Document:

Exhibit 10.1 Supplemental Agreement Nos. 49 and 50

    Exhibit
      10.1

    

    

    Supplemental
      Agreement No. 49

    

    to

    

    Purchase
      Agreement No. 1810

    

    between

    

    THE
      BOEING COMPANY

    

    and

    

    SOUTHWEST
      AIRLINES CO.

    

    

    Relating
      to Boeing Model 737-7H4 Aircraft (the Aircraft)

    

    

    

    THIS
      SUPPLEMENTAL AGREEMENT, entered into as of September 29, 2006, by and between
      THE BOEING COMPANY, a Delaware corporation with principal offices in Seattle,
      Washington, (Boeing) and SOUTHWEST AIRLINES CO., a Texas corporation with
      principal offices in Dallas, Texas (Buyer);

    

    WHEREAS,
      the parties hereto entered into Purchase Agreement No. 1810 dated January 19,
      1994, relating to Boeing Model 737-7H4 aircraft (the Agreement)
      and;

     

        WHEREAS,
      Buyer has agreed to exercise one (1) January 2008 Option Aircraft as Block
      T-W-2
      Aircraft and; 

    

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

    

    1.    The
      Table
      of Contents of the Agreement is deleted in its entirety and a new Table of
      Contents is attached hereto and incorporated into the Agreement by this
      reference.

    

    2.     Table
      1
      is deleted in its entirety and replaced by a

    new
      Table
      1 which is attached hereto and is incorporated into the Agreement by this
      reference.

    

    ***Pursuant
      to 17 CFR 240.24b-2, confidential information has been omitted and has been
      filed separately with the Securities and Exchange Commission pursuant to a
      Confidential Treatment Application filed with the
      Commission.

    

    

    3.     Table
      2
      is deleted in its entirety and replaced by a new
      Table
      2 which is attached hereto and is incorporated into
      the
      Agreement by this reference.

    

    4.     Attachment
      A to Letter Agreement No. 6-1162-JMG-669R7 entitled “Special Matters” is deleted
      in its entirety and replaced with new Attachment A to Agreement No.
      6-1162-JMG-669R7 entitled “Special Matters” attached hereto and is hereby
      incorporated into the Agreement by this reference.

     

    

    5.     All
      references in the Letter Agreements associated with Purchase Agreement No.
      1810
      shall be deemed to refer to the purchase by Buyer of three hundred seventy-one
      (371) Model 737-7H4 Aircraft, one hundred fifteen (115) Model 737-7H4 Option
      Aircraft and fifty-four (54) Model 737-7H4 Purchase Right Aircraft, to the
      extent such reference is not specifically addressed herein.

    

    6.     The
      Advance Payment due upon signing assuming execution of this Supplemental
      Agreement on or before September 29, 2006 is:

     

                   
      ***for
      one
      (1) January 2006 Block T-W-2 Aircraft

    

    Buyer
      will pay the ***
      directly
      to Boeing on or before Friday, September 29, 2006.

    

    The
      Agreement will be deemed to be supplemented to the extent herein provided and
      as
      so supplemented will continue in full force and effect.

    

    EXECUTED
      IN DUPLICATE as of the day and year first above written.

    

    
      	
              THE
                BOEING COMPANY

            	
              SOUTHWEST
                AIRLINES CO.

            	 
	 	 	 
	 	 	 
	 	 	 
	
              By:
                /s/
                Shinko Wiles

            	
              By:
                /s/
                Laura Wright

            	 
	 	 	 
	
              Its:
                Attorney-In-Fact

            	
              Its:SVP
                Finance & CFO

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    TABLE
      OF
      CONTENTS

    

    

    
      	 	 	
              Page

            	
              SA

            
	 	 	
              Number

            	
              Number

            
	 	 	 	 
	
              ARTICLES

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              1.

            	
              Subject
                Matter of Sale

            	
              1-1

            	
              SA-13

            
	 	 	 	 
	
              2.

            	
              Delivery,
                Title and Risk of Loss

            	
               

              2-1

            	
               

              SA-28

            
	 	 	 	 
	
              3.

            	
              Price
                of Aircraft

            	
              3-1

            	
              SA-47

            
	 	 	 	 
	
              4.

            	
              Taxes

            	
              4-1

            	 
	 	 	 	 
	
              5.

            	
              Payment

            	
              5-1

            	 
	 	 	 	 
	
              6.

            	
              Excusable
                Delay

            	
              6-1

            	 
	 	 	 	 
	
              7.

            	
              Changes
                to the Detail 

            	 	 
	 	
              Specification

            	
              7-1

            	
              SA-1

            
	 	 	 	 
	
              8.

            	
              Federal
                Aviation Requirements and Certificates and Export

            	 	 
	 	
              License

            	
              8-1

            	 
	 	 	 	 
	
              9.

            	
              Representatives,
                Inspection,

            	 	 
	 	
              Flights
                and Test Data

            	
              9-1

            	 
	 	 	 	 
	
              10.

            	
              Assignment,
                Resale or Lease

            	
              10-1

            	 
	 	 	 	 
	
              11.

            	
              Termination
                for Certain Events

            	
              11-1

            	 
	 	 	 	 
	
              12.

            	
              Product
                Assurance; Disclaimer and Release; Exclusion of

            	 	 
	 	
              Liabilities;
                Customer Support;

            	 	 
	 	
              Indemnification
                and Insurance

            	
              12-1

            	 
	 	 	 	 
	 	 	 	 
	
              13.

            	
              Buyer
                Furnished Equipment and

            	 	 
	 	
              Spare
                Parts

            	
              13-1

            	 
	 	 	 	 
	
              14.

            	
              Contractual
                Notices and Requests

            	
               

              14-1

            	 
	 	 	 	 
	
              15.

            	
              Miscellaneous

            	
              15-1

            	 

    

    

    

    TABLE
      OF
      CONTENTS CON'T

    

    
      	 	 	 	 
	 	 	
              SA

            	 
	 	 	
              Number

            	 
	 	 	 	 
	
              TABLE

            	 	 	 
	 	 	 	 
	
              1.

            	
              Aircraft
                Information Table

            	
              SA-49

            	 
	 	 	 	 
	
              2.

            	
              Option
                Aircraft Information Table

            	
              SA-49

            	 

    

    

    
      	
              EXHIBITS

            	 

    

    

    

    
      	
               

              A

               

            	
               

              Aircraft
                Configuration

               

            	
               

              SA-47

               

            	 
	 	 	 	 
	
               

              B

               

            	
               

              Product
                Assurance Document

               

            	
               

              SA-1

               

            	 
	 	 	 	 
	
              C

            	
              Customer
                Support Document

            	 	 
	 	 	 	 
	
              D

               

            	
              Price
                Adjustments Due to

               

            	 	 
	 	
              Economic
                Fluctuations - Aircraft

               

            	 	 
	 	 	 	 
	
              E

            	
              Buyer
                Furnished Equipment

            	 	 
	 	
              Provisions
                Document

            	 	 
	 	 	 	 
	
              F

            	
              Defined
                Terms Document

            	 	 

    

    

     

    

    

    LETTER
      AGREEMENTS

    

    

    
      	
              1810-1

            	
              Waiver
                of Aircraft Demonstration Flight

            	 

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS CON'T

    

    
      	 	 	
              SA

            
	 	 	
              Number

            
	
              RESTRICTED
                LETTER AGREEMENTS

            	 	 
	 	 	 
	 	 	 
	
              6-1162-RLL-932R2

            	
              Promotional
                Support

            	
              SA-13

            
	 	 	 
	
              6-1162-RLL-933R20

            	
              ***

            	
              SA-47

            
	 	 	 
	
              6-1162-RLL-934R3

            	
              Disclosure
                of Confidential

            	
              SA-14

            
	 	
              Information

            	 
	 	 	 
	
              6-1162-RLL-935R1

            	
              Performance
                Guarantees

            	
              SA-1

            
	 	 	 
	
              6-1162-NIW-890

            	
              ***
                

            	
              SA-39

            
	 	 	 
	 	 	 
	
              6-1162-RLL-936R4

            	
              Certain
                Contractual Matters

            	
              SA-4

            
	 	 	 
	
              6-1162-RLL-937

            	
              Alternate
                Advance Payment Schedule

            	 
	 	 	 
	
              6-1162-RLL-938

            	
              *** 

            	 
	 	 	 
	
              6-1162-RLL-939R1

            	
              Certification
                Flight Test Aircraft

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-940R1

            	
              Training
                Matters

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-941R2

            	
              Other
                Matters

            	
              SA-13

            
	 	 	 
	
              6-1162-RLL-942

            	
              Open
                Configuration Matters

            	 
	 	 	 
	
              6-1162-RLL-943R1

            	
              Substitution
                Rights

            	
              SA-6

            
	 	 	 
	
              6-1162-RLL-944

            	
              Airframe
                Maintenance Material Cost

            	 
	 	
              Protection
                Program

            	 
	 	 	 
	
              6-1162-RLL-945

            	
              Comparison
                of 737-7H4 and 737-3H4

            	 
	 	
              Block
                Fuel Burn

            	 
	 	 	 
	
              6-1162-RLL-1855R3

            	
              Additional
                Contractual Matters

            	
              SA-4

            
	 	 	 
	
              6-1162-RLL-1856

            	
              ***
                

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-1857

            	
              Service
                Ready Validation Program

            	
              SA-1

            
	 	
              Field
                Test

            	 
	 	 	 
	
              6-1162-RLL-1858R1

            	
              Escalation
                Matters

            	
              SA-4

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS CON'T

    

    

    
      	 	 	
              SA

            
	 	 	
              Number

            
	
              RESTRICTED
                LETTER AGREEMENTS

            	 	 
	 	 	 
	 	 	 
	
              6-1162-RLL-2036

            	
              Amortization
                of Costs for

            	 
	 	
              Customer
                Unique Changes

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-2037

            	
              Reconciliation
                of the Aircraft

            	
              SA-1

            
	 	
              Basic
                Price

            	 
	 	 	 
	
              6-1162-RLL-2073

            	
              Maintenance
                Training Matters

            	
              SA-1

            
	 	 	 
	
              6-1162-KJJ-054R1

            	
              Business
                Matters

            	 
	 	 	 
	
              6-1162-KJJ-055R1

            	
              Structural
                Matters

            	
              SA-25

            
	 	 	 
	
              6-1162-KJJ-056

            	
              Noise
                and Emission Matters

            	
              SA-13

            
	 	 	 
	
              6-1162-KJJ-057

            	
              Product
                Development Matters

            	
              SA-13

            
	 	 	 
	
              6-1162-KJJ-058

            	
              Additional
                Substitution Rights

            	
              SA-13

            
	 	 	 
	
              6-1162-KJJ-150

            	
              Flight
                Control Computer & Mode

            	
              SA-14

            
	 	
              Control
                Panel Spares Matter

            	 
	 	 	 
	
              6-1162-MSA-185R3
                

            	
              Delivery
                Change Contractual

            	
              SA-21

            
	 	
              Matters

            	 
	 	 	 
	
              6-1162-JMG-669R7
                

            	
              ***
                

            	
              SA-47

            
	 	 	
              SA-49

            
	 	 	 
	
              6-1162-JMG-747R1

            	
               

            	
              SA-36
                

            
	 	 	 
	
              6-1162-CHL-217

            	
              Rescheduled
                Flight Test Aircraft

            	
              SA-32
                

            
	 	 	 
	 	 	 
	
              6-1162-NIW-606R1

            	
              ***

            	
              SA-36

            
	 	 	 
	
              6-1162-NIW-640

            	
              Early
                Delivery of Two April 2004 Aircraft

            	
              SA-35

            
	 	 	 
	 	 	 
	
              6-1162-NIW-889

            	
              Warranty
                - Exterior Color Schemes and Markings for YA143

            	
              SA-39

            
	 	
              and
                on

            	 
	 	 	 
	
              6-1162-NIW-1142

            	
              ***

            	
              SA-43

            
	 	 	 
	 	 	 
	
              6-1162-NIW-1369

            	
              ***
                

            	
              SA-46
                

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      1 to

    Purchase
      Agreement No. 1810

    Aircraft
      Information Table

    

    
      	 	 	
              Base
                Aircraft Price

            	
              Special
                Features

            	
              Aircraft
                Basic Price

            	
              Base
                Year Dollars

            
	
              Block
                A, B, C, D & E Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                F & G Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                H Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                I Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                J Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                K Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                K-W Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                L Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                T Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              Block
                T-W Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              Block
                T-W-1 / T-W-1a Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              Block
                T-W-2 / T-W-2a Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	 	 	 	 	 	 
	
              Block
                K-W Aircraft: Block K airplanes with production winglets
                installation

            	 	 
	
              Block
                T-W Aircraft: Block T airplanes with production winglets
                installation

            	 	 
	
              Block
                T-W-1 / T-W-1a Aircraft: Firm Aircraft contracted to deliver from
                May 1,
                2006 through June 2008 at the signing

            
	
              of
                SA-47 -- (T-W-1a Aircraft -- Advance Payment Schedule per LA
                6-1162-JGM-669)

            	 	 
	
              Block
                T-W-2 / T-W-2a Aircraft: U-W-1 Option Aircraft which becomes Firm
                Aircraft
                after signing of SA-47 and 

            	 
	
              Firm
                Aircaft contracted to deliver in July 2008 and on at the signing
                of SA47
                -- 

            	 	 
	
              (T-W-2a
                Aircraft -- Advance Payment Schedule per LA
                6-1162-JGM-669)

            	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      1 to

    Purchase
      Agreement No. 1810

    Aircraft
      Information Table

    

    
      	
               

            	
               

            	
               

            	
              Escalation
                Estimate

            	
               

            
	
              Delivery

            	
              Number
                of 

            	
              Aircraft

            	
              Adv
                Payment Base

            	
               

            
	
              Date

            	
              Aircraft

            	
              Block

            	
              Price
                Per A/P

            	
              Serial
                Number

            
	
              Dec-2000

            	
              2

            	
              E

            	
              ***

            	
               

            
	
              Jan-2001

            	
              1

            	
              E

            	
              ***

            	
               

            
	
              Feb-2001

            	
              1

            	
              E

            	
              ***

            	
               

            
	
              Mar-2001

            	
              2

            	
              E

            	
              ***

            	
               

            
	
              Jun-2001

            	
              3

            	
              E

            	
              ***

            	
               

            
	
              Sep-2001

            	
              3

            	
              E

            	
              ***

            	
               

            
	
              Oct-1998

            	
              1

            	
              F

            	
              ***

            	
               

            
	
              Nov-1998

            	
              2

            	
              F

            	
              ***

            	
               

            
	
              Dec-1998

            	
              2

            	
              F

            	
              ***

            	
               

            
	
              Mar-1999

            	
              2

            	
              G

            	
              ***

            	
               

            
	
              Jun-1999

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Jul-1999

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Aug-1999

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Sep-1999

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Oct-1999

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Mar-2000

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Apr-2000

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Sep-2000

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Oct-2000

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Mar-2001

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Apr-2001

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Oct-2001

            	
              3

            	
              H

            	
              ***

            	
               

            
	
              Nov-2001

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              Dec-2001

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Jan-2002

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Mar-2002

            	
              4

            	
              I

            	
              ***

            	
               

            
	
              Apr-2002

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              Dec-2002

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              May-2003

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Jun-2003

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              Jul-2003

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Aug-2003

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Sep-2003

            	
              3

            	
              I

            	
              ***

            	
               

            
	
              Nov-2002

            	
              1

            	
              J

            	
              ***

            	
               

            
	
              Dec-2002

            	
              1

            	
              J

            	
              ***

            	
               

            
	
              Nov-2003

            	
              2

            	
              J

            	
              ***

            	
               

            
	
              Dec-2003

            	
              2

            	
              J

            	
              ***

            	
               

            
	
              Mar-2004

            	
              1

            	
              J

            	
              ***

            	
               

            
	
              Mar-2004

            	
              1

            	
              K

            	
              ***

            	
               

            
	
              Apr-2004

            	
              3

            	
              K

            	
              ***

            	
               

            
	
              May-2004

            	
              1

            	
              K

            	
              ***

            	
               

            
	
              Jun-2004

            	
              2

            	
              K

            	
              ***

            	
               

            
	
              Jul-2004

            	
              2

            	
              K

            	
              ***

            	
               

            
	
              Sep-2004

            	
              1

            	
              K-W

            	
              ***

            	
               

            
	
              Oct-2004

            	
              4

            	
              K-W

            	
              ***

            	
               

            
	
              Oct-1999

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Nov-1999

            	
              2

            	
              L

            	
              ***

            	
               

            
	
              Dec-1999

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Jun-2000

            	
              3

            	
              L

            	
              ***

            	
               

            
	
              Jul-2000

            	
              3

            	
              L

            	
              ***

            	
               

            
	
              Sep-2000

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Oct-2000

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Nov-2000

            	
              4

            	
              L

            	
              ***

            	
               

            
	
              Dec-2000

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Jan-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Feb-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Jul-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Sep-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Oct-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Mar-2003

            	
              2

            	
              L

            	
              ***

            	
               

            
	
              Jul-2003

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Aug-2003

            	
              2

            	
              L

            	
              ***

            	
               

            
	
              Nov-2001

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Feb-2002

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Jan-2004

            	
              2

            	
              T

            	
              ***

            	
               

            
	
              Feb-2004

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Apr-2004

            	
              3

            	
              T

            	
              ***

            	
               

            
	
              May-2004

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Jun-2004

            	
              6

            	
              T

            	
              ***

            	
               

            
	
              Jul-2004

            	
              2

            	
              T

            	
              ***

            	
               

            
	
              Aug-2004

            	
              6

            	
              T-W

            	
              ***

            	
               

            
	
              Sep-2004

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Oct-2004

            	
              0

            	
              T-W

            	
              ***

            	
               

            
	
              Nov-2004

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Dec-2004

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Jan-2005

            	
              5

            	
              T-W

            	
              ***

            	
               

            
	
              Feb-2005

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Mar-2005

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Apr-2005

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              May-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Jun-2005

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Jul-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Aug-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Sep-2005

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Oct-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Nov-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Dec-2005

            	
              1

            	
              T-W

            	
              ***

            	
               

            
	
              Jan-2006

            	
              1

            	
              T-W

            	
              ***

            	
               

            
	
              Feb-2006

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Mar-2006

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Apr-2006

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              May-2006

            	
              5

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jun-2006

            	
              5

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jul-2006

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Aug-2006

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Sep-2006

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Oct-2006

            	
              1

            	
              T-W-1

            	
              ***

            	
               

            
	
              Nov-2006

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Dec-2006

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jan-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Feb-2007

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Mar-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Apr-2007

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              May-2007

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jun-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jun-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jul-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Jul-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Aug-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Aug-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Sep-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Sep-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Oct-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Oct-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Nov-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Nov-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Dec-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Dec-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jan-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Jan-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jan-2008

            	
              1

            	
              T-W-2

            	
              ***

            	
              ***

            
	
              Feb-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Feb-2008

            	
              3

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Mar-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Mar-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Apr-2008

            	
              1

            	
              T-W-1

            	
              ***

            	
               

            
	
              Apr-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              May-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              May-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jun-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Jun-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jul-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Aug-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Sep-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Oct-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Nov-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Dec-2008

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jan-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Feb-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Mar-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Apr-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              May-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jun-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jul-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Aug-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Sep-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Oct-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Nov-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Dec-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jan-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Feb-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Mar-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Apr-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              May-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jun-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jul-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Aug-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Sep-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Oct-2010

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jan-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Feb-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Mar-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Apr-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              May-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jun-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jul-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Aug-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Sep-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Oct-2011

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jan-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Feb-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Mar-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Apr-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              May-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jun-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jul-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Aug-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Sep-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Oct-2012

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      2 to Purchase Agreement No. 1810

    (Letter
      Agreement No. 6-1162-RLL-933R19)

    Option
      Aircraft Information Table

    

    

    
      	
              Price
                Description of Option Aircraft:

            	 	 	 
	 	 	
              Base
                Aircraft Price

            	
              Special
                Features

            	
              Aircraft
                Basic Price

            	
              Base
                Year Dollars

            
	
              Block
                U Option Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              (without
                Winglets)

            	 	 	 	 
	
              Block
                U-W Option Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              (with
                Winglets)

            	 	 	 	 
	
              Block
                U-W-1 Option Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              Delivery
                of Purchase
                Right
                Aircraft: 

            	
              Quantity

            	
              54

            	
               

            
	
              Delivery
                Period of Purchase
                Right
                Aircraft: 

            	
              Complete
                delivery not later than Dec. 31, 2014

            
	
              Condition
                of Offer for Purchase
                Right
                Aircraft: 

            	
              Subject
                to Available Position

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              Remaining
                Option Aircraft:

            	 	
              115

            	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      2 to Purchase Agreement No. 1810

    (Letter
      Agreement No. 6-1162-RLL-933R19)

    Option
      Aircraft Information Table

    

    

    
      	
              Aircraft

            	
              Number
                of 

            	
              Option

            	
              Adv
                Payment Base

            	
               

            
	
              Delivery

            	
              Option

            	
              Aircraft

            	
              Price
                Per

            	
               

            
	
              Mo.
                & Yr.

            	
              Aircraft

            	
              Block

            	
              Option
                Aircraft

            	
              Option
                Exercise

            
	
              Jan-2008

            	
              1

            	
              U-W-1

            	
              ***

            	
              September
                1, 2006

            
	
              Mar-2008

            	
              1

            	
              U-W-1

            	
              ***

            	
              November
                1, 2006

            
	
              Jul-2008

            	
              2

            	
              U-W-1

            	
              ***

            	
              March
                1, 2007

            
	
              Aug-2008

            	
              1

            	
              U-W-1

            	
              ***

            	
              April
                2, 2007

            
	
              Dec-2008

            	
              1

            	
              U-W-1

            	
              ***

            	
              August
                1, 2007

            
	
              Jan-2009

            	
              3

            	
              U-W-1

            	
              ***

            	
              September
                3, 2007

            
	
              Mar-2009

            	
              3

            	
              U-W-1

            	
              ***

            	
              November
                1, 2007

            
	
              Apr-2009

            	
              2

            	
              U-W-1

            	
              ***

            	
              December
                3, 2007

            
	
              May-2009

            	
              1

            	
              U-W-1

            	
              ***

            	
              January
                1, 2008

            
	
              Jun-2009

            	
              1

            	
              U-W-1

            	
              ***

            	
              February
                1, 2008

            
	
              Jul-2009

            	
              2

            	
              U-W-1

            	
              ***

            	
              March
                3, 2008

            
	
              Aug-2009

            	
              2

            	
              U-W-1

            	
              ***

            	
              April
                1, 2008

            
	
              Sep-2009

            	
              1

            	
              U-W-1

            	
              ***

            	
              May
                1, 2008

            
	
              Oct-2009

            	
              1

            	
              U-W-1

            	
              ***

            	
              June
                2, 2008

            
	
              Nov-2009

            	
              1

            	
              U-W-1

            	
              ***

            	
              July
                1, 2008

            
	
              Dec-2009

            	
              1

            	
              U-W-1

            	
              ***

            	
              August
                1, 2008

            
	
              Jan-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              September
                1, 2008

            
	
              Feb-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              October
                1, 2008

            
	
              Mar-2010

            	
              2

            	
              U-W-1

            	
              ***

            	
              November
                3, 2008

            
	
              Apr-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              December
                1, 2008

            
	
              May-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              January
                1, 2009

            
	
              Jun-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              February
                2, 2009

            
	
              Jul-2010

            	
              2

            	
              U-W-1

            	
              ***

            	
              March
                2, 2009

            
	
              Aug-2010

            	
              2

            	
              U-W-1

            	
              ***

            	
              April
                1, 2009

            
	
              Sep-2010

            	
              2

            	
              U-W-1

            	
              ***

            	
              May
                1, 2009

            
	
              Oct-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              June
                1, 2009

            
	
              Nov-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              July
                1, 2009

            
	
              Dec-2010

            	
              3

            	
              U-W-1

            	
              ***

            	
              August
                3, 2009

            
	
              Jan-2011

            	
              3

            	
              U-W-1

            	
              ***

            	
              September
                1, 2009

            
	
              Feb-2011

            	
              3

            	
              U-W-1

            	
              ***

            	
              October
                1, 2009

            
	
              Mar-2011

            	
              2

            	
              U-W-1

            	
              ***

            	
              November
                2, 2009

            
	
              Apr-2011

            	
              3

            	
              U-W-1

            	
              ***

            	
              December
                1, 2009

            
	
              May-2011

            	
              3

            	
              U-W-1

            	
              ***

            	
              January
                1, 2010

            
	
              Jun-2011

            	
              3

            	
              U-W-1

            	
              ***

            	
              February
                1, 2010

            
	
              Jul-2011

            	
              2

            	
              U-W-1

            	
              ***

            	
              March
                1, 2010

            
	
              Aug-2011

            	
              2

            	
              U-W-1

            	
              ***

            	
              April
                1, 2010

            
	
              Sep-2011

            	
              2

            	
              U-W-1

            	
              ***

            	
              May
                3, 2010

            
	
              Oct-2011

            	
              2

            	
              U-W-1

            	
              ***

            	
              June
                1, 2010

            
	
              Nov-2011

            	
              3

            	
              U-W-1

            	
              ***

            	
              July
                1, 2010

            
	
              Dec-2011

            	
              2

            	
              U-W-1

            	
              ***

            	
              August
                2, 2010

            
	
              Jan-2012

            	
              3

            	
              U-W-1

            	
              ***

            	
              September
                1, 2010

            
	
              Feb-2012

            	
              3

            	
              U-W-1

            	
              ***

            	
              October
                1, 2010

            
	
              Mar-2012

            	
              2

            	
              U-W-1

            	
              ***

            	
              November
                1, 2010

            
	
              Apr-2012

            	
              3

            	
              U-W-1

            	
              ***

            	
              December
                1, 2010

            
	
              May-2012

            	
              3

            	
              U-W-1

            	
              ***

            	
              January
                3, 2011

            
	
              Jun-2012

            	
              3

            	
              U-W-1

            	
              ***

            	
              February
                1, 2011

            
	
              Jul-2012

            	
              2

            	
              U-W-1

            	
              ***

            	
              March
                1, 2011

            
	
              Aug-2012

            	
              2

            	
              U-W-1

            	
              ***

            	
              April
                1, 2011

            
	
              Sep-2012

            	
              2

            	
              U-W-1

            	
              ***

            	
              May
                2, 2011

            
	
              Oct-2012

            	
              2

            	
              U-W-1

            	
              ***

            	
              June
                1, 2011

            
	
              Nov-2012

            	
              3

            	
              U-W-1

            	
              ***

            	
              July
                1, 2011

            
	
              Dec-2012

            	
              2

            	
              U-W-1

            	
              ***

            	
              August
                1, 2011

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ***

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Supplemental
      Agreement No. 50

    

    to

    

    Purchase
      Agreement No. 1810

    

    between

    

    THE
      BOEING COMPANY

    

    and

    

    SOUTHWEST
      AIRLINES CO.

    

    

    Relating
      to Boeing Model 737-7H4 Aircraft (the Aircraft)

    

    

    

    THIS
      SUPPLEMENTAL AGREEMENT, entered into as of October 18, 2006, by and between
      THE
      BOEING COMPANY, a Delaware corporation with principal offices in Seattle,
      Washington, (Boeing) and SOUTHWEST AIRLINES CO., a Texas corporation with
      principal offices in Dallas, Texas (Buyer);

    

    WHEREAS,
      the parties hereto entered into Purchase Agreement No. 1810 dated January 19,
      1994, relating to Boeing Model 737-7H4 aircraft (the Agreement)
      and;

     

                   
      WHEREAS, Boeing Requested and Buyer agreed to accelerate delivery of Block
      T-W-2a Aircraft, one (1) August 2008 Aircraft bearing Manufactures Serial Number
      36632 and one (1) September 2008 Aircraft bearing Manufactures Serial Number
      36633 to August 2007 as Block T-W-1a Aircraft and; 

    

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

    

    1.   
The
      Table
      of Contents of the Agreement is deleted in its entirety and a new Table of
      Contents is attached hereto and incorporated into the Agreement by this
      reference.

    

    ***Pursuant
      to 17 CFR 240.24b-2, confidential information has been omitted and has been
      filed separately with the Securities and Exchange Commission pursuant to a
      Confidential Treatment Application filed with the
      Commission.

    

    

    

    

    2.     Table
      1
      is deleted in its entirety and replaced by a

    new
      Table
      1 which is attached hereto and is incorporated into the Agreement by this
      reference.

    

    3.     Attachment
      A to Letter Agreement No. 6-1162-JMG-669R7 entitled “Special Matters” is deleted
      in its entirety and replaced with new Attachment A to Agreement No.
      6-1162-JMG-669R7 entitled “Special Matters” attached hereto and is hereby
      incorporated into the Agreement by this reference.

     

    

    4.     All
      references in the Letter Agreements associated with Purchase Agreement No.
      1810
      shall be deemed to refer to the purchase by Buyer of three hundred seventy-one
      (371) Model 737-7H4 Aircraft, one hundred fifteen (115) Model 737-7H4 Option
      Aircraft and fifty-four (54) Model 737-7H4 Purchase Right Aircraft, to the
      extent such reference is not specifically addressed herein.

    

    5.     
      The
      Advance Payment due upon signing assuming execution of this Supplemental
      Agreement on or before October 18, 2006 is:

    

    ***
      for
      Advance Payment due relating to acceleration of one (1) August 2008 Aircraft
      to
      August 2007 as Block T-W-1a Aircraft

    

    ***
      for
      Advance Payment due relating to acceleration of one (1) September 2008 Aircraft
      to August 2007 as Block T-W-1a Aircraft

    

    Buyer
      will pay the ***
      directly
      to Boeing on or before October 18, 2006.

    

    The
      Agreement will be deemed to be supplemented to the extent herein provided and
      as
      so supplemented will continue in full force and effect.

    

    EXECUTED
      IN DUPLICATE as of the day and year first above written.

