Document:

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                      CITIGROUP MORTGAGE LOAN TRUST 200_-_
                                    as Issuer

                                       and

                     [------------------------------------]

                                Indenture Trustee

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

                                    INDENTURE

                           Dated as of [_____________]

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

                        ASSET-BACKED NOTES, SERIES 200_-_

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

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<PAGE>

                                TABLE OF CONTENTS

SECTION
-------
                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.        Definitions................................................

Section 1.02.        Incorporation by Reference of Trust Indenture Act..........

Section 1.03.        Rules of Construction......................................

                                   ARTICLE II

                         ORIGINAL ISSUANCE OF THE NOTES

Section 2.01.        Form.......................................................

Section 2.02.        Execution, Authentication and Delivery.....................

Section 2.03.        Acceptance of Mortgage Loans by Indenture Trustee..........

Section 2.04.        Acceptance of Cap Contracts by Indenture Trustee...........

                                   ARTICLE III

                                    COVENANTS

Section 3.01.        Collection of Payments with respect to the Mortgage Loans..

Section 3.02.        Maintenance of Office or Agency............................

Section 3.03.        Money for Payments To Be Held in Trust; Paying Agent.......

Section 3.04.        Existence..................................................

Section 3.05.        Payment of Principal and Interest..........................

Section 3.06.        Protection of Trust Estate.................................

Section 3.07.        Opinions as to Trust Estate................................

Section 3.08.        Performance of Obligations.................................

Section 3.09.        Negative Covenants.........................................

Section 3.10.        [Reserved.]................................................

Section 3.11.        [Reserved.]................................................

Section 3.12.        Representations and Warranties Concerning the
                     Mortgage Loans.............................................

Section 3.13.        Amendments to Servicing Agreement..........................

Section 3.14.        Master Servicer as Agent and Bailee of the
                     Indenture Trustee..........................................

Section 3.15.        Investment Company Act.....................................

Section 3.16.        Issuer May Consolidate, etc................................

Section 3.17.        Successor or Transferee....................................

Section 3.18.        No Other Business..........................................

Section 3.19.        No Borrowing...............................................

Section 3.20.        Guarantees, Loans, Advances and Other Liabilities..........

Section 3.21.        Capital Expenditures.......................................

Section 3.22.        Determination of Note Rate.................................

Section 3.23.        Restricted Payments........................................

Section 3.24.        Notice of Events of Default................................

Section 3.25.        Further Instruments and Acts...............................

Section 3.26.        Statements to Noteholders..................................

Section 3.27.        [Reserved].................................................

Section 3.28.        Certain Representations Regarding the Trust Estate.........

Section 3.29.        Allocation of Realized Losses..............................

                                   ARTICLE IV

               THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

Section 4.01.        The Notes..................................................

Section 4.02.        Registration of and Limitations on Transfer and Exchange
                     of Notes; Appointment of Note Registrar and Certificate....

Section 4.03.        Mutilated, Destroyed, Lost or Stolen Notes.................

Section 4.04.        Persons Deemed Owners......................................

Section 4.05.        Cancellation...............................................

Section 4.06.        Book-Entry Notes...........................................

Section 4.07.        Notices to Depository......................................

Section 4.08.        Definitive Notes...........................................

Section 4.09.        Tax Treatment..............................................

Section 4.10.        Satisfaction and Discharge of Indenture....................

Section 4.11.        Application of Trust Money.................................

Section 4.12.        Derivative Contracts for Benefit of the Certificates.......

Section 4.13.        Repayment of Monies Held by Paying Agent...................

Section 4.14.        Temporary Notes............................................

Section 4.15.        Representation Regarding ERISA.............................

                                    ARTICLE V

                              DEFAULT AND REMEDIES

Section 5.01.        Events of Default..........................................

Section 5.02.        Acceleration of Maturity; Rescission and Annulment.........

Section 5.03.        Collection of Indebtedness and Suits for Enforcement by
                     Indenture Trustee...................31

Section 5.04.        Remedies; Priorities.......................................

Section 5.05.        Optional Preservation of the Trust Estate..................

Section 5.06.        Limitation of Suits........................................

Section 5.07.        Unconditional Rights of Noteholders To Receive Principal
                     and Interest.......................36

Section 5.08.        Restoration of Rights and Remedies.........................

Section 5.09.        Rights and Remedies Cumulative.............................

Section 5.10.        Delay or Omission Not a Waiver.............................

Section 5.11.        Control By Noteholders.....................................

Section 5.12.        Waiver of Past Defaults....................................

Section 5.13.        Undertaking for Costs......................................

Section 5.14.        Waiver of Stay or Extension Laws...........................

Section 5.15.        Sale of Trust Estate.......................................

Section 5.16.        Action on Notes............................................

Section 5.17.        Performance and Enforcement of Certain Obligations.........

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

Section 6.01.        Duties of Indenture Trustee................................

Section 6.02.        Rights of Indenture Trustee................................

Section 6.03.        Individual Rights of Indenture Trustee.....................

Section 6.04.        Indenture Trustee's Disclaimer.............................

Section 6.05.        Notice of Event of Default.................................

Section 6.06.        Reports by Indenture Trustee to Holders and Tax
                     Administration..............................44

Section 6.07.        Compensation and Indemnity.................................

Section 6.08.        Replacement of Indenture Trustee...........................

Section 6.09.        Successor Indenture Trustee by Merger......................

Section 6.10.        Appointment of Co-Indenture Trustee or Separate
                     Indenture Trustee...........................46

Section 6.11.        Eligibility; Disqualification..............................

Section 6.12.        Preferential Collection of Claims Against Issuer...........

Section 6.13.        Representations and Warranties.............................

Section 6.14.        Directions to Indenture Trustee............................

Section 6.15.        The Agents.................................................

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS
Section 7.01.        Issuer To Furnish Indenture Trustee Names and Addresses of
                     Noteholders................................................

Section 7.02.        Preservation of Information; Communications to Noteholders.

Section 7.03.        Reports of Issuer..........................................

Section 7.04.        Reports by Indenture Trustee...............................

Section 7.05.        Statements to Noteholders..................................

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.        Collection of Money........................................

Section 8.02.        Trust Accounts.............................................

Section 8.03.        Officer's Certificate......................................

Section 8.04.        Termination Upon Distribution to Noteholders...............

Section 8.05.        Release of Trust Estate....................................

Section 8.06.        Surrender of Notes Upon Final Payment......................

Section 8.07.        Optional Redemption of the Notes...........................

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

Section 9.01.        Supplemental Indentures Without Consent of Noteholders.....

Section 9.02.        Supplemental Indentures With Consent of Noteholders........

Section 9.03.        Execution of Supplemental Indentures.......................

Section 9.04.        Effect of Supplemental Indenture...........................

Section 9.05.        Conformity with Trust Indenture Act........................

Section 9.06.        Reference in Notes to Supplemental Indentures..............

                                    ARTICLE X

                                  MISCELLANEOUS

Section 10.01.       Compliance Certificates and Opinions, etc..................

Section 10.02.       Form of Documents Delivered to Indenture Trustee...........

Section 10.03.       Acts of Noteholders........................................

Section 10.04.       Notices etc., to Indenture Trustee Issuer and
                     Rating Agencies............................................

Section 10.05.       Notices to Noteholders; Waiver.............................

Section 10.06.       Conflict with Trust Indenture Act..........................

Section 10.07.       Effect of Headings.........................................

Section 10.08.       Successors and Assigns.....................................

Section 10.09.       Separability...............................................

Section 10.10.       [Reserved.]................................................

Section 10.11.       Legal Holidays.............................................

Section 10.12.       GOVERNING LAW..............................................

Section 10.13.       Counterparts...............................................

Section 10.14.       Recording of Indenture.....................................

Section 10.15.       Issuer Obligation..........................................

Section 10.16.       No Petition................................................

Section 10.17.       Inspection.................................................

Section 10.18.       No Recourse to Owner Trustee...............................

Section 10.19.       Proofs of Claim............................................

<PAGE>

EXHIBITS
--------

Exhibit A-1                  Form of Class A-1 Note
Exhibit A-2                  Form of Class A-2a Note
Exhibit A-3                  Form of Class A-2b Note
Exhibit A-4                  Form of Class A-2c Note
Exhibit A-5                  Form of Class M-1 Note
Exhibit A-6                  Form of Class M-2 Note
Exhibit A-7                  Form of Class M-3 Note
Exhibit A-8                  Form of Class M-4 Note
Exhibit A-9                  Form of Class M-5 Note
Exhibit A-10                 Form of Class M-6 Note
Exhibit A-11                 Form of Class M-7 Note
Exhibit A-12                 Form of Class M-8 Note
Exhibit A-13                 Form of Class M-9 Note
Exhibit A-14                 Form of Class M-10 Notes
Exhibit B                    Mortgage Loan Schedule
Exhibit C-1                  Form of Indenture Trustee's Initial Certification
Exhibit C-2                  Form of Indenture Trustee's Final Certification
Exhibit D                    Cap Contracts

Appendix A                   Definitions

<PAGE>

     This Indenture, dated as of [_____________], is entered into between
Citigroup Mortgage Loan Trust 200_-_ , a Delaware statutory trust, as Issuer
(the "Issuer"), and [__________________________], a [national banking
association], as Indenture Trustee (the "Indenture Trustee").

                                WITNESSETH THAT:

     Each party hereto agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's Asset-Backed
Notes, Series 200_-_ (the "Notes").

                                 GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as
trustee for the benefit of the Holders of the Notes, all of the Issuer's right,
title and interest in and to whether now existing or hereafter created by (a)
the Mortgage Loans, Qualified Substitute Mortgage Loans and the proceeds thereof
and all rights under the Related Documents; (b) all funds on deposit from time
to time in the Collection Account allocable to the Mortgage Loans excluding any
investment income from such funds; (c) all funds on deposit from time to time in
the Payment Account and in all proceeds thereof; (d) all rights under (i) the
Mortgage Loan Purchase Agreement as assigned to the Issuer, (ii) the Servicing
Agreement, (iii) any title, hazard and primary insurance policies with respect
to the Mortgaged Properties and (iv) the rights with respect to the Cap
Contracts; (e) all present and future claims, demands, causes and choses in
action in respect of any or all of the foregoing and all payments on or under,
and all proceeds of every kind and nature whatsoever in respect of, any or all
of the foregoing and all payments on or under, and all proceeds of every kind
and nature whatsoever in the conversion thereof, voluntary or involuntary, into
cash or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, checks, deposit accounts, rights to payment of any
and every kind, and other forms of obligations and receivables, instruments and
other property which at any time constitute all or part of or are included in
the proceeds of any of the foregoing and (f) all other property of the Issuer
(collectively, the "Trust Estate" or the "Collateral").

     The foregoing Grant is made in trust to secure the payment of principal of
and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

     The Indenture Trustee, as trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trust under this Indenture in accordance
with the provisions hereof and agrees to perform its duties as Indenture Trustee
as required herein.

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

     Section 1.01. DEFINITIONS. For all purposes of this Indenture, except as
otherwise expressly provided herein or unless the context otherwise requires,
capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in the Definitions attached hereto as Appendix A which is
incorporated by reference herein. All other capitalized terms used herein shall
have the meanings specified herein.

     Section 1.02. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. Whenever
this Indenture refers to a provision of the Trust Indenture Act (the "TIA"), the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

     "Commission" means the Securities and Exchange Commission.

     "indenture securities" means the Notes.

     "indenture security holder" means a Noteholder.

     "indenture to be qualified" means this Indenture.

     "indenture trustee" or "institutional trustee" means the Indenture Trustee.

     "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

     All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rules and
have the meanings assigned to them by such definitions.

     Section 1.03. RULES OF CONSTRUCTION. Unless the context otherwise requires:

          (i) a term has the meaning assigned to it;

          (ii) an accounting term not otherwise defined has the meaning assigned
     to it in accordance with generally accepted accounting principles as in
     effect from time to time;

          (iii) "or" is not exclusive;

          (iv) "including" means including without limitation;

          (v) words in the singular include the plural and words in the plural
     include the singular; and

          (vi) any agreement, instrument or statute defined or referred to
     herein or in any instrument or certificate delivered in connection herewith
     means such agreement, instrument or statute as from time to time amended,
     modified or supplemented and includes (in the case of agreements or
     instruments) references to all attachments thereto and instruments
     incorporated therein; references to a Person are also to its permitted
     successors and assigns.

<PAGE>

                                   ARTICLE II

                         ORIGINAL ISSUANCE OF THE NOTES

     Section 2.01. FORM. The Class A Notes and the Mezzanine Notes, together
with the Indenture Trustee's certificate of authentication, shall be in
substantially the form set forth in Exhibits A-1 through A-14 to this Indenture,
respectively, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture.

     The Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved
borders).

     The terms of the Notes set forth in Exhibits A-1 through A-14 to this
Indenture are part of the terms of this Indenture.

     Section 2.02. EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

     Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

     The Indenture Trustee shall upon Issuer Request authenticate and deliver
the Class A Notes and the Mezzanine Notes for original issue in an aggregate
initial principal amount of $[__________]. The Class Notes shall have the
following Initial Note Balances:

         CLASS             INITIAL NOTE BALANCE
         -----             --------------------
          A-1              $      [________]
          A-2a             $      [________]
          A-2b             $      [________]
          A-2c             $      [________]
          M-1              $      [________]
          M-2              $      [________]
          M-3              $      [________]
          M-4              $      [________]
          M-5              $      [________]
          M-6              $      [________]
          M-7              $      [________]
          M-8              $      [________]
          M-9              $      [________]
          M-10             $      [________]

     Each of the Notes shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes and the Notes shall be issuable in the
minimum initial Note Balances of $100,000 and in integral multiples of $1 in
excess thereof.

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the
Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

     Section 2.03. ACCEPTANCE OF MORTGAGE LOANS BY INDENTURE TRUSTEE.

     (a) The Indenture Trustee acknowledges receipt of, subject to the
exceptions it notes pursuant to the procedures described below, the documents
(or certified copies thereof) referred to in Section 2.1(b) of the Mortgage Loan
Purchase Agreement, and declares that it holds and will continue to hold those
documents and any amendments, replacements or supplements thereto and all other
assets of the Trust Estate as Indenture Trustee in trust for the use and benefit
of all present and future Holders of the Notes.

     The parties hereto understand and agree that it is not intended that any
Mortgage Loan be included in the Trust that is a "High-Cost Home Loan" as
defined by the Homeownership and Equity Protection Act of 1994 or any other
applicable federal, state and local predatory or abusive lending laws.

     The Indenture Trustee agrees, for the benefit of the Noteholders, to review
each Mortgage File on or before the Closing Date and to certify in substantially
the form attached hereto as Exhibit C-1 that, as to each Mortgage Loan listed in
the Mortgage Loan Schedule (other than any Mortgage Loan specifically identified
in the exception report annexed thereto as not being covered by such
certification), (i) all documents constituting part of such Mortgage File (other
than such documents described in Section 2.1(b)(v) of the Mortgage Loan Purchase
Agreement) required to be delivered to it pursuant to the Mortgage Loan Purchase
Agreement are in its possession, (ii) such documents have been reviewed by it
and appear regular on their face and relate to such Mortgage Loan and (iii)
based on its examination and only as to the foregoing, the information set forth
in the Mortgage Loan Schedule that corresponds to items (i), (iii), (xi), (xii),
(xv) and (xvii) (solely as to the Gross Margin) of the definition of "Mortgage
Loan Schedule" accurately reflects information set forth in the Mortgage File.
It is herein acknowledged that, in conducting such review, the Indenture Trustee
was under no duty or obligation (i) to inspect, review or examine any such
documents, instruments, certificates or other papers to determine whether they
are genuine, enforceable, or appropriate for the represented purpose or whether
they have actually been recorded or that they are other than what they purport
to be on their face or (ii) to determine whether any Mortgage File should
include any of the documents specified in clause (v) of Section 2.1(b) of the
Mortgage Loan Purchase Agreement.

     Prior to the first anniversary date of this Indenture the Indenture Trustee
shall deliver to the Depositor and the Master Servicer a final certification in
the form annexed hereto as Exhibit C-2 evidencing the completeness of the
Mortgage Files, with any applicable exceptions noted thereon, and the Master
Servicer shall forward a copy thereof to any Sub-Servicer.

     If in the process of reviewing the Mortgage Files and making or preparing,
as the case may be, the certifications referred to above, the Indenture Trustee
finds any document or documents constituting a part of a Mortgage File to be
missing or defective in any material respect, at the conclusion of its review
the Indenture Trustee shall so notify the Depositor and the Master Servicer. In
addition, upon the discovery by the Indenture Trustee of a breach of any of the
representations and warranties made by [________] 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 Noteholders in such Mortgage
Loan, the Indenture Trustee or any other party discovering such breach shall
give prompt written notice to the Depositor, the Master Servicer and [________].

     (b) Upon deposit of the Purchase Price in the Payment Account, the
Indenture Trustee shall release and deliver to [________] (at the expense of the
Master Servicer) the related Mortgage File and shall execute and deliver all
instruments of transfer or assignment, without recourse, furnished to it by
[________] as are necessary to vest in [________] title to and rights under the
related Mortgage Loan. Such purchase shall be deemed to have occurred on the
date on which certification of the deposit of the Purchase Price in the Payment
Account was received by the Indenture Trustee.

     Section 2.04. ACCEPTANCE OF CAP CONTRACTS BY INDENTURE TRUSTEE. The Issuer
hereby directs the Indenture Trustee to execute, deliver and perform its
obligations under the Cap Contracts on the Closing Date and thereafter on behalf
of the Holders of the Notes. The Issuer and the Holders of the Notes by their
acceptance of such Notes acknowledge and agree that the Indenture Trustee shall
execute, deliver and perform its obligations under the Cap Contracts and shall
do so solely in its capacity as Indenture Trustee of the Trust and not in its
individual capacity.

     The Indenture Trustee acknowledges receipt of the Cap Contracts and
declares that it holds and will continue to hold these documents and any
amendments, replacements or supplements thereto and all other assets of the
Trust Estate as Indenture Trustee in trust for the use and benefit of all
present and future Holders of the Notes. Every provision of this Indenture
affording protection to the Indenture Trustee shall apply to the Indenture
Trustee's execution of the Cap Contracts and the performance of its duties and
satisfaction of its obligations thereunder.

<PAGE>

ARTICLE III

                                    COVENANTS

     Section 3.01. COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS.
The Indenture Trustee shall establish and maintain an Eligible Account (the
"Payment Account") in which the Indenture Trustee shall deposit, on the same day
as it is received from the Master Servicer, each remittance received by the
Indenture Trustee with respect to the Mortgage Loans. The Indenture Trustee
shall make all payments of principal of and interest on the Notes, subject to
Section 3.03 as provided in Section 3.05 herein from monies on deposit in the
Payment Account.

     Section 3.02. MAINTENANCE OF OFFICE OR AGENCY. The Issuer will maintain an
office or agency where, subject to satisfaction of conditions set forth herein,
Notes may be surrendered for registration of transfer or exchange, and where
notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes. If at any time the
Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders may be made at
the office of the Indenture Trustee's agent located at
[______________________________] Attention: [_________], and notices and demands
may be made or served at the Corporate Trust Office.

     Section 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST; PAYING AGENT. As
provided in Section 3.01, all payments of amounts due and payable with respect
to any Notes that are to be made from amounts withdrawn from the Payment Account
pursuant to Section 3.01 shall be made on behalf of the Issuer by the Indenture
Trustee or by the Paying Agent, and no amounts so withdrawn from the Payment
Account for payments of Notes shall be paid over to the Issuer except as
provided in this Section 3.03. The Issuer hereby appoints the Indenture Trustee
as its Paying Agent.

     The Issuer will cause each Paying Agent other than the Indenture Trustee to
execute and deliver to the Indenture Trustee an instrument in which such Paying
Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts
as Paying Agent it hereby so agrees), subject to the provisions of this Section
3.03, that such Paying Agent will:

          (i) hold all sums held by it for the payment of amounts due with
     respect to the Notes in trust for the benefit of the Persons entitled
     thereto until such sums shall be paid to such Persons or otherwise disposed
     of as herein provided and pay such sums to such Persons as herein provided;

          (ii) give the Indenture Trustee notice of any default by the Issuer of
     which it has actual knowledge in the making of any payment required to be
     made with respect to the Notes;

          (iii) at any time during the continuance of any such default, upon the
     written request of the Indenture Trustee, forthwith pay to the Indenture
     Trustee all sums so held in trust by such Paying Agent;

          (iv) immediately resign as Paying Agent and forthwith pay to the
     Indenture Trustee all sums held by it in trust for the payment of Notes if
     at any time it ceases to meet the standards required to be met by a Paying
     Agent at the time of its appointment;

          (v) comply with all requirements of the Code with respect to the
     withholding from any payments made by it on any Notes of any applicable
     withholding taxes imposed thereon and with respect to any applicable
     reporting requirements in connection therewith; and

          (vi) not commence a bankruptcy proceeding against the Issuer in
     connection with this Indenture.

     The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Request
direct any Paying Agent to pay to the Indenture Trustee all sums held in trust
by such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held
by the Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for one year after
such amount has become due and payable shall be discharged from such trust and
be paid to the Issuer on Issuer Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; PROVIDED, HOWEVER, that the Indenture
Trustee or such Paying Agent, before being required to make any such repayment,
shall at the expense and direction of the Issuer cause to be published once, in
an Authorized Newspaper published in the English language, notice that such
money remains unclaimed and that, after a date specified therein which shall not
be less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Issuer. The Indenture Trustee
may also adopt and employ, at the expense and direction of the Issuer, any other
reasonable means of notification of such repayment (including, but not limited
to, mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or whose right to or interest in monies
due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each
such Holder).

     Section 3.04. EXISTENCE. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other state or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Mortgage Loans and each other
instrument or agreement included in the Trust Estate.

     Section 3.05. PAYMENT OF PRINCIPAL AND INTEREST.

     (a) On each Payment Date from amounts on deposit in the Payment Account in
accordance with Section 8.02 hereof, the Indenture Trustee shall pay to the
Persons specified below, to the extent provided therein, the Available Payment
Amount for such Payment Date.

     (b) (I) On each Payment Date, the Indenture Trustee shall withdraw from the
Payment Account an amount equal to the Group I Interest Remittance Amount and
pay to the Noteholders the following amounts, in the following order of
priority:

          (i) to the Holders of the Group I Notes, an amount equal to the Senior
     Interest Payment Amount allocable to such Notes;

          (ii) concurrently, to the Holders of each Class of Group II Notes, on
     a PRO RATA basis based on the entitlement of each such Class, the Senior
     Interest Payment Amount for such Notes, to the extent remaining unpaid
     after the payment of the Group II Interest Remittance Amount as set forth
     in Section 3.05(b)(II)(i).

     (II) On each Payment Date, the Indenture Trustee shall withdraw from the
Payment Account an amount equal to the Group II Interest Remittance Amount and
pay to the Noteholders the following amounts, in the following order of
priority:

          (i) concurrently, to the Holders of each Class of Group II Notes, on a
     PRO RATA basis based on the entitlement of each such Class, an amount equal
     to the Senior Interest Payment Amount allocable to such Notes; and

          (ii) to the Holders of the Group I Notes, the Senior Interest Payment
     Amount for such Notes, to the extent remaining unpaid after the payment of
     the Group I Interest Remittance Amount as set forth in Section
     3.05(b)(I)(i).

     (III) On each Payment Date, following the payments made pursuant to Section
3.05(b)(I) and (II), the Indenture Trustee shall withdraw from the Payment
Account an amount equal to any remaining Group I Interest Remittance Amount and
Group II Interest Remittance Amount and pay sequentially, to the Holders of the
Class M-1 Notes, the Class M-2 Notes, the Class M-3 Notes, the Class M-4 Notes,
the Class M-5 Notes, the Class M-6 Notes, the Class M-7 Notes, the Class M-8
Notes, the Class M-9 Notes and the Class M-10 Notes in that order, in an amount
equal to the Interest Payment Amount allocable to each such Class of Notes.

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

          (i) to the Holders of the Group I Notes, until the Note Balances
     thereof have been reduced to zero; and

          (ii) after taking into account the amount paid to the Holders of the
     Group II Notes pursuant to Section 3.05(c)(II)(i) on such Payment Date, to
     the Holders of the Group II Notes (allocated among the Group II Notes in
     the priority described below), until the Note Balances thereof have been
     reduced to zero.

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

          (i) to the Holders of the Group II Notes (allocated among the Group II
     Notes in the priority described below), until the Note Balances thereof
     have been reduced to zero; and

          (ii) after taking into account the amount paid to the Holders of the
     Group I Notes pursuant to Section 3.05(c)(I)(i) on such Payment Date, to
     the Holders of the Group I Notes, until the Note Balances thereof have been
     reduced to zero.

     (III) On each Payment Date (a) prior to the Stepdown Date or (b) on which a
Trigger Event is in effect, the sum of the Group I Principal Payment Amount and
the Group II Principal Payment Amount remaining after payments pursuant to
Section 3.05(c)(I) and Section 3.05(c)(II) for such Payment Date shall be paid
sequentially, to the Holders of the Class M-1 Notes, the Class M-2 Notes, the
Class M-3 Notes, the Class M-4 Notes, the Class M-5 Notes, the Class M-6 Notes,
the Class M-7 Notes, the Class M-8 Notes, the Class M-9 Notes and the Class M-10
Notes in that order, until the respective Note Balance of each such Class has
been reduced to zero.

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

          (i) to the Holders of the Group I Notes, the Group I Senior Principal
     Payment Amount, until the Note Balances thereof have been reduced to zero;
     and

          (ii) to the Holders of the Group II Notes (allocated among the Group
     II Notes in the priority described below), an amount equal to the excess,
     if any, of (x) the amount required to be paid pursuant to Section
     3.05(c)(V)(i) for such Payment Date over (y) the amount actually paid
     pursuant to Section 3.05(c)(V)(i) from the Group II Principal Payment
     Amount on such Payment Date.

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

          (i) to the Holders of the Group II Notes (allocated among the Group II
     Notes in the priority described below), the Group II Senior Principal
     Payment Amount, until the Note Balances thereof have been reduced to zero;
     and

          (ii) to the Holders of the Group I Notes, an amount equal to the
     excess, if any, of (x) the amount required to be paid pursuant to Section
     3.05(c)(IV)(i) for such Payment Date over (y) the amount actually paid
     pursuant to Section 3.05(c)(IV)(i) from the Group I Principal Payment
     Amount on such Payment Date.

     (VI) On each Payment Date (a) on or after the Stepdown Date and (b) on
which a Trigger Event is not in effect, the sum of the Group I Principal Payment
Amount and the Group II Principal Payment Amount remaining after payments
pursuant to Section 3.05(c)(IV) and Section 3.05(c)(V) shall be paid in the
following order of priority:

          (i) to the holders of the Class M-1 Notes, the Class M-1 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (ii) to the holders of the Class M-2 Notes, the Class M-2 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (iii) to the holders of the Class M-3 Notes, the Class M-3 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (iv) to the holders of the Class M-4 Notes, the Class M-4 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (v) to the holders of the Class M-5 Notes, the Class M-5 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (vi) to the holders of the Class M-6 Notes, the Class M-6 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (vii) to the holders of the Class M-7 Notes, the Class M-7 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (viii) to the holders of the Class M-8 Notes, the Class M-8 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero;

          (ix) to the holders of the Class M-9 Notes, the Class M-9 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero; and
     (x) to the holders of the Class M-10 Notes, the Class M-10 Principal
     Payment Amount until the Note Balance thereof has been reduced to zero.

     With respect to the Group II Notes, all principal payments will be paid
sequentially, to the Class A-2a, Class A-2b and Class A-2c, in that order, until
their respective Note Balances have been reduced to zero; provided, however,
that on any Payment Date on which the aggregate Note Balance of the Mezzanine
Notes and the Overcollateralization Amount has been reduced to zero, all
principal payments will be paid, concurrently, to the Class A-2a Notes, the
Class A-2b Notes and the Class A-2c Notes, on a PRO RATA basis based on Note
Balance of each such Class, until their respective Note Balances have been
reduced to zero.

     (d) On each Payment Date, the Net Monthly Excess Cashflow shall be paid by
the Indenture Trustee as follows:

          (i) to the Holders of the Class or Classes of Notes then entitled to
     receive payments in respect of principal, as part of the Group I Principal
     Payment Amount and the Group II Principal Payment Amount in an amount equal
     to the Overcollateralization Increase Amount for the Notes, applied to
     reduce the Note Balance of such Notes until the aggregate Note Balance of
     such Notes is reduced to zero;

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

          (iii) to the Holders of the Class A Notes and the Mezzanine Notes (in
     the priority described below), the amount by which the aggregate Basis Risk
     Shortfall for such Payment Date exceeds the amounts received by the
     Indenture Trustee under the Cap Contracts;

          (iv) sequentially, to the Holders of the Class M-1 Notes, the Class
     M-2 Notes, the Class M-3 Notes, the Class M-4 Notes, the Class M-5 Notes,
     the Class M-6 Notes, the Class M-7 Notes, the Class M-8 Notes, the Class
     M-9 Notes and the Class M-10 Notes, in that order, in an amount equal to
     the Deferred Interest allocated to each such Class of Notes; and

          (v) to the Owner Trustee, any fees, expenses and indemnities not
     otherwise paid and then, to the Holders of the Certificates, any remaining
     amounts.

     On each Payment Date, all amounts representing Prepayment Charges in
respect of the Mortgage Loans received during the related Prepayment Period that
were not otherwise used to absorb Realized Losses as set forth in Section 3.29
shall be withdrawn from the Payment Account and distributed by the Indenture
Trustee to the Holders of the Certificates and shall not be available for
payment to the Holders of any Class of Notes.

     Following the foregoing payments, an amount equal to the amount of
Subsequent Recoveries deposited into the Collection Account pursuant to Section
3.10 of the Servicing Agreement shall be applied to increase the Note Balance of
the Class of Notes with the Highest Priority up to the extent of such Realized
Losses previously unreimbursed to that Class of Notes pursuant to Section 3.29.
An amount equal to the amount of any remaining Subsequent Recoveries shall be
applied to increase the Note Balance of the Class of Notes with the next Highest
Priority, up to the amount of such Realized Losses previously allocated to that
Class of Notes pursuant to Section 3.29. Holders of such Notes will not be
entitled to any distribution in respect of interest on the amount of such
increases for any Interest Accrual Period preceding the Payment Date on which
such increase occurs. Any such increases shall be applied to the Note Balance of
each Note of such Class in accordance with its respective Percentage Interest.

     (e) On each Payment Date, after making the distributions of the Available
Payment Amount as set forth above, the Indenture Trustee will determine the
amount of any Basis Risk Shortfalls with respect to the Class A Notes and the
Mezzanine Notes for such Payment Date and pay such amount in the following order
of priority:

          (i) any amounts received by the Indenture Trustee in respect of the
     Group I Cap Contract will be paid to the Group I Notes, to the extent of
     the related Basis Risk Shortfall for such payment date;

          (ii) any amounts received by the Indenture Trustee in respect of the
     Group II Cap Contract will be paid concurrently, to each Class of Group II
     Notes, on a PRO RATA basis based on the Note Balance of each such class, to
     the extent of the related Basis Risk Shortfall for such payment date and
     then on a PRO RATA basis based on the remaining unpaid Basis Risk Shortfall
     for each such Class;

          (iii) any amounts received by the Indenture Trustee in respect of the
     Mezzanine Cap Contract will be paid concurrently, to each class of
     Mezzanine Notes, on a PRO RATA basis based on the Note Balance of each such
     class, to the extent of the related Basis Risk Shortfall for such payment
     date and then on a PRO RATA basis based on the remaining unpaid Basis Risk
     Shortfall for each such class; and

          (iv) Any amounts from the Net Monthly Excess Cashflow will be paid as
     follows, in each case to the extent of the applicable Basis Risk Shortfall:

     (a) concurrently to each Class of Class A Notes, on a PRO RATA basis based
on the unpaid Basis Risk Shortfall due on each such Class on such Payment Date,
to the extent not paid pursuant to Section 3.05(e)(i) and Section 3.05(e)(ii)
above; and

     (b) sequentially, to the Class M-1 Notes, the Class M-2 Notes, the Class
M-3 Notes, the Class M-4 Notes, the Class M-5 Notes, the Class M-6 Notes, the
Class M-7 Notes, the Class M-8 Notes, the Class M-9 Notes and the Class M-10
Notes, in that order, to the extent not paid pursuant to Section 3.05(e)(iii)
above.

