National Housing Act;

         

        (xxii)  Principal
          payments on the Mortgage Loan commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan, the
          Mortgage
          Note is payable on the first day of each month in Monthly Payments, which,
          other
          than with respect to a Balloon Mortgage Loan, in the case of a Fixed Rate
          Mortgage Loans, are sufficient to fully amortize the original principal
          balance
          over the original term thereof and to pay interest at the related Mortgage
          Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, are
          changed
          on each Adjustment Date, and in any case, are sufficient to fully amortize
          the
          original principal balance over the original term thereof and to pay interest
          at
          the related Mortgage Interest Rate. The Index for each Adjustable Rate
          Mortgage
          Loan is as defined in the related Confirmation. With respect to each Balloon
          Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate and requires
          a final
          Monthly Payment substantially greater than the preceding monthly payment
          which
          is sufficient to repay the remained unpaid principal balance of the Balloon
          Mortgage Loan as of the Due Date of such monthly payment. The Mortgage
          Note does
          not permit negative amortization. No Mortgage Loan is a Convertible Mortgage
          Loan;

         

        (xxiii)  The
          origination and collection practices used by the Seller with respect to
          each
          Mortgage Note and Mortgage have been in all respects legal, proper, prudent
          and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Seller and any predecessor servicer in accordance
          with
          the terms of the Mortgage Note. With respect to escrow deposits and Escrow
          Payments, if any, all such payments are in the possession of, or under
          the
          control of, the Seller 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
          Seller
          have been capitalized under any Mortgage or the related Mortgage Note and
          no
          such escrow deposits or Escrow Payments are being held by the Seller for
          any
          work on a Mortgaged Property which has not been completed;

         

        (xxiv)  The
          Mortgaged Property is in good repair and is free of damage and waste and
          there
          is no proceeding pending for the total or partial condemnation
          thereof;

         

        (xxv)  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, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. 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 interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage. The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
          Relief Act;

         

        (xxvi)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Seller in effect at the time the Mortgage Loan was originated which
          underwriting standards satisfy the standards of FNMA or FHLMC; and the
          Mortgage
          Note and Mortgage are on forms acceptable to FNMA or FHLMC; 

         

        (xxvii)  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 in
          (xi) above;

         

        (xxviii)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of FNMA or FHLMC, was on appraisal form 1004 or
          form
          2055 with an interior inspection with respect to each first lien Mortgage
          Loan,
          and on appraisal form 704, 2065 or 2055 with an exterior inspection with
          respect
          to each second lien Mortgage Loan, and was made and signed, prior to the
          approval of the Mortgage Loan application, by a qualified appraiser, duly
          appointed by the Seller, 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
          and who met the minimum qualifications of FNMA or FHLMC. Each appraisal
          of the
          Mortgage Loan was made in accordance with the relevant provisions of the
          Financial Institutions Reform, Recovery, and Enforcement Act of
          1989;

         

        (xxix)  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;

         

        (xxx)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) 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;

         

        (xxxi)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xxxii)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxxiii)  The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

        (xxxiv)  No
          Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Each
          Mortgage Loan with an LTV or CLTV at origination in excess of 80% is and
          will be
          subject to a Primary Insurance Policy, issued by a Qualified Insurer, which
          insures that portion of the Mortgage Loan in excess of the portion of the
          Appraised Value of the Mortgaged Property required by FNMA. All provisions
          of
          such Primary Insurance Policy have been and are being complied with, such
          policy
          is in full force and effect, and all premiums due thereunder have been
          paid. Any
          Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor
          thereunder to maintain such insurance and to pay all premiums and charges
          in
          connection therewith. The Mortgage Interest Rate for the Mortgage Loan
          does not
          include any such insurance premium;

         

        (xxxv)  The
          Mortgaged Property is, to the best of the Seller’s knowledge, lawfully occupied
          under applicable law; 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;

         

        (xxxvi)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxvii)  For
          each
          Mortgage Loan that is not a MOM Loan, the Assignment of Mortgage is in
          recordable form except for the name of the assignee which is blank and
          is
          acceptable for recording under the laws of the jurisdiction in which the
          Mortgaged Property is located. The original Mortgage was or is being recorded
          and, unless the Mortgage Loan is subject to the MERS System, all subsequent
          assignments of the original Mortgage (other than the assignment to Purchaser)
          have been recorded in the appropriate jurisdiction wherein such recordation
          is
          necessary to perfect the lien thereof against creditors of Seller, or is
          in the
          process of being recorded.

         

        (xxxviii)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second lien priority
          by
          a title insurance policy or an endorsement to the policy insuring the
          mortgagee’s consolidated interest. The consolidated principal amount does not
          exceed the original principal amount of the Mortgage Loan;

         

        (xxxix)  Unless
          otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
          Loan has
          a balloon payment feature;

         

        (xl)  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 meets the eligibility
          requirements of FNMA or FHLMC;

         

        (xli)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

        (xlii)  Interest
          on each Mortgage Loan is calculated on the basis of a 360 day year consisting
          of
          twelve 30 day months;

         

        (xliii)  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xliv)  Seller
          shall, at its own expense, cause each Mortgage Loan to be covered by a
          Tax
          Service Contract which is assignable to the Purchaser or its designee;
          provided
          however, that if the Seller fails to purchase such Tax Service Contract,
          the
          Seller shall be required to reimburse the Purchaser for all costs and expenses
          incurred by the Purchaser in connection with the purchase of any such Tax
          Service Contract;

         

        (xlv)  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone
          Service Contract;

         

        (xlvi)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan or “predatory” mortgage loan or any other comparable
          term, no matter how defined under any federal, state or local law, (c)
          subject
          to any comparable federal, state or local statutes or regulations, or any
          other
          statute or regulation providing for heightened regulatory scrutiny or assignee
          liability to holders of such mortgage loans, or (d) a High Cost Loan or
          Covered
          Loan, as applicable (as such terms are defined in the current Standard
&
Poor’s LEVELS® Glossary Revised, Appendix E);

         

        (xlvii)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to a mortgagor without regard for the mortgagor’s ability to
          repay the Mortgage Loan and the extension of credit to a mortgagor which
          has no
          apparent benefit to the mortgagor, were employed in connection with the
          origination of the Mortgage Loan. Each Mortgage Loan is in compliance with
          the
          anti-predatory lending eligibility for purchase requirements of the FNMA
          Guides;

         

        (xlviii)  The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan; 

         

        (xlix)  No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g., life, disability, accident, unemployment, or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, disability, accident, unemployment, mortgage, or health insurance)
          in
          connection with the origination of the Mortgage Loan. No proceeds from
          any
          Mortgage Loan were used to purchase single premium credit insurance policies
          or
          debt cancellation agreements as part of the origination of, or as a condition
          to
          closing, such Mortgage Loan;

         

        (l)  The
          Mortgage Loans were not selected from the outstanding one to four-family
          mortgage loans in the Seller’s portfolio at the related Closing Date as to which
          the representations and warranties set forth in this Agreement could be
          made in
          a manner so as to affect adversely the interests of the Purchaser;

         

        (li)  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        (lii)  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
          Oklahoma, South Carolina, Utah and Wyoming (to the extent that the related
          Mortgaged Property is located in such state), has been originated by a
          properly
          licensed entity, and in all other respects, complies with all of the material
          requirements of any such applicable laws;

         

        (liii)  The
          information set forth in the Prepayment Charge Schedule is complete, true
          and
          correct in all material respects and each Prepayment Charge is permissible,
          enforceable and collectable under applicable federal and state law;

         

        (liv)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date; 

         

        (lv)  No
          Mortgage Loan is secured by cooperative housing, commercial property, mobile
          homes, manufactured housing or mixed use property;

         

        (lvi)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Charge, such Prepayment
          Charge
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Charge, such Prepayment Charge does not extend beyond three
          years
          after the date of origination. With respect to any Mortgage Loan that contains
          a
          provision permitting imposition of a Prepayment Charge upon a prepayment
          prior
          to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed
          to such Prepayment Charge in exchange for a monetary benefit, including
          but not
          limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s
          origination, the Mortgagor was offered the option of obtaining a Mortgage
          Loan
          that did not require payment of such a Prepayment Charge, (iii) the Prepayment
          Charge is disclosed to the Mortgagor in the loan documents pursuant to
          applicable state and federal law, (v) for Mortgage Loans originated on
          or after
          September 1, 2004, the duration of the Prepayment Period shall not exceed
          three
          (3) years from the date of the Mortgage Note, unless the Mortgage Loan
          was
          modified to reduce the prepayment period to no more than three years from
          the
          date of the Mortgage Note and the Mortgagor was notified in writing of
          such
          reduction in prepayment period, and (v) notwithstanding any state or federal
          law
          to the contrary, the Seller shall not impose such Prepayment Charge in
          any
          instance when the mortgage debt is accelerated as the result of the Mortgagor’s
          default in making the loan payments;

         

        (lvii)  The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Seller has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
          No
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224
          (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations;

         

        (lviii)  No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”) or the
          New York Banking Law 6-1. Each Mortgage Loan that is a “Home Loan” under the
          Georgia Act complies with all applicable provisions of the Georgia Act.
          No
          Mortgage Loan secured by owner occupied real property or an owner occupied
          manufactured home located in the State of Georgia was originated (or modified)
          on or after October 1, 2002 through and including March 6, 2003;

         

        (lix)  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan’s originator which is a higher cost product designed for
          less creditworthy borrowers, 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
          Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
          If, at the time of loan application, the Mortgagor may have qualified for
          a for
          a lower cost credit product then offered by any mortgage lending affiliate
          of
          the Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
          Mortgagor’s application to such affiliate for underwriting
          consideration;

         

        (lx)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        (lxi)  With
          respect to each Mortgage Loan, the Seller has fully and accurately furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Company, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations, on a monthly basis and
          the
          Seller for each Loan will furnish, in accordance with the Fair Credit Reporting
          Act and its implementing regulations, accurate and complete information
          on its
          borrower credit files to Equifax, Experian, and Trans Union Credit Information
          Company, on a monthly basis;

         

        (lxii)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal law and
          regulation. Except in the case of a Mortgage Loan in an original principal
          amount of less than $60,000 which would have resulted in an unprofitable
          origination, no related Borrower was charged “points and fees” (whether or not
          financed) in an amount greater than 5% of the principal amount of such
          loan,
          such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
          lending requirements as set forth in the Fannie Mae Selling Guide;

         

        (lxiii)  All
          fees
          and charges (including finance charges) and whether or not financed, assessed,
          collected or to be collected in connection with the origination and servicing
          of
          each Mortgage Loan has been disclosed in writing to the Mortgagor in accordance
          with applicable state and federal law and regulation;

         

        (lxiv)  The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Seller agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (lxv)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective October 16, 2003 (Act 1340 or 2003);

         

        (lxvi)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);
          

         

        (lxvii)  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        (lxviii)  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

        (lxix)  Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1); 

         

        (lxx)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (lxxi)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.);

         

        (lxxii)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (lxxiii)  No
          Mortgage Loan originated in the City of Los Angeles is subject to the City
          of
          Los Angeles California Ordinance 175008 as a “home loan”; 

         

        (lxxiv)  No
          Mortgage Loan originated in the City of Oakland is subject to the City
          of
          Oakland, California Ordinance 12361 as a “home loan”;

         

        (lxxv)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined under the Maine House Bill
          383 L.D. 494, effective as of September 13, 2003;

         

        (lxxvi)  No
          Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 5,
          2004
          (Mass. Ann. Laws Ch. 183C);

         

        (lxxvii)  With
          respect to any Mortgage Loan for which a mortgage loan application was
          submitted
          by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by
          Mortgaged
          Property in the State of Illinois which has 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 Mortgage Loan. 

         

        (lxxviii)  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office; 

         

        (lxxix)  With
          respect to each MERS Mortgage Loan, Seller has not received any notice
          of liens
          or legal actions with respect to such Mortgage Loan and no such notices
          have
          been electronically posted by MERS;

         

        (lxxx)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction, and with respect
          to any
          Mortgage Loan originated on or after August 1, 2004, neither the Mortgage
          nor
          the Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the origination of the
          Mortgage
          Loan;

         

        (lxxxi)  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Pass-Through Transfer without unreasonable credit enhancement;

         

        (lxxxii)  With
          respect to each Mortgage Loan, (i) if the related first lien provides for
          negative amortization, the CLTV was calculated at the maximum principal
          balance
          of such first lien that could result upon application of such negative
          amortization feature, and (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; 

         

        (lxxxiii)  Each
          Imaged Document represents a true, complete, and correct copy of the Original
          Document in all respects, including, but not limited to, all signatures
          conforming with signatures contained in the Original Document, no information
          having been added or deleted, and no Imaged Document having been manipulated
          or
          altered in any manner. Each Imaged Document is clear and legible, including,
          but
          not limited to, accurate reproductions of photographs. No Original Documents
          have been or will be altered in any manner; 

         

        (lxxxiv)  The
          destruction of any Original Document or the inability of the Seller to
          produce a
          copy of such Original Document upon request shall not cause (i) any delay
          in the
          enforcement of the Mortgage Loan, (ii) any inability to collect all amounts
          due
          under the Mortgage Loan, including without limitation, in connection with
          a
          foreclosure or other sale of the Mortgaged Property, (iii) private institutional
          investors to regard the Mortgage Loan as an unacceptable investment or
          adversely
          affect the value or marketability of the Mortgage Loan, or (iv) any claims
          from
          holders of mortgage-backed securities collateralized by the Mortgage
          Loan.;

         

        (lxxxv)  With
          respect to each Mortgage Loan that is secured in whole or in part by the
          interest of the Mortgagor as a lessee under a ground lease of the related
          Mortgaged Property (a “Ground Lease”) and not by a fee interest in such
          Mortgaged Property:

         

        (a) The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

         

        (b) The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c) The
          Mortgagor is not in default under any of the terms thereof and there are
          no
          circumstances which, with the passage of time or the giving of notice or
          both,
          would constitute an event of default thereunder;

         

        (d) The
          lessor under the Ground Lease is not in default under any of the terms
          or
          provisions thereof on the part of the lessor to be observed or
          performed;

         

        (e) The
          term
          of the Ground Lease exceeds the maturity date of the related Mortgage Loan
          by at
          least ten years;

         

        (f) The
          Ground Lease or a memorandum thereof has been recorded and by its terms
          permits
          the leasehold estate to be mortgaged. The Ground Lease grants any leasehold
          mortgagee standard protection necessary to protect the security of a leasehold
          mortgagee;

         

        (g) The
          Ground Lease does not contain any default provisions that could give rise
          to
          forfeiture or termination of the Ground Lease except for the non-payment
          of the
          Ground Lease rents;

         

        (h) The
          execution, delivery and performance of the Mortgage do not require the
          consent
          (other than those consents which have been obtained and are in full force
          and
          effect) under, and will not contravene any provision of or cause a default
          under, the Ground Lease; 

         

        (i) The
          Ground Lease provides that the leasehold can be transferred, mortgaged
          and
          sublet an unlimited number of times either without restriction or on payment
          of
          a reasonable fee and delivery of reasonable documentation to the
          lessor;

         

        (j) The
          Mortgagor has not commenced any action or given or received any notice
          for the
          purpose of terminating the Ground Lease;

         

        (k) No
          lessor, as debtor in possession or by a trustee for such lessor has give
          any
          notice of, and the Mortgagor has not consented to, any attempt to transfer
          the
          related Mortgaged Property free and clear of such Ground Lease under section
          363(f) of the Bankruptcy Code; and

         

        (l) No
          lessor
          is subject to any voluntary or involuntary bankruptcy, reorganization or
          insolvency proceeding and no Mortgaged Property is an asset in any voluntary
          or
          involuntary bankruptcy, reorganization or insolvency proceeding.

         

        (lxxxvi)  No
          Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C);

         

        (lxxxvii)  No
          Mortgage Loan is a balloon mortgage loan that has an original stated maturity
          of
          less than seven (7) years; and

         

        (lxxxviii)  No
          Mortgage Loan is subject to mandatory arbitration except when the terms
          of the
          arbitration also contain a waiver provision that provides that in the event
          of a
          sale or transfer of the Mortgage Loan or interest in the Mortgage Loan
          to Fannie
          Mae, the terms of the arbitration are null and void. The Seller hereby
          covenants
          that the Seller or the servicer of the Mortgage Loan, as applicable, will
          notify
          the Mortgagor in writing within 60 days of the sale or transfer of the
          Mortgage
          Loan to Fannie Mae that the terms of the arbitration are null and
          void

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        Representation
          and Warranties with Respect to the MortgageIT Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the MortgageIT Mortgage Loans sold by the
          Seller to the Purchaser, all capitalized terms in this Exhibit C shall
          have the
          meanings ascribed to them in the MortgageIT Servicing Agreement.

        

         

        (1)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

         

        (2)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct;

         

         

        (3)  
          All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made.
          The
          Seller 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 or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; and there has been no delinquency, exclusive
          of any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

         

        (4)  
          There
          are no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

         

        (5)  
          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 or registered with the MERS System
          if
          necessary to maintain the lien priority of the Mortgage, and which have
          been
          delivered to the Purchaser or its designee; the substance of any such waiver,
          alteration or modification has been approved by the insurer under the Primary
          Insurance Policy, if applicable, and the title insurer, to the extent required
          by the related policy, and is reflected on the related 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 insurer under the Primary Insurance
          Policy,
          if applicable, and the title insurer, to the extent required by the policy,
          and
          which assumption agreement has been delivered to the Purchaser or its designee
          and the terms of which are reflected in the related Mortgage Loan
          Schedule;

         

         

        (6)  
          The
          Mortgage Note and the Mortgage are not subject to any 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 right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

         

        (7)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA and FHLMC 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 FNMA and
          FHLMC.
          All such insurance policies contain a standard mortgagee clause naming
          the
          Seller, its successors and assigns as mortgagee and all premiums thereon
          have
          been paid. If the Mortgaged Property is 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 FNMA and FHLMC. 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,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans have
          been
          complied with;

         

         

        (9)  
          The
          Mortgage has not been satisfied, cancelled, 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 is a valid, existing and enforceable first or second (as indicated
          on
          the Mortgage Loan Schedule) lien on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender’s title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          to the
          extent the Mortgage Loan is a second lien Mortgage Loan, the related first
          lien
          on the Mortgaged Property; and (d) 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 Mortgage or the use, enjoyment,
          value or
          marketability of the related 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, existing and enforceable
          first or
          second (as indicated on the Mortgage Loan Schedule) lien and first or second
          (as
          indicated on the Mortgage Loan Schedule) priority security interest on
          the
          property described therein and the Seller has full right to sell and assign
          the
          same to the Purchaser. The Mortgaged Property was not, as of the date of
          origination of the Mortgage Loan, subject to a mortgage, deed of trust,
          deed to
          secure debt or other security instrument creating a lien subordinate to
          the lien
          of the Mortgage;

         

         

        (11)  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 except as such enforcement may be limited by bankruptcy;

         

         

        (12)  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;

         

         

        (13)  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 entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

         

        (14)  The
          Seller 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;

         

         

        (15)  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 material compliance with any and
          all
          applicable “doing business” and licensing requirements of the laws of the state
          wherein the Mortgaged Property is located (or were otherwise exempt from
          such
          requirements under applicable law);

         

         

        (16)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy (which, in the case of an Adjustable Rate Mortgage
          Loan
          has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or
          6.1)
          acceptable to FNMA and FHLMC, issued by a title insurer acceptable to FNMA
          and
          FHLMC and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in (x)(a)
          and
          (b) above) the Seller, its successors and assigns as to the first or second
          (as
          indicated on the Mortgage Loan Schedule) priority lien of the Mortgage
          in the
          original principal amount of the Mortgage Loan and, with respect to any
          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 Seller 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.
          No claims have been made under such lender’s title insurance policy, and no
          prior holder of the related Mortgage, including the Seller, has done, by
          act or
          omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

         

        (17)  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 the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien mortgage loan (i) the first lien mortgage loan is in full
          force
          and effect, (ii) to the best of Seller’s knowledge, 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;

         

         

        (18)  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;

         

         

        (19)  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;

         

         

        (20)  As
          of the
          origination of the Mortgage Loan, no improvement located on the Mortgaged
          Property was in violation of any applicable zoning or subdivision laws
          or
          ordinances;

         

         

        (21)  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank, credit union, insurance company or similar
          banking institution which is supervised and examined by a federal or state
          authority, or by a mortgagee approved as such by the Secretary of HUD pursuant
          to Section 203 and 211 of the National Housing Act;

         

         

        (22)  Principal
          payments on the Mortgage Loan commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan, the
          Mortgage
          Note is payable on the first day of each month in Monthly Payments, which,
          other
          than with respect to a Balloon Mortgage Loan, in the case of a Fixed Rate
          Mortgage Loans, are sufficient to fully amortize the original principal
          balance
          over the original term thereof and to pay interest at the related Mortgage
          Interest Rate, and, in the case of an Adjustable Rate Mortgage Loan, are
          changed
          on each Adjustment Date, and in any case, are sufficient to fully amortize
          the
          original principal balance over the original term thereof and to pay interest
          at
          the related Mortgage Interest Rate. The Index for each Adjustable Rate
          Mortgage
          Loan is as defined in the related Confirmation. With respect to each Balloon
          Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate and requires
          a final
          Monthly Payment substantially greater than the preceding monthly payment
          which
          is sufficient to repay the remained unpaid principal balance of the Balloon
          Mortgage Loan as of the Due Date of such monthly payment. The Mortgage
          Note does
          not permit negative amortization. No Mortgage Loan is a Convertible Mortgage
          Loan;

         

         

        (23)  The
          origination and collection practices used by the Seller with respect to
          each
          Mortgage Note and Mortgage have been in all respects legal, proper, prudent
          and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Seller and any predecessor servicer in accordance
          with
          the terms of the Mortgage Note. With respect to escrow deposits and Escrow
          Payments, if any, all such payments are in the possession of, or under
          the
          control of, the Seller 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
          Seller
          have been capitalized under any Mortgage or the related Mortgage Note and
          no
          such escrow deposits or Escrow Payments are being held by the Seller for
          any
          work on a Mortgaged Property which has not been completed;

         

         

        (24)  The
          Mortgaged Property is in good repair and is free of material damage and
          waste
          and there is no proceeding pending for the total or partial condemnation
          thereof;

         

         

        (25)  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, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. 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 interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage. The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
          Relief Act;

         

         

        (26)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Seller in effect at the time the Mortgage Loan was originated, which
          underwriting standards satisfy the standards of FNMA and FHLMC; and the
          Mortgage
          Note and Mortgage are on forms acceptable to FNMA and FHLMC; 

         

         

        (27)  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 in
          (x) above;

         

         

        (28)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of FNMA and FHLMC, was on appraisal form 1004 or
          form
          2055 with an interior inspection, and was made and signed, prior to the
          approval
          of the Mortgage Loan application, by a qualified appraiser, duly appointed
          by
          the Seller, 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 and who met the minimum
          qualifications of FNMA and FHLMC. Each appraisal of the Mortgage Loan was
          made
          in accordance with the relevant provisions of the Financial Institutions
          Reform,
          Recovery, and Enforcement Act of 1989;

         

         

        (29)  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;

         

         

        (30)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) 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;

         

         

        (31)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

         

        (32)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

         

        (33)  The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

         

        (34)  No
          Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Each
          Prime/Alt-A Mortgage Loan with an LTV or CLTV at origination in excess
          of 80% is
          and will be subject to a Primary Insurance Policy, issued by a Qualified
          Insurer, which insures that portion of the Mortgage Loan in excess of the
          portion of the Appraised Value of the Mortgaged Property required by FNMA.
          All
          provisions of such Primary Insurance Policy have been and are being complied
          with, such policy is in full force and effect, and all premiums due thereunder
          have been paid. Any Mortgage subject to any such Primary Insurance Policy
          obligates the Mortgagor thereunder to maintain such insurance and to pay
          all
          premiums and charges in connection therewith. The Mortgage Interest Rate
          for the
          Prime/Alt-A Mortgage Loan does not include any such insurance
          premium;

         

         

        (35)  The
          Mortgaged Property is, to the best of the Seller’s knowledge, lawfully occupied
          under applicable law; 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;

         

         

        (36)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Mortgagor,
          the
          Seller, or to the best of Seller’s knowledge, any appraiser, any builder or
          developer, or any other party involved in the origination of the Mortgage
          Loan
          or in the application of any insurance in relation to such Mortgage
          Loan;

         

         

        (37)  For
          each
          Mortgage Loan that is not a MOM Loan, the Assignment of Mortgage is in
          recordable form except for the name of the assignee that is blank and is
          acceptable for recording under the laws of the jurisdiction in which the
          Mortgaged Property is located. The original Mortgage was or is being recorded
          and, unless the Mortgage Loan is subject to the MERS System, all subsequent
          assignments of the original Mortgage (other than the assignment to Purchaser)
          have been recorded in the appropriate jurisdiction wherein such recordation
          is
          necessary to perfect the lien thereof against creditors of Seller, or is
          in the
          process of being recorded.