    

     

    
      	
              THE
                BOEING COMPANY

            	
              SOUTHWEST
                AIRLINES CO.

            	 
	 	 	 
	 	 	 
	 	 	 
	
              By:
                /s/
                Shinko Wiles

            	
              By:
                /s/
                Laura Wright

            	 
	 	 	 
	
              Its:
                Attorney-In-Fact

            	
              Its:
                SVP Finance & CFO

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    TABLE
      OF
      CONTENTS

    

    

    
      	 	 	
              Page

            	
              SA

            
	 	 	
              Number

            	
              Number

            
	 	 	 	 
	
              ARTICLES

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              1.

            	
              Subject
                Matter of Sale

            	
              1-1

            	
              SA-13

            
	 	 	 	 
	
              2.

            	
              Delivery,
                Title and Risk

            	 	 
	 	
              of
                Loss

            	
              2-1

            	
              SA-28

            
	 	 	 	 
	
              3.

            	
              Price
                of Aircraft

            	
              3-1

            	
              SA-47

            
	 	 	 	 
	
              4.

            	
              Taxes

            	
              4-1

            	 
	 	 	 	 
	
              5.

            	
              Payment

            	
              5-1

            	 
	 	 	 	 
	
              6.

            	
              Excusable
                Delay

            	
              6-1

            	 
	 	 	 	 
	
              7.

            	
              Changes
                to the Detail

            	 	 
	 	
              Specification

            	
              7-1

            	
              SA-1

            
	 	 	 	 
	
              8.

            	
              Federal
                Aviation Requirements and Certificates and Export

            	 	 
	 	
              License

            	
              8-1

            	 
	 	 	 	 
	
              9.

            	
              Representatives,
                Inspection,

            	 	 
	 	
              Flights
                and Test Data

            	
              9-1

            	 
	 	 	 	 
	
              10.

            	
              Assignment,
                Resale or Lease

            	
              10-1

            	 
	 	 	 	 
	
              11.

            	
              Termination
                for Certain Events

            	
              11-1

            	 
	 	 	 	 
	
              12.

            	
              Product
                Assurance; Disclaimer and Release; Exclusion of

            	 	 
	 	
              Liabilities;
                Customer Support;

            	 	 
	 	
              Indemnification
                and Insurance

            	
              12-1

            	 
	 	 	 	 
	 	 	 	 
	
              13.

            	
              Buyer
                Furnished Equipment and

            	 	 
	 	
              Spare
                Parts

            	
              13-1

            	 
	 	 	 	 
	
              14.

            	
              Contractual
                Notices and Requests

            	
               

              14-1

            	 
	 	 	 	 
	
              15.

            	
              Miscellaneous

            	
              15-1

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS CON'T

    

    

    
      	 	 	
              SA

            
	 	 	
              Number

            
	 	 	 
	
              TABLE

            	 	 
	 	 	 
	
              1.

            	
              Aircraft
                Information Table

            	
              SA-50

            
	 	 	 
	
              2.

            	
              Option
                Aircraft Information Table

            	
              SA-49

            

    

    

    EXHIBITS

    

    

    
      	
               

              A

               

            	
               

              Aircraft
                Configuration

               

            	 	
               

              SA-47

               

            
	 	 	 	 
	
               

              B

               

            	
               

              Product
                Assurance Document

               

            	 	
               

              SA-1

               

            
	 	 	 	 
	
              C

            	
              Customer
                Support Document

            	 	 
	 	 	 	 
	
              D

               

            	
              Price
                Adjustments Due to Economic

               

            	 	 
	 	
              Fluctuations
                - Aircraft

               

            	 	 
	 	 	 	 
	
              E

            	
              Buyer
                Furnished Equipment

            	 	 
	 	
              Provisions
                Document

            	 	 
	 	 	 	 
	
              F

            	
              Defined
                Terms Document

            	 	 

    

    

     

    

    

    LETTER
      AGREEMENTS

    

    

    
      	
              1810-1

            	
              Waiver
                of Aircraft Demonstration Flight

            	 	 

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS CON'T

    

    
      	 	 	
              SA

            
	 	 	
              Number

            
	
              RESTRICTED
                LETTER AGREEMENTS

            	 	 
	 	 	 
	 	 	 
	
              6-1162-RLL-932R2

            	
              Promotional
                Support

            	
              SA-13

            
	 	 	 
	
              6-1162-RLL-933R20

            	
              ***
                

            	
              SA-47

            
	 	 	 
	
              6-1162-RLL-934R3

            	
              Disclosure
                of Confidential

            	
              SA-14

            
	 	
              Information

            	 
	 	 	 
	
              6-1162-RLL-935R1

            	
              Performance
                Guarantees

            	
              SA-1

            
	 	 	 
	
              6-1162-NIW-890

            	
              ***
                 

            	
              SA-39

            
	
              6-1162-RLL-936R4

            	
              Certain
                Contractual Matters

            	
              SA-4

            
	 	 	 
	
              6-1162-RLL-937

            	
              Alternate
                Advance Payment Schedule

            	 
	 	 	 
	
              6-1162-RLL-938

            	
              ***
                

            	 
	 	 	 
	
              6-1162-RLL-939R1

            	
              Certification
                Flight Test Aircraft

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-940R1

            	
              Training
                Matters

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-941R2

            	
              Other
                Matters

            	
              SA-13

            
	 	 	 
	
              6-1162-RLL-942

            	
              Open
                Configuration Matters

            	 
	 	 	 
	
              6-1162-RLL-943R1

            	
              Substitution
                Rights

            	
              SA-6

            
	 	 	 
	
              6-1162-RLL-944

            	
              Airframe
                Maintenance Material Cost

            	 
	 	
              Protection
                Program

            	 
	 	 	 
	
              6-1162-RLL-945

            	
              Comparison
                of 737-7H4 and 737-3H4

            	 
	 	
              Block
                Fuel Burn

            	 
	 	 	 
	
              6-1162-RLL-1855R3

            	
              Additional
                Contractual Matters

            	
              SA-4

            
	 	 	 
	
              6-1162-RLL-1856

            	
              ***
                

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-1857

            	
              Service
                Ready Validation Program

            	
              SA-1

            
	 	
              Field
                Test

            	 
	 	 	 
	
              6-1162-RLL-1858R1

            	
              Escalation
                Matters

            	
              SA-4

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS CON'T

    

    

    
      	 	 	
              SA

            
	 	 	
              Number

            
	
              RESTRICTED
                LETTER AGREEMENTS

            	 	 
	 	 	 
	 	 	 
	
              6-1162-RLL-2036

            	
              Amortization
                of Costs for

            	 
	 	
              Customer
                Unique Changes

            	
              SA-1

            
	 	 	 
	
              6-1162-RLL-2037

            	
              Reconciliation
                of the Aircraft

            	 
	 	
              Basic
                Price

            	 
	 	 	 
	
              6-1162-RLL-2073

            	
              Maintenance
                Training Matters

            	
              SA-1

            
	 	 	 
	
              6-1162-KJJ-054R1

            	
              Business
                Matters

            	 
	 	 	 
	
              6-1162-KJJ-055R1

            	
              Structural
                Matters

            	
              SA-25

            
	 	 	 
	
              6-1162-KJJ-056

            	
              Noise
                and Emission Matters

            	
              SA-13

            
	 	 	 
	
              6-1162-KJJ-057

            	
              Product
                Development Matters

            	
              SA-13

            
	 	 	 
	
              6-1162-KJJ-058

            	
              Additional
                Substitution Rights

            	
              SA-13

            
	 	 	 
	
              6-1162-KJJ-150

            	
              Flight
                Control Computer & Mode

            	
              SA-14

            
	 	
              Control
                Panel Spares Matter

            	 
	 	 	 
	
              6-1162-MSA-185R3
                

            	
              Delivery
                Change Contractual 

            	
              SA-21

            
	 	
              Matters

            	 
	 	 	 
	
              6-1162-JMG-669R7
                

            	
              ***
                

            	
              SA-47

            
	 	 	
              SA-50

            
	 	 	 
	
              6-1162-JMG-747R1

            	
              ***
                

            	
              SA-36
                

            
	 	 	 
	
              6-1162-CHL-217

            	
              Rescheduled
                Flight Test Aircraft

            	
              SA-32
                

            
	 	 	 
	
              6-1162-NIW-606R1

            	
              ***
                

            	
              SA-36

            
	 	 	 
	
              6-1162-NIW-640

            	
              Early
                Delivery of Two April 2004

            	
              SA-35

            
	 	
              Aircraft

            	 
	 	 	 
	
              6-1162-NIW-889

            	
              Warranty
                - Exterior Color Schemes

            	
              SA-39

            
	 	
              and
                Markings for YA143 and on

            	 
	 	 	 
	
              6-1162-NIW-1142

            	
              ***

            	
              SA-43

            
	 	 	 
	 	 	 
	
              6-1162-NIW-1369

            	
              ***

            	
              SA-46
                

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      1 to

    Purchase
      Agreement No. 1810

    Aircraft
      Information Table

    

    
      	 	 	
              Base
                Aircraft Price

            	
              Special
                Features

            	
              Aircraft
                Basic Price

            	
              Base
                Year Dollars

            
	
              Block
                A, B, C, D & E Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                F & G Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                H Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                I Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                J Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                K Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                K-W Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                L Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1992

            
	
              Block
                T Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              Block
                T-W Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              Block
                T-W-1 / T-W-1a Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	
              Block
                T-W-2 / T-W-2a Aircraft

            	
              ***

            	
              ***

            	
              ***

            	
              July
                1999

            
	 	 	 	 	 	 
	
              Block
                K-W Aircraft: Block K airplanes with production winglets
                installation

            	 	 
	
              Block
                T-W Aircraft: Block T airplanes with production winglets
                installation

            	 	 
	
              Block
                T-W-1 / T-W-1a Aircraft: Firm Aircraft contracted to deliver from
                May 1,
                2006 through June 2008 at the signing

            
	
              of
                SA-47 -- (T-W-1a Aircraft -- Advance Payment Schedule per LA
                6-1162-JGM-669)

            	 	 
	
              Block
                T-W-2 / T-W-2a Aircraft: U-W-1 Option Aircraft which becomes Firm
                Aircraft
                after signing of SA-47 and 

            	 
	
              Firm
                Aircaft contracted to deliver in July 2008 and on at the signing
                of SA47
                -- 

            	 	 
	
              (T-W-2a
                Aircraft -- Advance Payment Schedule per LA
                6-1162-JGM-669)

            	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      1 to

    Purchase
      Agreement No. 1810

    Aircraft
      Information Table

    

    
      	
               

            	
               

            	
               

            	
              Escalation
                Estimate

            	
               

            
	
              Delivery

            	
              Number
                of 

            	
              Aircraft

            	
              Adv
                Payment Base

            	
               

            
	
              Date

            	
              Aircraft

            	
              Block

            	
              Price
                Per A/P

            	
              Serial
                Number

            
	
              Dec-2000

            	
              2

            	
              E

            	
              ***

            	
               

            
	
              Jan-2001

            	
              1

            	
              E

            	
              ***

            	
               

            
	
              Feb-2001

            	
              1

            	
              E

            	
              ***

            	
               

            
	
              Mar-2001

            	
              2

            	
              E

            	
              ***

            	
               

            
	
              Jun-2001

            	
              3

            	
              E

            	
              ***

            	
               

            
	
              Sep-2001

            	
              3

            	
              E

            	
              ***

            	
               

            
	
              Oct-1998

            	
              1

            	
              F

            	
              ***

            	
               

            
	
              Nov-1998

            	
              2

            	
              F

            	
              ***

            	
               

            
	
              Dec-1998

            	
              2

            	
              F

            	
              ***

            	
               

            
	
              Mar-1999

            	
              2

            	
              G

            	
              ***

            	
               

            
	
              Jun-1999

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Jul-1999

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Aug-1999

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Sep-1999

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Oct-1999

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Mar-2000

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Apr-2000

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Sep-2000

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Oct-2000

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Mar-2001

            	
              2

            	
              H

            	
              ***

            	
               

            
	
              Apr-2001

            	
              1

            	
              H

            	
              ***

            	
               

            
	
              Oct-2001

            	
              3

            	
              H

            	
              ***

            	
               

            
	
              Nov-2001

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              Dec-2001

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Jan-2002

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Mar-2002

            	
              4

            	
              I

            	
              ***

            	
               

            
	
              Apr-2002

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              Dec-2002

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              May-2003

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Jun-2003

            	
              2

            	
              I

            	
              ***

            	
               

            
	
              Jul-2003

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Aug-2003

            	
              1

            	
              I

            	
              ***

            	
               

            
	
              Sep-2003

            	
              3

            	
              I

            	
              ***

            	
               

            
	
              Nov-2002

            	
              1

            	
              J

            	
              ***

            	
               

            
	
              Dec-2002

            	
              1

            	
              J

            	
              ***

            	
               

            
	
              Nov-2003

            	
              2

            	
              J

            	
              ***

            	
               

            
	
              Dec-2003

            	
              2

            	
              J

            	
              ***

            	
               

            
	
              Mar-2004

            	
              1

            	
              J

            	
              ***

            	
               

            
	
              Mar-2004

            	
              1

            	
              K

            	
              ***

            	
               

            
	
              Apr-2004

            	
              3

            	
              K

            	
              ***

            	
               

            
	
              May-2004

            	
              1

            	
              K

            	
              ***

            	
               

            
	
              Jun-2004

            	
              2

            	
              K

            	
              ***

            	
               

            
	
              Jul-2004

            	
              2

            	
              K

            	
              ***

            	
               

            
	
              Sep-2004

            	
              1

            	
              K-W

            	
              ***

            	
               

            
	
              Oct-2004

            	
              4

            	
              K-W

            	
              ***

            	
               

            
	
              Oct-1999

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Nov-1999

            	
              2

            	
              L

            	
              ***

            	
               

            
	
              Dec-1999

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Jun-2000

            	
              3

            	
              L

            	
              ***

            	
               

            
	
              Jul-2000

            	
              3

            	
              L

            	
              ***

            	
               

            
	
              Sep-2000

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Oct-2000

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Nov-2000

            	
              4

            	
              L

            	
              ***

            	
               

            
	
              Dec-2000

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Jan-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Feb-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Jul-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Sep-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Oct-2001

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Mar-2003

            	
              2

            	
              L

            	
              ***

            	
               

            
	
              Jul-2003

            	
              1

            	
              L

            	
              ***

            	
               

            
	
              Aug-2003

            	
              2

            	
              L

            	
              ***

            	
               

            
	
              Nov-2001

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Feb-2002

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Jan-2004

            	
              2

            	
              T

            	
              ***

            	
               

            
	
              Feb-2004

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Apr-2004

            	
              3

            	
              T

            	
              ***

            	
               

            
	
              May-2004

            	
              1

            	
              T

            	
              ***

            	
               

            
	
              Jun-2004

            	
              6

            	
              T

            	
              ***

            	
               

            
	
              Jul-2004

            	
              2

            	
              T

            	
              ***

            	
               

            
	
              Aug-2004

            	
              6

            	
              T-W

            	
              ***

            	
               

            
	
              Sep-2004

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Oct-2004

            	
              0

            	
              T-W

            	
              ***

            	
               

            
	
              Nov-2004

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Dec-2004

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Jan-2005

            	
              5

            	
              T-W

            	
              ***

            	
               

            
	
              Feb-2005

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Mar-2005

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Apr-2005

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              May-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Jun-2005

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Jul-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Aug-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Sep-2005

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Oct-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Nov-2005

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              Dec-2005

            	
              1

            	
              T-W

            	
              ***

            	
               

            
	
              Jan-2006

            	
              1

            	
              T-W

            	
              ***

            	
               

            
	
              Feb-2006

            	
              4

            	
              T-W

            	
              ***

            	
               

            
	
              Mar-2006

            	
              3

            	
              T-W

            	
              ***

            	
               

            
	
              Apr-2006

            	
              2

            	
              T-W

            	
              ***

            	
               

            
	
              May-2006

            	
              5

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jun-2006

            	
              5

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jul-2006

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Aug-2006

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Sep-2006

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Oct-2006

            	
              1

            	
              T-W-1

            	
              ***

            	
               

            
	
              Nov-2006

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Dec-2006

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jan-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Feb-2007

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Mar-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Apr-2007

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              May-2007

            	
              3

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jun-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jun-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jul-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Jul-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Aug-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Aug-2007

            	
              3

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Sep-2007

            	
              2

            	
              T-W-1

            	
              ***

            	
               

            
	
              Sep-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Oct-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Oct-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Nov-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Nov-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Dec-2007

            	
              2

            	
              T-W-1

            	
              ***

            	 
	
              Dec-2007

            	
              1

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jan-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Jan-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Jan-2008

            	
              1

            	
              T-W-2

            	
              ***

            	
              ***

            
	
              Feb-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Feb-2008

            	
              3

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Mar-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Mar-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              Apr-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Apr-2008

            	
              2

            	
              T-W-1a

            	
              ***

            	
              ***

            
	
              May-2008

            	
              1

            	
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              ***

            	 
	
              May-2008

            	
              2

            	
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              ***

            	
              ***

            
	
              Jun-2008

            	
              1

            	
              T-W-1

            	
              ***

            	 
	
              Jun-2008

            	
              2

            	
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              ***

            	
              ***

            
	
              Jul-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Aug-2008

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Sep-2008

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Oct-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Nov-2008

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Dec-2008

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Jan-2009

            	
              1

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Feb-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Mar-2009

            	
              2

            	
              T-W-2a

            	
              ***

            	
               

            
	
              Apr-2009

            	
              2

            	
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              May-2009

            	
              2

            	
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              Jun-2009

            	
              2

            	
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              Jul-2009

            	
              2

            	
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              ***

            	
               

            
	
              Aug-2009

            	
              1

            	
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              Sep-2009

            	
              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              1

            	
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              ***

            	
               

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ***Unassociated Document

     

     

    

     

    CITIGROUP
      HELOC TRUST 2006-NCB1

     

    Issuer,

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Indenture
      Trustee

     

    and

     

    CITIBANK,
      N.A.

     

    Securities
      Administrator and Authenticating Agent

     

     

     

    INDENTURE

     

    Dated
      as
      of May 23, 2006

     

    HELOC-BACKED
      NOTES

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    

    

    
      	
              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 Notes

            
	
              Section
                2.01.

            	
              Form.

            
	
              Section
                2.02.

            	
              Execution,
                Authentication and Delivery.

            
	 	 
	
              ARTICLE
                III

            
	
              Covenants

            
	
              Section
                3.01.

            	
              Money
                for Payments to be Held in Trust.

            
	
              Section
                3.02.

            	
              Existence.

            
	
              Section
                3.03.

            	
              Payment
                of Principal and Interest.

            
	
              Section
                3.04.

            	
              Protection
                of Trust Estate.

            
	
              Section
                3.05.

            	
              Opinions
                as to Trust Estate.

            
	
              Section
                3.06.

            	
              Performance
                of Obligations.

            
	
              Section
                3.07.

            	
              Negative
                Covenants

            
	
              Section
                3.08.

            	
              Reserved.

            
	
              Section
                3.09.

            	
              Reserved.

            
	
              Section
                3.10.

            	
              Representations
                and Warranties Concerning the Trust Estate.

            
	
              Section
                3.11.

            	
              Investment
                Company Act.

            
	
              Section
                3.12.

            	
              Issuer
                May Consolidate, etc.

            
	
              Section
                3.13.

            	
              Successor
                or Transferee.

            
	
              Section
                3.14.

            	
              No
                Other Business.

            
	
              Section
                3.15.

            	
              No
                Borrowing.

            
	
              Section
                3.16.

            	
              Guarantees,
                Loans, Monthly Advances and Other Liabilities.

            
	
              Section
                3.17.

            	
              Capital
                Expenditures.

            
	
              Section
                3.18.

            	
              Restricted
                Payments.

            
	
              Section
                3.19.

            	
              Notice
                of Events of Default.

            
	
              Section
                3.20.

            	
              Further
                Instruments and Acts.

            
	
              Section
                3.21.

            	
              [Reserved].

            
	
              Section
                3.22.

            	
              Certain
                Representations Regarding the Trust Estate.

            
	 	 
	
              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
                Securities Administrator and Certificate Registrar.

            
	
              Section
                4.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Notes.

            
	
              Section
                4.04.

            	
              Persons
                Deemed Owners.

            
	
              Section
                4.05.

            	
              Cancellation.

            
	
              Section
                4.06.

            	
              Form
                of 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.

            	
              [Reserved].

            
	
              Section
                4.13.

            	
              Repayment
                of Moneys Held by Securities Administrator.

            
	
              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.

            
	
              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.

            
	
              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.

            	
              Subrogation.

            
	
              Section
                5.18.

            	
              Preference
                Claims.

            
	
              Section
                5.19.

            	
              Noteholder
                Rights.

            
	
              Section
                5.20.

            	
              Insurer’s
                Rights Regarding Actions, Proceedings or Investigations.

            
	 	 
	
              ARTICLE
                VI

            
	
              The
                Indenture Trustee, The Securities Administrator and The Authenticating
                Agent

            
	
              Section
                6.01.

            	
              Duties
                of Indenture Trustee, Securities Administrator and Others.

            
	
              Section
                6.02.

            	
              Rights
                of Indenture Trustee, Securities Administrator and
                Others.

            
	
              Section
                6.03.

            	
              Individual
                Rights of Indenture Trustee, Securities Administrator and Authenticating
                Agent.

            
	
              Section
                6.04.

            	
              [Reserved].

            
	
              Section
                6.05.

            	
              Indenture
                Trustee’s, Securities Administrator’s and Authenticating Agent’s
                Disclaimer.

            
	
              Section
                6.06.

            	
              Notice
                of Event of Default.

            
	
              Section
                6.07.

            	
              Reports
                to Holders and Tax Administration.

            
	
              Section
                6.08.

            	
              Compensation.

            
	
              Section
                6.09.

            	
              Replacement
                of Indenture Trustee, the Securities Administrator and the Authenticating
                Agent.

            
	
              Section
                6.10.

            	
              Successor
                Indenture Trustee, Securities Administrator or Authenticating Agent
                by
                Merger.

            
	
              Section
                6.11.

            	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee.

            
	
              Section
                6.12.

            	
              Eligibility;
                Disqualification.

            
	
              Section
                6.13.

            	
              [Reserved].

            
	
              Section
                6.14.

            	
              Representations
                and Warranties.

            
	
              Section
                6.15.

            	
              Directions
                to Indenture Trustee and the Securities Administrator.

            
	
              Section
                6.16.

            	
              Assessments
                of Compliance and Attestation Reports.

            
	 	 
	
              ARTICLE
                VII

            
	
              Noteholders’
                Lists and Reports

            
	
              Section
                7.01.

            	
              Issuer
                To Furnish Names and Addresses of Noteholders.

            
	
              Section
                7.02.

            	
              Preservation
                of Information; Communications to Noteholders.

            
	
              Section
                7.03.

            	
              Financial
                Information.

            
	
              Section
                7.04.

            	
              Statements
                to Noteholders.

            
	
              Section
                7.05.

            	
              Reports
                Filed with Securities and Exchange Commission.

            
	 	 
	
              ARTICLE
                VIII

            
	
              Accounts,
                Disbursements and Releases

            
	
              Section
                8.01.

            	
              Collection
                of Money.

            
	
              Section
                8.02.

            	
              Officer’s
                Certificate.

            
	
              Section
                8.03.

            	
              Termination
                Upon Distribution to Noteholders.

            
	
              Section
                8.04.

            	
              Reserved.

            
	
              Section
                8.05.

            	
              Release
                of Trust Estate.

            
	
              Section
                8.06.

            	
              Surrender
                of Notes Upon Final Payment.

            
	
              Section
                8.07.

            	
              Optional
                Redemption of the Assets of the Trust Estate.

            
	
              Section
                8.08.

            	
              Trust
                Accounts.

            
	
              Section
                8.09.

            	
              Priority
                of Payments

            
	
              Section
                8.10.

            	
              Allocation
                of Realized Losses and Interest Shortfalls.

            
	
              Section
                8.11.

            	
              Permitted
                Withdrawals and Transfers from the Payment Account; Determination
                of
                LIBOR.

            
	
              Section
                8.12.

            	
              The
                Policy.

            
	 	 
	
              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 or the Securities
                Administrator.

            
	
              Section
                10.03.

            	
              Acts
                of Noteholders.

            
	
              Section
                10.04.

            	
              Notices
                etc., to Indenture Trustee, the Certificateholders, Securities
                Administrator, Authenticating Agent 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.

            	
              Legal
                Holidays.

            
	
              Section
                10.11.

            	
              GOVERNING
                LAW.

            
	
              Section
                10.12.

            	
              Counterparts.

            
	
              Section
                10.13.

            	
              Recording
                of Indenture.

            
	
              Section
                10.14.

            	
              Issuer
                Obligation.

            
	
              Section
                10.15.

            	
              No
                Petition.

            
	
              Section
                10.16.

            	
              Inspection.

            
	
              Section
                10.17.

            	
              Benefits
                of Indenture.

            
	 	 
	
              ARTICLE
                XI

            
	
              REMIC
                PROVISIONS

            
	
              Section
                11.01.

            	
              Designation
                of REMIC Interests.

            
	
              Section
                11.02.

            	
              Payments
                on REMIC Regular Interests.

            
	
              Section
                11.03.

            	
              Allocation
                of Realized Losses on the REMIC Regular Interests.

            
	
              Section
                11.04.

            	
              REMIC
                Administration.

            
	
              Section
                11.05.

            	
              Prohibited
                Transactions and Activities.

            
	
              Section
                11.06.

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status.

            

    

     

    
 

    EXHIBITS

     

    
      	
              Exhibit
                A-1

            	
              —
                

            	
              Form
                of Class A Notes

            
	
              Exhibit
                A-2

            	
              —
                

            	
              Form
                of Class M Notes

            
	
              Exhibit
                B

            	
              —
                

            	
              HELOC
                Schedule

            
	
              Exhibit
                C 

            	
              —
                

            	
              Form
                of Rule 144A Investment Representation Letter

            
	
              Exhibit
                D 

            	
              —
                

            	
              Form
                of Transferee Letter 

            
	
              Exhibit
                E 

            	
              —
                

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                F 

            	
              —
                

            	
              Form
                of Certification of Transfer to Single Owner

            
	
              Exhibit
                G

            	
              —

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

            
	
              Exhibit
                H

            	
              —

            	
              Form
                of Certification to the Depositor provided by the Securities
                Administrator

            
	
              Exhibit
                I

            	
              —

            	
              Policy

            
	Exhibit
              J	
              —

            	Servicing
              Criteria
	 	 	 
	
              Appendix
                A

            	
              —
                

            	
              Definitions

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RECONCILIATION
      AND TIE BETWEEN TRUST INDENTURE

    ACT
      OF
      1939 AND INDENTURE PROVISIONS

     

    
      	
              Trust
                Indenture Act Section

            	
              Indenture
                Section

            
	
              310         
                (a)(1) 

            	
              6.11

            
	
              (a)(2)

            	
              6.11

            
	
              (a)(3)

            	
              6.10

            
	
              (a)(4)

            	
              Not
                Applicable

            
	
              (a)(5)

            	
              6.11

            
	
              (b)

            	
              6.08,
                6.11

            
	
              (c)

            	
              Not
                Applicable

            
	
              311        
                 (a)

            	
              6.12

            
	
              (b)

            	
              6.12

            
	
              (c)

            	
              Not
                Applicable

            
	
              312        
                 (a)

            	
              7.01,
                7.02(a)

            
	
              (b)

            	
              7.02(b)

            
	
              (c)

            	
              7.02(c)

            
	
              313          (a)

            	
              Not
                Applicable

            
	
              (b)

            	
              Not
                Applicable

            
	
              (c)

            	
              Not
                Applicable

            
	
              (d)

            	
              Not
                Applicable

            
	
              314         
                (a)

            	
              3.10

            
	
              (b)

            	
              3.07

            
	
              (c)(1)

            	
              8.05(c),
                10.01(a)

            
	
              (c)(2)

            	
              8.05(c),
                10.01(a)

            
	
              (c)(3)

            	
              Not
                Applicable 

            
	
              (d)(1)

            	
              8.05(c),
                10.01(b)

            
	
              (d)(2)

            	
              8.05(c),
                10.01(b)

            
	
              (d)(3)

            	
              8.05(c),
                10.01(b)

            
	
              (e)

            	
              10.01(a)

            
	
              315       
                 (a)

            	
              6.01(b)

            
	
              (b)

            	
              6.05

            
	
              (c)

            	
              6.01(a)

            
	
              (d)

            	
              6.01(c)

            
	
              (d)(1)

            	
              6.01(c)

            
	
              (d)(2)

            	
              6.01(c)

            
	
              (d)(3)

            	
              6.01(c)

            
	
              (e)

            	
              5.13

            
	
              316        
                 (a)(1)(A)

            	
              5.11

            
	
              (a)(1)(B)

            	
              5.12

            
	
              (a)(2)

            	
              Not
                Applicable

            
	
              (b)

            	
              5.07

            
	
              317        
                 (a)(1)

            	
              5.04

            
	
              (a)(2)

            	
              5.03(b)

            
	
              (b)

            	
              3.03(a)(i)

            
	
              318        
                 (a)

            	
              10.07

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    This
      Indenture, dated as of May 23, 2006, is entered into among Citigroup HELOC
      Trust
      2006-NCB1, a Delaware statutory trust, as Issuer (the “Issuer”),
      U.S.
      Bank National Association, as Indenture Trustee (the “Indenture
      Trustee”)
      and
      Citibank, N.A., as Securities Administrator and Authenticating Agent (the
“Securities
      Administrator”
and
      “Authenticating
      Agent,”
as
      applicable).

     

    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 HELOC-Backed Notes,
      Series 2006-NCB1 (the “Notes”).