     (f) Each payment with respect to a Book-Entry Note shall be paid to the
Depository, as Holder thereof, and the Depository shall be responsible for
crediting the amount of such payment to the accounts of its Depository
Participants in accordance with its normal procedures. Each Depository
Participant shall be responsible for disbursing such payment to the Note 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 Note Owners
that it represents. None of the Indenture Trustee, the Note Registrar, the
Paying Agent, the Depositor or the Master Servicer shall have any responsibility
therefor except as otherwise provided by this Indenture or applicable law.

     (g) On each Payment Date, the Certificate Paying Agent shall deposit in the
Certificate Distribution Account all amounts it received pursuant to this
Section 3.05 for the purpose of distributing such funds pursuant to the Trust
Agreement.

     (h) Any installment of interest or principal, if any, payable on any Note
that is punctually paid or duly provided for by the Issuer on the applicable
Payment Date shall, if such Holder shall have so requested at least five
Business Days prior to the related Record Date, be paid to each Holder of record
on the preceding Record Date, by wire transfer to an account specified in
writing by such Holder reasonably satisfactory to the Indenture Trustee as of
the preceding Record Date or in all other cases or if no such instructions have
been delivered to the Indenture Trustee, by check to such Noteholder mailed to
such Holder's address as it appears in the Note Register in the amount required
to be paid to such Holder on such Payment Date pursuant to such Holder's Notes;
PROVIDED, HOWEVER, that the Indenture Trustee shall not pay to such Holders any
amount required to be withheld from a payment to such Holder by the Code.

     (i) The principal of each Note shall be due and payable in full on the
Final Stated Maturity Date for such Note as provided in the forms of Notes set
forth in Exhibits A-1 through A-14 to this Indenture. All principal payments on
the Notes shall be made to the Noteholders entitled thereto in accordance with
the Percentage Interests represented by such Notes. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business on
the Record Date preceding the Final Stated Maturity Date or other final Payment
Date (including any final Payment Date resulting from any redemption pursuant to
Section 8.07 hereof). Such notice shall to the extent practicable be mailed no
later than five Business Days prior to such Final Stated Maturity Date or other
final Payment Date and shall specify that payment of the principal amount and
any interest due with respect to such Note at the Final Stated Maturity Date or
other final Payment Date will be payable only upon presentation and surrender of
such Note and shall specify the place where such Note may be presented and
surrendered for such final payment. No interest shall accrue on the Notes on or
after the Final Stated Maturity Date or any such other final Payment Date.

     Section 3.06. Protection of Trust Estate.

     (a) The Issuer will from time to time prepare, execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
and will take such other action necessary or advisable to:

     (i) maintain or preserve the lien and security interest (and the priority
thereof) of this Indenture or carry out more effectively the purposes hereof;

     (ii) perfect, publish notice of or protect the validity of any Grant made
or to be made by this Indenture;

     (iii) cause the Issuer or Master Servicer to enforce any of the rights to
the Mortgage Loans; or

     (iv) preserve and defend title to the Trust Estate and the rights of the
Indenture Trustee and the Noteholders in such Trust Estate against the claims of
all persons and parties.

     (b) Except as otherwise provided in this Indenture, the Indenture Trustee
shall not remove any portion of the Trust Estate that consists of money or is
evidenced by an instrument, certificate or other writing from the jurisdiction
in which it was held at the date of the most recent Opinion of Counsel delivered
pursuant to Section 3.07 hereof (or from the jurisdiction in which it was held
as described in the Opinion of Counsel delivered on the Closing Date pursuant to
Section 3.07(a) hereof, or if no Opinion of Counsel has yet been delivered
pursuant to Section 3.07(b) hereof, unless the Indenture Trustee shall have
first received an Opinion of Counsel to the effect that the lien and security
interest created by this Indenture with respect to such property will continue
to be maintained after giving effect to such action or actions).

     The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to sign any financing statement, continuation statement or
other instrument required to be signed pursuant to this Section 3.06 upon the
Issuer's preparation thereof and delivery to the Indenture Trustee.

     Section 3.07. OPINIONS AS TO TRUST ESTATE.

     (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee
and the Owner Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording and
filing of this Indenture, any indentures supplemental hereto, and any other
requisite documents, and with respect to the execution and filing of any
financing statements and continuation statements, as are necessary to perfect
and make effective the lien and first priority security interest in the
Collateral and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and first
priority security interest effective.

     (b) On or before April 15th in each calendar year, beginning in 2006, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel at the
expense of the Issuer either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as is necessary to maintain the
lien and first priority security interest in the Collateral and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of
Counsel shall also describe the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest in the Collateral until December 31st
in the following calendar year.

     Section 3.08. PERFORMANCE OF OBLIGATIONS.

     The Issuer will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the Basic Documents and in the
instruments and agreements included in the Trust Estate.

     The Issuer may contract with other Persons to assist it in performing its
duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer's Certificate of the Issuer
shall be deemed to be action taken by the Issuer.

     The Issuer will not take any action or permit any action to be taken by
others which would release any Person from any of such Person's covenants or
obligations under any of the documents relating to the Mortgage Loans or under
any instrument included in the Trust Estate, or which would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any of the documents relating to the Mortgage
Loans or any such instrument, except such actions as the Master Servicer is
expressly permitted to take in the Servicing Agreement. The Indenture Trustee
may exercise the rights of the Issuer to direct the actions of the Master
Servicer pursuant to the Servicing Agreement.

     The Issuer may retain an administrator and may enter into contracts with
other Persons for the performance of the Issuer's obligations hereunder, and
performance of such obligations by such Persons shall be deemed to be
performance of such obligations by the Issuer.

     Section 3.09. NEGATIVE COVENANTS. So long as any Notes are Outstanding, the
Issuer shall not:

          (i) except as expressly permitted by this Indenture, sell, transfer,
     exchange or otherwise dispose of the Trust Estate, unless directed to do so
     by the Indenture Trustee;

          (ii) claim any credit on, or make any deduction from the principal or
     interest payable in respect of, the Notes (other than amounts properly
     withheld from such payments under the Code) or assert any claim against any
     present or former Noteholder by reason of the payment of the taxes levied
     or assessed upon any part of the Trust Estate;

          (iii) (A) permit the validity or effectiveness of this Indenture to be
     impaired, or permit the lien of this Indenture to be amended, hypothecated,
     subordinated, terminated or discharged, or permit any Person to be released
     from any covenants or obligations with respect to the Notes under this
     Indenture except as may be expressly permitted hereby, (B) permit any lien,
     charge, excise, claim, security interest, mortgage or other encumbrance
     (other than the lien of this Indenture) to be created on or extend to or
     otherwise arise upon or burden the Trust Estate or any part thereof or any
     interest therein or the proceeds thereof or (C) permit the lien of this
     Indenture not to constitute a valid first priority security interest in the
     Trust Estate; or

          (iv) waive or impair, or fail to assert rights under, the Mortgage
     Loans, or impair or cause to be impaired the Issuer's interest in the
     Mortgage Loans, the Mortgage Loan Purchase Agreement or in any Basic
     Document, if any such action would materially and adversely affect the
     interests of the Noteholders.

          Section 3.10. [RESERVED.]

          Section 3.11. [RESERVED.]

     Section 3.12. REPRESENTATIONS AND WARRANTIES CONCERNING THE MORTGAGE LOANS.
The Indenture Trustee, as pledgee of the Mortgage Loans, has the benefit of the
representations and warranties made by [________] in the Mortgage Loan Purchase
Agreement concerning [________], the Seller and the Mortgage Loans to the same
extent as though such representations and warranties were made directly to the
Indenture Trustee. If a Responsible Officer of the Indenture Trustee has actual
knowledge of any breach of any representation or warranty made by [________] in
the Mortgage Loan Purchase Agreement, the Indenture Trustee shall promptly
notify [________] of such finding and [________]'s obligation to cure such
defect or repurchase or substitute for the related Mortgage Loan.

     Section 3.13. AMENDMENTS TO SERVICING AGREEMENT. The Issuer covenants with
the Indenture Trustee that it will not enter into any amendment or supplement to
the Servicing Agreement without the prior written consent of the Indenture
Trustee.

     Section 3.14. MASTER SERVICER AS AGENT AND BAILEE OF THE INDENTURE TRUSTEE.
Solely for purposes of perfection under Section 9-305 of the UCC or other
similar applicable law, rule or regulation of the state in which such property
is held by the Master Servicer, the Issuer and the Indenture Trustee hereby
acknowledge that the Master Servicer is acting as bailee of the Indenture
Trustee in holding amounts on deposit in the Collection Account, as well as its
bailee in holding any Related Documents released to the Master Servicer, and any
other items constituting a part of the Trust Estate which from time to time come
into the possession of the Master Servicer. It is intended that, by the Master
Servicer's acceptance of such bailee arrangement, the Indenture Trustee, as a
secured party of the Mortgage Loans, will be deemed to have possession of such
Related Documents, such monies and such other items for purposes of Section
9-305 of the UCC of the state in which such property is held by the Master
Servicer. The Indenture Trustee shall not be liable with respect to such
documents, monies or items while in possession of the Master Servicer.

     Section 3.15. INVESTMENT COMPANY ACT. The Issuer shall not become an
"investment company" or be under the "control" of an "investment company" as
such terms are defined in the Investment Company Act of 1940, as amended (or any
successor or amendatory statute), and the rules and regulations thereunder
(taking into account not only the general definition of the term "investment
company" but also any available exceptions to such general definition);
PROVIDED, HOWEVER, that the Issuer shall be in compliance with this Section 3.15
if it shall have obtained an order exempting it from regulation as an
"investment company" so long as it is in compliance with the conditions imposed
in such order.

     Section 3.16. ISSUER MAY CONSOLIDATE, ETC.

          (a) The Issuer shall not consolidate or merge with or into any other
     Person,

unless:

          (i) the Person (if other than the Issuer) formed by or surviving such
     consolidation or merger shall be a Person organized and existing under the
     laws of the United States of America or any state or the District of
     Columbia and shall expressly assume, by an indenture supplemental hereto,
     executed and delivered to the Indenture Trustee, in form reasonably
     satisfactory to the Indenture Trustee, the due and punctual payment of the
     principal of and interest on all Notes, and all other amounts payable to
     the Indenture Trustee, the payment to the Certificate Paying Agent of all
     amounts due to the Certificateholders, and the performance or observance of
     every agreement and covenant of this Indenture on the part of the Issuer to
     be performed or observed, all as provided herein;

          (ii) immediately after giving effect to such transaction, no Event of
     Default shall have occurred and be continuing;

          (iii) the Rating Agencies shall have notified the Issuer that such
     transaction shall not cause the rating of the Notes to be reduced,
     suspended or withdrawn or to be considered by either Rating Agency to be
     below investment grade;

          (iv) the Issuer shall have received an Opinion of Counsel (and shall
     have delivered a copy thereof to the Indenture Trustee) to the effect that
     such transaction will not (A) result in a "substantial modification" of the
     Notes under Treasury Regulation section 1.1001-3, or adversely affect the
     status of the Notes as indebtedness for federal income tax purposes, or (B)
     if 100% of the Certificates are not owned by the Seller, cause the Trust to
     be subject to an entity level tax for federal income tax purposes;

          (v) any action that is necessary to maintain the lien and security
     interest created by this Indenture shall have been taken; and

          (vi) the Issuer shall have delivered to the Indenture Trustee an
     Officer's Certificate and an Opinion of Counsel each stating that such
     consolidation or merger and such supplemental indenture comply with this
     Article III and that all conditions precedent herein provided for or
     relating to such transaction have been complied with (including any filing
     required by the Exchange Act), and that such supplemental indenture is
     enforceable.

     (b) The Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

          (i) the Person that acquires by conveyance or transfer the properties
     and assets of the Issuer, the conveyance or transfer of which is hereby
     restricted, shall (A) be a United States citizen or a Person organized and
     existing under the laws of the United States of America or any state
     thereof, (B) expressly assume, by an indenture supplemental hereto,
     executed and delivered to the Indenture Trustee, in form satisfactory to
     the Indenture Trustee, the due and punctual payment of the principal of and
     interest on all Notes and the performance or observance of every agreement
     and covenant of this Indenture on the part of the Issuer to be performed or
     observed, all as provided herein, (C) expressly agree by means of such
     supplemental indenture that all right, title and interest so conveyed or
     transferred shall be subject and subordinate to the rights of the Holders
     of the Notes, (D) unless otherwise provided in such supplemental indenture,
     expressly agree to indemnify, defend and hold harmless the Issuer and the
     Indenture Trustee against and from any loss, liability or expense arising
     under or related to this Indenture and the Notes and (E) expressly agree by
     means of such supplemental indenture that such Person (or if a group of
     Persons, then one specified Person) shall make all filings with the
     Commission (and any other appropriate Person) required by the Exchange Act
     in connection with the Notes;

          (ii) immediately after giving effect to such transaction, no Default
     or Event of Default shall have occurred and be continuing;

          (iii) the Rating Agencies shall have notified the Issuer that such
     transaction shall not cause the rating of the Notes to be reduced,
     suspended or withdrawn;

          (iv) the Issuer shall have received an Opinion of Counsel (and shall
     have delivered a copy thereof to the Indenture Trustee) to the effect that
     such transaction will not (A) result in a "substantial modification" of the
     Notes under Treasury Regulation section 1.1001-3, or adversely affect the
     status of the Notes as indebtedness for federal income tax purposes, or (B)
     if 100% of the Certificates are not owned by the Seller, cause the Trust to
     be subject to an entity level tax for federal income tax purposes;

          (v) any action that is necessary to maintain the lien and security
     interest created by this Indenture shall have been taken; and

          (vi) the Issuer shall have delivered to the Indenture Trustee an
     Officer's Certificate and an Opinion of Counsel each stating that such
     conveyance or transfer and such supplemental indenture comply with this
     Article III and that all conditions precedent herein provided for relating
     to such transaction have been complied with (including any filing required
     by the Exchange Act).

     Section 3.17. SUCCESSOR OR TRANSFEREE.

     (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.16(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the
Issuer pursuant to Section 3.16(b), the Issuer will be released from every
covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Notes immediately upon the delivery of written
notice to the Indenture Trustee of such conveyance or transfer.

     Section 3.18. NO OTHER BUSINESS. The Issuer shall not engage in any
business other than financing, purchasing, owning and selling and managing the
Mortgage Loans and the issuance of the Notes and Certificates in the manner
contemplated by this Indenture and the Basic Documents and all activities
incidental thereto.

     Section 3.19. NO BORROWING. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes under this Indenture.

     Section 3.20. GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES. Except as
contemplated by this Indenture or the Basic Documents, the Issuer shall not make
any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another's payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person.

     Section 3.21. CAPITAL EXPENDITURES. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

     Section 3.22. DETERMINATION OF NOTE RATE. On each Interest Determination
Date, the Indenture Trustee shall determine One-Month LIBOR and the related Note
Rate for each Class of Notes for the following Interest Accrual Period. The
establishment of One-Month LIBOR on each Interest Determination Date by the
Indenture Trustee and the Indenture Trustee's calculation of the rate of
interest applicable to each Class of Notes for the related Accrual Period shall
(in the absence of manifest error) be final and binding.

     Section 3.23. RESTRICTED PAYMENTS. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for
value any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; PROVIDED, HOWEVER, that
the Issuer may make, or cause to be made, (x) distributions and payments to the
Owner Trustee, the Indenture Trustee, Noteholders and the Certificateholders as
contemplated by, and to the extent funds are available for such purpose under
this Indenture and the Trust Agreement and (y) payments to the Master Servicer
pursuant to the terms of the Servicing Agreement. The Issuer will not, directly
or indirectly, make payments to or distributions from the Collection Account
except in accordance with this Indenture and the Basic Documents.

     Section 3.24. NOTICE OF EVENTS OF DEFAULT. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder and under the Trust Agreement.

     Section 3.25. FURTHER INSTRUMENTS AND ACTS. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     Section 3.26. STATEMENTS TO NOTEHOLDERS. On each Payment Date, the
Indenture Trustee and the Certificate Registrar shall prepare and make available
on the Indenture Trustee's website, https://www.[________] (or deliver at the
recipient's option), to each Noteholder and Certificateholder the most recent
statement prepared by the Indenture Trustee pursuant to Section 7.05 hereof.

     Section 3.27. [RESERVED].

     Section 3.28. CERTAIN REPRESENTATIONS REGARDING THE TRUST ESTATE.

     (a) With respect to that portion of the Collateral described in clauses (a)
through (d) of the definition of Trust Estate, the Issuer represents to the
Indenture Trustee that:

          (i) This Indenture creates a valid and continuing security interest
     (as defined in the applicable UCC) in the Collateral in favor of the
     Indenture Trustee, which security interest is prior to all other liens, and
     is enforceable as such as against creditors of and purchasers from the
     Issuer.

          (ii) The Collateral constitutes "deposit accounts" or "instruments,"
     as applicable, within the meaning of the applicable UCC.

          (iii) The Issuer owns and has good and marketable title to the
     Collateral, free and clear of any lien, claim or encumbrance of any Person.

          (iv) The Issuer has taken all steps necessary to cause the Indenture
     Trustee to become the account holder of the Collateral.

          (v) Other than the security interest granted to the Indenture Trustee
     pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
     granted a security interest in, or otherwise conveyed any of the
     Collateral.

          (vi) The Collateral is not in the name of any Person other than the
     Issuer or the Indenture Trustee. The Issuer has not consented to the bank
     maintaining the Collateral to comply with instructions of any Person other
     than the Indenture Trustee.

     (b) With respect to that portion of the Collateral described in clause (e),
the Issuer represents to the Indenture Trustee that:

          (i) This Indenture creates a valid and continuing security interest
     (as defined in the applicable UCC) in the Collateral in favor of the
     Indenture Trustee, which security interest is prior to all other liens, and
     is enforceable as such as against creditors of and purchasers from the
     Issuer.

          (ii) The Collateral constitutes "general intangibles" within the
     meaning of the applicable UCC.

          (iii) The Issuer owns and has good and marketable title to the
     Collateral, free and clear of any lien, claim or encumbrance of any Person.

          (iv) Other than the security interest granted to the Indenture Trustee
     pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
     granted a security interest in, or otherwise conveyed any of the
     Collateral.

     (c) With respect to any Collateral in which a security interest may be
perfected by filing, the Issuer has not authorized the filing of, and is not
aware of any financing statements against, the Issuer, that include a
description of collateral covering such Collateral, other than any financing
statement relating to the security interest granted to the Indenture Trustee
hereunder or that has been terminated. The Issuer is not aware of any judgment
or tax lien filings against the Issuer.

     (d) The Issuer has caused or will have caused, within ten days, the filing
of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest in all Collateral granted to the Indenture Trustee hereunder in which a
security interest may be perfected by filing and the Issuer will cause such
security interest to be maintained. Any financing statement that is filed in
connection with this Section 3.28 shall contain a statement that a purchase or
security interest in any collateral described therein will violate the rights of
the secured party named in such financing statement.

     (e) The foregoing representations may not be waived and shall survive the
issuance of the Notes.

     Section 3.29. ALLOCATION OF REALIZED LOSSES.

     (a) All Realized Losses on the Mortgage Loans shall be allocated by the
Indenture Trustee on each Payment Date as follows: first, to the Net Monthly
Excess Cashflow for the related Interest Accrual Period; second, to the
Prepayment Charges collected or paid by the Master Servicer during the related
Prepayment Period, third, to the Overcollateralized Amount, until the
Overcollateralized Amount has been reduced to zero; fourth, to the Class M-10
Notes until the Note Balance thereof has been reduced to zero; fifth, to the
Class M-9 Notes until the Note Balance thereof has been reduced to zero; sixth,
to the Class M-8 Notes until the Note Balance thereof has been reduced to zero;
seventh, to the Class M-7 Notes until the Note Balance thereof has been reduced
to zero; eighth, to the Class M-6 Notes until the Note Balance thereof has been
reduced to zero; ninth, to the Class M-5 Notes until the Note Balance thereof
has been reduced to zero; tenth, to the Class M-4 Notes until the Note Balance
thereof has been reduced to zero; eleventh, to the Class M-3 Notes until the
Note Balance thereof has been reduced to zero; twelfth, to the Class M-2 Notes
until the Note Balance thereof has been reduced to zero; and thirteenth, to the
Class M-1 Notes, until the Note Balance thereof has been reduced to zero.

     (b) All Realized Losses to be allocated to the Note Balances of all Classes
on any Payment Date shall be so allocated after the actual payments to be made
on such date as provided above. All references above to the Note Balance of any
Class of Notes shall be to the Note Balance of such Class immediately prior to
the relevant Payment Date, before reduction thereof by any Realized Losses, in
each case to be allocated to such Class of Notes, on such Payment Date.

     Any allocation of Realized Losses to a Mezzanine Note on any Payment Date
shall be made by reducing the Note Balance thereof by the amount so allocated.
No allocations of any Realized Losses shall be made to the Note Balances of the
Class A Notes.

     As used herein, an allocation of a Realized Loss on a "PRO RATA basis"
among two or more specified Classes of Notes means an allocation on a pro rata
basis, among the various Classes so specified, to each such Class of Notes on
the basis of their then outstanding Note Balances prior to giving effect to
payments to be made on such Payment Date. All Realized Losses and all other
losses allocated to a Class of Notes hereunder will be allocated among the Notes
of such Class in proportion to the Percentage Interests evidenced thereby.

<PAGE>

                                   ARTICLE IV

               THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     Section 4.01. THE NOTES. Each Class of Notes shall be registered in the
name of a nominee designated by the Depository. Beneficial Owners will hold
interests in the Notes through the book-entry facilities of the Depository in
minimum initial Note Balances of $100,000 and integral multiples of $1 in excess
thereof.

     The Indenture Trustee may for all purposes (including the making of
payments due on the Notes) deal with the Depository as the authorized
representative of the Beneficial Owners with respect to the Notes for the
purposes of exercising the rights of Holders of the Notes hereunder. Except as
provided in the next succeeding paragraph of this Section 4.01, the rights of
Beneficial Owners with respect to the Notes shall be limited to those
established by law and agreements between such Beneficial Owners and the
Depository and Depository Participants. Except as provided in Section 4.08
hereof, Beneficial Owners shall not be entitled to definitive notes for the
Notes as to which they are the Beneficial Owners. Requests and directions from,
and votes of, the Depository as Holder of the Notes shall not be deemed
inconsistent if they are made with respect to different Beneficial Owners. The
Indenture Trustee may establish a reasonable record date in connection with
solicitations of consents from or voting by Noteholders and give notice to the
Depository of such record date. Without the consent of the Issuer and the
Indenture Trustee, no Note may be transferred by the Depository except to a
successor Depository that agrees to hold such Note for the account of the
Beneficial Owners.

     In the event the Depository Trust Company resigns or is removed as
Depository, the Indenture Trustee with the approval of the Issuer may appoint a
successor Depository. If no successor Depository has been appointed within 30
days of the effective date of the Depository's resignation or removal, each
Beneficial Owner shall be entitled to certificates representing the Notes it
beneficially owns in the manner prescribed in Section 4.08.

     The Notes shall, on original issue, be executed on behalf of the Issuer by
the Owner Trustee, not in its individual capacity but solely as Owner Trustee,
authenticated by the Indenture Trustee and delivered by the Indenture Trustee to
or upon the order of the Issuer.

     Section 4.02. REGISTRATION OF AND LIMITATIONS ON TRANSFER AND EXCHANGE OF
NOTES; APPOINTMENT OF NOTE REGISTRAR AND CERTIFICATE.

     The Issuer shall cause to be kept at the Corporate Trust Office a Note
Register in which, subject to such reasonable regulations as it may prescribe,
the Note Registrar shall provide for the registration of Notes and of transfers
and exchanges of Notes as herein provided.

     Subject to the restrictions and limitations set forth below, upon surrender
for registration of transfer of any Note at the Corporate Trust Office, the
Issuer shall execute and the Note Registrar shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes in
authorized initial Note Balances evidencing the same Class and aggregate
Percentage Interests.

     Subject to the foregoing, at the option of the Noteholders, Notes may be
exchanged for other Notes of like tenor and in authorized initial Note Balances
evidencing the same Class and aggregate Percentage Interests upon surrender of
the Notes to be exchanged at the Corporate Trust Office of the Note Registrar.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute and
the Indenture Trustee shall authenticate and deliver the Notes which the
Noteholder making the exchange is entitled to receive. Each Note presented or
surrendered for registration of transfer or exchange shall (if so required by
the Note Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in form reasonably satisfactory to the Note Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing
with such signature guaranteed by a commercial bank or trust company located or
having a correspondent located in the city of New York. Notes delivered upon any
such transfer or exchange will evidence the same obligations, and will be
entitled to the same rights and privileges, as the Notes surrendered.

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

     The Issuer hereby appoints the Indenture Trustee as (i) Certificate
Registrar to keep at its Corporate Trust Office a Certificate Register pursuant
to Section 3.09 of the Trust Agreement 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 thereof pursuant to
Section 3.05 of the Trust Agreement and (ii) Note Registrar under this
Indenture. The Indenture Trustee hereby accepts such appointments.

     Section 4.03. MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the
Issuer shall execute, and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; PROVIDED, HOWEVER, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven days shall be due and payable, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so
due or payable without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the
proviso to the preceding sentence, a bona fide purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section 4.03, the
Issuer may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee) connected therewith.

     Every replacement Note issued pursuant to this Section 4.03 in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

     The provisions of this Section 4.03 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

     Section 4.04. PERSONS DEEMED OWNERS. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the
Paying Agent and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note be overdue, and neither the Issuer, the Indenture Trustee, the
Paying Agent nor any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary.

     Section 4.05. CANCELLATION. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section 4.05, except as expressly permitted by
this Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Request that they
be destroyed or returned to it; PROVIDED, HOWEVER, that such Issuer Request is
timely and the Notes have not been previously disposed of by the Indenture
Trustee.

     Section 4.06. BOOK-ENTRY NOTES. The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to be
delivered to The Depository Trust Company, the initial Depository, by, or on
behalf of, the Issuer. The Notes shall initially be registered on the Note
Register in the name of Cede & Co., the nominee of the initial Depository, and
no Beneficial Owner will receive a Definitive Note representing such Beneficial
Owner's interest in such Note, except as provided in Section 4.08. With respect
to such Notes, unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to Beneficial Owners pursuant to Section
4.08:

          (i) the provisions of this Section 4.06 shall be in full force and
     effect;

          (ii) the Note Registrar, the Paying Agent and the Indenture Trustee
     shall be entitled to deal with the Depository for all purposes of this
     Indenture (including the payment of principal of and interest on the Notes
     and the giving of instructions or directions hereunder) as the sole holder
     of the Notes, and shall have no obligation to the Beneficial Owners of the
     Notes;

          (iii) to the extent that the provisions of this Section 4.06 conflict
     with any other provisions of this Indenture, the provisions of this Section
     4.06 shall control;

          (iv) the rights of Beneficial Owners shall be exercised only through
     the Depository and shall be limited to those established by law and
     agreements between such Owners of Notes and the Depository and/or the
     Depository Participants. Unless and until Definitive Notes are issued
     pursuant to Section 4.08, the initial Depository will make book-entry
     transfers among the Depository Participants and receive and transmit
     payments of principal of and interest on the Notes to such Depository
     Participants; and

          (v) whenever this Indenture requires or permits actions to be taken
     based upon instructions or directions of Holders of Notes evidencing a
     specified percentage of the Note Balances of the Notes, the Depository
     shall be deemed to represent such percentage with respect to the Notes only
     to the extent that it has received instructions to such effect from
     Beneficial Owners and/or Depository Participants owning or representing,
     respectively, such required percentage of the beneficial interest in the
     Notes and has delivered such instructions to the Indenture Trustee.

     Section 4.07. NOTICES TO DEPOSITORY. Whenever a notice or other
communication to the Note Holders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Beneficial Owners pursuant to
Section 4.08, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Depository, and shall have no obligation to the Beneficial Owners.

     Section 4.08. DEFINITIVE NOTES. If (i) the Indenture Trustee determines
that the Depository is no longer willing or able to properly discharge its
responsibilities with respect to the Notes and the Indenture Trustee is unable
to locate a qualified successor or (ii) after the occurrence of an Event of
Default, Beneficial Owners of Notes representing beneficial interests
aggregating at least a majority of the Note Balances of the Notes advise the
Depository in writing that the continuation of a book-entry system through the
Depository is no longer in the best interests of the Beneficial Owners, then the
Depository shall notify all Beneficial Owners and the Indenture Trustee of the
occurrence of any such event and of the availability of Definitive Notes to
Beneficial Owners requesting the same. Upon surrender to the Indenture Trustee
of the typewritten Notes representing the Book-Entry Notes by the Depository,
accompanied by registration instructions, the Issuer shall execute and the
Indenture Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Depository. None of the Issuer, the Note Registrar or the
Indenture Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall
recognize the Holders of the Definitive Notes as Noteholders.

     Section 4.09. TAX TREATMENT. The Issuer has entered into this Indenture,
and the Notes will be issued with the intention that, for federal, state and
local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness. The Issuer and the Indenture Trustee (in accordance with
Section 6.06 hereof), by entering into this Indenture, and each Noteholder, by
its acceptance of its Note (and each Beneficial Owner by its acceptance of an
interest in the applicable Book-Entry Note), agree to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

     Section 4.10. SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture shall
cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09,
3.17, 3.19 and 3.20, (v) the rights and immunities of the Indenture Trustee
hereunder (including the rights of the Indenture Trustee under Section 6.07) and
the obligations of the Indenture Trustee under Section 4.11 and (vi) the rights
of Noteholders as beneficiaries hereof with respect to the property so deposited
with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes and shall release and deliver the Collateral to or upon the
order of the Issuer, when

          (A) either

          (1) all Notes theretofore authenticated and delivered (other than (i)
     Notes that have been destroyed, lost or stolen and that have been replaced
     or paid as provided in Section 4.03 hereof and (ii) Notes for whose payment
     money has theretofore been deposited in trust or segregated and held in
     trust by the Issuer and thereafter repaid to the Issuer or discharged from
     such trust, as provided in Section 3.03) have been delivered to the
     Indenture Trustee for cancellation; or

          (2) all Notes not theretofore delivered to the Indenture Trustee for
     cancellation (a) have become due and payable, (b) will become due and
     payable at the Final Stated Maturity Date within one year, or (c) have been
     called for early redemption pursuant to Section 8.07 hereof, and the
     Issuer, in the case of (a) or (b) above, has irrevocably deposited or
     caused to be irrevocably deposited with the Indenture Trustee cash or
     direct obligations of or obligations guaranteed by the United States of
     America (which will mature prior to the date such amounts are payable), in
     trust for such purpose, in an amount sufficient to pay and discharge the
     entire indebtedness on such Notes then outstanding not theretofore
     delivered to the Indenture Trustee for cancellation when due on the Final
     Stated Maturity Date or other final Payment Date, or, in the case of (c)
     above, the Issuer shall have complied with all requirements of Section 8.07
     hereof,

          (B) the Issuer has paid or caused to be paid all other sums payable
     hereunder; and

          (C) the Issuer has delivered to the Indenture Trustee an Officer's
     Certificate and an Opinion of Counsel, each meeting the applicable
     requirements of Section 10.01 hereof, each stating that all conditions
     precedent herein provided for relating to the satisfaction and discharge of
     this Indenture have been complied with and, if the Opinion of Counsel
     relates to a deposit made in connection with Section 4.10(A)(2)(b) above,
     such opinion shall further be to the effect that such deposit will
     constitute an "in-substance defeasance" within the meaning of Revenue
     Ruling 85-42, 1985-1 C.B. 36, and in accordance therewith, the Issuer will
     be the owner of the assets deposited in trust for federal income tax
     purposes.

     Section 4.11. APPLICATION OF TRUST MONEY. All monies deposited with the
Indenture Trustee pursuant to Section 4.10 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent or the
Issuer, Certificate Paying Agent as designee of the Issuer, as the Indenture
Trustee may determine, to the Holders of Notes or Certificates, of all sums due
and to become due thereon for principal and interest or otherwise; but such
monies need not be segregated from other funds except to the extent required
herein or required by law.