         

         

        (38)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second lien priority
          by
          a title insurance policy or an endorsement to the policy insuring the
          mortgagee’s consolidated interest. The consolidated principal amount does not
          exceed the original principal amount of the Mortgage Loan;

         

         

        (39)  Unless
          otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
          Loan has
          a balloon payment feature;

         

         

        (40)  
          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 meets the eligibility
          requirements of FNMA and FHLMC;

         

         

        (41)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

         

        (42)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

         

        (43)  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

         

        (44)  Seller
          shall, at its own expense, cause each Mortgage Loan to be covered by a
          Tax
          Service Contract which is assignable to the Purchaser or its designee;
          provided
          however, that if the Seller fails to purchase such Tax Service Contract,
          the
          Seller shall be required to reimburse the Purchaser for all costs and expenses
          incurred by the Purchaser in connection with the purchase of any such Tax
          Service Contract;

         

         

        (45)  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone
          Service Contract;

         

         

        (46)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan or “predatory” mortgage
          loan or any other comparable term, no matter how defined under any federal,
          state or local law, (c) subject to any comparable federal, state or local
          statutes or regulations, or any other statute or regulation providing for
          heightened regulatory scrutiny or assignee liability to holders of such
          mortgage
          loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such
          terms are
          defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

         

        (47)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to a mortgagor without regard for the mortgagor’s ability to
          repay the Mortgage Loan and the extension of credit to a mortgagor which
          has no
          apparent benefit to the mortgagor, were employed in connection with the
          origination of the Mortgage Loan. Each Mortgage Loan is in compliance with
          the
          anti-predatory lending eligibility for purchase requirements of the FNMA
          Guides;

         

         

        (48)  Not
          more
          than one percent (1%) of the Mortgage Loans purchased on the related Closing
          Date, measured by the aggregate Stated Principal Balance of such Mortgage
          Loans
          as of the related Cut-off Date, include a Mortgage Note for which a lost
          note
          affidavit with indemnification has been delivered; 

         

         

        (49)  No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g., life, disability, accident, unemployment, or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, disability, accident, unemployment, mortgage, or health insurance)
          in
          connection with the origination of the Mortgage Loan. No proceeds from
          any
          Mortgage Loan were used to purchase single premium credit insurance policies
          or
          debt cancellation agreements as part of the origination of, or as a condition
          to
          closing, such Mortgage Loan;

         

         

        (50)  The
          Mortgage Loans were not selected from the outstanding one to four-family
          mortgage loans in the Seller’s portfolio at the related Closing Date as to which
          the representations and warranties set forth in this Agreement could be
          made in
          a manner so as to affect adversely the interests of the Purchaser;

         

         

        (51)  
          The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

         

        (52)  
          The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
          Oklahoma, South Carolina, Utah and Wyoming (to the extent that the related
          Mortgaged Property is located in such state), has been originated by a
          properly
          licensed entity, and in all other respects, complies with all of the material
          requirements of any such applicable laws;

         

         

        (53)  The
          information set forth in the Prepayment Charge Schedule is complete, true
          and
          correct in all material respects and each Prepayment Charge is permissible,
          enforceable and collectable under applicable federal and state law;

         

         

        (54)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date; 

         

         

        (55)  No
          Mortgage Loan is secured by cooperative housing, commercial property, mobile
          homes, manufactured housing or mixed use property;

         

         

        (56)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Charge, such Prepayment
          Charge
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Charge, such Prepayment Charge does not extend beyond three
          years
          after the date of origination. With respect to any Mortgage Loan that contains
          a
          provision permitting imposition of a Prepayment Charge upon a prepayment
          prior
          to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed
          to such Prepayment Charge in exchange for a monetary benefit, including
          but not
          limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s
          origination, the Mortgagor was offered the option of obtaining a Mortgage
          Loan
          that did not require payment of such a Prepayment Charge, (iii) the Prepayment
          Charge is disclosed to the Mortgagor in the loan documents pursuant to
          applicable state and federal law, (iv) for Mortgage Loans originated on
          or after
          September 1, 2004, the duration of the prepayment period shall not exceed
          three
          (3) years from the date of the Mortgage Note, unless the Mortgage Loan
          was
          modified to reduce the prepayment period to no more than three years from
          the
          date of the Mortgage Note and the Mortgagor was notified in writing of
          such
          reduction in prepayment period, and (v) notwithstanding any state or federal
          law
          to the contrary, the Seller shall not impose such Prepayment Charge in
          any
          instance when the mortgage debt is accelerated as the result of the Mortgagor’s
          default in making the loan payments;

         

         

        (57)  The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Seller has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws, has conducted the requisite due diligence in connection
          with
          the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
          Laws, including with respect to the legitimacy of the applicable Mortgagor
          and
          the origin of the assets used by the said Mortgagor to purchase the property
          in
          question, and maintains, and will maintain, sufficient information to identify
          the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
          No
          Mortgage Loan is subject to nullification pursuant to Executive Order 13224
          (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
          Assets Control of the United States Department of the Treasury (the “OFAC
          Regulations”) or in violation of the Executive Order or the OFAC Regulations,
          and no Mortgagor is subject to the provisions of such Executive Order or
          the
          OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
          Regulations;

         

         

        (58)  No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”) or the
          New York Banking Law 6-1. Each Mortgage Loan that is a “Home Loan” under the
          Georgia Act complies with all applicable provisions of the Georgia Act.
          No
          Mortgage Loan secured by owner occupied real property or an owner occupied
          manufactured home located in the State of Georgia was originated (or modified)
          on or after October 1, 2002 through and including March 6, 2003;

         

         

        (59)  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan’s originator which is a higher cost product designed for
          less creditworthy borrowers, 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
          Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
          If, at the time of loan application, the Mortgagor may have qualified for
          a for
          a lower cost credit product then offered by any mortgage lending affiliate
          of
          the Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
          Mortgagor’s application to such affiliate for underwriting
          consideration;

         

         

        (60)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

         

        (61)  With
          respect to each Mortgage Loan, the Seller has fully and accurately furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Company, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations, on a monthly basis and
          the
          Seller for each Loan will furnish, in accordance with the Fair Credit Reporting
          Act and its implementing regulations, accurate and complete information
          on its
          borrower credit files to Equifax, Experian, and Trans Union Credit Information
          Company, on a monthly basis;

         

         

        (62)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal law and
          regulation. Except in the case of a Mortgage Loan in an original principal
          amount of less than $60,000 which would have resulted in an unprofitable
          origination, no related Borrower was charged “points and fees” (whether or not
          financed) in an amount greater than 5% of the principal amount of such
          loan,
          such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
          lending requirements as set forth in the Fannie Mae Selling Guide;

         

         

        (63)  All
          fees
          and charges (including finance charges) and whether or not financed, assessed,
          collected or to be collected in connection with the origination and servicing
          of
          each Mortgage Loan has been disclosed in writing to the Mortgagor in accordance
          with applicable state and federal law and regulation;

         

         

        (64)  The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Seller agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

         

        (65)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective October 16, 2003 (Act 1340 or 2003);

         

         

        (66)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);
          

         

         

        (67)  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

         

        (68)  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

         

        (69)  Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1); 

         

         

        (70)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

         

        (71)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.);

         

         

        (72)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

         

        (73)  No
          Mortgage Loan originated in the City of Los Angeles is subject to the City
          of
          Los Angeles California Ordinance 175008 as a “home loan”; 

         

         

        (74)  No
          Mortgage Loan originated in the City of Oakland is subject to the City
          of
          Oakland, California Ordinance 12361 as a “home loan”;

         

         

        (75)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined under the Maine House Bill
          383 L.D. 494, effective as of September 13, 2003;

         

         

        (76)  No
          Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C);

         

         

        (77)  With
          respect to any Mortgage Loan for which a mortgage loan application was
          submitted
          by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by
          Mortgaged
          Property in the State of Illinois which has 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 Mortgage Loan; 

         

         

        (78)  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office; 

         

         

        (79)  With
          respect to each MERS Mortgage Loan, Seller has not received any notice
          of liens
          or legal actions with respect to such Mortgage Loan and no such notices
          have
          been electronically posted by MERS;

         

         

        (80)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction, and with respect
          to any
          Mortgage Loan originated on or after August 1, 2004, neither the Mortgage
          nor
          the Mortgage Note requires the Mortgagor to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the origination of the
          Mortgage
          Loan;

         

         

        (81)  No
          Loan
          is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act, Ind.
          Code Ann. §§ 24-9-1-1 et seq.;

         

         

        (82)  With
          respect to each Mortgage Loan, (i) if the related first lien provides for
          negative amortization, the CLTV was calculated at the maximum principal
          balance
          of such first lien that could result upon application of such negative
          amortization feature, and (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; 

         

         

        (83)  The
          Mortgagee has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

         

        (84)  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 (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; 

         

         

        (85)  With
          respect to each Mortgage Loan that is secured in whole or in part by the
          interest of the Mortgagor as a lessee under a ground lease of the related
          Mortgaged Property (a “Ground Lease”) and not by a fee interest in such
          Mortgaged Property:

         

        (i)  The
          Mortgagor is the owner of a valid and subsisting interest as tenant
          under the Ground Lease;

         

        (ii)  The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (iii)  The
          Mortgagor is not in default under any of the terms thereof and there are
          no
          circumstances which, with the passage of time or the giving of notice or
          both,
          would constitute an event of default thereunder;

         

        (iv)  The
          lessor under the Ground Lease is not in default under any of the terms
          or
          provisions thereof on the part of the lessor to be observed or
          performed;

         

        (v)  The
          term
          of the Ground Lease exceeds the maturity date of the related Mortgage Loan
          by at
          least ten years;

         

        (vi)  The
          Ground Lease or a memorandum thereof has been recorded and by its terms
          permits
          the leasehold estate to be mortgaged. The Ground Lease grants any leasehold
          mortgagee standard protection necessary to protect the security of a leasehold
          mortgagee;

         

        (vii)  The
          Ground Lease does not contain any default provisions that could give rise
          to
          forfeiture or termination of the Ground Lease except for the non-payment
          of the
          Ground Lease rents;

         

        (viii)  The
          execution, delivery and performance of the Mortgage do not require the
          consent
          (other than those consents which have been obtained and are in full force
          and
          effect) under, and will not contravene any provision of or cause a default
          under, the Ground Lease; 

         

        (ix)  The
          Ground Lease provides that the leasehold can be transferred, mortgaged
          and
          sublet an unlimited number of times either without restriction or on payment
          of
          a reasonable fee and delivery of reasonable documentation to the
          lessor;

         

        (x)  The
          Mortgagor has not commenced any action or given or received any notice
          for the
          purpose of terminating the Ground Lease;

         

        (xi)  No
          lessor, as debtor in possession or by a trustee for such lessor has give
          any
          notice of, and the Mortgagor has not consented to, any attempt to transfer
          the
          related Mortgaged Property free and clear of such Ground Lease under section
          363(f) of the Bankruptcy Code; and

         

        (xii)  No
          lessor
          is subject to any voluntary or involuntary bankruptcy, reorganization or
          insolvency proceeding and no Mortgaged Property is an asset in any voluntary
          or
          involuntary bankruptcy, reorganization or insolvency proceeding.

         

         

        (1)  No
          Mortgage Loan is a balloon mortgage loan that has an original stated maturity
          of
          less than seven (7) years;

         

         

        (2)  No
          Mortgage Loan is subject to mandatory arbitration except when the terms
          of the
          arbitration also contain a waiver provision that provides that in the event
          of a
          sale or transfer of the Mortgage Loan or interest in the Mortgage Loan
          to Fannie
          Mae, the terms of the arbitration are null and void. The Seller hereby
          covenants
          that the Seller or the servicer of the Mortgage Loan, as applicable, will
          notify
          the Mortgagor in writing within 60 days of the sale or transfer of the
          Mortgage
          Loan to Fannie Mae that the terms of the arbitration are null and void;
          and

         

         

        (3)  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Pass-Through Transfer without unreasonable credit enhancement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D

        

        Representation
          and Warranties with Respect to the WAMU Mortgage Loans

        

        Except
          for “Mortgage Loans”, which shall mean the WAMU Mortgage Loans sold by the
          Seller to the Purchaser, all capitalized terms in this Exhibit D shall
          have the
          meanings ascribed to them in the WAMU Servicing Agreement.

        

        (a)  The
          information with respect to such Mortgage Loan set forth on the related
          Mortgage
          Loan Schedule is true and correct in all material respects.

         

        (b)  Immediately
          prior to the transfer of the Mortgage Loan to the Purchaser pursuant to
          Section 2.1, neither the related Mortgage nor the Mortgage Note were
          assigned or pledged to any Person and the Seller had good and marketable
          title
          thereto. Immediately prior to the transfer of the Mortgage Loan to the
          Purchaser
          pursuant to Section 2.1, the Seller was the sole legal, beneficial and
          equitable owner and holder of such Mortgage Loan, free and clear of any
          and all
          liens, claims, encumbrances, participation interests, equities, pledges,
          charges, or security interests of any nature, and had full right and authority
          to sell and assign such Mortgage Loan pursuant to this Agreement. Upon
          the
          transfer of the Mortgage Loan to the Purchaser pursuant to Section 2.1, the
          Seller shall have taken all actions necessary on its part to be taken so
          that
          the Purchaser will have good indefeasible title to, and will be sole owner
          of,
          the related Mortgage and the Mortgage Note, free and clear of any and all
          liens,
          claims, encumbrances, participation interests, equities, pledges, charges,
          or
          security interests of any nature.

         

        (c)  With
          respect to each Mortgage Loan other than a Cooperative Loan, (i) the Mortgage
          is
          a valid, subsisting and enforceable first lien on the Mortgaged Property,
          including all buildings, fixtures, installations and improvements to the
          Mortgaged Property, and the Mortgaged Property is free and clear of all
          encumbrances and liens having parity with or priority over the first lien
          of the
          Mortgage except for (A) the lien of current real property taxes and
          assessments not yet due and payable, (B) covenants, conditions and
          restrictions, rights of way, easements, mineral right reservations and
          other
          matters of public record as of the date of recording of such Mortgage,
          such
          exceptions generally being acceptable under prudent mortgage lending standards
          and specifically reflected in the appraisal made in connection with the
          origination of such Mortgage Loan or specifically referred to in the mortgagee’s
          policy of title insurance and (C) other matters to which like properties
          are commonly subject that do not materially interfere with the value (as
          determined by the Appraised Value), use, enjoyment or marketability of
          the
          Mortgaged Property and (ii) there are no security agreements, pledged accounts,
          chattel mortgages, or equivalent documents related to the Mortgage.

         

        (d)  The
          terms
          of the Mortgage and the Mortgage Note have not been impaired, waived, altered,
          or modified in any respect, except by a written instrument that has been
          recorded, if necessary, to protect the interest of the Purchaser and that
          is a
          part of the Collateral File. The substance of any such alteration or
          modification has been approved by the insurer under the related Primary
          Mortgage
          Insurance Policy, if any, and the title insurer, to the extent required
          by the
          related title insurance policy, and is
          reflected on the related Mortgage Loan Schedule.

         

        (e)  The
          Mortgage has not been satisfied, cancelled, 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, except in connection with an assumption agreement or modification
          agreement that is part of the Collateral File.

         

        (f)  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
          such a default, breach, violation, or event of acceleration, and neither
          the
          Seller, nor to the best of the Seller’s knowledge, any seller or servicer, has
          waived any such default, breach, violation, or event of acceleration. All
          taxes,
          governmental assessments (including assessments payable in future installments),
          insurance premiums, leasehold payments, and ground rents which previously
          became
          due and owing in respect of or affecting the related Mortgaged Property
          have
          been paid, or an escrow of funds has been established in an amount sufficient
          to
          pay for every such item that remains unpaid and that has been assessed
          but is
          not yet due and payable. The Seller has not advanced funds, or induced,
          solicited, or knowingly received any advance of funds by a party other
          than the
          Mortgagor, directly or indirectly, for the payment of any amount required
          by the
          Mortgage or the Mortgage Note. No foreclosure action has been commenced
          with
          respect to such Mortgage Loan.

         

        (g)  The
          Mortgaged Property is free of material damage and waste and in good repair.
          There is no proceeding pending or, to the best of the Seller’s knowledge,
          threatened for the total or partial condemnation of the Mortgaged Property
          and
          no notice of any such pending or threatened proceeding has been received
          so as
          to adversely impair the value or marketability of the Mortgaged
          Property.

         

        (h)  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 liens) affecting the related Mortgaged Property that are, or may be,
          liens
          prior or equal to, or coordinate with, the lien of the related Mortgage
          and that
          are not insured against by the related mortgagee’s policy of title
          insurance.

         

        (i)  All
          of
          the improvements which were included for the purpose of determining the
          Appraised Value of the Mortgaged Property were completed at the time that
          such
          Mortgage Loan was originated and lie wholly within the boundaries and building
          restriction lines of such Mortgaged Property; provided, that if such Mortgage
          Loan is an Escrow Holdback Mortgage Loan, the improvements described in
          the
          applicable agreement governing escrow arrangement may not have been made
          at the
          time such Mortgage Loan was originated. No improvements on adjoining properties
          encroach upon the Mortgaged Property
          except
          those that are insured against by the title insurance policy referred to
          in
          Section 3.1(q).
          No
          improvement located on or being part of the Mortgaged Property is in violation
          of any applicable zoning law or regulation, subdivision law or
          ordinance.

         

        (j)  The
          Seller is (or, if the Seller did not originate the Mortgage Loan, the
          originator, during the period in which it held and disposed of such Mortgage
          Loan, was): (i) in compliance with any and all applicable licensing
          requirements of the laws of the state wherein the Mortgaged Property is
          located
          and (ii)(A) organized under the laws of such state, (B) qualified to
          do business in such state, (C) a federal savings and loan association or
          national bank having principal offices in such state, (D) not doing
          business in such state, or (E) not required to qualify to do business in
          such state.

         

        (k)  No
          Monthly Payment with respect to such Mortgage Loan is a Delinquent Monthly
          Payment. All payments required to be made under the related Mortgage and
          Mortgage Note through and including the related Cut-off Date, have been
          made.
          Unless otherwise stated in the related Commitment Letter, not more than
          one
          payment required to be made under the related Mortgage and Mortgage Note
          has
          remained unpaid through its next Due Date (excluding any applicable grace
          period) during the twelve months immediately preceding the related Cut-off
          Date.

         

        (l)  There
          are
          no custodial agreements in effect adversely affecting the right or ability
          of
          the Seller to make the deliveries specified in Section 2.2(a) or
          Section 2.2(d).

         

        (m)  The
          Mortgage Note and the Mortgage are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof and each party assuming liability
          therefor, enforceable in accordance with its terms, except as such enforcement
          may be limited by bankruptcy, insolvency, reorganization, moratorium, or
          other
          similar laws affecting the enforcement of creditors’ rights generally and except
          that the equitable remedy of specific performance and other equitable remedies
          are subject to the discretion of the courts. All parties to the Mortgage
          Note
          and the Mortgage had legal capacity to execute the Mortgage Note and the
          Mortgage and convey the estate therein purported to be conveyed, and the
          Mortgage Note and the Mortgage have been duly and properly executed and
          delivered by such parties or pursuant to a valid power-of-attorney that
          has been
          recorded with the Mortgage. The Mortgagor or co-Mortgagor is a natural
          person.

         

        (n)  The
          Mortgage has been duly assigned and the Mortgage Note has been duly endorsed
          as
          provided in Section 2.2(a). Any Assignment of Mortgage delivered to the
          Purchaser pursuant to Section 2.2(a)(i)(C) is in recordable form except for
          the insertion of the name of the assignee and recording information and
          is
          acceptable for recording under the laws of the applicable
          jurisdiction.

         

        (o)  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, fair housing, anti-money
          laundering, predatory or abusive lending or disclosure laws (including
          without
          limitation the USA Patriot Act of 2001) applicable to the origination and
          servicing of the Mortgage Loans have been complied with. The consummation
          of the
          transactions contemplated hereby will not involve the violation of any
          such
          laws. 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 or exempt
          from
          any and all applicable “doing business” and licensing requirements of the laws
          of the state wherein the applicable Mortgaged Property is located.

         

        (p)  The
          proceeds of such Mortgage Loan have been fully disbursed; provided that,
          if such
          Mortgage Loan is an Escrow Holdback Mortgage Loan, all of the proceeds
          of such
          Mortgage Loan have been or will be disbursed (i) upon the completion of
          the
          improvements described in the applicable agreement governing the escrow
          arrangement, and (ii) in a manner acceptable to the Seller. There is no
          requirement for, and the Seller shall not make any, future advances under
          the
          terms of the Mortgage Loan. Any future advances made prior to the applicable
          Cut-off Date have been consolidated with the principal balance secured
          by the
          Mortgage, and such principal balance, as consolidated, bears a single interest
          rate and single repayment term reflected on the related Mortgage Loan Schedule.
          The Unpaid Principal Balance as of the applicable Cut-off Date does not
          exceed
          the original principal amount of such Mortgage Loan. Any and all requirements
          as
          to completion of any on-site or off-site improvements and as to disbursements
          of
          any escrow funds therefor have been complied with, and certificates of
          completion with respect thereto are contained in the related Credit File;
          provided that, if such Mortgage Loan is an Escrow Holdback Mortgage Loan,
          the
          improvements described in the applicable agreement governing the escrow
          arrangement may not have been completed and escrow funds related to such
          improvements may not have been disbursed pursuant to the terms of such
          agreement. All costs, fees and expenses incurred in making, or closing
          or
          recording such Mortgage Loan have been paid or shall be paid in the ordinary
          course of business. The Mortgagor of such Mortgage Loan (unless it is an
          Escrow
          Holdback Mortgage Loan) is not entitled to any refund of any amounts paid
          or due
          to the mortgagee pursuant to the related Mortgage Note or Mortgage.

         

        (q)  Such
          Mortgage Loan (unless it is a Cooperative Loan) is covered by an ALTA mortgage
          title insurance policy acceptable to Seller, with, in the case of an ARM
          Loan,
          an adjustable rate mortgage endorsement, substantially in the form of ALTA
          Form
          6.1 or 6.2, or such other generally used and acceptable form of policy
          and
          applicable endorsements acceptable under the Seller’s underwriting guidelines.
          Each such policy affirmatively insures the Seller, its successors and assigns
          as
          to the first priority lien of the Mortgage in the original principal amount
          of
          the Mortgage Loan. Additionally, such policy insures ingress and egress
          and
          insures against encroachments by or upon the Mortgaged Property. Each such
          policy was issued on the date of the origination of such Mortgage Loan
          by a
          title insurer acceptable under Seller’s underwriting guidelines and qualified to
          do business in the jurisdiction where the Mortgaged Property is located,
          insuring the Seller, and its successors and assigns, as to the first priority
          lien of the Mortgage in the original principal amount of such Mortgage
          Loan.
          Each such policy has been duly and validly endorsed to the Purchaser or
          the
          assignment to the Purchaser of the Seller’s interest does not require the
          consent of or notification to the insurer, and such mortgage title insurance
          policy is in full force and effect. Where required by law or regulation,
          the
          Mortgagor has been given the opportunity to choose the carrier of the required
          mortgage title insurance. No claims have been made under such lender’s title
          insurance policy, and the Seller has not taken or failed to take any action
          that
          would impair the coverage of such lender’s title insurance policy.