     

    Ambac
      Assurance Corporation (the “Insurer”)
      has
      issued and delivered a surety bond for the Notes, dated the Closing Date (the
      “Policy”),
      pursuant to which the Insurer guarantees the Insured Amounts and Preference
      Amount (as defined in the Policy), subject to the terms and conditions set
      forth
      therein.

     

    As
      an
      inducement to the Insurer to issue and deliver the Policy, the Issuer and the
      Insurer have executed and delivered the Insurance and Indemnity Agreement,
      dated
      as of May 23, 2006, (as amended from time to time, the “Insurance
      Agreement”),
      among
      the Insurer, the Issuer, the Servicer, the Originator, the Seller, the
      Securities Administrator and the Indenture Trustee.

     

    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: (a) the
      HELOCs identified in the Loan Schedule, including all interest and principal
      received with respect to the HELOCs after the Cut-off Date, but excluding any
      payments of principal and interest received in respect of Additional Balances
      funded after the termination of the Managed Amortization Period; (b) such assets
      as shall from time to time be credited or are required by the terms of this
      Indenture to be credited to the Payment Account; (c) such assets relating to
      the
      HELOCs as from time to time may be held in the Trust Accounts; (d) any REO
      Property; (e) any amounts paid or payable by the insurer under any insurance
      policy with respect to a HELOC (to the extent the mortgagee has a claim
      thereto); (f) the HELOC Purchase Agreement; (g) the rights of the Issuer under
      the Servicing Agreement; (h) the Policy (solely for the benefit of the
      Noteholders); and (i) 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 (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, subject
      to
      the priority set forth herein, and to secure compliance with the provisions
      of
      this Indenture, all as provided in this Indenture.

     

    The
      Securities Administrator on behalf of the Indenture Trustee hereby agrees that
      it will hold the Policy in trust and that it will hold any proceeds of any
      claim
      made upon the Policy solely for the use and the benefit of the Noteholders
      in
      accordance with the terms hereof and the terms of the Policy.

     

    Neither
      the Indenture Trustee nor the Issuer assumes or shall assume any obligation
      under any Credit Line Agreement that provides for the funding of future Draws
      to
      the Mortgagor thereunder, and neither the Indenture Trustee nor the Issuer
      shall
      be obligated or permitted to fund any such future Draws.

     

    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 each of the Indenture Trustee and the Securities
      Administrator agree to perform their respective duties as Indenture Trustee,
      Securities Administrator and Authenticating Agent, as required
      herein.

     

    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 Appendix A attached
      hereto, 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 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
      Notes.

     

    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 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.

            

    

     

     

    ARTICLE
      II

     

    ORIGINAL
      ISSUANCE OF NOTES

     

    
      	Section
              2.01.  	
              Form. 

            

    

     

    The
      Notes, together with the Authenticating Agent’s certificate of authentication,
      shall be in substantially the form set forth in Exhibits A-1 and A-2 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 and A-2 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
      Authenticating Agent shall upon Issuer Request authenticate and deliver each
      Class of Notes for original issue in an aggregate initial principal amount
      equal
      to the Initial Note Principal Balance for such Class of Notes.

     

    Each
      of
      the Notes shall be dated the date of its authentication. The Class A Notes
      and
      Class M Notes shall be issuable as registered Notes in book-entry form and
      shall
      be issuable in the minimum initial Note Principal Balance 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
      Authenticating Agent 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.

     

    ARTICLE
      III

    COVENANTS

     

    
      	Section
              3.01.  	
              Money
                for Payments to be Held in Trust. 

            

    

     

    As
      provided in Section 8.01, 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 8.11 of this Indenture shall be made on behalf of the Issuer
      by the Securities Administrator, and no amounts so withdrawn from such accounts
      for payments of Notes shall be paid over to the Issuer except as provided in
      this Section 3.01. The
      Securities Administrator shall:

     

    
      	(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
                the
                Securities Administrator 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 the Securities
                Administrator;

            

    

     

    
      	(iv)  	
              immediately
                resign as a Securities Administrator 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 the Securities
                Administrator at the time of its appointment;
                and

            

    

     

    
      	(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; provided,
                however,
                that with respect to reporting requirements applicable to original
                issue
                discount, the accrual of market discount or the amortization of premium
                on
                the Notes, the Issuer shall have first provided the calculations
                pertaining thereto and the amount of any resulting withholding taxes
                to
                the Securities Administrator.

            

    

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Indenture Trustee or the Securities Administrator in trust for the payment
      of
      any amount due with respect to the Notes and remaining unclaimed for two years
      after such amount has become due and payable shall be discharged from such
      trust
      and be paid to the Representative; and the Holder of such Note shall thereafter,
      as an unsecured general creditor, look only to the Representative for payment
      thereof (but only to the extent of the amounts so paid to the Issuer), and
      all
      liability of the Indenture Trustee or the Securities Administrator with respect
      to such trust money shall thereupon cease; provided,
      however,
      that
      the Indenture Trustee or the Securities Administrator, before being required
      to
      make any such repayment, shall at the expense and direction of the Issuer cause
      to be published once, in a newspaper published in the English language,
      customarily published on each Business Day and of general circulation in The
      City of New York (including, but not limited to, The
      Bond Buyer),
      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
      Securities Administrator shall 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 moneys due and payable but not
      claimed is determinable from the records of the Indenture Trustee or of the
      Securities Administrator, at the last address of record for each such
      Holder).

     

    
      	Section
              3.02.  	
              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 and each other instrument or agreement included in the Trust
      Estate.

     

    
      	Section
              3.03.  	
              Payment
                of Principal and Interest. 

            

    

     

    (a)  The
      Issuer will duly and punctually pay (or will cause to be duly and punctually
      paid) the principal of and interest on the Notes in accordance with the terms
      of
      the Notes and this Indenture. Without limiting the foregoing, the Issuer will
      cause to be paid on each Payment Date all amounts on deposit in the Payment
      Account, and deposited therein pursuant to and in accordance with Section 8.09,
      to the Noteholders. Amounts properly withheld under the Code by any Person
      from
      a payment to any Noteholder of interest and/or principal shall be considered
      as
      having been paid by the Issuer to such Noteholder for all purposes of this
      Indenture.

     

    (b)  The
      Notes
      shall be non-recourse obligations of the Issuer and shall be limited in right
      of
      payment to amounts available from the Collateral as provided in this Indenture.
      The Issuer shall not otherwise be liable for payments of the Notes, and none
      of
      the owners, agents, officers, directors, employees, or successors or assigns
      of
      the Issuer shall be personally liable for any amounts payable, or performance
      due, under the Notes or this Indenture. If any other provision of this Indenture
      shall be deemed to conflict with the provisions of this Section 3.03, the
      provisions of this Section 3.03 shall control.

     

    (c)  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 Securities Administrator, the Depositor or the Servicer shall have any
      responsibility therefor.

     

    (d)  Any
      installment of interest or principal 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 as of the
      preceding Record Date or in all other cases or if no such instructions have
      been
      delivered to the Securities Administrator, 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 Securities Administrator shall not pay to such
      Holders any amount required to be withheld from a payment to such Holder by
      the
      Code.

     

    (e)  The
      Note
      Principal Balance of each Note shall be due and payable in full on the Final
      Stated Payment Date for such Note as provided in the forms of Note set forth
      in
      Exhibits A-1 and A-2 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. Upon notice to the Securities
      Administrator by
      the
      Issuer, the Securities Administrator shall notify the Person in whose name
      a
      Note is registered at the close of business on the Record Date preceding the
      Final Stated Payment Date or other final Payment Date (including any final
      Payment Date resulting from any redemption pursuant to Section 8.06 hereof).
      Such notice shall to the extent practicable be mailed no later than five
      Business Days prior to such Final Stated Payment 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 Payment 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 Payment Date or any such other final Payment Date

     

    
      	Section
              3.04.  	
              Protection
                of Trust Estate. 

            

    

     

    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)  	
              enforce
                any of the Trust Estate; 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.

            

    

     

    Except
      as
      otherwise provided in this Indenture, the Indenture Trustee shall not remove
      or
      permit the Custodian to 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 3.05 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 3.05(a) hereof, if no Opinion of Counsel has
      yet been delivered pursuant to Section 3.05(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 3.04 upon the Issuer’s
      preparation thereof and delivery to the Indenture Trustee.

     

    
      	Section
              3.05.  	
              Opinions
                as to Trust Estate. 

            

    

     

    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.

     

    
      	Section
              3.06.  	
              Performance
                of Obligations. 

            

    

     

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

     

    (b)  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.

     

    (c)  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 Trust Estate 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 Trust Estate
      or any such instrument, except such actions as the Servicer is expressly
      permitted to take in the Servicing Agreement.

     

    (d)  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
              3.07.  	
              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.

            

    

     

    
      	(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)  	
              take
                any other action or fail to take any action that would result in
                an
                imposition of tax on the Issuer (including, but not limited to, the
                tax on
                prohibited transactions under Section 860L(e) of the Code);
                or

            

    

     

    
      	(v)  	
              waive
                or impair, or fail to assert rights under, the Trust Estate, or impair
                or
                cause to be impaired the Issuer’s interest in the Trust Estate, the HELOC
                Purchase Agreement or any other Basic Document, if any such action
                would
                materially and adversely affect the interests of the related
                Noteholders.

            

    

     

    
      	Section
              3.08.  	
              Reserved. 

            

    

     

    
      	Section
              3.09.  	
              Reserved.

            

    

     

    
      	Section
              3.10.  	
              Representations
                and Warranties Concerning the Trust Estate. 

            

    

     

    The
      Indenture Trustee, as pledgee of the Trust Estate and the Insurer, has the
      benefit of the representations and warranties made by the
      Originator and Citigroup Global Markets Realty Corp. in
      Sections 5 and 6 of the HELOC Purchase Agreement concerning the HELOCs and
      the
      right to enforce the remedies against the Originator or Citigroup Global Markets
      Realty Corp., as applicable, provided in such Section 7 of the HELOC Purchase
      Agreement 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 or the Insurer has actual knowledge of any breach of any
      representation or warranty made by the Originator or Citigroup Global Markets
      Realty Corp. in the HELOC Purchase Agreement, the Indenture Trustee shall
      promptly notify the Originator or Citigroup Global Markets Realty Corp., as
      applicable, of such finding and of the Originator’s or Citigroup Global Markets
      Realty Corp.’s obligation, as applicable, to cure such defect or repurchase or
      substitute for the related HELOC. 

     

    
      	Section
              3.11.  	
              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 (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
      3.11
      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
              3.12.  	
              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 and the Securities Administrator,
                the due and punctual payment of the principal of and interest on
                all Notes
                and all amounts payable to the Indenture Trustee and the Securities
                Administrator, the payment to the Securities Administrator 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 Default or Event of Default
                shall have occurred and be
                continuing;

            

    

     

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

            

    

     

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

            

    

     

    
      	(v)  	
              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 and the Securities Administrator,
                in
                form satisfactory to the Indenture Trustee and the Securities
                Administrator, 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 and the Securities Administrator
                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,
                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)  	
              each
                of the Rating Agencies shall have notified the Issuer that such
                transaction shall not cause the ratings of the Notes to be reduced,
                qualified, suspended or withdrawn;

            

    

     

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

            

    

     

    
      	(v)  	
              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
              3.13.  	
              Successor
                or Transferee. 

            

    

     

    (a)  Upon
      any
      consolidation or merger of the Issuer in accordance with Section 3.12(a), the
      Person formed by or surviving such consolidation or merger (if other than the
      Issuer) shall, following the Issuer’s satisfaction of all of the conditions
      precedent set forth therein with respect thereto, 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 3.12(b), the Issuer, following its satisfaction of all of the
      conditions precedent set forth herein with respect thereto, 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 related Notes immediately upon
      the
      delivery of written notice to the Indenture Trustee of such conveyance or
      transfer.

     

    
      	Section
              3.14.  	
              No
                Other Business. 

            

    

     

    The
      Issuer shall not engage in any business other than as set forth with respect
      thereto in the Trust Agreement and other than financing, purchasing, owning
      and
      selling and managing the Trust Estate and the issuance of the Notes in the
      manner contemplated by this Indenture and the other Basic Documents and all
      activities incidental thereto.

     

    
      	Section
              3.15.  	
              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
              3.16.  	
              Guarantees,
                Loans, Monthly Advances and Other Liabilities.

            

    

     

    Except
      as
      contemplated by this Indenture or any other Basic Document, 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
              3.17.  	
              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
              3.18.  	
              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, the
      Securities Administrator, the Servicer, the Certificate Registrar, the
      Noteholders and the Certificateholders as contemplated by, and to the extent
      funds are available for such purpose under this Indenture and the other Basic
      Documents and (y) payments to the Servicer pursuant to the terms of the
      Servicing Agreement. The Issuer will not, directly or indirectly, make payments
      to or distributions from the Custodial Account or the Payment Account except
      in
      accordance with this Indenture and the other Basic Documents.

     

    
      	Section
              3.19.  	
              Notice
                of Events of Default. 

            

    

     

    The
      Issuer shall give the Indenture Trustee, the Securities Administrator, and
      each
      Rating Agency prompt written notice of each Event of Default that has occurred
      and is continuing hereunder.

     

    
      	Section
              3.20.  	
              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
              3.21.  	
              [Reserved]. 

            

    

     

    
      	Section
              3.22.  	
              Certain
                Representations Regarding the Trust Estate. 

            

    

     

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

     

    (b)  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.

     

    (c)  The
      Collateral constitutes “deposit accounts,” “instruments” or “certificated
      securities,” as applicable within the meaning of the applicable
      UCC.

     

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

     

    (e)  The
      Issuer has caused or will have caused, within ten days of the Closing Date,
      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 the Collateral granted to the Indenture Trustee
      hereunder.

     

    (f)  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. 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 the Collateral
      other than any financing statement relating to the security interest granted
      to
      the Indenture Trustee hereunder or that has been terminated.

     

    (g)  The
      Collateral is not in the name of any Person other than the Issuer or the
      Indenture Trustee. The Issuer has in its possession all original copies of
      the
      security certificates that constitute or evidence the Collateral. The security
      certificates that constitute or evidence the Collateral do not have any marks
      or
      notations indicating that they have been pledged, assigned or otherwise conveyed
      to any Person other than 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 or the Securities Administrator on behalf
      of
      the Indenture Trustee.

     

    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 Class A Notes through
      the book-entry facilities of the Depository in minimum initial Note Principal
      Balance of $100,000 and integral multiples of $1 in excess thereof.

     

    The
      Indenture Trustee and Securities Administrator 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 certificates
      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
      Securities Administrator 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
      Securities Administrator, 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
      Depositor 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 Authenticating Agent and delivered by the Authenticating
      Agent to or upon the order of the Issuer.

     

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

            

    

     

    The
      Issuer shall cause to be kept at the Corporate Trust Office of the Securities
      Administrator a Note Register in which, subject to such reasonable regulations
      as it may prescribe, the Securities Administrator 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 of the
      Securities Administrator, the Issuer shall execute, the Authenticating Agent
      shall authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Notes in authorized initial Note Principal Balance
      evidencing the same Class and aggregate Percentage Interests.

     

    Subject
      to Section 4.08, Notes may be exchanged for other Notes of like tenor and in
      authorized initial Note Principal Balance evidencing the same Class and
      aggregate Percentage Interests upon surrender of the Notes to be exchanged
      at
      the Corporate Trust Office of the Securities Administrator. Whenever any Notes
      are so surrendered for exchange, the Issuer shall execute, the Authenticating
      Agent shall authenticate and the Securities Administrator shall 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 Securities Administrator) be duly endorsed by, or be accompanied
      by a written instrument of transfer in form reasonably satisfactory to the
      Securities Administrator 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 Securities Administrator 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 Citibank, N.A. as: (i) Certificate Registrar to keep
      at
      its Corporate Trust Office a Certificate Register pursuant to Section 3.08
      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 3.04
      of
      the Trust Agreement, and (ii) Securities Administrator under this Indenture.
      Citibank, N.A. hereby accepts such appointments.

     

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

            

    

     

    If
      (i)
      any mutilated Note is surrendered to the Securities Administrator, or the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Note, and (ii) there is delivered to the
      Securities Administrator such security or indemnity as may be required by it
      to
      hold the Issuer and the Securities Administrator harmless, then, in the absence
      of notice to the Issuer or the Securities Administrator 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
      Authenticating Agent shall authenticate and the Securities Administrator shall
      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 Securities Administrator 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, the
      Indenture Trustee or the Securities Administrator 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 Securities
      Administrator) 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
      Securities Administrator and any agent of the Issuer 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 none of the Issuer, the Indenture Trustee, the Securities
      Administrator or any agent of the Issuer, the Indenture Trustee or the
      Securities Administrator 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 Securities Administrator, be
      delivered to the Securities Administrator and shall be promptly cancelled by
      the
      Securities Administrator. The Issuer may at any time deliver to the Securities
      Administrator 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 Securities Administrator.
      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 Securities
      Administrator in accordance with its standard retention or disposal policy
      as in
      effect at the time.

     

    
      	Section
              4.06.  	
              Form
                of Notes. 

            

    

     

    The
      Class
      A Notes and Class M 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
                Securities Administrator 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 Note Owners 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 aggregate Note Principal Balance 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
                Securities Administrator and the Indenture
                Trustee.

            

    

     

    None
      of
      the Depositor, the Issuer, the Servicer, the Seller, the Securities
      Administrator, the Indenture Trustee and the Owner Trustee shall have any
      liability for any aspect of the records relating to or payments made on account
      of beneficial ownership interests in the Book-Entry Notes or for maintaining,
      supervising or reviewing any records relating to beneficial ownership interests
      or transfers thereof.

     

    
      	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 or Securities
      Administrator, as applicable, 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 Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities with respect to the Book-Entry Notes and the Depositor, the
      Securities Administrator is unable to locate a qualified successor within 30
      days or (ii) after
      the occurrence of the termination of the Servicer as set forth in the Servicing
      Agreement, Note Owners having Percentage Interests aggregating not less than
      51%
      of the Book-entry Notes advise the Securities Administrator, the Depository
      and
      the Depository Participants in writing that the continuation of a book-entry
      system through the Depository, or a successor to the Depository, is no longer
      in
      the best interests of the Note Owners,
      then
      the Securities Administrator shall request that the Depository notify all
      Beneficial Owners of the occurrence of any such event and of the availability
      of
      Definitive Notes to Beneficial Owners requesting the same. Upon surrender to
      the
      Securities Administrator of the typewritten Notes representing the Book-Entry
      Notes by the Depository, accompanied by registration instructions, the Issuer
      shall execute and the Authenticating Agent shall authenticate the Definitive
      Notes in accordance with the instructions of the Depository. None of the Issuer,
      the Securities Administrator 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 Securities
      Administrator shall recognize the Holders of the Definitive Notes as
      Noteholders.

     

    In
      addition, if an Event of Default has occurred and is continuing, each Note
      Owner
      materially adversely affected thereby may at its option request a Definitive
      Note evidencing such Noteholder’s interest in the related Class of Notes. In
      order to make such request, such Noteholder shall, subject to the rules and
      procedures of the Depository, provide the Depository or the related Depository
      Participant with directions for the Securities Administrator to exchange or
      cause the exchange of the Noteholder’s interest in such Class of Notes for an
      equivalent interest in fully registered definitive form. Upon receipt by the
      Securities Administrator of instructions from the Depository directing the
      Securities Administrator to effect such exchange (such instructions to contain
      information regarding the Class of Notes and the Note Principal Balance being
      exchanged, the Depository Participant account to be debited with the decrease,
      the registered holder of and delivery instructions for the Definitive Note,
      and
      any other information reasonably required by the Securities Administrator),
      (i)
      the Securities Administrator shall instruct the Depository to reduce the related
      Depository Participant’s account by the aggregate Note Principal Balance of the
      Definitive Note, (ii) Citibank, N.A., as Securities Administrator and
      Authenticating Agent, shall execute, authenticate and deliver, in accordance
      with the registration and delivery instructions provided by the Depository,
      a
      Definitive Note evidencing such Noteholder’s interest in such Class of Notes and
      (iii) the Issuer shall execute and the Authenticating Agent shall authenticate
      a
      new Book-Entry Note reflecting the reduction in the Note Principal Balance
      of
      such Class of Notes by the amount of the Definitive Notes.

     

    
      	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. For federal
      income tax purposes, the Notes (exclusive of any right to receive payments
      from
      the Net WAC Rate Carryover Reserve Account) will be treated as regular interests
      in a REMIC. The Securities Administrator shall make or cause to be made REMIC
      elections for each of REMIC 1 and REMIC 2 as set forth in Article XI on Forms
      1066 or other appropriate federal tax or information return for the taxable
      year
      ending on the last day of the calendar year in which the Notes are issued.
      The
      Issuer, 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 of
      the
      related REMIC.

     

    
      	Section
              4.10.  	
              Satisfaction
                and Discharge of Indenture. 

            

    

     

    (a)  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 related Noteholders
      to receive payments of principal thereof and interest thereon, (iv) Sections
      8.09, 3.04, 3.06, 3.17, 3.19 and 3.20, (v) the rights, obligations and
      immunities of the Indenture Trustee, Securities Administrator, and
      Authenticating Agent hereunder (including the rights of the Securities
      Administrator under Section 6.08 and the obligations of the Securities
      Administrator under Section 4.11), and (vi) the rights of related Noteholders
      as
      beneficiaries hereof with respect to the property so deposited with the
      Securities Administrator 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 such Notes and shall release and deliver, or cause the Custodian
      to
      deliver, the Collateral when 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 3.01) have been delivered to the Securities
                Administrator for cancellation; or

            

    

     

    
      	(2)  	
              (i)
                all Notes not theretofore delivered to the Securities Administrator
                for
                cancellation

            

    

     

    
      	(I)  	
              have
                become due and payable,

            

    

     

    
      	(II)  	
              will
                become due and payable at the Final Stated Maturity Date within one
                year,
                or

            

    

     

    
      	(III)  	
              have
                been called for early redemption pursuant to Section 8.07 hereof,
                

            

    

     

    and,
      in
      the case of (I) and (II), the Issuer has irrevocably deposited or caused to
      be
      irrevocably deposited with the Securities Administrator 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 Securities
      Administrator for cancellation when due on the Final Stated Maturity Date or
      other final Payment Date and has delivered to the Securities Administrator
      and
      the Indenture Trustee a verification report from a nationally recognized
      accounting firm certifying that the amounts deposited with the Securities
      Administrator are sufficient to pay and discharge the entire indebtedness of
      such Notes, or, in the case of (III) above, the Servicer shall have complied
      with all requirements of Section 8.07 hereof;

     

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

            

    

     

    
      	(iii)  	
              the
                Issuer has delivered to the Indenture Trustee an Officer’s Certificate and
                an Opinion of Counsel (at the Servicer’s expense in the case of
                (2)(i)(III) above and at Issuer’s expense in all other cases) and (A) if
                required by the TIA or the Indenture Trustee, an Independent Certificate
                from a firm of certified public accountants, each stating that all
                conditions precedent herein provided for relating to the satisfaction
                and
                discharge of this Indenture with respect to the Notes have been complied
                with or (B) an Opinion of Counsel in lieu of such Independent Certificates
                to the effect that the TIA does not require any such Independent
                Certificates; provided
                that no such Independent Certificates or Opinion of Counsel in lieu
                of
                such Independent Certificates shall be necessary in respect of property
                released from the lien of the Indenture in accordance with the provisions
                hereof if such property consists solely of cash;
                and

            

    

     

    
      	(iv)  	
              the
                Issuer has delivered to each Rating Agency notice of such satisfaction
                and
                discharge.

            

    

     

    
      	Section
              4.11.  	
              Application
                of Trust Money.

            

    

     

    All
      moneys deposited with the Securities Administrator 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 Securities Administrator, as designee of the Issuer, as the
      Securities Administrator may determine, to the Holders of Securities, of all
      sums due and to become due thereon for principal and interest or otherwise;
      but
      such moneys need not be segregated from other funds except to the extent
      required herein or required by law.

     

    
      	Section
              4.12.  	
              Release
                of Collateral. 

            

    

     

    The
      Servicer, the Seller or the Originator, as applicable, on behalf of the Issuer,
      shall be entitled to obtain a release from the lien of this Indenture for any
      HELOC and the Mortgaged Property at any time (i) after a payment by the Seller
      or the Originator, as applicable, of the Repurchase Price of the Mortgage Loan,
      (ii) after a Qualifying Substitute HELOC is substituted for such HELOC and
      payment of the Substitution Shortfall Amount, if any, (iii) after liquidation
      of
      the HELOC in accordance with the Servicing Agreement and the deposit of all
      Liquidation Proceeds and Insurance Proceeds in the Custodial Account, (iv)
      upon
      the termination of a HELOC (due to, among other causes, a prepayment in full
      of
      the Mortgage Loan and sale or other disposition of the related Mortgaged
      Property) or (v) as contemplated by Section 8.07 of this Indenture. 

     

    
      	Section
              4.13.  	
              Repayment
                of Moneys Held by Securities Administrator. 

            

    

     

    In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      all of the Notes, all moneys then held by any Person other than the Securities
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuer, be paid to the Securities Administrator to
      be
      held and applied according to Section 3.03 and thereupon such Person shall
      be
      released from all further liability with respect to such moneys.

     

    
      	Section
              4.14.  	
              Temporary
                Notes. 

            

    

     

    Pending
      the preparation of any Definitive Notes, the Issuer may execute and upon its
      written direction, the Authenticating Agent may authenticate and the Securities
      Administrator may 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 Corporate Trust Office of the Securities
      Administrator, without charge to the Holder. Upon surrender for cancellation
      of
      any one or more temporary Notes, the Issuer shall execute, the Authenticating
      Agent shall authenticate and the Securities Administrator shall 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 Class A Note or Class M 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 such Note with Plan Assets or (2) (A) the
      acquisition, holding and transfer of such Note will not give rise to a nonexempt
      prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
      and (B) such Note is rated investment grade or better and such person believes
      that such Note is properly treated as indebtedness without substantial equity
      features for purposes of the Department of Labor regulation 29 C.F.R. §
2510.3-101, and agrees to so treat such Note. Alternatively, regardless of
      the
      rating of the Notes, such person may provide the Securities Administrator with
      an opinion of counsel, which opinion of counsel will not be at the expense
      of
      the Trust, the Owner Trustee, the Indenture Trustee, the Securities
      Administrator or the Depositor 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 Trust, the Depositor,
      the
      Owner Trustee, the Indenture Trustee or the Securities Administrator to any
      obligation in addition to those undertaken in the Indenture and the other Basic
      Documents. 

     

    ARTICLE
      V

    DEFAULT
      AND REMEDIES

     

    
      	Section
              5.01.  	
              Events
                of Default. 

            

    

     

    The
      Issuer shall deliver to the Indenture Trustee and the Insurer, within five
      days
      after learning of the occurrence of a Default, written notice in the form of
      an
      Officer’s Certificate of any event which, with the giving of notice and the
      lapse of time, would become an Event of Default under clause (ii), (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 Default or Event of Default unless a
      Responsible Officer has actual knowledge thereof or unless written notice of
      such Default or Event of Default is received by a Responsible Officer and such
      notice references the Notes, the Trust Estate or this Indenture. The
      Indenture Trustee shall act in accordance with Article V of the Servicing
      Agreement if an Event of Default occurs.

     

    
      	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 Majority Holders
      (with
      the prior written consent of the Insurer, so long as no Insurer Default has
      occurred and is continuing) or the Insurer (so long as no Insurer Default has
      occurred and is continuing),
      may
      declare such Notes to be immediately due and payable, by a notice in writing
      to
      the Issuer (and to the Indenture Trustee and the Insurer if such notice is
      given
      by Noteholders), and upon any such declaration the unpaid Note Principal Balance
      of such 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, the
      Insurer (so long as no Insurer Default has occurred and is continuing) or
the
      Majority Holders (with
      the prior written consent of the Insurer, so long as no Insurer Default has
      occurred and is continuing),
      by
      written notice to the Issuer and the Indenture Trustee, may, subject to Section
      5.12, 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 or Securities
                Administrator a sum sufficient to
                pay:

            

    

     

    
      	(1)  	
              all
                payments of principal of and interest on the Class A Notes and the
                Class N
                Certificates and all other amounts that would then be due hereunder
                or
                under the Notes and the Class N Certificates if the Event of Default
                giving rise to such acceleration had not
                occurred;

            

    

     

    
      	(2)  	
              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
                such
                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)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee, subject to
      the
      provisions of Section 10.15 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 the Majority Holders or the Insurer 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.

     

    (b)  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
the
      Insurer (so long as no Insurer Default has occurred and is continuing) or
the
      Majority Holders (with
      the prior written consent of the Insurer, so long as no Insurer Default has
      occurred and is continuing),
      irrespective of whether the principal of any related 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, willful misconduct 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 moneys or other property payable or deliverable
                on
                any such claims and to pay all amounts received with respect to the
                claims
                of the related 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 related 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.

     

    (c)  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.

     

    (d)  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.

     

    (e)  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
      of 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 10.15 hereof, may,
      and
      shall at the written direction of the
      Insurer (so long as no Insurer Default has occurred and is continuing) or
the
      Majority Holders (with
      the prior written consent of the Insurer, so long as no Insurer Default has
      occurred and is continuing),
      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 the Notes moneys 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 related Notes;
                

            

    

     

    
      	(iv)  	
              [Reserved];
                and

            

    

     

    
      	(v)  	
              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
      Insurer (so long as no Insurer Default has occurred and is continuing) or
the
      Majority Holders (if
      an Insurer Default has occurred and is continuing),
      and (B)
      the proceeds of such sale or liquidation payable to the Holders of the Notes
      are
      at least equal to the greater of (i) the Principal Balance of the HELOCs and
      the
      appraised value of any REO Properties and (ii) the fair market value of the
      HELOCs and the REO Properties, in each case plus accrued and unpaid interest
      plus unreimbursed Servicing Advances, any unpaid Servicing Fees allocable to
      such HELOCs and REO Properties and any accrued and unpaid Net WAC Rate Carryover
      Amounts. In determining such sufficiency or insufficiency with respect to clause
      (B), the Indenture Trustee may, but need not, obtain and rely upon 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, any Sale of the Trust Estate shall be made
      subject to the continued servicing of the HELOCs by the Servicer (other than
      any
      Servicer as to which an Event of Servicer Termination has occurred and is
      continuing) as provided in the Servicing Agreement.