     Section 4.12. DERIVATIVE CONTRACTS FOR BENEFIT OF THE CERTIFICATES. At any
time on or after the Closing Date, the Issuer shall have the right to convey to
the Trust Estate, solely for the benefit of the Holder of the Certificates, a
derivative contract or comparable instrument. Any such instrument shall
constitute a fully prepaid agreement. All collections, proceeds and other
amounts in respect of such an instrument shall be distributed to the
Certificates on the Payment Date following receipt thereof by the Indenture
Trustee.

     Section 4.13. REPAYMENT OF MONIES HELD BY PAYING AGENT. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
monies then held by any Person other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.05 and thereupon such Person shall be released from all further
liability with respect to such monies.

     Section 4.14. TEMPORARY NOTES. Pending the preparation of any Definitive
Notes, the Issuer may execute and upon its written direction, the Indenture
Trustee may authenticate and make available for delivery, temporary Notes that
are printed, lithographed, typewritten, photocopied or otherwise produced, in
any denomination, substantially of the tenor of the Definitive Notes in lieu of
which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Notes may
determine, as evidenced by their execution of such Notes.

     If temporary Notes are issued, the Issuer will cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of the Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office of the Indenture Trustee located
at [___________________________], Attention: [________], without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes, the
Issuer shall execute and the Indenture Trustee shall authenticate and make
available for delivery, in exchange therefor, Definitive Notes of authorized
denominations and of like tenor, class and aggregate principal amount. Until so
exchanged, such temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

     Section 4.15. REPRESENTATION REGARDING ERISA. By acquiring a Note or
interest therein, each Holder of such Note or Beneficial Owner of any such
interest will be deemed to represent that either (1) it is not acquiring the
Note with Plan Assets or (2) (A) the acquisition, holding and transfer of such
Note will not give rise to a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code and (B) the Notes are rated investment
grade or better and such person believes that the Notes are properly treated as
indebtedness without substantial equity features for purposes of the Department
of Labor regulation 29 C.F.R. ss. 2510.3-101, and agrees to so treat the Notes.
Alternatively, regardless of the rating of the Notes, such person may provide
the Indenture Trustee and the Owner Trustee with an opinion of counsel, which
opinion of counsel will not be at the expense of the Issuer, the Seller,
[________], any Underwriter, the Owner Trustee, the Indenture Trustee, the
Master Servicer or any successor servicer which opines that the acquisition,
holding and transfer of such Note or interest therein is permissible under
applicable law, will not constitute or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the
Issuer, the Seller, [________], the Depositor, the Owner Trustee, the Indenture
Trustee, the Master Servicer or any successor servicer to any obligation in
addition to those undertaken in the Indenture or the other Operative Agreements.

<PAGE>

                                   ARTICLE V

                              DEFAULT AND REMEDIES

     Section 5.01. EVENTS OF DEFAULT. The Issuer shall deliver to the Indenture
Trustee, written notice in the form of an Officer's Certificate, within five
days after learning of the occurrence of any event which with the giving of
notice and the lapse of time would become an Event of Default under clause
(iii), (iv) or (v) of the definition of "Event of Default," its status and what
action the Issuer is taking or proposes to take with respect thereto. The
Indenture Trustee shall not be deemed to have knowledge of any Event of Default
unless a Responsible Officer has actual knowledge thereof or unless written
notice of such Event of Default is received by a Responsible Officer and such
notice references the Notes, the Trust Estate or this Indenture.

     Section 5.02. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee at the written direction of the Holders of Notes representing
not less than a majority of the aggregate Note Balance of the Notes, together
with accrued and unpaid interest thereon through the date of acceleration shall
become immediately due and payable.

     At any time after such declaration of acceleration of maturity with respect
to an Event of Default has been made and before a judgment or decree for payment
of the money due has been obtained by the Indenture Trustee as hereinafter in
this Article V provided, Holders of the Notes representing not less than a
majority of the aggregate Note Balance of the Notes, by written notice to the
Issuer and the Indenture Trustee, may waive the related Event of Default and
rescind and annul such declaration and its consequences if

          (i) the Issuer has paid or deposited with the Indenture Trustee a sum
     sufficient to pay (a) all payments of principal of and interest on the
     Notes and all other amounts that would then be due hereunder or upon the
     Notes if the Event of Default giving rise to such acceleration had not
     occurred; and (b) all sums paid or advanced by the Indenture Trustee
     hereunder and the reasonable compensation, expenses, disbursements and
     advances of the Indenture Trustee and its agents and counsel; and

          (ii) all Events of Default, other than the nonpayment of the principal
     of the Notes that has become due solely by such acceleration, have been
     cured or waived as provided in Section 5.12.

     No such rescission shall affect any subsequent default or impair any right
consequent thereto.

     Section 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.

     (a) The Issuer covenants that if (i) default is made in the payment of any
interest on any Note when the same becomes due and payable, and such default
continues for a period of five days, or (ii) default is made in the payment of
the principal of or any installment of the principal of any Note when the same
becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee,
at the direction of the Holders of a majority of the aggregate Note Balance of
the Notes, pay to the Indenture Trustee, for the benefit of the Holders of
Notes, the whole amount then due and payable on the Notes for principal and
interest, with interest at the applicable Note Rate upon the overdue principal,
and in addition thereto such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and
counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, subject to the provisions of Section 10.16 hereof may institute a
Proceeding for the collection of the sums so due and unpaid, and may prosecute
such Proceeding to judgment or final decree, and may enforce the same against
the Issuer or other obligor upon the Notes and collect in the manner provided by
law out of the property of the Issuer or other obligor the Notes, wherever
situated, the monies adjudged or decreed to be payable.

     (c) If an Event of Default occurs and is continuing, the Indenture Trustee,
subject to the provisions of Section 10.16 hereof may, as more particularly
provided in Section 5.04 hereof, in its discretion, proceed to protect and
enforce its rights and the rights of the Noteholders, by such appropriate
Proceedings, as directed in writing by Holders of a majority of the aggregate
Note Balance of the Notes, to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law.

     (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust Estate, Proceedings under Title 11 of the United States Code or any
other applicable federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, as directed in writing by Holders
of a majority of the aggregate Note Balance of the Notes, irrespective of
whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand pursuant to the provisions of this
Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise:

          (i) to file and prove a claim or claims for the whole amount of
     principal and interest owing and unpaid in respect of the Notes and to file
     such other papers or documents as may be necessary or advisable in order to
     have the claims of the Indenture Trustee (including any claim for
     reasonable compensation to the Indenture Trustee and each predecessor
     Indenture Trustee, and their respective agents, attorneys and counsel, and
     for reimbursement of all expenses and liabilities incurred, and all
     advances made, by the Indenture Trustee and each predecessor Indenture
     Trustee, except as a result of negligence or bad faith) and of the
     Noteholders allowed in such Proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on
     behalf of the Holders of Notes in any election of a trustee, a standby
     trustee or Person performing similar functions in any such Proceedings;

          (iii) to collect and receive any monies or other property payable or
     deliverable on any such claims and to distribute all amounts received with
     respect to the claims of the Noteholders and of the Indenture Trustee on
     their behalf, and

          (iv) to file such proofs of claim and other papers or documents as may
     be necessary or advisable in order to have the claims of the Indenture
     Trustee or the Holders of Notes allowed in any judicial proceedings
     relative to the Issuer, its creditors and its property; and any trustee,
     receiver, liquidator, custodian or other similar official in any such
     Proceeding is hereby authorized by each of such Noteholders to make
     payments to the Indenture Trustee and, in the event that the Indenture
     Trustee shall consent to the making of payments directly to such
     Noteholders, to pay to the Indenture Trustee such amounts as shall be
     sufficient to cover reasonable compensation to the Indenture Trustee, each
     predecessor Indenture Trustee and their respective agents, attorneys and
     counsel, and all other expenses and liabilities incurred, and all advances
     made, by the Indenture Trustee and each predecessor Indenture Trustee.

     (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or
under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes, subject to Section 5.05 hereof.

     (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Holders of the Notes, and it shall not be necessary to
make any Noteholder a party to any such Proceedings.

     Section 5.04. REMEDIES; PRIORITIES.

     (a) If an Event of Default shall have occurred and be continuing and if an
acceleration has been declared and not rescinded pursuant to Section 5.02
hereof, the Indenture Trustee subject to the provisions of Section 10.16 hereof
may, and shall, at the written direction of the Holders of a majority of the
aggregate Note Balance of the Notes, do one or more of the following (subject to
Section 5.05 hereof):

          (i) institute Proceedings in its own name and as trustee of an express
     trust for the collection of all amounts then payable on the Notes or under
     this Indenture with respect thereto, whether by declaration or otherwise
     enforce any judgment obtained, and collect from the Issuer and any other
     obligor upon such Notes monies adjudged due;

          (ii) institute Proceedings from time to time for the complete or
     partial foreclosure of this Indenture with respect to the Trust Estate;

          (iii) exercise any remedies of a secured party under the UCC and take
     any other appropriate action to protect and enforce the rights and remedies
     of the Indenture Trustee and the Holders of the Notes; and

          (iv) sell the Trust Estate or any portion thereof or rights or
     interest therein, at one or more public or private sales called and
     conducted in any manner permitted by law; PROVIDED, HOWEVER, that the
     Indenture Trustee may not sell or otherwise liquidate the Trust Estate
     following an Event of Default, unless (A) the Indenture Trustee obtains the
     consent of the Holders of [___]% of the aggregate Note Balance of the
     Notes, (B) the proceeds of such sale or liquidation distributable to the
     Holders of the Notes are sufficient to discharge in full all amounts then
     due and unpaid upon such Notes for principal and interest or (C) the
     Indenture Trustee determines that the Mortgage Loans will not continue to
     provide sufficient funds for the payment of principal of and interest on
     the applicable Notes as they would have become due if the Notes had not
     been declared due and payable, and the Indenture Trustee obtains the
     consent of the Holders of a majority of the aggregate Note Balance of the
     Notes. In determining such sufficiency or insufficiency with respect to
     clause (B) and (C), the Indenture Trustee may, but need not, obtain and
     rely upon written advice or an opinion (obtained at the expense of the
     Trust) of an Independent investment banking or accounting firm of national
     reputation as to the feasibility of such proposed action and as to the
     sufficiency of the Trust Estate for such purpose. Notwithstanding the
     foregoing, so long as a Master Servicer Event of Default has not occurred,
     any sale of the Trust Estate shall be made subject to the continued
     servicing of the Mortgage Loans by the Master Servicer as provided in the
     Servicing Agreement.

     (b) If the Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out the money or property in the following order:

          (i) to the Indenture Trustee and the Owner Trustee for amounts due
     under Section 6.07 hereof and to the Owner Trustee for amounts due pursuant
     to Article VII of the Trust Agreement;

          (ii) to the Noteholders for amounts due and unpaid on the Notes
     (including Interest Carryforward Amount but not including any Basis Risk
     Shortfalls) with respect to interest, first, concurrently, to the Holders
     of each Class of Class A Notes, on a PRO RATA basis based on the
     entitlement of each such Class, second, to the Holders of the Class M-1
     Notes, third, to the Holders of the Class M-2 Notes, fourth, to the Holders
     of the Class M-3 Notes, fifth, to the Holders of the Class M-4 Notes,
     sixth, to the Holders of the Class M-5 Notes, seventh, to the Holders of
     the Class M-6 Notes, eighth, to the Holders of the Class M-7 Notes, ninth,
     to the Holders of the Class M-8 Notes, tenth, to the Holders of the Class
     M-9 Notes and eleventh, to the Holders of the Class M-10 Notes according to
     the amounts due and payable on the Notes for interest;

          (iii) to the Noteholders for amounts due and unpaid on the Notes with
     respect to principal, first, concurrently, to the Holders of each Class of
     Class A Notes, on a PRO RATA basis based on the Note Balance of each such
     Class, second, to the Holders of the Class M-1 Notes, third, to the Holders
     of the Class M-2 Notes, fourth, to the Holders of the Class M-3 Notes,
     fifth, to the Holders of the Class M-4 Notes, sixth, to the Holders of the
     Class M-5 Notes, seventh, to the Holders of the Class M-6 Notes, eighth, to
     the Holders of the Class M-7 Notes, ninth, to the Holders of the Class M-8
     Notes, tenth, to the Holders of the Class M-9 Notes and eleventh, to the
     Holders of the Class M-10 Notes according to the amounts due and payable on
     the Notes for interest according to the amounts due and payable on such
     Notes for principal, in each case, until the Note Balance of each such
     Class is reduced to zero;

          (iv) to the Noteholders for the amount of any related Allocated
     Realized Loss Amount and Deferred Interest not previously paid, first, to
     the Holders of the Class M-1 Notes, second, to the Holders of the Class M-2
     Notes, third, to the Holders of the Class M-3 Notes, fourth, to the Holders
     of the Class M-4 Notes, fifth, to the Holders of the Class M-5 Notes,
     sixth, to the Holders of the Class M-6 Notes, seventh, to the Holders of
     the Class M-7 Notes, eighth, to the Holders of the Class M-8 Notes, ninth,
     to the Holders of the Class M-9 Notes and tenth, to the Holders of the
     Class M-10 Notes

          (v) to the Noteholders for amounts due and unpaid on the Notes with
     respect to any related Basis Risk Shortfalls, first, concurrently, to the
     Holders of each Class of Class A Notes, on a PRO RATA basis based on the
     Basis Risk Shortfalls for each such Class, second, to the Holders of the
     Class M-1 Notes, third, to the Holders of the Class M-2 Notes, fourth, to
     the Holders of the Class M-3 Notes, fifth, to the Holders of the Class M-4
     Notes, sixth, to the Holders of the Class M-5 Notes, seventh, to the
     Holders of the Class M-6 Notes, eighth, to the Holders of the Class M-7
     Notes, ninth, to the Holders of the Class M-8 Notes, tenth, to the Holders
     of the Class M-9 Notes and eleventh, to the Holders of the Class M-10 Notes
     according to the amounts due and payable on the Notes with respect thereto,
     from amounts available in the Trust Estate for the Noteholders; and

          (vi) to the payment of the remainder, if any to the Certificate Paying
     Agent on behalf of the Issuer or to any other person legally entitled
     thereto.

     The Indenture Trustee may fix a record date and Payment Date for any
payment to Noteholders pursuant to this Section 5.04. At least 15 days before
such record date, the Indenture Trustee shall mail to each Noteholder a notice
that states the record date, the Payment Date and the amount to be paid.

     Section 5.05. OPTIONAL PRESERVATION OF THE TRUST ESTATE. If the Notes have
been declared to be due and payable under Section 5.02 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may elect to take and maintain possession of the
Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes and other obligations of the Issuer and the Indenture
Trustee shall take such desire into account when determining whether or not to
take and maintain possession of the Trust Estate. In determining whether and how
to take and maintain possession of the Trust Estate, the Indenture Trustee may,
but need not, obtain and rely upon the written advice or an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

     Section 5.06. LIMITATION OF SUITS. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless and subject to the provisions of Section 10.16 hereof

          (i) such Holder has previously given written notice to the Indenture
     Trustee of a continuing Event of Default;

          (ii) the Holders of not less than [__]% of the aggregate Note Balance
     of the Notes have made a written request to the Indenture Trustee to
     institute such Proceeding in respect of such Event of Default in its own
     name as Indenture Trustee hereunder;

          (iii) such Holder or Holders have offered to the Indenture Trustee
     indemnity reasonably satisfactory to it against the costs, expenses and
     liabilities to be incurred in complying with such request;

          (iv) the Indenture Trustee for 60 days after its receipt of such
     notice of request and offer of indemnity has failed to institute such
     Proceedings; and

          (v) no direction inconsistent with such written request has been given
     to the Indenture Trustee during such 60-day period by the Holders of a
     majority of the Note Balances of the Notes.

     It is understood and intended that no one or more Holders of Notes shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Notes or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in
the manner herein provided.

     Section 5.07. UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND
INTEREST.

     Notwithstanding any other provisions in this Indenture, the Holder of any
Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture and to
institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Holder.

     Section 5.08. RESTORATION OF RIGHTS AND REMEDIES. If the Indenture Trustee
or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

     Section 5.09. RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     Section 5.10. DELAY OR OMISSION NOT A WAIVER. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to the Indenture
Trustee or to the Noteholders may be exercised from time to time, and as often
as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as
the case may be.

     Section 5.11. CONTROL BY NOTEHOLDERS. The Holders of a majority of the
aggregate Note Balance of Notes shall have the right to direct the time, method
and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that:

          (i) such direction shall not be in conflict with any rule of law or
     with this Indenture;

          (ii) any direction to the Indenture Trustee to sell or liquidate the
     Trust Estate shall be by Holders of Notes representing not less than [___]%
     of the Note Balances of the Notes;

          (iii) the Indenture Trustee has been provided with indemnity
     satisfactory to it; and

          (iv) the Indenture Trustee may take any other action deemed proper by
     the Indenture Trustee that is not inconsistent with such direction of the
     Holders of Notes representing a majority of the Note Balances of the Notes.

          Notwithstanding the rights of Noteholders set forth in this Section
     5.11 the Indenture Trustee need not take any action that it determines
     might involve it in liability.

     Section 5.12. WAIVER OF PAST DEFAULTS. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02 hereof,
the Holders of Notes representing not less than a majority of the aggregate Note
Balance of the Notes may waive any past Event of Default and its consequences
except an Event of Default (a) with respect to payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or
other Event of Default or impair any right consequent thereto.

     Upon any such waiver, any Event of Default arising therefrom shall be
deemed to have been cured and not to have occurred, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereto.

     Section 5.13. UNDERTAKING FOR COSTS. All parties to this Indenture agree,
and each Holder of any Note and each Beneficial Owner of any interest therein by
such Holder's or Beneficial Owner's acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than [___]% of the Note
Balances of the Notes or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture.

     Section 5.14. WAIVER OF STAY OR EXTENSION LAWS. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it shall not
hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

     Section 5.15. SALE OF TRUST ESTATE.

     (a) The power to effect any sale or other disposition (a "Sale") of any
portion of the Trust Estate pursuant to Section 5.04 hereof is expressly subject
to the provisions of Section 5.05 hereof and this Section 5.15. The power to
effect any such Sale shall not be exhausted by any one or more Sales as to any
portion of the Trust Estate remaining unsold, but shall continue unimpaired
until the entire Trust Estate shall have been sold or all amounts payable on the
Notes and under this Indenture shall have been paid. The Indenture Trustee may
from time to time postpone any public Sale by public announcement made at the
time and place of such Sale. The Indenture Trustee hereby expressly waives its
right to any amount fixed by law as compensation for any Sale.

     (b) The Indenture Trustee shall not in any private Sale sell the Trust
Estate, or any portion thereof, unless

          (i) the Holders of all Notes consent to or direct the Indenture
     Trustee to make, such Sale, or

          (ii) the proceeds of such Sale would be not less than the entire
     amount which would be payable to the Noteholders under the Notes, in full
     payment thereof in accordance with Section 5.02 hereof, on the Payment Date
     next succeeding the date of such Sale, or

          (iii) the Indenture Trustee determines that the conditions for
     retention of the Trust Estate set forth in Section 5.05 hereof cannot be
     satisfied (in making any determination under this Section 5.15, the
     Indenture Trustee may rely upon written advice or an opinion of an
     Independent investment banking firm obtained and delivered as provided in
     Section 5.05 hereof), the Holders of Notes representing at least 100% of
     the Note Balances of the Notes consent to such Sale.

     The purchase by the Indenture Trustee of all or any portion of the Trust
Estate at a private Sale shall not be deemed a Sale or other disposition thereof
for purposes of this Section 5.15(b).

     (c) [Reserved].

     (d) In connection with a Sale of all or any portion of the Trust Estate,

          (i) any Holder or Holders of Notes may bid for and purchase the
     property offered for sale, and upon compliance with the terms of sale may
     hold, retain and possess and dispose of such property, without further
     accountability, and may, in paying the purchase money therefor, deliver any
     Notes or claims for interest thereon in lieu of cash up to the amount which
     shall, upon distribution of the net proceeds of such sale, be payable
     thereon, and such Notes, in case the amounts so payable thereon shall be
     less than the amount due thereon, shall be returned to the Holders thereof
     after being appropriately stamped to show such partial payment;

          (ii) the Indenture Trustee, may bid for and acquire the property
     offered for Sale in connection with any Sale thereof, and, subject to any
     requirements of, and to the extent permitted by, applicable law in
     connection therewith, may purchase all or any portion of the Trust Estate
     in a private sale, and, in lieu of paying cash therefor, may make
     settlement for the purchase price by crediting the gross Sale price against
     the sum of (A) the amount which would be payable to the Holders of the
     Notes and Holders of Certificates on the Payment Date next succeeding the
     date of such Sale and (B) the expenses of the Sale and of any Proceedings
     in connection therewith which are reimbursable to it, without being
     required to produce the Notes in order to complete any such Sale or in
     order for the net Sale price to be credited against such Notes, and any
     property so acquired by the Indenture Trustee shall be held and dealt with
     by it in accordance with the provisions of this Indenture;

          (iii) the Indenture Trustee shall execute and deliver an appropriate
     instrument of conveyance, prepared by the Issuer and satisfactory to the
     Indenture Trustee, transferring its interest in any portion of the Trust
     Estate in connection with a Sale thereof;

          (iv) the Indenture Trustee is hereby irrevocably appointed the agent
     and attorney-in-fact of the Issuer to transfer and convey its interest in
     any portion of the Trust Estate in connection with a Sale thereof, and to
     take all action necessary to effect such Sale; and

          (v) no purchaser or transferee at such a Sale shall be bound to
     ascertain the Indenture Trustee's authority, inquire into the satisfaction
     of any conditions precedent or see to the application of any monies.

     Section 5.16. ACTION ON NOTES. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any
of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.04(b) hereof.

     Section 5.17. PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

     (a) Promptly following a request from the Indenture Trustee to do so, the
Issuer in its capacity as holder of the Mortgage Loans, shall take all such
lawful action as the Indenture Trustee may request to cause the Issuer to compel
or secure the performance and observance by the Seller, [________] and the
Master Servicer, as applicable, of each of their obligations to the Issuer under
or in connection with the Mortgage Loan Purchase Agreement and the Servicing
Agreement, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuer under or in connection with the Mortgage Loan
Purchase Agreement and the Servicing Agreement to the extent and in the manner
directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including
the transmission of notices of default on the part of the Seller, [________] or
the Master Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller, [________]
or the Master Servicer of each of their obligations under the Mortgage Loan
Purchase Agreement and the Servicing Agreement.

     (b) The Indenture Trustee, as pledgee of the Mortgage Loans, may, and at
the direction (which direction shall be in writing or by telephone (confirmed in
writing promptly thereafter)) of the Holders of [___]% of the Note Balances of
the Notes, shall exercise all rights, remedies, powers, privileges and claims of
the Issuer against the Seller, [________] or the Master Servicer under or in
connection with the Mortgage Loan Purchase Agreement and the Servicing
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Seller, [________] or the Master Servicer, as
the case may be, of each of their obligations to the Issuer thereunder and to
give any consent, request, notice, direction, approval, extension or waiver
under the Mortgage Loan Purchase Agreement and the Servicing Agreement, as the
case may be, and any right of the Issuer to take such action shall not be
suspended.

<PAGE>

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

     Section 6.01. DUTIES OF INDENTURE TRUSTEE.

     (a) If an Event of Default has occurred and is continuing, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture 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.

     (b) Except during the continuance of an Event of Default:

          (i) the Indenture Trustee undertakes to perform such duties and only
     such duties as are specifically set forth in this Indenture and no implied
     covenants or obligations shall be read into this Indenture against the
     Indenture Trustee; and

          (ii) in the absence of bad faith on its part, the Indenture Trustee
     may conclusively rely, as to the truth of the statements and the
     correctness of the opinions expressed therein, upon certificates or
     opinions furnished to the Indenture Trustee and conforming to the
     requirements of this Indenture; however, the Indenture Trustee shall
     examine the certificates and opinions to determine whether or not they
     conform to the requirements of this Indenture.

     (c) The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

          (i) this paragraph does not limit the effect of paragraph (b) of this
     Section 6.01;

          (ii) the Indenture Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer unless it is proved
     that the Indenture Trustee was negligent in ascertaining the pertinent
     facts; and

          (iii) the Indenture Trustee shall not be liable with respect to any
     action it takes or omits to take in good faith in accordance with a
     direction received by it from Noteholders or from the Issuer, which they
     are entitled to give under the Basic Documents.

     (d) The Indenture Trustee shall not be liable for interest on any money
received by it.

     (e) Money held in trust by the Indenture Trustee need not be segregated
from other trust funds except to the extent required by law or the terms of this
Indenture or the Trust Agreement.

     (f) No provision of this Indenture shall require the Indenture Trustee 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, if it shall have reasonable grounds to believe that repayment
of such funds or indemnity satisfactory to it against such risk or liability is
not reasonably assured to it.

     (g) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Indenture Trustee shall be
subject to the provisions of this Section and to the provisions of the TIA.

     (h) The Indenture Trustee shall act in accordance with Sections 6.03 of the
Servicing Agreement and shall act as successor to the Master Servicer or appoint
a successor Master Servicer in accordance with Section 6.02 of the Servicing
Agreement.

     (i) In order to comply with its duties under U.S.A. Patriot Act, the
Indenture Trustee shall obtain and verify certain information and documentation
from the other parties hereto, including, but not limited to, such party's name,
address, and other indentifying information.

     Section 6.02. RIGHTS OF INDENTURE TRUSTEE.

     (a) The Indenture Trustee may conclusively rely on, and shall be fully
protected from acting or refraining from acting upon, any document believed by
it to be genuine and to have been signed or presented by the proper person. The
Indenture Trustee need not investigate any fact or matter stated in the
document.

     (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith in
reliance on an Officer's Certificate or Opinion of Counsel.

     (c) The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers; PROVIDED, HOWEVER, that the Indenture Trustee's conduct does
not constitute willful misconduct, negligence or bad faith.

     (d) The Indenture Trustee may consult with counsel, and the advice or
Opinion of Counsel with respect to legal matters relating to the Basic Documents
and the Notes shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder or
in connection herewith in good faith and in accordance with the advice or
opinion of such counsel.

     (e) The Indenture Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder, either directly or by or through agents,
attorneys, custodians or nominees appointed with due care, and shall not be
responsible for any willful misconduct or negligence on the part of any agent,
attorney, custodian or nominee so appointed.

     (f) The Indenture Trustee or its Affiliates are permitted to receive
additional compensation that could be deemed to be in the Indenture Trustee's
economic self-interest for (i) serving as investment adviser, administrator,
shareholder, servicing agent, custodian or sub-custodian with respect to certain
of the Permitted Investments, (ii) using Affiliates to effect transactions in
certain Permitted Investments and (iii) effecting transactions in certain
Permitted Investments. Such compensation shall not be considered an amount that
is reimbursable or payable to the Indenture Trustee (i) as part of the Indenture
Trustee Fee, (ii) pursuant to Sections 3.05(d), 3.05(h), 5.04(b), 6.07 or
8.02(c) hereunder or (iii) out of the Available Payment Amount.

     Section 6.03. INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. The Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Indenture Trustee, subject to the requirements of the
Trust Indenture Act. Any Note Registrar, co-registrar or co-paying agent may do
the same with like rights. However, the Indenture Trustee must comply with
Sections 6.11 and 6.12 hereof.

     Section 6.04. INDENTURE TRUSTEE'S DISCLAIMER. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer's use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.

     Section 6.05. NOTICE OF EVENT OF DEFAULT. Subject to Section 5.01, the
Indenture Trustee shall promptly mail to each Noteholder notice of the Event of
Default after it is actually known to a Responsible Officer of the Indenture
Trustee, unless such Event of Default shall have been waived or cured. Except in
the case of an Event of Default in payment of principal of or interest on any
Note, the Indenture Trustee may withhold the notice if and so long as it in good
faith determines that withholding the notice is in the interests of Noteholders.

     Section 6.06. REPORTS BY INDENTURE TRUSTEE TO HOLDERS AND TAX
ADMINISTRATION.

     The Indenture Trustee shall deliver to each Noteholder such information as
may be required to enable such holder to prepare its federal and state income
tax returns. The Indenture Trustee shall prepare and file (or cause to be
prepared and filed), on behalf of the Owner Trustee or the Issuer, all tax
returns (if any) and information reports, tax elections and such annual or other
reports of the Issuer as are necessary for preparation of tax returns and
information reports as provided in Section 5.03 of the Trust Agreement,
including without limitation Form 1099. All tax returns and information reports
shall be signed by the Owner Trustee as provided in Section 5.03 of the Trust
Agreement.

     Section 6.07. COMPENSATION AND INDEMNITY. The Indenture Trustee shall
withdraw from the Payment Account on each Payment Date and pay to itself the
Indenture Trustee Fee. The Indenture Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust. In addition, the
Indenture Trustee shall withdraw from the Payment Account on each Payment Date
and pay to the Owner Trustee the Owner Trustee Fee and its Expenses.

     The Issuer shall reimburse the Indenture Trustee and the Owner Trustee for
all reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to compensation for its services. Such expenses shall
include reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee's or the Owner Trustee's agents, counsel, accountants and
experts. The Issuer shall indemnify the Indenture Trustee and hold it harmless
against any and all claim, tax, penalty, loss, liability or expense (including
attorneys' fees and expenses) of any kind whatsoever incurred by it in
connection with the administration of this Trust and the performance of its
duties under any of the Basic Documents. The Indenture Trustee shall notify the
Issuer promptly of any claim for which it may seek indemnity. Failure by the
Indenture Trustee to so notify the Issuer shall not relieve the Issuer of its
obligations hereunder. The Issuer shall defend any such claim, and the Indenture
Trustee may have separate counsel and the Issuer shall pay the fees and expenses
of such counsel. The Issuer is not obligated to reimburse any expense or
indemnify against any loss, liability or expense incurred by the Indenture
Trustee through the Indenture Trustee's own willful misconduct, negligence or
bad faith.

                  The Issuer's payment obligations to the Indenture Trustee and
the Owner Trustee pursuant to this Section 6.07 shall survive the discharge of
this Indenture and the termination or resignation of the Indenture Trustee. When
the Indenture Trustee or the Owner Trustee incurs expenses after the occurrence
of an Event of Default with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

     Section 6.08. REPLACEMENT OF INDENTURE TRUSTEE. No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee may
resign at any time by so notifying the Issuer. Holders of a majority of Note
Balances of the Notes may remove the Indenture Trustee by so notifying the
Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer
shall, remove the Indenture Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.11 hereof;

          (ii) the Indenture Trustee is adjudged a bankrupt or insolvent;

          (iii) a receiver or other public officer takes charge of the Indenture
     Trustee or its property; or

          (iv) the Indenture Trustee otherwise becomes incapable of acting.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in
the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the
Issuer shall, promptly appoint a successor Indenture Trustee.

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the rights, powers and duties
of the Indenture Trustee under this Indenture. The successor Indenture Trustee
shall mail a notice of its succession to Noteholders. The retiring Indenture
Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 30 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority of Note Balances of the Notes
may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section, the Issuer's obligations under Section 6.07 shall continue for the
benefit of the retiring Indenture Trustee.

     Section 6.09. SUCCESSOR INDENTURE TRUSTEE BY MERGER. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation, without any further act, shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11 hereof. The Indenture Trustee shall
provide the Rating Agencies with prior written notice of any such transaction.

     If at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture and any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the certificate
of authentication of any predecessor trustee and deliver such Notes so
authenticated; and if at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is in the Notes or in this Indenture provided
that the certificate of the Indenture Trustee shall have.

     Section 6.10. APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE.

     (a) Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such
title to the Trust Estate, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 6.11 hereof.

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

          (i) all rights, powers, duties and obligations conferred or imposed
     upon the Indenture Trustee shall be conferred or imposed upon and exercised
     or performed by the Indenture Trustee and such separate trustee or
     co-trustee jointly (it being understood that such separate trustee or
     co-trustee is not authorized to act separately without the Indenture
     Trustee joining in such act), except to the extent that under any law of
     any jurisdiction in which any particular act or acts are to be performed
     the Indenture Trustee shall be incompetent or unqualified to perform such
     act or acts, in which event such rights, powers, duties and obligations
     (including the holding of title to the Trust Estate or any portion thereof
     in any such jurisdiction) shall be exercised and performed singly by such
     separate trustee or co-trustee, but solely at the direction of the
     Indenture Trustee;

          (ii) no trustee hereunder shall be personally liable by reason of any
     act or omission of any other trustee hereunder; and

          (iii) the Indenture Trustee may at any time accept the resignation of
     or remove any separate trustee or co-trustee.