         

        (r)  All
          buildings and other improvements upon the Mortgaged Property are insured
          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 Section 2.10 of the
          Servicing Agreement and issued by an insurer acceptable under Seller’s
          underwriting guidelines. If the Mortgaged Property is in an area identified
          on a
          flood hazard boundary map or flood insurance rate map issued by the Federal
          Emergency Management Agency as having special flood hazards and such flood
          insurance is available, a flood insurance policy is in effect meeting the
          requirements of the current guidelines of the Federal Insurance Administration
          with an insurance carrier acceptable to Seller. Each individual insurance
          policy
          has been validly issued and is in full force and effect. The Seller has
          caused
          to be performed all acts required to preserve the rights and interests
          of the
          Purchaser in all insurance policies required by this Agreement, including,
          without limitation, notification of insurers, and assignment of policies
          or
          interests therein. Each individual insurance policy contains a standard
          mortgagee clause naming the Seller, and its successors and assigns, as
          mortgagee
          and loss payee. All premiums due thereon have been paid. The Mortgage obligates
          the Mortgagor to maintain all such insurance at the Mortgagor’s cost and
          expense, and upon the Mortgagor’s failure to do so, authorizes the servicer or
          the owner of the Mortgage to obtain and maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor. No claims have been made under such policies since origination
          of the
          Mortgage Loan, and the Seller has not taken or failed to take any action
          that
          would impair the coverage of any such insurance policy, the benefits of
          any
          endorsement or the validity, binding effect and enforceability of the
          foregoing.

         

        (s)  There
          is
          no valid offset, defense, counterclaim, or right of rescission as to the
          related
          Mortgage Note or Mortgage, including the obligation of the Mortgagor to
          pay the
          unpaid principal of or interest on such Mortgage Note. The operation of
          any of
          the terms of such Mortgage Note or Mortgage, or the exercise of any right
          thereunder, shall not render either the Mortgage Note or the Mortgage
          unenforceable, in whole or in part, or subject to any right of rescission,
          set-off, recoupment, counterclaim or defense, including, without limitation,
          the
          defense of usury, and no such right of rescission, set-off, recoupment,
          counterclaim or defense has been asserted with respect thereto. Such Mortgage
          Loan is not subject to any pending bankruptcy, foreclosure, insolvency,
          reorganization or moratorium. On the related Closing Date, the Seller has
          not
          received notice that the Mortgagor has filed for protection under applicable
          bankruptcy laws. If
          such
          Mortgage Loan is an ARM Loan, all the applicable terms of the Mortgage
          Note
          pertaining to adjustments of the Mortgage Interest Rate and the Monthly
          Payments
          and payment adjustments in connection therewith are enforceable and shall
          not
          affect the priority of the Mortgage lien. If such Mortgage Loan is an ARM
          Loan,
          the related Mortgage Note has been timely and appropriately adjusted, if
          such
          adjustment is required, and the respective Mortgagor timely and appropriately
          advised. All such adjustments have been made in compliance with applicable
          law
          and in accordance with the terms of the Mortgage Loan documents.

         

        (t)  Such
          Mortgage Loan was originated by (i) the Seller, (ii) a savings and
          loan association, savings bank, commercial bank, credit union, insurance
          company
          or similar institution that is supervised and examined by a Federal or
          state
          authority, or (iii) a
          mortgagee
          approved
          by the Secretary of HUD
          pursuant to Section 203 or 211 of the National Housing Act.

         

        (u)  Principal
          payments on such Mortgage Loan commenced or are required to commence no
          more
          than two months after funds were disbursed in connection with such Mortgage
          Loan. Unless such Mortgage Loan requires the payment of interest only with
          respect to some or all of the related Monthly Payments as indicated on
          the
          related Mortgage Loan Schedule, the Mortgage Note requires a Monthly Payment
          which is sufficient to fully amortize the original principal balance over
          the
          remaining term thereof and to pay interest at the Mortgage Interest Rate.
          With
          respect to each Mortgage Loan that requires the payment of interest only
          with
          respect to some or all of the related Monthly Payments as indicated on
          the
          related Mortgage Loan Schedule, the interest-only period shall not exceed
          ten
          (10) years (or such other period specified on the Mortgage Loan Schedule)
          and
          following the expiration of such interest-only period, the remaining Monthly
          Payments shall be sufficient to fully amortize the original principal balance
          over the remaining term thereof and to pay interest at the Mortgage Interest
          Rate.

         

        (v)  Such
          Mortgage Loan is a residential mortgage loan having an original term to
          maturity
          as set forth on the related Mortgage Loan Schedule, and if no such term
          is
          specified in the related Mortgage Loan Schedule, the term to maturity does
          not
          exceed forty years, with interest payable in arrears on the first day of
          each
          month, or such other day of the month as may be noted on the related Mortgage
          Loan Schedule. If such Mortgage Loan is an ARM Loan, the Mortgage Interest
          Rate
          is subject to adjustment periodically on each Interest Rate Adjustment
          Date to a
          new Mortgage Interest Rate (rounded as provided in the related Mortgage
          Note)
          equal to the then current Index plus the Gross Margin as specified on the
          related Mortgage Note, subject to the Initial Rate Cap (if applicable),
          Maximum
          Mortgage Interest Rate, the Minimum Mortgage Interest Rate, the Interest
          Rate
          Increase Maximum and the Interest Rate Decrease Maximum, in each case if
          and to
          the extent specified in the related Mortgage Loan Schedule.

         

        (w)  The
          Mortgage Note is not and has not been secured by any collateral, pledged
          account
          or other security, except the lien of the Mortgage.

         

        (x)  The
          Mortgage and the Mortgage Note contain customary and enforceable provisions
          which render the rights and remedies of the holder thereof adequate for
          the
          realization against the Mortgaged Property of the benefits of the security,
          including (i) in the case of a Mortgage designated as a deed of trust, by
          trustee’s sale and (ii) otherwise by judicial foreclosure. There is no
          homestead, dower, curtesy or other exemption or right available to the
          Mortgagor
          or any other Person which would interfere with the right to sell the Mortgaged
          Property at a trustee’s sale or the right to foreclose the Mortgage. The
          Mortgage or Mortgage Note contains a provision that is, to the extent not
          prohibited by federal or state law, enforceable and that provides for the
          acceleration of the payment of the Unpaid Principal Balance of the Mortgage
          Loan
          in the event that the Mortgaged Property is sold or transferred without
          the
          prior written consent of the mortgagee thereunder. The Mortgagor has not
          notified the Seller and the Seller has no knowledge of any relief requested
          or
          allowed to the Mortgagor under the Servicemembers Civil Relief Act.

         

        (y)  If
          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 such Mortgage, and no fees or expenses are or shall 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.

         

        (z)  The
          Mortgaged Property consists of (x) a single parcel of real property
          separately assessed for tax purposes, upon which is erected a detached
          or an
          attached one-to-four-family residence, an individual condominium or an
          individual unit in a planned unit development or (y) in the case of a
          Cooperative Loan, the related Coop Ownership Interests, in each case that
          is in
          compliance with Seller’s applicable requirements. Such Mortgaged Property is not
          (i) a property held in trust (other than a revocable inter vivos trust
          that is
          in compliance with Fannie Mae’s requirements applicable to Seller, or, if the
          Mortgaged Property is located in Illinois, an Illinois land trust), (ii)
          a
          mobile home or manufactured home, or (iii) a recreational vehicle. Such
          Mortgage
          Loan is not considered an agricultural loan. The related Mortgaged Property
          does
          not consist of a log home, earthen home, underground home or a home which
          is
          situated on more than twenty acres of property. No portion of the related
          Mortgaged Property is being used for commercial purposes. No Mortgaged
          Property
          is used for commercial purposes. Mortgaged Properties which contain a home
          office shall not be considered as being used for commercial purposes as
          long as
          the Mortgaged Property has not been altered for commercial purposes and
          is not
          storing any chemicals or raw materials other than those commonly used for
          homeowner repair, maintenance and/or household purposes.

         

        (aa)  The
          Loan-to-Value Ratio of such Mortgage Loan at the time of origination was
          not
          greater than the Loan-to-Value ratio set forth in the related Mortgage
          Loan
          Schedule, and if no such percentage is specified, not greater than 95%.
          If such
          Mortgage Loan had at the time of origination a Loan-to-Value Ratio in excess
          of
          80%, unless otherwise specified in the related Commitment Letter, such
          Mortgage
          Loan is and will be subject to a Primary Mortgage Insurance Policy as described
          in the Seller’s underwriting guidelines. All provisions of such Primary Mortgage
          Insurance Policy have been and are being complied with, such policy is
          in full
          force and effect, and all premiums due thereunder have been paid. No Mortgage
          Loan requires payment of such premiums, in whole or in part, by the Purchaser.
          No action has been taken and no event has occurred that has, or shall result
          in
          the exclusion from, denial of, or defense to coverage. Any Mortgage Loan
          subject
          to a Primary Mortgage Insurance Policy obligates the Mortgagor to maintain
          the
          Primary Mortgage Insurance Policy and to pay all related premiums and charges.
          The Mortgage Interest Rate for the Mortgage Loan as set forth on the Mortgage
          Loan Schedule is net of any such insurance premium. None of the Mortgage
          Loans
          are covered by a “lender-paid” Primary Mortgage Insurance Policy.

         

        (bb)  Such
          Mortgage Loan was underwritten generally
          in
          accordance with the underwriting guidelines of the Seller in effect at
          the time
          such Mortgage Loan was originated. The Mortgage and Mortgage Note are on
          forms
          acceptable to Fannie Mae and Freddie Mac.

         

        (cc)  There
          exist no deficiencies in excess of $1000 with respect to escrow deposits
          and
          payments, if such are required, for which customary arrangements for repayment
          thereof have not been made or which the Seller expects not to be cured,
          and no
          escrow deposits or payments of other charges or payments due the Seller
          have
          been capitalized under the Mortgage or the Mortgage Note.

         

        (dd)  Such
          Mortgage Loan does not have a shared appreciation feature or other contingent
          interest feature, and such Mortgage Loan does not involve buydowns, Balloon
          Payments, timeshares or graduated payments. If such Mortgage Loan is an
          ARM
          Loan, it is not convertible to a Mortgage Loan with a fixed Mortgage Interest
          Rate.

         

        (ee)  The
          origination, servicing and collection practices used with respect to such
          Mortgage Loan (including without limitation, the establishment, maintenance
          and
          servicing of the Escrow Accounts and escrow payments, if any), have been,
          in all
          material respects, in accordance with applicable laws and regulations,
          the terms
          of the Mortgage Loan documents and Acceptable Servicing Procedures. All
          escrow
          payments have been collected in all material respects in compliance with
          applicable law, Acceptable Servicing Procedures and the provisions of the
          Mortgage Loan documents. If such Mortgage Loan is the subject of an escrow,
          escrow of funds is not prohibited by applicable law and has been established
          in
          an amount sufficient to pay for every escrowed item that remains unpaid
          and has
          been assessed but is not yet due and payable, except as otherwise set forth
          in
          Section 3.1(cc). Any Escrow Account interest required to be paid pursuant
          to
          applicable law has been properly paid and credited.

         

        (ff)  The
          appraisal with respect to the Mortgaged Property contained in the Credit
          File
          was (i) made in accordance with the relevant provisions of the Financial
          Institutions Reform, Recovery and Enforcement Act of 1989, as in effect
          on the
          date such Mortgage Loan was originated, (ii) made in accordance with the
          Seller’s underwriting guidelines and (iii) signed by a qualified appraiser, who
          met the requirements of the Seller’s appraisal policies and procedures, who had
          no interest, direct or indirect, in the Mortgaged Property or in any loan
          made
          on the security thereof, and whose compensation is not affected by the
          approval
          or disapproval of such application and who otherwise meets the requirements
          of
          Seller.

         

        (gg)  No
          Mortgage Loan is subject to the Home Ownership and Equity Protection Act
          of
          1994. No Mortgage Loan is a High Cost Loan or Covered Loan (as such terms
          are
          defined in the Standard & Poors LEVELS® Glossary in effect on the Closing
          Date, which is now Version 5.6c Revised, Appendix E and attached hereto
          as
          Exhibit E).

         

        (hh)  Unless
          otherwise stated in the related Mortgage Loan Schedule, if such Mortgage
          Loan is
          an ARM Loan, it does not have an interest rate step-down feature or similar
          feature that would result in a downwards adjustment to the Mortgage Interest
          Rate, the Gross Margin or the Index as a result of the related Mortgagor’s
          payment method or payment history (e.g., no downwards adjustment in return
          for
          allowing the automatic withdrawal of funds from the related Mortgagor’s bank
          account to make the Monthly Payments on such Mortgage Loan, or for making
          payments when due on such Mortgage Loan).

         

        (ii)  No
          misrepresentation or fraud has taken place on the part of the Seller, the
          Mortgagor or any third party originator of such Mortgage Loan, or to the
          Seller’s knowledge, any other Person, including without limitation, any
          appraiser, any builder or developer, or any other party involved in the
          origination of the Mortgage Loan or in the application of any insurance
          in
          relation to such Mortgage Loan.

         

        (jj)  The
          Mortgaged Property was lawfully occupied under applicable law and 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) were made or obtained from the appropriate authorities.

         

        (kk)  The
          Seller has no knowledge of any circumstances or condition existing as of
          the
          related Closing Date with respect to the Mortgage, the Mortgaged Property,
          the
          Mortgagor or the Mortgagor’s credit standing that can reasonably be expected to
          cause the Mortgage Loan to be an unacceptable investment as of such Closing
          Date.

         

        (ll)  To
          the
          Seller’s knowledge, the Mortgaged Property is in material compliance with all
          applicable environmental laws pertaining to environmental hazards including,
          without limitation, asbestos, and neither the Seller nor, to the Seller’s
          knowledge, the related Mortgagor, has received any notice of any violation
          or
          potential violation of such law.

         

        (mm)  Such
          Mortgage Loan was selected from among the outstanding mortgage loans of
          the same
          type in the Seller’s portfolio on the related Closing Date and such selection
          was not made in a manner so as to affect adversely the interests of the
          Purchaser.

         

        (nn)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months.

         

        (oo)  If
          such
          Mortgage Loan is a Cooperative Loan, the security instruments create a
          valid,
          enforceable and subsisting first priority security interest in the related
          cooperative shares securing the related cooperative note, subject only
          to
          (x) the lien of the related cooperative for unpaid assessments representing
          the Mortgagor’s pro rata share of payments for a blanket mortgage, if any,
          current and future real property taxes, insurance premiums, maintenance
          fees and
          other assessments to which like collateral is commonly subject and (y)
          other
          matters to which like collateral is commonly subject and which do not materially
          interfere with the benefits of the security intended to be provided; provided,
          however, that the related proprietary lease for the Cooperative Apartment
          may be
          subordinated or otherwise subject to the lien of a mortgage on the cooperative
          building.

         

        (pp)  If
          such
          Mortgage Loan is a Cooperative Loan, a search for filings of financing
          statements has been made by a party competent to make the same, which party
          is
          acceptable to Seller in accordance with its underwriting guidelines and
          is
          qualified to do business in the jurisdiction where the cooperative unit
          is
          located; and such search did not disclose any lien or security interest
          that
          would materially and adversely affect the Cooperative Loan.

         

        (qq)  If
          such
          Mortgage Loan is a Cooperative Loan, the cooperative corporation that owns
          title
          to the related Cooperative Apartment is a “cooperative housing corporation”
within the meaning of Section 216 of the Code, and is in material compliance
          with applicable laws that, if not complied with, could have a material
          adverse
          effect on the Mortgaged Property.

         

        (rr)  If
          such
          Mortgage Loan is a Cooperative Loan: (i) the term of the related
          proprietary lease or occupancy agreement is longer than the term of the
          Cooperative Loan, (ii) there is no provision in such proprietary lease or
          occupancy agreement which requires the Mortgagor to offer for sale the
          cooperative shares owned by such Mortgagor first to the Cooperative and
          (iii) there is no prohibition against pledging the shares of the
          cooperative corporation or assigning the cooperative lease.

         

        (ss)  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.

         

        (tt)  The
          Prepayment Charge with respect to such Mortgage Loan, if any, is permissible
          and
          enforceable in accordance with its terms under applicable law upon the
          related
          Mortgagor’s voluntary principal prepayment (except to the extent that: (1) the
          enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally; or
          (2) the collectability thereof may be limited due to acceleration in connection
          with a foreclosure or other involuntary prepayment). If the related Mortgage
          Loan was originated before October 1, 2002, it does not have a Prepayment
          Charge
          for a term in excess of five years from the date of its origination and
          if the
          related Mortgage Loan was originated on or after October 1, 2002, it does
          not
          have a Prepayment Charge for a term in excess of three years from the date
          of
          its origination.

         

        (uu)  No
          Mortgage Loan originated (or modified) on or after October 1, 2002 and
          before
          March 7, 2003, is secured by property located in the State of Georgia.
          No
          Mortgage Loan originated on or after March 7, 2003 is a “High Cost Home Loan” as
          defined under the Georgia Fair Lending Act, as amended.

         

        (vv)  With
          respect to any Mortgage Loan originated on or after August 1, 2004, 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 to
          the Mortgage Loan transaction.

         

        (ww)  No
          Mortgage Loan was made in connection with (i) a construction or rehabilitation
          of a Mortgaged Property or (ii) facilitating the trade-in or exchange of
          a
          Mortgaged Property, other than a construction-to-permanent loan which has
          converted to a permanent Mortgage Loan.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        Representation
          and Warranties with Respect to the Wells Fargo Mortgage
          Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Wells Fargo Mortgage Loans sold by
          the Seller to the Purchaser, all capitalized terms in this Exhibit E shall
          have
          the meanings ascribed to them in the Wells Fargo Servicing
          Agreement.

        

        i)  Mortgage
          Loans as Described.

         

        The
          information set forth in the respective Mortgage Loan Schedule and the
          information contained on the Data File, delivered to the Purchaser is true
          and
          correct;

         

        ii)  Payments
          Current.

         

        All
          payments required to be made up to the related Cut-off Date for the Mortgage
          Loan under the terms of the Mortgage Note have been made and credited.
          No
          payment under any Mortgage Loan has been 30 days delinquent more than one
          time
          within twelve (12) months prior to the related Closing Date;

         

        iii)  No
          Outstanding Charges.

         

        There
          are
          no defaults in complying with the terms of the Mortgages, and all taxes,
          governmental assessments, insurance premiums, leasehold payments, water,
          sewer
          and municipal charges, which previously became due and owing have been
          paid, or
          an escrow of funds has been established in an amount sufficient to pay
          for every
          such item which remains unpaid and which has been assessed but is not yet
          due
          and payable. The Seller has not advanced funds, or induced, or solicited
          directly or indirectly, the payment of any amount required under the Mortgage
          Loan, except for interest accruing from the date of the Mortgage Note or
          date of
          disbursement of the Mortgage Loan proceeds, whichever is later, to the
          day which
          precedes by one month the Due Date of the first installment of principal
          and
          interest;

         

        iv)  Original
          Terms Unmodified.

         

        The
          terms
          of the Mortgage Note and Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by a written instrument which has been
          recorded
          or registered with the MERS System, if necessary, to protect the interests
          of
          the Purchaser and which has been delivered to the Custodian. The substance
          of
          any such waiver, alteration or modification has been approved by the issuer
          of
          any related PMI Policy and the title insurer, to the extent required by
          the
          policy, and its terms are reflected on the related Mortgage Loan Schedule.
          No
          Mortgagor has been released, in whole or in part, except in connection
          with an
          assumption agreement approved by the issuer of any related PMI Policy and
          the
          title insurer, to the extent required by the policy, and which assumption
          agreement is part of the Custodial Mortgage File delivered to the Custodian
          and
          the terms of which are reflected in the related Mortgage Loan
          Schedule;

         

        v)  No
          Defenses.

         

        The
          Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
          or defense, including without limitation the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note or the Mortgage, or
          the
          exercise of any right thereunder, render either the Mortgage Note or the
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, and no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

         

        vi)  No
          Satisfaction of Mortgage.

         

        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, release, cancellation, subordination
          or
          rescission;

         

        vii)  Validity
          of Mortgage Documents.

         

        The
          Mortgage Note and the Mortgage and related documents are genuine, and each
          is
          the legal, valid and binding obligation of the maker thereof enforceable
          in
          accordance with its terms. 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.

         

        With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
          terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
          the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of
          Proprietary Lease had legal capacity to enter into the Mortgage Loan and
          to
          execute and deliver such documents, and such documents have been duly and
          properly executed by such parties;

         

        viii)  No
          Fraud.

         

        No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Seller, or
          the
          Mortgagor, or to the best of the Seller’s knowledge, any appraiser, any builder,
          or any developer, or any other party involved in the origination of the
          Mortgage
          Loan or in the application of any insurance in relation to such Mortgage
          Loan;

         

        ix)  Compliance
          with Applicable Laws.

         

        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 or predatory and
          abusive
          lending laws applicable to the Mortgage Loan have been complied with. All
          inspections, licenses and certificates required to be made or issued with
          respect to all occupied portions of the Mortgaged Property and, with respect
          to
          the use and occupancy of the same, including, but not limited to, certificates
          of occupancy and fire underwriting certificates, have been made or obtained
          from
          the appropriate authorities;

         

        x)  Location
          and Type of Mortgaged Property.

         

        The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a contiguous parcel of real property with
          a
          detached single family residence erected thereon, or a two- to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development, or a townhouse, or a cooperative,
          provided, however, that any condominium project or planned unit development
          shall conform with the applicable Fannie Mae or Freddie Mac requirements,
          or the
          Underwriting Guidelines, regarding such dwellings, and no residence or
          dwelling
          is a mobile home. As of the respective appraisal date for each Mortgaged
          Property, any Mortgaged Property being used for commercial purposes conforms
          to
          the Underwriting Guidelines and, to the best of the Seller’s knowledge, since
          the date of such appraisal, no portion of the Mortgaged Property has been
          used
          for commercial purposes outside of the Underwriting Guidelines;

         

        xi)  Valid
          First Lien.

         

        The
          Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
          Property, including all buildings on the Mortgaged Property and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems located in or annexed to such buildings, and all additions, alterations
          and replacements made at any time with respect to the foregoing. The lien
          of the
          Mortgage is subject only to:

         

        the
          lien
          of current real property taxes and assessments not yet due and
          payable;

         

        covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording acceptable to mortgage lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and (i)
          referred to or otherwise considered in the appraisal made for the originator
          of
          the Mortgage Loan and (ii) which do not adversely affect the Appraised
          Value of
          the Mortgaged Property set forth in such appraisal; and

         

        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
          mortgage or the use, enjoyment, value or marketability of the related 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 and enforceable first lien and first priority security interest
          on
          the property described therein and the Seller has full right to sell and
          assign
          the same to the Purchaser.

         

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable and subsisting first security interest in the Cooperative Shares
          and
          Proprietary Lease, subject only to (i) the lien of the related Cooperative
          for
          unpaid assessments representing the Mortgagor’s pro rata share of the
          Cooperative’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (ii) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security intended to be provided by the Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project;

         

        xii)  Full
          Disbursement of Proceeds.

         

        The
          proceeds of the Mortgage Loan have been fully disbursed, except for escrows
          established or created due to seasonal weather conditions, and there is
          no
          requirement for future advances thereunder. All costs, fees and expenses
          incurred in making or closing the Mortgage Loan and the recording of the
          Mortgage were paid, and the Mortgagor is not entitled to any refund of
          any
          amounts paid or due under the Mortgage Note or Mortgage;

         

        xiii)  Consolidation
          of Future Advances.

         

        Any
          future advances made 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 reflected on the related Mortgage Loan Schedule. The lien
          of the
          Mortgage securing the consolidated principal amount is expressly insured
          as
          having first lien priority 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 or Freddie Mac; the consolidated principal amount
          does
          not exceed the original principal amount of the Mortgage Loan; the Seller
          shall
          not make future advances after the related Cut-off Date;

         

        xiv)  Ownership.

         

        The
          Seller is the sole owner of record and holder of the Mortgage Loans and
          the
          related Mortgage Note and the Mortgage are not assigned or pledged, and
          the
          Seller has good and marketable title thereto and has full right and authority
          to
          transfer and sell the Mortgage Loan to the Purchaser. The Seller is transferring
          the Mortgage Loan free and clear of any and all encumbrances, liens, pledges,
          equities, participation interests, claims, charges or security interests
          of any
          nature encumbering such Mortgage Loan;

         

        xv)  Origination/Doing
          Business.