     

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

     

    FIRST:
      to
      the Indenture Trustee, the Owner Trustee (to the extent of any fees due and
      not
      paid pursuant to Section 7.01 of the Trust Agreement), the Securities
      Administrator, the Custodian, the Insurer and the Servicer for amounts due
      and
      not previously paid pursuant to the Indenture and the other Basic
      Documents;

     

    SECOND:
      to the Class A Noteholders and Class N Certificates for amounts due and unpaid
      on such Notes and Certificates with respect to interest (including any Unpaid
      Interest Shortfall Amounts);

     

    THIRD:
      to
      the related Class A Noteholders and Class N Certificates, for amounts due and
      unpaid on such Notes and Certificates with respect to principal, and to each
      Holder thereof ratably, without preference or priority of any kind, according
      to
      the amounts due and payable on such Notes for principal, until the aggregate
      Note Principal Balance or Certificate Principal Balance of each such Class
      is
      reduced to zero;

     

    FOURTH:
      to the Class M Noteholders, the amount of any Allocated Realized Loss Amount;
      

     

    FIFTH:
      to
      the Noteholders and the Class N Certificateholders, the amounts due and unpaid
      on thereon in respect of Net WAC Rate Carryover Amounts; and

     

    SIXTH:
      to
      the Securities Administrator on behalf of the Issuer for distribution pursuant
      to the Trust Agreement.

     

    The
      Securities Administrator 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 Securities Administrator shall mail to each Noteholder and
      the
      Certificateholder 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 of the Notes that there be at all times sufficient funds for the
      payment of principal of and interest on the Notes and other related 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 to take and maintain possession of the Trust
      Estate, the Indenture Trustee may, but need not, obtain and rely upon 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
      foregoing and the provisions of Section 10.15 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 50% of the aggregate Note Principal 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 reasonable
                indemnity 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;
                

            

    

     

    
      	(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 aggregate Note Principal Balance of the Notes; and
                

            

    

     

    
      	(vi)  	
              an
                Insurer Default shall have occurred and be
                continuing.

            

    

     

    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
      Insurer
      (or, if an Insurer Default shall have occurred and is continuing,
      the
      Majority Holders) 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 the
                Insurer (so long as no Insurer Default has occurred and is continuing)
                or
                the
                Holders of the Notes representing not less than 100% of the aggregate
                Note
                Principal Balance of the Notes; and

            

    

     

    
      	(iii)  	
              the
                Indenture Trustee may take any other action deemed proper by the
                Indenture
                Trustee that is not inconsistent with such direction of the Insurer
                or the
                Majority Holders.

            

    

     

    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 Insurer
      (so long as no Insurer Default has occurred and is continuing) or the
      Majority Holders (if
      an Insurer Default has occurred and is continuing)
      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
      on
      the Final Stated Maturity Date, or (b) in respect of a covenant or provision
      hereof which cannot be modified or amended without the consent of the Holder
      of
      a Class of Notes. In the case of any such waiver, the Issuer, the Indenture
      Trustee, the Insurer 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 the Insurer,
      any Noteholder, or group of Noteholders with the prior written consent of the
      Insurer (so long as no Insurer Default has occurred),
      in each
      case holding in the aggregate more than 10% of the aggregate Note Principal
      Balance 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
      Sections 5.05 and 5.11(ii) 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)  Subject
      to this Section 5.15, unless the Holders representing at least 100% of the
      aggregate Note Principal Balance of the Notes or the Holders of 66 2/3% of
      the
      Note Principal Balance of each Class of Notes then outstanding, voting
      separately as set forth in Section 5.04(a) hereof, have otherwise consented
      or
      directed the Indenture Trustee, at any public Sale of all or any portion of
      the
      Trust Estate at which a minimum bid equal to or greater than the amount
      described in clause (B) of Section 5.04 has not been established by the
      Indenture Trustee and no Person bids an amount equal to or greater than such
      amount, the Indenture Trustee, as trustee for the benefit of the Holders of
      the
      Notes, shall bid an amount (which shall include the Indenture Trustee’s right,
      in its capacity as Indenture Trustee, to credit bid) at least $1.00 more than
      the highest other bid in order to preserve the Trust Estate on behalf of the
      Noteholders.

     

    (c)  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
                payment 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
                moneys.

            

    

     

    
      	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, the Insurer
      or the Noteholders shall be impaired by the recovery of any judgment by the
      Indenture Trustee or the Insurer 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 or the Securities Administrator shall be applied by the Securities
      Administrator in accordance with Section 5.04(b) hereof.

     

    
      	Section
              5.17.  	
              Subrogation. 

            

    

     

    The
      Securities Administrator as agent for the Indenture Trustee shall receive as
      attorney-in-fact of each Noteholder any Insured Amounts or Preference Amounts
      from the Insurer pursuant to the Policy. Any and all Insured Amounts and
      Preference Amounts disbursed by the Securities Administrator from claims made
      under the Policy shall not be considered payment by the Issuer, and shall not
      discharge the obligations of the Issuer with respect thereto. The Insurer shall,
      to the extent it makes any payment with respect to the Notes, become subrogated
      to the rights of the recipient of such payments to the extent of such payments.
      Subject to and conditioned upon any payment with respect to the Notes by or
      on
      behalf of the Insurer, the Indenture Trustee shall assign to the Insurer all
      rights to the payment of interest or principal with respect to the Notes which
      are then due for payment to the extent of all payments made by the Insurer.
      

     

    
      	Section
              5.18.  	
              Preference
                Claims. 

            

    

     

    (a)  In
      the
      event that the Indenture Trustee or the Securities Administrator has received
      a
      certified copy of an order of the appropriate court that any payment of
      principal and interest on a Note has been avoided in whole or in part as a
      preference payment under applicable bankruptcy law, the Indenture Trustee or
      the
      Securities Administrator, as applicable, shall so notify the Insurer and the
      Securities Administrator, shall comply with the provisions of the Policy to
      obtain payment by the Insurer of such avoided payment, and the Securities
      Administrator shall on behalf of the Indenture Trustee, at the time it provides
      notice to the Insurer, notify Holders of the Notes by mail that, in the event
      that any Noteholder’s payment is so recoverable, such Noteholder will be
      entitled to payment pursuant to the terms of the Policy. The Securities
      Administrator shall, on behalf of the Indenture Trustee, furnish to the Insurer
      at its written request, the requested records it holds in its possession
      evidencing the payments of principal of and interest on Notes, if any, which
      have been made by the Securities Administrator, on behalf of the Indenture
      Trustee, and subsequently recovered from Noteholders and the dates on which
      such
      payments were made. Pursuant to the terms of the Policy, the Insurer will make
      such payment on behalf of the related Noteholder to the receiver, conservator,
      debtor-in-possession or trustee in bankruptcy named in the final order of the
      court exercising jurisdiction on behalf of the Noteholders and not to the
      Indenture Trustee, the Securities Administrator on behalf of the Indenture
      Trustee or any Noteholder directly (unless such Noteholder or Indenture Trustee
      has returned principal or interest paid on the Notes to such receiver or trustee
      in bankruptcy, in which case the Insurer shall make such payment to the
      Securities Administrator on behalf of the Indenture Trustee for payment to
      such
      Noteholder in accordance with the terms of the Policy).

     

    (b)  The
      Indenture Trustee or the Securities Administrator shall promptly notify the
      Insurer of any proceeding or the institution of any action (of which the
      Indenture Trustee or Securities Administrator, as applicable, has actual
      knowledge) seeking the avoidance as a preferential transfer under applicable
      bankruptcy, insolvency, receivership, rehabilitation or similar law (a
“Preference
      Claim”)
      of any
      distribution made with respect to the Notes. Each Holder, by its purchase of
      Notes, and the Indenture Trustee hereby agree that so long as an Insurer Default
      shall not have occurred and be continuing, the Insurer may at any time during
      the continuation of any proceeding relating to a Preference Claim direct all
      matters relating to such Preference Claim, including, without limitation, (i)
      the direction of any appeal of any order relating to any Preference Claim and
      (ii) the posting of any surety, supersedes or performance bond pending any
      such
      appeal at the expense of the Insurer, but subject to reimbursement as provided
      in the Insurance Agreement. In addition, and without limitation of the
      foregoing, as set forth in Section 5.17, the Insurer shall be subrogated to,
      and
      each Noteholder and the Indenture Trustee hereby delegate and assign, to the
      fullest extent permitted by law, the rights of the Indenture Trustee and each
      Noteholder in the conduct of any proceeding with respect to a Preference Claim,
      including, without limitation, all rights of any party to an adversary
      proceeding action with respect to any court order issued in connection with
      any
      such Preference Claim. All actions taken under this Section 5.18(b) by the
      Indenture Trustee shall be taken in accordance with the terms of the
      Policy.

     

    
      	Section
              5.19.  	
              Noteholder
                Rights. 

            

    

     

    Each
      Noteholder by the acceptance of its Note agrees that, so long as no Insurer
      Default has occurred and is continuing, the Insurer shall be treated by the
      Issuer, the Seller, the Depositor, the Servicer, the Owner Trustee and the
      Indenture Trustee as if the Insurer were the Holder of the Note for the purpose
      of the giving of any consent, the making of any direction or the exercise of
      any
      voting or other control rights otherwise given to the Noteholder hereunder
      without any further consent of the Noteholder. So long as no Insurer Default
      has
      occurred and is continuing, the Noteholders may only exercise such rights with
      the consent of the Insurer.

     

    
      	Section
              5.20.  	
              Insurer’s
                Rights Regarding Actions, Proceedings or Investigations. 

            

    

     

    Until
      all
      Notes have been paid in full, all amounts owed to the Insurer have been paid
      in
      full, the Insurance Agreement has terminated and the Policy has been returned
      to
      the Insurer for cancellation, the following provisions shall apply:

     

    (a)  Unless
      an
      Insurer Default resulting from the failure of the Insurer to make payments
      under
      the Policy has occurred or is continuing, notwithstanding anything contained
      herein or in the other Basic Documents to the contrary, the Insurer shall have
      the right to participate in, to direct the enforcement or defense of, and,
      at
      the Insurer’s sole option, to institute or assume the defense of, any action,
      proceeding or investigation that could adversely affect the Issuer, the
      Collateral, the Trust Estate or the rights or obligations of the Insurer
      hereunder or under the Policy or the Basic Documents, including (without
      limitation) any insolvency or bankruptcy proceeding in respect of the Servicer,
      the Seller, the Depositor, the Issuer or any affiliate thereof. Following notice
      to the Indenture Trustee and the Securities Administrator and subject to the
      preceding sentence, the Insurer shall have exclusive right to determine, in
      its
      sole discretion, the actions necessary to preserve and protect the Issuer,
      the
      Collateral, and the Trust Property. All costs and expenses of the Insurer in
      connection with such action, proceeding or investigation, including (without
      limitation) any judgment or settlement entered into affecting the Insurer or
      the
      Insurer’s interests, shall be included in the Reimbursement Amount.

     

    (b)  In
      connection with any action, proceeding or investigation that could adversely
      affect the Issuer, the Collateral, the Trust Estate or the rights or obligations
      of the Insurer hereunder or under the Policy or the Basic Documents, including
      (without limitation) any insolvency or bankruptcy proceeding in respect of
      the
      Servicer, a Seller, the Depositor, the Issuer or any affiliate thereof, the
      Indenture Trustee hereby agrees to cooperate with, and to take such action
      as
      directed by, the Insurer, including (without limitation) entering into such
      agreements and settlements as the Insurer shall direct, in its sole discretion,
      without the consent of any Noteholder.

     

    (c)  The
      Indenture Trustee and the Securities Administrator each hereby agrees to provide
      to the Insurer prompt written notice of any action, proceeding or investigation
      of which a Responsible Officer has received notice or has actual knowledge
      that
      names the Issuer, the Securities Administrator or the Indenture Trustee as
      a
      party or that could adversely affect the Issuer, the Collateral, the Trust
      Estate or the rights or obligations of the Insurer hereunder or under the Policy
      or the Basic Documents, including (without limitation) any insolvency or
      bankruptcy proceeding in respect of the Servicer, the Seller, the Depositor,
      the
      Trust or any affiliate thereof. 

     

    (d)  Notwithstanding
      anything contained herein or in any of the other Basic Documents to the
      contrary, the Indenture Trustee shall not, without the Insurer’s prior written
      consent or unless directed by the Insurer, undertake or join any litigation
      or
      agree to any settlement of any action, proceeding or investigation affecting
      the
      Issuer, the Collateral, the Trust Estate or the rights or obligations of the
      Insurer hereunder or under the Policy or the Basic Documents.

     

    (e)  Each
      Noteholder, by acceptance of its Note, and the Indenture Trustee agree that
      the
      Insurer shall have such rights as set forth in this Section, which are in
      addition to any rights of the Insurer pursuant to the other provisions of the
      Basic Documents, that the rights set forth in this Section may be exercised
      by
      the Insurer, in its sole discretion, without the need for the consent or
      approval of any Noteholder or the Indenture Trustee, notwithstanding any other
      provision contained herein or in any of the other Basic Documents, and that
      nothing contained in this Section shall be deemed to be an obligation of the
      Insurer to exercise any of the rights provided for herein.

     

    ARTICLE
      VI

    THE
      INDENTURE TRUSTEE, THE SECURITIES ADMINISTRATOR AND THE AUTHENTICATING
      AGENT

     

    
      	Section
              6.01.  	
              Duties
                of Indenture Trustee, Securities Administrator and Others. 

            

    

     

    (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 of which the Indenture Trustee
      has
      actual knowledge or has received written notice, in the case of the Indenture
      Trustee and, at any time, in the case of the Securities Administrator and the
      Authenticating Agent:

     

    
      	(i)  	
              each
                of the Indenture Trustee, the Securities Administrator and the
                Authenticating Agent undertakes to perform such duties and only such
                duties as are specifically set forth in this Indenture and the other
                Basic
                Documents to which it is a party and no implied covenants or obligations
                shall be read into this Indenture and the other Basic Documents against
                the Indenture Trustee, the Securities Administrator or the Authenticating
                Agent; and

            

    

     

    
      	(ii)  	
              in
                the absence of bad faith on its part, the Indenture Trustee, the
                Securities Administrator, and the Authenticating Agent, may conclusively
                rely, as to the truth of the statements and the correctness of the
                opinions expressed therein, upon certificates, reports, documents,
                Issuer
                Requests or other instruments or opinions furnished to any of the
                Indenture Trustee, the Securities Administrator and the Authenticating
                Agent and conforming to the requirements of this Indenture or the
                other
                Basic Documents; however, the Indenture Trustee, the Securities
                Administrator and the Authenticating Agent shall examine the upon
                certificates, reports, documents, Issuer Requests or other instruments
                and
                opinions to determine whether or not they conform on their face to
                the
                requirements of this Indenture.

            

    

     

    (c)  The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      may
      not be relieved from liability for each of 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)  	
              none
                of the Indenture Trustee, the Securities Administrator or the
                Authenticating Agent shall be liable for any error of judgment made
                in
                good faith by a Responsible Officer unless it is proved that the
                Indenture
                Trustee, the Securities Administrator or the Authenticating Agent,
                as
                applicable, was negligent in ascertaining the pertinent facts;
                and

            

    

     

    
      	(iii)  	
              none
                of the Indenture Trustee, the Securities Administrator or the
                Authenticating Agent shall 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 the Noteholders, the Certificateholders or the Issuer, which
                they
                are entitled to give under the Basic
                Documents.

            

    

     

    (d)  Neither
      the Indenture Trustee nor the Securities Administrator shall not liable for
      interest on any money received by it except as set forth in the Basic Documents
      and as the Indenture Trustee may agree in writing with the Issuer.

     

    (e)  Money
      held in trust by the Indenture Trustee or the Securities Administrator 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 any of the Indenture Trustee, the
      Securities Administrator, or the Authenticating Agent 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.

     

    (h)  The
      Indenture Trustee shall not be deemed to have notice or knowledge of any Default
      or Event of Default unless a Responsible Officer of the Indenture Trustee has
      actual knowledge thereof or unless written notice of any such event that is
      in
      fact an Event of Default or Default is received by the Indenture Trustee at
      its
      Corporate Trust Office and such notice references the Notes or Certificates
      generally, the Issuer, the Trust Estate or this Indenture.

     

    
      	Section
              6.02.  	
              Rights
                of Indenture Trustee, Securities Administrator and Others. 

            

    

     

    (a)  Each
      of
      the Indenture Trustee, the Securities Administrator and the Authenticating
      Agent
      may rely on any document believed by it to be genuine and to have been signed
      or
      presented by the proper person. The Indenture Trustee the Securities
      Administrator and the Authenticating Agent need not investigate any fact or
      matter stated in the document.

     

    (b)  Before
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      acts or refrains from acting, it may require an Officer’s Certificate or an
      Opinion of Counsel. None of the Indenture Trustee, the Securities Administrator
      or the Authenticating Agent shall be liable for any action it takes or omits
      to
      take in good faith in reliance on and in accordance with an Officer’s
      Certificate or Opinion of Counsel.

     

    (c)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall 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.

     

    (d)  The
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      may
      consult with counsel, and the written advice or Opinion of Counsel (which shall
      not be at the expense of the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent) with respect to legal matters relating to this
      Indenture, the other 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 in good faith and in accordance with the
      written advice or opinion of such counsel.

     

    (e)  For
      the
      limited purpose of effecting any action to be undertaken by each of the
      Indenture Trustee, the Securities Administrator and the Authenticating Agent,
      but not specifically as a duty of the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent, each of the Indenture Trustee, the
      Securities Administrator and the Authenticating Agent may execute any of the
      trusts or powers hereunder or perform any duties hereunder, either directly
      or
      by or through agents, 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
      Securities Administrator or its Affiliates are permitted to receive additional
      compensation that could be deemed to be in the Securities Administrator’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 Securities Administrator (i) as part of the
      compensation hereunder or (ii) out of Available Funds.

     

    (g)  Anything
      in this Indenture to the contrary notwithstanding, in no event shall the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      be
      liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

    (h)  None
      of
      the Securities Administrator, the Issuer, the Indenture Trustee or the
      Authenticating Agent shall be responsible for the acts or omissions of the
      other, it being understood that this Indenture shall not be construed to render
      them partners, joint venturers or agents of one another.

     

    (i)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be required to expend or risk its own funds or otherwise incur financial
      liability in the performance of any of its duties hereunder, or in the exercise
      of any of its rights or powers, if there is reasonable ground for believing
      that
      the repayment of such funds or indemnity reasonably satisfactory to it against
      such risk or liability is not reasonably assured to it, and none of the
      provisions contained in this Indenture shall in any event require the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent to perform,
      or
      be responsible for the manner of performance of, any of the obligations of
      the
      Servicer under the Servicing Agreement, except during such time, if any, as
      the
      Indenture Trustee shall be the successor to, and be vested with the rights,
      duties, powers and privileges of, the Servicer in accordance with the terms
      of
      the Servicing Agreement.

     

    (j)  Except
      for those actions that the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent are required to take hereunder, none of the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent shall have
      any
      obligation or liability to take any action or to refrain from taking any action
      hereunder in the absence of written direction as provided
      hereunder.

     

    (k)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be under any obligation to exercise any of the trusts or powers vested
      in
      it by this Indenture, other than its obligation to give notices pursuant to
      this
      Indenture, or to institute, conduct or defend any litigation hereunder or in
      relation hereto at the request, order or direction of any of the Noteholders
      pursuant to the provisions of this Indenture, unless such Noteholders shall
      have
      offered to the Indenture Trustee, the Securities Administrator or the
      Authenticating Agent, as applicable, reasonable security or indemnity against
      the costs, expenses and liabilities which may be incurred therein or thereby.
      Nothing contained herein shall, however, relieve the Indenture Trustee of the
      obligation, upon the occurrence of an Event of Default of which a Responsible
      Officer of the Indenture Trustee has actual knowledge (which has not been cured
      or waived), to exercise such of the rights and powers vested in it by this
      Indenture and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise under the circumstances in the conduct of his
      own
      affairs.

     

    (l)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Insurer or Holders of Notes representing
      not less than 25% of the aggregate Note Principal Balance of the Notes and
      provided that the payment within a reasonable time to the Indenture Trustee,
      the
      Securities Administrator or the Authenticating Agent, as applicable, of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent, as applicable, reasonably assured
      by
      the security afforded to it by the terms of this Indenture. The Indenture
      Trustee, the Securities Administrator or the Authenticating Agent may require
      reasonable indemnity against such expense or liability as a condition to taking
      any such action. The reasonable expense of every such examination shall be
      paid
      by the Noteholders requesting the investigation.

     

    (m)  The
      right
      of the Indenture Trustee, the Securities Administrator or the Authenticating
      Agent to perform any discretionary act enumerated in this Indenture shall not
      be
      construed as a duty, and none of the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent shall be accountable for other than
      its negligence or willful misconduct in the performance of any such
      act.

     

    (n)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be required to give any bond or surety with respect to the execution
      of
      the trust created hereby or the powers granted hereunder.

     

    (o)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall have any duty to conduct any affirmative investigation as to the
      occurrence of any condition requiring the repurchase of any HELOC by the Seller
      pursuant to this Indenture or the HELOC Purchase Agreement, as applicable,
      or
      the eligibility of any HELOC for purposes of this Indenture.

     

    (p)  The
      Indenture Trustee shall not be deemed to have notice or actual knowledge of
      any
      Default or Event of Default unless actually known to a Responsible Officer
      of
      the Indenture Trustee or written notice thereof (making reference to this
      Indenture or the Notes) is received by the Indenture Trustee at the Corporate
      Trust Office.

     

    
      	Section
              6.03.  	
              Individual
                Rights of Indenture Trustee, Securities Administrator and Authenticating
                Agent. 

            

    

     

    Each
      of
      the Indenture Trustee, the Securities Administrator and the Authenticating
      Agent, 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. However, the Indenture Trustee, the
      Securities Administrator and the Authenticating Agent must comply with Section
      6.12 hereof.

     

    
      	Section
              6.04.  	
              [Reserved].

            

    

     

    
      	Section
              6.05.  	
              Indenture
                Trustee’s, Securities Administrator’s and Authenticating Agent’s
                Disclaimer. 

            

    

     

    None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be responsible for and makes no representation as to the validity or
      adequacy of this Indenture, the Notes or any other Basic Document, 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 Authenticating Agent’s certificate of authentication.

     

    
      	Section
              6.06.  	
              Notice
                of Event of Default. 

            

    

     

    Subject
      to Section 5.01, the Indenture Trustee shall promptly mail to the Insurer and
      each Noteholder notice of the Event of Default after it is 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 a committee of its Responsible Officers in good faith
      determines that withholding the notice is in the best interests of Noteholders;
      provided that the Indenture Trustee shall not withhold any such notice to the
      Insurer.

     

    
      	Section
              6.07.  	
              Reports
                to Holders and Tax Administration. 

            

    

     

    The
      Securities Administrator 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 Securities Administrator shall prepare and file (or cause
      to be
      prepared and filed), on behalf of the Owner Trustee, 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 and Form 1066. All tax returns and information reports shall be signed
      by the Owner Trustee as provided in Section 5.03 of the Trust
      Agreement.

     

    
      	Section
              6.08.  	
                Compensation. 

            

    

     

    An
      annual
      fee shall be paid to the Indenture Trustee by the Securities Administrator
      pursuant to a separate agreement between the Indenture Trustee and the
      Securities Administrator. On each Payment Date, the Securities Administrator
      shall be entitled to interest income on amounts on deposit in the Payment
      Account as compensation for its services hereunder. In addition, the Indenture
      Trustee, the Securities Administrator and the Authenticating Agent will each
      be
      entitled to recover from the Payment Account pursuant to Section 8.09 of this
      Indenture all reasonable out-of-pocket expenses, disbursements and advances
      and
      the expenses of the Indenture Trustee, the Securities Administrator and the
      Authenticating Agent, respectively, in connection with any event of default,
      breach of this Indenture or any claim or legal action (including any pending
      or
      threatened claim or legal action) or otherwise incurred or made by the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent, respectively,
      in the administration of the trusts hereunder (including the reasonable
      compensation, expenses and disbursements of its counsel) except any such
      expense, disbursement or advance as may arise from its own negligence or
      intentional misconduct or which is the responsibility of the Noteholders as
      provided herein. Such compensation and reimbursement obligation shall not be
      limited by any provision of law in regard to the compensation of a trustee
      of an
      express trust. Additionally, each of the Indenture Trustee, the Securities
      Administrator and the Authenticating Agent and any director, officer, employee
      or agent of the Indenture Trustee, the Securities Administrator or the
      Authenticating Agent shall be indemnified by the Trust and held harmless against
      any loss, liability or expense (including reasonable attorney’s fees and
      expenses) incurred in the administration of this Indenture (other than its
      ordinary out of pocket expenses incurred hereunder) or in connection with any
      claim or legal action relating to (a) the Basic Documents or (b) the Notes,
      other than any loss, liability or expense incurred by reason of its own
      negligence or intentional misconduct, or which is the responsibility of the
      Noteholders as provided herein.

     

    The
      Issuer’s payment obligations to the Indenture Trustee, the Securities
      Administrator and the Authenticating Agent, pursuant to this Section 6.08 shall
      survive the discharge of this Indenture and the termination or resignation
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent.
      When the Indenture Trustee, the Securities Administrator or the Authenticating
      Agent 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
              6.09.  	
              Replacement
                of Indenture Trustee, the Securities Administrator and the Authenticating
                Agent.  

            

    

     

    No
      resignation or removal of the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent and no appointment of a successor Indenture Trustee,
      a
      successor Securities Administrator or a successor Authenticating Agent shall
      become effective until the acceptance of appointment by such successor pursuant
      to this Section 6.09. The Indenture Trustee, the Securities Administrator or
      the
      Authenticating Agent may resign at any time by so notifying the Issuer and
      the
      Insurer. In the event that the Indenture Trustee determines that a conflict
      of
      interest exists between the Holders of the Class A Notes and the Holders of
      the
      Class M Notes, then the Indenture Trustee shall be entitled to resign as the
      indenture trustee for all Classes of Notes other than the Class A Notes. In
      such
      event the Holders of a majority of the aggregate Note Principal Balance of
      all
      of the Class M Notes shall designate a separate indenture trustee to represent
      their interests hereunder. The Insurer (so long as no Insurer Default has
      occurred and is continuing) or the Majority Holders (if an Insurer Default
      has
      occurred and is continuing) may remove the Indenture Trustee by so notifying
      the
      Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer
      at
      the request of the Insurer (so long as no Insurer Default has occurred and
      is
      continuing) or the Majority Holders (if an Insurer Default has occurred and
      is
      continuing) shall remove the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent, as applicable, if:

     

    
      	(i)  	
              the
                Indenture Trustee, the Securities Administrator or the Authenticating
                Agent fails to comply with or qualify pursuant to the provisions
                of
                Section 6.12 hereof;

            

    

     

    
      	(ii)  	
              the
                Indenture Trustee, the Securities Administrator or the Authenticating
                Agent is adjudged a bankrupt or
                insolvent;

            

    

     

    
      	(iii)  	
              a
                receiver or other public officer takes charge of any of the Indenture
                Trustee, the Securities Administrator or the Authenticating Agent
                or its
                property;

            

    

     

    
      	(iv)  	
              the
                Indenture Trustee, the Securities Administrator or the Authenticating
                Agent otherwise becomes incapable of acting;

            

    

     

    
      	(v)  	
              the
                Servicer is terminated pursuant to Section 15.01 of the Servicing
                Agreement and the Indenture Trustee or the Securities Administrator,
                as
                applicable, is the successor to the Servicer;
                or

            

    

     

    
      	(vi)  	
              the
                Indenture Trustee, the Securities Administrator or the Authenticating
                Agent fails to perform their duties under the Basic
                Documents.

            

    

     

    If
      the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      resigns or is removed or if a vacancy exists in the office of the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent for any reason
      (the Indenture Trustee, the Securities Administrator or the Authenticating
      Agent
      in such event being referred to herein as the retiring Indenture Trustee, the
      retiring Securities Administrator or the retiring Authenticating Agent), the
      Note Insurer shall promptly appoint a successor with respect thereto and if
      the
      Note Insurer fails to do so the Indenture Trustee, the Securities Administrator
      or the Authenticating Agent, as applicable, may appoint or petition a court
      of
      competent jurisdiction to appoint, any established mortgage loan servicing
      institution, the appointment of which does not adversely affect the then current
      rating of the Notes by each Rating Agency (without regard to the Policy) as
      the
      successor.

     

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

     

    If
      a
      successor Indenture Trustee, successor Securities Administrator or successor
      Authenticating Agent does not take office within 60 days after the retiring
      Indenture Trustee, the retiring Securities Administrator or the retiring
      Authenticating Agent, as applicable, resigns or is removed, the retiring
      Indenture Trustee, the retiring Securities Administrator or the retiring
      Authenticating Agent, the Issuer, the Insurer or the Holders of a majority
      of
      the aggregate Note Principal Balance of the Notes may petition any court of
      competent jurisdiction for the appointment of a successor Indenture Trustee,
      successor Securities Administrator or successor Authenticating
      Agent.

     

    Notwithstanding
      the replacement of the Indenture Trustee, the Securities Administrator or the
      Authenticating Agent pursuant to this Section, the Issuer’s obligations under
      Section 6.07 shall continue for the benefit of the retiring Indenture Trustee,
      the retiring Securities Administrator, the retiring Securities Administrator,
      the retiring Securities Administrator or the retiring Authenticating
      Agent.