     (c) Any notice, request or other writing given to the Indenture 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 Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee.

     (d) Any separate trustee or co-trustee may at any time constitute the
Indenture 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 Indenture 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 Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

     Section 6.11. ELIGIBILITY; DISQUALIFICATION. The Indenture Trustee shall at
all times satisfy the requirements of TIA ss. 310(a). The Indenture Trustee
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition and it or its parent
shall have a long-term debt rating of "Baa3" or better by Moody's and "BBB" or
better by S&P, Fitch and DBRS. The Indenture Trustee shall comply with TIA ss.
310(b), including the optional provision permitted by the second sentence of TIA
ss. 310(b)(9); PROVIDED, HOWEVER, that there shall be excluded from the
operation of TIA ss. 310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion
set forth in TIA ss. 310(b)(1) are met.

     Section 6.12. PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER. The
Indenture Trustee shall comply with TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). An Indenture Trustee who has resigned or
been removed shall be subject to TIA ss. 311(a) to the extent indicated.

     Section 6.13. REPRESENTATIONS AND WARRANTIES. The Indenture Trustee hereby
represents that:

          (i) It is a national banking association duly organized, validly
     existing and in good standing under the laws of the United States.

          (ii) The execution and delivery of this Indenture by it, and the
     performance and compliance with the terms of this Indenture by it, will not
     violate its charter or bylaws.

          (iii) It has the full power and authority to enter into and consummate
     all transactions contemplated by this Indenture has duly authorized the
     execution, delivery and performance of this Indenture, and has duly
     executed and delivered this Indenture.

          (iv) This Indenture, assuming due authorization, execution and
     delivery by the Issuer, 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) The Indenture Trustee is a "securities intermediary," as such term
     is defined in Section 8-102(a)(14)(B) of the New York UCC, that in the
     ordinary course of its business maintains "securities accounts" for others,
     as such term is used in Section 8-501 of the New York UCC.

          (vi) The "securities intermediary's jurisdiction" as defined in the
     New York UCC shall be the State of New York.

          (vii) The Indenture Trustee is not a "clearing corporation", as such
     term is defined in Section 8-102(a)(5) of the New York UCC.

          Section 6.14. DIRECTIONS TO INDENTURE TRUSTEE. The Indenture Trustee
     is hereby directed:

          (i) to accept the pledge of the Mortgage Loans and hold the assets of
     the Trust Estate in trust for the Noteholders;

          (ii) to authenticate and deliver the Notes substantially in the form
     prescribed by Exhibits A-1 through A-14 to this Indenture in accordance
     with the terms of this Indenture; and

          (iii) to take all other actions as shall be required to be taken by
     the terms of this Indenture.

     Section 6.15. THE AGENTS. The provisions of this Indenture relating to the
limitations of the Indenture Trustee's liability and to its indemnity, rights
and protections shall inure also to the Paying Agent and Note Registrar.

<PAGE>

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

     Section 7.01. ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS.

     The Issuer will furnish or cause to be furnished to the Indenture Trustee
(a) not more than five days after each Record Date, a list, in such form as the
Indenture Trustee may reasonably require, of the names and addresses of the
Holders of Notes as of such Record Date, (b) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than 10 days prior to the time such list is furnished; PROVIDED, HOWEVER,
that so long as the Indenture Trustee is the Note Registrar, no such list shall
be required to be furnished to the Indenture Trustee.

     Section 7.02. PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS.

     (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 hereof and the names and addresses of Holders of Notes received
by the Indenture Trustee in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.01
upon receipt of a new list so furnished.

     (b) Noteholders or Note Owners may communicate pursuant to TIA ss. 312(b)
with other Noteholders or Note Owners with respect to their rights under this
Indenture or under the Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA ss. 312(c).

     Section 7.03. REPORTS OF ISSUER.

     (a) Subject to Section 4.02 of the Servicing Agreement,

          (i) The Indenture Trustee shall file with the Commission on behalf of
     the Issuer, with a copy to the Issuer within 15 days before the Issuer is
     required to file the same with the Commission, the annual reports and the
     information, documents and other reports (or such portions of any of the
     foregoing as the Commission may from time to time by rules and regulations
     prescribe) that the Issuer may be required to file with the Commission
     pursuant to Section 13 or 15(d) of the Exchange Act;

          (ii) The Indenture Trustee shall file with the Commission, on behalf
     of the Issuer, in accordance with rules and regulations prescribed from
     time to time by the Commission such additional information, documents and
     reports with respect to compliance by the Issuer with the conditions and
     covenants of this Indenture as may be required from time to time by such
     rules and regulations; and

          (iii) The Indenture Trustee shall supply (and the Indenture Trustee
     shall transmit by mail to all Noteholders described in TIA ss. 313(c)) such
     summaries of any information, documents and reports required to be filed by
     the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by
     rules and regulations prescribed from time to time by the Commission.

     (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall end on December 31st of each year.

     Section 7.04. REPORTS BY INDENTURE TRUSTEE. If required by TIA ss. 313(a),
within 60 days after each January 30th beginning with March 31, 2006, the
Indenture Trustee shall mail to each Noteholder as required by TIA ss. 313(c) a
brief report dated as of such date that complies with TIA ss. 313(a). The
Indenture Trustee also shall comply with TIA ss. 313(b).

     A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission via EDGAR and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the
Indenture Trustee if and when the Notes are listed on any stock exchange.

     Section 7.05. Statements to Noteholders.

     (a) With respect to each Payment Date, the Indenture Trustee shall make
available via the Indenture Trustee's website https://www.[________] or deliver
at the recipient's option to each Noteholder and each Certificateholder, the
Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating
Agency, a statement setting forth the following information as to the Notes, to
the extent applicable:

          (i) the amount of the payment made on such Payment Date to the Holders
     of the Notes of each Class allocable to principal;

          (ii) the amount of the payment made on such Payment Date to the
     Holders of the Notes of each Class allocable to interest;

          (iii) the aggregate Servicing Fee received by the Master Servicer
     during the related Due Period and such other customary information as the
     Indenture Trustee deems necessary or desirable, or which a Noteholder
     reasonably requests, to enable Noteholders to prepare their tax returns;

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

          (v) the aggregate Stated Principal Balance of the Mortgage Loans and
     any REO Properties as of the close of business on such Payment Date by Loan
     Group and in the aggregate ;

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

          (vii) the number and aggregate unpaid principal balance of Mortgage
     Loans in respect of which (1) one Monthly Payment is Delinquent, (2) two
     Monthly Payments are Delinquent, (3) three Monthly Payments are Delinquent
     and (4) foreclosure proceedings have begun;

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

          (ix) the book value of any REO Property as of the close of business on
     the last Business Day of the calendar month preceding the Payment Date;

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

          (xi) the aggregate amount of Realized Losses incurred during the
     related Prepayment Period by Loan Group and in the aggregate (or, in the
     case of Bankruptcy Losses allocable to interest, during the related Due
     Period), separately identifying whether such Realized Losses constituted
     Bankruptcy Losses and the aggregate amount of Realized Losses incurred
     since the Closing Date and the aggregate amount of Subsequent Recoveries
     received during the Prepayment Period and the cumulative amount of
     Subsequent Recoveries received since the Closing Date;

          (xii) the aggregate Note Balance of each Class of Notes, after giving
     effect to the payments, and allocations of Realized Losses, made on such
     Payment Date;

          (xiii) the Interest Payment Amount in respect of the Class A Notes and
     the Mezzanine Notes for such Payment Date and the Interest Carry Forward
     Amount, if any, with respect to the Class A Notes and the Mezzanine Notes
     on such Payment Date;

          (xiv) the aggregate amount of any Prepayment Interest Shortfall for
     such Payment Date, to the extent not covered by payments by the Master
     Servicer pursuant to Section 3.24 of the Servicing Agreement;

          (xv) the aggregate amount of Relief Act Interest Shortfalls for such
     Payment Date;

          (xvi) the Net Monthly Excess Cashflow, if any, for such Distribution
     Date;

          (xvii) the Overcollateralization Target Amount and the Credit
     Enhancement Percentage for such Distribution Date;

          (xviii) the Overcollateralization Increase Amount, if any, for such
     Payment Date;

          (xix) the Overcollateralization Reduction Amount, if any, for such
     Payment Date;

          (xx) the respective Note Rates applicable to the Class A Notes and the
     Mezzanine Notes for such Payment Date (and whether such Note Rate was
     limited by the Net WAC Rate) and the Note Rate applicable to the Class A
     Notes and the Mezzanine Notes for the immediately succeeding Distribution
     Date;

          (xxi) the Basis Risk Shortfall for the Class A Notes and the Mezzanine
     Notes, if any, for such Payment Date and the amount remaining unpaid after
     reimbursements therefor on such Payment Date;

          (xxii) the amount of such distribution to the Certificates;

          (xxiii) whether a Trigger Event is in effect and the calculation
     thereof;

          (xxiv) the amount due and the amount received under the Cap Contracts,
     if any;

          (xxv) the amount of Prepayment Charges collected or paid by the Master
     Servicer;

          (xxvi) if the Stepdown Date is in effect (and if not, the months
     remaining until the Stepdown Date);

          (xxvii) [(a) the Delinquency Percentage, the numerator and the
     denominator used to calculate the Delinquency Percentage and whether the
     Delinquency Percentage exceeds the level set forth in clause (a) of the
     definition of Trigger Event, (b) the Cumulative Realized Loss Percentage,
     the numerator and the denominator used to calculate the Cumulative Realized
     Loss Percentage and whether the Cumultaive Realized Loss Percentage exceeds
     the level set forth in clause (b) of the definition of Trigger Event];

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

          (xxix) the amount on deposit Net WAC Rate Carryover Reserve Account;

          (xxx) 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;

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

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

          (xxxiii) material breaches of representations and warranties regarding
     the Mortgage Loans.

     Items (i) and (ii) above shall be presented on the basis of a Note having a
$1,000 denomination. In addition, by January 31st of each calendar year
following any year during which the Notes are outstanding, the Indenture Trustee
shall furnish a report to each Noteholder of record if so requested in writing
at any time during each calendar year as to the aggregate of amounts reported
pursuant to (i) and (ii) with respect to the Notes for such calendar year.

     (b) The Indenture Trustee may conclusively rely upon the Remittance Report
provided by the Master Servicer pursuant to Section 4.01 of the Servicing
Agreement and on the amounts furnished to the Indenture Trustee pursuant to the
Cap Contracts in its preparation of its Statement to Noteholders.

<PAGE>

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

     Section 8.01. COLLECTION OF MONEY. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Trust Estate, the Indenture Trustee may take such action as
may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

     Section 8.02. TRUST ACCOUNTS. --------------

(a) On or prior to the Closing Date, the Issuer shall cause the Indenture
Trustee to establish and maintain, in the name of the Indenture Trustee, for the
benefit of the Noteholders, the Payment Account as provided in Section 3.01
hereof.

(b) On each Payment Date, the Indenture Trustee shall pay itself the Indenture
Trustee Fee and any expenses owing to it for such Payment Date and shall pay the
Owner Trustee the Owner Trustee Fee and its Expenses, and then the Indenture
Trustee shall pay all remaining amounts on deposit in the Payment Account to the
Noteholders in respect of the Notes and to such other persons in the order of
priority set forth in Section 3.05 hereof (except as otherwise provided in
Section 5.04(b) hereof).

(c) Pursuant to Section 3.12 of the Servicing Agreement, funds in the Payment
Account shall remain uninvested unless the Indenture Trustee is otherwise
directed by the Master Servicer in Section 3.10(d) of the Servicing Agreement.

Section 8.03. OFFICER'S CERTIFICATE. The Indenture Trustee shall receive at
least seven Business Days' notice when requested by the Issuer to take any
action pursuant to Section 8.05(a) hereof, accompanied by copies of any
instruments to be executed, and the Indenture Trustee shall also require, as a
condition to such action, an Officer's Certificate, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such
action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with.

Section 8.04. TERMINATION UPON DISTRIBUTION TO NOTEHOLDERS. This Indenture and
the respective obligations and responsibilities of the Issuer and the Indenture
Trustee created hereby shall terminate upon the payment to Noteholders, the
Certificate Paying Agent on behalf of the Owner Trustee, the Certificateholders
and the Indenture Trustee of all amounts required to be paid pursuant to Article
III; PROVIDED, HOWEVER, that in no event shall the trust created hereby continue
beyond the expiration of 21 years from the death of the survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James, living on the date hereof.

Section 8.05.     RELEASE OF TRUST ESTATE.

     (a) Subject to the payment of its fees and expenses, the Indenture Trustee
may, and when required by the provisions of this Indenture shall, execute
instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee's interest in the same, in a manner and under circumstances
that are not inconsistent with the provisions of this Indenture, including for
the purposes of any repurchase by the Master Servicer of a Mortgage Loan
pursuant to Section 3.16 of the Servicing Agreement. No party relying upon an
instrument executed by the Indenture Trustee as provided in Article VIII
hereunder shall be bound to ascertain the Indenture Trustee's authority, inquire
into the satisfaction of any conditions precedent, or see to the application of
any monies.

     (b) The Indenture Trustee shall, at such time as (i) there are no Notes
Outstanding and (ii) all sums due to the Indenture Trustee pursuant to this
Indenture have been paid, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture.

     (c) The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.05 only upon receipt of a request from the
Issuer accompanied by an Officers' Certificate and an Opinion of Counsel stating
that all applicable requirements have been satisfied.

     Section 8.06. SURRENDER OF NOTES UPON FINAL PAYMENT. By acceptance of any
Note, the Holder thereof agrees to surrender such Note to the Indenture Trustee
promptly, prior to such Noteholder's receipt of the final payment thereon.

     Section 8.07. OPTIONAL REDEMPTION OF THE NOTES.

     (a) The Master Servicer shall have the option to redeem the Notes in whole,
but not in part, on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date. The aggregate
redemption price for the Notes will be equal to the greater of (i) the Stated
Principal Balance of the Mortgage Loans and the appraised value of any REO
Properties, such appraisal to be conducted by an Independent appraiser mutually
agreed upon by the Master Servicer and the Indenture Trustee in their reasonable
discretion and (ii) the fair market value of the Mortgage Loans and the REO
Properties (as determined by the Master Servicer and, to the extent that a Class
of Class A Notes or a Class of Mezzanine Notes will not receive all amounts owed
to it as a result of the redemption, the Indenture Trustee (it being understood
and agreed that any determination by the Indenture Trustee shall be made solely
in reliance on an appraisal by an Independent appraiser as provided above), in
each case plus accrued and unpaid interest thereon at the weighted average of
the Mortgage Rates through the end of the Due Period preceding the final Payment
Date plus unreimbursed Servicing Advances, P&I Advances, any unpaid Servicing
Fees allocable to such Mortgage Loans and REO Properties and any accrued and
unpaid Basis Risk Shortfalls (the "Redemption Price"); provided, however, that
the Master Servicer will not be permitted to redeem the Notes unless the
Redemption Price is sufficient to retire the Note Balance of the remaining Notes
to zero. If the determination of the fair market value of the Mortgage Loans and
REO Properties shall be required to be made by the Master Servicer and an
Independent appraiser as provided above, (A) such appraisal shall be obtained at
no expense to the Indenture Trustee and (B) the Indenture Trustee may
conclusively rely on, and shall be protected in relying on, such appraisal.

     (b) In order to exercise the foregoing option, the Master Servicer shall
provide written notice of its exercise of such option to the Indenture Trustee
and the Owner Trustee at least 15 days prior to its exercise. Following receipt
of the notice, the Indenture Trustee shall provide notice to the Noteholders of
the final payment on the Notes. In addition, the Master Servicer shall, not less
than one Business Day prior to the proposed Payment Date on which such
redemption is to be made, deposit the aggregate redemption price specified in
(a) above with the Indenture Trustee, who shall deposit the aggregate redemption
price into the Payment Account and shall, on the Payment Date after receipt of
the funds, apply such funds to make final payments of principal and interest on
the Notes in accordance with Section 3.05(b) and (c) hereof and payment in full
to the Indenture Trustee, and this Indenture shall be discharged subject to the
provisions of Section 4.10 hereof. If for any reason the amount deposited by the
Master Servicer is not sufficient to make such redemption or such redemption
cannot be completed for any reason, the amount so deposited by the Master
Servicer with the Indenture Trustee shall be immediately returned to the Master
Servicer in full and shall not be used for any other purpose or be deemed to be
part of the Trust Estate.

<PAGE>

ARTICLE IX

                             SUPPLEMENTAL INDENTURES

Section 9.01.     SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

     (a) Without the consent of the Holders of any Notes but with prior notice
to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by
an Issuer Request, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the TIA
as in force at the date of the execution thereof), in form satisfactory to the
Indenture Trustee, for any of the following purposes:

          (i) to correct or amplify the description of any property at any time
     subject to the lien of this Indenture, or better to assure, convey and
     confirm unto the Indenture Trustee any property subject or required to be
     subjected to the lien of this Indenture, or to subject to the lien of this
     Indenture additional property;

          (ii) to evidence the succession, in compliance with the applicable
     provisions hereof, of another person to the Issuer, and the assumption by
     any such successor of the covenants of the Issuer herein and in the Notes
     contained;

          (iii) to add to the covenants of the Issuer, for the benefit of the
     Holders of the Notes, or to surrender any right or power herein conferred
     upon the Issuer;

          (iv) to convey, transfer, assign, mortgage or pledge any property to
     or with the Indenture Trustee;

          (v) to cure any ambiguity, to correct or supplement any provision
     herein or in any supplemental indenture that may be inconsistent with any
     other provision herein or in any supplemental indenture;

          (vi) to make any other provisions with respect to matters or questions
     arising under this Indenture or in any supplemental indenture; provided,
     that such action (as evidenced by either (i) an Opinion of Counsel
     delivered to the Master Servicer and the Indenture Trustee or (ii)
     confirmation from the Rating Agencies that such amendment will not result
     in the reduction or withdrawal of the rating of any Class of Notes) shall
     not materially and adversely affect the interests of the Holders of the
     Notes;

          (vii) to evidence and provide for the acceptance of the appointment
     hereunder by a successor trustee with respect to the Notes and to add to or
     change any of the provisions of this Indenture as shall be necessary to
     facilitate the administration of the trusts hereunder by more than one
     trustee, pursuant to the requirements of Article VI hereof; or

          (viii) to modify, eliminate or add to the provisions of this Indenture
     to such extent as shall be necessary to effect the qualification of this
     Indenture under the TIA or under any similar federal statute hereafter
     enacted and to add to this Indenture such other provisions as may be
     expressly required by the TIA;

PROVIDED, HOWEVER, that no such indenture supplements shall be entered into
unless the Indenture Trustee shall have received an Opinion of Counsel as to the
enforceability of any such indenture supplement and to the effect that (i) such
indenture supplement is permitted hereunder and (ii) entering into such
indenture supplement will not result in a "substantial modification" of the
Notes under Treasury Regulation Section 1.1001-3 or adversely affect the status
of the Notes as indebtedness for federal income tax purposes.

     The Indenture Trustee is hereby authorized to join in the execution of any
such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Request, may, also without the consent of any of the Holders of the Notes and
prior notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; PROVIDED, HOWEVER, that such action as evidenced by an Opinion of
Counsel, (i) is permitted by this Indenture, and shall not (ii) adversely affect
in any material respect the interests of any Noteholder (which may be evidenced
by confirmation from the Rating Agencies that such amendment will not result in
the reduction or withdrawal of the rating of any Class of Notes) or (iii) if
100% of the Certificates are not owned by the Seller, cause the Issuer to be
subject to an entity level tax for federal income tax purposes.

     Section 9.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Indenture Trustee, when authorized by an Issuer Request, also
may, with prior notice to the Rating Agencies and, with the consent of the
Holders of not less than a majority of the Note Balance of each Class of Notes
affected thereby, by Act (as defined in Section 10.03 hereof) of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; PROVIDED, HOWEVER, that no such supplemental indenture shall, without
the consent of the Holder of each Note affected thereby:

          (i) change the date of payment of any installment of principal of or
     interest on any Note, or reduce the principal amount thereof or the
     interest rate thereon, change the provisions of this Indenture relating to
     the application of collections on, or the proceeds of the sale of, the
     Trust Estate to payment of principal of or interest on the Notes, or change
     any place of payment where, or the coin or currency in which, any Note or
     the interest thereon is payable, or impair the right to institute suit for
     the enforcement of the provisions of this Indenture requiring the
     application of funds available therefor, as provided in Article V, to the
     payment of any such amount due on the Notes on or after the respective due
     dates thereof;

          (ii) reduce the percentage of the Note Balances of the Notes, the
     consent of the Holders of which is required for any such supplemental
     indenture, or the consent of the Holders of which is required for any
     waiver of compliance with certain provisions of this Indenture or certain
     defaults hereunder and their consequences provided for in this Indenture;

          (iii) modify or alter the provisions of the proviso to the definition
     of the term "Outstanding" or modify or alter the exception in the
     definition of the term "Holder";

          (iv) reduce the percentage of the Note Balances of the Notes required
     to direct the Indenture Trustee to direct the Issuer to sell or liquidate
     the Trust Estate pursuant to Section 5.04 hereof;

          (v) modify any provision of this Section 9.02 except to increase any
     percentage specified herein or to provide that certain additional
     provisions of this Indenture or the Basic Documents cannot be modified or
     waived without the consent of the Holder of each Note affected thereby;

          (vi) modify any of the provisions of this Indenture in such manner as
     to affect the calculation of the amount of any payment of interest or
     principal due on any Note on any Payment Date (including the calculation of
     any of the individual components of such calculation); or

          (vii) permit the creation of any lien ranking prior to or on a parity
     with the lien of this Indenture with respect to any part of the Trust
     Estate or, except as otherwise permitted or contemplated herein, terminate
     the lien of this Indenture on any property at any time subject hereto or
     deprive the Holder of any Note of the security provided by the lien of this
     Indenture;

and PROVIDED, FURTHER, that such action shall not, as evidenced by an Opinion of
Counsel, cause the Issuer (if 100% of the Certificates are not owned by the
Seller) to be subject to an entity level tax.

     Any such action shall not (as evidenced by either (i) an Opinion of Counsel
delivered to the Master Servicer and the Indenture Trustee or (ii) confirmation
from the Rating Agencies that such amendment will not result in the reduction or
withdrawal of the rating of any Class of Notes) adversely affect in any material
respect the interest of any Holder (other than a Holder who shall consent to
such supplemental indenture).

     It shall not be necessary for any Act of Noteholders under this Section
9.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.02, the Indenture Trustee
shall mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

     Section 9.03. EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02 hereof, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Indenture Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Indenture Trustee's own rights, duties, liabilities or
immunities under this Indenture or otherwise.

     Section 9.04. EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

     Section 9.05. CONFORMITY WITH TRUST INDENTURE ACT. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

     Section 9.06. REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

<PAGE>

                                   ARTICLE X

                                  MISCELLANEOUS

     Section 10.01. COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

     (a) Upon any application or request by the Issuer to the Indenture Trustee
to take any action under any provision of this Indenture, the Issuer shall
furnish to the Indenture Trustee (i) an Officer's Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have
been complied with, except that, in the case of any such application or request
as to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be
furnished.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

          (i) a statement that each signatory of such certificate or opinion has
     read or has caused to be read such covenant or condition and the
     definitions herein relating thereto;

          (ii) a brief statement as to the nature and scope of the examination
     or investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

          (iii) a statement that, in the opinion of each such signatory, such
     signatory has made such examination or investigation as is necessary to
     enable such signatory to express an informed opinion as to whether or not
     such covenant or condition has been complied with;

          (iv) a statement as to whether, in the opinion of each such signatory,
     such condition or covenant has been complied with; and

          (v) if the signatory of such certificate or opinion is required to be
     Independent, the statement required by the definition of the term
     "Independent Certificate."

     (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 10.01(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days prior to such deposit) to the
Issuer of the Collateral or other property or securities to be so deposited and
a report from a nationally recognized accounting firm verifying such value.

          (ii) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (i) above, the Issuer
     shall also deliver to the Indenture Trustee an Independent Certificate from
     a nationally recognized accounting firm as to the same matters, if the fair
     value of the securities to be so deposited and of all other such securities
     made the basis of any such withdrawal or release since the commencement of
     the then current fiscal year of the Issuer, as set forth in the
     certificates delivered pursuant to clause (i) above and this clause (ii),
     is [__]% or more of the Note Balances of the Notes, but such a certificate
     need not be furnished with respect to any securities so deposited, if the
     fair value thereof as set forth in the related Officer's Certificate is
     less than $[_____] or less than one percent of the Note Balances of the
     Notes.

          (iii) Whenever any property or securities are to be released from the
     lien of this Indenture, the Issuer shall also furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of each
     person signing such certificate as to the fair value (within 90 days prior
     to such release) of the property or securities proposed to be released and
     stating that in the opinion of such person the proposed release will not
     impair the security under this Indenture in contravention of the provisions
     hereof.

          (iv) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (iii) above, the
     Issuer shall also furnish to the Indenture Trustee an Independent
     Certificate as to the same matters if the fair value of the property or
     securities and of all other property or securities released from the lien
     of this Indenture since the commencement of the then-current calendar year,
     as set forth in the certificates required by clause (iii) above and this
     clause (iv), equals [___]% or more of the Note Principal Balances of the
     Notes, but such certificate need not be furnished in the case of any
     release of property or securities if the fair value thereof as set forth in
     the related Officer's Certificate is less than $[_____] or less than one
     percent of the then Note Principal Balances of the Notes.

     Section 10.02. FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Seller or the
Issuer, stating that the information with respect to such factual matters is in
the possession of the Seller or the Issuer, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

     Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

     Section 10.03. ACTS OF NOTEHOLDERS.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Noteholders in person or by agents duly appointed
in writing; and except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Indenture Trustee, and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Noteholders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01 hereof) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section 10.03 hereof.

     (b) The fact and date of the execution by any person of any such instrument
or writing may be proved in any manner that the Indenture Trustee deems
sufficient.

     (c) The ownership of Notes shall be proved by the Note Registrar.

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Notes shall bind the Holder of every Note
issued upon the registration thereof or in exchange therefor or in lieu thereof,
in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     Section 10.04. NOTICES ETC., TO INDENTURE TRUSTEE ISSUER AND RATING
AGENCIES.

     Any request, demand, authorization, direction, notice, consent, waiver or
Act of Noteholders or other documents provided or permitted by this Indenture
shall be in writing and if such request, demand, authorization, direction,
notice, consent, waiver or act of Noteholders is to be made upon, given or
furnished to or filed with:

          (i) the Indenture Trustee by any Noteholder or by the Issuer shall be
     sufficient for every purpose hereunder if made, given, furnished or filed
     in writing to or with the Indenture Trustee at the Corporate Trust Office.
     The Indenture Trustee shall promptly transmit any notice received by it
     from the Noteholders to the Issuer; or

          (ii) the Issuer by the Indenture Trustee or by any Noteholder shall be
     sufficient for every purpose hereunder if in writing and mailed
     first-class, postage prepaid to the Issuer addressed to: Citigroup Mortgage
     Loan Trust 200_-_ in care of [____________________________________],
     Attention: [______________] or at any other address previously furnished in
     writing to the Indenture Trustee by the Issuer. The Issuer shall promptly
     transmit any notice received by it from the Noteholders to the Indenture
     Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, mailed first-class
postage pre-paid, to (i) [in the case of Moody's, at the following address:
Moody's Investors Service, Inc., Residential Mortgage Monitoring Department, 99
Church Street, New York, New York 10007, (ii) in the case of S&P, at the
following address: Standard & Poor's, 55 Water Street, 41st Floor, New York, New
York 10041, Attention of Asset Backed Surveillance Department], (iii)[ in the
case of Fitch Ratings, at the following address: Fitch Ratings, One State Street
Plaza, New York, New York 10004] and (iv) [in the case of Dominion, at the
following address: Dominion Bond Rating Services, Inc., 55 Broadway, 15th Floor,
New York, New York 10006]; or as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

     Section 10.05. NOTICES TO NOTEHOLDERS; WAIVER. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Person's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given regardless of
whether such notice is in fact actually received.

     Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Indenture Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute an Event of Default.

     Section 10.06. CONFLICT WITH TRUST INDENTURE ACT. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to
be included in this Indenture by any of the provisions of the TIA, such required
provision shall control.

     The provisions of TIA ss.ss. 310 through 317 that impose duties on any
Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

     Section 10.07. EFFECT OF HEADINGS. The Article and Section headings herein
are for convenience only and shall not affect the construction hereof.

     Section 10.08. SUCCESSORS AND ASSIGNS. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents.

     Section 10.09. SEPARABILITY. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     Section 10.10. [RESERVED.]

     Section 10.11. LEGAL HOLIDAYS. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

     Section 10.12. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.13. COUNTERPARTS. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

     Section 10.14. RECORDING OF INDENTURE. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
at its expense (which may be counsel to the Indenture Trustee or any other
counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

     Section 10.15. ISSUER OBLIGATION. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

     Section 10.16. NO PETITION. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time prior to one year from the date of termination
hereof, institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the Basic Documents, except for filing proofs of claim.

     Section 10.17. INSPECTION. The Issuer agrees that, at its expense, on
reasonable prior notice, it shall permit any representative of the Indenture
Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees, and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall cause its representatives to hold in
confidence all such information except to the extent disclosure may be required
by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

     Section 10.18. NO RECOURSE TO OWNER TRUSTEE. It is expressly understood and
agreed by the parties hereto that (a) this Indenture is executed and delivered
by [_____________], not individually or personally, but solely as Owner Trustee
of [______________________], in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Issuer is made and intended not as
personal representations, undertakings and agreements by [_____________] but is
made and intended for the purpose for binding only the Issuer, (c) nothing
herein contained shall be construed as creating any liability of
[_____________], individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or
under the parties hereto and (d) under no circumstances shall [_____________] be
personally liable for the payment of any indebtedness or expenses of the Issuer
or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this Indenture or
any other related documents.

     Section 10.19. PROOFS OF CLAIM. The Indenture Trustee is authorized to file
such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee, its agents and counsel) and the Noteholders allowed in
any judicial proceedings relative to the Issuer (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Noteholder to make such payments to the Indenture
Trustee, as administrative expenses associated with any such proceeding, and, in
the event that the Indenture Trustee shall consent to the making of such
payments directly to the Noteholder to pay to the Indenture Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances
of the Indenture Trustee, its agents and counsel, and any other amounts due to
the Indenture Trustee under Section 6.07 hereof. To the extent that the payment
of any such compensation, expenses, disbursements and advances of the Indenture
Trustee, its agents and counsel, and any other amounts due the Indenture Trustee
under Section 6.07 hereof out of the estate in any such proceeding, shall be
denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Noteholders may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize
the Indenture Trustee to authorize or consent to or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Noteholder of the rights of any Noteholder thereof, or
to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding.

<PAGE>

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused their
names to be signed hereto by their respective officers thereunto duly
authorized, all as of the day and year first above written.

                               CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                               as Issuer

                               By:  [________________________________], not in
                               its individual
                               capacity but solely as Owner Trustee

                                     By: _______________________________
                                         Name:
                                         Title:

                                     [__________________________________],
                                     as Indenture Trustee

                                     By: _______________________________
                                         Name:
                                         Title:

                                     By: _______________________________
                                         Name:
                                         Title:

<PAGE>

STATE OF                               )
                                       )   ss.:
COUNTY OF                              )

     On this ___th day of [_______, 200_], before me personally appeared
[____________________] to me known, who being by me duly sworn, did depose and
say, that (s)he is a(n) [____________] and [__________________] to me known, who
being by me duly sworn, did depose and say, that (s)he is a Vice President of
the Indenture Trustee, one of the corporations described in and which executed
the above instrument; and that he signed his name thereto by like order.

                                  ----------------------------------------------
                                  Notary Public

                                  NOTARY PUBLIC

[NOTARIAL SEAL]

<PAGE>

STATE OF                                     )
                                             )   ss.:
COUNTY OF NEW                                )

     On this ___th day of [_______, 200_], before me personally appeared
[____________________] to me known, who being by me duly sworn, did depose and
say, that (s)he is a(n) [_____________] of the Owner Trustee, one of the
entities described in and which executed the above instrument; and that she
signed her name thereto by like order.