         

        The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          that is supervised and examined by a federal or state authority or by a
          mortgagee approved by the Secretary of Housing and Urban Development pursuant
          to
          Sections 203 and 211 of the National Housing Act. 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) (1) in compliance with any and all applicable licensing
          requirements of the laws of the state wherein the Mortgaged Property is
          located,
          and (2) organized under the laws of such state, or (3) qualified to do
          business
          in such state, or (4) federal savings and loan associations or national
          banks
          having principal offices in such state, or (5) not doing business in such
          state;

         

        xvi)  LTV,
          PMI
          Policy.

         

        Each
          Mortgage Loan has an LTV as specified on the related Mortgage Loan Schedule.
          Except for Pledged Asset Mortgage Loans, if the LTV of the Mortgage Loan
          was
          greater than 80% at the time of origination, a portion of the unpaid principal
          balance of the Mortgage Loan is and will be insured as to payment defaults
          by a
          PMI Policy. If the Mortgage Loan is insured by a PMI Policy for which the
          Mortgagor pays all premiums, the coverage will remain in place until (i)
          the LTV
          decreases to 78% or (ii) the PMI Policy is otherwise terminated pursuant
          to the
          Homeowners Protection Act of 1998, 12 USC §4901, et seq. All provisions of such
          PMI Policy or LPMI Policy have been and are being complied with, such policy
          is
          in full force and effect, and all premiums due thereunder have been paid.
          The
          Qualified Insurer has a claims paying ability acceptable to Fannie Mae
          or
          Freddie Mac. Any Mortgage Loan subject to a PMI Policy or LPMI Policy obligates
          the Mortgagor or the Seller to maintain the PMI Policy or LPMI Policy and
          to pay
          all premiums and charges in connection therewith. The Mortgage Interest
          Rate for
          the Mortgage Loan as set forth on the related Mortgage Loan Schedule is
          net of
          any such insurance premium;

         

        xvii)  Title
          Insurance.

         

        The
          Mortgage Loan is covered by an ALTA lender's title insurance policy (or
          in the
          case of any Mortgage Loan secured by a Mortgaged Property located in a
          jurisdiction where such policies are generally not available, an opinion
          of
          counsel of the type customarily rendered in such jurisdiction in lieu of
          title
          insurance) or other generally acceptable form of policy of insurance acceptable
          to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie
          Mae
          or Freddie Mac and qualified to do business in the jurisdiction where the
          Mortgaged Property is located, insuring the Seller, its successors and
          assigns,
          as to the first priority lien of the Mortgage in the original principal
          amount
          of the Mortgage Loan, subject only to the exceptions contained in clauses
          (1),
          (2) and (3) of subsection (xi) of this Section 6(b), and against any loss
          by
          reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment to the Mortgage Interest
          Rate and Monthly Payment. Additionally, such lender’s title insurance policy
          includes no exceptions regarding ingress, egress or encroachments that
          impact
          the value or the marketability of the Mortgaged Property. The Seller 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 force and effect
          upon the consummation of the transactions contemplated by this Agreement.
          No
          claims have been made under such lender's title insurance policy, and no
          prior
          holder of the Mortgage, including the Seller, has done, by act or omission,
          anything which would impair the coverage of such lender's title insurance
          policy;

         

        xviii)  No
          Defaults.

         

        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 neither the Seller
          nor
          its predecessors have waived any default, breach, violation or event of
          acceleration;

         

        xix)  No
          Mechanics' Liens.

         

        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 the law could give
          rise to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related Mortgage
          which
          are not insured against by the title insurance policy referenced in Paragraph
          (q) above;

         

        xx)  Location
          of Improvements; No Encroachments.

         

        Except
          as
          insured against by the title insurance policy referenced in subsection
          (xvii)
          above, all improvements which were considered in determining the Appraised
          Value
          of the 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. No improvement located
          on or
          being part of the Mortgaged Property is in violation of any applicable
          zoning
          law or regulation;

         

        xxi)  Payment
          Terms.

         

        Except
          with respect to the Interest Only Mortgage Loans, principal payments commenced
          no more than 60 days after the funds were disbursed to the Mortgagor in
          connection with the Mortgage Loan. The Mortgage Loans have an original
          term to
          maturity of not more than 30 years, with interest payable in arrears on
          the
          first day of each month. As to each adjustable rate Mortgage Loan on each
          applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
          to equal
          the sum of the Index plus the applicable Gross Margin, rounded up or down
          to the
          nearest multiple of 0.125% indicated by the Mortgage Note; provided that
          the
          Mortgage Interest Rate will not increase or decrease by more than the Periodic
          Interest Rate Cap on any Adjustment Date, and will in no event exceed the
          maximum Mortgage Interest Rate or be lower than the minimum Mortgage Interest
          Rate listed on the related Mortgage Note for such Mortgage Loan. As to
          each
          adjustable rate Mortgage Loan that is not an Interest Only Mortgage Loan,
          each
          Mortgage Note requires a monthly payment which is sufficient, during the
          period
          prior to the first adjustment to the Mortgage Interest Rate, to fully amortize
          the outstanding principal balance as of the first day of such period over
          the
          then remaining term of such Mortgage Note and to pay interest at the related
          Mortgage Interest Rate. As to each adjustable rate Mortgage Loan, if the
          related
          Mortgage Interest Rate changes on an Adjustment Date or, with respect to
          an
          Interest Only Mortgage Loan, on an Adjustment Date following the related
          interest only period, the then outstanding principal balance will be reamortized
          over the remaining life of such Mortgage Loan. No Mortgage Loan contains
          terms
          or provisions which would result in negative amortization;

         

        xxii)  Customary
          Provisions.

         

        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, (1) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (2) otherwise by judicial foreclosure.
          There is
          no homestead or other exemption available to a Mortgagor which would interfere
          with the right to sell the Mortgaged Property at a trustee's sale or the
          right
          to foreclose the Mortgage;

         

        xxiii)  Occupancy
          of the Mortgaged Property.

         

        As
          of the
          date of origination, the Mortgaged Property was in good repair and was
          lawfully
          occupied under applicable law;

         

        xxiv)  No
          Additional Collateral.

         

        Except
          in
          the case of a Pledged Asset Mortgage Loan and as indicated on the related
          Data
          File, the Mortgage Note is not and has not been secured by any collateral,
          pledged account or other security except the lien of the corresponding
          Mortgage
          and the security interest of any applicable security agreement or chattel
          mortgage referred to in subsection (xi) above;

         

        xxv)  Deeds
          of
          Trust.

         

        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 Mortgagee to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

         

        xxvi)  Acceptable
          Investment.

         

        The
          Seller has no knowledge of any circumstances or conditions with respect
          to the
          Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's
          credit
          standing that can reasonably be expected to cause private institutional
          investors to regard the Mortgage Loan as an unacceptable investment, cause
          the
          Mortgage Loan to become delinquent, or adversely affect the value or
          marketability of the Mortgage Loan;

         

        xxvii)  Transfer
          of Mortgage Loans.

         

        If
          the
          Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage,
          upon the
          insertion of the name of the assignee and recording information, is in
          recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        xxviii)  Mortgaged
          Property Undamaged.

         

        The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado or other casualty so as to affect adversely the
          value
          of the Mortgaged Property as security for the Mortgage Loan or the use
          for which
          the premises were intended;

         

        xxix)  Collection
          Practices; Escrow Deposits.

         

        The
          origination, servicing and collection practices used with respect to the
          Mortgage Loan have been in accordance with Accepted Servicing Practices,
          and
          have been in all material respects legal and proper. With respect to escrow
          deposits and Escrow Payments, all such payments are in the possession of
          the
          Seller and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made. All Escrow
          Payments have been collected in full compliance with state and federal
          law. No
          escrow deposits or Escrow Payments or other charges or payments due the
          Seller
          have been capitalized under the Mortgage Note;

         

        xxx)  No
          Condemnation.

         

        There
          is
          no proceeding pending or to the best of the Seller’s knowledge threatened for
          the total or partial condemnation of the related Mortgaged
          Property;

         

        xxxi)  The
          Appraisal.

         

        The
          Servicing File include an appraisal, with the exception of any Time$aver®
Mortgage Loan (which at the original origination were on form 1004 or form
          2055
          with interior inspections), of the related Mortgaged Property. The appraisal
          was
          conducted by an appraiser who had no interest, direct or indirect, in the
          Mortgaged Property or in any loan made on the security thereof; and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and the appraiser both satisfy the applicable
          requirements of Title XI of the Financial Institution Reform, Recovery,
          and
          Enforcement Act of 1989 and the regulations promulgated thereunder, all
          as in
          effect on the date the Mortgage Loan was originated;

         

        xxxii)  Insurance.

         

        The
          Mortgaged Property securing each Mortgage Loan is insured by an insurer
          acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
          as
          are covered under a standard extended coverage endorsement 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 Section
          4.10 of
          the Servicing Agreement, in an amount which is at least equal to the lesser
          of
          (1) 100% of the insurable value, on a replacement cost basis, of the
          improvements on the related Mortgaged Property, or (2) the greater of (x)
          the
          outstanding principal balance of the Mortgage Loan or (y) an amount such
          that
          the proceeds of such insurance shall be sufficient to avoid the application
          to
          the Mortgagor or loss payee of any coinsurance clause under the policy.
          If the
          Mortgaged Property is a condominium unit, it is included under the coverage
          afforded by a blanket policy for the project. If the improvements on the
          Mortgaged Property are in an area identified in the Federal Register by
          the
          Federal Emergency Management Agency as having special flood hazards, a
          flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration is in effect with a generally acceptable
          insurance carrier, in an amount representing coverage not less than the
          least of
          (a) the outstanding principal balance of the Mortgage Loan, (b) the full
          insurable value and (c) the maximum amount of insurance which was available
          under the Flood Disaster Protection Act of 1973, as amended. All individual
          insurance policies contain a standard mortgagee clause naming the Seller
          and its
          successors and assigns as mortgagee, and all premiums thereon have been
          paid.
          The Mortgage obligates the Mortgagor thereunder to maintain a hazard insurance
          policy at the Mortgagor's cost and expense, and on the Mortgagor's failure
          to do
          so, authorizes the holder of the Mortgage to obtain and maintain such insurance
          at such Mortgagor's cost and expense, and to seek reimbursement therefor
          from
          the Mortgagor. The hazard insurance policy is the valid and binding obligation
          of the insurer, is in full force and effect, and will be in full force
          and
          effect and inure to the benefit of the Purchaser upon the consummation
          of the
          transactions contemplated by this Agreement. The Seller has not acted or
          failed
          to act so as to impair the coverage of any such insurance policy or the
          validity, binding effect and enforceability thereof;

         

        xxxiii)  Servicemembers
          Civil Relief Act.

         

        The
          Mortgagor has not notified the Seller, and the Seller has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act, as amended;

         

        xxxiv)  No
          Balloon Payments, Graduated Payments or Contingent Interests.

         

        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.
          No
          Mortgage Loan has a balloon payment feature;

         

        xxxv)  No
          Construction Loans.

         

        No
          Mortgage Loan was made in connection with (1) the construction or rehabilitation
          of a Mortgage Property or (2) facilitating the trade-in or exchange of
          a
          Mortgaged Property other than a construction-to-permanent loan which has
          converted to a permanent Mortgage Loan;

         

        xxxvi)  Underwriting.

         

        Each
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          of
          the Seller; and the Mortgage Note and Mortgage are on forms acceptable
          to
          Freddie Mac or Fannie Mae;

         

        xxxvii)  Buydown
          Mortgage Loans.

         

        With
          respect to each Mortgage Loan that is a Buydown Mortgage Loan:

         

        On
          or
          before the date of origination of such Mortgage Loan, the Seller and the
          Mortgagor, or the Seller, the Mortgagor and the seller of the Mortgaged
          Property
          or a third party entered into a Buydown Agreement. The Buydown Agreement
          provides that the seller of the Mortgaged Property (or third party) shall
          deliver to the Seller temporary Buydown Funds in an amount equal to the
          aggregate undiscounted amount of payments that, when added to the amount
          the
          Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in
          accordance with the terms of the Buydown Agreement, is equal to the full
          scheduled Monthly Payment due on such Mortgage Loan. The temporary Buydown
          Funds
          enable the Mortgagor to qualify for the Buydown Mortgage Loan. The effective
          interest rate of a Buydown Mortgage Loan if less than the interest rate
          set
          forth in the related Mortgage Note will increase within the Buydown Period
          as
          provided in the related Buydown Agreement so that the effective interest
          rate
          will be equal to the interest rate as set forth in the related Mortgage
          Note.
          The Buydown Mortgage Loan satisfies the requirements of the Underwriting
          Guidelines;

         

        The
          Mortgage and Mortgage Note reflect the permanent payment terms rather than
          the
          payment terms of the Buydown Agreement. The Buydown Agreement provides
          for the
          payment by the Mortgagor of the full amount of the Monthly Payment on any
          Due
          Date that the Buydown Funds are available. The Buydown Funds were not used
          to
          reduce the original principal balance of the Mortgage Loan or to increase
          the
          Appraised Value of the Mortgage Property when calculating the Loan-to-Value
          Ratios for purposes of the Agreement and, if the Buydown Funds were provided
          by
          the Seller and if required under Underwriting Guidelines, the terms of
          the
          Buydown Agreement were disclosed to the appraiser of the Mortgaged
          Property;

         

        The
          Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor
          makes a
          principal payment for the outstanding balance of the Mortgage Loan;
          and

         

        As
          of the
          date of origination of the Mortgage Loan, the provisions of the related
          Buydown
          Agreement complied with the requirements of Fannie Mae or Freddie Mac regarding
          buydown agreements;

         

        xxxviii)  Cooperative
          Loans.

         

        With
          respect to each Cooperative Loan:

         

        The
          Cooperative Shares are held by a person as a tenant-stockholder in a
          Cooperative. Each original UCC financing statement, continuation statement
          or
          other governmental filing or recordation necessary to create or preserve
          the
          perfection and priority of the first lien and security interest in the
          Cooperative Loan and Proprietary Lease has been timely and properly made.
          Any
          security agreement, chattel mortgage or equivalent document related to
          the
          Cooperative Loan and delivered to Purchaser or its designee establishes
          in
          Purchaser a valid and subsisting perfected first lien on and security interest
          in the Mortgaged Property described therein, and Purchaser has full right
          to
          sell and assign the same;

         

        A
          Cooperative Lien Search has been made by a company competent to make the
          same
          which company is acceptable to Fannie Mae or Freddie Mac and qualified
          to do
          business in the jurisdiction where the Cooperative is located; 

         

        The
          term
          of the related Proprietary Lease is not less than the terms of the Cooperative
          Loan; (ii) there is no provision in any Proprietary Lease which requires
          the
          Mortgagor to offer for sale the Cooperative Shares owned by such Mortgagor
          first
          to the Cooperative; (iii) there is no prohibition in any Proprietary Lease
          against pledging the Cooperative Shares or assigning the Proprietary Lease;
          (iv)
          the Cooperative has been created and exists in full compliance with the
          requirements for residential cooperatives in the jurisdiction in which
          the
          Project is located and qualifies as a cooperative housing corporation under
          Section 210 of the Code; (v) the Recognition Agreement is on a form published
          by
          Aztech Document Services, Inc. or includes similar provisions; and (vi)
          the
          Cooperative has good and marketable title to the Project, and owns the
          Project
          either in fee simple; such title is free and clear of any adverse liens
          or
          encumbrances, except the lien of any blanket mortgage;

         

        The
          Seller has the right under the terms of the Mortgage Note, Pledge Agreement
          and
          Recognition Agreement to pay any maintenance charges or assessments owed
          by the
          Mortgagor; and

         

        Each
          Stock Power (i) has all signatures guaranteed or (ii) if all signatures
          are not
          guaranteed, then such Cooperative Shares will be transferred by the stock
          transfer agent of the Cooperative if the Seller undertakes to convert the
          ownership of the collateral securing the related Cooperative Loan.;

         

        xxxix)  HOEPA.

         

        No
          Mortgage Loan is a Covered Loan or a High Cost Loan (in the case of state
          or
          local law, as determined without giving effect to any available federal
          preemption, other than any exemptions specifically provided for in the
          relevant
          state or local law);

         

        xl)  Anti-Money
          Laundering Laws.

         

        The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, (the "Anti-Money Laundering Laws"), and has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws;

         

        xli)  Bankruptcy.

         

        No
          Mortgagor was a debtor in any state or federal bankruptcy or insolvency
          proceeding as of the date the Mortgage Loan was closed and the proceeds
          of the
          Mortgage Loan were distributed;

         

        xlii)  Due
          on
          Sale.

         

        The
          Mortgage or Mortgage Note contains an enforceable provision, to the extent
          not
          prohibited by federal law, for the acceleration of the payment of the unpaid
          principal balance of the Mortgage Loan in the event that the Mortgaged
          Property
          is sold or transferred without the prior written consent of the Mortgagee
          thereunder, provided that, with respect to Mortgage Notes which bear an
          adjustable rate of interest, such provision shall not be enforceable if
          the
          Mortgagor causes to be submitted to the Seller to evaluate the intended
          transferee as if a new Mortgage Loan were being made to such transferee,
          and the
          Seller reasonably determines that the security will not be impaired by
          such
          Mortgage Loan assumption and that the risk of breach of any covenant or
          agreement in such Mortgage is acceptable to the Purchaser;

         

        xliii)  Credit
          Reporting.

         

        With
          respect to each Mortgage Loan, the Seller has furnished complete information
          on
          the related borrower credit files to Equifax, Experian and Trans Union
          Credit
          Information Seller, in accordance with the Fair Credit Reporting Act and
          its
          implementing regulations;

         

        xliv)  Delivery
          of Custodial Mortgage Files.

         

        The
          Mortgage Loan Documents contained in the Custodial Mortgage File required
          to be
          delivered by the Seller have been delivered to the Custodian. The Seller
          is in
          possession of a complete, true and accurate Retained Mortgage File, except
          for
          such documents where the originals of which have been sent for
          recordation;

         

        xlv)  Single
          Premium Credit Life Insurance.

         

        No
          Mortgagor has been offered or required to purchase single premium credit
          insurance in connection with the origination of the Mortgage Loan;

         

        xlvi)  Payment
          in Full.

         

        The
          Seller had no knowledge, at the time of origination of the Mortgage Loan,
          of any
          fact that should have led it to expect that such Mortgage Loan would not
          be paid
          in full when due;

         

        xlvii)  MERS
          Mortgage Loans.

         

        With
          respect to each MERS Mortgage Loan, a MIN has been assigned to the Mortgage
          Loan, the MIN appears on the Mortgage or related Assignment of Mortgage
          to MERS,
          the Mortgage or the related Assignment of Mortgage to MERS has been duly
          and
          properly recorded on MERS, and the transfer to the Purchaser has been properly
          reflected in the MERS System pursuant to the Purchaser’s registration
          instructions;

         

        xlviii)  Leasehold
          Estates.

         

        No
          Mortgage Loan is leasehold Mortgage Loan;

         

        xlix)  Mixed-Use
          Property.

         

        No
          Mortgaged Property shall be used solely for commercial purposes. With respect
          to
          any Mortgaged Property that is a mixed-use property (i) the Mortgaged Property
          is a single family dwelling, (ii) any commercial use of the Mortgaged Property
          represents a legal, permissible use of the Mortgaged Property under federal,
          state and local laws and ordinances; (iii) the Mortgagor is both the owner
          and
          the operator of the business conducted on the Mortgaged Property; and (iv)
          income from the business use of the Mortgaged Property was not taken into
          account in determining the Appraised Value of the Mortgaged Property. The
          Mortgaged Property with respect to each mixed-use property is in material
          compliance with all applicable environmental laws pertaining to environmental
          hazards and neither the Company nor, to the Company’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        l)  Prepayment
          Charge Enforceability.

         

        The
          Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
          Charge specifically authorizes such Prepayment Charge to be collected,
          such
          Prepayment Charge is permissible and enforceable in accordance with the
          terms of
          the related Mortgage Loan Documents and all federal, state and local laws
          applicable to the Mortgage Loans (except to the extent that the enforceability
          thereof may be limited by bankruptcy, insolvency, moratorium, receivership
          and
          other similar laws relating to creditors’ rights generally or the collectability
          thereof may be limited due to acceleration in connection with a foreclosure);
          and

         

        li)  Prepayment
          Charge Amount and Duration.

         

        Each
          such
          Prepayment Charge is in an amount equal to the maximum amount permitted
          under
          applicable law and no Mortgage Loan originated on or after October 1, 2002
          provides for the payment of a Prepayment Penalty beyond the three-year
          term
          following the origination of the Mortgage Loan. No Mortgage Loan originated
          prior to such date provides for the payment of a Prepayment Penalty beyond
          the
          five-year term following the origination of the Mortgage Loan.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          F

        

        Representation
          and Warranties with Respect to the Wells Fargo 2005-W40 Mortgage
          Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Wells Fargo 2005-W40 Mortgage Loans
          sold by the Seller to the Purchaser, all capitalized terms in this Exhibit
          E
          shall have the meanings ascribed to them in the 2005-W40 Wells Fargo Servicing
          Agreement.

        

         

        i)  Payments
          Current.

         

        All
          payments required to be made up to the Cut-off Date for the Mortgage Loan
          under
          the terms of the Mortgage Note have been made and credited. No payment
          under any
          Mortgage Loan has been 30 days delinquent more than one time within twelve
          months prior to the Closing Date;

         

        ii)  No
          Outstanding Charges.

         

        There
          are
          no defaults in complying with the terms of the Mortgages, and all taxes,
          governmental assessments, insurance premiums, leasehold payments, water,
          sewer
          and municipal charges, which previously became due and owing have been
          paid, or
          an escrow of funds has been established in an amount sufficient to pay
          for every
          such item which remains unpaid and which has been assessed but is not yet
          due
          and payable. The Company has not advanced funds, or induced, or solicited
          directly or indirectly, the payment of any amount required under the Mortgage
          Loan, except for interest accruing from the date of the Mortgage Note or
          date of
          disbursement of the Mortgage Loan proceeds, whichever is later, to the
          day which
          precedes by one month the Due Date of the first installment of principal
          and
          interest;

         

        iii)  Original
          Terms Unmodified.

         

        The
          terms
          of the Mortgage Note and Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by a written instrument which has been
          recorded
          or registered with the MERS System, if necessary, to protect the interests
          of
          the Purchaser and which has been delivered to the Custodian. The substance
          of
          any such waiver, alteration or modification has been approved by the issuer
          of
          any related PMI Policy and the title insurer, to the extent required by
          the
          policy, and its terms are reflected on the Mortgage Loan Schedule. No Mortgagor
          has been released, in whole or in part, except in connection with an assumption
          agreement approved by the issuer of any related PMI Policy and the title
          insurer, to the extent required by the policy, and which assumption agreement
          is
          part of the Mortgage File delivered to the Custodian and the terms of which
          are
          reflected in the Mortgage Loan Schedule;

         

        iv)  No
          Defenses.

         

        The
          Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
          or defense, including without limitation the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note or the Mortgage, or
          the
          exercise of any right thereunder, render either the Mortgage Note or the
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, and no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

         

        v)  No
          Satisfaction of Mortgage.

         

        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, release, cancellation, subordination
          or
          rescission;

         

        vi)  Validity
          of Mortgage Documents.

         

        The
          Mortgage Note and the Mortgage and related documents are genuine, and each
          is
          the legal, valid and binding obligation of the maker thereof enforceable
          in
          accordance with its terms. 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.

         

        vii)  With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
          terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
          the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of
          Proprietary Lease had legal capacity to enter into the Mortgage Loan and
          to
          execute and deliver such documents, and such documents have been duly and
          properly executed by such parties;

         

        viii)  No
          Fraud.

         

        ix)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Company,
          or the
          Mortgagor, or to the best of the Company’s knowledge, any appraiser, any
          builder, or any developer, or any other party involved in the origination
          of the
          Mortgage Loan or in the application of any insurance in relation to such
          Mortgage Loan;

         

        x)  Compliance
          with Applicable Laws.

         

        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 or predatory and
          abusive
          lending laws applicable to the Mortgage Loan have been complied with. All
          inspections, licenses and certificates required to be made or issued with
          respect to all occupied portions of the Mortgaged Property and, with respect
          to
          the use and occupancy of the same, including, but not limited to, certificates
          of occupancy and fire underwriting certificates, have been made or obtained
          from
          the appropriate authorities;

         

        xi)  Location
          and Type of Mortgaged Property.