     

    
      	Section
              6.10.  	
              Successor
                Indenture Trustee, Securities Administrator or Authenticating Agent
                by
                Merger. 

            

    

     

    If
      the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      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, successor Securities
      Administrator, successor Securities Administrator, successor Securities
      Administrator or successor Authenticating Agent, as applicable; provided, that
      such corporation or banking association shall be otherwise qualified and
      eligible under Section 6.12 hereof. The Indenture Trustee, the Securities
      Administrator and the Authenticating Agent shall provide the Rating Agencies,
      the Insurer and the Issuer with prior written notice, and the Noteholders with
      prompt 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 is
      in
      the Notes or in this Indenture provided that the certificate of the Indenture
      Trustee shall have.

     

    
      	Section
              6.11.  	
              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 6.12 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
              6.12.  	
              Eligibility;
                Disqualification. 

            

    

     

    The
      Indenture Trustee shall at all times be an entity that meets the requirements
      of
      Section 3(c)(3) under the Investment Company Act applicable to a 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 or “BBB-“ by Standard &
Poor’s, and must be subject to supervision or examination by federal or state
      authority.

     

    The
      Securities Administrator (i) may not be the Seller, an originator of any of
      the
      HELOCs, Servicer, the Depositor or an affiliate of the Depositor unless the
      Securities Administrator is Citibank, N.A. or the Indenture Trustee acting
      as
      successor to the Securities Administrator, (ii) must be authorized to exercise
      corporate trust powers under the laws of its jurisdiction of organization,
      (iii)
      must be rated at least “A/F1” by Fitch, if Fitch is a Rating Agency, or the
      equivalent rating by S&P or Moody’s, or such other rating as is acceptable
      to Fitch as provided in writing and (iv) shall have a combined capital and
      surplus of at least $50,000,000. If no successor Securities Administrator shall
      have been appointed by the Depositor and shall have accepted appointment within
      60 days after the Securities Administrator ceases to be the Securities
      Administrator pursuant to this Section 9.06, then the Indenture Trustee shall
      perform the duties of the Securities Administrator pursuant to this Agreement.
      The Indenture
      Trustee
      shall notify the Rating Agencies and the Insurer of any change of Securities
      Administrator. In such event, the Indenture Trustee shall assume all of the
      rights and obligations of the Securities Administrator hereunder arising
      thereafter except that the Indenture Trustee shall not be (i) liable for losses
      of the predecessor Securities Administrator or any acts or omissions of the
      predecessor Securities Administrator hereunder or (ii) deemed to have made
      any
      representations and warranties of the Securities Administrator made herein.
      The
      Indenture Trustee shall not be accountable, shall have no liability and makes
      no
      representation as to any acts or omissions hereunder of the Securities
      Administrator until such time as the Indenture Trustee may be required to act
      as
      successor Securities Administrator pursuant to this Section 6.12 and thereupon
      only for the acts or omissions of the Indenture Trustee as successor Securities
      Administrator. The Indenture Trustee shall be entitled to reasonable additional
      compensation for serving as Securities Administrator, which shall be paid for
      by
      the Servicer and if not so paid, then from the Custodial Account or the Payment
      Account.

     

    The
      Indenture Trustee or successor Securities Administrator shall be entitled to
      be
      reimbursed from the Servicer for all reasonable costs and expenses associated
      with the transfer of the duties of the Securities Administrator from the
      predecessor Securities Administrator, including, without limitation, any costs
      or expenses associated with the complete transfer of all Securities
      Administrator data as may be required by the Indenture Trustee or successor
      Securities Administrator to correct any errors or insufficiencies in such
      Securities Administrator data or otherwise to enable the Indenture Trustee
      or
      successor Securities Administrator to perform the duties of the Securities
      Administrator properly and effectively.

     

    
      	Section
              6.13.  	
              [Reserved]. 

            

    

     

    
      	Section
              6.14.  	
              Representations
                and Warranties. 

            

    

     

    (a)  The
      Indenture Trustee hereby represents that:

     

    
      	(i)  	
              The
                Indenture Trustee is duly organized and validly existing as a national
                banking association in good standing under the laws of the United
                States
                with power and authority to own its properties and to conduct its
                business
                as such properties are currently owned and such business is presently
                conducted;

            

    

     

    
      	(ii)  	
              The
                Indenture Trustee has the power and authority to execute and deliver
                this
                Indenture and to carry out its terms; and the execution, delivery
                and
                performance of this Indenture have been duly authorized by the Indenture
                Trustee by all necessary corporate
                action;

            

    

     

    
      	(iii)  	
              The
                consummation of the transactions contemplated by this Indenture and
                the
                fulfillment of the terms hereof do not conflict with, result in any
                breach
                of any of the terms and provisions of, or constitute (with or without
                notice or lapse of time) a default under, the articles of incorporation
                or
                bylaws of the Indenture Trustee or any agreement or other instrument
                to
                which the Indenture Trustee is a party or by which it is bound;
                

            

    

     

    
      	(iv)  	
              To
                the Indenture Trustee’s knowledge, there are no proceedings or
                investigations pending or threatened before any court, regulatory
                body,
                administrative agency or other governmental instrumentality having
                jurisdiction over the Indenture Trustee or its properties: (A) asserting
                the invalidity of this Indenture, (B) seeking to prevent the consummation
                of any of the transactions contemplated by this Indenture or (C)
                seeking
                any determination or ruling that might materially and adversely affect
                the
                performance by the Indenture Trustee of its obligations under, or
                the
                validity or enforceability of, this
                Indenture;

            

    

     

    
      	(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 such term is defined in the
                New York UCC, shall be the State of New York;
                and

            

    

     

    
      	(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.

            

    

     

    (b)  Citibank,
      N.A., as Securities Administrator and Authenticating Agent, hereby represents
      and warrants that:

     

    (i)  It
      is
      duly organized and validly existing as a national banking association in good
      standing under the laws of the United States with power and authority to own
      its
      properties and to conduct its business as such properties are currently owned
      and such business is presently conducted;

     

    (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 articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets;

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this 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 other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law;

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Indenture and its
      performance and compliance with the terms of this Indenture will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      the
      it to perform its obligations under this Indenture or the financial condition
      of
      it; and

     

    (vi)  No
      litigation is pending or, to the best of its knowledge, threatened against
      it
      which would prohibit it from entering into this Indenture or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Indenture or the financial
      condition of it.

     

    
      	Section
              6.15.  	
              Directions
                to Indenture Trustee and the Securities Administrator. 

            

    

     

    (a)  The
      Indenture Trustee is hereby directed to accept the pledge of the Trust Estate
      and hold the assets of the Trust in trust for the Noteholders.

     

    (b)  The
      Indenture Trustee is hereby authorized and directed to execute and deliver
      in
      the forms requested of it: (i) the Assignment Agreement, (ii) the Custodial
      Agreement and (iii) the Servicing Agreement.

     

    (c)  The
      Securities Administrator is hereby directed to (i) authenticate and deliver
      the
      Notes substantially in the form prescribed by Exhibits A-1and A-2 to this
      Indenture in accordance with the terms of this Indenture.

     

    (d)  Both
      the
      Indenture Trustee and the Securities Administrator are hereby directed to take
      all other actions as shall be required to be taken by the Securities
      Administrator pursuant to the terms of this Indenture and the other Basic
      Documents.

     

    
      	Section
              6.16.  	
              Assessments
                of Compliance and Attestation Reports.

            

    

     

    (a)  The
      Securities Administrator shall deliver to the Depositor on or before March
      1st
      of each
      calendar year beginning in 2007, the following: 

     

    (i)  a
      report
      (an “Assessment of Compliance”) regarding the Securities Administrator’s
      assessment of compliance with the Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by
      an
      authorized officer of the Securities Administrator, and shall address each
      of
      the Servicing Criteria set forth in Exhibit J hereto which are indicated as
      applicable to the “securities administrator”;

     

    (ii)  a
      report
      (an “Attestation Report”) of a registered public accounting firm reasonably
      acceptable to the Depositor that attests to, and reports on, the assessment
      of
      compliance made by the Securities Administrator and delivered pursuant to the
      preceding paragraph. Such attestation shall be in accordance with Rules
      1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
      Exchange Act; and

     

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

     

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

     

    Notwithstanding
      the foregoing, as to any subcontractor, an Assessment of Compliance is not
      required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Estate.

     

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

     

    Failure
      of the Securities Administrator to timely comply with this Section 3.09 shall
      be
      deemed a “Securities Administrator Event of Default”, and the Indenture Trustee
      at the direction of the Depositor may, in addition to whatever rights the
      Indenture Trustee may have under this Agreement and at law or equity or to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all the rights and obligations of the Securities
      Administrator under this Agreement and the proceeds thereof without compensating
      the Securities Administrator for the same. This paragraph shall supersede any
      other provision in this Agreement or any other agreement to the
      contrary.

     

    The
      Securities Administrator shall indemnify and hold harmless the Depositor and
      the
      Indenture Trustee and their officers, directors and Affiliates from and against
      any actual losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      that such Person may sustain based upon any failure of the Securities
      Administrator to deliver when required an Assessment of Compliance. Such
      indemnification shall not cover any damages that are indirect, consequential,
      punitive or special in nature.

     

    ARTICLE
      VII

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    
      	Section
              7.01.  	
              Issuer
                To Furnish Names and Addresses of Noteholders. 

            

    

     

    The
      Issuer will furnish or cause to be furnished to the Securities Administrator
      (a)
      not more than five days after each Record Date, a list, in such form as the
      Securities Administrator may reasonably require, of the names and addresses
      of
      the Holders of Notes as of such Record Date, and (b) at such other times as
      the
      Securities Administrator 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.
      The Securities Administrator shall furnish to the Insurer in writing upon their
      written request and at such other times as the Insurer may request a copy of
      the
      list.

     

    
      	Section
              7.02.  	
              Preservation
                of Information; Communications to Noteholders. 

            

    

     

    (a)  The
      Securities Administrator 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 Securities Administrator as provided in
      Section 7.01 hereof. The Securities Administrator may destroy any list furnished
      to it as provided in such Section 7.01 upon receipt of a new list so
      furnished.

     

    (b)  Noteholders
      may communicate with other Noteholders with respect to their rights under this
      Indenture or under the Notes.

     

    
      	Section
              7.03.  	
              Financial
                Information. 

            

    

     

    For
      so
      long as any of the Notes bearing a restrictive legend remains outstanding and
      is
      a “restricted security” within the meaning of Rule 144(a)(3) under the
      Securities Act, the Issuer shall, during any period in which it is not subject
      to Section 13 or 15(d) of the Exchange Act or exempt from reporting pursuant
      to
      Rule 12g3-2(b) under such Act, cause the Securities Administrator to make
      available to any Holder of any such Note in connection with any sale thereof
      and
      to any prospective purchaser of any such Note from such Holder, in each case
      upon request, the information specified in, and meeting the requirements of,
      Rule 144A(d)(4) under the Securities Act that is in the Securities
      Administrator’s possession or reasonably obtainable by it, if requested, from
      the Servicer.

     

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

     

    
      	Section
              7.04.  	
              Statements
                to Noteholders. 

            

    

     

    With
      respect to each Payment Date, the Securities Administrator shall make available
      via the Securities Administrator’s website to each Noteholder and the Depositor,
      the Issuer, the Seller, the Owner Trustee, the Securities Administrator and
      the
      Rating Agencies and the Insurer, a statement setting forth the following
      information as to the Notes, to the extent applicable:

     

    
      	(i)  	
              the
                Available Funds for such Payment Date (separately indicating the
                Interest
                Remittance Amount and the Principal Remittance Amount) and the amount
                distributed to each Class of Securities on such Payment
                Date;

            

    

     

    
      	(ii)  	
              the
                amount of the payments made on such Payment Date to the holders of
                each
                Class of Securities in respect of
                interest;

            

    

     

    
      	(iii)  	
              the
                amount of the payments made on such Payment Date to the holders of
                each
                Class of Securities in reduction of the Note Principal Balance or
                Certificate Principal Balance thereof;

            

    

     

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

            

    

     

    
      	(v)  	
              in
                the case of each class of securities, other than the Class R Certificates,
                the Note Rate or Pass-Through Rate, as applicable, for the related
                Accrual
                Period, and in the case of each class of offered securities and Class
                N
                Certificates, the Note Rate or Pass-Through Rate, as applicable,
                for the
                Accrual Period for the next succeeding Payment Date;
                

            

    

     

    
      	(vi)  	
              the
                Monthly Interest Payable Amount and Unpaid Interest Shortfall Amount
                for
                each class of offered notes and the Class N Certificates and such
                Payment
                Date, and the portion, if any, of the Monthly Interest Payable Amount
                and
                Unpaid Interest Shortfall Amount for such class remaining unpaid
                after
                taking into account all payments made on such Payment Date;
                

            

    

     

    
      	(vii)  	
              the
                aggregate amount of any Prepayment Interest Shortfalls not covered
                by the
                Servicer, the aggregate amount of any shortfalls caused by the application
                of the Relief Act or similar state laws, and the portion, if any,
                of each
                such kind of shortfall allocated in reduction of the Monthly Interest
                Payable Amounts of the Class A Note, Class M Notes and the Class
                N
                Certificates;

            

    

     

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

            

    

     

    
      	(ix)  	
              the
                Net WAC Rate Carryover Amount for each class of Notes and the Class
                N
                Certificates and such Payment Date, and the portion, if any, of the
                Net
                WAC Rate Carryover Amount for such class remaining unpaid after taking
                into account all payments made on such Payment
                Date;

            

    

     

    
      	(x)  	
              the
                Note Principal Balance or Certificate Principal Balance of each class
                of
                securities that has such a balance immediately prior to such Payment
                Date
                and after taking into account all payments and Realized Loss allocations
                made on such Payment Date; 

            

    

     

    
      	(xi)  	
              the
                Overcollateralization Target Amount, the Overcollateralized Amount
                after
                taking into account all payments and Realized Loss allocations made
                on
                such Payment Date, the Overcollateralization Increase Amount, the
                Overcollateralization Reduction Amount and the Senior Credit Enhancement
                Percentage;

            

    

     

    
      	(xii)  	
              the
                Allocated Realized Loss Amount for the Class M Notes for such Payment
                Date, separately indicating the portion thereof attributable to Realized
                Losses allocated to the Class M Notes on such Payment Date, and the
                Allocated Realized Loss Amount remaining unpaid after taking into
                account
                all payments and Realized Loss allocations made on such Payment Date;
                

            

    

     

    
      	(xiii)  	
              whether
                the Stepdown Date or a Rapid Amortization Event has occurred or a
                Trigger
                Event is in effect;

            

    

     

    
      	(xiv)  	
              the
                number and aggregate Principal Balance of the HELOCs at the beginning
                of
                the related Collection Period and at the end of the related Collection
                Period;

            

    

     

    
      	(xv)  	
              the
                weighted average remaining term to maturity and weighted average
                mortgage
                rate of the HELOCs as of the end of the related Collection
                Period;

            

    

     

    
      	(xvi)  	
              the
                number and aggregate Principal Balance of HELOCs (a) Delinquent 30
                or more
                but less than 60 days, Delinquent 60 or more but less than 90 days
                and
                Delinquent 90 or more days, respectively, (b) in foreclosure, (c)
                with
                respect to which the related mortgagor has filed for protection under
                applicable bankruptcy laws, with respect to whom bankruptcy proceedings
                are pending or with respect to whom bankruptcy protection is in force
                and
                (d) that have become REO Property, in each case as of the end of
                the
                preceding calendar month;

            

    

     

    
      	(xvii)  	
              the
                aggregate Realized Losses on the HELOCs during the related Collection
                Period and cumulative Realized Losses from the cut-off date through
                the
                end of the related Collection
                Period;

            

    

     

    
      	(xviii)  	
              the
                amount of any extraordinary trust expenses withdrawn from the Trust
                Accounts and the amount of such expenses excluded from Available
                Funds for
                such Payment Date;

            

    

     

    
      	(xix)  	
              the
                percentage obtained by dividing (x) the aggregate Principal Balance
                of
                HELOCs that are Delinquent 60 days or more (including HELOCs that
                are REO
                Properties, in foreclosure or bankruptcy and that are also Delinquent
                60
                days or more) by (y) the aggregate Principal Balance of the HELOCs,
                each
                case as of the end of the preceding calendar
                month;

            

    

     

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

            

    

     

    
      	(xxi)  	
              the
                book value and Principal Balance of any REO Property as of the close
                of
                business on the last business day of the calendar month preceding
                the
                Payment Date;

            

    

     

    
      	(xxii)  	
              the
                amount of Principal Prepayments on the HELOCs received during the
                related
                Collection Period; 

            

    

     

    
      	(xxiii)  	
              with
                respect to HELOCs as to which a final liquidation has occurred, the
                collateral pool, the loan group and the number of HELOCs, the unpaid
                principal balance of such HELOCs as of the date of such final liquidation
                and the amount of proceeds (including liquidation proceeds and insurance
                proceeds) collected in respect of such
                HELOCs;

            

    

     

    
      	(xxiv)  	
              the
                aggregate Principal Balance of HELOCs purchased out of the trust
                pursuant
                to the loan purchase agreement during the related Collection Period
                and
                cumulatively from the cut-off date through the end of the related
                Collection Period; 

            

    

     

    
      	(xxv)  	
              the
                aggregate Principal Balance or portion thereof of HELOCs converted
                from an
                adjustable loan rate to a fixed loan rate during the related Collection
                Period and purchased out of the trust by the servicer or an affiliate
                during such Collection Period and cumulatively from the cut-off date
                through the end of the related Collection Period;
                

            

    

     

    
      	(xxvi)  	
              the
                Additional Balances added during the related Collection Period and
                the
                portion thereof that is an Additional Balance Advance Amount paid
                by the
                servicer or an affiliate, and the cumulative Additional Balances
                added and
                the cumulative Additional Balance Advance Amounts paid by the servicer
                or
                an affiliate from the cut-off date through the end of the related
                Collection Period; 

            

    

     

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

            

    

     

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

            

    

     

    
      	(xxix)  	
              the
                applicable Record Dates and Interest Accrual Periods for calculating
                distributions for such Payment Date;
                and

            

    

     

    
      	(xxx)  	
              if
                known, material document defects or material breaches of representations
                and warranties regarding the
                HELOCs.

            

    

     

    Items
      (ii) and (iii) above shall be presented on the basis of a Note having a $1,000
      denomination. In addition, by January 31 of each calendar year following any
      year during which the Notes are outstanding, the Securities Administrator shall
      prepare and make available to the Securities Administrator, and the Securities
      Administrator 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 (ii) and (iii) with respect to the Notes for
      such calendar year.

     

    The
      Securities Administrator may conclusively rely upon the information provided
      by
      the Servicer to the Securities Administrator in accordance with Section 11.15
      and 11.16 of the Servicing Agreement in its preparation of monthly statements
      to
      Noteholders. The Securities Administrator shall be entitled to rely on but
      shall
      not be responsible for the content or accuracy of any information provided
      by
      third parties for purposes of preparing the monthly statement, and may affix
      thereto any disclaimer it deems appropriate in its reasonable discretion
      (without suggesting liability on the part of any other party
      hereto).

     

    The
      Securities Administrator shall make the monthly statements provided for in
      this
      section (and, at its option, any additional files containing the same
      information in an alternative format) available each month to each Noteholder
      and each Certificateholder, the Depositor, the Issuer, the Seller, the Owner
      Trustee, the Securities Administrator and the Rating Agency via the Securities
      Administrator’s website. Assistance in using the website can be obtained by
      calling the Securities Administrator’s customer service desk at (212) 816-5685.
      Parties that are unable to use the website are entitled to have a paper copy
      mailed to them via first class mail by calling the Securities Administrator’s
      customer service desk and indicating such. The Securities Administrator may
      have
      the right to change the way the monthly statements are distributed in order
      to
      make such distribution more convenient and/or more accessible to the above
      parties and the Securities Administrator shall provide timely and adequate
      notification to all above parties regarding any such changes.

     

    
      	Section
              7.05.  	
              Reports
                Filed with Securities and Exchange Commission. 

            

    

     

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

     

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

     

    In
      connection with the preparation and filing of any Form 10-D, the Securities
      Administrator shall include the following language in such Form 10-D: “The
      consolidated balance sheets of Ambac Assurance Corporation ("Ambac") as of
      the
      most recent calendar year ended and the related consolidated statements of
      income, changes in shareholder’s equity and cash flows for the calendar year
      then ended and the interim consolidated balance sheet of Ambac as of the most
      recent calendar quarter ended, and the related statements of income, changes
      in
      shareholder's equity and cash flows for the calendar quarter ended, included
      in
      the Annual Report on Form 10-K and Quarterly Report on Form 10-Q of Ambac,
      respectively, are hereby incorporated by reference into this Form 10-D and
      shall
      be deemed to be part hereof. Any statement contained in a document incorporated
      herein by reference shall be modified or superseded for the purposes of this
      Form 10-D to the extent that a statement contained herein by reference also
      modifies or supersedes such statement. Any statement so modified or superseded
      shall not be deemed, except as so modified or superseded, to constitute a part
      of this Form 10-D.” 

     

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

     

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

     

    (iii) Prior
      to
      January 30 of the first year in which the Securities Administrator is able
      to do
      so under applicable law, the Securities Administrator shall, in accordance
      with
      industry standards, file a Form 15 Suspension Notice with respect to the Trust,
      if applicable. Prior to (x) March 15, 2007 and (y) unless and until a Form
      15
      Suspension Notice shall have been filed, prior to March 15 of each year
      thereafter, the Servicer shall provide the Securities Administrator with an
      Annual Compliance Statement, together with a copy of the Assessment of
      Compliance and Attestation Report to be delivered by the Servicer pursuant
      to
      the Servicing Agreement (including with respect to any Sub-Servicer or any
      subcontractor, if required to be filed). Prior to (x) March 31, 2007 and (y)
      unless and until a Form 15 Suspension Notice shall have been filed, March 31
      of
      each year thereafter, the Securities Administrator shall file a Form 10-K,
      in
      substance as required by applicable law or applicable Securities and Exchange
      Commission staff’s interpretations and conforming to industry standards, with
      respect to the Trust Estate. Such Form 10-K shall include the Assessment of
      Compliance, Attestation Report, Annual Compliance Statements and other
      documentation provided by the Servicer pursuant to the Servicing Agreement
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and Section 6.16 hereof with respect to the Securities Administrator,
      and
      the Form 10-K certification in the form attached hereto as Exhibit H-1 (the
      “Certification”) signed by the senior officer of the Depositor in charge of
      securitization. The Securities Administrator shall receive the items described
      in the preceding sentence no later than March 15th
      of each
      calendar year prior to the filing deadline for the Form 10-K.

     

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

     

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

     

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

     

    Unless
      and until a Form 15 Suspension Notice shall have been filed, the Securities
      Administrator shall sign a certification (in the form attached hereto as
      Exhibit H-2) for the benefit of the Depositor and its officers, directors
      and Affiliates (the “Securities Administrator Certification”) (provided,
      however, that the Securities Administrator shall not undertake an analysis
      of
      the Attestation Report attached as an exhibit to the Form 10-K). Such
      certification shall be delivered to the Depositor by March 20th
      of each
      year (or if not a Business Day, the immediately preceding Business Day).

     

    (b)  In
      addition, the Securities Administrator shall indemnify and hold harmless the
      Depositor and its officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of
      third party claims based upon (i) a breach of the Securities Administrator’s
      obligations under this Section 7.05 or (ii) any material misstatement or
      omission contained in the Securities Administrator Certification. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, then the Securities Administrator agrees that it shall
      contribute to the amount paid or payable by the Depositor as a result of the
      losses, claims, damages or liabilities of the Depositor in such proportion
      as is
      appropriate to reflect the relative fault of the Depositor on the one hand
      and
      the Securities Administrator on the other. Notwithstanding the foregoing, in
      no
      event shall the Securities Administrator be liable for any consequential,
      indirect or punitive damages.

     

    ARTICLE
      VIII

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    
      	Section
              8.01.  	
              Collection
                of Money. 

            

    

     

    Except
      as
      otherwise expressly provided herein, the Indenture Trustee and the Securities
      Administrator 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 and the Securities Administrator pursuant to this Indenture.
      The Indenture Trustee and the Securities Administrator 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 with
      the consent of the Insurer (so long as no Insurer Default has occurred and
      is
      continuing, in which case, with the consent of the Majority Holders), or shall
      at the direction of the Insurer (so long as no Insurer Default has occurred
      and
      is continuing, in which case, at the direction of the Majority Holders),
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.  	
              Reserved. 

            

    

     

    
      	Section
              8.03.  	
              Termination
                Upon Distribution to Noteholders. 

            

    

     

    This
      Indenture and the respective obligations and responsibilities of the Issuer,
      the
      Securities Administrator, the Authenticating Agent and the Indenture Trustee
      created hereby shall terminate upon the payment to Noteholders, the Insurer
      of
      all amounts due hereunder, the Policy and the Insurance Agreements, the
      Securities Administrator on behalf of the Certificateholders, the Securities
      Administrator 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
              8.04.  	
              Reserved. 

            

    

     

    
      	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 purchase of a HELOC by the Servicer pursuant to Section 8.07 of this
      Indenture. 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 moneys.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) it is notified by the Securities
      Administrator that there are no Notes Outstanding and (ii) all sums then due
      and
      unpaid to the Indenture Trustee pursuant to this Indenture have been
      paid,
      and to the Insurer pursuant to the Insurance Agreement have been paid and the
      Policy has been cancelled and returned to the Insurer,
      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.

     

    
      	Section
              8.06.  	
              Surrender
                of Notes Upon Final Payment. 

            

    

     

    By
      acceptance of any Note, the Holder thereof agrees to surrender such Note to
      the
      Securities Administrator prior to such Noteholder’s receipt of the final payment
      thereon.

     

    
      	Section
              8.07.  	
              Optional
                Redemption of the Assets of the Trust Estate. 

            

    

     

    (a)  The
      Servicer shall have the option to purchase the assets of the Trust Estate to
      the
      extent relating to any Loan Group and thereby cause the redemption of the
      related Notes, in whole, but not in part, on or after the Payment Date on which
      the aggregate Principal Balance of the HELOCs as of the end of the prior
      Collection Period is less than 10% of the aggregate Principal Balance of such
      HELOCs as of the Cut-off Date. The aggregate redemption price (the “Optional
      Redemption Price”)
      shall
      be equal to the greater of (i) the Principal Balance of the HELOCs and the
      appraised value of any REO Properties and (ii) the fair market value of the
      HELOCs and the REO Properties, in each case plus accrued and unpaid interest
      plus unreimbursed Servicing Advances, any unpaid Servicing Fees allocable to
      such HELOCs and REO Properties and any accrued and unpaid Net WAC Rate Carryover
      Amounts. 

     

    Such
      option may only be exercised if either (1) the Insurer shall have consented
      to
      such exercise or (ii) as a result of such purchase and the application of the
      proceeds thereof, no claims under the Policy will occur and no amount owing
      to
      the Insurer under the Insurance Agreement for reimbursement, with interest,
      for
      claims made on the Policy or any other amounts owing to the Insurer under the
      Insurance Agreement will be unreimbursed to the Insurer; provided,
      however,
      the
      Insurer must consent to such determination (such consent not to be unreasonably
      withheld).

     

    (b)  In
      order
      to exercise the foregoing option, the Servicer shall provide written notice
      of
      its exercise of such option to the Securities Administrator, the Issuer, the
      Securities Administrator and the Owner Trustee at least 15 days prior to its
      exercise. Following receipt of the notice, the Securities Administrator shall
      provide written notice to the affected Noteholders of the final payment on
      such
      Notes. In addition, the Servicer shall, not less than one Business Day prior
      to
      the proposed Payment Date on which such redemption is to be made, deposit the
      Optional Redemption Price specified in (a) above with the Securities
      Administrator, who shall deposit the Optional 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 3.03 hereof and payment to the Indenture Trustee and
      the
      Securities Administrator as set forth in (a) above, and this Indenture shall
      be
      discharged subject to the provisions of Section 4.10 hereof. If for any reason
      the amount deposited by the Servicer is not sufficient to make such redemption
      or such redemption cannot be completed for any reason, (a) the amount so
      deposited by the Servicer with the Securities Administrator shall be immediately
      returned to the Servicer in full and shall not be used for any other purpose
      or
      be deemed to be part of the Trust Estate and (b) the Note Principal Balance
      of
      the Notes shall continue to bear interest at the related Note Interest
      Rate.

     

    
      	Section
              8.08.  	
              Trust
                Accounts. 

            

    

     

    (a)  On
      or
      prior to the Closing Date, the Securities Administrator shall establish and
      maintain with itself, a separate, non-interest bearing trust account titled,
      “Payment Account, U.S. Bank National Association, as Indenture Trustee, in trust
      for the registered holders of Citigroup HELOC Trust 2006-NCB1, HELOC-Backed
      Notes and Certificates, Series 2006-NCB1.

     

    (b)  The
      Securities Administrator shall, subject to the terms of this paragraph, deposit
      in the Payment Account, on the same day as it is received from the Servicer,
      each remittance received by the Securities Administrator on the related Servicer
      Remittance Date. On each Payment Date, the Securities Administrator shall pay
      all amounts on deposit in the Payment Account (other than amounts payable to
      itself or the Holders of the Certificates) to Noteholders in respect of the
      Notes, and in its capacity as Certificate Paying Agent, to the
      Certificateholders in the order of priority set forth in Section 8.09 (except
      as
      otherwise provided in Section 5.04(b)).