                                 ----------------------------------------------
                                  Notary Public

                                  NOTARY PUBLIC

[NOTARIAL SEAL]

<PAGE>

                                   EXHIBIT A-1

                             FORM OF CLASS A-1 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS A-1

AGGREGATE NOTE BALANCE:                                      NOTE RATE: Variable
$---------------------

INITIAL NOTE BALANCE OF THIS BOND:                           BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                                    CUSIP NO. [       ]

     Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware statutory
trust, for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of ($_________________) in monthly installments on
the twenty-fifth day of each month or, if such day is not a Business Day, the
next succeeding Business Day (each a "Payment Date"), commencing in
[_____________] and ending on or before the Payment Date occurring on the Final
Stated Maturity Date and to pay interest on the Note Balance of this Note (this
"Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Issuer's Asset-Backed
Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated as of
[_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
A-1 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [__]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class A-1 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class A-1 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

     Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

     The failure to pay any Interest Carryforward Amount at any time when funds
are not available to make such payment as provided in the Indenture shall not
constitute an Event of Default under the Indenture.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [____________]

                            [----------------------]

                            BY: [_____________], not in its individual capacity
                            but solely in its capacity as Owner Trustee

                            By: ________________________________________________
                                             Authorized Signatory

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the within-mentioned
                                   Indenture.

[--------------------------],
as Indenture Trustee

By: ______________________________________
             Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

             TEN COM     --   as tenants in common
             TEN ENT     --   as tenants by the entireties
             JT TEN      --   as joint tenants with right of survivorship and
                              not as tenants in common
      UNIF GIFT MIN AC   --   __________ Custodian
                              ----------------------------------------
                              (Cust)                   (Minor)

                              under Uniform Gifts to Minor Act
                              ----------------------------------------
                                                              (State)

    Additional abbreviations may also be used though not in the above LIST.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

               PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
                               NUMBER OF ASSIGNEE:

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

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

 ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-2
                                   -----------

                            FORM OF CLASS A-2A NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                   CLASS A-2A

AGGREGATE NOTE BALANCE:                                      NOTE RATE: Variable
$_________________

INITIAL NOTE BALANCE OF THIS BOND:                           BOND NO. 1
$________________
PERCENTAGE INTEREST: 100%                                    CUSIP NO. [       ]

     Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware statutory
trust, for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of ($_________________) in monthly installments on
the twenty-fifth day of each month or, if such day is not a Business Day, the
next succeeding Business Day (each a "Payment Date"), commencing in
[_____________] and ending on or before the Payment Date occurring on the Final
Stated Maturity Date and to pay interest on the Note Balance of this Note (this
"Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Issuer's Asset-Backed
Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated as of
[_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
A-2a Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class A-2a Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class A-2a Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

     Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

     The failure to pay any Interest Carryforward Amount at any time when funds
are not available to make such payment as provided in the Indenture shall not
constitute an Event of Default under the Indenture.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [____________]

                            [----------------------]

                            BY: [_____________], not in its individual capacity
                            but solely in its capacity as Owner Trustee

                            By: ________________________________________________
                                             Authorized Signatory

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the within-mentioned
                                   Indenture.

[--------------------------],
as Indenture Trustee

By: ______________________________________
             Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

             TEN COM     --   as tenants in common
             TEN ENT     --   as tenants by the entireties
             JT TEN      --   as joint tenants with right of survivorship and
                              not as tenants in common
      UNIF GIFT MIN AC   --   __________ Custodian
                              ----------------------------------------
                              (Cust)                   (Minor)

                              under Uniform Gifts to Minor Act
                              ----------------------------------------
                                                              (State)

    Additional abbreviations may also be used though not in the above LIST.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

               PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
                               NUMBER OF ASSIGNEE:

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

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

 ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-3

                            FORM OF CLASS A-2B NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                   CLASS A-2B

AGGREGATE NOTE BALANCE:                                      NOTE RATE: Variable
$_________________

INITIAL NOTE BALANCE OF THIS BOND:                           BOND NO. 1
$________________
PERCENTAGE INTEREST: 100%                                    CUSIP NO. [       ]

     Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware statutory
trust, for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of ($_________________) in monthly installments on
the twenty-fifth day of each month or, if such day is not a Business Day, the
next succeeding Business Day (each a "Payment Date"), commencing in
[_____________] and ending on or before the Payment Date occurring on the Final
Stated Maturity Date and to pay interest on the Note Balance of this Note (this
"Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Issuer's Asset-Backed
Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated as of
[_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
A-2b Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class A-2b Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class A-2b Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

     Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

     The failure to pay any Interest Carryforward Amount at any time when funds
are not available to make such payment as provided in the Indenture shall not
constitute an Event of Default under the Indenture.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [____________]

                            [----------------------]

                            BY: [_____________], not in its individual capacity
                            but solely in its capacity as Owner Trustee

                            By: ________________________________________________
                                             Authorized Signatory

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the within-mentioned
                                   Indenture.

[--------------------------],
as Indenture Trustee

By: ______________________________________
             Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

             TEN COM     --   as tenants in common
             TEN ENT     --   as tenants by the entireties
             JT TEN      --   as joint tenants with right of survivorship and
                              not as tenants in common
      UNIF GIFT MIN AC   --   __________ Custodian
                              ----------------------------------------
                              (Cust)                   (Minor)

                              under Uniform Gifts to Minor Act
                              ----------------------------------------
                                                              (State)

    Additional abbreviations may also be used though not in the above LIST.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

               PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
                               NUMBER OF ASSIGNEE:

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

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

 ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-4

                            FORM OF CLASS A-2C NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                   CLASS A-2C

AGGREGATE NOTE BALANCE:                                      NOTE RATE: Variable
$_________________

INITIAL NOTE BALANCE OF THIS BOND:                           BOND NO. 1
$________________
PERCENTAGE INTEREST: 100%                                    CUSIP NO. [       ]

     Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware statutory
trust, for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of ($_________________) in monthly installments on
the twenty-fifth day of each month or, if such day is not a Business Day, the
next succeeding Business Day (each a "Payment Date"), commencing in
[_____________] and ending on or before the Payment Date occurring on the Final
Stated Maturity Date and to pay interest on the Note Balance of this Note (this
"Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Issuer's Asset-Backed
Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated as of
[_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
A-2c Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class A-2c Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class A-2c Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

     Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

     The failure to pay any Interest Carryforward Amount at any time when funds
are not available to make such payment as provided in the Indenture shall not
constitute an Event of Default under the Indenture.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

     AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [____________]

                            [----------------------]

                            BY: [_____________], not in its individual capacity
                            but solely in its capacity as Owner Trustee

                            By: ________________________________________________
                                             Authorized Signatory

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the within-mentioned
                                   Indenture.

[--------------------------],
as Indenture Trustee

By: ______________________________________
             Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

             TEN COM     --   as tenants in common
             TEN ENT     --   as tenants by the entireties
             JT TEN      --   as joint tenants with right of survivorship and
                              not as tenants in common
      UNIF GIFT MIN AC   --   __________ Custodian
                              ----------------------------------------
                              (Cust)                   (Minor)

                              under Uniform Gifts to Minor Act
                              ----------------------------------------
                                                              (State)

    Additional abbreviations may also be used though not in the above LIST.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

               PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
                               NUMBER OF ASSIGNEE:

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

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

 ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

     NOTICE: The signature(s) to this assignment must correspond with the name
as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-5

                             FORM OF CLASS M-1 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES TO THE EXTENT DESCRIBED IN THE
INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-1

AGGREGATE NOTE BALANCE:                                      NOTE RATE: Variable
$_________________

INITIAL NOTE BALANCE OF THIS BOND:                           BOND NO. 1
$________________
PERCENTAGE INTEREST: 100%                                    CUSIP NO. [       ]

     Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware statutory
trust, for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of ($_________________) in monthly installments on
the twenty-fifth day of each month or, if such day is not a Business Day, the
next succeeding Business Day (each a "Payment Date"), commencing in
[_____________] and ending on or before the Payment Date occurring on the Final
Stated Maturity Date and to pay interest on the Note Balance of this Note (this
"Note") outstanding from time to time as provided below.

     This Note is one of a duly authorized issue of the Issuer's Asset-Backed
Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated as of
[_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

     Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

     The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-1 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

     All principal and interest accrued on the Notes, if not previously paid,
will become finally due and payable at the Final Stated Maturity Date.

     The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

     The Issuer shall not be liable upon the indebtedness evidenced by the Notes
except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-1 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-1 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

     Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

     Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

     If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

     The failure to pay any Interest Carryforward Amount at any time when funds
are not available to make such payment as provided in the Indenture shall not
constitute an Event of Default under the Indenture.

     The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Note Register of the
Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

     Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

     Unless the Certificate of Authentication hereon has been executed by the
Indenture Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                           [----------------------]

                           BY:  [_____________], not in its individual capacity
                           but solely in its capacity as Owner Trustee

                           By: _________________________________________________
                                               Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[--------------------------],
as Indenture Trustee

By: __________________________________________
            Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

             TEN COM     --   as tenants in common
             TEN ENT     --   as tenants by the entireties
             JT TEN      --   as joint tenants with right of survivorship and
                              not as tenants in common
      UNIF GIFT MIN AC   --   __________ Custodian
                              ----------------------------------------
                              (Cust)                   (Minor)

                              under Uniform Gifts to Minor Act
                              ----------------------------------------
                                                              (State)

    Additional abbreviations may also be used though not in the above LIST.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-6

                             FORM OF CLASS M-2 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES AND THE CLASS M-1 NOTES TO THE
EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-2

AGGREGATE NOTE BALANCE:                         NOTE RATE: Variable
$__________________

INITIAL NOTE BALANCE OF THIS BOND:              BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                       CUSIP NO. [           ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-2 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-2 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-2 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                        [_______________________]

                                        BY:  [_____________], not in its
                                        individual capacity but solely
                                        in its capacity as Owner Trustee

                                        By: __________________________________
                                                  Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[_________________________],
as Indenture Trustee

     By: ________________________________
              Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM          --      as tenants in common
     TEN ENT          --      as tenants by the entireties
     JT TEN           --      as  joint  tenants  with  right  of  survivorship
                              and  not as tenants in common
UNIF GIFT MIN ACT     --      __________ Custodian
                              _________________________________________
                              (Cust) (Minor)

                              under Uniform Gifts to Minor Act
                              _________________________________________
                              (State)

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-7

                             FORM OF CLASS M-3 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES AND THE CLASS
M-2 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-3

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$___________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [         ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-3 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-3 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-3 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                               [_____________________]

                               BY:  [_____________], not in its individual
                               capacity but solely in its capacity as Owner
                               Trustee

                               By: _________________________________________
                                           Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[_______________________],
as Indenture Trustee

     By: ___________________________________
                Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

      TEN COM         --      as tenants in common
      TEN ENT         --      as tenants by the entireties
      JT TEN          --      as  joint  tenants  with  right  of  survivorship
                              and  not as tenants in common
UNIF GIFT MIN ACT     --      __________ Custodian
                              ________________________________________
                              (Cust)                    (Minor)

                              under Uniform Gifts to Minor Act
                              ________________________________________
                                                        (State)

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
(Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-8

                             FORM OF CLASS M-4 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES AND THE CLASS M-3 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE
REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-4

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [        ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-4 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-4 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-4 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [_______________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By: ________________________________
                                                    Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[______________________],
as Indenture Trustee

     By:________________________________
               Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM         --      as tenants in common
     TEN ENT         --      as tenants by the entireties
     JT TEN          --      as  joint  tenants  with  right  of  survivorship
                             and  not as tenants in common
UNIF GIFT MIN ACT    --      __________ Custodian
                             ________________________________________
                             (Cust)                     (Minor)

                             under Uniform Gifts to Minor Act
                             ________________________________________
                                                        (State)

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                   EXHIBIT A-9

                             FORM OF CLASS M-5 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES, THE CLASS M-3 NOTES AND THE CLASS M-4 NOTES TO THE EXTENT DESCRIBED
IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-5

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [          ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-5 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-5 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-5 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [_____________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By: ___________________________________
                                                   Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[__________________________],
as Indenture Trustee

     By:___________________________________
               Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM         --      as tenants in common
     TEN ENT         --      as tenants by the entireties
     JT TEN          --      as  joint  tenants  with  right  of  survivorship
                             and  not as tenants in common
UNIF GIFT MIN ACT    --      __________ Custodian
                             ________________________________________
                             (Cust)                     (Minor)

                             under Uniform Gifts to Minor Act
                             ________________________________________
                                                        (State)

    Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                  EXHIBIT A-10

                             FORM OF CLASS M-6 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES, THE CLASS M-3 NOTES, THE CLASS M-4 NOTES AND THE CLASS M-5 NOTES TO
THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-6

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [          ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-6 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-6 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-6 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [_______________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By: ______________________________
                                               Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[_________________________],
as Indenture Trustee

     By: ___________________________________
                Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM          --      as tenants in common
     TEN ENT          --      as tenants by the entireties
     JT TEN           --      as  joint  tenants  with  right  of  survivorship
                              and  not as tenants in common
UNIF GIFT MIN ACT     --      __________ Custodian
                              ________________________________________
                              (Cust)                    (Minor)

                              under Uniform Gifts to Minor Act
                              _______________________________________
                                                        (State)

    Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                  EXHIBIT A-11

                             FORM OF CLASS M-7 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES, THE CLASS M-3 NOTES, THE CLASS M-4 NOTES, THE CLASS M-5 NOTES AND THE
CLASS M-6 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-7

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [          ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-7 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-7 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-7 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [______________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By: __________________________________
                                                 Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[_________________________],
as Indenture Trustee

     By:__________________________________
               Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

      TEN COM        --      as tenants in common
      TEN ENT        --      as tenants by the entireties
      JT TEN         --      as  joint  tenants  with  right  of  survivorship
                             and  not as tenants in common
UNIF GIFT MIN ACT    --      __________ Custodian
                             ________________________________________
                             (Cust)                     (Minor)

                             under Uniform Gifts to Minor Act
                             ________________________________________
                                                        (State)

    Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                  EXHIBIT A-12

                             FORM OF CLASS M-8 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES, THE CLASS M-3 NOTES, THE CLASS M-4 NOTES, THE CLASS M-5 NOTES, THE
CLASS M-6 NOTES AND THE CLASS M-7 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE
REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-8

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [          ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-8 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-8 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-8 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [____________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By:_________________________________
                                                Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[________________________],
as Indenture Trustee

     By:________________________________
              Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM         --      as tenants in common
     TEN ENT         --      as tenants by the entireties
     JT TEN          --      as  joint  tenants  with  right  of  survivorship
                             and  not as tenants in common
UNIF GIFT MIN ACT    --      __________ Custodian
                             ________________________________________
                             (Cust)                     (Minor)

                             under Uniform Gifts to Minor Act
                             ________________________________________
                                                        (State)

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
 (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                  EXHIBIT A-13

                             FORM OF CLASS M-9 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES, THE CLASS M-3 NOTES, THE CLASS M-4 NOTES, THE CLASS M-5 NOTES, THE
CLASS M-6 NOTES, THE CLASS M-7 NOTES AND THE CLASS M-8 NOTES TO THE EXTENT
DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                    CLASS M-9

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [          ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-9 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-9 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-9 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [______________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By:_________________________________
                                                 Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[________________________],
as Indenture Trustee

     By:_________________________________
               Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM         --      as tenants in common
     TEN ENT         --      as tenants by the entireties
     JT TEN          --      as  joint  tenants  with  right  of  survivorship
                             and  not as tenants in common
UNIF GIFT MIN ACT    --      __________ Custodian
                             ________________________________________
                             (Cust)                     (Minor)

                             under Uniform Gifts to Minor Act
                             _______________________________________
                                                                      (State)

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

--------------------------------------------------------------------------------
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                  EXHIBIT A-14

                            FORM OF CLASS M-10 NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE INDENTURE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE
DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF
THE INDENTURE.

THIS NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON
THIS NOTE.

PRINCIPAL OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE IS SUBORDINATE TO THE CLASS A NOTES, THE CLASS M-1 NOTES, THE CLASS
M-2 NOTES, THE CLASS M-3 NOTES, THE CLASS M-4 NOTES, THE CLASS M-5 NOTES, THE
CLASS M-6 NOTES, THE CLASS M-7 NOTES, THE CLASS M-8 NOTES AND THE CLASS M-9
NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

<PAGE>

                      CITIGROUP MORTGAGE LOAN TRUST, 200_-_
                        ASSET-BACKED NOTES, SERIES 200_-_
                                   CLASS M-10

AGGREGATE NOTE BALANCE:                          NOTE RATE: Variable
$_____________________

INITIAL NOTE BALANCE OF THIS BOND:               BOND NO. 1
$_____________________

PERCENTAGE INTEREST: 100%                        CUSIP NO. [         ]

         Citigroup Mortgage Loan Trust 200_-_ (the "Issuer"), a Delaware
statutory trust, for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ($_________________) in monthly
installments on the twenty-fifth day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each a "Payment Date"),
commencing in [_____________] and ending on or before the Payment Date occurring
on the Final Stated Maturity Date and to pay interest on the Note Balance of
this Note (this "Note") outstanding from time to time as provided below.

         This Note is one of a duly authorized issue of the Issuer's
Asset-Backed Notes, Series 200_-_ (the "Notes"), issued under an Indenture dated
as of [_____________] (the "Indenture"), between the Issuer and
[__________________________], as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Issuer, the Indenture
Trustee, and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

         Payments of principal and interest on this Note will be made on each
Payment Date to the Noteholder of record as of the related Record Date. The
"Note Balance" of a Note as of any date of determination is equal to the initial
Note Balance thereof, reduced by the aggregate of all amounts previously paid
with respect to such Note on account of principal and the aggregate amount of
cumulative Realized Losses allocated to such Note on all prior Payment Dates.

         The principal of, and interest on, this Note are due and payable as
described in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall
be equal to this Note's PRO RATA share of the aggregate payments on all Class
M-10 Notes as described above, and shall be applied as between interest and
principal as provided in the Indenture.

         All principal and interest accrued on the Notes, if not previously
paid, will become finally due and payable at the Final Stated Maturity Date.

         The Notes are subject to redemption in whole, but not in part, by the
Master Servicer on any Payment Date on or after the Payment Date on which the
aggregate Stated Principal Balance of the Mortgage Loans as of the end of the
prior Due Period is less than or equal to [___]% of the aggregate Stated
Principal Balance of the Mortgage Loans as of Cut-off Date.

         The Issuer shall not be liable upon the indebtedness evidenced by the
Notes except to the extent of amounts available from the Trust Estate which
constitutes security for the payment of the Notes. The assets included in the
Trust Estate will be the sole source of payments on the Class M-10 Notes, and
each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
will be limited in right of payment to amounts available from the Trust Estate
as provided in the Indenture and (ii) such Holder shall have no recourse to the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, [________], the
Master Servicer or any of their respective affiliates, or to the assets of any
of the foregoing entities, except the assets of the Issuer pledged to secure the
Class M-10 Notes pursuant to the Indenture and the rights conveyed to the Issuer
under the Indenture.

         Any payment of principal or interest payable on this Note which is
punctually paid on the applicable Payment Date shall be paid to the Person in
whose name such Note is registered at the close of business on the Record Date
for such Payment Date by check mailed to such person's address as it appears in
the Note Register on such Record Date, except for the final installment of
principal and interest payable with respect to such Note, which shall be payable
as provided below. Notwithstanding the foregoing, upon written request with
appropriate instructions by the Holder of this Note delivered to the Indenture
Trustee at least five Business Days prior to the Record Date, any payment of
principal or interest, other than the final installment of principal or
interest, shall be made by wire transfer to an account in the United States
designated by such Holder. All scheduled reductions in the Note Balance of a
Note (or one or more predecessor Notes) effected by payments of principal made
on any Payment Date shall be binding upon all Holders of this Note and of any
note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, whether or not such payment is noted on such Note. The final
payment of this Note shall be payable upon presentation and surrender thereof on
or after the Payment Date thereof at the office or agency of the Issuer
maintained by it for such purpose pursuant to Section 3.02 of the Indenture.

         Subject to the foregoing provisions, each Note delivered under the
Indenture, upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the right to unpaid principal and interest that were
carried by such other Note.

         If an Event of Default as defined in the Indenture shall occur and be
continuing with respect to the Notes, the Notes may become or be declared due
and payable in the manner and with the effect provided in the Indenture. If any
such acceleration of maturity occurs prior to the payment of the entire unpaid
Note Balance of the Notes, the amount payable to the Holder of this Note will be
equal to the sum of the unpaid Note Balance of the Notes, together with accrued
and unpaid interest thereon as described in the Indenture. The Indenture
provides that, notwithstanding the acceleration of the maturity of the Notes,
under certain circumstances specified therein, all amounts collected as proceeds
of the Trust Estate securing the Notes or otherwise shall continue to be applied
to payments of principal of and interest on the Notes as if they had not been
declared due and payable.

         The failure to pay any Interest Carryforward Amount at any time when
funds are not available to make such payment as provided in the Indenture shall
not constitute an Event of Default under the Indenture.

         The Holder of this Note or Beneficial Owner of any interest herein is
deemed to represent that either (1) it is not acquiring this Note with Plan
Assets or (2) (A) the acquisition, holding and transfer of this Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and (B) this Note is rated investment grade or better
and such person believes that this Note is properly treated as indebtedness
without substantial equity features for purposes of the DOL Regulations, and
agrees to so treat this Note. Alternatively, regardless of the rating of this
Note, such person may provide the Indenture Trustee and the Owner Trustee with
an opinion of counsel, which opinion of counsel will not be at the expense of
the Issuer, the Seller, [________], any Underwriter, the Owner Trustee, the
Indenture Trustee, the Master Servicer or any successor servicer which opines
that the acquisition, holding and transfer of this Note or interest herein is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Issuer, the Seller, [________], the Depositor, any Underwriter, the
Owner Trustee, the Indenture Trustee, the Master Servicer or any successor
servicer to any obligation in addition to those undertaken in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Issuer. Upon surrender for registration of transfer of, or presentation of a
written instrument of transfer for, this Note at the office or agency designated
by the Issuer pursuant to the Indenture, accompanied by proper instruments of
assignment in form satisfactory to the Indenture Trustee, one or more new Notes
of any authorized denominations and of a like aggregate initial Note Balance,
will be issued to the designated transferee or transferees.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note is registered as the owner
of such Note (i) on the applicable Record Date for the purpose of making
payments and interest of such Note and (ii) on any other date for all other
purposes whatsoever, as the owner hereof, whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent of the Issuer
or the Indenture Trustee shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Holders of a majority of all Notes at the time
outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the aggregate Note Balance of the
Notes on behalf of the Holders of all the Notes, to waive any past Default under
the Indenture and its consequences. Any such waiver by the Holder, at the time
of the giving thereof, of this Note (or any one or more predecessor Notes) shall
bind the Holder of every Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon such Note. The Indenture also permits the Issuer and the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Holders of the Notes issued thereunder.

         Initially, this Note will be registered in the name of Cede & Co. as
nominee of DTC, acting in its capacity as the Depository for this Note. This
Note will be delivered by the clearing agency in denominations as provided in
the Indenture and subject to certain limitations therein set forth. This Note is
exchangeable for a like aggregate initial Note Balance of Notes of different
authorized denominations, as requested by the Holder surrendering same.

         Unless the Certificate of Authentication hereon has been executed by
the Indenture Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture, or be valid or obligatory for any purpose.

         AS PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by [_____________], not in its individual capacity but solely as Owner
Trustee.

Dated: [_____________]

                                       [______________________]

                                       BY:  [_____________], not in its
                                       individual capacity but solely
                                       in its capacity as Owner Trustee

                                       By:_________________________________
                                                 Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

[________________________],
as Indenture Trustee

     By:_______________________________
             Authorized Signatory

<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM         --      as tenants in common
     TEN ENT         --      as tenants by the entireties
     JT TEN          --      as  joint  tenants  with  right  of  survivorship
                             and  not as tenants in common
UNIF GIFT MIN ACT    --      __________ Custodian
                             ________________________________________
                             (Cust)                     (Minor)

                             under Uniform Gifts to Minor Act
                             ________________________________________
                                                        (State)

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
                                    ASSIGNEE:

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

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

   ---------------------------------------------------------------------------
  (Please print or typewrite name and address, including zip code, of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________ attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated: ________________________________     ________________________________

Signature Guaranteed by __________________________________

         NOTICE: The signature(s) to this assignment must correspond with the
name as it appears upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever. Signature(s) must be
guaranteed by a commercial bank or by a member firm of the New York Stock
Exchange or another national securities exchange. Notarized or witnessed
signatures are not acceptable.

<PAGE>

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

                                (FILED MANUALLY)

<PAGE>

                                   EXHIBIT C-1

                          FORM OF INITIAL CERTIFICATION

                                           [_______, __ 200_]

[______________________]                     [______________________]
c/o [_____________]                          c/o [_____________]
[________________]                           [________________]
[________________]                           [________________]
[________________]                           [________________]
Attention: [_____________]                   Attention: [_____________]

              Re:  Indenture dated as of [_____________], between Citigroup
                   Mortgage Loan Trust 200_-_ and [________________________]

Ladies and Gentlemen:

                  In accordance with Section 2.03(a) of the above-captioned
Indenture and Section 2.1(b)(i)-(v) of the Mortgage Loan Purchase Agreement,
dated as of [_____________] (the "MLSCA"; and together with the Indenture, the
"Agreements"), among [__________], [________] Corporation and [__________], the
undersigned, as Indenture Trustee, hereby certifies that as to each Mortgage
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or any Mortgage Loan specifically identified in the exception report
annexed thereto as not being covered by such certification) (i) all documents
constituting part of such Mortgage File (other than such documents described in
Section 2.1(v) of the MLSCA) required to be delivered to it pursuant to the
Agreement are in its possession, (ii) such documents have been reviewed by it
and appear regular on their face and relate to such Mortgage Loan and (iii)
based on its examination and only as to the foregoing, the information set forth
in the Mortgage Loan Schedule that corresponds to items (i), (iii), (xi), (xii),
(xv) and (xvii) (solely as to the Gross Margin) of the definition of "Mortgage
Loan Schedule" accurately reflects information set forth in the Mortgage File.

                  The Indenture Trustee makes no representations as to: (i) the
validity, legality, sufficiency, enforceability or genuineness of any of the
documents contained in the Mortgage File of any of the Mortgage Loans identified
on the Mortgage Loan Schedule, (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan, or (iii) whether any
Mortgage File included any of the documents specified in clause (v) of Section
2.1 of the MLSCA.

<PAGE>

                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Indenture.

                                     [__________________________], as Indenture
                                     Trustee

                                     By:_____________________________________
                                        Name:
                                        Title:

<PAGE>

                                   EXHIBIT C-2

                           FORM OF FINAL CERTIFICATION

                                                           ________, __ 200__

[______________________]                    [________________]
c/o [_____________]                         [_________________]
[_______________]                           [_________________]
[_______________]
[_______________]
Attention: [_______________]

             Re: Indenture dated as of [_____________], between
                 [______________________] and [________________________]

Ladies and Gentlemen:

                  In accordance with Section 2.03(b) of the above-captioned
Indenture, and Section 2.1(b) of the Mortgage Loan Purchase Agreement, dated as
of [_____________], (the "MLSCA"; and together with the Indenture, the
"Agreements"), among [____________], [________]and [__________], the
undersigned, as Indenture Trustee, hereby certifies that as to each Mortgage
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed on the exception report attached hereto) it has received the
documents set forth in Section 2.1(b) of the MLSCA.

                  The Indenture Trustee has made no independent examination of
any documents contained in each Mortgage File beyond the review specifically
required in the Agreements. The Indenture Trustee makes no representation that
any documents specified in clause (v) of Section 2.1(b) should be included in
any Mortgage File.

                  The Indenture Trustee makes no representations as to and shall
not be responsible to verify: (i) the validity, legality, sufficiency,
enforceability, due authorization, recordability or genuineness of any of the
documents contained in each Mortgage File of any of the Mortgage Loans
identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan or (iii) the existence of
any assumption, modification, written assurance or substitution agreement with
respect to any Mortgage File if no such documents appear in the Mortgage File
delivered to the Indenture Trustee.

<PAGE>

                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Indenture.

                                      [__________________________], as Indenture
                                      Trustee

                                       By: ___________________________________
                                           Name:
                                           Title:

<PAGE>

                                    EXHIBIT D

                                  CAP CONTRACTS

                             (PROVIDED UPON REQUEST)exv10w1

 

Exhibit 10.1

SHAREHOLDERS’ AGREEMENT

dated as of

January 18, 2006

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE 1
	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2
	 	 	 	 
	Corporate Governance
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Composition of the Board
	 	 	10	 
	Section 2.02. Removal
	 	 	11	 
	Section 2.03. Vacancies
	 	 	11	 
	Section 2.04. Action by the Board; Shareholders
	 	 	12	 
	Section 2.05. Charter Amendments
	 	 	13	 
	Section 2.06. Conflicting Charter Provisions
	 	 	13	 
	Section 2.07. Subsidiary Governance
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 3
	 	 	 	 
	Restrictions on Transfer
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. General
	 	 	14	 
	Section 3.02. Legends
	 	 	14	 
	Section 3.03. Permitted Transferees
	 	 	14	 
	Section 3.04. Restrictions on Transfers by the Institutional Shareholders
	 	 	15	 
	Section 3.05. Restrictions on Transfers by the Other Shareholders
	 	 	15	 
	Section 3.06. Restrictions on Transfer under a Credit Agreement,
Indenture or Other Agreement for Indebtedness
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 4
	 	 	 	 
	Tag-along Rights; Drag-along Rights
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Rights to Participate in Transfer
	 	 	16	 
	Section 4.02. Right to Compel Participation in Certain Transfers
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 5
	 	 	 	 
	Registration Rights
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Demand Registration
	 	 	23	 
	Section 5.02. Incidental Registration
	 	 	26	 
	Section 5.03. Holdback Agreements
	 	 	27	 
	Section 5.04. Registration Procedures
	 	 	27	 
	Section 5.05. Indemnification by the Company
	 	 	31	 
	Section 5.06. Indemnification by Participating Shareholders
	 	 	32	 
	Section 5.07. Conduct of Indemnification Proceedings
	 	 	32	 

i

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 5.08. Contribution
	 	 	33	 
	Section 5.09. Participation in Public Offering
	 	 	35	 
	Section 5.10. Other Indemnification
	 	 	35	 
	Section 5.11. Cooperation by the Company
	 	 	35	 
	Section 5.12. No Transfer of Registration Rights
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 6
	 	 	 	 
	Certain Covenants and Agreements
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Confidentiality 
	 	 	35	 
	Section 6.02. Information 
	 	 	37	 
	Section 6.03. Reports 
	 	 	38	 
	Section 6.04. Cooperation in Refinancing 
	 	 	38	 
	Section 6.05. Appointment of Shareholder Representatives 
	 	 	38	 
	Section 6.06. Decisions by Institutional Shareholders 
	 	 	40	 
	 
	 	 	 	 
	ARTICLE 7
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Entire Agreement
	 	 	40	 
	Section 7.02. Effectiveness; Binding Effect; Benefit
	 	 	40	 
	Section 7.03. Assignability
	 	 	40	 
	Section 7.04. Waiver; Amendment; Termination
	 	 	41	 
	Section 7.05. Notices
	 	 	41	 
	Section 7.06. Fees and Expenses
	 	 	42	 
	Section 7.07. Headings
	 	 	42	 
	Section 7.08. Counterparts
	 	 	42	 
	Section 7.09. Applicable Law
	 	 	42	 
	Section 7.10. Waiver of Jury Trial
	 	 	42	 
	Section 7.11. Specific Enforcement
	 	 	43	 
	Section 7.12. Consent to Jurisdiction
	 	 	43	 
	Section 7.13. Severability
	 	 	43	 
	Section 7.14. Recapitalization
	 	 	43	 
	Section 7.15. Limitations on Subsequent Registration Rights
	 	 	44	 
	Section 7.16. Conflicting Agreements
	 	 	44	 

ii

 

SHAREHOLDERS’ AGREEMENT

     SHAREHOLDERS’
AGREEMENT dated as of January 18, 2006 (the “Agreement”) among (i) SMART
Modular Technologies (WWH), Inc., an exempted company incorporated under the laws of the Cayman
Islands (the “Company”), (ii) T3 II SM, LLC (“T3 II”), TPG III SM, LLC (“TPG
III”) and TPG IV SM, LLC (“TPG IV”) (taken together, the “TPG Entities,” and each of the foregoing
in this clause (ii), a “TPG Entity”), (iii) Francisco Partners, L.P. (“FP”), Francisco Partners
Fund A, L.P. (“FP Fund A”) and FP Annual Fund Investors, LLC (“FP Annual Fund”) (taken together,
the “FP Entities,” and each of the foregoing in this clause (iii), an “FP Entity”), (iv) Shah
Capital Partners, L.P. (“Shah Capital”), (v) WestRiver Capital LLC, (vi) Patel Family Partners,
L.P. and (vii) such additional persons as may sign joinder agreements to this Agreement.