         

        The
          Mortgaged Property is located in the state identified in the Mortgage Loan
          Schedule and consists of a contiguous parcel of real property with a detached
          single family residence erected thereon, or a two- to four-family dwelling,
          or
          an individual condominium unit in a condominium project, or a Cooperative
          Apartment, or an individual unit in a planned unit development or a townhouse,
          provided, however, that any condominium project or planned unit development
          shall conform with the applicable Fannie Mae or Freddie Mac requirements,
          or the
          Underwriting Guidelines, regarding such dwellings, and no residence or
          dwelling
          is a leasehold, mobile home. As of the respective appraisal date for each
          Mortgaged Property, any Mortgaged Property being used for commercial purposes
          conforms to the Underwriting Guidelines and, to the best of the Company’s
          knowledge, since the date of such appraisal, no portion of the Mortgaged
          Property has been used for commercial purposes outside of the Underwriting
          Guidelines;

         

        xii)  Valid
          First Lien.

         

        The
          Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
          Property, including all buildings on the Mortgaged Property and all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems located in or annexed to such buildings, and all additions, alterations
          and replacements made at any time with respect to the foregoing. The lien
          of the
          Mortgage is subject only to:

         

        (1)
          the
          lien of current real property taxes and assessments not yet due and payable;
          (2)
          covenants, conditions and restrictions, rights of way, easements and
          other matters
          of the public record as of the date of recording acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and (i)
          referred to or otherwise considered in the appraisal made for the originator
          of
          the Mortgage Loan and (ii) which do not adversely affect the Appraised
          Value of
          the Mortgaged Property set forth in such appraisal; and (3) 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 mortgage
          or the
          use, enjoyment, value or marketability of the related 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 and enforceable first lien and first priority security interest
          on
          the property described therein and the Company has full right to sell and
          assign
          the same to the Purchaser.

         

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable and subsisting first security interest in the Cooperative Shares
          and
          Proprietary Lease, subject only to (i) the lien of the related Cooperative
          for
          unpaid assessments representing the Mortgagor’s pro rata share of the
          Cooperative’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (ii) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security intended to be provided by the Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project;

         

        xiii)  Full
          Disbursement of Proceeds.

         

        The
          proceeds of the Mortgage Loan have been fully disbursed, except for escrows
          established or created due to seasonal weather conditions, and there is
          no
          requirement for future advances thereunder. All costs, fees and expenses
          incurred in making or closing the Mortgage Loan and the recording of the
          Mortgage were paid, and the Mortgagor is not entitled to any refund of
          any
          amounts paid or due under the Mortgage Note or Mortgage;

         

        xiv)  Consolidation
          of Future Advances.

         

        Any
          future advances made prior to the Cut-off Date, have been consolidated
          with the
          outstanding principal amount secured by the Mortgage, and the secured principal
          amount, as consolidated, bears a single interest rate and single repayment
          term
          reflected on the Mortgage Loan Schedule. The lien of the Mortgage securing
          the
          consolidated principal amount is expressly insured as having first lien
          priority
          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 or Freddie Mac; the consolidated principal amount does not exceed
          the
          original principal amount of the Mortgage Loan; the Company shall not make
          future advances after the Cut-off Date;

         

        xv)  Ownership.

         

        The
          Company is the sole owner of record and holder of the Mortgage Loans and
          the
          related Mortgage Note and the Mortgage are not assigned or pledged, and
          the
          Company has good and marketable title thereto and has full right and authority
          to transfer and sell the Mortgage Loan to the Purchaser. The Company is
          transferring the Mortgage Loan free and clear of any and all encumbrances,
          liens, pledges, equities, participation interests, claims, charges or security
          interests of any nature encumbering such Mortgage Loan;

         

        xvi)  Origination/Doing
          Business.

         

        The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          that is supervised and examined by a federal or state authority or by a
          mortgagee approved by the Secretary of Housing and Urban Development pursuant
          to
          Sections 203 and 211 of the National Housing Act. 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) (1) in compliance with any and all applicable licensing
          requirements of the laws of the state wherein the Mortgaged Property is
          located,
          and (2) organized under the laws of such state, or (3) qualified to do
          business
          in such state, or (4) federal savings and loan associations or national
          banks
          having principal offices in such state, or (5) not doing business in such
          state;

         

        xvii)  LTV,
          PMI
          Policy.

         

        Each
          Mortgage Loan has an LTV as specified on the Mortgage Loan Schedule. Except
          for
          Pledged Asset Mortgage Loans, if the LTV of the Mortgage Loan was greater
          than
          80% at the time of origination, a portion of the unpaid principal balance
          of the
          Mortgage Loan is and will be insured as to payment defaults by a PMI Policy.
          If
          the Mortgage Loan is insured by a PMI Policy for which the Mortgagor pays
          all
          premiums, the coverage will remain in place until (i) the LTV decreases
          to 78%
          or (ii) the PMI Policy is otherwise terminated pursuant to the Homeowners
          Protection Act of 1998, 12 USC §4901, et seq. All provisions of such PMI Policy
          or LPMI Policy have been and are being complied with, such policy is in
          full
          force and effect, and all premiums due thereunder have been paid. The Qualified
          Insurer has a claims paying ability acceptable to Fannie Mae or Freddie
          Mac. Any
          Mortgage Loan subject to a PMI Policy or LPMI Policy obligates the Mortgagor
          or
          the Company to maintain the PMI Policy or LPMI Policy and to pay all premiums
          and charges in connection therewith. The Mortgage Interest Rate for the
          Mortgage
          Loan as set forth on the Mortgage Loan Schedule is net of any such insurance
          premium;

         

        xviii)  Title
          Insurance.

         

        The
          Mortgage Loan is covered by an ALTA lender's title insurance policy (or
          in the
          case of any Mortgage Loan secured by a Mortgaged Property located in a
          jurisdiction where such policies are generally not available, an opinion
          of
          counsel of the type customarily rendered in such jurisdiction in lieu of
          title
          insurance) or other generally acceptable form of policy of insurance acceptable
          to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie
          Mae
          or Freddie Mac and qualified to do business in the jurisdiction where the
          Mortgaged Property is located, insuring the Company, its successors and
          assigns,
          as to the first priority lien of the Mortgage in the original principal
          amount
          of the Mortgage Loan, subject only to the exceptions contained in clauses
          (1),
          (2) and (3) of Paragraph (k) of this Section 3.02, and against any loss
          by
          reason of the invalidity or unenforceability of the lien resulting from
          the
          provisions of the Mortgage providing for adjustment to the Mortgage Interest
          Rate and Monthly Payment. Additionally, such lender’s title insurance policy
          includes no exceptions regarding ingress, egress or encroachments that
          impact
          the value or the marketability of the Mortgaged Property. The Company 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 force and effect
          upon the consummation of the transactions contemplated by this Agreement.
          No
          claims have been made under such lender's title insurance policy, and no
          prior
          holder of the Mortgage, including the Company, has done, by act or omission,
          anything which would impair the coverage of such lender's title insurance
          policy;

         

        xix)  No
          Defaults.

         

        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 neither the Company
          nor
          its predecessors have waived any default, breach, violation or event of
          acceleration;

         

        xx)  No
          Mechanics' Liens.

         

        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 the law could give
          rise to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related Mortgage
          which
          are not insured against by the title insurance policy referenced in Paragraph
          (xvii) above;

         

        xxi)  Location
          of Improvements; No Encroachments.

         

        Except
          as
          insured against by the title insurance policy referenced in Paragraph (xvii)
          above, all improvements which were considered in determining the Appraised
          Value
          of the 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. No improvement located
          on or
          being part of the Mortgaged Property is in violation of any applicable
          zoning
          law or regulation;

         

        xxii)  Payment
          Terms.

         

        xxiii)  Except
          with respect to the Interest Only Mortgage Loans, principal payments commenced
          no more than 60 days after the funds were disbursed to the Mortgagor in
          connection with the Mortgage Loan. The Mortgage Loans have an original
          term to
          maturity of not more than 30 years, with interest payable in arrears on
          the
          first day of each month. As to each adjustable rate Mortgage Loan on each
          applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
          to equal
          the sum of the Index plus the applicable Gross Margin, rounded up or down
          to the
          nearest multiple of 0.125% indicated by the Mortgage Note; provided that
          the
          Mortgage Interest Rate will not increase or decrease by more than the Periodic
          Interest Rate Cap on any Adjustment Date, and will in no event exceed the
          maximum Mortgage Interest Rate or be lower than the minimum Mortgage Interest
          Rate listed on the Mortgage Loan Schedule for such Mortgage Loan. As to
          each
          adjustable rate Mortgage Loan that is not an Interest Only Mortgage Loan,
          each
          Mortgage Note requires a monthly payment which is sufficient, during the
          period
          prior to the first adjustment to the Mortgage Interest Rate, to fully amortize
          the outstanding principal balance as of the first day of such period over
          the
          then remaining term of such Mortgage Note and to pay interest at the related
          Mortgage Interest Rate. As to each adjustable rate Mortgage Loan, if the
          related
          Mortgage Interest Rate changes on an Adjustment Date or, with respect to
          an
          Interest Only Mortgage Loan, on an Adjustment Date following the related
          interest only period, the then outstanding principal balance will be reamortized
          over the remaining life of such Mortgage Loan. No Mortgage Loan contains
          terms
          or provisions which would result in negative amortization;

         

        xxiv)  Customary
          Provisions.

         

        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.
          There
          is no homestead or other exemption available to a Mortgagor which would
          interfere with the right to sell the Mortgaged Property at a trustee's
          sale or
          the right to foreclose the Mortgage;

         

        xxv)  Occupancy
          of the Mortgaged Property.

         

        As
          of the
          date of origination, the Mortgaged Property was in good repair and was
          lawfully
          occupied under applicable law;

         

        xxvi)  No
          Additional Collateral.

         

        Except
          in
          the case of a Pledged Asset Mortgage Loan and as indicated on the related
          Data
          File, the Mortgage Note is not and has not been secured by any collateral,
          pledged account or other security except the lien of the corresponding
          Mortgage
          and the security interest of any applicable security agreement or chattel
          mortgage referred to in Paragraph (k) above;

         

        xxvii)  Deeds
          of
          Trust.

         

        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 Mortgagee to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

         

        xxviii)  Acceptable
          Investment.

         

        The
          Company has no knowledge of any circumstances or conditions with respect
          to the
          Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's
          credit
          standing that can reasonably be expected to cause private institutional
          investors to regard the Mortgage Loan as an unacceptable investment, cause
          the
          Mortgage Loan to become delinquent, or adversely affect the value or
          marketability of the Mortgage Loan;

         

        xxix)  Transfer
          of Mortgage Loans.

         

        If
          the
          Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage,
          upon the
          insertion of the name of the assignee and recording information, is in
          recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        xxx)  Mortgaged
          Property Undamaged.

         

        The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado or other casualty so as to affect adversely the
          value
          of the Mortgaged Property as security for the Mortgage Loan or the use
          for which
          the premises were intended;

         

        xxxi)  Collection
          Practices; Escrow Deposits.

         

        The
          origination, servicing and collection practices used with respect to the
          Mortgage Loan have been in accordance with Accepted Servicing Practices,
          and
          have been in all material respects legal and proper. With respect to escrow
          deposits and Escrow Payments, all such payments are in the possession of
          the
          Company and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made. All Escrow
          Payments have been collected in full compliance with state and federal
          law. No
          escrow deposits or Escrow Payments or other charges or payments due the
          Company
          have been capitalized under the Mortgage Note;

         

        xxxii)  No
          Condemnation.

         

        There
          is
          no proceeding pending or to the best of the Company’s knowledge threatened for
          the total or partial condemnation of the related Mortgaged
          Property;

         

        xxxiii)  The
          Appraisal.

         

        The
          Mortgage Loan Documents include an appraisal, with the exception of any
          Time$aver® Mortgage Loan (which at the original origination were on form 1004 or
          form 2055 with interior inspections), of the related Mortgaged Property.
          The
          appraisal was conducted by an appraiser who had no interest, direct or
          indirect,
          in the Mortgaged Property or in any loan made on the security thereof;
          and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and the appraiser both satisfy the applicable
          requirements of Title XI of the Financial Institution Reform, Recovery,
          and
          Enforcement Act of 1989 and the regulations promulgated thereunder, all
          as in
          effect on the date the Mortgage Loan was originated;

         

        xxxiv)  Insurance.

         

        The
          Mortgaged Property securing each Mortgage Loan is insured by an insurer
          acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
          as
          are covered under a standard extended coverage endorsement 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 Section
          4.10,
          in an amount which is not less than the lesser of 100% of the insurable
          value of
          the Mortgaged Property and the outstanding principal balance of the Mortgage
          Loan, but in no event less than the minimum amount necessary to fully compensate
          for any damage or loss on a replacement cost basis. If the Mortgaged Property
          is
          a condominium unit, it is included under the coverage afforded by a blanket
          policy for the project. If the improvements on the Mortgaged Property are
          in an
          area identified in the Federal Register by the Federal Emergency Management
          Agency as having special flood hazards, a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          is in effect with a generally acceptable insurance carrier, in an amount
          representing coverage not less than the least of (A) the outstanding principal
          balance of the Mortgage Loan, (B) the full insurable value and (C) the
          maximum
          amount of insurance which was available under the Flood Disaster Protection
          Act
          of 1973, as amended. All individual insurance policies contain a standard
          mortgagee clause naming the Company and its successors and assigns as mortgagee,
          and all premiums thereon have been paid. The Mortgage obligates the Mortgagor
          thereunder to maintain a hazard insurance policy at the Mortgagor's cost
          and
          expense, and on the Mortgagor's failure to do so, authorizes the holder
          of the
          Mortgage to obtain and maintain such insurance at such Mortgagor's cost
          and
          expense, and to seek reimbursement therefor from the Mortgagor. The hazard
          insurance policy is the valid and binding obligation of the insurer, is
          in full
          force and effect, and will be in full force and effect and inure to the
          benefit
          of the Purchaser upon the consummation of the transactions contemplated
          by this
          Agreement. The Company has not acted or failed to act so as to impair the
          coverage of any such insurance policy or the validity, binding effect and
          enforceability thereof;

         

        xxxv)  Servicemembers
          Civil Relief Act.

         

        The
          Mortgagor has not notified the Company, and the Company has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Servicemembers Civil
          Relief Act, as amended;

         

        xxxvi)  No
          Balloon Payments, Graduated Payments or Contingent Interests.

         

        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.
          No
          Mortgage Loan has a balloon payment feature;

         

        xxxvii)  No
          Construction Loans.

         

        No
          Mortgage Loan was made in connection with (i) the construction or rehabilitation
          of a Mortgage Property or (ii) facilitating the trade-in or exchange of
          a
          Mortgaged Property other than a construction-to-permanent loan which has
          converted to a permanent Mortgage Loan;

         

        xxxviii)  Underwriting.

         

        Each
          Mortgage Loan was underwritten in accordance with the underwriting guidelines
          of
          the Company; and the Mortgage Note and Mortgage are on forms acceptable
          to
          Freddie Mac or Fannie Mae;

         

        xxxix)  Buydown
          Mortgage Loans.

         

        With
          respect to each Mortgage Loan that is a Buydown Mortgage Loan: (i) On or
          before
          the date of origination of such Mortgage Loan, the Company and the Mortgagor,
          or
          the Company, the Mortgagor and the seller of the Mortgaged Property or
          a third
          party entered into a Buydown Agreement. The Buydown Agreement provides
          that the
          seller of the Mortgaged Property (or third party) shall deliver to the
          Company
          temporary Buydown Funds in an amount equal to the aggregate undiscounted
          amount
          of payments that, when added to the amount the Mortgagor on such Mortgage
          Loan
          is obligated to pay on each Due Date in accordance with the terms of the
          Buydown
          Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage
          Loan. The temporary Buydown Funds enable the Mortgagor to qualify for the
          Buydown Mortgage Loan. The effective interest rate of a Buydown Mortgage
          Loan if
          less than the interest rate set forth in the related Mortgage Note will
          increase
          within the Buydown Period as provided in the related Buydown Agreement
          so that
          the effective interest rate will be equal to the interest rate as set forth
          in
          the related Mortgage Note. The Buydown Mortgage Loan satisfies the requirements
          of Fannie Mae guidelines; (ii) The Mortgage and Mortgage Note reflect the
          permanent payment terms rather than the payment terms of the Buydown Agreement.
          The Buydown Agreement provides for the payment by the Mortgagor of the
          full
          amount of the Monthly Payment on any Due Date that the Buydown Funds are
          available. The Buydown Funds were not used to reduce the original principal
          balance of the Mortgage Loan or to increase the Appraised Value of the
          Mortgage
          Property when calculating the Loan-to-Value Ratios for purposes of the
          Agreement
          and, if the Buydown Funds were provided by the Company and if required
          under
          Fannie Mae and Freddie Mac guidelines, the terms of the Buydown Agreement
          were
          disclosed to the appraiser of the Mortgaged Property; (iii) The Buydown
          Funds
          may not be refunded to the Mortgagor unless the Mortgagor makes a principal
          payment for the outstanding balance of the Mortgage Loan; and (iv) As of
          the
          date of origination of the Mortgage Loan, the provisions of the related
          Buydown
          Agreement complied with the requirements of Fannie Mae and Freddie Mac
          regarding
          buydown agreements;

         

        xl)  Cooperative
          Loans.

         

        With
          respect to each Cooperative Loan: (i) The Cooperative Shares are held by
          a
          person as a tenant-stockholder in a Cooperative. Each original UCC financing
          statement, continuation statement or other governmental filing or recordation
          necessary to create or preserve the perfection and priority of the first
          lien
          and security interest in the Cooperative Loan and Proprietary Lease has
          been
          timely and properly made. Any security agreement, chattel mortgage or equivalent
          document related to the Cooperative Loan and delivered to Purchaser or
          its
          designee establishes in Purchaser a valid and subsisting perfected first
          lien on
          and security interest in the Mortgaged Property described therein, and
          Purchaser
          has full right to sell and assign the same; (ii) A Cooperative Lien Search
          has
          been made by a company competent to make the same which company is acceptable
          to
          Fannie Mae and qualified to do business in the jurisdiction where the
          Cooperative is located; (iii) (a) The term of the related Proprietary Lease
          is
          not less than the terms of the Cooperative Loan; (b) there is no provision
          in
          any Proprietary Lease which requires the Mortgagor to offer for sale the
          Cooperative Shares owned by such Mortgagor first to the Cooperative; (c)
          there
          is no prohibition in any Proprietary Lease against pledging the Cooperative
          Shares or assigning the Proprietary Lease; (d) the Cooperative has been
          created
          and exists in full compliance with the requirements for residential cooperatives
          in the jurisdiction in which the Project is located and qualifies as a
          cooperative housing corporation under Section 210 of the Code; (e) the
          Recognition Agreement is on a form published by Aztech Document Services,
          Inc.
          or includes similar provisions; and (f) the Cooperative has good and marketable
          title to the Project, and owns the Project either in fee simple; such title
          is
          free and clear of any adverse liens or encumbrances, except the lien of
          any
          blanket mortgage; (iv) The Company has the right under the terms of the
          Mortgage
          Note, Pledge Agreement and Recognition Agreement to pay any maintenance
          charges
          or assessments owed by the Mortgagor; and (v) Each Stock Power (i) has
          all
          signatures guaranteed or (ii) if all signatures are not guaranteed, then
          such
          Cooperative Shares will be transferred by the stock transfer agent of the
          Cooperative if the Company undertakes to convert the ownership of the collateral
          securing the related Cooperative Loan.

         

        xli)  HOEPA.

         

        No
          Mortgage Loan is a Covered Loan or a High Cost Loan (in the case of state
          or
          local law, as determined without giving effect to any available federal
          preemption, other than any exemptions specifically provided for in the
          relevant
          state or local law);

         

        xlii)  Anti-Money
          Laundering Laws.

         

        The
          Company has complied with all applicable anti-money laundering laws and
          regulations, (the "Anti-Money Laundering Laws"), and has established an
          antimony
          laundering compliance program as required by the Anti-Money Laundering
          Laws;

         

        xliii)  Bankruptcy.

         

        No
          Mortgagor was a debtor in any state or federal bankruptcy or insolvency
          proceeding as of the date the Mortgage Loan was closed and the proceeds
          of the
          Mortgage Loan were distributed;

         

        xliv)  Due
          on
          Sale.

         

        The
          Mortgage or Mortgage Note contains an enforceable provision, to the extent
          not
          prohibited by federal law, for the acceleration of the payment of the unpaid
          principal balance of the Mortgage Loan in the event that the Mortgaged
          Property
          is sold or transferred without the prior written consent of the Mortgagee
          thereunder, provided that, with respect to Mortgage Notes which bear an
          adjustable rate of interest, such provision shall not be enforceable if
          the
          Mortgagor causes to be submitted to the Company to evaluate the intended
          transferee as if a new Mortgage Loan were being made to such transferee,
          and the
          Company reasonably determines that the security will not be impaired by
          such
          Mortgage Loan assumption and that the risk of breach of any covenant or
          agreement in such Mortgage is acceptable to the Purchaser;

         

        xlv)  Credit
          Reporting.

         

        With
          respect to each Mortgage Loan, the Company has furnished complete information
          on
          the related borrower credit files to Equifax, Experian and Trans Union
          Credit
          Information Company, in accordance with the Fair Credit Reporting Act and
          its
          implementing regulations;

         

        xlvi)  Delivery
          of Mortgage Files.

         

        The
          Mortgage Loan Documents required to be delivered by the Company have been
          delivered to the Custodian. The Company is in possession of a complete,
          true and
          accurate Mortgage File in compliance with the Servicing Agreement, except
          for
          such documents the originals of which have been delivered to the Custodian
          or
          for such documents where the originals of which have been sent for
          recordation;

         

        xlvii)  Single
          Premium Credit Life Insurance.

         

        No
          Mortgagor has been offered or required to purchase single premium credit
          insurance in connection with the origination of the Mortgage Loan;

         

        xlviii)  Payment
          in Full.

         

        The
          Company had no knowledge, at the time of origination of the Mortgage Loan,
          of
          any fact that should have led it to expect that such Mortgage Loan would
          not be
          paid in full when due; and

         

        xlix)  MERS
          Mortgage Loans.

         

        With
          respect to each MERS Mortgage Loan, a MIN has been assigned to the Mortgage
          Loan, the MIN appears on the Mortgage or related Assignment of Mortgage
          to MERS,
          the Mortgage or the related Assignment of Mortgage to MERS has been duly
          and
          properly recorded on MERS, and the transfer to the Purchaser has been properly
          reflected in the MERS System pursuant to the Purchaser’s registration
          instructions.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        Representation
          and Warranties with Respect to the Wells Fargo 2005-W55 Mortgage
          Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Wells Fargo 2005-W55 Mortgage Loans
          sold by the Seller to the Purchaser, all capitalized terms in this Exhibit
          G
          shall have the meanings ascribed to them in the 2005-W55 Wells Fargo Servicing
          Agreement.

        

        (a)
          Reserved.

        

        (b)
          Payments Current.

        All
          payments required to be made up to the Cut-off Date for the Mortgage Loan
          under
          the
          terms of the Mortgage Note have been made and credited. No payment

        under
          any
          Mortgage Loan has been 30 days delinquent more than one time within twelve
          months prior to the Closing Date;

        

        (c)
          No
          Outstanding Charges.

        There
          are
          no defaults in complying with the terms of the Mortgages, and all taxes,
          governmental
          assessments, insurance premiums, leasehold payments, water, sewer
          and
          municipal charges, which previously became due and owing have been paid,
          or
          an escrow of funds has been established in an amount sufficient to pay
          for
every
          such item which remains unpaid and which has been assessed but is not yet
          due
          and
          payable. The Company has not advanced funds, or induced, or solicited
directly
          or indirectly, the payment of any amount required under the Mortgage
Loan,
          except for interest accruing from the date of the Mortgage Note or date
          of 
disbursement
          of the Mortgage Loan proceeds, whichever is later, to the day which precedes
          by one month the Due Date of the first installment of principal and interest;

        

        (d)
          Original Terms Unmodified.

        The
          terms
          of the Mortgage Note and Mortgage have not been impaired, waived, altered
          or modified in any respect, except by a written instrument which has been
          recorded
          or registered with the MERS System, if necessary, to protect the interests
          of the Purchaser and which has been delivered to the Custodian. The substance
          of any such waiver, alteration or modification has been approved by the
          issuer
          of
          any related PMI Policy and the title insurer, to the extent required by
          the
policy,
          and its terms are reflected on the Mortgage Loan Schedule. No Mortgagor
          has
          been
          released, in whole or in part, except in connection with an assumption
          agreement
          approved by the issuer of any related PMI Policy and the title insurer,
          to
          the
          extent required by the policy, and which assumption agreement is part of
          the
          Mortgage File delivered to the Custodian and the terms of which are reflected
          in
          the
          Mortgage Loan Schedule;

        

        (e)
          No
          Defenses.