     

    (c)  The
      Securities Administrator shall direct any depository institution maintaining
      the
      Payment Account to invest the funds in such Payment Account in one or more
      Permitted Investments bearing interest or sold at a discount, and maturing,
      unless payable on demand, no later than the Business Day immediately preceding
      the date on which such funds are required to be withdrawn from such account
      pursuant to this Indenture. All such Permitted Investments shall be held to
      maturity, unless payable on demand. Any investment of funds in the Payment
      Account shall be made in the name of the Indenture Trustee (in its capacity
      as
      such), or in the name of a nominee of the Indenture Trustee. All income realized
      from the investment of funds on deposit in the Payment Account shall be for
      the
      benefit of the Securities Administrator and shall be subject to its withdrawal
      in accordance with Section 8.11. The Securities Administrator shall deposit
      in
      the Payment Account the amount of any loss of principal incurred in respect
      of
      any such Permitted Investment made with funds in such account immediately upon
      realization of such loss. 

     

    (d)  All
      moneys deposited from time to time in the Payment Account pursuant to the
      Servicing Agreement and all deposits therein pursuant to this Indenture are
      for
      the benefit of the Noteholders and the Certificateholders.

     

    (e)  No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      with itself, a separate, non-interest bearing trust account titled, “Net WAC
      Rate Carryover Reserve Account, U.S. Bank National Association, as Indenture
      Trustee, in trust for the registered holders of Citigroup HELOC Trust 2006-NCB1,
      HELOC-Backed Notes and Certificates, Series 2006-NCB1.” Funds in the Net WAC
      Rate Carryover Account shall be held uninvested. 

     

    (f)  On
      each
      Payment Date as to which there is a Net WAC Rate Carryover Amount payable to
      the
      Notes, the Securities Administrator has been directed by the Class C
      Certificateholders to, and therefore shall, deposit into the Net WAC Rate
      Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount,
      to
      the extent of funds available therefor, rather than distributing such amounts
      to
      the Class C Certificateholders. On each such Payment Date, the Securities
      Administrator shall hold all such amounts for the benefit of the Holders of
      the
      Notes, and shall distribute such amounts to the Holders of the Class A Notes,
      the Class M Notes and the Class N Certificateholders in the amounts and
      priorities set forth below.

     

    (g)  For
      federal and state income tax purposes, the Class C Certificateholders shall
      be
      deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all
      amounts deposited into the Net WAC Rate Carryover Reserve Account shall be
      treated as amounts distributed by REMIC 1 to the Holders of the Class C Interest
      and by REMIC 2 to the Holders of the Class C Certificates. Upon the termination
      of the Trust, or the payment in full of the Notes, all amounts remaining on
      deposit in the Net WAC Rate Carryover Reserve Account shall be released by
      the
      Indenture Trustee and distributed to the Class C Certificateholders or their
      designees. The Net WAC Rate Carryover Reserve Account shall be part of the
      Trust
      Estate but not part of any REMIC created pursuant to the Indenture and any
      payments to the Holders of the Notes of Net WAC Rate Carryover Amounts shall
      not
      be payments with respect to a “regular interest” in a REMIC within the meaning
      of Code Section 860(G)(a)(1). All amounts on deposit in the Net WAC Carryover
      Reserve Account shall remain uninvested.

     

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

     

    (i)  For
      federal tax return and information reporting, the right of the Holders of the
      Class A Notes to receive payments from the Net WAC Rate Carryover Reserve
      Account in respect of any Net WAC Rate Carryover Amount shall be assigned a
      value of zero. Further, for federal tax return and information reporting, the
      right of the Holders of the Subordinate Notes to receive payments from the
      Net
      WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
      Amount may be obtained from the Indenture Trustee upon request. Such information
      will be provided to the Indenture Trustee by the Underwriter on or prior to
      the
      Closing Date.

     

    
      	Section
              8.09.  	
              Priority
                of Payments

            

    

     

    (a)  On
      each
      Payment Date, the Securities Administrator shall make the following allocations,
      disbursements and transfers, from amounts on deposit in the Payment Account,
      in
      the following order of priority, and each such allocation, transfer and
      disbursement shall be treated as having occurred only after all preceding
      allocations, transfers and disbursements have occurred:

     

    
      	(I)  	
              To
                the extent of Available Funds, to pay any unreimbursed expenses and
                indemnities due and owing to the Securities Administrator or the
                Indenture
                Trustee pursuant to Section 6.08 hereof and to pay any unreimbursed
                expenses and indemnities due and owing to the Owner Trustee pursuant
                to
                Sections 7.01 and 7.02 of the Trust Agreement, such reimbursement
                and
                indemnity amounts not to exceed, in the aggregate, $250,000 per calendar
                year and to pay the Insurer the Premium for such Payment Date, in
                that
                order;

            

    

     

    
      	(II)  	
              To
                the extent of the Interest Remittance Amount for such Payment
                Date:

            

    

     

    
      	(A)  	
              From
                the Group 1 Interest Remittance Amount for such Payment
                Date:

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of the Class 1A-1 Notes and the Class
                N
                Certificates, on a pro
                rata
                basis based on the entitlement of each such Class, the Monthly Interest
                Payable Amount and the Unpaid Interest Shortfall Amount for such
                Payment
                Date and the Class 1A-1 Notes, and the Group 1 Allocation Percentage
                of
                the Monthly Interest Payable Amount and the Group 1 Allocation Percentage
                of Unpaid Interest Shortfall Amount for such Payment Date and the
                Class N
                Certificates; 

            

    

     

    
      	(ii)  	
              concurrently,
                to the holders of each class of Class 2A Notes and the Class N
                Certificates, on a pro
                rata
                basis based on the entitlement of each such class to interest pursuant
                to
                this clause, an amount equal to the excess, if any, of (x) the amount
                required to be distributed pursuant to clause (II)(B)(i) below for
                such
                Payment Date over (y) the amount actually distributed to each such
                class
                pursuant to such clause from the Group 2 Interest Remittance
                Amount;

            

    

     

    
      	(B)  	
              From
                the Group 2 Interest Remittance Amount for such Payment
                Date:

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of each Class of the Class 2A Notes
                and the
                Class N Certificates, on a pro
                rata
                basis based on the entitlement of each such Class, the related Monthly
                Interest Payable Amount and the Unpaid Interest Shortfall Amount
                for such
                Payment Date and each Class of the Class 2A Notes, and the Group
                2
                Allocation Percentage of the Monthly Interest Payable Amount and
                the Group
                2 Allocation Percentage of Unpaid Interest Shortfall Amount for such
                Payment Date and the Class N Certificates;

            

    

     

    
      	(ii)  	
              concurrently,
                to the holders of each class of Class 1A-1 Notes and the Class N
                Certificates, on a pro
                rata
                basis based on the entitlement of each such class to interest pursuant
                to
                this clause, an amount equal to the excess, if any, of (x) the amount
                required to be distributed pursuant to clause (II)(A)(i) above for
                such
                Payment Date over (y) the amount actually distributed to each such
                class
                pursuant to such clause from the Group 1 Interest Remittance
                Amount;

            

    

     

    
      	(C)  	
              From
                the Interest Remittance Amount remaining for such Payment
                Date:

            

    

     

    
      	(i)  	
              to
                the Insurer, any amounts owing to the Insurer on such Payment Date
                for
                reimbursement of claims paid under the Policy, or otherwise owing
                to the
                Insurer under the Insurance Agreement, in each case with interest
                thereon;
                and

            

    

     

    
      	(ii)  	
              to
                the Holders of the Class M Notes, the Monthly Interest Payable Amount
                for
                such Class and such Payment Date.

            

    

     

    
      	(III)  	
              On
                each Payment Date on which a Trigger Event is not in effect, payments
                in
                respect of principal to the extent of the Principal Payment Amount
                for
                such Payment Date:

            

    

     

    
      	(A)  	
              From
                the Group 1 Principal Payment Amount for such Payment
                Date:

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of the Class 1A-1 Notes and the Class
                N
                Certificates, on a pro
                rata
                basis based on their respective Note Principal Balance and the Group
                1
                Allocation Percentage of the Class N Certificate Principal Balance,
                the
                Group 1 Parity Amount for such Payment Date
                until the Note Principal Balance or Certificate Principal Balance,
                as
                applicable, thereof have been reduced to
                zero;

            

    

     

    
      	(ii)  	
              second,
                concurrently, to the holders of each class of Class 2A Notes (allocated
                among such classes as described below) and the Class N Certificates,
                on a
                pro
                rata
                basis based on their respective entitlements pursuant to this clause,
                an
                amount equal to the excess, if any, of (x) the amount required to
                be
                distributed to such class pursuant to clause (III)(B)(i) below for
                such
                Payment Date over (y) the amount actually distributed to such class
                pursuant to clause (III)(B)(i) below from the Group 2 Principal Payment
                Amount on such Payment Date;

            

    

     

    
      	(iii)  	
              third,
                to the Insurer, the Group 1 Allocation Percentage of any amount (to
                the
                extent not covered by the payments described in II above) owing to
                the
                Insurer on such Payment Date for reimbursement of claims paid under
                the
                policy, or otherwise owing to the Insurer pursuant to the Insurance
                Agreement, in each case with interest thereon;

            

    

     

    
      	(iv)  	
              fourth,
                to the Insurer, an amount equal to the excess, if any, of (x) the
                amount
                required to be distributed pursuant to clause (III)(B)(iii) below
                for such
                payment date over (y) the amount actually distributed pursuant to
                clause
                (III)(B)(iii) below from the Group 2 Principal Payment Amount on
                such
                payment date; 

            

    

     

    
      	(v)  	
              fifth,
                concurrently, to the Holders of the Class 1A-1 Notes, Class M Notes
                and
                the Class N Certificates, on a pro
                rata
                basis based on their respective Note Principal Balance or the Group
                1
                Allocation Percentage of the Certificate Principal Balance,
                the
                Group 1 Principal
                Payment Amount remaining for such Payment Date, until the Note Principal
                Balance or Certificate Principal Balance, as applicable, thereof
                have been
                reduced to zero; and 

            

    

     

    
      	(vi)  	
              sixth,
                concurrently, to the Holders of each class of Class 2A Notes (allocated
                among such classes as described below), the Class N Certificates
                and the
                Class M Notes, on a pro
                rata
                basis based on their respective entitlements pursuant to clause
                (III)(B)(v)
                below
                for
                such Payment Date, until the Note Principal Balance or Certificate
                Principal Balance,
                as applicable, have been reduced to
                zero.

            

    

     

    
      	(B)  	
              From
                the Group 2 Principal Payment Amount for such Payment
                Date:

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of the Class 2A Notes and the Class
                N
                Certificates (allocated
                among such classes as described below),
                on a pro
                rata
                basis based on their respective Note Principal Balance and the Group
                2
                Allocation Percentage of the Class N Certificate Principal Balance,
                the
                Group 2 Parity Amount for such Payment Date
                until the Note Principal Balance or Certificate Principal Balance,
                as
                applicable, thereof have been reduced to
                zero;

            

    

     

    
      	(ii)  	
              second,
                concurrently, to the holders of each class of Class 1A-1 Notes and
                the
                Class N Certificates, on a pro
                rata
                basis based on their respective entitlements pursuant to this clause,
                an
                amount equal to the excess, if any, of (x) the amount required to
                be
                distributed to such class pursuant to clause (III)(A)(i) above for
                such
                Payment Date over (y) the amount actually distributed to such class
                pursuant to clause (III)(A)(i) above from the Group 1 Principal Payment
                Amount on such Payment Date;

            

    

     

    
      	(iii)  	
              third,
                to the Insurer, the Group 2 Allocation Percentage of any amount (to
                the
                extent not covered by the payments described in II above) owing to
                the
                Insurer on such Payment Date for reimbursement of claims paid under
                the
                policy, or otherwise owing to the Insurer pursuant to the Insurance
                Agreement, in each case with interest thereon;

            

    

     

    
      	(iv)  	
              fourth,
                to the Insurer, an amount equal to the excess, if any, of (x) the
                amount
                required to be distributed pursuant to clause (III)(A)(iii) above
                for such
                payment date over (y) the amount actually distributed pursuant to
                clause
                (III)(A)(iii) above from the Group 1 Principal Payment Amount on
                such
                payment date; 

            

    

     

    
      	(v)  	
              fifth,
                concurrently,
                to the Holders of each class of Class 2A Notes (allocated among such
                classes as described below), the Class N Certificates and the Class
                M
                Notes, on a pro
                rata
                basis based on the Note Principal Balance e remaining outstanding
                (in the
                case of each class of Class 2A Notes), the Group 2 Allocation Percentage
                of the Certificate Principal Balance remaining outstanding (in the
                case of
                the Class N Certificates) and the Group 2 Allocation Percentage of
                the
                Note Principal Balance remaining outstanding (in the case of the
                Class M
                Notes), as applicable, until such balances have been reduced to zero;
                and

            

    

     

    
      	(vi)  	
              sixth,
                concurrently,
                to the Holders of the Class 1A-1 Notes, the Class N Certificates
                and the
                Class M Notes, on a pro
                rata
                basis based on their respective entitlements pursuant to clause III(A)(v)
                above for
                such Payment Date, until the Note Principal Balance or Certificate
                Principal Balance,
                as applicable, have been reduced to zero.
                

            

    

     

    
      	(IV)  	
              On
                each Payment Date on which a Trigger Event is in effect, payments
                in
                respect of principal to the extent of the Principal Payment Amount
                for
                such Payment Date:

            

    

     

    
      	(A)  	
              From
                the Group 1 Principal Payment Amount for such Payment
                Date:

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of the Class 1A-1 Notes and the Class
                N
                Certificates, on a pro
                rata
                basis based on their respective Note Principal Balance and the Group
                1
                Allocation Percentage of the Class N Certificate Principal Balance,
                the
                Group 1 Parity Amount for such Payment Date
                until the Note Principal Balance or Certificate Principal Balance,
                as
                applicable, thereof have been reduced to
                zero;

            

    

     

    
      	(ii)  	
              second,
                concurrently, to the holders of each class of Class 2A Notes (allocated
                among such classes as described below) and the Class N Certificates,
                on a
                pro
                rata
                basis based on their respective entitlements pursuant to this clause,
                an
                amount equal to the excess, if any, of (x) the amount required to
                be
                distributed to such class pursuant to clause (IV)(B)(i) below for
                such
                Payment Date over (y) the amount actually distributed to such class
                pursuant to clause (IV)(B)(i) below from the Group 2 Principal Payment
                Amount on such Payment Date;

            

    

     

    
      	(iii)  	
              third,
                to the Insurer, the Group 1 Allocation Percentage of any amount (to
                the
                extent not covered by the payments described in II above) owing to
                the
                Insurer on such Payment Date for reimbursement of claims paid under
                the
                policy, or otherwise owing to the Insurer pursuant to the Insurance
                Agreement, in each case with interest thereon;

            

    

     

    
      	(iv)  	
              fourth,
                to the Insurer, an amount equal to the excess, if any, of (x) the
                amount
                required to be distributed pursuant to clause (IV)(B)(iii) below
                for such
                payment date over (y) the amount actually distributed pursuant to
                clause
                (IV)(B)(iii) below from the Group 2 Principal Payment Amount on such
                payment date; 

            

    

     

    
      	(v)  	
              fifth,
                concurrently, to the Holders of the Class 1A-1 Notes and the Class
                N
                Certificates, on a pro
                rata
                basis based on their respective Note Principal Balance or the Group
                1
                Allocation Percentage of the Certificate Principal Balance,
                the
                Group 1 Principal
                Payment Amount remaining for such Payment Date, until the Note Principal
                Balance or Certificate Principal Balance, as applicable, thereof
                have been
                reduced to zero; 

            

    

     

    
      	(vi)  	
              sixth,
                concurrently,
                to the Holders of each class of Class 2A Notes (allocated among such
                classes as described below) and the Class N Certificates, on a
                pro
                rata
                basis based on their respective entitlements pursuant to clause (IV)(B)(v)
                below for
                such Payment Date, until the Note Principal Balance or Certificate
                Principal Balance,
                as applicable, have been reduced to zero;
                and

            

    

     

    
      	(vii)  	
              seventh,
                to the Holders of the Class M Certificates, the Group 1 Principal
                Payment
                Amount remaining for such Payment Date until the Note Principal Balance
                thereof has been reduced to zero. 

            

    

     

    
      	(B)  	
              From
                the Group 2 Principal Payment Amount for such Payment
                Date:

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of the Class 2A Notes and the Class
                N
                Certificates (allocated
                among such classes as described below),
                on a pro
                rata
                basis based on their respective Note Principal Balance and the Group
                2
                Allocation Percentage of the Class N Certificate Principal Balance,
                the
                Group 2 Parity Amount for such Payment Date
                until the Note Principal Balance or Certificate Principal Balance,
                as
                applicable, thereof have been reduced to
                zero;

            

    

     

    
      	(ii)  	
              second,
                concurrently, to the holders of each class of Class 1A-1 Notes and
                the
                Class N Certificates, on a pro
                rata
                basis based on their respective entitlements pursuant to this clause,
                an
                amount equal to the excess, if any, of (x) the amount required to
                be
                distributed to such class pursuant to clause (IV)(A)(i) above for
                such
                Payment Date over (y) the amount actually distributed to such class
                pursuant to clause (IV)(A)(i) above from the Group 1 Principal Payment
                Amount on such Payment Date;

            

    

     

    
      	(iii)  	
              third,
                to the Insurer, the Group 2 Allocation Percentage of any amount (to
                the
                extent not covered by the payments described in II above) owing to
                the
                Insurer on such Payment Date for reimbursement of claims paid under
                the
                policy, or otherwise owing to the Insurer pursuant to the Insurance
                Agreement, in each case with interest thereon;

            

    

     

    
      	(iv)  	
              fourth,
                to the Insurer, an amount equal to the excess, if any, of (x) the
                amount
                required to be distributed pursuant to clause (IV)(A)(iii) above
                for such
                payment date over (y) the amount actually distributed pursuant to
                clause
                (IV)(A)(iii) above from the Group 1 Principal Payment Amount on such
                payment date; 

            

    

     

    
      	(v)  	
              fifth,
                concurrently, to the Holders of the Class 2A Notes and the Class
                N
                Certificates, on a pro
                rata
                basis based on their respective Note Principal Balance or the Group
                2
                Allocation Percentage of the Certificate Principal Balance,
                the
                Group 2 Principal
                Payment Amount remaining for such Payment Date, until the Note Principal
                Balance or Certificate Principal Balance, as applicable, thereof
                have been
                reduced to zero; 

            

    

     

    
      	(vi)  	
              sixth,
                concurrently,
                to the Holders of the Class 1A-1 Notes and the Class N Certificates,
                on a
                pro
                rata
                basis based on their respective entitlements pursuant to clause (IV)(A)(v)
                above for such
                Payment Date, until the Note Principal Balance or Certificate Principal
                Balance, as applicable, thereof have been reduced to zero;
                and

            

    

     

    
      	(vii)  	
              seventh,
                to the Holders of the Class M Certificates, the Group 2 Principal
                Payment
                Amount remaining for such Payment Date until the Note Principal Balance
                thereof has been reduced to zero. 

            

    

     

    
      	(V)  	
              From
                the sum of the General Net Monthly Excess Cashflow and the Usable
                Class N
                Net Monthly Excess Cashflow for such Payment Date:
                

            

    

     

    
      	(i)  	
              first,
                concurrently, to the Holders of the Notes, the Insurer and the Certificate
                Paying Agent on behalf of the Class N Certificates, an amount equal
                to the
                Extra Principal Payment Amount for such Payment Date, payable to
                such
                Holders and the Insurer as part of the Principal Payment Amount as
                described under (III) and (IV)
                above;

            

    

     

    
      	(ii)  	
              second,
                to the Holders of the Class M Notes, first up to the Unpaid Interest
                Shortfall Amount and second up to the Allocated Realized Loss Amount,
                for
                such Class of Notes and such Payment Date;
                and

            

    

     

    
      	(iii)  	
              third,
                to the Net WAC Rate Carryover Reserve Account, the sum of (i) the
                amount
                of any Net WAC Rate Carryover Amounts for such Payment Date and (ii)
                $1000
                over the amounts on deposit in the Net WAC Carryover Reserve Account
                immediately prior to such Payment Date;
                and

            

    

     

    
      	(iv)  	
              fourth,
                first, to the holders of each Class of the Class A Notes and the
                Class N
                Certificates, the amount of any Prepayment Interest Shortfalls or
                shortfalls resulting from the application of the Relief Act or similar
                state laws that were allocated to such class on such Payment Date
                or prior
                Payment Dates, without
                interest thereon,
                on a pro
                rata
                basis based on the entitlement of each such class to such reimbursements,
                and then, to the holders of the Class M Notes, the amount of any
                Prepayment Interest Shortfalls or shortfalls resulting from the
                application of the Relief Act or similar state laws that were allocated
                to
                such class on such Payment Date or prior Payment Dates, without interest
                thereon; 

            

    

     

    
      	(v)  	
              fifth,
                to the Servicer, the Depositor, the Owner Trustee, the Securities
                Administrator, the Indenture Trustee and any Custodian, in payment
                of any
                Extraordinary Trust Expenses that remain unreimbursed; and
                

            

    

     

    
      	(vi)  	
              sixth,
                to deposit any remaining amounts into the Certificate Distribution
                Account. 

            

    

     

    
      	(VI)  	
              To
                pay the amount by which the Class N Net Monthly Excess Cashflow for
                such
                Payment Date exceeds the Usable Class N Net Monthly Excess Cashflow
                for
                such Payment Date to the Class N
                Certificates.

            

    

     

    (b)  Following
      the foregoing payments, an amount equal to the amount of Subsequent Recoveries
      deposited into the Custodial Account shall be applied to increase the Note
      Principal Balance of the Class M Notes up to the Allocated Realized Loss Amount
      for such Class following the foregoing payments. Holders of the Class M Notes
      shall not be entitled to any payment in respect of interest on the amount of
      such increases for any Accrual Period preceding the Payment Date on which such
      increase occurs. 

     

    (c)  No
      Monthly Interest Payable Amount or Unpaid Interest Shortfall shall be payable
      with respect to any Class or Classes of Notes or Certificates after the Payment
      Date on which the Note Principal Balance or Certificate Principal Balance of
      such Class has been reduced to zero.

     

    (d)  On
      each
      Payment Date, after making the distributions of Available Funds as set forth
      above, the Indenture Trustee shall withdraw from the Net WAC Rate Carryover
      Reserve Account, to the extent of amounts on deposit therein, the amount of
      any
      Net WAC Rate Carryover Amount for such Payment Date and pay such amount as
      follows, in each case to the extent of amounts remaining on deposit
      therein:

     

    first,
      concurrently to the Class A Notes and the Class N Certificates, in each case
      up
      to any Net WAC Carryover Amounts for each such Class and such Payment Date,
      on a
      pro rata basis based on such respective Net WAC Rate Carryover Amounts;
      and

     

    second,
      to the
      Class M Notes up to any Net WAC Carryover Amounts for such Class and such
      Payment Date.

     

    (e)  On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Certificate
      Distribution Account all amounts it received pursuant to this Section 8.09
      for
      the purpose of distributing such funds to the Certificateholders. The
      Certificate Paying Agent shall make distributions to the Certificateholders
      pursuant to terms of the Trust Agreement.

     

    
      	Section
              8.10.  	
              Allocation
                of Realized Losses and Interest Shortfalls. 

            

    

     

    (a)  On
      or
      prior to each Payment Date, the Securities Administrator shall determine, based
      solely on information provided to it by the Servicer, the amount of any Realized
      Loss in respect of each HELOC that occurred during the immediately preceding
      calendar month.

     

    (b)  On
      each
      Payment Date after all distributions have been made pursuant to Sections 8.09
      and 8.13 hereof but prior to distribution of any Insured Payments, the
      Securities Administrator shall determine the amount by which the aggregate
      Note
      Principal Balance of the Notes and the Certificate Principal Balance of the
      Class N Certificates exceeds the aggregate Principal Balance of the HELOCs
      as of
      the last day of the related Collection Period (the “Undercollateralized
      Amount”),
      and
      shall allocate an amount equal to such Undercollateralized Amount for such
      Payment Date to reduce the Note Principal Balance of the Class M Notes, until
      the Note Principal Balance of such Class has been reduced to zero. All
      references in this clause (c) to the Note Principal Balance of any Class of
      Notes or the Certificate Principal Balance of the Class N Certificates shall
      be
      to the Note Principal Balance and Certificate Principal Balance following
      payments made on the relevant Payment Date but before reduction thereof pursuant
      to the application of any Insured Payments and this Section 8.10. 

     

    (c)  On
      each
      Payment Date, Prepayment Interest Shortfalls and Relief Act Interest Shortfalls
      incurred during the related Collection Period with respect to the HELOCs shall
      be allocated in the following order of priority: first, to reduce the Monthly
      Interest Payable Amount otherwise due to the Class C Certificates until zero,
      and thereafter, to reduce the Monthly Interest Payable Amounts with respect
      to
      each class of Notes and the Class N Certificates on a pro
      rata basis
      based on the respective amounts of interest accrued on such Securities for
      such
      Payment Date. 

     

    
      	Section
              8.11.  	
              Permitted
                Withdrawals and Transfers from the Payment Account; Determination
                of
                LIBOR. 

            

    

     

    (a)  The
      Securities Administrator may, from time to time make the following withdrawals
      or transfers from the Payment Account, but not in any order of
      priority:

     

    
      	(i)  	
              to
                make payments to the Noteholders or the Securities Administrator
                as
                provided in Section 8.09;

            

    

     

    
      	(ii)  	
              to
                reimburse or pay the Servicer any such amounts as are due thereto
                under
                the Servicing Agreement and have not been retained by or paid to
                such
                Servicer, to the extent provided in the Servicing
                Agreement;

            

    

     

    
      	(iii)  	
              to
                reimburse or pay the Indenture Trustee, the Owner Trustee (to the
                extent
                of any fees due and not paid pursuant to Section 7.01 of the Trust
                Agreement), the Securities Administrator and Authenticating Agent
                for any
                expenses, costs and liabilities incurred by or reimbursable to such
                Persons pursuant to this Agreement, the Indenture and the Trust Agreement,
                to the extent such amounts have not already been previously paid
                or
                reimbursed to such party from the Custodial Account or other Trust
                Account;

            

    

     

    
      	(iv)  	
              to
                pay to the Securities Administrator as compensation any interest
                or
                investment income earned on funds on deposit in the Payment Account
                to the
                extent provided in Section 8.08;

            

    

     

    
      	(v)  	
              to
                remove amounts deposited in error;
                and

            

    

     

    
      	(vi)  	
              to
                clear and terminate the Payment
                Account.

            

    

     

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

     

    
      	Section
              8.12.  	
              The
                Policy.

            

    

     

    (a)  By
      the
      close of business on each Determination Date the Securities Administrator shall
      determine with respect to the immediately following Payment Date, the Deficiency
      Amount, if any. If 
      the
      Securities Administrator determines that a Deficiency Amount would exist, the
      Securities Administrator, on behalf of the Indenture Trustee, shall complete
      a
      Notice, which shall be executed by the Indenture Trustee, in the form of Exhibit
      A to the Policy and submit such notice to the Insurer no later than 10:00 a.m.
      New York City time on the third Business Day preceding such Payment Date as
      a
      claim for the payment of an Insured Amount in an amount equal to the Deficiency
      Amount.

     

    (b)  The
      Securities Administrator, on behalf of the Indenture Trustee, shall establish
      an
      Eligible Account (which may be a sub-account of the Distribution Account) for
      the benefit of the Noteholders and the Insurer referred to herein as the
“Policy
      Payment Account”
over
      which the Securities Administrator and Indenture Trustee shall have exclusive
      control and sole right of withdrawal. The Securities Administrator, on behalf
      of
      the Indenture Trustee, shall deposit upon receipt any amount paid under the
      Policy into the Policy Payment Account and distribute such amount only for
      purposes of payment to the Noteholders and Class N Certificateholders of the
      Insured Amount for which a claim was made and such amount may not be applied
      to
      satisfy any costs, expenses or liabilities of the Seller, the Servicer, the
      Securities Administrator or the Trust. Amounts paid under the Policy, to the
      extent needed to pay the Insured Amount, shall be disbursed by the Securities
      Administrator to the Noteholders as payments of interest or principal, as
      applicable. It shall not be necessary for such payments to be made by check
      or
      wire transfers separate from checks or wire transfers used to pay the Insured
      Amount with other funds available to make such payment. However, the amount
      of
      any payment of principal or interest on the Notes to be paid from funds
      transferred from the Policy Payment Account shall be noted as provided in
      Section 7.04 and in the Securities Administrator’s Statement to Noteholders.
      Funds held in the Policy Payment Account shall not be invested. Any funds
      remaining in the Policy Payment Account on the first Business Day following
      a
      Payment Date shall be returned to the Insurer pursuant to the written
      instructions of the Insurer by the end of such Business Day.

     

    (c)  The
      Securities Administrator shall keep a complete and accurate record of the amount
      of interest and principal paid in respect of any Note from moneys received
      under
      the Policy. The Insurer shall have the right to inspect such records at
      reasonable times during normal business hours upon one (1) Business Day’s prior
      written notice to the Securities Administrator.

     

    (d)  The
      Securities Administrator, on behalf of the Indenture Trustee, shall, upon
      retirement of the Notes, furnish to the Insurer a notice of such retirement,
      and, upon retirement of the Notes and the expiration of the term of the Policy,
      surrender the Policy to the Insurer for cancellation.

     

    
      	Section
              8.13.  	
              Distributions
                from the Certificate Distribution Account.

            

    

     

    (a)  On
      each
      Payment Date, the Securities Administrator, in its capacity as Certificate
      Paying Agent, shall make the following allocations, disbursements and transfers,
      from amounts on deposit in the Certificate Distribution Account, in the
      following order of priority, and each such allocation, transfer and disbursement
      shall be treated as having occurred only after all preceding allocations,
      transfers and disbursements have occurred:

     

    
      	(i)  	
              the
                remaining Usable Class N Net Monthly Excess Cashflow for such Payment
                Date, to the Class N
                Certificateholders;

            

    

     

    
      	(ii)  	
              the
                remaining General Monthly Excess Cashflow for such Payment
                Date,

            

    

     

    
      	(1)  	
              first,
                to the Holders of the Class C Certificates, (a) the Monthly Interest
                Payable Amount for such Class and any Overcollateralization Release
                Amount
                for such Payment Date and (b) on any Payment Date on which the Note
                Principal Balance of the Notes and the Certificate Principal Balance
                of
                the Class N Certificates have been reduced to zero, any remaining
                funds on
                deposit in the Certificate Distribution Account;
                and

            

    

     

    
      	(2)  	
              second,
                any remaining amounts to the Holders of the Class R Certificates
                (in
                respect of the Class R-2 Interest).