W I T N E S S E T H :

     WHEREAS, the Company and Modular, L.L.C. (“Modular”) previously entered into a Shareholder’s
Agreement and a Registration Rights Agreement, each dated as of March 8, 2005 (the “Original
Agreements”) in connection with Modular’s ownership of securities of the Company;

     WHEREAS, concurrently herewith, Modular is merging with and into Modular Merger LLC, the
Ordinary Shares (defined below) of the Company owned by Modular are being exchanged for, among
other things, the membership interests in Modular and the Original Agreements are being terminated
by the parties thereto; and

     WHEREAS, the parties hereto desire to enter into this Agreement to govern certain of their
rights, duties and obligations;

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

ARTICLE 1

Definitions

     Section 1.01. Definitions. (a) The following terms, as used herein, have the
following meanings:

     "Adverse Person” means any Person whom the Board determines in good faith is a competitor or a
potential competitor of the Company or its Subsidiaries.

 

 

     "Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with such Person, provided that no
securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by
reason of any Investment in the Company. For the purpose of this definition, the term “control”
(including with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise.

     "Aggregate Ownership” means, with respect to any Shareholder or group of Shareholders, and
with respect to any class of Company Securities, the total amount of such class of Company
Securities “beneficially owned” (as such term is defined in Rule 13d-3 of the Exchange Act)
(without duplication) by such Shareholder or group of Shareholders as of the date of such
calculation, calculated on a Fully Diluted basis.

     "Aggregate Ownership Percentage” means, with respect to any Shareholder (or group of
Shareholders), and with respect to any class of Company Securities, the percentage equal to such
Shareholder’s (or group of Shareholders’) Aggregate Ownership of such class of Company Securities
divided by all outstanding Company Securities of such class, calculated on a Fully Diluted basis.

     "Board” means the board of directors of the Company.

     "Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
in San Francisco or New York City are authorized by law to close.

     "Charter” means the Amended and Restated Memorandum and Articles of Association of the
Company, as the same may be amended from time to time.

     "Company Securities” means (i) the Ordinary Shares, (ii) securities convertible into or
exchangeable for Ordinary Shares, and (iii) options, warrants or other rights to acquire Ordinary
Shares or any other equity or equity-linked security issued by the Company.

     "Distribution in Kind” means, with respect to the applicable Institutional Shareholder, (A)
any Transfer by any TPG Entities’ fund that is a partnership, limited liability company,
corporation or other entity of any of its Ordinary Shares to any partner, member, shareholder or
other constituent of such entity pursuant to a distribution that is made to such partner, member,
shareholder or other constituent in accordance with the respective partnership, limited liability
company agreement, certificate or articles of incorporation or other organizational

2

 

document of
such any TPG Entities’ fund without payment of consideration therefor by such partner, member,
shareholder or other constituent, (B) any
Transfer by any FP Entities’ fund that is a partnership, limited liability company,
corporation or other entity of any of its Ordinary Shares to any partner, member, shareholder or
other constituent of such entity pursuant to a distribution that is made to such partner, member,
shareholder or other constituent of such entity in accordance with the respective partnership,
limited liability company agreement, certificate or articles of incorporation or other
organizational document of such FP fund without payment of consideration therefor by such partner,
member, shareholder or other constituent, and (C) any Transfer by any Shah Capital fund that is a
partnership, limited liability company, corporation or other entity of any of its Ordinary Shares
to any partner, member, shareholder or other constituent of such entity pursuant to a distribution
that is made to such partner, member, shareholder or other constituent of such entity in accordance
with the respective partnership, limited liability company agreement, certificate or articles of
incorporation or other organizational document of such Shah Capital fund without payment of
consideration therefor by such partner, member, shareholder or other constituent.

     "Drag-Along Portion” means, with respect to any Other Shareholder, (i) the Aggregate Ownership
of Ordinary Shares by such Other Shareholder multiplied by (ii) a fraction, the numerator of which
is the number of Ordinary Shares proposed to be sold by the Institutional Shareholders in the
applicable Compelled Sale under Section 4.02 and the denominator of which is the Aggregate
Ownership of Ordinary Shares by the Institutional Shareholders.

     "Exchange Act” means the Securities Exchange Act of 1934, as amended.

     "First Public Offering” means the first Public Offering of Ordinary Shares.

     "Five Percent Shareholder” means a Shareholder whose Aggregate Ownership Percentage of
Ordinary Shares is 5% or more.

     "Foreign Subsidiary” means, with respect to the Company, any entity organized under the laws
of a jurisdiction other than a State of the United States of America of which securities or other
ownership interests having ordinary voting power to elect a majority of the board of directors or
other persons performing similar functions are at the time directly or indirectly owned by the
Company.

     "Fully Diluted” means, with respect to any class of Company Securities, all outstanding shares
of such class of Company Securities and all shares issuable in respect of securities convertible
into or exchangeable for such shares, all stock appreciation rights, options, warrants and other
rights to purchase or subscribe for

3

 

such Company Securities or securities convertible into or
exchangeable for such Company Securities; provided that if any of the foregoing stock appreciation
rights, options, warrants or other rights to purchase or subscribe for such Company Securities are subject to vesting, the Company Securities subject to
vesting shall be included in the definition of “Fully Diluted” only upon and to the extent of
such vesting.

     "Initial Ownership” means, (i) with respect to any Shareholder and any class of Company
Securities, the Aggregate Ownership of such class by such Shareholder as of the date hereof (as
indicated on Schedule I hereto), provided that if such Shareholder sells Ordinary Shares to the
underwriters pursuant to the underwriting agreement relating to the First Public Offering of
Company Securities, such Shareholder’s Initial Ownership as of the date hereof shall be deemed to
be the Aggregate Ownership indicated on Schedule I hereto less the number of Ordinary Shares
actually sold to such underwriters pursuant to the underwriting agreement, or, (ii) with respect to
any Person who shall become a party to this Agreement on a later date, such Person’s Aggregate
Ownership of such class as of such later date (as indicated on the joinder agreement signed by such
Person), in each case taking into account any stock split, stock dividend, reverse stock split or
similar event.

     "Insignificant Subsidiary” means a subsidiary of the Company that does not meet any of the
conditions contained in the definition of “significant subsidiary” as defined in Rule 1-02(w) of
Regulation S-X promulgated under the Securities Act.

     "Institutional Shareholders” means the TPG Entities, the FP Entities and Shah Capital.

     "Investment” means, with respect to any Person, (i) any direct or indirect purchase or other
acquisition by such Person of any notes, obligations, instruments, stock, securities or ownership
interest (including any partnership, limited liability and joint venture interest) of any other
Person and (ii) any capital contribution by such Person to any other Person.

     "Ordinary Shares” means the Ordinary Shares, par value $0.000166667 per share, of the Company.

     "Other Shareholders” means all Shareholders other than the Institutional Shareholders.

“Permitted Transferee” means

     (i) in the case of any TPG Entity and its Permitted Transferees, (A) any
TPG Entity, TPG Entities’ fund or co-investment

4

 

partnership, (B) any general or limited
partner of any TPG Entity, TPG Entities’ fund or co-investment partnership (collectively,
a “TPG Partner”), and any corporation, partnership or other entity that is an Affiliate of
any TPG Partner (collectively “TPG Affiliates”), (C) any managing director, general
partner, director, limited partner, officer or employee of any TPG Entity, TPG Entities’
fund, any TPG Partner or any
TPG Affiliate, or any spouse, lineal descendant, sibling, parent, heir, executor,
administrator, testamentary trustee, legatee or beneficiary of any of the foregoing
persons described in this clause (C) (collectively, “TPG Associates”), and (D) any trust,
the beneficiaries of which, any charitable trust, the grantor of which, or any
corporation, limited liability company or partnership, the stockholders, members or
general or limited partners of which, include only the TPG Entities, TPG Partners, TPG
Affiliates, TPG Associates, their spouses or their lineal descendants;

     (ii) in the case of any FP Entity and its Permitted Transferees, (A) any FP
Entity, FP fund or co-investment partnership, (B) any general or limited partner of any FP
Entity, FP fund or co-investment partnership (collectively, an “FP Partner”), and any
corporation, partnership or other entity that is an Affiliate of any FP Partner
(collectively “FP Affiliates”), (C) any managing director, general partner, director,
limited partner, officer or employee of any FP Entity, FP fund, any FP Partner or any FP
Affiliate, or any spouse, lineal descendant, sibling, parent, heir, executor,
administrator, testamentary trustee, legatee or beneficiary of any of the foregoing
persons described in this clause (C) (collectively, “FP Associates”), and (D) any trust,
the beneficiaries of which, any charitable trust, the grantor of which, or any
corporation, limited liability company or partnership, the stockholders, members or
general or limited partners of which, include only the FP Entities, FP Partners, FP
Affiliates, FP Associates, their spouses or their lineal descendants;

     (iii) in the case of Shah Capital and its Permitted Transferees, (A) Shah
Capital, any Shah Capital fund or co-investment partnership, (B) any general or limited
partner of Shah Capital, any Shah Capital fund or co-investment partnership (collectively,
a “Shah Capital Partner”), and any corporation, partnership or other entity that is an
Affiliate of any Shah Capital Partner (collectively “Shah Capital Affiliates”), (C) any
managing director, general partner, director, limited partner, officer or employee of Shah
Capital, any Shah Capital fund, any Shah Capital Partner or any Shah Capital Affiliate, or
any spouse, lineal descendant, sibling, parent, heir, executor, administrator,
testamentary trustee, legatee or beneficiary of any of the foregoing persons described in
this clause (C) (collectively, “Shah Capital Associates”), and (D) any trust, the
beneficiaries of which, any charitable trust, the grantor of which, or any corporation,
limited liability company or partnership, the stockholders,

5

 

members or general or limited
partners of which, include only Shah Capital, Shah Capital Partners, Shah Capital
Affiliates, Shah Capital Associates, their spouses or their lineal descendants; and

     (iv) in the case of any Other Shareholder that is or becomes a party to
this Agreement, (A) a Person to whom Company Securities are Transferred from such Other
Shareholder (1) by will or the laws of descent and distribution or (2) by gift without
consideration of any kind, provided
that, in the case of clause (2), such transferee is the spouse or the lineal
descendant, sibling or parent of such Shareholder, or (B) a trust that is for the
exclusive benefit of such Other Shareholder or its Permitted Transferees under (A) above.

     "Person” means an individual, corporation, limited liability company, partnership,
association, trust or other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.

     "Public Offering” means an underwritten public offering of Registrable Securities of the
Company pursuant to an effective registration statement under the Securities Act other than
pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

     "Registrable Securities” means, at any time, any Ordinary Shares and any securities issued or
issuable in respect of such Ordinary Shares by way of conversion, exchange, stock dividend, split
or combination, recapitalization, merger, consolidation, other reorganization or otherwise until
(i) a registration statement covering such Ordinary Shares has been declared effective by the SEC
and such Ordinary Shares have been disposed of pursuant to such effective registration statement,
(ii) such Ordinary Shares are sold under circumstances in which all of the applicable conditions of
Rule 144 (or any similar provisions then in force) under the Securities Act are met or (iii) such
Ordinary Shares are otherwise transferred, the Company has delivered a new certificate or other
evidence of ownership for such Ordinary Shares not bearing the legend required pursuant to this
Agreement and such Ordinary Shares may be resold without subsequent registration under the
Securities Act.

     "Registration Expenses” means any and all expenses incident to the performance of or
compliance with any registration or marketing of securities, including all (i) registration and
filing fees, and all other fees and expenses payable in connection with the listing of securities
on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of
compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of
counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses
in connection with the preparation, printing, mailing and delivery of any registration statements,
prospectuses and other documents in connection

6

 

therewith and any amendments or supplements thereto,
(iv) security engraving and printing expenses, (v) internal expenses of the Company (including,
without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), (vi) fees and disbursements of counsel for the Company and customary fees and
expenses for independent certified public accountants retained by the Company (including the
expenses relating to any comfort letters or costs associated with the delivery by independent
certified public accountants of any comfort letters requested pursuant to Section 5.04(h) hereof),
(vii) reasonable fees and expenses of any special experts retained by the Company in connection
with such registration, (viii) fees, out-of-pocket costs and expenses of the
Shareholders, including one counsel for all of the Shareholders participating in the offering
selected (A) by the participating Institutional Shareholders, in the case of any offering in which
any of the Institutional Shareholders participate, or (B) in any other case, by the Shareholders
holding the majority of the Registrable Securities to be sold for the account of all Shareholders
in the offering, (ix) fees and expenses in connection with any review by the National Association
of Securities Dealers, Inc. (the “NASD”) of the underwriting arrangements or other terms of the
offering, and all fees and expenses of any “qualified independent underwriter,” including the fees
and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by
issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions
attributable to the sale of Registrable Securities, (xi) costs of printing and producing any
agreements among underwriters, underwriting agreements, any “blue sky” or legal investment
memoranda and any selling agreements and other documents in connection with the offering, sale or
delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses
and the fees and expenses of any other agent or trustee appointed in connection with such offering,
(xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in
connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees
and expenses payable in connection with any ratings of the Registrable Securities, including
expenses relating to any presentations to rating agencies and (xv) all out-of pocket costs and
expenses incurred by the Company or its appropriate officers in connection with their compliance
with Section 5.04(m).

     "Rule 144” means Rule 144 (or any successor provisions) under the Securities Act.

     "Rule 144A” means Rule 144A (or any successor provisions) under the Securities Act.

     "SEC” means the Securities and Exchange Commission.

     "Securities Act” means the Securities Act of 1933, as amended.

7

 

     "Sell-down Percentage” means, with respect to any Shareholder (or group of Shareholders), and
with respect to any class of Company Securities, the percentage equal to such Shareholder’s (or
group of Shareholders’) Aggregate Ownership of such class of Company Securities divided by such
Shareholder’s (or group of Shareholders’) Initial Ownership of such class of Company Securities.

     "Shareholder” means at any time, any Person (other than the Company) who shall then be a party
to or bound by this Agreement, so long as such Person shall “beneficially own” (as such term is
defined in Rule 13d-3 of the Exchange Act) any Company Securities.

     "Shortform Registration” means a registration statement on Form S-3 (or any successor form
thereto).

     "Subsidiary” means, with respect to any Person, any entity of which securities or other
ownership interests having ordinary voting power to elect a majority of the board of directors or
other persons performing similar functions are at the time directly or indirectly owned by such
Person.

     "Tag-Along Portion” means the product of the Aggregate Ownership of Ordinary Shares by the
Tagging Person immediately prior to such Transfer and a fraction the numerator of which is the
maximum number of Ordinary Shares that the buyer in the Tag-Along Sale is willing to purchase, and
the denominator of which is the Aggregate Ownership of Ordinary Shares by all Shareholders.

     "Third Party” means a prospective purchaser(s) (other than a Permitted Transferee or other
Affiliate of a Shareholder) of Company Securities in an arm’s-length transaction from such
Shareholder.

     "Transfer” means, with respect to any Company Security, (i) when used as a verb, to sell,
assign, dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer such security or
any participation or interest therein, whether directly or indirectly, or agree or commit to do any
of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition,
exchange, pledge, encumbrance, hypothecation or other transfer of such security or any
participation or interest therein or any agreement or commitment to do any of the foregoing.

     (b) The term “Institutional Shareholder,” to the extent such entity shall have
transferred any of its Company Securities to any of its “Permitted Transferees,” shall mean the
Institutional Shareholder and such Permitted Transferees, taken together; provided that any
Permitted Transferee who receives Company Securities pursuant to Section 3.03(b) shall not be
included in the term “Institutional Shareholder” to the extent of its Company Securities received
pursuant to Section 3.03(b).

8

 

     (c) Each of the following terms is defined in the Section set forth opposite such
term:

	 	 	 	 	 
	Term	 	Section
	Additional Directors

	 	 	2.01	(a)
	Agreement

	 	Preamble

	Applicable Holdback Period

	 	 	5.03	 
	Cause

	 	 	2.02	 
	Company

	 	Preamble

	Compelled Sale

	 	 	4.02	(a)
	Compelled Sale Notice

	 	 	4.02	(a)
	Compelled Sale Notice Period

	 	 	4.02	(a)
	Compelled Sale Price

	 	 	4.02	(a)
	Confidential Information

	 	 	6.01	(b)
	Demand Registration

	 	 	5.01	(a)
	Distributing Institution

	 	 	3.03	(b)
	Drag-Along Rights

	 	 	4.02	(a)
	Eligible Shareholder

	 	 	4.01	(a)
	Escrow Amount

	 	 	4.01	(f)
	Escrow Notice

	 	 	4.01	(f)
	FP

	 	Preamble

	FP Annual Fund

	 	Preamble

	FP Fund A

	 	Preamble

	FP Entities

	 	Preamble

	FP Entity

	 	Preamble

	FP Shareholder Representative

	 	 	6.05	(b)
	Holders

	 	5.01(a)(ii)

	Incidental Registration

	 	 	5.02	(a)
	Indemnified Party

	 	 	5.07	 
	Indemnifying Party

	 	 	5.07	 
	Inspectors

	 	 	5.04	(g)
	Maximum Offering Size

	 	 	5.01	(e)
	Modular

	 	Recitals

	Non-Requesting Shareholder

	 	 	5.01	(a)
	Original Agreements

	 	Recitals

	Records

	 	 	5.04	(g)
	Replacement Nominee

	 	 	2.03	(a)
	Representatives

	 	 	6.01	(b)
	Requesting Shareholder

	 	 	5.01	(a)
	Shah Capital

	 	Preamble

	Shah Capital Shareholder Representative

	 	 	6.05	(c)
	T3 II

	 	Preamble

	Tag-Along Notice

	 	 	4.01	(a)
	Tag-Along Notice Period

	 	 	4.01	(a)

9

 

	 	 	 	 	 
	Term	 	Section
	Tag-Along Offer

	 	 	4.01	(a)
	Tag-Along Response Notice

	 	 	4.01	(a)
	Tag-Along Right

	 	 	4.01	(a)
	Tag-Along Sale

	 	 	4.01	(a)
	Tag-Along Seller

	 	 	4.01	(a)
	Tagging Person

	 	 	4.01	(a)
	TPG III

	 	Preamble

	TPG IV

	 	Preamble

	TPG Entities

	 	Preamble

	TPG Entity

	 	Preamble

	TPG Shareholder Representative

	 	 	6.05	(a)
	Unused Tag Amount

	 	 	4.01	(d)

ARTICLE 2

Corporate Governance

     Section 2.01 . Composition of the Board. (a) The Board shall consist of nine
directors, and the Shareholders agree that the directors shall be nominated as follows: (i) so
long as the TPG Entities’ Aggregate Ownership Percentage of Ordinary Shares is at least 10%, up to
two directors will be nominated by the TPG Entities, acting collectively, and so long as the TPG
Entities’ Aggregate Ownership Percentage of Ordinary Shares is at least 5%, one director will be
nominated by the TPG Entities, acting collectively; (ii) so long as the FP Entities’ Aggregate
Ownership Percentage of Ordinary Shares is at least 10%, up to two directors will be nominated by
the FP Entities, acting collectively, and so long as the FP Entities’ Aggregate Ownership
Percentage of Ordinary Shares is at least 5%, one director will be nominated by the FP Entities,
acting collectively; (iii) so long as Shah Capital’s Aggregate Ownership Percentage of Ordinary
Shares is at least 5%, one director will be nominated by Shah Capital, (iv) the Chief Executive
Officer of the Company will be nominated by the Shareholders, acting collectively; and (v) three
directors will be nominated by the Chief Executive Officer and the Institutional Shareholders
together; provided that, to the extent required under the Exchange Act rules and the rules of the
securities exchange or quotation system on which the Ordinary Shares are traded, each such director
nominated pursuant to this clause (v) shall (x) not be an “Affiliate” or an “Associate” (as such
terms are used within the meaning of Rule 12b-2 under the Exchange Act) of any of the Institutional
Shareholders and (y) be an “independent director,” as such term is defined by the rules of the
securities exchange or quotation system on which the Ordinary Shares are traded. If the number of
directors that comprise the entire Board is increased, the number of directors added to the Board
(the “Additional Directors”) must be a multiple of two, and the Institutional Shareholders shall
continue to be entitled to nominate a majority of the Board as provided in this Section 2.01.

10

 

     (b) Each Shareholder entitled to vote for the election of directors to the Board
agrees that it will vote its Ordinary Shares or execute a proxy or written consent, as the case may
be, and take all other necessary action in order to ensure (including causing the Company to call a
special meeting of Shareholders), to the extent possible, that the composition of the Board is as
set forth in this Section 2.01.

     The Company agrees to take all other necessary actions (including calling a special meeting of
the Board and/or Shareholders) to ensure, to the extent possible, that the nominations to the Board
are as contemplated by this Section 2.01.

     Section 2.02 . Removal. Each Shareholder agrees that if at any time it is then
entitled to vote for the removal of directors from the Board, it will not vote any of its Ordinary
Shares in favor of the removal of any director who shall have been nominated in accordance with
Section 2.01 hereof, unless such removal shall
be for Cause or the Person or Persons entitled to nominate such director shall have consented
to such removal in writing; provided that if the Person or Persons entitled to nominate any
director pursuant to Section 2.01 hereof shall request in writing the removal, with or without
Cause, of such director, such Shareholder shall vote its Ordinary Shares in favor of such removal.
Removal for “Cause” shall mean removal of a director because of such director’s (a) willful and
continued failure substantially to perform his or her statutory or fiduciary duties to the Company
in his or her established position, (b) participation in a fraud, act of dishonesty or other
misconduct that is injurious, monetarily or otherwise, to the Company or any of its Subsidiaries,
(c) having been charged with or pleading guilty to a felony or a crime involving fraud or
dishonesty, (d) violation of any state or federal law that has an adverse effect on the Company or
(e) abuse of illegal drugs or other controlled substances or habitual intoxication.

     Section 2.03 . Vacancies. If, as a result of death, disability, retirement,
resignation, removal (with or without Cause) or otherwise, there shall exist or occur any vacancy
on the Board:

     (a) the Person or Persons entitled under Section 2.01 hereof to nominate such
director whose death, disability, retirement, resignation or removal resulted in such vacancy may,
subject to the provisions of Section 2.01 hereof, nominate another individual (the “Replacement
Nominee”) to fill such vacancy and serve as a director on the Board; and

     (b) subject to Section 2.01 hereof, each Shareholder then entitled to vote for the
election of the Replacement Nominee as a director of the Company agrees that it will vote its
Ordinary Shares, or execute a proxy or written consent, as the case may be, in order to ensure that
the Replacement Nominee be elected to the Board.

11

 

     Section 2.04 . Action by the Board; Shareholders. Until such time as the
Institutional Shareholders collective Aggregate Ownership Percentage of Ordinary Shares is less
than 25%, (1) no action by the Company (including but not limited to any action by the Board or any
committee thereof) shall be taken with respect to any of the following matters without the prior
written consent of the Institutional Shareholders, acting collectively:

     (i) the declaration of any dividend on or the making of any distribution
with respect to, or the recapitalization, reclassification, redemption, repurchase or
other acquisition of, any securities of the Company or any Subsidiary, except as expressly
permitted by this Agreement;

     (ii) any incurrence, refinancing, alteration of material terms or
prepayment by the Company or any Subsidiary of indebtedness for borrowed money in excess
of $10,000,000 in the aggregate (or the guaranty by the Company or any Subsidiary of any
such indebtedness);

     (iii) any approval of the annual business plan, budget and long-term
strategic plan of the Company or any Subsidiary;

     (iv) any modification of the long-term business strategy or scope of the
business of the Company or any Subsidiary or any material customer relationships thereof;

     (v) (A) any merger or consolidation of the Company with or into any Person,
other than a wholly owned Subsidiary, or of any Subsidiary with or into any Person other
than the Company or any other wholly owned Subsidiary, or (B) any sale of the Company or
any Subsidiary or any significant operations of the Company or any Subsidiary or any joint
venture transaction, acquisition or disposition of assets, business, operations or
securities by the Company or any Subsidiary (in a single transaction or a series of
related transactions) having a value in each case in this clause (B) in excess of
$10,000,000;

     (vi) any liquidation, dissolution, commencement of bankruptcy, liquidation
or similar proceedings with respect to the Company or any Subsidiary;

     (vii) the issuance of any security by the Company or any Subsidiary (not
including issuances of such securities in connection with employee or stock option plans
previously approved by the Board), other than as specifically contemplated by this
Agreement;

12

 

     (viii) any determination of compensation, benefits, perquisites and other
incentives for the Chief Executive Officer, President or the Chief Financial Officer of
the Company or its Subsidiaries and the approval or amendment of any plans or contracts in
connection therewith, and any approval or amendment to any equity or other compensation or
benefit plans for employees of the Company or its Subsidiaries;

     (ix) any appointment or dismissal of any of the Chief Executive Officer,
President, Chief Financial Officer or any other executive officer in any similar capacity
of the Company or any Subsidiary; or

     (x) any increase or decrease to the number of Directors that comprise the
entire Board of the Company or any Subsidiary; and

     (2) the Company (including but not limited to any action by the Board or any committee
thereof) shall not, nor permit any of its Subsidiaries to, without the prior written consent of
each Institutional Shareholder, enter into or amend, modify or supplement, any material agreement,
transaction or arrangement with any of the Company’s equity holders, executive officers, directors
or Affiliates thereof or any individual related by blood, marriage or adoption to any such
individual or with any entity in which any such Person or individual owns a
beneficial interest of 5% or more, except as otherwise expressly contemplated by this
Agreement.

     Section 2.05 . Charter Amendments. Each Shareholder entitled to vote for any
amendment to the Charter or any adoption of or amendment to the certificate of incorporation or
bylaws of any Subsidiary, agrees that it will not vote nor execute a proxy or written consent, as
the case may be, in favor of any such amendment or adoption unless each Institutional Shareholder
has provided prior written consent to such amendment or adoption.

     Section 2.06 . Conflicting Charter Provisions. Each Shareholder shall vote its
Ordinary Shares or execute proxies or written consents, as the case may be, and shall take all
other actions necessary to ensure, to the extent possible, that the Charter (i) facilitates, and
does not at any time conflict with, any provision of this Agreement and (ii) permits each
Shareholder to receive the benefits to which each such Shareholder is entitled under this
Agreement.

     Section 2.07 . Subsidiary Governance. The Company and each Shareholder agree that
(i) the board of directors or other persons performing similar functions of each Subsidiary of the
Company (other than any Foreign Subsidiary and any Insignificant Subsidiary) shall be comprised of
the individuals who are serving as directors on the Board and (ii) the board of directors or other
persons performing similar functions of any Subsidiary of the Company shall be subject to all the
provisions of this Article 2. Each Shareholder agrees to vote its Ordinary Shares

13

 

and to cause the
members of the Board nominated by the Institutional Shareholders, subject to their fiduciary
duties, to vote and take other appropriate action to effectuate the agreements in this Section 2.07
in respect of any Subsidiary of the Company.

ARTICLE 3

Restrictions on Transfer

     Section 3.01 . General. Each Shareholder understands and agrees that the Company
Securities acquired prior to the date of this Agreement were not acquired in a transaction
registered under the Securities Act and are restricted securities under such Act and the rules and
regulations promulgated thereunder. Each Shareholder agrees that it will not Transfer any Company
Securities (or solicit any offers in respect of any Transfer of any Company Securities), except in
compliance with the Securities Act, any applicable foreign or state securities or “blue sky” laws,
and the terms and conditions of this Agreement.

     Section 3.02 . Legends. (a) In addition to any other legend that may be required,
each certificate for Company Securities that is issued to any Shareholder shall bear a legend in
substantially the following form:

     “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
FOREIGN OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH.
THIS SECURITY IS ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE
SHAREHOLDERS’ AGREEMENT DATED AS OF JANUARY 18, 2006, COPIES OF WHICH MAY BE OBTAINED UPON REQUEST
FROM SMART MODULAR TECHNOLOGIES (WWH), INC. OR ANY SUCCESSOR THERETO.”

     (b) If any Company Securities shall cease to be Registrable Securities under clause
(i) or clause (ii) of the definition thereof, the Company, upon the written request of the holder
thereof, shall issue to such holder a new certificate evidencing such shares without the first
sentence of the legend required by Section 3.02(a) hereof endorsed thereon. If any Company
Securities cease to be subject to any and all restrictions on Transfer set forth in this Agreement,
the Company, upon the written request of the holder thereof, shall issue to such holder a new
certificate evidencing such Company Securities without the second sentence of the legend required
by Section 3.02(a) hereof endorsed thereon.

     Section 3.03 . Permitted Transferees. (a) Notwithstanding anything in this
Agreement to the contrary, each Shareholder may at any time Transfer any or all of its Company
Securities to one or more of its Permitted Transferees without the

14

 

consent of the Board or any
other Shareholder or group of Shareholders and without compliance with Sections 3.04, 3.05, 4.01
and 4.02 so long as the Transfer to such Permitted Transferee is not in violation of applicable
federal or state securities laws; provided that for any such Transfer prior to the 12-month
anniversary of the First Public Offering, such Permitted Transferee must also agree in writing to
be bound by the terms of this Agreement in the form of Exhibit A attached hereto.

     (b) Notwithstanding the foregoing, the restriction in the proviso to Section 3.03(a)
shall not apply to a Distribution in Kind by an Institutional Shareholder (the “Distributing
Institution”), and any transferees pursuant to such Distribution in Kind shall not be bound by the
provisions of this Agreement so long as Institutional Shareholders holding more than 50% of the
then outstanding Ordinary Shares held by all Institutional Shareholders have consented in writing
prior to such Distribution in Kind, to the timing of the Distribution in Kind and the number of
each class of Company Securities subject to the Distribution in Kind.

     Section 3.04 . Restrictions on Transfers by the Institutional Shareholders. (a)
Except as provided in Section 3.03, each Institutional Shareholder may transfer its Company
Securities only as follows:

     (i) (x) at any time prior to the 12-month anniversary of the First Public
Offering with the prior written consent of Institutional
Shareholders holding more than 50% of the then outstanding Ordinary Shares held by
all Institutional Shareholders and (y) at any time after the 12-month anniversary of the
consummation of the First Public Offering, in a Transfer made at the conclusion of the
Applicable Holdback Period (as defined in Section 5.03) following the First Public
Offering,

     (ii) in a Transfer made in compliance with Section 4.02, or

     (iii) in a Public Offering in connection with the exercise of its rights
under Article 5 hereof or in the First Public Offering.

     (b) No Institutional Shareholder shall Transfer Company Securities to an Adverse
Person (other than by Transfer pursuant to Section 4.02, in a Public Offering or through a national
securities exchange) at any time.

     Section 3.05 . Restrictions on Transfers by the Other Shareholders. (a) Except as
provided in Section 3.03, each Other Shareholder may transfer its Company Securities only as
follows:

     (i) as a Tagging Person in a Transfer made in compliance with Section 4.01,

15

 

     (ii) in a Transfer made in compliance with Section 4.02,

     (iii) in any Transfer made in compliance with Section 4.01 as a Tag-Along
Seller (provided that, other than any Transfer to any Institutional Shareholder that
Institutional Shareholders holding more than 50% of the then outstanding Ordinary Shares
held by all Institutional Shareholders have consented to in writing prior to such
Transfer, no Other Shareholder shall be permitted to Transfer shares of any class of
Company Securities pursuant to this Section 3.05(a)(iii) if such Transfer would cause such
Other Shareholder’s Sell-down Percentage to fall below the Sell-down Percentage of the TPG
Entities, the FP Entities or Shah Capital (whichever is the lowest) immediately prior to
such Transfer by such Other Shareholder), or in a Transfer made after Section 4.01 is
terminated in accordance with Section 4.01(i) thereof,

     (iv) in a Public Offering in connection with the exercise of its rights
under Article 5 hereof or in the First Public Offering, or

     (v) (x) at any time prior to the 12-month anniversary of the First Public
Offering with the prior written consent of Institutional Shareholders holding more than
50% of the then outstanding Ordinary Shares held by all Institutional Shareholders and (y)
at any time after the 12-month anniversary of the consummation of the First Public
Offering, in a Transfer made at the conclusion of the Applicable Holdback Period (as
defined in Section 5.03) following the First Public Offering and in compliance with
Rule 144 under the Securities Act.