        The
          Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
          or
          defense, including without limitation the defense of usury, nor will the
          operation
          of any of the terms of the Mortgage Note or the Mortgage, or the exercise
          of any right thereunder, render either the Mortgage Note or the Mortgage
          unenforceable,
          in whole or in part, or subject to any right of rescission, set-off,
counterclaim
          or defense, including without limitation the defense of usury, and no
such
          right of rescission, set-off, counterclaim or defense has been asserted
          with
respect
          thereto;

        

        (f)
          No
          Satisfaction of Mortgage.

        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, release, cancellation, subordination or
rescission;

        

        (g)
          Validity of Mortgage Documents.

        The
          Mortgage Note and the Mortgage and related documents are genuine, and
each
          is
          the legal, valid and binding obligation of the maker thereof enforceable
          in
accordance
          with its terms. 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. With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
terms.
          All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of Proprietary Lease had legal capacity to enter into the Mortgage Loan
          and
          to execute and deliver such documents, and such documents have been duly
          and
          properly executed by such parties;

        

        (h)
          No
          Fraud.

        No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence
with
          respect to a Mortgage Loan has taken place on the part of the Company,
          or
the
          Mortgagor, or to the best of the Company’s knowledge, any appraiser, any
builder,
          or any developer, or any other party involved in the origination of the
          Mortgage
          Loan or in the application of any insurance in relation to such Mortgage
          Loan;

        

        (i)
          Compliance with Applicable Laws.

        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 or predatory and abusive
          lending
          laws applicable to the Mortgage Loan have been complied with. All inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
occupancy
          of the same, including, but not limited to, certificates of occupancy
and
          fire
          underwriting certificates, have been made or obtained from the appropriate
          authorities;

        

        (j)
          Location and Type of Mortgaged Property.

        The
          Mortgaged Property is located in the state identified in the Mortgage Loan
          Schedule
          and consists of a contiguous parcel of real property with a detached
single
          family residence erected thereon, or a two- to four-family dwelling, or
          an
individual
          condominium unit in a condominium project, or an individual unit in a
planned
          unit development or a townhouse, provided, however, that any condominium
          project or planned unit development shall conform with the applicable
          Fannie Mae or Freddie Mac requirements, or the Underwriting Guidelines,
          regarding such dwellings, and no residence or dwelling is a mobile home.
          As
          of the respective appraisal date for each Mortgaged Property, any Mortgaged
          Property being used for commercial purposes conforms to the Underwriting
          Guidelines and, to the best of the Company’s knowledge, since the date
          of
          such appraisal, no portion of the Mortgaged Property has been used for
          commercial
          purposes outside of the Underwriting Guidelines;

        

        (k)
          Valid
          First Lien.

        The
          Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
          Property,
          including all buildings on the Mortgaged Property and all installations
          and
          mechanical, electrical, plumbing, heating and air conditioning systems
          located
          in or annexed to such buildings, and all additions, alterations and replacements
          made at any time with respect to the foregoing. The lien of the Mortgage
          is subject only to: 

        (1)
          the
          lien of current real property taxes and assessments not yet due and payable;

        (2)
          covenants, conditions and restrictions, rights of way, easements and other
          matters
          of the public record as of the date of recording acceptable to mortgage
          lending institutions generally and specifically referred to in the lender's
          title insurance policy delivered to the originator of the Mortgage Loan
          and
          (i) referred to or otherwise considered in the appraisal made for the
          originator of the Mortgage Loan and (ii) which do not adversely affect
          the
          Appraised Value of the Mortgaged Property set forth in such
          appraisal;

        and

        (3)
          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 mortgage or the use, enjoyment, value or marketability of the
          related 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
          and enforceable first lien and first priority security interest on the
          property
          described therein and the Company has full right to sell and assign the
          same
          to
          the Purchaser.

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable
          and subsisting first security interest in the Cooperative Shares and
Proprietary
          Lease, subject only to (i) the lien of the related Cooperative for unpaid
          assessments
          representing the Mortgagor’s pro rata share of the Cooperative’s payments
          for its blanket mortgage, current and future real property taxes, insurance
          premiums, maintenance fees and other assessments to which like collateral
          is commonly subject and (ii) other matters to which like collateral is
          commonly
          subject which do not materially interfere with the benefits of the security
          intended to be provided by the Pledge Agreement; provided, however, that
          the
          appurtenant Proprietary Lease may be subordinated or otherwise subject
          to
          the
          lien of any mortgage on the Project;

        

        (l)
          Full
          Disbursement of Proceeds.

        The
          proceeds of the Mortgage Loan have been fully disbursed, except for escrows
          established
          or created due to seasonal weather conditions, and there is no 
requirement
          for future advances thereunder. All costs, fees and expenses incurred
in
          making
          or closing the Mortgage Loan and the recording of the Mortgage were paid,
          and
          the Mortgagor is not entitled to any refund of any amounts paid or due
          under
          the
          Mortgage Note or Mortgage;

        

        (m)
          Consolidation of Future Advances.

        Any
          future advances made prior to the Cut-off Date, have been consolidated
          with
the
          outstanding principal amount secured by the Mortgage, and the secured
principal
          amount, as consolidated, bears a single interest rate and single repayment
          term reflected on the Mortgage Loan Schedule. The lien of the Mortgage
          securing the consolidated principal amount is expressly insured as having
          first lien priority 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 or Freddie Mac; the consolidated principal amount does
not
          exceed the original principal amount of the Mortgage Loan; the Company
          shall
          not
          make future advances after the Cut-off Date;

        

        (n)
          Ownership.

        The
          Company is the sole owner of record and holder of the Mortgage Loans and
          the
          related Mortgage Note and the Mortgage are not assigned or pledged, and
          the
Company
          has good and marketable title thereto and has full right and authority
          to
transfer
          and sell the Mortgage Loan to the Purchaser. The Company is transferring
          the Mortgage Loan free and clear of any and all encumbrances, liens,
pledges,
          equities, participation interests, claims, charges or security interests
          of
any
          nature encumbering such Mortgage Loan;

        

        (o)
          Origination/Doing Business.

        The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a
          commercial bank, a credit union, an insurance company, or similar institution
          that is supervised and examined by a federal or state authority or by a
          mortgagee
          approved by the Secretary of Housing and Urban Development pursuant
          to Sections 203 and 211 of the National  Housing Act. 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) (1) in compliance with any and all applicable licensing
          requirements
          of the laws of the state wherein the Mortgaged Property is located, and
          (2)
          organized under the laws of such state, or (3) qualified to do business
          in
such
          state, or (4) federal savings and loan associations or national banks having
          principal
          offices in such state, or (5) not doing business in such state;

        

        (p)
          LTV,
          PMI Policy.

        Each
          Mortgage Loan has an LTV as specified on the Mortgage Loan Schedule.
          Except for Pledged Asset Mortgage Loans, if the LTV of the Mortgage
          Loan was greater than 80% at the time of origination, a portion of
          the
          unpaid principal balance of the Mortgage Loan is and will be insured
          as to payment defaults by a PMI Policy. If the Mortgage Loan is insured
          by a PMI Policy for which the Mortgagor pays all premiums, the coverage
          will remain in place until (i) the LTV decreases to 78% or (ii) the
          PMI
          Policy is otherwise terminated pursuant to the Homeowners Protection
          Act of 1998, 12 USC §4901, et seq. All provisions of such PMI
          Policy or LPMI Policy have been and are being complied with, such policy
          is
          in full force and effect, and all premiums due thereunder have been
          paid. The Qualified Insurer has a claims paying ability acceptable to
Fannie
          Mae or Freddie Mac. Any Mortgage Loan subject to a PMI Policy or
          LPMI
          Policy obligates the Mortgagor or the Company to maintain the PMI
          Policy or LPMI Policy and to pay all premiums and charges in connection
          therewith. The Mortgage Interest Rate for the Mortgage Loan as
          set
          forth on the Mortgage Loan Schedule is net of any such insurance premium;

        

        (q)
          Title
          Insurance.

        The
          Mortgage Loan is covered by an ALTA lender's title insurance policy (or
          in
the
          case
          of any Mortgage Loan secured by a Mortgaged Property located in a jurisdiction
          where such policies are generally not available, an opinion of counsel
          of
          the
          type customarily rendered in such jurisdiction in lieu of title insurance)
          or
other
          generally acceptable form of policy of insurance acceptable to Fannie Mae
          or
          Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie
          Mac
and
          qualified to do business in the jurisdiction where the Mortgaged Property
          is
located,
          insuring the Company, its successors and assigns, as to the first priority
          lien
          of
          the Mortgage in the original principal amount of the Mortgage Loan, subject
          only to the exceptions contained in clauses (1), (2) and (3) of Paragraph
          (k)
          of
          this Section 3.02, and against any loss by reason of the invalidity or
          unenforceability
          of the lien resulting from the provisions of the Mortgage providing
          for adjustment to the Mortgage Interest Rate and Monthly Payment. Additionally,
          such lender’s title insurance policy includes no exceptions regarding
          ingress, egress or encroachments that impact the value or the marketability
          of the Mortgaged Property. The Company 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 force and effect upon the consummation
          of the
transactions
          contemplated by this Agreement. No claims have been made under such
          lender's title insurance policy, and no prior holder of the Mortgage,
including
          the Company, has done, by act or omission, anything which would impair
          the coverage of such lender's title insurance policy;

        

        (r)
          No
          Defaults.

        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 neither the Company nor
          its
          predecessors have waived any default, breach, violation or event of acceleration;

        

        (s)
          No
          Mechanics' Liens.

        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 the law could give rise
          to
          such
          liens) affecting the related Mortgaged Property which are or may be liens
          prior
          to,
          or equal or coordinate with, the lien of the related Mortgage which are
          not
          insured against by the title insurance policy referenced in Paragraph (q)
          above;

        

        (t)
          Location of Improvements; No Encroachments.

        Except
          as
          insured against by the title insurance policy referenced in Paragraph (q)
          above,
          all improvements which were considered in determining the Appraised Value
          of
          the 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. No improvement located on or being
          part of the Mortgaged Property is in violation of any applicable zoning
          law
or
          regulation;

        

        (u)
          Payment Terms.

        Except
          with respect to the Interest Only Mortgage Loans, principal payments
commenced
          no more than 60 days after the funds were disbursed to the Mortgagor
          in connection with the Mortgage Loan. The Mortgage Loans have an original
          term to maturity of not more than 30 years, with interest payable in
arrears
          on the first day of each month. As to each adjustable rate Mortgage Loan
          on
          each
          applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
          to
          equal
          the sum of the Index plus the applicable Gross Margin, rounded up or
down
          to
          the nearest multiple of 0.125% indicated by the Mortgage Note; provided
          that
          the
          Mortgage Interest Rate will not increase or decrease by more than the
Periodic
          Interest Rate Cap on any Adjustment Date, and will in no event exceed
the
          maximum Mortgage Interest Rate or be lower than the minimum Mortgage
Interest
          Rate listed on the Mortgage Loan Schedule for such Mortgage Loan. As
to
          each
          adjustable rate Mortgage Loan that is not an Interest Only Mortgage Loan,
          each
          Mortgage Note requires a monthly payment which is sufficient, during the
          period
          prior to the first adjustment to the Mortgage Interest Rate, to fully amortize
          the
          outstanding principal balance as of the first day of such period over the
          then
remaining
          term of such Mortgage Note and to pay interest at the related Mortgage
          Interest
          Rate. As to each adjustable rate Mortgage Loan, if the related Mortgage
          Interest
          Rate changes on an Adjustment Date or, with respect to an Interest Only
          Mortgage
          Loan, on an Adjustment Date following the related interest only period,
          the
          then
          outstanding principal balance will be reamortized over the remaining life
          of
          such
          Mortgage Loan. No Mortgage Loan contains terms or provisions which would
          result in negative amortization;

        

        (v)
          Customary Provisions.

        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. There
          is
no
          homestead or other exemption available to a Mortgagor which would interfere
          with
          the
          right to sell the Mortgaged Property at a trustee's sale or the right to
          foreclose
          the Mortgage;

        

        (w)
          Occupancy of the Mortgaged Property.

        As
          of the
          date of origination, the Mortgaged Property was in good repair and was
          lawfully
          occupied under applicable law;

        

        (x)
          No
          Additional Collateral.

        Except
          in
          the case of a Pledged Asset Mortgage Loan and as indicated on the related
          Data File, the Mortgage Note is not and has not been secured by any collateral,
          pledged account or other security except the lien of the corresponding
          Mortgage
          and the security interest of any applicable security agreement or chattel
          mortgage
          referred to in Paragraph (k) above;

        

        (y)
          Deeds
          of Trust.

        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 Mortgagee to the trustee under the deed of trust, except
          in
connection
          with a trustee's sale after default by the Mortgagor; 

        

        (z)
          Acceptable Investment.

        The
          Company has no knowledge of any circumstances or conditions with respect
          to
          the
          Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's
          credit
          standing that can reasonably be expected to cause private institutional
          investors
          to regard the Mortgage Loan as an unacceptable investment, cause the
Mortgage
          Loan to become delinquent, or adversely affect the value or marketability
          of the Mortgage Loan;

        

        (aa)
          Transfer of Mortgage Loans.

        If
          the
          Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage,
          upon the insertion of the name of the assignee and recording information,
          is in recordable form and is acceptable for recording under the laws
of
          the
          jurisdiction in which the Mortgaged Property is located;

        

        (bb)
          Mortgaged Property Undamaged.

        The
          Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
          windstorm, flood, tornado or other casualty so as to affect adversely
the
          value
          of the Mortgaged Property as security for the Mortgage Loan or the use
          for
          which
          the premises were intended;

        

        (cc)
          Collection Practices; Escrow Deposits.

        The
          origination, servicing and collection practices used with respect to the
          Mortgage
          Loan have been in accordance with Accepted Servicing Practices, and have
          been
          in all material respects legal and proper. With respect to escrow deposits
          and Escrow Payments, all such payments are in the possession of the Company
          and there exist no deficiencies in connection therewith for which customary
          arrangements for repayment thereof have not been made. All Escrow Payments
          have been collected in full compliance with state and federal law. No
escrow
          deposits or Escrow Payments or other charges or payments due the Company
          have been capitalized under the Mortgage Note;

        

        (dd)
          No
          Condemnation.

        There
          is
          no proceeding pending or to the best of the Company’s knowledge threatened
          for the total or partial condemnation of the related Mortgaged Property;

        

        (ee)
          The
          Appraisal.

        The
          Mortgage File include an appraisal, with the exception of any Time$aver®
Mortgage
          Loan (which at the original origination were on form 1004 or form 2055
          with
          interior inspections), of the related Mortgaged Property. The appraisal
          was
          conducted by an appraiser who had no interest, direct or indirect, in the
          Mortgaged
          Property or in any loan made on the security thereof; and whose compensation
          is not affected by the approval or disapproval of the Mortgage Loan,
          and
          the appraisal and the appraiser both satisfy the applicable requirements
          of
          Title
          XI of the Financial Institution Reform, Recovery, and Enforcement Act of
          1989
          and
          the regulations promulgated thereunder, all as in effect on the date the
          Mortgage
          Loan was originated;

        

        (ff)
          Insurance.

        The
          Mortgaged Property securing each Mortgage Loan is insured by an insurer
          acceptable
          to Fannie Mae or Freddie Mac against loss by fire and such hazards as
are
          covered under a standard extended coverage endorsement 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 Section 4.10, in
          an
          amount
          which is not less than the lesser of 100% of the insurable value of the
          Mortgaged
          Property and the outstanding principal balance of the Mortgage Loan,
but
          in no
          event less than the minimum amount necessary to fully compensate for
any
          damage or loss on a replacement cost basis. If the Mortgaged Property is
          a
condominium
          unit, it is included under the coverage afforded by a blanket policy
for
          the
          project. If the improvements on the Mortgaged Property are in an area
identified
          in the Federal Register by the Federal Emergency Management Agency as
          having
          special flood hazards, a flood insurance policy meeting the requirements
          of the current guidelines of the Federal Insurance Administration is
in
          effect
          with a generally acceptable insurance carrier, in an amount representing
          coverage
          not less than the least of (A) the outstanding principal balance of the
          Mortgage
          Loan, (B) the full insurable value and (C) the maximum amount of insurance
          which was available under the Flood Disaster Protection Act of 1973,
as
          amended. All individual insurance policies contain a standard mortgagee
          clause
          naming the Company and its successors and assigns as mortgagee, and all
          premiums
          thereon have been paid. The Mortgage obligates the Mortgagor thereunder
          to maintain a hazard insurance policy at the Mortgagor's cost and expense,
          and on the Mortgagor's failure to do so, authorizes the holder of the
Mortgage
          to obtain and maintain such insurance at such Mortgagor's cost and expense,
          and to seek reimbursement therefor from the Mortgagor. The hazard 
insurance
          policy is the valid and binding obligation of the insurer, is in full force
          and
          effect, and will be in full force and effect and inure to the benefit of
          the
Purchaser
          upon the consummation of the transactions contemplated by this Agreement.
          The Company has not acted or failed to act so as to impair the coverage
          of any such insurance policy or the validity, binding effect and enforceability
          thereof;

        

        (gg)
          Servicemembers Civil Relief Act.

        The
          Mortgagor has not notified the Company, and the Company has no knowledge
          of any relief requested or allowed to the Mortgagor under the Servicemembers
          Civil Relief Act, as amended;

        

        (hh)
          No
          Balloon Payments, Graduated Payments or Contingent Interests.

        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. No
          Mortgage
          Loan has a balloon payment feature;

        

        (ii)
          No
          Construction Loans.

        No
          Mortgage Loan was made in connection with (i) the construction or rehabilitation
          of a Mortgage Property or (ii) facilitating the trade-in or exchange
of
          a
          Mortgaged Property other than a construction-to-permanent loan which has
          converted
          to a permanent Mortgage Loan;

        

        (jj)
          Underwriting.

        Each
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          of the Company; and the Mortgage Note and Mortgage are on forms acceptable
          to Freddie Mac or Fannie Mae;

        

        (kk)
          Buydown Mortgage Loans.

        With
          respect to each Mortgage Loan that is a Buydown Mortgage Loan: (i)
          On or
          before the date of origination of such Mortgage Loan, the Company and
          the
          Mortgagor, or the Company, the Mortgagor and the seller of the Mortgaged
          Property or a third party entered into a Buydown Agreement. The
          Buydown Agreement provides that the seller of the Mortgaged Property
          (or third party) shall deliver to the Company temporary Buydown Funds
          in
          an amount equal to the aggregate undiscounted amount of payments
          that, when added to the amount the Mortgagor on such Mortgage
          Loan is obligated to pay on each Due Date in accordance with the
          terms
          of the Buydown Agreement, is equal to the full scheduled Monthly
          Payment due on such Mortgage Loan. The temporary Buydown Funds
          enable the Mortgagor to qualify for the Buydown Mortgage Loan. The
          effective interest rate of a Buydown Mortgage Loan if less than the interest
          rate set forth in the related Mortgage Note will increase within the
Buydown
          Period as provided in the related Buydown Agreement so that the
          effective interest rate will be equal to the interest rate as set forth
          in the
related
          Mortgage Note. The Buydown Mortgage Loan satisfies the requirements
          of Fannie Mae or Freddie Mac guidelines; (ii)
          The
          Mortgage and Mortgage Note reflect the permanent payment terms rather
          than the payment terms of the Buydown Agreement. The Buydown Agreement
          provides for the payment by the Mortgagor of the full amount of
          the
          Monthly Payment on any Due Date that the Buydown Funds are available.
          The Buydown Funds were not used to reduce the original principal
          balance of the Mortgage Loan or to increase the Appraised Value
          of
          the Mortgage Property when calculating the Loan-to-Value Ratios
          for purposes of the Agreement and, if the Buydown Funds were provided
          by the Company and if required under Fannie Mae or Freddie Mac
          guidelines, the terms of the Buydown Agreement were disclosed to the
          appraiser of the Mortgaged Property; (iii)
          The
          Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor
          makes a principal payment for the outstanding balance of the Mortgage
          Loan; and (iv)
          As
          of the date of origination of the Mortgage Loan, the provisions of the
          related
          Buydown Agreement complied with the requirements of Fannie Mae
          or
          Freddie Mac regarding buydown agreements;

        

        (ll)
          Cooperative Loans.

        No
          Mortgage Loan is a Cooperative Loan;

        

        (mm)
          HOEPA.

        No
          Mortgage Loan is a Covered Loan or a High Cost Loan (in the case of state
          or
local
          law, as determined without giving effect to any available federal preemption,
          other than any exemptions specifically provided for in the relevant state
          or
          local law);

        

        (nn)
          Anti-Money Laundering Laws.

        The
          Company has complied with all applicable anti-money laundering laws and
          regulations,
          (the "Anti-Money Laundering Laws"), and has established an antimoney 
aundering
          compliance program as required by the Anti-Money Laundering
          Laws;

        

        (oo)
          Bankruptcy.

        No
          Mortgagor was a debtor in any state or federal bankruptcy or insolvency
          proceeding
          as of the date the Mortgage Loan was closed and the proceeds of the Mortgage
          Loan were distributed;

        

        (pp)
          Due
          on Sale.

        The
          Mortgage or Mortgage Note contains an enforceable provision, to the extent
          not
          prohibited by federal law, for the acceleration of the payment of the unpaid
          principal
          balance of the Mortgage Loan in the event that the Mortgaged Property
is
          sold
          or transferred without the prior written consent of the Mortgagee thereunder,
          provided that, with respect to Mortgage Notes which bear an adjustable
          rate of interest, such provision shall not be enforceable if the Mortgagor
          causes to be submitted to the Company to evaluate the intended transferee
          as if a new Mortgage Loan were being made to such transferee, and the
Company
          reasonably determines that the security will not be impaired by such
Mortgage
          Loan assumption and that the risk of breach of any covenant or agreement
          in such Mortgage is acceptable to the Purchaser;

        

        (qq)
          Credit Reporting.

        With
          respect to each Mortgage Loan, the Company has furnished complete information
          on the related borrower credit files to Equifax, Experian and Trans Union
          Credit Information Company, in accordance with the Fair Credit Reporting
          Act
          and
          its implementing regulations;

        

        (rr)
          Delivery of Mortgage Files.

        The
          Mortgage Loan Documents required to be delivered by the Company have
been
          delivered to the Custodian. The Company is in possession of a complete,
          true
          and
          accurate Mortgage File in compliance with Exhibit B, except for such
documents
          the originals of which have been delivered to the Custodian or for such
          documents
          where the originals of which have been sent for recordation;

        

        (ss)
          Single Premium Credit Life Insurance.

        No
          Mortgagor has been offered or required to purchase single premium credit
          insurance
          in connection with the origination of the Mortgage Loan;

        

        (tt)
          Payment in Full.

        The
          Company had no knowledge, at the time of origination of the Mortgage Loan,
          of
          any
          fact that should have led it to expect that such Mortgage Loan would not
          be
          paid
          in full when due; and 

        

        (uu)
          MERS
          Mortgage Loans.

        With
          respect to each MERS Mortgage Loan, a MIN has been assigned to the Mortgage
          Loan, the MIN appears on the Mortgage or related Assignment of Mortgage
          to MERS, the Mortgage or the related Assignment of Mortgage to MERS
          has
          been duly and properly recorded on MERS, and the transfer to the Purchaser
          has been properly reflected in the MERS System pursuant to the Purchaser’s
          registration instructions.

        

        (vv)
          Leasehold Estates.