            

    

     

    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 the prior written consent
      of
      the Insurer and the prior notice to the Rating Agencies, the Issuer, the
      Indenture Trustee, the Securities Administrator and the Authenticating Agent,
      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, the Insurer, the Securities Administrator and the Authenticating Agent,
      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 shall not materially and adversely affect the interests of
                the
                Holders of the Notes; provided further, that such supplemental indenture
                will be deemed to not materially and adversely affect the interests
                of the
                Holders of the Notes if a Rating Confirmation is received with respect
                to
                such supplemental indenture; or

            

    

     

    
      	(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 as evidenced by an Opinion of
                Counsel.

            

    

     

    The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      are
      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, Securities Administrator, the Indenture Trustee and the Authenticating
      Agent may, without the consent of any of the Holders of the Notes but with
      the
      prior written consent of the Insurer and prior notice to the Rating Agency,
      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 (ii) shall not 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).

     

    
      	Section
              9.02.  	
              Supplemental
                Indentures With Consent of Noteholders. 

            

    

     

    The
      Issuer, the Securities Administrator, the Indenture Trustee and the
      Authenticating Agent may, with prior notice to the Rating Agencies and, with
      the
      prior written consent of the Insurer, so long as no Insurer Default has occurred
      and is continuing, and the Holders of not less than a majority of the aggregate
      Note Principal Balance of each Class of Notes affected thereby, by Act (as
      defined in Section 10.03 hereof) of such Holders delivered to the Issuer, the
      Insurer, the Securities Administrator, the Indenture Trustee and the
      Authenticating Agent, 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
                and 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 aggregate Note Principal Balance of the Notes,
                or
                any Class of 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 aggregate Note Principal Balance of the Notes,
                or
                any Class of 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 any other 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.
                

            

    

     

    Any
      such
      action shall not adversely affect in any material respect the interest of any
      Holder (other than a Holder who shall consent to such supplemental indenture)
      as
      evidenced by an Opinion of Counsel (provided by the Person requesting such
      supplemental indenture) delivered to the Indenture Trustee and the Securities
      Administrator.

     

    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, Securities Administrator, the Indenture
      Trustee and the Authenticating Agent of any supplemental indenture pursuant
      to
      this Section 9.02, the Securities Administrator 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 Securities Administrator to mail such notice, or any defect therein,
      shall not, however, in any way impair or affect the validity of any such
      supplemental indenture.

     

    Notwithstanding
      any provision of this Indenture to the contrary, the Indenture Trustee shall
      not
      consent to any supplemental indenture pursuant to Section 9.01 or Section 9.02
      unless it shall have first received an Opinion of Counsel, delivered by (and
      at
      the expense of) the Person seeking such supplemental indenture, to the effect
      that such supplemental indenture will not result in the imposition of a tax
      on
      any REMIC created hereunder pursuant to the REMIC Provisions or cause any REMIC
      created hereunder to fail to qualify as a REMIC at any time that any Notes
      or
      Certificates are outstanding and that the supplemental indenture is being made
      in accordance with the terms hereof and that all conditions precedent to the
      execution of such supplemental indenture in accordance with the relevant
      provisions of this Article IX have been met.

     

    
      	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, the Securities Administrator,
      the Authenticating Agent and the Insurer 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 (not at the expense of the Indenture Trustee, the
      Securities Administrator or the Authenticating Agent but at the expense of
      the
      Person requesting such supplemental indenture) stating that the execution of
      such supplemental indenture is authorized or permitted by this Indenture. The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      each may, but shall not be obligated to, enter into any such supplemental
      indenture that affects the Indenture Trustee’s, the Securities Administrator’s
      and the Authenticating Agent’s own rights, duties, liabilities or immunities
      under this Indenture or otherwise.

     

    
      	Section
              9.04.  	
              Effect
                of Supplemental Indenture. 

            

    

     

    Upon
      the
      satisfaction of the conditions precedent and 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 Securities Administrator and the Authenticating Agent
      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 Securities Administrator
      shall, bear a notation in form approved by the Securities Administrator as
      to
      any matter provided for in such supplemental indenture. If the Issuer or the
      Securities Administrator shall so determine, new Notes so modified as to
      conform, in the opinion of the Securities Administrator and the Issuer, to
      any
      such supplemental indenture may be prepared and executed by the Issuer and
      authenticated and delivered by the Authenticating Agent in exchange for
      Outstanding Notes.

     

    ARTICLE
      X

    MISCELLANEOUS

     

    
      	Section
              10.01.  	
              Compliance
                Certificates and Opinions, etc. 

            

    

     

    (a)  Upon
      any
      application or request by any Noteholder or Certificateholder to the Indenture
      Trustee or the Securities Administrator to take any action under any provision
      of this Indenture, such Noteholder or Certificateholder, as applicable, shall
      furnish to the Indenture Trustee and the Securities Administrator (with copy
      to
      the Insurer) (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”.

            

    

     

    (b)  Reserved.

     

    (c)  Whenever
      a Noteholder or Certificateholder is required to furnish to the Indenture
      Trustee and Insurer an Officer’s Certificate certifying or stating the opinion
      of any signer thereof as to the matters described in clause (i) above, such
      Noteholder or Certificateholder, as applicable, 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 10% or more of the aggregate Note Principal
      Balance 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 $100,000 or less than one percent of
      the then outstanding aggregate Note Principal Balance of the Notes.

     

    (d)  Reserved.

     

    (e)  Whenever
      a Noteholder or Certificateholder is required to furnish to the Indenture
      Trustee and Insurer an Officer’s Certificate certifying or stating the opinion
      of any signer thereof as to the matters described in clause (iii) above, such
      Noteholder or Certificateholder, as applicable, shall also furnish to the
      Indenture Trustee and Insurer 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 10% or more of the aggregate
      Note Principal Balance 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 $100,000 or less
      than one percent of the then outstanding aggregate Note Principal Balance of
      the
      Notes.

     

    
      	Section
              10.02.  	
              Form
                of Documents Delivered to Indenture Trustee or the Securities
                Administrator. 

            

    

     

    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 and/or the Securities Administrator, 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
      and/or the Securities Administrator’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/or the Securities Administrator, 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/or the Securities
      Administrator 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 and/or the Securities
      Administrator deems sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Securities Administrator.

     

    (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, the Securities Administrator 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, the Certificateholders, Securities
                Administrator, Authenticating Agent 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 any Certificateholder 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 Certificateholders and the Insurer;
                

            

    

     

    
      	(ii)  	
              the
                Securities Administrator and Authenticating Agent, as applicable,
                by any
                Noteholder or by the Issuer, the Indenture Trustee or the Securities
                Administrator shall be sufficient for every purpose hereunder if
                made,
                given, furnished or filed in writing to or with the Securities
                Administrator or Authenticating Agent, as applicable, at Citibank,
                N.A.,
                388 Greenwich Street, 14th
                Floor, New York, New York 10013, Attn: Citibank Agency & Trust, CMLTI
                2006-NCB1, or such other address as may hereafter be furnished to
                the
                other parties hereto in writing. The Securities Administrator or
                Authenticating Agent, as applicable, shall promptly transmit any
                notice
                received by it from the Noteholders to the Certificateholders;
                or

            

    

     

    
      	(iii)  	
              any
                Certificateholder by the Indenture Trustee or by any Noteholder shall
                be
                sufficient for every purpose hereunder if made, given, furnished
                or filed
                in writing and mailed first-class, postage prepaid to the Issuer
                addressed
                to: Citigroup HELOC Trust 2006-NCB1, in care of Wilmington Trust
                Company,
                Rodney Square North, 1100 North Market Street, Wilmington, Delaware
                19990-0001, Attention: Corporate Capital Markets, 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 Indenture Trustee, the
      Securities Administrator, the Authenticating Agent or the Owner Trustee shall
      be
      in writing, mailed first-class postage prepaid: in the case of S&P, Standard
& Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water Street,
      New York, New York 10041; and in the case of Moody’s, Moody’s Investors Service,
      Inc., 99 Church Street, New York, New York 10007; or as to each of the
      foregoing, at such other address as shall be designated by written notice to
      the
      other parties.

     

    Notices
      required to be given to the Insurer by the Indenture Trustee, the Securities
      Administrator, the Authenticating Agent or the Owner Trustee shall be in
      writing, mailed first-class, postage prepaid to: Ambac Assurance Corporation,
      One State Street Plaza, New York, New York 10004, Attention: General
      Counsel.

     

    
      	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
      made, given, furnished or filed 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 Agency, 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 Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA §§ 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.  	
              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
              10.11.  	
              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 (OTHER THAN SECTIONS
      5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS, WHICH SHALL APPLY
      HERETO), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL
      BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    
      	Section
              10.12.  	
              Counterparts. 

            

    

     

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

     

    
      	Section
              10.13.  	
              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 upon notice thereof to the
      Depositor and at the Depositor’s 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
              10.14.  	
              Issuer
                Obligation. 

            

    

     

    No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee or the Securities Administrator 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 Securities Administrator, the Owner Trustee in its individual
      capacity, any holder of a beneficial interest in the Issuer, the Securities
      Administrator, 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
              10.15.  	
              No
                Petition. 

            

    

     

    The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent,
      by
      entering into this Indenture, each Noteholder, by accepting a Note and the
      Certificateholders, by accepting a Certificate, 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 other Basic
      Documents; provided however, that nothing herein shall prohibit the Indenture
      Trustee from filing proofs of claim in any proceeding.

     

    
      	Section
              10.16.  	
              Inspection. 

            

    

     

    The
      Issuer agrees that, at its expense, on reasonable prior notice, it shall permit
      any representative of the Indenture Trustee, the Securities Administrator or
      the
      Authenticating Agent 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, the Securities
      Administrator or the Authenticating Agent may reasonably determine that such
      disclosure is consistent with its obligations hereunder.

     

    
      	Section
              10.17.  	
              Benefits
                of Indenture. 

            

    

     

    The
      Insurer and its successors and assigns shall be third-party beneficiaries to
      the
      provisions of this Indenture, and shall be entitled to rely upon and directly
      to
      enforce such provisions of this Indenture. Nothing in this Indenture or in
      the
      Notes, express or implied, shall give to any Person, other than the parties
      hereto and their successors hereunder, the Insurer, and the Noteholders, and
      any
      other party secured hereunder, and any other person with an ownership interest
      in any part of the Collateral, any benefit or any legal or equitable right,
      remedy or claim under this Indenture. The Insurer may disclaim any of its rights
      and powers under this Indenture (in which case the Indenture Trustee may
      exercise such rights or powers hereunder), but not its duties and obligations
      under the Policy upon delivery of a written notice to the Indenture
      Trustee.

     

    ARTICLE
      XI

    REMIC
      PROVISIONS

     

    
      	Section
              11.01.  	
                Designation
                of REMIC Interests.

            

    

     

    REMIC
      1 

     

    As
      provided herein, the Indenture Trustee shall elect to treat the segregated
      Trust
      Estate (exclusive of the Net WAC Rate Carryover Reserve Account) as a REMIC
      for
      federal income tax purposes, and such segregated pool of assets shall be
      designated as “REMIC 1.” The Class N Certificates shall represent the sole class
      of “residual interests” in REMIC 1 for purposes of the REMIC Provisions (as
      defined herein). The following table irrevocably sets forth the designation,
      the
      Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1
      Regular Interests (as defined herein). None of the REMIC 1 Regular Interests
      shall be certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            	
              Initial
                Uncertificated Principal Balance

            	
              Assumed
                Final Maturity Date(1)

            
	
              LTAA

            	
              Variable(2)

            	
              $

            	
              509,066,313.82

            	
              May
                2036

            
	
              LT1A1

            	
              Variable(2)

            	
              $

            	
              1,189,130.00

            	
              May
                2036

            
	
              LT2A1

            	
              Variable(2)

            	
              $

            	
              2,741,955.00

            	
              May
                2036

            
	
              LT2A2

            	
              Variable(2)

            	
              $

            	
              531,960.00

            	
              May
                2036

            
	
              LT2A3

            	
              Variable(2)

            	
              $

            	
              648,390.00

            	
              May
                2036

            
	
              LTM

            	
              Variable(2)

            	
              $

            	
              49,350.00

            	
              May
                2036

            
	
              LTZZ

            	
              Variable(2)

            	
              $

            	
              5,228,323.45

            	
              May
                2036

            
	
              LT1SUB

            	
              Variable(2)

            	
              $

            	
              385.21

            	
              May
                2036

            
	
              LT1SUB

            	
              Variable(2)

            	
              $

            	
              24,167.81

            	
              May
                2036

            
	
              LT1GRP

            	
              Variable(2)

            	
              $

            	
              1,277.18

            	
              May
                2036

            
	
              LT2SUB

            	
              Variable(2)

            	
              $

            	
              79,723.28

            	
              May
                2036

            
	
              LTXX

            	
              Variable(2)

            	
              $

            	
              519,349,868.80

            	
              May
                2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Payment
      Date in the month immediately following the maturity date for the HELOC with
      the
      latest possible maturity date has been designated as the “latest possible
      maturity date” for each REMIC 1 Regular Interest.

    (2) Calculated
      in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate”
herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Indenture Trustee shall elect to treat the segregated
      pool
      of assets consisting of the REMIC 1 Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets shall be designated
      as
“REMIC 2.” The Class R-2 Interest shall evidence the sole class of “residual
      interests” in REMIC 2 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Note Rate, the
      Initial Note Balance and, for purposes of satisfying Treasury regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each Class of Notes
      that represents one or more of the “regular interests” in REMIC 2 created
      hereunder:

     

    
      	
              Designation

            	
              Initial
                Note Balance

            	
              Note
                Rate

            	
              Assumed
                Final Maturity Date(1)

            
	
              Class
                1A-1

            	
              $

            	
              237,826,000

            	
              0.17%

            	
              May
                2036

            
	
              Class
                2A-1

            	
              $

            	
              548,391,000

            	
              0.04%

            	
              May
                2036

            
	
              Class
                2A-2

            	
              $

            	
              106,392,000

            	
              0.12%

            	
              May
                2036

            
	
              Class
                2A-3

            	
              $

            	
              129,678,000

            	
              0.19%

            	
              May
                2036

            
	
              Class
                M

            	
              $

            	
              9,870,000

            	
              2.75%

            	
              May
                2036

            
	
              Class
                C

            	
              $

            	
              6,753,844.53

            	 	
              May
                2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Payment
      Date in the month immediately following the maturity date for the HELOC with
      the
      latest maturity date has been designated as the “latest possible maturity date”
for each Class of Notes that represents one or more of the “regular interests”
in REMIC 2.

    (2) Calculated
      in accordance with the definition of “Note Rate” herein.

    (3) The
      Class
      C Certificates will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class C Certificates outstanding from time to time which
      shall equal the aggregate Uncertificated Principal Balance of the REMIC 1
      Regular Interests. The Class C Certificates will not accrue interest on their
      Certificate Principal Balance.

    

    
      	Section
              11.02.  	
               Payments
                on REMIC Regular Interests.

            

    

     

    

    (a)  On
      each
      Payment Date, the Securities Administrator shall cause in the following order
      of
      priority, the following amounts which shall be deemed to be paid by REMIC 1
      to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Payment Account and paid to the holders of the Class N Certificates, as the
      case
      may be:

     

    
      	(i)  	
              first,
                to the extent of Available Funds, to Holders of REMIC 1 Regular Interest
                LTAA, REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT2A1,
                REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LT2A3, REMIC
                1
                Regular Interest LTM and REMIC 1 Regular Interest LTZZ, on a pro
                rata
                basis, in an amount equal to (A) the Uncertificated Accrued Interest
                for
                such Payment Date, plus (B) any amounts in respect thereof remaining
                unpaid from previous Payment Dates. Amounts payable as Uncertificated
                Accrued Interest in respect of REMIC 1 Regular Interest LTZZ shall
                be
                reduced and deferred when the REMIC 1 Overcollateralization Amount
                is less
                than the REMIC 1 Overcollateralization Target Amount, by the lesser
                of (x)
                the amount of such difference and (y) the Maximum Uncertificated
                Accrued
                Interest Deferral Amount and such amount will be payable to the Holders
                of
                REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT2A1, REMIC
                1
                Regular Interest LT2A2, REMIC 1 Regular Interest LT2A3 and REMIC
                1 Regular
                Interest LTM, in the same proportion as the Overcollateralization
                Deficiency Amount is allocated to the Corresponding Notes and the
                Uncertificated Principal Balance of the REMIC 1 Regular Interest
                LTZZ
                shall be increased by such amount; 

            

    

     

    
      	(ii)  	
              second,
                to Holders of REMIC 1 Regular Interest LT1SUB, REMIC 1 Regular Interest
                LT1GRP, REMIC 1 Regular Interest LT2SUB, REMIC 1 Regular Interest
                LT2GRP
                and REMIC 1 Regular Interest LTXX, pro
                rata,
                in an amount equal to (A) the Uncertificated Accrued Interest for
                such
                Payment Date, plus (B) any amounts in respect thereof remaining unpaid
                from previous Payment Dates;

            

    

     

    
      	(iii)  	
              second,
                to the Holders of REMIC 1 Regular Interests, in an amount equal to
                the
                remainder of the Marker Allocation Percentage of Available Funds
                for such
                Payment Date after the distributions made pursuant to clause (i)
                above,
                allocated as follows:

            

    

     

    
      	(1)  	
              98.00%
                of such remainder to the Holders of REMIC 1 Regular Interest LTAA,
                until
                the Uncertificated Principal Balance of such Uncertificated REMIC
                1
                Regular Interest is reduced to
                zero;

            

    

     

    
      	(2)  	
              2.00%
                of such remainder first, to the Holders of REMIC 1 Regular Interest
                LT1A1,
                REMIC 1 Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC
                1
                Regular Interest LT2A3 and REMIC 1 Regular Interest LTM, of and in
                the
                same proportion as principal payments are allocated to the Corresponding
                Notes, until the Uncertificated Principal Balances of such REMIC
                1 Regular
                Interests are reduced to zero, and second, to the Holders of REMIC
                1
                Regular Interest LTZZ, until the Uncertificated Principal Balance
                of such
                REMIC 1 Regular Interest is reduced to zero;

            

    

     

    
      	(3)  	
              to
                the Holders of REMIC 1 Regular Interests, in an amount equal to the
                remainder of the REMIC 1 Sub WAC Allocation Percentage of Available
                Funds
                for such Payment Date after the distributions made pursuant to clause
                (ii)
                above, and such that distributions of principal shall be deemed to
                be made
                to the REMIC 1 Regular Interests first, so as to keep the Uncertificated
                Balance of each REMIC 1 Regular Interest ending with the designation
“GRP”
                equal to 0.01% of the aggregate Principal Balance of the HELOCs in
                the
                related Loan Group; second, to each REMIC 1 Regular Interest ending
                with
                the designation “SUB,” so that the Uncertificated Balance of each such
                REMIC 1 Regular Interest is equal to 0.01% of the excess of (x) the
                aggregate Principal Balance of the HELOCs in the related Loan Group
                over
                (y) the current Note Balance of the Class A Note in the related Loan
                Group
                (except that if any such excess is a larger number than in the preceding
                distribution period, the least amount of principal shall be distributed
                to
                such REMIC 1 Regular Interests such that the REMIC 1 Subordinated
                Balance
                Ratio is maintained); and third, any remaining principal to REMIC
                1
                Regular Interest LTXX.

            

    

     

    
      	(4)  	
              any
                remaining amount to the Holders of the Class R
                Certificates.

            

    

     

    
      	Section
              11.03.  	
              Allocation
                of Realized Losses on the REMIC Regular Interests.

            

    

     

    (a)  The
      Marker Allocation Percentage of all Realized Losses on the HELOCs that are
      allocated to the Class C Certificates and Class M Notes shall be deemed to
      have
      been allocated in the specified percentages, as follows: first, to
      Uncertificated Accrued Interest payable to the REMIC 2 Regular Interest LTAA
      and
      REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC
      1
      Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the
      Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA and REMIC
      1
      Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Principal
      Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
      Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest
      LTM and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 1 Regular Interest LTM has been
      reduced to zero; 

     

    (b)  The
      REMIC
      1 Sub WAC Allocation Percentage of all Realized Losses on the HELOCs that are
      allocated to the Class C Certificates and Class M Notes shall be applied after
      all distributions have been made on each Payment Date first, so as to keep
      the
      Uncertificated Balance of each REMIC 1 Regular Interest ending with the
      designation “GRP” equal to 0.01% of the aggregate Principal Balance of the
      HELOCs in the related Loan Group; second, to each REMIC 1 Regular Interest
      ending with the designation “SUB,” so that the Uncertificated Balance of each
      such REMIC 1 Regular Interest is equal to 0.01% of the excess of (x) the
      aggregate Principal Balance of the HELOCs in the related Loan Group over (y)
      the
      current Note Balance of the Class A Notes in the related Loan Group (except
      that
      if any such excess is a larger number than in the preceding distribution period,
      the least amount of Realized Losses shall be applied to such REMIC 1 Regular
      Interests such that the REMIC 1 Subordinated Balance Ratio is maintained);
      and
      third, any remaining Realized Losses shall be allocated to REMIC 1 Regular
      Interest LTXX.

     

    
      	Section
              11.04.  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in Section 11.01 shall be made by the Securities
      Administrator on Form 1066 or other appropriate federal tax or information
      return for the taxable year ending on the last day of the calendar year in
      which
      the Notes are issued. The regular interests and residual interest in each REMIC
      shall be as designated in Section 11.01.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Securities Administrator shall pay any and all expenses relating to any tax
      audit of any REMIC (including, but not limited to, any professional fees or
      any
      administrative or judicial proceedings with respect to any REMIC that involve
      the Internal Revenue Service or state tax authorities), including the expense
      of
      obtaining any tax related Opinion of Counsel. The Securities Administrator
      shall
      be entitled to reimbursement of expenses incurred pursuant to this Section
      11.01(c) to the extent provided in Section 8.09.

     

    (d)  The
      Securities Administrator shall prepare, sign and file, all of the REMICs’
federal and state tax and information returns (including Form 8811) as the
      direct representative of each REMIC created hereunder. The expenses of preparing
      and filing such returns shall be borne by the Securities
      Administrator.

     

    (e)  The
      Holder of the Class N Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1 and shall
      act as Tax Matters Person for REMIC 1. The Holder of the Class R Certificate
      at
      any time holding the largest Percentage Interest thereof shall be the Tax
      Matters Person with respect to REMIC 2 and shall act as Tax Matters Person
      for
      REMIC 2. The Securities Administrator, as agent for the Tax Matters Person,
      shall perform on behalf of each REMIC all reporting and other tax compliance
      duties that are the responsibility of such REMIC under the Code, the REMIC
      Provisions, or other compliance guidance issued by the Internal Revenue Service
      or any state or local taxing authority. Among its other duties, if required
      by
      the Code, the REMIC Provisions, or other such guidance, the Securities
      Administrator, as agent for the Tax Matters Person, shall provide (i) to the
      Treasury or other governmental authority such information as is necessary for
      the application of any tax relating to the transfer of a Class R or Class N
      Certificate to any disqualified person or organization and (ii) to the
      Noteholders such information or reports as are required by the Code or REMIC
      Provisions. The Securities Administrator, as agent for the Tax Matters Person,
      shall represent each REMIC in any administrative or judicial proceedings
      relating to an examination or audit by any governmental taxing authority,
      request an administrative adjustment as to any taxable year of any REMIC, enter
      into settlement agreements with any government taxing agency, extend any statute
      of limitations relating to any item of any REMIC and otherwise act on behalf
      of
      any REMIC in relation to any tax matter involving the Trust.

     

    (f)  The
      Securities Administrator, the Indenture Trustee, the Issuer and the Holders
      of
      Notes shall take any action or cause the REMIC to take any action necessary
      to
      create or maintain the status of each REMIC as a REMIC under the REMIC
      Provisions and shall assist each other as necessary to create or maintain such
      status. Neither the Trustee, the Issuer nor the Holder of any Class N or Class
      R
      Certificate shall knowingly take any action, cause any REMIC created hereunder
      to take any action or fail to take (or fail to cause to be taken) any action
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      could (i) endanger the status of such REMIC as a REMIC or (ii) result in the
      imposition of a tax upon such REMIC (including but not limited to the tax on
      prohibited transactions as defined in Code Section 860F(a)(2) and the tax on
      prohibited contributions set forth on Section 860G(d) of the Code) (either
      such
      event, an “Adverse REMIC Event”) unless the Securities Administrator, the
      Indenture Trustee and the Issuer have received an Opinion of Counsel (at the
      expense of the party seeking to take such action) to the effect that the
      contemplated action will not endanger such status or result in the imposition
      of
      such a tax. In addition, prior to taking any action with respect to any REMIC
      created hereunder or the assets therein, or causing such REMIC to take any
      action, which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Class N or Class R Certificate will consult with the Securities
      Administrator and the Issuer, or their respective designees, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any REMIC, and no such Person shall take any such action or cause
      any
      REMIC to take any such action as to which the Securities Administrator or the
      Issuer has advised it in writing that an Adverse REMIC Event could
      occur.

     

    (g)  The
      Holders of the Class R Certificates shall pay when due any and all taxes imposed
      on each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such taxes are not paid by the Holder of the Class R
      Certificates, the Securities Administrator shall pay any remaining REMIC taxes
      out of other amounts held in the Payment Account, and shall reduce amounts
      otherwise payable to Holders of regular interests in the related REMIC. Subject
      to the foregoing, in the event that a REMIC incurs a state or local tax,
      including franchise taxes, as a result of a determination that such REMIC is
      domiciled in the State of California for state tax purposes by virtue of the
      location of the Servicer, the Servicer agrees to pay on behalf of such REMIC
      when due, any and all state and local taxes imposed as a result of such a
      determination, in the event that the Holder of the Class N or Class R
      Certificate fails to pay such taxes, if any, when imposed.

     

    (h)  The
      Securities Administrator, as agent for the Tax Matters Person, shall, for
      federal income tax purposes, maintain books and records with respect to each
      REMIC created hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to Qualifying
      Substitute HELOCs.

     

    (j)  Neither
      the Issuer nor the Securities Administrator shall enter into any arrangement
      by
      which any REMIC created hereunder will receive a fee or other compensation
      for
      services.

     

    (k)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	Section
              11.05.  	
              Prohibited
                Transactions and Activities. 

            

    

     

    Neither
      the Issuer nor the Securities Administrator shall sell, dispose of, or
      substitute for any of the HELOCs, except in a disposition pursuant to (i) the
      foreclosure of a HELOC, (ii) the bankruptcy of the Issuer, (iii) an optional
      redemption pursuant to Section 8.07 of this Indenture, (iv) a substitution
      of a
      Qualifying Substitute HELOC pursuant to the HELOC Purchase Agreement or (v)
      a
      repurchase of HELOCs pursuant to the HELOC Purchase Agreement, nor acquire
      any
      assets for any REMIC, nor sell or dispose of any investments in the Payment
      Account for gain, nor accept any contributions to any REMIC after the Closing
      Date, unless it has received an Opinion of Counsel (at the expense of the party
      causing such sale, disposition, or substitution) that such disposition,
      acquisition, substitution, or acceptance will not (a) affect adversely the
      status of any REMIC created hereunder as a REMIC or of the interests therein
      other than the Class N or Class R Certificates as the regular interests therein,
      (b) affect the payment of interest or principal on the Notes, (c) result in
      the
      encumbrance of the assets pledged to the Securities Administrator (except
      pursuant to the provisions of this Agreement) or (d) cause any REMIC created
      hereunder to be subject to a tax on prohibited transactions or prohibited
      contributions pursuant to the REMIC Provisions.

     

    
      	Section
              11.06.  	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status.  

            

    

     

    In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Securities Administrator of its duties and obligations set
      forth herein, the Securities Administrator shall indemnify the Issuer against
      any and all losses resulting from such negligence; provided, however, that
      the
      Securities Administrator shall not be liable for any such losses attributable
      to
      the action or inaction of the Issuer, the Servicer, the Depositor or the Holder
      of a Class N or Class R Certificate, as applicable, nor for any such losses
      resulting from misinformation provided by the Holder of such Class N or Class
      R
      Certificate on which the Securities Administrator has relied. The foregoing
      shall not be deemed to limit or restrict the rights and remedies of the Holder
      of such Class N Class R Certificate now or hereafter existing at law or in
      equity. Notwithstanding the foregoing, however, in no event shall the Securities
      Administrator have any liability (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of, this Indenture, (2) for any losses other
      than arising out of a negligent performance by the Securities Administrator
      of
      its duties and obligations set forth herein, and (3) for any special or
      consequential damages to Noteholders (in addition to payment of principal and
      interest on the Notes).