     (b) No Other Shareholder shall Transfer Company Securities to an Adverse Person
(other than by Transfer pursuant to Section 4.02, in a Public Offering or through a national
securities exchange) at any time.

     Section 3.06 . Restrictions on Transfer under a Credit Agreement, Indenture or
Other Agreement for Indebtedness. Notwithstanding the foregoing provisions of this Article 3, if a
Transfer otherwise permitted hereunder would trigger, under the terms of any outstanding (as of the
date hereof) credit agreement, indenture or any other agreement for indebtedness of the Company,
(i) a change of control requiring repayment or (ii) other adverse consequence, then such Transfer
shall be prohibited.

ARTICLE 4

Tag-along Rights; Drag-along Rights

     Section 4.01 . Rights to Participate in Transfer. (a) Subject to Sections 3.03,
3.04, 3.05, 3.06 and 4.01(h), if any Shareholder or group of Shareholders (such

16

 

Shareholder or
group of Shareholders, the “Tag-Along Seller”) proposes to Transfer any number of Ordinary Shares
(a “Tag-Along Sale”), the Shareholders other than the Tag-Along Seller (each, an “Eligible
Shareholder”) may elect, at their option, to exercise their rights under this Section 4.01 (each
such Shareholder, a “Tagging Person”).

     In the event of such a proposed Transfer, the Tag-Along Seller shall provide each Eligible
Shareholder written notice of the terms and conditions of such proposed transfer (“Tag-Along
Notice”) and offer each Tagging Person the opportunity to participate in such sale. The Tag-Along
Notice shall identify the number of Ordinary Shares subject to the offer (“Tag-Along Offer”), the
cash price at which the Transfer is proposed to be made, and all other material terms and
conditions of the Tag-Along Offer, including the form of the proposed agreement, if any.

     From the date of the receipt of the Tag-Along Notice, each Tagging Person shall have the right
(a “Tag-Along Right”), exercisable by written notice (“Tag-Along Response Notice”) given to the
Tag-Along Seller within seven Business Days after its receipt of the Tag-Along Notice (the
"Tag-Along Notice Period”), to request that the Tag-Along Seller include in the proposed Transfer
the number of Ordinary Shares held by such Tagging Person as is specified in such notice, provided
that, if the aggregate number of Ordinary Shares proposed to be sold by the Tag-Along Seller and
all Tagging Persons in such transaction exceeds the number of Ordinary Shares that can be sold on
the terms and conditions set forth in the Tag-Along Notice, then (i) each Tagging Person shall be
entitled to include in the Tag-Along Sale only its Tag-Along Portion of
Ordinary Shares and (ii) the Tag-Along Seller shall be entitled to include the number of
Ordinary Shares proposed to be Transferred by the Tag-Along Seller as set forth in the Tag-Along
Notice (reduced, to the extent necessary, so that each Tagging Person shall be able to include its
Tag-Along Portion) and such additional Ordinary Shares as permitted by Section 4.01(d). Each
Tagging Person that exercises its Tag-Along Rights hereunder shall deliver to the Tag-Along Seller,
together with its Tag-Along Response Notice, the certificate or certificates representing the
Ordinary Shares of such Tagging Person to be included in the Transfer, together with a limited
power-of-attorney authorizing the Tag-Along Seller to Transfer such Ordinary Shares on the terms
set forth in the Tag-Along Notice. Delivery of such certificate or certificates representing the
Ordinary Shares to be Transferred and the limited power-of-attorney authorizing the Tag-Along
Seller to Transfer such Ordinary Shares shall constitute an irrevocable acceptance of the Tag-Along
Offer by such Tagging Persons. Each Tag-Along Response Notice shall include wire transfer
instructions for payment of the purchase price for the Ordinary Shares to be sold in such Tag-Along
Sale. The Tagging Persons shall (a) be required (i) to bear their proportionate share of any
escrows, holdbacks or adjustments in purchase price and any transaction expenses and (ii) to make
such representations, warranties and covenants and enter into

17

 

such agreements as are customary for
transactions of the nature of the Tag-Along Offer, in each case under the terms of any definitive
agreement(s) relating to such Tag-Along Offer and (b) benefit from all of the same provisions of
the definitive agreements as the Tag-Along Seller, it being understood that any liability of any
Tagging Person for indemnification or similar post-closing obligations shall not exceed the
consideration such Tagging Person receives in the Tag-Along Sale and shall not exceed a
proportional share of any such liability based on such Tagging Person’s share of the aggregate
consideration in the Tag-Along Sale.

     If, at the end of a 90-day period after such delivery (which 90-day period shall be extended
if any of the transactions contemplated by the Tag-Along Offer are subject to regulatory approval
until the expiration of five Business Days after all such approvals have been received, but in no
event later than 180 days following receipt of the Tag-Along Response Notice by the Tag-Along
Seller), the Tag-Along Seller has not completed the Transfer of all such Ordinary Shares on
substantially the same terms and conditions set forth in the Tag-Along Notice, the Tag-Along Seller
shall (i) return to each Tagging Person the limited power-of-attorney (and all copies thereof)
together with all certificates representing the Ordinary Shares that such Tagging Person delivered
for Transfer pursuant to this Section 4.01(a) and (ii) not conduct any Transfer of Ordinary Shares
without again complying with this Section.

     (b) Concurrently with the consummation of the Tag-Along Sale, the Tag-Along Seller
shall notify the Tagging Persons thereof, shall remit to the Tagging Persons the total
consideration (by bank or certified check) for the Ordinary Shares of the Tagging Persons
transferred pursuant thereto, and shall, promptly after the consummation of such Tag-Along Sale,
furnish such other
evidence of the completion and time of completion of such transfer and the terms thereof as
may be reasonably requested by the Tagging Persons.

     (c) If at the termination of the Tag-Along Notice Period any Eligible Shareholder
shall not have elected to participate in the Tag-Along Sale, such Eligible Shareholder will be
deemed to have waived its rights under Section 4.01(a) with respect to the Transfer of its
securities pursuant to such Tag-Along Sale.

     (d) If (i) any Eligible Shareholder declines to exercise its Tag-Along Rights or
(ii) any Tagging Person elects to exercise its Tag-Along Rights with respect to less than such
Tagging Person’s Tag-Along Portion, the Tag-Along Seller shall be entitled to Transfer, pursuant to
the Tag-Along Offer, a number of Ordinary Shares held by it equal to the Unused Tag Amount (reduced
to the extent necessary so that each Tagging Person who has elected to exercise its Tag-Along
Rights for the full amount of its Tag-Along Portion shall be able to include its Tag-Along Portion
with respect to the Unused Tag Amount) and each Tagging Person who has elected to exercise its
Tag-Along Rights for the full amount of its

18

 

Tag-Along Portion shall be entitled to Transfer in the
Tag-Along Sale its Tag-Along Portion of the Unused Tag Amount. “Unused Tag Amount” means the
number of Ordinary Shares constituting the sum of (i) the Tag-Along Portion of any Eligible
Shareholder that declined to exercise its Tag-Along Rights and (ii) the portion of the Tag-Along
Portion with respect to which Tag-Along Rights were not exercised by any Tagging Person that
exercised its Tag-Along Rights with respect to less than such Tag-Along Person’s Tag-Along Portion.

     (e) The Tag-Along Seller may Transfer, on behalf of itself and any Tagging Person
who exercises the Tag-Along Rights pursuant to this Section 4.01(a), the Ordinary Shares subject to
the Tag-Along Offer and elected to be Transferred on the terms and conditions set forth in the
Tag-Along Notice within 90 days (or such longer period as extended under Section 4.01(a)) of the
date on which all Tag-Along Rights shall have been waived, exercised or expire; provided that, if
such Tag-Along Sale is subject to regulatory approval, such 90 day period shall be extended until
the expiration of five Business Days after all such approvals have been received, but in no event
later than 180 days following the effective date of the Tag-Along Sale Notice.

     (f) Notwithstanding the requirements of this Section 4.01, a Tag-Along Seller may
Transfer Ordinary Shares at any time without complying with the requirements of paragraphs (a) and
(b) of Section 4.01 so long as such Transfer is solely for cash and the Tag-Along Seller deposits
into escrow with an independent third party at the time of Transfer that amount of the
consideration received in the sale equal to the Escrow Amount. The “Escrow Amount” shall equal
that amount of consideration that all the Eligible Shareholders would have been entitled to receive
if each of the Eligible Shareholders had the opportunity to participate in the Transfer as a
Tagging Person to the extent of its Tag-Along Portion, determined as if each such Eligible
Shareholder (i) delivered a Tag-Along Response Notice to the Tag-Along Seller in the time period
set forth in Section 4.01(a) and (ii) proposed to include all of its Ordinary Shares which it
would have been entitled to include in the Transfer.

     No later than the date of the Transfer, the Tag-Along Seller shall notify the Company in
writing of the proposed Transfer. Such notice (the “Escrow Notice”) shall set forth the
information required in the Tag-Along Notice, and in addition, such notice shall state the name of
the escrow agent and the account number of the escrow account. The Company shall promptly, and in
any event within 10 days, deliver or cause to be delivered the Escrow Notice to each Eligible
Shareholder.

     An Eligible Shareholder may exercise the tag-along right described in this clause (f) by
delivery to the Tag-Along Seller, within seven Business Days of the date after the Company
delivered or caused to be delivered the Escrow Notice, of (i) a written notice specifying the
number of Ordinary Shares it proposes to sell

19

 

(which such number shall not exceed such Eligible
Shareholder’s Tag-Along Portion), and (ii) the certificates representing such securities, with
transfer powers duly endorsed in blank.

     Promptly after the expiration of the seventh Business Day after the Company has delivered or
caused to be delivered the Escrow Notice, (i) the Tag-Along Seller shall purchase that number of
Ordinary Shares as the Tag-Along Seller would have been required to include in the sale had the
Tag-Along Seller complied with the provisions of Section 4.01(a), (ii) the Company shall cause to
be released from the escrow to the Eligible Shareholder from whom the Tag-Along Seller purchases
Ordinary Shares pursuant to clause (i) of this paragraph the applicable amount of consideration due
to such Eligible Shareholder together with any interest thereon, and (iii) all remaining funds and
other consideration held in escrow shall be released to the Tag-Along Seller.

     (g) Notwithstanding anything contained in this Section 4.01, there shall be no
liability on the part of the Tag-Along Seller to the Tagging Persons (other than the obligation to
return any certificates evidencing Ordinary Shares received by the Tag-Along Seller) if the
Transfer of Ordinary Shares pursuant to this Section 4.01 is not consummated for whatever reason.
Whether to effect a Transfer of Ordinary Shares pursuant to this Section 4.01 by the Tag-Along
Seller is in the sole and absolute discretion of the Tag-Along Seller.

     (h) The provisions of this Section 4.01 shall not apply to any proposed Transfer of
Ordinary Shares by the Tag-Along Seller (A) in a Public Offering or pursuant to Rule 144 or (B)
pursuant to Section 3.03 or 4.02.

     (i) This
Section 4.01 shall terminate upon the earlier to occur of (i) the third
anniversary of the date of this Agreement and (ii) the date on which the Aggregate Ownership of
Ordinary Shares by the Institutional Shareholders
collectively falls below 30% of the aggregate Initial Ownership of Ordinary Shares by such
Institutional Shareholders.

     Section 4.02 . Right to Compel Participation in Certain Transfers. (a) If the
Institutional Shareholders collectively propose (i) to Transfer not less than 50% of their Initial
Ownership of Ordinary Shares to a Third Party in a bona fide sale or (ii) a Transfer in which the
Ordinary Shares to be Transferred by the Institutional Shareholders collectively, plus the Ordinary
Shares to be Transferred by the Other Shareholders pursuant to this Section 4.02(a), constitute
more than 50% of the outstanding Ordinary Shares (a “Compelled Sale”), the Institutional
Shareholders collectively may at their option require all Other Shareholders to Transfer the
Drag-Along Portion of Ordinary Shares (“Drag-Along Rights”) then held by every Other Shareholder
and, at the closing of the Compelled Sale, to exercise such number of options or warrants for
Ordinary Shares held by every Other Shareholder as is required in order that a sufficient number of
Ordinary Shares are

20

 

available to Transfer the relevant Drag-Along Portion of each such Other
Shareholder, for the same consideration per Ordinary Share and otherwise on the same terms and
conditions as the Institutional Shareholders, provided that any Other Shareholder who holds options
or warrants the exercise price per share of which is greater than the per share price at which the
Ordinary Shares are to be Transferred to the Third Party may, if required by the Institutional
Shareholders to exercise such options, in place of such exercise, submit to irrevocable
cancellation thereof without any liability for payment of any exercise price with respect thereto.
If the Compelled Sale is not consummated with respect to any Ordinary Shares acquired upon exercise
of such options or warrants, or the Compelled Sale is not consummated, such options or warrants
shall be deemed not to have been exercised or canceled, as applicable. The Institutional
Shareholders shall provide written notice of such Compelled Sale to the Other Shareholders (a
"Compelled Sale Notice”) not later than the 15th day prior to the proposed Compelled Sale. The
Compelled Sale Notice shall identify the transferee, the number of Ordinary Shares subject to the
Compelled Sale, the consideration for which a Transfer is proposed to be made (the “Compelled Sale
Price”) and all other material terms and conditions of the Compelled Sale. The number of Ordinary
Shares to be sold by each Other Shareholder will be the Drag-Along Portion of the Ordinary Shares
that such Other Shareholder owns. Each Other Shareholder shall be required to participate in the
Compelled Sale on the terms and conditions set forth in the Compelled Sale Notice and to tender its
Ordinary Shares as set forth below. The price payable in such Transfer shall be the Compelled Sale
Price. Not later than the 10th day following the date of the Compelled Sale Notice (the “Compelled
Sale Notice Period”), each of the Other Shareholders shall deliver to a representative of the
Institutional Shareholders designated in the Compelled Sale Notice certificates, and in the case of
warrants, the applicable instrument, representing all Company Securities comprising the Drag-Along
Portion held by such Other Shareholder, duly endorsed, together with all other documents required
to be executed in connection with such Compelled Sale or, if such delivery is not permitted by
applicable law, an unconditional agreement to deliver
such Company Securities pursuant to this Section 4.01(a) at the closing for such Compelled
Sale against delivery to such Other Shareholder of the consideration therefor. If an Other
Shareholder should fail to deliver such certificates or other applicable instruments to the
Institutional Shareholders, the Company (subject to reversal under Section 4.02(b)) shall cause the
books and records of the Company to show that such Company Securities are bound by the provisions
of this Section 4.02(a) and that such Company Securities shall be Transferred to the Third Party
immediately upon surrender for Transfer by the holder thereof. The Other Shareholders shall (a) be
required (i) to bear their proportionate share of any escrows, holdbacks or adjustments in purchase
price and any transaction expenses and (ii) to make such representations, warranties and covenants
and enter into such agreements as are customary for transactions of the nature of the Compelled
Sale, in each case under the terms of any definitive agreements relating to such

21

 

Compelled Sale and
(b) benefit from all of the same provisions of the definitive agreements as the Institutional
Shareholders, it being understood that any liability of any Other Shareholder for indemnification
or similar post-closing obligations shall not exceed the consideration such Other Shareholder
receives in the Compelled Sale and shall be a proportional share of any such liability based on
such Other Shareholder’s share of the aggregate consideration in the Compelled Sale.

     (b) The Institutional Shareholders shall have a period of 90 days from the date of
receipt of the Compelled Sale Notice to consummate the Compelled Sale on the terms and conditions
set forth in such Compelled Sale Notice, provided that, if such Compelled Sale is subject to
regulatory approval, such 90-day period shall be extended until the expiration of five Business
Days after all such approvals have been received, but in no event later than 180 days following the
effective date of the Compelled Sale Notice. If the Compelled Sale shall not have been consummated
during such period, the Institutional Shareholders shall return to each of the Other Shareholders
all certificates or other applicable instruments representing Company Securities that such Other
Shareholders delivered for Transfer pursuant hereto, together with any documents in the possession
of the Institutional Shareholders executed by the Other Shareholders in connection with such
proposed Transfer, and all the restrictions on Transfer contained in this Agreement or otherwise
applicable at such time with respect to such Company Securities owned by the Other Shareholders
shall again be in effect.

     (c) Concurrently with the consummation of the Transfer of Company Securities
pursuant to this Section 4.02, the Institutional Shareholders shall give notice thereof to the
Other Shareholders, shall remit to each of the Other Shareholders who have surrendered their
certificates or other applicable instruments the total consideration (the cash portion of which is
to be paid by bank or certified check) for the Company Securities Transferred pursuant hereto and
shall furnish such other evidence of the completion and time of completion of
such Transfer and the terms thereof as may be reasonably requested by such Other Shareholders.

     (d) Notwithstanding anything contained in this Section 4.02, there shall be no
liability on the part of the Institutional Shareholders to the Other Shareholders (other than the
obligation to return any certificates or other applicable instruments representing Company
Securities received by any Institutional Shareholders) if the Transfer of Company Securities
pursuant to this Section 4.02 is not consummated for whatever reason, regardless of whether the
Institutional Shareholders have delivered a Compelled Sale Notice. Whether to effect a Transfer of
Company Securities pursuant to this Section 4.02 by the Institutional Shareholders is in the sole
and absolute discretion of the Institutional Shareholders.

22

 

     (e) This Section 4.02 shall terminate upon the earlier to occur of (i) the third
anniversary of the date of this Agreement and (ii) the date on which the Aggregate Ownership of
Ordinary Shares by the Institutional Shareholders collectively falls below 30% of the aggregate
Initial Ownership of Ordinary Shares by such Institutional Shareholders.

ARTICLE 5

Registration Rights

     Section 5.01 . Demand Registration. (a) If, (i) at any time after the earlier of
180 days after the consummation of the First Public Offering and the Applicable Holdback Period,
the Company shall receive a written request from the Institutional Shareholders, acting
collectively, or, (ii) at any time after the 12-month anniversary of the consummation of the First
Public Offering, the Company shall receive a written request from any of the Institutional
Shareholders, that the Company effect the registration under the Securities Act of all or a portion
of such Requesting Shareholder’s Registrable Securities, and specifying the intended method of
disposition thereof (a “Demand Registration”), then the Company shall promptly give written notice
of such requested registration at least 15 days prior to the anticipated filing date of the
registration statement relating to such Demand Registration to each Non-Requesting Shareholder.
Upon the Company’s giving notice of a requested registration, the Company will use its reasonable
best efforts to effect, as expeditiously as possible, the registration under the Securities Act of:

     (x) the Registrable Securities that the Company has been so requested to register by
the Requesting Shareholders, then held by the Requesting Shareholders, and

     (y) subject to the restrictions set forth in Sections 5.01(e) and 5.02, all other
Registrable Securities of the same class as that requested to be registered by the
Requesting Shareholders which any Non-Requesting
Shareholder entitled to request the Company to effect an Incidental Registration pursuant
to Section 5.02 (all such Shareholders, together with the Requesting Shareholders, the
“Holders”) have requested the Company to register by written request received by the
Company within 15 days after the receipt by such Holders of such written notice given by
the Company,

all to the extent necessary to permit the disposition (in accordance with the intended
methods thereof as aforesaid) of the Registrable Securities so to be registered, provided
that the Company shall not be obligated to effect a Demand Registration unless either (x)
the aggregate proceeds expected to be received from the sale of the Ordinary Shares
requested to be included

23

 

in such Demand Registration equal or exceed $25,000,000 or, in
the case of a Shortform Registration, $5,000,000 or (y) the remaining portion of
Registrable Securities held by at least one Requesting Shareholder would be registered
pursuant to such Demand Registration. In no event will the Company be required to effect
more than one Demand Registration hereunder within any six-month period.

     "Requesting Shareholder” means, with respect to a Demand Registration, the Institutional
Shareholder or Institutional Shareholders exercising such Demand Registration and any Institutional
Shareholder that joins a Demand Registration made pursuant to Section 5.01(a)(ii). “Non-Requesting
Shareholder” means each Shareholder with respect to a Demand Registration that is not a Requesting
Shareholder.

     (b) Promptly after the expiration of the 15-day period referred to in Section
5.01(a)(y) hereof, the Company will notify all the Holders to be included in the Demand
Registration of the other Holders and the number of shares of Registrable Securities requested to
be included therein. At any time prior to the effective date of the registration statement
relating to such registration, the Requesting Shareholders may revoke such request, without
liability to any of the other Holders, by providing a written notice to the Company revoking such
request.

     (c) The Company will be liable for and pay all Registration Expenses in connection
with any Demand Registration, regardless of whether it is effected.

(d) A Demand Registration shall not be deemed to have occurred

     (i) unless the registration statement relating thereto (A) has become
effective under the Securities Act and (B) has remained effective for a period of at least
180 days (or such shorter period in which all Registrable Securities of the Holders
included in such registration have actually been sold thereunder), provided that such
registration statement shall not be considered a Demand Registration if, after any
registration statement requested pursuant to this Section 5.01 becomes effective, (x)
such registration statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or other governmental agency or court and (y) less than
75% of the Registrable Securities included in such registration statement have been sold
thereunder, or

     (ii) if the Maximum Offering Size (as defined below) is reduced in
accordance with Section 5.01(e) such that less than 66? % of the Registrable Securities of
the Requesting Shareholders sought to be included in such registration are included.

24

 

     (e) If a Demand Registration involves an underwritten Public Offering and the
managing underwriter shall advise the Company and the Requesting Shareholders that, in its view,
the number of shares of Registrable Securities requested to be included in such registration
(including any securities that the Company proposes to be included that are not Registrable
Securities) exceeds the largest number of shares that can be sold without having an adverse effect
on such offering, including the price at which such shares can be sold (the “Maximum Offering
Size”), the Company will include in such registration, in the priority listed below, up to the
Maximum Offering Size:

     (A) first, all Registrable Securities requested to be registered by the
Requesting Shareholders and their Permitted Transferees and, in the case of a
Demand Registration exercised by more than one Institutional Shareholder, all
Registrable Securities requested to be registered by each of the Institutional
Shareholders and their Permitted Transferees (allocated, if necessary for the
offering not to exceed the Maximum Offering Size, pro rata among such entities
on the basis of the relative number of shares of Registrable Securities so
requested to be registered),

     (B) second, all Registrable Securities requested to be included in such
registration by any Non-Requesting Shareholder and its Permitted Transferees
(allocated, if necessary for the offering not to exceed the Maximum Offering
Size, pro rata among the Non-Requesting Shareholders and their Permitted
Transferees on the basis of the relative number of Registrable Securities so
requested to be included in such registration) excluding, for purposes of this
paragraph (B), the Registrable Securities of a Non-Requesting Institutional
Shareholder in the case of a Demand Registration in which such Non-Requesting
Institutional Shareholder is included in paragraph (A) above, and

     (C) third, any securities proposed to be registered for the account of any
other Persons (including the Company), with such priorities among them as the
Company shall determine.

     (f) Upon written notice to each Requesting Shareholder, the Company may postpone
effecting a registration pursuant to this Section 5.01 on one occasion during any period of 12
consecutive months for a reasonable time specified in the notice but not exceeding 90 days (which
period may not be extended or renewed), if (1) an investment banking firm of recognized national
standing shall advise the Company and the Requesting Shareholders in writing that effecting the
registration would materially and adversely affect an offering of securities of such Company the
preparation of which had then been commenced

25

 

or (2) the Company is in possession of material
non-public information the disclosure of which during the period specified in such notice the
Company believes would not be in the best interests of the Company.

     Section 5.02 . Incidental Registration. (a) If, at any time after the First Public
Offering, the Company proposes to register any Company Securities under the Securities Act (other
than a registration on Form S-8 or S-4, or any successor or similar forms, relating to Ordinary
Shares issuable upon exercise of employee stock options or in connection with any employee benefit
or similar plan of the Company or in connection with a direct or indirect acquisition by the
Company of another Person), whether or not for sale for its own account, it will each such time,
subject to the provisions of Section 5.02(b), give prompt written notice prior to the anticipated
filing date of the registration statement relating to such registration to each Shareholder, which
notice shall set forth such Shareholder’s rights under this Section 5.02 and shall offer such
Shareholder the opportunity to include in such registration statement the number of Registrable
Securities of the same class or series as those proposed to be registered as each such Shareholder
may request (an “Incidental Registration”), subject to the provisions of Section 5.02(b). Upon the
written request of any such Shareholder made within 15 days after the receipt of notice from the
Company (which request shall specify the number of Registrable Securities intended to be disposed
of by such Shareholder), the Company will use its reasonable best efforts to effect the
registration under the Securities Act of all Registrable Securities that the Company has been so
requested to register by all such Shareholders, to the extent requisite to permit the disposition
of the Registrable Securities so to be registered, provided that (i) if such registration involves
an underwritten Public Offering, all such Shareholders requesting to be included in the Company’s
registration must sell their Registrable Securities to the underwriters selected as provided in
Section 5.04(f) on the same terms and conditions as apply to the Company or the Requesting
Shareholder, as applicable, and (ii) if, at any time after giving written notice of its intention
to register any securities pursuant to this Section 5.02(a) and prior to the effective date of the
registration statement filed in connection with such registration, the Company shall determine for
any reason not to register such securities, the Company shall give written notice to all such
Shareholders and, thereupon, shall be relieved of its obligation to register any Registrable
Securities in connection with such registration. No registration effected under this Section 5.02
shall relieve the Company of its obligations to effect a Demand Registration to the extent required
by Section 5.01. The Company shall pay all Registration
Expenses in connection with each registration of Registrable Securities requested pursuant to
this Section 5.02.

     (b) If a registration pursuant to this Section 5.02 involves an underwritten Public
Offering (other than any Demand Registration, in which case the provisions with respect to priority
of inclusion in such offering set forth in Section 5.01(e) shall apply) and the managing
underwriter advises the Company

26

 

that, in its view, the number of Shares that the Company and such
Shareholders intend to include in such registration exceeds the Maximum Offering Size, the Company
will include in such registration, in the following priority, up to the Maximum Offering Size:

     (i) first, so much of the securities proposed to be registered for the
account of the Company as would not cause the offering to exceed the Maximum Offering
Size,

     (ii) second, all Registrable Securities requested to be included in such
registration by the Institutional Shareholders and each of their Permitted Transferees,
(allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro
rata among such entities or persons on the basis of the relative number of shares of
Registrable Securities so requested to be included in such registration),

     (iii) third, any securities proposed to be registered for the account of
any other Persons with such priorities among them as the Company shall determine.

     Section 5.03 . Holdback Agreements. If any registration of Registrable Securities
shall become effective in connection with a Public Offering, each Institutional Shareholder and
each Other Shareholder and the Company agree not to effect any public sale or distribution,
including any sale pursuant to Rule 144 or Rule 144A under the Securities Act, of any Registrable
Securities, and not to effect any such public sale or distribution of any other security of the
Company or of any stock convertible into or exchangeable or exercisable for any Ordinary Shares (in
each case, other than as part of such Public Offering) during the 14 days prior to the effective
date of the applicable registration statement (except as part of such registration) or during the
period after such effective date equal to the lesser of (i) such period of time as the Company and
the lead managing underwriter shall agree and (ii) 90 days (such lesser period, the “Applicable
Holdback Period”).

     Section 5.04 . Registration Procedures. Whenever Shareholders request that any
Registrable Securities be registered pursuant to Section 5.01 or 5.02 hereof, subject to the
provisions of such Sections, the Company will use its reasonable best efforts to effect the
registration and the sale of such Registrable Securities in accordance with the intended method of
disposition thereof as quickly as practicable, and in connection with any such request:

     (a) The Company will as expeditiously as possible (but in any event within (i) 45
days of receipt of a request for a Demand Registration or (ii) 21 days, in the case of a Shortform
Registration) prepare and file with the SEC a registration statement on any form reasonably
acceptable to the Requesting

27

 

Shareholders for which the Company then qualifies or that counsel for
the Company shall deem appropriate and which form shall be available for the sale of the
Registrable Securities to be registered thereunder in accordance with the intended method of
distribution thereof, and use its reasonable best efforts to cause such filed registration
statement to become and remain effective for a period of not less than 180 days, or in the case of
a shelf registration statement, one year (or such shorter period in which all of the Registrable
Securities of the Holders included in such registration statement shall have actually been sold
thereunder).

     (b) Prior to filing a registration statement or prospectus or any amendment or
supplement thereto, the Company will, if requested, furnish to each participating Shareholder and
each underwriter, if any, of the Registrable Securities covered by such registration statement
copies of such registration statement as proposed to be filed, and thereafter the Company will
furnish to such Shareholder and underwriter, if any, such number of copies of such registration
statement, each amendment and supplement thereto (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such registration
statement (including each preliminary prospectus and any summary prospectus) and any other
prospectus filed under Rule 424 or Rule 430A under the Securities Act and such other documents as
such Shareholder or underwriter may reasonably request in order to facilitate the disposition of
the Registrable Securities owned by such Shareholder. Each Institutional Shareholder shall have the
right to request that the Company modify any information contained in such registration statement,
amendment and supplement thereto pertaining to such Institutional Shareholder and the Company shall
use all reasonable efforts to comply with such request, provided, however, that the Company shall
not have any obligation so to modify any information if so doing would cause the prospectus to
contain an untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading.

     (c) After the filing of the registration statement, the Company shall (i) cause the
related prospectus to be supplemented by any required prospectus supplement, and, as so
supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such registration statement during the applicable period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration statement or
supplement to such prospectus and (iii) promptly notify each Shareholder holding Registrable
Securities covered by such registration statement of any stop order issued or threatened by the SEC
or any state securities commission under state
blue sky laws and take all reasonable actions required to prevent the entry of such stop order
or to remove it if entered.

28

 

     (d) The Company will use its reasonable best efforts to (i) register or qualify the
Registrable Securities covered by such registration statement under such other securities or blue
sky laws of such jurisdictions in the United States as any Shareholder holding such Registrable
Securities reasonably (in light of such Shareholder’s intended plan of distribution) requests and
(ii) cause such Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the Company
and do any and all other acts and things that may be reasonably necessary or advisable to enable
such Shareholder to consummate the disposition of the Registrable Securities owned by such
Shareholder, provided that the Company will not be required to (A) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (d),
(B) subject itself to taxation in any such jurisdiction or (C) consent to general service of
process in any such jurisdiction.

     (e) The Company will immediately notify each Shareholder holding such Registrable
Securities covered by such registration statement, at any time when a prospectus relating thereto
is required to be delivered under the Securities Act, of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading and promptly prepare and make available to each such
Shareholder and file with the SEC any such supplement or amendment.

     (f) (i) The selling Institutional Shareholders acting collectively will have the
right, in their sole discretion, to select an underwriter or underwriters in connection with any
Public Offering resulting from the exercise of a Demand Registration, which underwriter or
underwriters may include any Affiliate of any Institutional Shareholder, and (ii) the Company will
select an underwriter or underwriters in connection with any other Public Offering. In connection
with any Public Offering, the Company will enter into customary agreements (including an
underwriting agreement in customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of such Registrable Securities in any such Public
Offering, including the engagement of a “qualified independent underwriter” in connection with the
qualification of the underwriting arrangements with the NASD.

     (g) Upon execution of confidentiality agreements in form and substance reasonably
satisfactory to the Company, the Company will make available for inspection by any Shareholder and
any underwriter participating in any disposition pursuant to a registration statement being filed
by the Company
pursuant to this Section 5.04 and any attorney, accountant or other professional

29

 

retained by
any such Shareholder or underwriter (collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Company (collectively, the “Records”)
as shall be reasonably necessary or desirable to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any Inspectors in connection with such registration statement. Records
that the Company determines, in good faith, to be confidential and that it notifies the Inspectors
are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records
is necessary to avoid or correct a misstatement or omission in such registration statement or (ii)
the release of such Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction. Each Shareholder agrees that information obtained by it as a result of
such inspections shall be deemed confidential and shall not be used by it or its Affiliates as the
basis for any market transactions in the Company Securities unless and until such is made generally
available to the public. Each Shareholder further agrees that, upon learning that disclosure of
such Records is sought in a court of competent jurisdiction, it will give notice to the Company and
allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential.