        With
          respect to each Mortgage Loan secured in whole or in part by the interest
          of
the
          Mortgagor as a lessee under a ground lease of the related Mortgaged Property
          (a
          “Ground Lease”) and not be a fee interest in such Mortgaged
          Property:

        (i)
          The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

        (ii)
          The
          Ground Lease is in full force and effect;

        (iii)
          The
          Mortgagor is not in default under any provision of the lease;

        (iv)
          The
          lessor under the Ground Lease is not in default under any of the terms
          or
          provisions thereof on the part of the lessor to be observed or
          performed;

        (v)
          The
          term of the Ground Lease exceeds the maturity date of the related Mortgage
          Loan by at least ten years;

        (vi)
          The
          Mortgagor under the Mortgage Loan is given at least 30 days’ notice of
          any
          default and an opportunity to cure any defaults under the Ground Lease
          or
          to take over the Mortgagor’s rights under the Ground Lease;

        (vii)
          The
          Ground Lease does not contain any default provisions that could give
rise
          to
          forfeiture or termination of the Ground Lease except for the nonpayment
          of
          the
          Ground Lease rents;

        (viii)
          The Ground Lease provides that the leasehold can be transferred, mortgaged
          and sublet an unlimited number of times either without restriction
          or on payment of a reasonable fee and delivery of reasonable documentation
          to the lessor;

        (ix)
          The
          Ground Lease or a memorandum thereof has been recorded and by its terms
          permits the leasehold estate to be mortgaged;

        (x)
          The
          execution, delivery and performance of the Mortgage do not require consent
          (other than those consents which have been obtained and are in full
          force and effect) under, and will not contravene any provision of or
cause
          a
          default under, the Ground Lease; and

        (xi)
          The
          Mortgagor has not commenced any action or given or received any notice
          for the purpose of terminating the Ground Lease.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          H

        

        Representation
          and Warranties with Respect to the Wells Fargo 2005-W77 Mortgage
          Loans

        

        Except
          for “Mortgage Loans”, which shall mean the Wells Fargo 2005-W77 Mortgage Loans
          sold by the Seller to the Purchaser, all capitalized terms in this Exhibit
          H
          shall have the meanings ascribed to them in the 2005-W77 Wells Fargo Servicing
          Agreement.

        

        
          	 	
                  (a)

                	
                  Mortgage
                    Loans as Described.

                

        

        

        
          	 	 	
                  The
                    information set forth in the Mortgage Loan Schedule attached
                    hereto as
                    Exhibits A and the information contained on the related electronic
                    Data
                    File attached hereto as Exhibit A-1, delivered to the Purchaser
                    is true
                    and correct;

                

        

        

        
          	 	
                  (b)

                	
                  Payments
                    Current.

                

        

        

        
          	 	 	
                  All
                    payments required to be made up to the Cut-off Date for the Mortgage
                    Loan
                    under the terms of the Mortgage Note have been made and credited.
                    No
                    payment under any Mortgage Loan has been 30 days delinquent more
                    than one
                    time within twelve months prior to the Closing
                    Date;

                

        

        

        
          	 	
                  (c)

                	
                  No
                    Outstanding Charges.

                

        

        

        
          	 	 	
                  There
                    are no defaults in complying with the terms of the Mortgages,
                    and all
                    taxes, governmental assessments, insurance premiums, leasehold
                    payments,
                    water, sewer and municipal charges, which previously became due
                    and owing
                    have been paid, or an escrow of funds has been established in
                    an amount
                    sufficient to pay for every such item which remains unpaid and
                    which has
                    been assessed but is not yet due and payable. The Company has
                    not advanced
                    funds, or induced, or solicited directly or indirectly, the payment
                    of any
                    amount required under the Mortgage Loan, except for interest
                    accruing from
                    the date of the Mortgage Note or date of disbursement of the
                    Mortgage Loan
                    proceeds, whichever is later, to the day which precedes by one
                    month the
                    Due Date of the first installment of principal and
                    interest;

                

        

        

        
          	 	
                  (d)

                	
                  Original
                    Terms Unmodified.

                

        

        

        
          	 	 	
                  The
                    terms of the Mortgage Note and Mortgage have not been impaired,
                    waived,
                    altered or modified in any respect, except by a written instrument
                    which
                    has been recorded or registered with the MERS System, if necessary,
                    to
                    protect the interests of the Purchaser and is retained by the
                    Company in
                    the Retained Mortgage file; the related Mortgage Note has been
                    delivered
                    to the Custodian. The substance of any such waiver, alteration
                    or
                    modification has been approved by the issuer of any related PMI
                    Policy and
                    the title insurer, to the extent required by the policy, and
                    its terms are
                    reflected on the Mortgage Loan Schedule. No Mortgagor has been
                    released,
                    in whole or in part, except in connection with an assumption
                    agreement
                    approved by the issuer of any related PMI Policy and the title
                    insurer, to
                    the extent required by the policy, and which assumption agreement
                    is part
                    of the Custodial Mortgage File delivered to the Custodian and
                    the terms of
                    which are reflected in the Mortgage Loan
                    Schedule;

                

        

        

        
          	 	
                  (e)

                	
                  No
                    Defenses.

                

        

        

        
          	 	 	
                  The
                    Mortgage Loan is not subject to any right of rescission, set-off,
                    counterclaim or defense, including without limitation the defense
                    of
                    usury, nor will the operation of any of the terms of the Mortgage
                    Note or
                    the Mortgage, or the exercise of any right thereunder, render
                    either the
                    Mortgage Note or the Mortgage unenforceable, in whole or in part,
                    or
                    subject to any right of rescission, set-off, counterclaim or
                    defense,
                    including without limitation the defense of usury, and no such
                    right of
                    rescission, set-off, counterclaim or defense has been asserted
                    with
                    respect thereto;

                

        

        

        
          	 	
                  (f)

                	
                  No
                    Satisfaction of Mortgage.

                

        

        

        
          	 	 	
                  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, release, cancellation,
                    subordination or rescission;

                

        

        

        
          	 	
                  (g)

                	
                  Validity
                    of Mortgage Documents.

                

        

        

        
          	 	 	
                  The
                    Mortgage Note and the Mortgage and related documents are genuine,
                    and each
                    is the legal, valid and binding obligation of the maker thereof
                    enforceable in accordance with its terms. 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 Company has reviewed all documents constituting
                    the Retained
                    Mortgage file and Custodial Mortgage File and has made such inquiries
                    as
                    it deems necessary to make and confirm the accuracy of the representations
                    set forth herein;

                

        

        

        With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
          terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
          the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of
          Proprietary Lease had legal capacity to enter into the Mortgage Loan and
          to
          execute and deliver such documents, and such documents have been duly and
          properly executed by such parties;

         

         (h) 
No
          Fraud.

        

        
          	 	 	
                  No
                    error, omission, misrepresentation, negligence, fraud or similar
                    occurrence with respect to a Mortgage Loan has taken place on
                    the part of
                    the Company, or the Mortgagor, or to the best of the Company’s knowledge,
                    any appraiser, any builder, or any developer, or any other party
                    involved
                    in the origination of the Mortgage Loan or in the application
                    of any
                    insurance in relation to such Mortgage
                    Loan;

                

        

        

        
          	 	
                  (i)

                	
                  Compliance
                    with Applicable Laws.

                

        

        

        
          	 	 	
                  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
                    or
                    predatory and abusive lending laws applicable to the Mortgage
                    Loan have
                    been complied with. All inspections, licenses and certificates
                    required to
                    be made or issued with respect to all occupied portions of the
                    Mortgaged
                    Property and, with respect to the use and occupancy of the same,
                    including, but not limited to, certificates of occupancy and
                    fire
                    underwriting certificates, have been made or obtained from the
                    appropriate
                    authorities;

                

        

        

        
          	 	
                  (j)

                	
                  Location
                    and Type of Mortgaged Property.

                

        

        

        
          	 	 	
                  The
                    Mortgaged Property is located in the state identified in the
                    Mortgage Loan
                    Schedule and consists of a contiguous parcel of real property
                    with a
                    detached single family residence erected thereon, or a two- to
                    four-family
                    dwelling, or an individual condominium unit in a condominium
                    project, or
                    an individual unit in a planned unit development, or a townhouse,
                    or a
                    Cooperative Apartment, provided, however, that any condominium
                    project or
                    planned unit development shall conform with the applicable Fannie
                    Mae or
                    Freddie Mac requirements, or the Underwriting Guidelines, regarding
                    such
                    dwellings, and no residence or dwelling is a mobile home. As
                    of the
                    respective appraisal date for each Mortgaged Property, any Mortgaged
                    Property being used for commercial purposes conforms to the Underwriting
                    Guidelines and, to the best of the Company’s knowledge, since the date of
                    such appraisal, no portion of the Mortgaged Property has been
                    used for
                    commercial purposes outside of the Underwriting
                    Guidelines;

                

        

        

        (k) 
Valid
          First Lien.

        

        
          	 	 	
                  The
                    Mortgage is a valid, subsisting and enforceable first lien on
                    the
                    Mortgaged Property, including all buildings on the Mortgaged
                    Property and
                    all installations and mechanical, electrical, plumbing, heating
                    and air
                    conditioning systems located in or annexed to such buildings,
                    and all
                    additions, alterations and replacements made at any time with
                    respect to
                    the foregoing. The lien of the Mortgage is subject only
                    to:

                

        

        

        
          	 	
                  (1)

                	
                  the
                    lien of current real property taxes and assessments not yet due
                    and
                    payable;

                

        

        

        
          	 	
                  (2)

                	
                  covenants,
                    conditions and restrictions, rights of way, easements and other
                    matters of
                    the public record as of the date of recording acceptable to mortgage
                    lending institutions generally and specifically referred to in
                    the
                    lender's title insurance policy delivered to the originator of
                    the
                    Mortgage Loan and (i) referred to or otherwise considered in
                    the appraisal
                    made for the originator of the Mortgage Loan and (ii) which do
                    not
                    adversely affect the Appraised Value of the Mortgaged Property
                    set forth
                    in such appraisal; and

                

        

        

        
          	 	
                  (3)

                	
                  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 mortgage or the use, enjoyment, value or marketability
                    of
                    the related 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 and enforceable first lien and first priority
                    security
                    interest on the property described therein and the Company has
                    full right
                    to sell and assign the same to the
                    Purchaser.

                

        

        

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable and subsisting first security interest in the Cooperative Shares
          and
          Proprietary Lease, subject only to (i) the lien of the related Cooperative
          for
          unpaid assessments representing the Mortgagor’s pro rata share of the
          Cooperative’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (ii) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security intended to be provided by the Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project; 

        

        (l) 
Full
          Disbursement of Proceeds.

        

        
          	 	 	
                  The
                    proceeds of the Mortgage Loan have been fully disbursed, except
                    for
                    escrows established or created due to seasonal weather conditions,
                    and
                    there is no requirement for future advances thereunder. All costs,
                    fees
                    and expenses incurred in making or closing the Mortgage Loan
                    and the
                    recording of the Mortgage were paid, and the Mortgagor is not
                    entitled to
                    any refund of any amounts paid or due under the Mortgage Note
                    or
                    Mortgage;

                

        

        

        
          	 	
                  (m)

                	
                  Consolidation
                    of Future Advances.

                

        

        

        
          	 	 	
                  Any
                    future advances made prior to the Cut-off Date, have been consolidated
                    with the outstanding principal amount secured by the Mortgage,
                    and the
                    secured principal amount, as consolidated, bears a single interest
                    rate
                    and single repayment term reflected on the Mortgage Loan Schedule.
                    The
                    lien of the Mortgage securing the consolidated principal amount
                    is
                    expressly insured as having first lien priority 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
                    or Freddie
                    Mac; the consolidated principal amount does not exceed the original
                    principal amount of the Mortgage Loan; the Company shall not
                    make future
                    advances after the Cut-off Date;

                

        

        

        (n) 
Ownership.

        

        
          	 	 	
                  The
                    Company is the sole owner of record and holder of the Mortgage
                    Loans and
                    the related Mortgage Note and the Mortgage are not assigned or
                    pledged,
                    and the Company has good and marketable title thereto and has
                    full right
                    and authority to transfer and sell the Mortgage Loan to the Purchaser.
                    The
                    Company is transferring the Mortgage Loan free and clear of any
                    and all
                    encumbrances, liens, pledges, equities, participation interests,
                    claims,
                    charges or security interests of any nature encumbering such
                    Mortgage
                    Loan;

                

        

        

        (o) 
Origination/Doing
          Business.

        

        
          	 	 	
                  The
                    Mortgage Loan was originated by a savings and loan association,
                    a savings
                    bank, a commercial bank, a credit union, an insurance company,
                    or similar
                    institution that is supervised and examined by a federal or state
                    authority or by a mortgagee approved by the Secretary of Housing
                    and Urban
                    Development pursuant to Sections 203 and 211 of the National
                    Housing Act.
                    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) (1) in compliance
                    with any and all applicable licensing requirements of the laws
                    of the
                    state wherein the Mortgaged Property is located, and (2) organized
                    under
                    the laws of such state, or (3) qualified to do business in such
                    state, or
                    (4) federal savings and loan associations or national banks having
                    principal offices in such state, or (5) not doing business in
                    such
                    state;

                

        

        

        (p) 
LTV,
          PMI Policy.

        

        Each
          Mortgage Loan has an LTV as specified on the Mortgage Loan Schedule. Except
          for
          Pledged Asset Mortgage Loans, if the LTV of the Mortgage Loan was greater
          than
          80% at the time of origination, a portion of the unpaid principal balance
          of the
          Mortgage Loan is and will be insured as to payment defaults by a PMI Policy.
          If
          the Mortgage Loan is insured by a PMI Policy for which the Mortgagor pays
          all
          premiums, the coverage will remain in place until (i) the LTV decreases
          to 78%
          or (ii) the PMI Policy is otherwise terminated pursuant to the Homeowners
          Protection Act of 1998, 12 USC §4901, et seq. All provisions of such PMI Policy
          or LPMI Policy have been and are being complied with, such policy is in
          full
          force and effect, and all premiums due thereunder have been paid. The Qualified
          Insurer has a claims paying ability acceptable to Fannie Mae or Freddie
          Mac. Any
          Mortgage Loan subject to a PMI Policy or LPMI Policy obligates the Mortgagor
          or
          the Company, as applicable, to maintain the PMI Policy or LPMI Policy and
          to pay
          all premiums and charges in connection therewith. The Mortgage Interest
          Rate for
          the Mortgage Loan as set forth on the Mortgage Loan Schedule is net of
          any such
          insurance premium; 

         

        

        (q)         
           Title
          Insurance.

        

        
          	 	 	
                  The
                    Mortgage Loan is covered by an ALTA lender's title insurance
                    policy (or in
                    the case of any Mortgage Loan secured by a Mortgaged Property
                    located in a
                    jurisdiction where such policies are generally not available,
                    an opinion
                    of counsel of the type customarily rendered in such jurisdiction
                    in lieu
                    of title insurance) or other generally acceptable form of policy
                    of
                    insurance acceptable to Fannie Mae or Freddie Mac, issued by
                    a title
                    insurer acceptable to Fannie Mae or Freddie Mac and qualified
                    to do
                    business in the jurisdiction where the Mortgaged Property is
                    located,
                    insuring the Company, its successors and assigns, as to the first
                    priority
                    lien of the Mortgage in the original principal amount of the
                    Mortgage
                    Loan, subject only to the exceptions contained in clauses (1),
                    (2) and (3)
                    of Paragraph (k) of this Section 3.02, and against any loss by
                    reason of
                    the invalidity or unenforceability of the lien resulting from
                    the
                    provisions of the Mortgage providing for adjustment to the Mortgage
                    Interest Rate and Monthly Payment. Additionally, such lender’s title
                    insurance policy includes no exceptions regarding ingress, egress
                    or
                    encroachments that impact the value or the marketability of the
                    Mortgaged
                    Property. The Company 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 force and effect upon the consummation
                    of the
                    transactions contemplated by this Agreement. No claims have been
                    made
                    under such lender's title insurance policy, and no prior holder
                    of the
                    Mortgage, including the Company, has done, by act or omission,
                    anything
                    which would impair the coverage of such lender's title insurance
                    policy;

                

        

        

        (r) 
No
          Defaults.

        

        
          	 	 	
                  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
                    neither the Company nor its predecessors have waived any default,
                    breach,
                    violation or event of acceleration;

                

        

        

        (s) 
No
          Mechanics' Liens.

        

        
          	 	 	
                  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
                    the law
                    could give rise to such liens) affecting the related Mortgaged
                    Property
                    which are or may be liens prior to, or equal or coordinate with,
                    the lien
                    of the related Mortgage which are not insured against by the
                    title
                    insurance policy referenced in Paragraph (q)
                    above;

                

        

        

        (t)          
           Location
          of Improvements; No Encroachments.

        

        
          	 	 	
                  Except
                    as insured against by the title insurance policy referenced in
                    Paragraph
                    (q) above, all improvements which were considered in determining
                    the
                    Appraised Value of the 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.
                    No improvement located on or being part of the Mortgaged Property
                    is in
                    violation of any applicable zoning law or
                    regulation;

                

        

        

        
          	 	
                  (u)

                	
                  Payment
                    Terms.

                

        

        

        
          	 	 	
                  Except
                    with respect to the Interest Only Mortgage Loans, principal payments
                    commenced no more than 60 days after the funds were disbursed
                    to the
                    Mortgagor in connection with the Mortgage Loan. The Mortgage
                    Loans have an
                    original term to maturity of not more than 30 years, with interest
                    payable
                    in arrears on the first day of each month. As to each adjustable
                    rate
                    Mortgage Loan on each applicable Adjustment Date, the Mortgage
                    Interest
                    Rate will be adjusted to equal the sum of the Index plus the
                    applicable
                    Gross Margin, rounded up or down to the nearest multiple of 0.125%
                    indicated by the Mortgage Note; provided that the Mortgage Interest
                    Rate
                    will not increase or decrease by more than the Periodic Interest
                    Rate Cap
                    on any Adjustment Date, and will in no event exceed the maximum
                    Mortgage
                    Interest Rate or be lower than the minimum Mortgage Interest
                    Rate listed
                    on the Mortgage Loan Schedule for such Mortgage Loan. As to each
                    adjustable rate Mortgage Loan that is not an Interest Only Mortgage
                    Loan,
                    each Mortgage Note requires a monthly payment which is sufficient,
                    during
                    the period prior to the first adjustment to the Mortgage Interest
                    Rate, to
                    fully amortize the outstanding principal balance as of the first
                    day of
                    such period over the then remaining term of such Mortgage Note
                    and to pay
                    interest at the related Mortgage Interest Rate. As to each adjustable
                    rate
                    Mortgage Loan, if the related Mortgage Interest Rate changes
                    on an
                    Adjustment Date or, with respect to an Interest Only Mortgage
                    Loan, on an
                    Adjustment Date following the related interest only period, the
                    then
                    outstanding principal balance will be reamortized over the remaining
                    life
                    of such Mortgage Loan. No Mortgage Loan contains terms or provisions
                    which
                    would result in negative amortization;

                

        

        

        (v) 
Customary
          Provisions.

        

        
          	 	 	
                  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. There is no homestead or other
                    exemption available to a Mortgagor which would interfere with
                    the right to
                    sell the Mortgaged Property at a trustee's sale or the right
                    to foreclose
                    the Mortgage;

                

        

        

        (w) 
Occupancy
          of the Mortgaged Property.

        

        
          	 	 	
                  As
                    of the date of origination, the Mortgaged Property was in good
                    repair and
                    was lawfully occupied under applicable
                    law;

                

        

        

        (x) 
No
          Additional Collateral.

        

        
          	 	 	
                  Except
                    in the case of a Pledged Asset Mortgage Loan and as indicated
                    on the
                    related Data File, the Mortgage Note is not and has not been
                    secured by
                    any collateral, pledged account or other security except the
                    lien of the
                    corresponding Mortgage and the security interest of any applicable
                    security agreement or chattel mortgage referred to in Paragraph
                    (k)
                    above;

                

        

        

        (y) 
Deeds
          of Trust.

        

        
          	 	 	
                  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 Mortgagee
                    to the
                    trustee under the deed of trust, except in connection with a
                    trustee's
                    sale after default by the
                    Mortgagor;

                

        

        

        (z) 
Acceptable
          Investment.

        

        
          	 	 	
                  The
                    Company has no knowledge of any circumstances or conditions with
                    respect
                    to the Mortgage Loan, the Mortgaged Property, the Mortgagor or
                    the
                    Mortgagor's credit standing that can reasonably be expected to
                    cause
                    private institutional investors to regard the Mortgage Loan as
                    an
                    unacceptable investment, cause the Mortgage Loan to become delinquent,
                    or
                    adversely affect the value or marketability of the Mortgage
                    Loan;

                

        

        

        (aa) 
Transfer
          of Mortgage Loans.

        

        
          	 	 	
                  If
                    the Mortgage Loan is not a MERS Mortgage Loan, the Assignment
                    of Mortgage,
                    upon the insertion of the name of the assignee and recording
                    information,
                    is in recordable form and is acceptable for recording under the
                    laws of
                    the jurisdiction in which the Mortgaged Property is
                    located;

                

        

        

        (bb)       
           Mortgaged
          Property Undamaged.

        

        
          	 	 	
                  The
                    Mortgaged Property is undamaged by waste, fire, earthquake or
                    earth
                    movement, windstorm, flood, tornado or other casualty so as to
                    affect
                    adversely the value of the Mortgaged Property as security for
                    the Mortgage
                    Loan or the use for which the premises were
                    intended;

                

        

        

        (cc) 
Collection
          Practices; Escrow Deposits.

        

        
          	 	 	
                  The
                    origination, servicing and collection practices used with respect
                    to the
                    Mortgage Loan have been in accordance with Accepted Servicing
                    Practices,
                    and have been in all material respects legal and proper. With
                    respect to
                    escrow deposits and Escrow Payments, all such payments are in
                    the
                    possession of the Company and there exist no deficiencies in
                    connection
                    therewith for which customary arrangements for repayment thereof
                    have not
                    been made. All Escrow Payments have been collected in full compliance
                    with
                    state and federal law. No escrow deposits or Escrow Payments
                    or other
                    charges or payments due the Company have been capitalized under
                    the
                    Mortgage Note;

                

        

        

        (dd) 
No
          Condemnation.

        

        
          	 	 	
                  There
                    is no proceeding pending or to the best of the Company’s knowledge
                    threatened for the total or partial condemnation of the related
                    Mortgaged
                    Property;

                

        

        

        (ee) 
The
          Appraisal.

        

        
          	 	 	
                  The
                    Mortgage File include an appraisal, with the exception of any
                    Time$aver®
                    Mortgage Loan (which at the original origination were on form
                    1004 or form
                    2055 with interior inspections), of the related Mortgaged Property.
                    The
                    appraisal was conducted by an appraiser who had no interest,
                    direct or
                    indirect, in the Mortgaged Property or in any loan made on the
                    security
                    thereof; and whose compensation is not affected by the approval
                    or
                    disapproval of the Mortgage Loan, and the appraisal and the appraiser
                    both
                    satisfy the applicable requirements of Title XI of the Financial
                    Institution Reform, Recovery, and Enforcement Act of 1989 and
                    the
                    regulations promulgated thereunder, all as in effect on the date
                    the
                    Mortgage Loan was originated;

                

        

        

        (ff) 
Insurance.

        

        
          	 	 	
                  The
                    Mortgaged Property securing each Mortgage Loan is insured by
                    an insurer
                    acceptable to Fannie Mae or Freddie Mac against loss by fire
                    and such
                    hazards as are covered under a standard extended coverage endorsement
                    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 Section 4.10, in an amount which is at least
                    equal to the
                    lesser of (i) 100% of the insurable value on a replacement cost
                    basis of
                    the improvements securing such Mortgaged Loan and (ii) the greater
                    of (a)
                    the outstanding principal balance of the Mortgage Loan and (b)
                    an amount
                    such that the proceeds thereof shall be sufficient to prevent
                    the
                    Mortgagor or the loss payee from becoming a co-insurer. If the
                    Mortgaged
                    Property is a condominium unit, it is included under the coverage
                    afforded
                    by a blanket policy for the project. If the improvements on the
                    Mortgaged
                    Property are in an area identified in the Federal Register by
                    the Federal
                    Emergency Management Agency as having special flood hazards,
                    the Servicer
                    shall cause to be maintained a flood insurance policy meeting
                    the
                    requirements of the current guidelines of the Federal Insurance
                    Administration is in effect with a generally acceptable insurance
                    carrier,
                    in an amount representing coverage not less than the least of
                    (A) the
                    outstanding principal balance of the Mortgage Loan, (B) the full
                    insurable value and (C) the maximum amount of insurance which was
                    available under the Flood Disaster Protection Act of 1973, as
                    amended. All
                    individual insurance policies contain a standard mortgagee clause
                    naming
                    the Company and its successors and assigns as mortgagee, and
                    all premiums
                    thereon have been paid. The Mortgage obligates the Mortgagor
                    thereunder to
                    maintain a hazard insurance policy at the Mortgagor's cost and
                    expense,
                    and on the Mortgagor's failure to do so, authorizes the holder
                    of the
                    Mortgage to obtain and maintain such insurance at such Mortgagor's
                    cost
                    and expense, and to seek reimbursement therefor from the Mortgagor.
                    The
                    hazard insurance policy is the valid and binding obligation of
                    the
                    insurer, is in full force and effect, and will be in full force
                    and effect
                    and inure to the benefit of the Purchaser upon the consummation
                    of the
                    transactions contemplated by this Agreement. The Company has
                    not acted or
                    failed to act so as to impair the coverage of any such insurance
                    policy or
                    the validity, binding effect and enforceability
                    thereof;

                

        

        

        
          	 	
                  (gg)

                	
                  Servicemembers
                    Civil Relief Act.