     (h) The Company will furnish to each such underwriter, if any, a signed counterpart,
addressed to such underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a
comfort letter or comfort letters from the Company’s independent public accountants, each in
customary form and covering such matters of the kind customarily covered by opinions or comfort
letters, as the case may be, as the managing underwriter therefor reasonably requests.

     (i) The Company will otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the SEC, and make available to its securityholders, as soon as
reasonably practicable, an earnings statement or such other document covering a period of 12
months, beginning within three months after the effective date of the registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder.

     (j) The Company may require each such Shareholder promptly to furnish in writing to
the Company such information regarding the distribution of the Registrable Securities as the
Company may from time to time reasonably request and such other information as may be legally
required in connection with such registration.

     (k) Each such Shareholder agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 5.04(e) hereof, such Shareholder
will forthwith discontinue disposition of Registrable Securities pursuant to the registration
statement covering such

30

 

Registrable Securities until such Shareholder’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 5.04(e) hereof, and, if so directed
by the Company, such Shareholder will deliver to the Company all copies, other than any permanent
file copies then in such Shareholder’s possession, of the most recent prospectus covering such
Registrable Securities at the time of receipt of such notice. In the event that the Company shall
give such notice, the Company shall extend the period during which such registration statement
shall be maintained effective (including the period referred to in Section 5.04(a) hereof) by the
number of days during the period from and including the date of the giving of notice pursuant to
Section 5.04(e) hereof to the date when the Company shall make available to such Shareholder a
prospectus supplemented or amended to conform with the requirements of Section 5.04(e) hereof.

     (l) The Company will use its reasonable best efforts to list all Registrable
Securities covered by such registration statement on any securities exchange or quotation system on
which any of the Registrable Securities are then listed or traded.

     (m) The Company shall have appropriate officers of the Company (i) prepare and make
presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii)
take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their
reasonable best efforts to cooperate as reasonably requested by the underwriters in the offering,
marketing or selling of the Registrable Securities.

     (n) The Company will provide and cause to be maintained a transfer agent and
registrar for all Registrable Securities covered by such registration statement from and after a
date not later than the effective date of such registration statement.

     Section 5.05 . Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Shareholder holding Registrable Securities covered by a registration statement,
its officers, directors, employees, partners and agents, and each Person, if any, who controls such
Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act from and against any and all losses, claims, damages and liabilities (including reasonable
expenses of investigation and reasonable attorneys’ fees and expenses) caused by any untrue
statement or alleged untrue statement of a material fact contained in any registration statement or
prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall
have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by
any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such losses, claims,
damages or liabilities are caused by any such untrue statement or omission or alleged untrue
statement or omission so made

31

 

based upon information furnished in writing to the Company by such
Shareholder or on such Shareholder’s behalf expressly for use therein. The Company also agrees to
indemnify any underwriters of the Registrable Securities, their officers
and directors and each person who controls such underwriters on substantially the same basis
as that of the indemnification of the Shareholders provided in this Section 5.05.

     Section 5.06 . Indemnification by Participating Shareholders. Each Shareholder
holding Registrable Securities included in any registration statement agrees, severally but not
jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each
Person, if any, who controls the Company within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the
Company to such Shareholder, but only (i) with respect to information furnished in writing by such
Shareholder or on such Shareholder’s behalf expressly for use in any registration statement or
prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any
preliminary prospectus or (ii) to the extent that any loss, claim, damage, liability or expense
described in Section 5.05 results from the fact that a current copy of the prospectus (or such
amended or supplemented prospectus, as the case may be) was not sent or given to the Person
asserting any such loss, claim, damage, liability or expense at or prior to the written
confirmation of the sale of the Registrable Securities concerned to such Person if it is determined
that it was the responsibility of such Shareholder to provide such Person with a current copy of
the prospectus (or such amended or supplemented prospectus, as the case may be) and such current
copy of the prospectus (or such amended or supplemented prospectus, as the case may be) would have
cured the defect giving rise to such loss, claim, damage, liability or expense. Each such
Shareholder also agrees to indemnify and hold harmless underwriters of the Registrable Securities,
their officers and directors and each Person who controls such underwriters on substantially the
same basis as that of the indemnification of the Company provided in this Section 5.06. As a
condition to including Registrable Securities in any registration statement filed in accordance
with Article 5 hereof, the Company may require that it shall have received an undertaking
reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent
customarily provided by underwriters with respect to similar securities. No Shareholder shall be
liable under this Section 5.06 for any loss, claim, damage, liability or expense in excess of the
net proceeds realized by such Shareholder in the sale of Registrable Securities of such Shareholder
to which such loss, claim, damage, liability or expense relates.

     Section 5.07 . Conduct of Indemnification Proceedings. In case any proceeding
(including any governmental investigation) shall be instituted involving any Person in respect of
which indemnity may be sought pursuant to this Article 5, such Person (an “Indemnified Party”)
shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying
Party”)

32

 

in writing and the Indemnifying Party shall assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the
payment of all fees and expenses, provided that the failure of any Indemnified Party so to notify
the Indemnifying Party shall not relieve the
Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying
Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified
Party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the
Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the
reasonable judgment of such Indemnified Party representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is
understood that, in connection with any proceeding or related proceedings in the same jurisdiction,
the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified
Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case
of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by
the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent, or if there be a
final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
Indemnified Parties from and against any loss or liability (to the extent stated above) by reason
of such settlement or judgment. Without the prior written consent of the Indemnified Party, no
Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect
of which any Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability arising out of such proceeding.

     Section 5.08 . Contribution. If the indemnification provided for in this Article 5
is unavailable to the Indemnified Parties in respect of any losses, claims, damages or liabilities
referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
losses, claims, damages or liabilities (i) as between the Company and the Shareholders holding
Registrable Securities covered by a registration statement on the one hand and the underwriters on
the other, in such proportion as is appropriate to reflect the relative benefits received by the
Company and such Shareholders on the one hand and the underwriters on the other, from the offering
of the Registrable Securities, or if such allocation is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits but also the relative fault
of the Company and such Shareholders on the one hand and of such underwriters on the

33

 

other in
connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations and (ii) as between the Company
on the one hand and each such Shareholder on the other, in such proportion as is appropriate to
reflect the relative fault of the Company and of each such Shareholder in connection with such
statements or omissions, as well as any other relevant equitable
considerations. The relative benefits received by the Company and such Shareholders on the
one hand and such underwriters on the other shall be deemed to be in the same proportion as the
total proceeds from the offering (net of underwriting discounts and commissions but before
deducting expenses) received by the Company and such Shareholders bear to the total underwriting
discounts and commissions received by such underwriters, in each case as set forth in the table on
the cover page of the prospectus. The relative fault of the Company and such Shareholders on the
one hand and of such underwriters on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company and such
Shareholders or by such underwriters. The relative fault of the Company on the one hand and of
each such Shareholder on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

     The Company and the Shareholders agree that it would not be just and equitable if contribution
pursuant to this Section 5.08 were determined by pro rata allocation (even if the underwriters were
treated as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or
liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 5.08, no underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Registrable Securities
underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages that such underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission, and no Shareholder shall be required to
contribute any amount in excess of the amount by which the total price at which the Registrable
Securities of such Shareholder were offered to the public exceeds the amount of any damages that
such Shareholder has otherwise been required to pay by reason of such untrue or

34

 

alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. Each Shareholder’s obligation
to contribute pursuant to this Section 5.08 is several in the proportion that the proceeds of the
offering received by such Shareholder bears to the total proceeds of the offering received by all
such Shareholders and not joint.

     Section 5.09 . Participation in Public Offering. No Person may participate in any
Public Offering hereunder unless such Person (a) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Persons entitled hereunder to
approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements and the provisions of this Agreement in respect of registration
rights.

     Section 5.10 . Other Indemnification. Indemnification similar to that specified
herein (with appropriate modifications) shall be given by the Company and each Shareholder
participating therein with respect to any required registration or other qualification of
securities under any federal or state law or regulation or governmental authority other than the
Securities Act.

     Section 5.11 . Cooperation by the Company. If any Shareholder shall transfer any
Registrable Securities pursuant to Rule 144 or Rule 144A under the Securities Act, the Company
shall cooperate, to the extent commercially reasonable, with such Shareholder and shall provide to
such Shareholder such information as such Shareholder shall reasonably request.

     Section 5.12 . No Transfer of Registration Rights. None of the rights of
Shareholders under this Article 5 shall be assignable by any Shareholder to any Person acquiring
Securities in any Public Offering or pursuant to Rule 144 or Rule 144A of the Securities Act.

ARTICLE 6

Certain Covenants and Agreements

     Section 6.01 . Confidentiality. (a) Each Shareholder agrees that Confidential
Information (as defined below) furnished and to be furnished to it was and will be made available
in connection with such Shareholder’s Investment in the Company. Each Shareholder agrees that it
will use, and that it will cause any Person to whom Confidential Information is disclosed pursuant
to clause (i) below to use, the Confidential Information only in connection with its Investment in
the Company and not for any other purpose (including, without limitation, to

35

 

disadvantage
competitively the Company or any other Shareholder). Each Shareholder further acknowledges and
agrees that it will not disclose any Confidential Information to any Person, provided that
Confidential Information may be disclosed (i) to such Shareholder’s Representatives (as defined
below) in the normal course of the performance of their duties or to any financial institution
providing credit to such Shareholder, (ii) to the extent required by applicable law, rule or
regulation (including complying with any oral or written questions, interrogatories, requests for
information or documents, subpoena, civil investigative demand or similar process to which a
Shareholder is subject, provided that such Shareholder gives the Company prompt notice of such
request(s), to the extent practicable, so that the Company may seek an appropriate protective
order or similar relief (and the Shareholder shall cooperate with such efforts by the Company, and
shall in any event make only the minimum disclosure required by such law, rule or regulation)),
(iii) to any Person to whom such Shareholder is contemplating a Transfer of its Company Securities
(provided that such Transfer would not be in violation of the provisions of this Agreement and as
long as such potential transferee is advised of the confidential nature of such information and
agrees to be bound by a confidentiality agreement in form and substance satisfactory to the Company
and consistent with the provisions hereof), (iv) to any regulatory authority or rating agency to
which the Shareholder or any of its affiliates is subject or with which it has regular dealings, as
long as such authority or agency is advised of the confidential nature of such information or (v)
if the prior written consent of the Board shall have been obtained. Nothing contained herein shall
prevent the use (subject, to the extent possible, to a protective order) of Confidential
Information in connection with the assertion or defense of any claim by or against the Company or
any Shareholder.

     (b) "Confidential Information” means any information concerning the Company and
Persons that are or become its Subsidiaries or the financial condition, business, operations or
prospects of the Company and Persons that are or become its Subsidiaries in the possession of or
furnished to any Shareholder (including, without limitation by virtue of its present or former
right to designate a director of the Company), provided that the term Confidential Information does
not include information that (i) is or becomes generally available to the public other than as a
result of a disclosure by a Shareholder or its partners, directors, officers, employees, agents,
counsel, investment advisers or representatives (all such persons being collectively referred to as
"Representatives”) in violation of this Agreement, (ii) is or was available to such Shareholder on
a non-confidential basis prior to its disclosure to such Shareholder or its Representatives by the
Company or (iii) was or becomes available to such Shareholder on a non-confidential basis from a
source other than the Company, provided that such source is or was (at the time of receipt of the
relevant information) not, to the best of such Shareholder’s knowledge, bound by a confidentiality
agreement with (or other confidentiality obligation to) the Company or another Person.

36

 

     Section 6.02 . Information. The Company agrees to furnish to any Institutional
Shareholder that is a Five Percent Shareholder:

     (a) After the end of the first three fiscal quarters, as soon as practicable and in
any event on or before the applicable filing date for filing quarterly reports on Form 10-Q (or any
successor form) with the SEC, consolidated balance sheets of the Company and its Subsidiaries as at
the end of such period and the related consolidated statements of income, stockholders’ equity and
cash flow of the Company and its Subsidiaries for such fiscal quarter, setting forth in each case
in comparative form the consolidated figures for the corresponding periods of the previous fiscal
year, all in reasonable detail and certified by the Company’s Chief Financial Officer that they
fairly present the financial condition of the Company
and its Subsidiaries as at the dates indicated and the results of their operations and changes
in their financial position for the periods indicated, subject to normal year-end adjustments;

     (b) After the end of each fiscal year as soon as practicable and in any event on or
before the applicable filing date for filing annual reports on Form 10-K (or any successor form),
consolidated balance sheets of the Company and its Subsidiaries as at the end of such year and the
related consolidated statements of income, stockholders’ equity and cash flow of the Company and
its Subsidiaries for such fiscal year, setting forth in each case, in comparative form, the
consolidated figures for the previous year, all in reasonable detail and accompanied by a report
thereon of independent certified public accountants of recognized national standing selected by the
Company, which report shall be unqualified as to going concern and scope of audit and shall state
that such consolidated financial statements present fairly the financial position of the Company
and its Subsidiaries as at the dates indicated and the results of their operations and changes in
their financial position for the periods indicated in conformity with generally accepted accounting
principles applied on a basis consistent with prior years (except as otherwise stated therein) and
that the examination by such accountants in connection with such consolidated financial statements
has been made in accordance with generally accepted auditing standards;

     (c) As soon as practicable and in any event no later than 20 days after the end of
each fiscal month of the Company, the Company monthly management report for such month,
substantially in the form of and covering the items set forth in Exhibit B hereto;

     (d) Promptly upon receipt thereof, copies of all reports submitted to the Company by
independent public accountants in connection with each annual, interim or special audit of the
Company’s financial statements made by such accountant, including, without limitation, the comment
letter submitted by such accountants to management in connection with their annual audit;

37

 

     (e) Promptly upon their becoming available, copies of all financial statements,
reports, notices and proxy statements sent or made available generally by the Company to its
securityholders or by any Subsidiary of the Company to its securityholders other than the Company
or another Subsidiary, of all regular and periodic reports and all registration statements and
prospectuses, if any, filed by the Company or any of its Subsidiaries with any securities exchange
or with the SEC or any governmental authority succeeding to any of its functions, and of all press
releases and other written statements made available generally by the Company or any Subsidiary to
the public concerning material developments in the business of the Company and its Subsidiaries;

     (f) All information provided in writing to the banks pursuant to the Company’s
principal credit facility; and

     (g) From time to time such additional information regarding the financial position
or business of the Company and its Subsidiaries as such Institutional Shareholder may reasonably
request.

     The Company’s obligation to provide information pursuant to paragraphs (a) and (b) of this
Section 6.02 and Section 6.03 shall be deemed satisfied upon the timely filing of such information
with the SEC.

     Section 6.03. Reports. The Company will furnish the Shareholders with the
quarterly and annual financial reports that the Company is required to file with the SEC pursuant
to Section 13 or Section 15(d) of the Exchange Act or, in the event the Company is not required to
file such reports, quarterly and annual reports containing the same information as would otherwise
be required in such reports.

     Section 6.04. Cooperation in Refinancing. Each Shareholder agrees to cooperate to
the extent commercially reasonable with the Company and take such steps as the Board reasonably
deems appropriate in any financing of debt of the Company and any of its Subsidiaries, including
executing such documents as the Board reasonably determines should be filed with any governmental
agency and conducting presentations to potential investors and rating agencies. This Section 6.04
shall not be construed to require any Shareholder to contribute any additional capital to the
Company.

     Section 6.05. Appointment of Shareholder Representatives. (a) Each TPG Entity
and, to the extent that any Permitted Transferee of any TPG Entity shall have become a Shareholder,
such Shareholder irrevocably appoints the TPG Shareholder Representative its agent and true and
lawful attorney-in-fact, with full power of substitution, to take the actions, receive notices and
exercise the powers delegated to the TPG

38

 

Shareholder Representative under this Agreement in the
name of each such Shareholder, together with such actions and powers as are reasonably incidental thereto. Notwithstanding the foregoing, the TPG Shareholder Representative shall not take any
action or exercise any power to the extent that the holders of the majority of the Fully Diluted
Ordinary Shares held by the TPG Entities and their Permitted Transferees shall have voted to
prevent the Shareholder Representative from taking such action or exercising such power. “TPG
Shareholder Representative” means TPG IV as agent for the TPG Entities and their Permitted
Transferees that are Shareholders. The entity appointed as the TPG Shareholder Representative may
be replaced at any time and from time to time by the vote of a majority of the Fully Diluted
Ordinary Shares held by the TPG Entities and their Permitted Transferees. The new TPG Shareholder
Representative shall notify the Company of such appointment as promptly as practicable after such
appointment.

     (b) Each FP Entity and, to the extent that any Permitted Transferee of any FP Entity
shall have become a Shareholder, such Shareholder irrevocably appoints the FP Shareholder
Representative its agent and true and lawful attorney-in-fact, with full power of substitution, to
take the actions, receive notices and exercise the powers delegated to the FP Shareholder Representative under this Agreement in the
name of each such Shareholder, together with such actions and powers as are reasonably incidental
thereto. Notwithstanding the foregoing, the FP Shareholder Representative shall not take any
action or exercise any power to the extent that the holders of the majority of the Fully Diluted
Ordinary Shares held by the FP Entities and their Permitted Transferees shall have voted to prevent
the Shareholder Representative from taking such action or exercising such power. “FP Shareholder
Representative” means FP as agent for the FP Entities and their Permitted Transferees that are
Shareholders. The entity appointed as the FP Shareholder Representative may be replaced at any
time and from time to time by the vote of a majority of the Fully Diluted Ordinary Shares held by
the FP Entities and their Permitted Transferees. The new FP Shareholder Representative shall
notify the Company of such appointment as promptly as practicable after such appointment.

     (c) Each of Shah Capital and, to the extent that any Permitted Transferee of Shah
Capital shall have become a Shareholder, such Shareholder irrevocably appoints the Shah Capital
Shareholder Representative its agent and true and lawful attorney-in-fact, with full power of
substitution, to take the actions, receive notices and exercise the powers delegated to the Shah
Capital Shareholder Representative under this Agreement in the name of each such Shareholder,
together with such actions and powers as are reasonably incidental thereto. Notwithstanding the
foregoing, the Shah Capital Shareholder Representative shall not take any action or exercise any
power to the extent that the holders of the majority of the Fully Diluted Ordinary Shares held by
Shah Capital and its Permitted Transferees shall have voted to prevent the Shareholder
Representative from taking such action or exercising such power. “Shah Capital Shareholder
Representative” means Shah Capital, as agent for Shah Capital and its Permitted Transferees that
are Shareholders. The entity appointed as the Shah

39

 

Capital Shareholder Representative may be
replaced at any time and from time to time by the vote of a majority of the Fully Diluted Ordinary
Shares held by Shah Capital and its Permitted Transferees. The new Shah Capital Shareholder
Representative shall notify the Company of such appointment as promptly as practicable after such
appointment.

     Section 6.06. Decisions by Institutional Shareholders. In instances that the
Institutional Shareholders may, or are required to, collectively vote, request, consent or decide
on any matter under this Agreement, such vote, request, consent or decision shall be make in
accordance with the result of the vote on such matter of a majority of the Ordinary Shares held at
such time by the Institutional Shareholders and their Permitted Transferees.

ARTICLE 7

Miscellaneous

     Section 7.01. Entire Agreement. This Agreement constitutes the entire agreement
among the parties hereto and supersede all prior and contemporaneous agreements and understandings,
both oral and written, among the parties hereto with respect to the subject matter hereof and
thereof.

     Section 7.02. Effectiveness; Binding Effect; Benefit. This Agreement shall become
effective immediately upon the merger of Modular with and into Modular Merger LLC and the exchange
of the Ordinary Shares held by the members of Modular for their membership interests in Modular
Merger, L.L.C. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, successors, legal representatives and permitted assigns. Nothing in
this Agreement, expressed or implied, is intended to confer on any Person other than the parties
hereto, and their respective heirs, successors, legal representatives and permitted assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement.

     Section 7.03. Assignability. Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be assignable by any party
hereto pursuant to any Transfer of Company Securities or otherwise, except that, subject to Section
3.03(b) hereof, any Permitted Transferee acquiring Company Securities and any Person acquiring
Company Securities who is required by the terms of this Agreement or any employment agreement or
stock purchase, option, stock option or other compensation plan of the Company or any Subsidiary to
become a party hereto shall (unless already bound hereby) execute and deliver to the Company an
agreement to be bound by this Agreement in the form of Exhibit A hereto and shall thenceforth be a
Shareholder. Any Shareholder who ceases to own beneficially any Company Securities shall cease to
be bound by the terms hereof (other than (i) the provisions of Sections 5.05,

40

 

5.06, 5.07, 5.08 and
5.10 applicable to such Shareholder with respect to any offering of Registrable Securities
completed before the date such Shareholder ceased to own any Company Securities and (ii) Sections
6.01, 7.09, 7.10 and 7.11).

     Section 7.04. Waiver; Amendment; Termination. (a) No provision of this Agreement
may be waived except by an instrument in writing executed by the party against whom the waiver is
to be effective. Subject to the provisions of Section 7.04(b), no provision of this Agreement may
be amended or otherwise modified except by an instrument in writing executed by the Company with
approval of the Board and Shareholders (including the Institutional Shareholders) holding at least
50% of the then outstanding Ordinary Shares held by the parties hereto at the time of such proposed
amendment or modification.

     (b) Any amendment or modification of any provision of this Agreement that would
adversely affect a right hereunder of any Institutional Shareholder may be effected only
with the consent of such Institutional Shareholder, except for  any amendment or modification of any
provision of this Agreement that would affect any right hereunder of the
Institutional Shareholders  to collectively vote, request, consent or
decide on any matter (which may be effected with the consent of Institutional Shareholders holding
a majority of the Ordinary Shares held at such time and their Permitted Transferees). The
Shareholders may amend or modify the provisions of Article 4
without the consent of the Company.

     Section 7.05. Notices. All notices, requests and other communications to any
party shall be in writing (including facsimile transmissions) and shall be given,

     if to the Company to:

SMART Modular Technologies (WWH), Inc.

4211 Starboard Drive

Fremont, CA 94538

Attention: President

Fax: (510) 360-8500

     with a copy to the TPG Entities, the FP Entities and Shah Capital at the addresses on Schedule
I hereto

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     with a copy to:

Davis Polk & Wardwell

1600 El Camino Real

Menlo Park, CA 94025

Attention: Alan F. Denenberg

Fax: (650) 752-3604

     if to any other party to the address beside its name on Schedule I.

     All notices, requests and other communications shall be deemed received on the date of receipt
by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a
Business Day in the place of receipt. Otherwise, any such notice, request or communication shall
be deemed not to have been received until the next succeeding Business Day in the place of receipt.
Any notice, request or other written communication sent by facsimile transmission shall be
confirmed by certified mail, return receipt requested, posted within one Business Day, or by
personal delivery, whether courier or otherwise, made within two Business Days after the date of
such facsimile transmissions.

     Any Person who becomes a Shareholder shall provide its address and fax number to the Company,
which shall promptly provide such information to each other Shareholder.

     Section 7.06. Fees and Expenses. The Company shall pay all out-of-pocket costs
and expenses of the Shareholders, including the fees and expenses of counsel, incurred in connection with the preparation of this Agreement, or any amendment or
waiver hereof, and the transactions contemplated hereby and all matters related hereto.

     Section 7.07. Headings. The headings contained in this Agreement are for
convenience only and shall not affect the meaning or interpretation of this Agreement.

     Section 7.08. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument.

     Section 7.09. Applicable Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Delaware, without regard to the conflicts of laws
rules of such state.

     Section 7.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO

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THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 7.11. Specific Enforcement. Each party hereto acknowledges that the
remedies at law of the other parties for a breach or threatened breach of this Agreement would be
inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond,
and in addition to all other remedies that may be available, shall be entitled to obtain equitable
relief in the form of specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy that may then be available.

     Section 7.12. Consent to Jurisdiction. The parties hereby agree that any suit,
action or proceeding seeking to enforce any provision of, or based on any matter arising out of or
in connection with, this Agreement or the transactions contemplated hereby shall be brought in the
United States District Court for the District of Delaware or any Delaware State court sitting in
Delaware, so long as one of such courts shall have subject matter jurisdiction over such suit,
action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to
have arisen from a transaction of business in the State of Delaware, and each of the parties hereby
irrevocably consents to the nonexclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an inconvenient form. Process in
any such suit, action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the foregoing, each party
agrees that service of process on such party as provided in Section 7.05 shall be deemed effective
service of process on such party.

     Section 7.13. Severability. If one or more provisions of this Agreement are held
to be unenforceable to any extent under applicable law or constitute a breach or violation of the
rules or listing requirements of the securities exchange or quotation system on which the Ordinary
Shares are traded, such provision shall be interpreted as if it were written so as to be
enforceable or in compliance with the rules or listing requirements, as applicable, to the maximum
possible extent so as to effectuate the parties’ intent to the maximum possible extent, and the
balance of the Agreement shall be interpreted as if such provision were so excluded or interpreted
and shall be enforceable in accordance with its terms to the maximum extent permitted by law.

     Section 7.14. Recapitalization. If any capital stock or other securities are
issued in respect of, in exchange for, or in substitution of, any Company Securities by reason of
any reorganization, recapitalization, reclassification,

43

 

merger, consolidation, spin-off, partial or
complete liquidation, stock dividend, split-up, sale of assets, distribution to shareholders or
combination of the Company Securities or any other change in capital structure of the Company,
appropriate adjustments shall be made with respect to the relevant provisions of this Agreement so
as fairly and equitably to preserve, as far as practicable, the original rights and obligations of
the parties hereto under this Agreement.

     Section 7.15. Limitations on Subsequent Registration Rights. The Company agrees
that it shall not enter into any agreement without the prior written consent of any Institutional
Shareholder that is a Five Percent Shareholder with any holder or prospective holder of any
securities of the Company (a) that would allow such holder or prospective holder to include such
securities in any Demand Registration or Incidental Registration unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration
only to the extent that their inclusion would not reduce the amount of the Registrable Securities
of the Shareholders included therein or (b) on terms otherwise more favorable than this Agreement.

     Section 7.16. Conflicting Agreements. The Company represents and agrees that it
shall not (i) grant any proxy or enter into or agree to be bound by any voting trust or agreement
with respect to the Company Securities, except as expressly contemplated by this Agreement, (ii)
enter into any agreement or arrangement of any kind with any Person with respect to the Company
Securities inconsistent with the provisions of this Agreement or for the purpose or with the effect
of denying or reducing the rights of any other Shareholder under this Agreement, including
agreements or arrangements with respect to the Transfer or voting of the Company Securities or
(iii) act, for any reason, as a member of a group or in concert with any other Person in connection
with the Transfer or voting of its Company Securities in any manner that is inconsistent with the
provisions of this Agreement.

44

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	SMART MODULAR TECHNOLOGIES (WWH), INC.

 	 	 
	By:  	/s/
Iain MacKenzie	 	 
	 	Name:  	Iain MacKenzie 	 	 
	 	Title:  	Chief Executive Officer and President 	 	 
	 
	T3 II SM, LLC

 	 	 
	By:  	/s/
Gene Frantz	 	 
	 	Name:  	Gene Frantz	 	 
	 	Title:  	Vice President	 	 
	 
	TPG III SM, LLC

 	 	 
	By:  	/s/
Gene Frantz	 	 
	 	Name:  	Gene Frantz	 	 
	 	Title:  	Vice President	 	 
	 
	TPG IV SM, LLC

 	 	 
	By:  	/s/
Gene Frantz	 	 
	 	Name:  	Gene Frantz	 	 
	 	Title:  	Vice President	 	 
	 

 

 

	 	 	 	 	 
	FRANCISCO PARTNERS, L.P. 

By: Francisco GP, LLC, its General Partner

 	 
	By:  	/s/ Dipanjan Deb
 	 
	 	Name:  	Dipanjan Deb 	 
	 	Title:  	Partner 	 
	 
	FRANCISCO PARTNERS FUND A, L.P.

By: Francisco GP, LLC, its General Partner

 	 
	By:  	/s/ Dipanjan Deb
 	 
	 	Name:  	Dipanjan Deb 	 
	 	Title:  	Partner 	 
	 
	FP ANNUAL FUND INVESTORS, LLC

By: Francisco GP, LLC, its General Partner

 	 
	By:  	/s/ Dipanjan Deb
 	 
	 	Name:  	Dipanjan Deb 	 
	 	Title:  	Partner 	 
	 
	SHAH CAPITAL PARTNERS, L.P.

By and on behalf of itself and as nominee for Krishnan Shah Fund, L.P.

By: Shah Management Partners, L.L.C., its General Partner

By: Shah Management, LLC, its Managing Member

 	 
	By:  	/s/ Ajay Shah
 	 
	 	Name:  	Ajay Shah 	 
	 	Title:  	Manager 	 
	 

 

	 	 	 	 	 
	WESTRIVER CAPITAL LLC

By WestRiver Management, LLC

 	 
	By:  	/s/ Erik J. Anderson
 	 
	 	Name:  	Erik J. Anderson 	 
	 	Title:  	Managing Member 	 
	 
	PATEL FAMILY PARTNERS, L.P .

 	 
	By:  	/s/ Mukesh Patel
 	 
	 	Name:  	Mukesh Patel 	 
	 	Title:  	General Partner 	 
	 

 

Schedule I

Shareholder Contact Information

	 	 	 
	Shareholder:	 	Contact Information:
	T3 II SM, LLC
	 	 
	TPG III SM, LLC
	 	 
	TPG IV SM, LLC
	 	 
	Francisco Partners, L.P.
	 	 
	Francisco Partners Fund A, L.P.
	 	 
	FP Annual Fund Investors, LLC
	 	 
	Shah Capital Partners, L.P.
	 	 
	WestRiver Capital LLC
	 	 
	Patel Family Partners, L.P.
	 	 

 

 

EXHIBIT A

JOINDER TO SHAREHOLDERS’ AGREEMENT

     This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the
undersigned (the “Joining Party”) in accordance with the Shareholders’ Agreement dated as of
[                    ], 2006 (the “Shareholders’ Agreement”) among (i) SMART Modular Technologies (WWH), Inc.,
(ii) T3 II SM, LLC (“T3 II”), TPG III SM, LLC (“TPG III”) and TPG IV SM, LLC
(“TPG IV”) (taken together, the “TPG Entities,” and each of the foregoing in this clause (ii), a
"TPG Entity”), (iii) Francisco Partners, L.P. (“FP”), Francisco Partners Fund A, L.P. (“FP Fund A”)
and FP Annual Fund Investors, LLC (“FP Annual Fund”) (taken together, the “FP Entities,” and each
of the foregoing in this clause (iii), an “FP Entity”), (iv) Shah Capital Partners, L.P. (“Shah
Capital”), (v) WestRiver Capital LLC, (vi) Patel Family Partners, L.P. and (vii) such additional
persons as may sign joinder agreements thereto as the same may be amended from time to time.
Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in
the Shareholders’ Agreement.

     The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this
Joinder Agreement, the Joining Party shall be deemed to be a party to the Shareholders’ Agreement
as of the date hereof and shall have all of the rights and obligations of a “Shareholder”
thereunder as if it had executed the Shareholders’ Agreement. The Joining Party hereby ratifies,
as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions
contained in the Shareholders’ Agreement.

     The Joining Party’s Aggregate Ownership is                      Ordinary Shares as of the date written
below.

     IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written
below.

Date:                           , 20     

	 	 	 	 	 
	 	[NAME OF JOINING PARTY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Address for Notices:

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

EXHIBIT B

MATTERS TO BE INCLUDED IN THE COMPANY’S

MONTHLY MANAGEMENT REPORT

	1.	 	The unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of
such month and the related unaudited statement of operations and cash flow for such month, and
for the portion of the fiscal year then ended, in each case prepared in accordance with GAAP,
setting forth in comparative form the figures for the corresponding month and portion of the
previous fiscal year, and the figures for the corresponding month and portion of the then
current fiscal year as in the Company’s annual operating budget.
	 
	2.	 	Projected monthly income statements prepared on the same basis as those specified in Item 1,
including revenue forecasts by customer and expense budget by major expense category, for
periods extending through a minimum of one year from the date of the report.
	 
	3.	 	A summary of realized and projected sales bookings for the most recent month and for periods
extending through a minimum of one year from the date of the report, including
probability-weighted “pipeline” projections of new bookings to the extent that the Company
compiles such data for internal purposes.

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