                

        

        

        
          	 	 	
                  The
                    Mortgagor has not notified the Company, and the Company has no
                    knowledge
                    of any relief requested or allowed to the Mortgagor under the
                    Servicemembers Civil Relief Act, as
                    amended;

                

        

        

        
          	 	
                  (hh)

                	
                  No
                    Balloon Payments, Graduated Payments or Contingent
                    Interests.

                

        

        

        
          	 	 	
                  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. No Mortgage Loan has a balloon payment
                    feature;

                

        

        

        
          	 	
                  (ii)

                	
                  No
                    Construction Loans.

                

        

        

        
          	 	 	
                  No
                    Mortgage Loan was made in connection with (i) the construction
                    or
                    rehabilitation of a Mortgage Property or (ii) facilitating the
                    trade-in or
                    exchange of a Mortgaged Property other than a construction-to-permanent
                    loan which has converted to a permanent Mortgage
                    Loan;

                

        

        

        
          	 	
                  (jj)

                	
                  Underwriting.

                

        

        

        
          	 	 	
                  Each
                    Mortgage Loan was underwritten in accordance with the Underwriting
                    Guidelines of the Company; and the Mortgage Note and Mortgage
                    are on forms
                    acceptable to Freddie Mac or Fannie
                    Mae;

                

        

        

        
          	 	
                  (kk)

                	
                  Buydown
                    Mortgage Loans.

                

        

        

        With
          respect to each Mortgage Loan that is a Buydown Mortgage Loan:

        

          
            	
                    (i)

                  	
                    On
                      or before the date of origination of such Mortgage Loan, the
                      Company and
                      the Mortgagor, or the Company, the Mortgagor and the seller
                      of the
                      Mortgaged Property or a third party entered into a Buydown
                      Agreement. The
                      Buydown Agreement provides that the seller of the Mortgaged
                      Property (or
                      third party) shall deliver to the Company temporary Buydown
                      Funds in an
                      amount equal to the aggregate undiscounted amount of payments
                      that, when
                      added to the amount the Mortgagor on such Mortgage Loan is
                      obligated to
                      pay on each Due Date in accordance with the terms of the Buydown
                      Agreement, is equal to the full scheduled Monthly Payment due
                      on such
                      Mortgage Loan. The temporary Buydown Funds enable the Mortgagor
                      to qualify
                      for the Buydown Mortgage Loan. The effective interest rate
                      of a Buydown
                      Mortgage Loan if less than the interest rate set forth in the
                      related
                      Mortgage Note will increase within the Buydown Period as provided
                      in the
                      related Buydown Agreement so that the effective interest rate
                      will be
                      equal to the interest rate as set forth in the related Mortgage
                      Note. The
                      Buydown Mortgage Loan satisfies the requirements of Fannie
                      Mae or Freddie
                      Mac guidelines;

                  

          

          

          
            	
                    (ii)

                  	
                    The
                      Mortgage and Mortgage Note reflect the permanent payment terms
                      rather than
                      the payment terms of the Buydown Agreement. The Buydown Agreement
                      provides
                      for the payment by the Mortgagor of the full amount of the
                      Monthly Payment
                      on any Due Date that the Buydown Funds are available. The Buydown
                      Funds
                      were not used to reduce the original principal balance of the
                      Mortgage
                      Loan or to increase the Appraised Value of the Mortgage Property
                      when
                      calculating the Loan-to-Value Ratios for purposes of the Agreement
                      and, if
                      the Buydown Funds were provided by the Company and if required
                      under
                      Fannie Mae or Freddie Mac guidelines, the terms of the Buydown
                      Agreement
                      were disclosed to the appraiser of the Mortgaged
                      Property;

                  

          

          

          
            	
                    (iii)

                  	
                    The
                      Buydown Funds may not be refunded to the Mortgagor unless the
                      Mortgagor
                      makes a principal payment for the outstanding balance of the
                      Mortgage
                      Loan; and

                  

          

          

          
            	
                    (iv)

                  	
                    As
                      of the date of origination of the Mortgage Loan, the provisions
                      of the
                      related Buydown Agreement complied with the requirements of
                      Fannie Mae or
                      Freddie Mac regarding buydown
                      agreements;

                  

          

        

         

        
          	 	
                  (ll)

                	
                  Cooperative
                    Loans.

                

        

        

           With
          respect to each Cooperative Loan:

         

        

          
            	 	
                    (i)

                  	
                    The
                      Cooperative Shares are held by a person as a tenant-stockholder
                      in a
                      Cooperative. Each original UCC financing statement, continuation
                      statement
                      or other governmental filing or recordation necessary to create
                      or
                      preserve the perfection and priority of the first lien and
                      security
                      interest in the Cooperative Loan and Proprietary Lease has
                      been timely and
                      properly made. Any security agreement, chattel mortgage or
                      equivalent
                      document related to the Cooperative Loan and delivered to Purchaser
                      or its
                      designee establishes in Purchaser a valid and subsisting perfected
                      first
                      lien on and security interest in the Mortgaged Property described
                      therein,
                      and Purchaser has full right to sell and assign the
                      same;

                  

          

          

          
            	 	
                    (ii)

                  	
                    A
                      Cooperative Lien Search has been made by a company competent
                      to make the
                      same which company is acceptable to Fannie Mae or Freddie Mac
                      and
                      qualified to do business in the jurisdiction where the Cooperative
                      is
                      located;

                  

          

          

          
            	 	
                    (iii)

                  	
                    (a)
                      The term of the related Proprietary Lease is not less than
                      the terms of
                      the Cooperative Loan; (b) there is no provision in any Proprietary
                      Lease
                      which requires the Mortgagor to offer for sale the Cooperative
                      Shares
                      owned by such Mortgagor first to the Cooperative; (c) there
                      is no
                      prohibition in any Proprietary Lease against pledging the Cooperative
                      Shares or assigning the Proprietary Lease; (d) the Cooperative
                      has been
                      created and exists in full compliance with the requirements
                      for
                      residential cooperatives in the jurisdiction in which the Project
                      is
                      located and qualifies as a cooperative housing corporation
                      under Section
                      210 of the Code; (e) the Recognition Agreement is on a form
                      published by
                      Aztech Document Services, Inc. or includes similar provisions;
                      and (f) the
                      Cooperative has good and marketable title to the Project, and
                      owns the
                      Project either in fee simple; such title is free and clear
                      of any adverse
                      liens or encumbrances, except the lien of any blanket
                      mortgage;

                  

          

          

          
            	 	
                    (iv)

                  	
                    The
                      Company has the right under the terms of the Mortgage Note,
                      Pledge
                      Agreement and Recognition Agreement to pay any maintenance
                      charges or
                      assessments owed by the Mortgagor;
                      and

                  

          

          

          
            	 	
                    (v)

                  	
                    Each
                      Stock Power (i) has all signatures guaranteed or (ii) if all
                      signatures
                      are not guaranteed, then such Cooperative Shares will be transferred
                      by
                      the stock transfer agent of the Cooperative if the Company
                      undertakes to
                      convert the ownership of the collateral securing the related
                      Cooperative
                      Loan.;

                  

          

        

         

        
          	 	
                  (mm)

                	
                  HOEPA.

                

        

        

        No
          Mortgage Loan is a Covered Loan or a High Cost Loan (in the case of state
          or
          local law, as determined without giving effect to any available federal
          preemption, other than any exemptions specifically provided for in the
          relevant
          state or local law);

        

        (nn) 
Anti-Money
          Laundering Laws.

        

        The
          Company has complied with all applicable anti-money laundering laws and
          regulations, (the "Anti-Money Laundering Laws"), and has established an
          anti-money laundering compliance program as required by the Anti-Money
          Laundering Laws;

        

        
          	 	
                  (oo)

                	
                  Bankruptcy.

                

        

        

        
          	 	 	
                  No
                    Mortgagor was a debtor in any state or federal bankruptcy or
                    insolvency
                    proceeding as of the date the Mortgage Loan was closed and the
                    proceeds of
                    the Mortgage Loan were distributed;

                

        

        

        
          	 	
                  (pp)

                	
                  Due
                    on Sale.

                

        

        

        The
          Mortgage or Mortgage Note contains an enforceable provision, to the extent
          not
          prohibited by federal law, for the acceleration of the payment of the unpaid
          principal balance of the Mortgage Loan in the event that the Mortgaged
          Property
          is sold or transferred without the prior written consent of the Mortgagee
          thereunder, provided that, with respect to Mortgage Notes which bear an
          adjustable rate of interest, such provision shall not be enforceable if
          the
          Mortgagor causes to be submitted to the Company to evaluate the intended
          transferee as if a new Mortgage Loan were being made to such transferee,
          and the
          Company reasonably determines that the security will not be impaired by
          such
          Mortgage Loan assumption and that the risk of breach of any covenant or
          agreement in such Mortgage is acceptable to the Purchaser;

        
 

        
          
            	 	
                    (qq)

                  	
                    Credit
                      Reporting.

                  
	 	 	 
	 	 	
                    With
                      respect to each Mortgage Loan, the Company has furnished complete
                      information on the related borrower credit files to Equifax,
                      Experian and
                      Trans Union Credit Information Company, in accordance with
                      the Fair Credit
                      Reporting Act and its implementing regulations;

                  
	 	 	 
	 	
                    (rr)

                  	
                    Delivery
                      of Mortgage Files.

                  
	 	 	 
	 	 	
                    The
                      Mortgage Note, Assignment of Mortgage and any other documents
                      required to
                      be delivered by the Company have been delivered to the Custodian
                      in
                      accordance with this Agreement. The Company is in possession
                      of a
                      complete, true and accurate Retained Mortgage File in compliance
                      with
                      Exhibit B, except for such documents the originals of which
                      have been
                      delivered to the Custodian or for such documents where the
                      originals of
                      which have been sent for recordation;

                  
	 	 	 
	 	
                    (ss)

                  	
                    Single
                      Premium Credit Life Insurance.

                  
	 	 	 
	 	 	
                    No
                      Mortgagor has been offered or required to purchase single premium
                      credit
                      insurance in connection with the origination of the Mortgage
                      Loan;

                  
	 	 	 
	 	
                    (tt)

                  	
                    Payment
                      in Full.

                  
	 	 	 
	 	 	
                    The
                      Company had no knowledge, at the time of origination of the
                      Mortgage Loan,
                      of any fact that should have led it to expect that such Mortgage
                      Loan
                      would not be paid in full when due;

                  
	 	 	 
	 	
                    (uu)

                  	
                    MERS
                      Mortgage Loans.

                  
	 	 	 
	 	 	
                    With
                      respect to each MERS Mortgage Loan, a MIN has been assigned
                      to the
                      Mortgage Loan, the MIN appears on the Mortgage or related Assignment
                      of
                      Mortgage to MERS, the Mortgage or the related Assignment of
                      Mortgage to
                      MERS has been duly and properly recorded on MERS, and the transfer
                      to the
                      Purchaser has been properly reflected in the MERS System pursuant
                      to the
                      Purchaser’s registration instructions;

                  
	 	 	 
	 	
                    (vv)

                  	
                    Leasehold
                      Estates.

                  
	 	 	
                    No
                      Mortgage Loan has a ground lease;
                      and

                  
	 	 	 
	 	
                    (ww)

                  	
                    Contents
                      of Retained Mortgage File.

                  
	 	 	 
	 	 	
                    The
                      Retained Mortgage File contains the documents listed as items
                      6 through 11
                      of Exhibit B attached
                      hereto.

                  

          

        

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      TO: [applicable
        Custodian]

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of March 1, 2006, among Citigroup
                  Mortgage Loan Trust Inc., as depositor, CitiMortgage, Inc. as master
                  servicer and trust administrator, Citibank, N.A. as paying agent,
                  certificate registrar and authenticating agent and U.S. Bank National
                  Association as Trustee

              

      

      

      In
        connection with the administration of the Mortgage Loans held by you as
        Custodian for the Owner pursuant to the above-captioned Pooling and Servicing
        Agreement and the applicable Custodian 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:______________________________

                                          (authorized
                  signer)

              
	 	 
	
                Issuer:______________________________

              	 
	 	 
	
                Address:

              	
                _____________________________________

              
	 	 
	
                Date:
                  _________________________________

                 

                Custodian

              	
                _____________________________________

              
	 	 

      

       

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

       

      
        	
                _____________________________________

                Signature

              	
                Date

              
	 	 
	
                Documents
                  returned to Custodian:

              	 
	 	 
	
                ____________________________________

                Trustee

              	
                Date

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      [Date]

      Citigroup,
        N.A.

      388
        Greenwich St

      New
        York,
        NY 10013

      ATTENTION:
        CMLTI, SERIES 2006-AR2

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                  2006-AR2, 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 March 1, 2006, among
        Citigroup Mortgage Loan Trust Inc. as depositor, CitiMortgage, Inc. as trust
        administrator and master servicer, CitiBank, N.A. as paying agent, certificate
        registrar and authenticating agent 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]

       

      Citigroup,
        N.A.

      388
        Greenwich St

      New
        York,
        NY 10013

      ATTENTION:
        CMLTI, SERIES 2006-AR2

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                  2006-AR2, Class ___, 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
        March 1, 2006, among Citigroup Mortgage Loan Trust Inc. as depositor,
        CitiMortgage, Inc. as master servicer and trust administrator, Citibank,
        N.A. as
        paying agent, certificate registrar and authenticating agent 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

              
	 	 	 

      

       

      
        

        
          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.

           

        

      

      
        	 	
                ___

              	
                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.

              
	 	 	 

      

      

      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.

       

      
        	7.  	
                The
                  Purchaser is a “qualified institutional buyer”, as defined in Rule 144A,
                  (“Rule 144A”) under the Securities Act of 1933, as
                  amended.

              

      

       

      
        	8.  	
                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___________

              	
                )

              	 

      

      

       

      __________________________,
        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 ______________,
        the
        record owner of Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through
        Certificates, Series 2006-AR2, Class R Certificates, (the “Class R
        Certificates”), on behalf of whom I make this affidavit and agreement.
        Capitalized terms used but not defined herein have the respective meanings
        assigned thereto in the Pooling and Servicing Agreement pursuant to which
        the
        Class R Certificates were issued.

       

      2.  The
        Owner
        (i) is and will be a “Permitted Transferee” as of ____________, 20__ and (ii) is
        acquiring the Class R Certificates for its own account or for the account
        of
        another Owner from which it has received an affidavit in substantially the
        same
        form as this affidavit. A “Permitted Transferee” is any person other than a
“disqualified organization” or a possession of the United States. For this
        purpose, a “disqualified organization” means the United States, any state or
        political subdivision thereof, any agency or instrumentality of any of the
        foregoing (other than an instrumentality all of the activities of which are
        subject to tax and, except for the Federal Home Loan Mortgage Corporation,
        a
        majority of whose board of directors is not selected by any such governmental
        entity) or any foreign government, international organization or any agency
        or
        instrumentality of such foreign government or organization, any rural electric
        or telephone cooperative, or any organization (other than certain farmers'
        cooperatives) that is generally exempt from federal income tax unless such
        organization is subject to the tax on unrelated business taxable
        income.

       

      3.  The
        Owner
        is aware (i) of the tax that would be imposed on transfers of the Class R
        Certificates to disqualified organizations under the Internal Revenue Code
        of
        1986 that applies to all transfers of the Class R Certificates after March
        31,
        1988; (ii) that such tax would be on the transferor or, if such transfer
        is
        through an agent (which person includes a broker, nominee or middleman) for
        a
        non-Permitted Transferee, on the agent; (iii) that the person otherwise liable
        for the tax shall be relieved of liability for the tax if the transferee
        furnishes to such person an affidavit that the transferee is a Permitted
        Transferee and, at the time of transfer, such person does not have actual
        knowledge that the affidavit is false; and (iv) that each of the Class R
        Certificates may be a “noneconomic residual interest” within the meaning of
        proposed Treasury regulations promulgated under 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 is to impede the assessment or collection of tax.

       

      4.  The
        Owner
        is aware of the tax imposed on a “pass-through entity” holding the Class R
        Certificates if, at any time during the taxable year of the pass-through
        entity,
        a non-Permitted Transferee is the record holder of an interest in such entity.
        (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.)

       

      5.  The
        Owner
        is aware that the Trustee will not register the transfer of any Class R
        Certificate unless the transferee, or the transferee's agent, delivers to
        the
        Trustee, among other things, an affidavit in substantially the same form
        as this
        affidavit. The Owner expressly agrees that it will not consummate any such
        transfer if it knows or believes that any of the representations contained
        in
        such affidavit and agreement are false.

       

      6.  The
        Owner
        consents to any additional restrictions or arrangements that shall be deemed
        necessary upon advice of counsel to constitute a reasonable arrangement to
        ensure that the Class R Certificates will only be owned, directly or indirectly,
        by an Owner that is a Permitted Transferee.

       

      7.  The
        Owner's taxpayer identification number is _________________.

       

      8.  The
        Owner
        has reviewed the restrictions set forth on the face of the Class R Certificates
        and the provisions of Section 5.02(d) of the Pooling and Servicing Agreement
        under which the Class R Certificates were issued (in particular, clauses
        (iii)(A) and (iii)(B) of Section 5.02(d) which authorize the Trustee to deliver
        payments to a person other than the Owner and negotiate a mandatory sale
        by the
        Trustee in the event that the Owner holds such Certificate in violation of
        Section 5.02(d)); and that the Owner expressly agrees to be bound by and
        to
        comply with such restrictions and provisions.

       

      9.  The
        Owner
        is not acquiring and will not transfer the Class R Certificates in order
        to
        impede the assessment or collection of any tax.

       

      10.  The
        Owner
        anticipates that it will, so long as it holds the Class R Certificates, have
        sufficient assets to pay any taxes owed by the holder of such Class R
        Certificates, and hereby represents to and for the benefit of the person
        from
        whom it acquired the Class R Certificates that the Owner intends to pay taxes
        associated with holding such Class R Certificates as they become due, fully
        understanding that it may incur tax liabilities in excess of any cash flows
        generated by the Class R Certificates.

       

      11.  The
        Owner
        has no present knowledge that it may become insolvent or subject to a bankruptcy
        proceeding for so long as it holds the Class R Certificates.

       

      12.  The
        Owner
        has no present knowledge or expectation that it will be unable to pay any
        United
        States taxes owed by it so long as any of the Certificates remain
        outstanding.

       

      13.  The
        Owner
        is not acquiring the Class R Certificates with the intent to transfer the
        Class
        R Certificates to any person or entity that will not have sufficient assets
        to
        pay any taxes owed by the holder of such Class R Certificates, or that may
        become insolvent or subject to a bankruptcy proceeding, for so long as the
        Class
        R Certificates remain outstanding.

       

      14.  The
        Owner
        will, in connection with any transfer that it makes of the Class R Certificates,
        obtain from its transferee the representations required by Section 5.02(d)
        of
        the Pooling and Servicing Agreement under which the Class R Certificate were
        issued and will not consummate any such transfer if it knows, or knows facts
        that should lead it to believe, that any such representations are
        false.

       

      15.  The
        Owner
        will, in connection with any transfer that it makes of the Class R Certificates,
        deliver to the Trustee an affidavit, which represents and warrants that it
        is
        not transferring the Class R Certificates to impede the assessment or collection
        of any tax and that it has no actual knowledge that the proposed transferee:
        (i)
        has insufficient assets to pay any taxes owed by such transferee as holder
        of
        the Class R Certificates; (ii) may become insolvent or subject to a bankruptcy
        proceeding for so long as the Class R Certificates remain outstanding; and
        (iii)
        is not a “Permitted Transferee”.

       

      16.  The
        Owner
        is 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
        or
        any political subdivision thereof, or an estate or trust whose income from
        sources without the United States may be included in gross income for United
        States federal income tax purposes regardless of its connection with the
        conduct
        of a trade or business within the United States.

       

      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:

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      9.  I
        am a
        ____________________ of ____________________________ (the “Owner”), a
        corporation duly organized and existing under the laws of ______________,
        on
        behalf of whom I make this affidavit.

       

      10.  The
        Owner
        is not transferring the Class R Certificates (the “Residual Certificates”) to
        impede the assessment or collection of any tax.

       

      11.  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.

       

      12.  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.

       

      13.  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.

       

      14.  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]

       

      Citigroup,
        N.A.

      388
        Greenwich St

      New
        York,
        NY 10013

      Attention:
        CMLTI, Series 2006-AR2

       

      
        	 	
                Re:

              	
                Citigroup
                  Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series
                  2006-AR2, Class ___

              

      

      

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of Citigroup
        Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2006-AR2,
        Class I- [B-4] [B-5] [B-6] [R] or II-[B-4] [B-5] [B-6] [R] (the “Certificates”),
        issued pursuant to a Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”) dated as of March 1, 2006, among Citigroup Mortgage Loan Trust Inc.
        as depositor (the “Depositor”), CitiMortgage, Inc. as master servicer
        (the”Master Servicer”) and trust administrator, Citibank N.A., as paying agent,
        certificate registrar and authenticating agent 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 Master 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.ss.2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R.ss. 2510.3-101.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

                 

                 

                ______________________________________

              
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        EXHIBIT
          H

         

        FORM
          OF
          MASTER SERVICER CERTIFICATION WITH FORM 10-K

         

        
          	 	
                  Re:

                	
                  Citigroup
                    Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates,
                    Series
                    2006-AR2

                

        

        

        I,
          [identify the certifying individual], 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 Inc., Mortgage Pass-Through Certificates,
          Series
          2006-AR2 (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. I
          am
          responsible for reviewing the activities performed by the servicer and
          based on
          my knowledge and the compliance review(s) conducted in preparing the servicer
          compliance statement(s) required in this report under Item 1123 of Regulation
          AB, and except as disclosed in the Exchange Act periodic reports, the servicer
          [has/have] fulfilled [its/their] 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: Wells Fargo Bank, N.A. and Washington
          Mutual Bank,
          each as
          servicer.

         

        Date:
          [__], 2006

        
 

      

      
        	 	 	 	 	 	 	 	
                CITIMORTGAGE,
                  INC.

                 

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

                 

              	 
	 	 	 	 	 	 	 	
                Name:

                 

              	 
	 	 	 	 	 	 	 	
                Title:

                 

              	 
	 	 	 	 	 	 	 	
                Date:

                 

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        EXHIBIT
          I

         

        FORM
          BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE TO BE PROVIDED TO DEPOSITOR
          

         

        
          	 	
                  Re:

                	
                  Pooling
                    and Servicing Agreement dated as of March 1, 2006 (the “Agreement”), among
                    Citigroup Mortgage Loan Trust Inc., as depositor, CitiMortgage,
                    Inc. as
                    master servicer and trust administrator, Citibank, N.A. as paying
                    agent,
                    certificate registrar and authenticating agent and U.S. Bank
                    National
                    Association as Trustee

                

        

        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
          200_, 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; 

         

        3. The
          information provided by the Trust Administrator pursuant to Sections 3.21
          and
          4.06 of the Agreement (solely with respect to information about the Trust
          Administrator) does not contain any untrue statement of material fact;
          and

         

        4. Based
          on
          the Trust Administrator’s knowledge, the distribution information required to be
          provided by the Trust Administrator under the Agreement is included in
          the
          Exchange Act periodic reports.

         

        Capitalized
          terms used but not defined herein have the meanings ascribed to them in
          the
          Agreement.

         

      

      Date: _________________________

       

       

      By:

       

      Name:
         ________________________________
        

       

      Title:
         ________________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Available
        Upon Request]

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