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer, the Securities Administrator 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
                  HELOC TRUST 2006-NCB1, as Issuer

                 

              
	
                By: WILMINGTON
                  TRUST COMPANY, not in its individual capacity but solely as Owner
                  Trustee

                 

              
	
                By:

              	
                /s/
                  Jeanne M. Oller

              
	
                Name:

              	
                Jeanne
                  M. Oller

              
	
                Title:

              	
                Senior
                  Financial Services

                 

              
	 	 
	
                U.S.
                  BANK NATIONAL ASSOCIATION, as Indenture Trustee

              
	
                By:

              	
                /s/
                  Clare O’ Brien

              
	
                Name:

              	
                Clare
                  O’Brien

              
	
                Title:

              	
                Vice
                  President

                 

              
	 	 
	
                CITIBANK,
                  N.A., as
                  Securities Administrator and Authenticating Agent

              
	
                By:

              	
                /s/
                  Jennifer McCourt

              
	
                Name:

              	
                Jennifer
                  McCourt

              
	
                Title:

              	
                Vice
                  President

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF DELAWARE

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW CASTLE

              	
                )

              	 

      

      

      On
        this
        _18th
        day of
        May 2006, before me personally appeared _Jeanne
        M. Oller__
        to me
        known, who being by me duly sworn, did depose and say, that (s)he is a
        _Senior
        Financial Services Officer__of
        the
        Owner Trustee, one of the entities described in and which executed the above
        instrument; and that he signed her name thereto by like order.

       

      
        	 	
                Susanne
                  M. Gula

              
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF MASSACHUSETTS
                  

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF SUFFOLK

              	
                )

              	 

      

      

       

      On
        this
23rd
        day of
        May 2006, before me personally appeared _Clare
        O’Brien__
        to me
        known, who being by me duly sworn, did depose and say, that (s)he is the
        _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.

       

      
        	 	
                Tara
                  A. Harris

              
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF QUEENS

              	
                )

              	 

      

      

       

      On
        the
23rd
        day of
        May 2006 before me, a notary public in and for said State, personally appeared
        _Jennifer
        McCourt_
        known
        to me to be a(n) _Vice
        President_of
        Citibank, N.A, , the entity that executed the within instrument, and also
        known
        to me to be the person who executed it on behalf of said entity, and
        acknowledged to me that such entity executed the within instrument.

       

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

       

      
        	 	
                /s/
                  Rhonda Lewis

              
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        A-1 

       

      FORM
        OF CLASS [A] NOTE

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR 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 IS DEEMED
        TO
        REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH PLAN ASSETS OR
        (2)
        (A) THE ACQUISITION, HOLDING AND TRANSFER OF A NOTE WILL NOT GIVE RISE TO
        A
        NONEXEMPT 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 DOL REGULATIONS, AND AGREES TO SO TREAT
        THE
        NOTES. ALTERNATIVELY, REGARDLESS OF THE RATING OF THE NOTES, SUCH PERSON
        MAY
        PROVIDE THE SECURITIES ADMINISTRATOR WITH AN OPINION OF COUNSEL, WHICH OPINION
        OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE TRUST, THE OWNER TRUSTEE, THE
        INDENTURE TRUSTEE, THE DEPOSITOR OR THE SECURITIES ADMINISTRATOR, 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 TRUST, THE DEPOSITOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE
        OR
        THE SECURITIES ADMINISTRATOR TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN
        IN THE INDENTURE.

       

      THE
        HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE DEEMED
        TO
        REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN 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 ESTATE 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 PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
        SHOWN
        ON THE FACE HEREOF.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      CITIGROUP
        HELOC TRUST 2006-NCB1

      NOTES,
        SERIES 2006-NCB1

      CLASS
        [A] NOTE

       

      AGGREGATE
        NOTE PRINCIPAL

      BALANCE:
        $[________________] 

       

      NOTE
        RATE: Adjustable Rate

       

      INITIAL
        NOTE PRINCIPAL

      BALANCE
        OF THIS NOTE: $[_____________]

       

      

       

      NOTE
        NO.
        1

       

      CUSIP
        NO:
        [_______________]

       

      CITIGROUP
        HELOC TRUST 2006-NCB1 (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
        fifteenth day of each month or, if such day is not a Business Day, the next
        succeeding Business Day (each a “Payment Date”), commencing in ____ 2006 and
        ending on or before the Payment Date occurring in May 2036 (the “Final Stated
        Maturity Date”) and to pay interest on the Note Principal 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 HELOC Trust 2006-NCB1 Notes,
        Series 2006-NCB1 (the “Notes”), issued under an Indenture dated as of May 23,
        2006 (the “Indenture”), among the Issuer, Citibank, N.A. as securities
        administrator (the “Securities Administrator”) and U.S. Bank National
        Association, as indenture trustee, (the “Indenture Trustee”, which term includes
        any successor Indenture Trustee under the Indenture), and 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 Principal Balance”
of this Note as of any date of determination is equal to the initial Note
        Principal Balance thereof, minus all amounts paid in respect of principal
        with
        respect to such Class of Notes.

       

      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
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 Payment Date.

       

      The
        HELOCs are subject to purchase in whole, but not in part, by the Servicer,
        on
        any Payment Date on or after the Payment Date on which the aggregate Principal
        Balance of the HELOCs as of the end of the prior Collection Period is less
        than
        or equal to 10% of the aggregate Principal Balance of the HELOCs as of the
        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 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 Depositor, the Seller, the Servicer, the Securities
        Administrator 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
        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 Securities
        Administrator 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 reductions in the principal amount of a Note
        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 designated by the Securities Administrator or the Office or agency
        of
        the Issuer maintained by it for such purpose pursuant to Section 4.02 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 Principal
        Balance of the Notes, the amount payable to the Holder of this Note will
        be
        equal to the sum of the unpaid Note Principal Balance of this Note, 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 payment due 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 the Note with Plan Assets or
        (2)
        (A) the acquisition, holding and transfer of a Note will not give rise to
        a
        nonexempt 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 DOL Regulations, and agrees to so treat
        the
        Notes. Alternatively, regardless of the rating of the Notes, such person
        may
        provide the Securities Administrator with an opinion of counsel, which opinion
        of counsel will not be at the expense of the Trust, the Owner Trustee, the
        Indenture Trustee, the Depositor or the Securities Administrator, 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 Trust, the Depositor, the Owner Trustee, the Indenture Trustee
        or
        the Securities Administrator to any obligation in addition to those undertaken
        in the Indenture and the other Basic Documents.

       

      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 Securities Administrator, one or more
        new
        Notes of any authorized denominations and of a like aggregate then outstanding
        Note Principal 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, the Securities Administrator and any agent of the Issuer,
        the
        Securities Administrator 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 none of the Issuer, the Securities
        Administrator, the Indenture Trustee nor any such agent of the Issuer, the
        Securities Administrator 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 he Insurer, so long as any Insured Securities are outstanding or any
        amounts
        are due and owing to the Insurer and an Insurer Default has not occurred
        and is
        continuing, or if the Insured Securities are no longer outstanding and all
        amounts due to the Insurer have been paid to it or if an Insurer Default
        has
        occurred and is continuing, the Holder or Holders of in excess of 50% of
        the
        Voting Rights. The Indenture also contains provisions permitting the Insurer,
        so
        long as any Insured Securities are outstanding or any amounts are due and
        owing
        to the Insurer and an Insurer Default has not occurred and is continuing,
        or if
        the Insured Securities are no longer outstanding and all amounts due to the
        Insurer have been paid to it or if an Insurer Default has occurred and is
        continuing, the Holder or Holders of in excess of 50% of the Voting Rights,
        to
        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 of the Indenture which cannot be
        modified or amended without the consent of the Holder of each Note. Any such
        waiver, 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, the Indenture Trustee and the Securities Administrator,
        following prior notice to the Rating Agencies, 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,
        the Notes will be registered in the name of Cede & Co. as nominee of DTC,
        acting in its capacity as the Depository for the Notes. The Notes will be
        delivered by the clearing agency in denominations as provided in the Indenture
        and subject to certain limitations therein set forth. The Notes are exchangeable
        for a like aggregate then outstanding Note Principal 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 Authenticating
        Agent by manual signature, this Note shall not be entitled to any benefit
        under
        the Indenture, or be valid or obligatory for any purpose.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, neither the Owner Trustee in its individual capacity, nor
        any
        of its respective partners, beneficiaries, agents, officers, directors,
        employees, or successors or assigns, shall be personally liable for, nor
        shall
        recourse be had to any of them for, the payment of principal of or interest
        on,
        or performance of, or omission to perform, any of the covenants, obligations
        or
        indemnifications contained in this Note, it being expressly understood that
        said
        covenants, obligations and indemnifications have been made solely by the
        Trust
        to the extent of the assets of the Trust. The holder of this Note by the
        acceptance hereof agrees that, except as expressly provided in the Basic
        Documents, the Holder shall have no claim against any of the foregoing for
        any
        deficiency, loss or claim therefrom; provided, however, that nothing contained
        herein shall be taken to prevent recourse to, and enforcement against, the
        assets of the Trust Estate for any and all liabilities, obligations and
        undertakings contained in this Note.

       

      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.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be duly
        executed.

       

      Dated:
        _____, 2006

       

      
        	 	
                CITIGROUP
                  HELOC TRUST 2006-NCB1

                 

              
	 	
                By:

              	
                WILMINGTON
                  TRUST COMPANY, not in its individual capacity but solely in its
                  capacity
                  as Owner Trustee

              
	 	 	 	 	 	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Signatory

              
	 	 	 

      

      

       

      

       

      AUTHENTICATING
        AGENT’S CERTIFICATE OF AUTHENTICATION

       

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

       

      
        	 	
                CITIBANK,
                  N.A., as Authenticating Agent

              
	 	 	 	 	 	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Signatory

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian

                 __________________       
                  

                 

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      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.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-2

       

      FORM
        OF CLASS M NOTE

       

      THIS
        NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A NOTES AND THE CLASS
        N
        CERTIFICATES AS DESCRIBED IN THE INDENTURE.

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR 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 IS DEEMED
        TO
        REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH PLAN ASSETS OR
        (2)
        (A) THE ACQUISITION, HOLDING AND TRANSFER OF A NOTE WILL NOT GIVE RISE TO
        A
        NONEXEMPT 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 DOL REGULATIONS, AND AGREES TO SO TREAT
        THE
        NOTES. ALTERNATIVELY, REGARDLESS OF THE RATING OF THE NOTES, SUCH PERSON
        MAY
        PROVIDE THE SECURITIES ADMINISTRATOR WITH AN OPINION OF COUNSEL, WHICH OPINION
        OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE TRUST, THE OWNER TRUSTEE, THE
        INDENTURE TRUSTEE, THE DEPOSITOR OR THE SECURITIES ADMINISTRATOR, 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 TRUST, THE DEPOSITOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE
        OR
        THE SECURITIES ADMINISTRATOR TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN
        IN THE INDENTURE.

       

      THE
        HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE DEEMED
        TO
        REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN 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 ESTATE 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 PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
        SHOWN
        ON THE FACE HEREOF.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      CITIGROUP
        HELOC TRUST 2006-NCB1

      NOTES,
        SERIES 2006-NCB1

      CLASS
        [M] NOTE

       

      AGGREGATE
        NOTE PRINCIPAL

      BALANCE:
        $[________________] 

       

      NOTE
        RATE: Adjustable Rate

       

      INITIAL
        NOTE PRINCIPAL

      BALANCE
        OF THIS NOTE: $[_____________]

      NOTE
        NO.
        1

       

       

      CUSIP
        NO:
        [_______________]

       

      CITIGROUP
        HELOC TRUST 2006-NCB1 (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
        fifteenth day of each month or, if such day is not a Business Day, the next
        succeeding Business Day (each a “Payment Date”), commencing in ____ 2006 and
        ending on or before the Payment Date occurring in May 2036 (the “Final Stated
        Maturity Date”) and to pay interest on the Note Principal 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 HELOC Trust 2006-NCB1 Notes,
        Series 2006-NCB1 (the “Notes”), issued under an Indenture dated as of May 23,
        2006 (the “Indenture”), among the Issuer, Citibank, N.A. as securities
        administrator (the “Securities Administrator”) and U.S. Bank National
        Association, as indenture trustee, (the “Indenture Trustee”, which term includes
        any successor Indenture Trustee under the Indenture), and 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 Principal Balance”
of this Note as of any date of determination is equal to the initial Note
        Principal Balance thereof, minus (i) all amounts paid in respect of principal
        with respect to such Class of Notes and (ii) the aggregate amount of any
        reductions in the Note Principal Balance thereof deemed to have occurred
        in
        connection with the allocation of Realized Losses on all prior Payment Date
        in
        accordance with the Indenture, plus (iii) any Subsequent Recoveries allocated
        thereto.

       

      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 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 Payment Date.

       

      The
        HELOCs are subject to purchase in whole, but not in part, by the Servicer,
        on
        any Payment Date on or after the Payment Date on which the aggregate Principal
        Balance of the HELOCs as of the end of the prior Collection Period is less
        than
        or equal to 10% of the aggregate Principal Balance of the HELOCs as of the
        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 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 Depositor, the Seller, the Servicer, the Securities
        Administrator 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
        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 Securities
        Administrator 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 reductions in the principal amount of a Note
        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 designated by the Securities Administrator or the Office or agency
        of
        the Issuer maintained by it for such purpose pursuant to Section 4.02 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 Principal
        Balance of the Notes, the amount payable to the Holder of this Note will
        be
        equal to the sum of the unpaid Note Principal Balance of this Note, 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 payment due 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 the Note with Plan Assets or
        (2)
        (A) the acquisition, holding and transfer of a Note will not give rise to
        a
        nonexempt 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 DOL Regulations, and agrees to so treat
        the
        Notes. Alternatively, regardless of the rating of the Notes, such person
        may
        provide the Securities Administrator with an opinion of counsel, which opinion
        of counsel will not be at the expense of the Trust, the Owner Trustee, the
        Indenture Trustee, the Depositor or the Securities Administrator, 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 Trust, the Depositor, the Owner Trustee, the Indenture Trustee
        or
        the Securities Administrator to any obligation in addition to those undertaken
        in the Indenture and the other Basic Documents.

       

      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 Securities Administrator, one or more
        new
        Notes of any authorized denominations and of a like aggregate then outstanding
        Note Principal 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, the Securities Administrator and any agent of the Issuer,
        the
        Securities Administrator 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 none of the Issuer, the Securities
        Administrator, the Indenture Trustee nor any such agent of the Issuer, the
        Securities Administrator 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 Insurer, so long as any Insured Securities are outstanding or any
        amounts are due and owing to the Insurer and an Insurer Default has not occurred
        and is continuing, or if the Insured Securities are no longer outstanding
        and
        all amounts due to the Insurer have been paid to it or if an Insurer Default
        has
        occurred and is continuing, the Holder or Holders of in excess of 50% of
        the
        Voting Rights. The Indenture also contains provisions permitting the Insurer,
        so
        long as any Insured Securities are outstanding or any amounts are due and
        owing
        to the Insurer and an Insurer Default has not occurred and is continuing,
        or if
        the Insured Securities are no longer outstanding and all amounts due to the
        Insurer have been paid to it or if an Insurer Default has occurred and is
        continuing, the Holder or Holders of in excess of 50% of the Voting Rights,
        to
        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 of the Indenture which cannot be
        modified or amended without the consent of the Holder of each Note. Any such
        waiver, 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, the Indenture Trustee and the Securities Administrator,
        following prior notice to the Rating Agencies, 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,
        the Notes will be registered in the name of Cede & Co. as nominee of DTC,
        acting in its capacity as the Depository for the Notes. The Notes will be
        delivered by the clearing agency in denominations as provided in the Indenture
        and subject to certain limitations therein set forth. The Notes are exchangeable
        for a like aggregate then outstanding Note Principal 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 Authenticating
        Agent by manual signature, this Note shall not be entitled to any benefit
        under
        the Indenture, or be valid or obligatory for any purpose.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, neither the Owner Trustee in its individual capacity, nor
        any
        of its respective partners, beneficiaries, agents, officers, directors,
        employees, or successors or assigns, shall be personally liable for, nor
        shall
        recourse be had to any of them for, the payment of principal of or interest
        on,
        or performance of, or omission to perform, any of the covenants, obligations
        or
        indemnifications contained in this Note, it being expressly understood that
        said
        covenants, obligations and indemnifications have been made solely by the
        Trust
        to the extent of the assets of the Trust. The holder of this Note by the
        acceptance hereof agrees that, except as expressly provided in the Basic
        Documents, the Holder shall have no claim against any of the foregoing for
        any
        deficiency, loss or claim therefrom; provided, however, that nothing contained
        herein shall be taken to prevent recourse to, and enforcement against, the
        assets of the Trust Estate for any and all liabilities, obligations and
        undertakings contained in this Note.

       

      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.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be duly
        executed.

       

      Dated:
        _____, 2006

       

      
        	 	 	 	 	 	 	 	
                CITIGROUP
                  HELOC TRUST 2006-NCB1

                 

              
	 	 	 	 	 	 	 	
                By:

              	
                WILMINGTON
                  TRUST COMPANY, not in its individual capacity but solely in its
                  capacity
                  as Owner Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

       

      

       

      AUTHENTICATING
        AGENT’S CERTIFICATE OF AUTHENTICATION

       

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

       

      
        	 	
                CITIBANK,
                  N.A., as Authenticating Agent

              
	 	 	 	 	 	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Signatory

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                __________________

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      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.

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        B

       

      LOAN
        SCHEDULE

      

        As
          previously filed on May 22, 2006

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        C

       

      [FORM
        OF
        RULE 144A INVESTMENT REPRESENTATION]

       

      Description
        of Rule 144A Securities, including numbers:

      

       

      The
        undersigned seller, as registered holder (the “Seller”), intends to transfer the
        Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

       

      1.  In
        connection with such transfer and in accordance with the agreements pursuant
        to
        which the Rule 144A Securities were issued, the Seller hereby certifies the
        following facts: Neither the Seller nor anyone acting on its behalf has offered,
        transferred, pledged, sold or otherwise disposed of the Rule 144A Securities,
        any interest in the Rule 144A Securities or any other similar security to,
        or
        solicited any offer to buy or accept a transfer, pledge or other disposition
        of
        the Rule 144A Securities, any interest in the Rule 144A Securities or any
        other
        similar security from, or otherwise approached or negotiated with respect
        to the
        Rule 144A Securities, any interest in the Rule 144A Securities or any other
        similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Rule 144A
        Securities under the Securities Act of 1933, as amended (the “1933 Act”), or
        that would render the disposition of the Rule 144A Securities a violation
        of
        Section 5 of the 1933 Act or require registration pursuant thereto, and that
        the
        Seller has not offered the Rule 144A Securities to any person other than
        the
        Buyer or another “qualified institutional buyer” as defined in Rule 144A under
        the 1933 Act.

       

      2.  The
        Buyer
        warrants and represents to, and covenants with, the Indenture Trustee pursuant
        to Section 4.02 of the Indenture (the “Indenture”), dated as of May 23, 2006,
        among Citigroup HELOC Trust 2006-NCB1, as Issuer, U.S. Bank National
        Association, as Indenture Trustee, and Citibank, N.A., as Securities
        Administrator and Authenticating Agent, as follows:

       

      a.
        The
        Buyer understands that the Rule 144A Securities have not been registered
        under
        the 1933 Act or the securities laws of any state.

       

      b.
        The
        Buyer considers itself a substantial, sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Rule 144A
        Securities.

       

      c.
        The
        Buyer has been furnished with all information regarding the Rule 144A Securities
        that it has requested from the Seller, the Indenture Trustee, the Owner Trustee
        or the Servicer.

       

      d.
        Neither the Buyer nor anyone acting on its behalf has offered, transferred,
        pledged, sold or otherwise disposed of the Rule 144A Securities, any interest
        in
        the Rule 144A Securities or any other similar security to, or solicited any
        offer to buy or accept a transfer, pledge or other disposition of the Rule
        144A
        Securities, any interest in the Rule 144A Securities or any other similar
        security from, or otherwise approached or negotiated with respect to the
        Rule
        144A Securities, any interest in the Rule 144A Securities or any other similar
        security with, any person in any manner, or made any general solicitation
        by
        means of general advertising or in any other manner, or taken any other action,
        that would constitute a distribution of the Rule 144A Securities under the
        1933
        Act or that would render the disposition of the Rule 144A Securities a violation
        of Section 5 of the 1933 Act or require registration pursuant thereto, nor
        will
        it act, nor has it authorized or will it authorize any person to act, in
        such
        manner with respect to the Rule 144A Securities.

       

      e.
        The
        Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A
        under the 1933 Act and has completed either of the forms of certification
        to
        that effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that
        the
        sale to it is being made in reliance on Rule 144A. The Buyer is acquiring
        the
        Rule 144A Securities for its own account or the accounts of other qualified
        institutional buyers, understands that such Rule 144A Securities may be resold,
        pledged or transferred only (i) to a person reasonably believed to be a
        qualified institutional buyer that purchases for its own account or for the
        account of a qualified institutional buyer to whom notice is given that the
        resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
        pursuant to another exemption from registration under the 1933 Act.

       

      3.  This
        document may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same document.

       

      IN
        WITNESS WHEREOF, each of the parties has executed this document as of the
        date
        set forth below.

       

      
        	 
	
                Print
                  Name of Seller

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                Taxpayer
                  Identification No.:

              
	 
	 	 
	
                Date:

              	 

      

      

      

       

      
        	 
	
                Print
                  Name of Buyer

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                Taxpayer
                  Identification No.:

              
	 
	 	 
	
                Date:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      

      ANNEX
        1 TO EXHIBIT C

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Buyers Other Than Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows in connection with the Rule 144A
        Investment Representation to which this Certification is attached:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2.
        In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933
        (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary
        basis $_____________________ in securities (except for the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year (such
        amount being calculated in accordance with Rule 144A) and (ii) the Buyer
        satisfies the criteria in the category marked below.

       

      
        
          	
                  ___________

                	
                  Corporation,
                    etc.
                    The Buyer is a corporation (other than a bank, savings and loan
                    association or similar institution), Massachusetts or similar
                    business
                    trust, partnership, or charitable organization described in Section
                    501(c)(3) of the Internal Revenue Code.

                
	 	 
	
                  ___________

                	
                  Bank.
                    The Buyer (a) is a national bank or banking institution organized
                    under
                    the laws of any State, territory or the District of Columbia,
                    the business
                    of which is substantially confined to banking and is supervised
                    by the
                    State or territorial banking commission or similar official or
                    is a
                    foreign bank or equivalent institution, and (b) has an audited
                    net worth
                    of at least $25,000,000 as demonstrated in its latest annual
                    financial
                    statements, a copy of which is attached hereto.

                
	 	 
	
                  ___________

                	
                  Savings
                    and Loan.
                    The Buyer (a) is a savings and loan association, building and
                    loan
                    association, cooperative bank, homestead association or similar
                    institution, which is supervised and examined by a State or Federal
                    authority having supervision over any such institutions or is
                    a foreign
                    savings and loan association or equivalent institution and (b)
                    has an
                    audited net worth of at least $25,000,000 as demonstrated in
                    its latest
                    annual financial statements.

                
	 	 
	
                  ___________

                	
                  Broker-Dealer.
                    The Buyer is a dealer registered pursuant to Section 15 of the
                    Securities
                    Exchange Act of 1934.

                
	 	 
	
                  ___________

                	
                  Insurance
                    Company.
                    The Buyer is an insurance company whose primary and predominant
                    business
                    activity is the writing of insurance or the reinsuring of risks
                    underwritten by insurance companies and which is subject to supervision
                    by
                    the insurance commissioner or a similar official or agency of
                    a State or
                    territory or the District of Columbia.

                
	 	 
	
                  ___________

                	
                  State
                    or Local Plan.
                    The Buyer is a plan established and maintained by a State, its
                    political
                    subdivisions, or any agency or instrumentality of the State or
                    its
                    political subdivisions, for the benefit of its
                    employees.

                
	 	 
	
                  ___________

                	
                  ERISA
                    Plan.
                    The Buyer is an employee benefit plan within the meaning of Title
                    I of the
                    Employee Retirement Income Security Act of 1974.

                
	 	 
	
                  ___________

                	
                  Investment
                    Adviser.
                    The Buyer is an investment adviser registered under the Investment
                    Advisers Act of 1940.

                
	 	 
	
                  ___________

                	
                  SBIC.
                    The Buyer is a Small Business Investment Company licensed by
                    the U.S.
                    Small Business Administration under Section 301(c) or (d) of
                    the Small
                    Business Investment Act of 1958.

                
	 	 
	
                  ___________

                	
                  Business
                    Development Company.
                    The Buyer is a business development company as defined in Section
                    202(a)(22) of the Investment Advisers Act of 1940.

                
	 	 
	
                  ___________

                	
                  Trust
                    Fund.
                    The Buyer is a trust fund whose trustee is a bank or trust company
                    and
                    whose participants are exclusively (a) plans established and
                    maintained by
                    a State, its political subdivisions, or any agency or instrumentality
                    of
                    the State or its political subdivisions, for the benefit of its
                    employees,
                    or (b) employee benefit plans within the meaning of Title I of
                    the
                    Employee Retirement Income Security Act of 1974, but is not a
                    trust fund
                    that includes as participants individual retirement accounts
                    or H.R. 10
                    plans.

                
	 	 

        

      

      3.
        The
        term “securities” as used herein does not include (i) securities of issuers that
        are affiliated with the Buyer, (ii) securities that are part of an unsold
        allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii)
        bank
        deposit Notes and certificates of deposit, (iv) loan participations, (v)
        repurchase agreements, (vi) securities owned but subject to a repurchase
        agreement and (vii) currency, interest rate and commodity swaps.

       

      4.
        For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934.

       

      5.
        The
        Buyer acknowledges that it is familiar with Rule 144A and understands that
        the
        seller to it and other parties related to the Certificates are relying and
        will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	 	 	 	
                Will
                  the Buyer be purchasing the Rule 144A

              
	
                Yes

              	 	
                No

              	 	
                Securities
                  only for the Buyer’s own account?

              

      

      6.
        If the
        answer to the foregoing question is “no”, the Buyer agrees that, in connection
        with any purchase of securities sold to the Buyer for the account of a third
        party (including any separate account) in reliance on Rule 144A, the Buyer
        will
        only purchase for the account of a third party that at the time is a “qualified
        institutional buyer” within the meaning of Rule 144A. In addition, the Buyer
        agrees that the Buyer will not purchase securities for a third party unless
        the
        Buyer has obtained a current representation letter from such third party
        or
        taken other appropriate steps contemplated by Rule 144A to conclude that
        such
        third party independently meets the definition of “qualified institutional
        buyer” set forth in Rule 144A.

       

      7.
        The
        Buyer will notify each of the parties to which this certification is made
        of any
        changes in the information and conclusions herein. Until such notice is given,
        the Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of
        this certification as of the date of such purchase.

       

      
        	 
	
                Print
                  Name of Buyer

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      ANNEX
        2 TO EXHIBIT C

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Buyers That Are Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows in connection with the Rule 144A
        Investment Representation to which this Certification is attached:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
        Companies (as defined below), is such an officer of the Adviser.

       

      2.
        In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, and (ii) as
        marked
        below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at
        least $100,000,000 in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year. For purposes of
        determining the amount of securities owned by the Buyer or the Buyer’s Family of
        Investment Companies, the cost of such securities was used.

       

      
        	
                ____

              	
                The
                  Buyer owned $_______________ in securities (other than the excluded
                  securities referred to below) as of the end of the Buyer’s most recent
                  fiscal year (such amount being calculated in accordance with Rule
                  144A).

              
	 	 
	
                ____

              	
                The
                  Buyer is part of a Family of Investment Companies which owned in
                  the
                  aggregate $__________________ in securities (other than the excluded
                  securities referred to below) as of the end of the Buyer’s most recent
                  fiscal year (such amount being calculated in accordance with Rule
                  144A).

              
	 	 

      

      3.
        The
        term “Family of Investment Companies” as used herein means two or more
        registered investment companies (or series thereof) that have the same
        investment adviser or investment advisers that are affiliated (by virtue
        of
        being majority owned subsidiaries of the same parent or because one investment
        adviser is a majority owned subsidiary of the other).

       

      4.
        The
        term “securities” as used herein does not include (i) securities of issuers that
        are affiliated with the Buyer or are part of the Buyer’s Family of Investment
        Companies, (ii) bank deposit Notes and certificates of deposit, (iii) loan
        participations, (iv) repurchase agreements, (v) securities owned but subject
        to
        a repurchase agreement and (vi) currency, interest rate and commodity
        swaps.

       

      5.
        The
        Buyer is familiar with Rule 144A and understands that each of the parties
        to
        which this certification is made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Buyer will be in
        reliance on Rule 144A. In addition, the Buyer will only purchase for the
        Buyer’s
        own account.

       

      6.
        The
        undersigned will notify each of the parties to which this certification is
        made
        of any changes in the information and conclusions herein. Until such notice,
        the
        Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this
        certification by the undersigned as of the date of such purchase.

       

      
        	 
	
                Print
                  Name of Buyer

              
	
                By:

              	 
	 	
                Name

              
	 	
                Title

              
	 	 
	 	 
	
                IF
                  AN ADVISER:

              
	 	 
	 
	
                Print
                  Name of Seller

              
	 	 
	 	 
	
                By:

              	 
	 	
                Name

              
	 	
                Title

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        D

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      Wilmington
        Trust Company 

      1100
        North Market Street

      Rodney
        Square North 

      Wilmington,
        Delaware 19890

       

      Citibank,
        N.A.

      388
        Greenwich Street, 

      14th
        Floor,

      New
        York,
        New York 10013

      

       

      
        	
                Re:

              	
                Citigroup
                  HELOC Trust 2006-NCB1 Notes, Series 2006-NCB1, [Class A][Class
                  M] (the
                  “Notes”)

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-captioned Notes, we certify
        that
        (a) we understand that the Notes are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Regulation D under the Act, and have such knowledge and experience
        in financial and business matters that we are capable of evaluating the merits
        and risks of investments in the Notes, (c) we have had the opportunity to
        ask
        questions of and receive answers from the Depositor concerning the purchase
        of
        the Notes and all matters relating thereto or any additional information
        deemed
        necessary to our decision to purchase the Notes, (d) [Reserved], (e) we are
        acquiring the Notes for investment for our own account and not with a view
        to
        any distribution of such Notes (but without prejudice to our right at all
        times
        to sell or otherwise dispose of the Notes in accordance with clause (g) below),
        (f) we have not offered or sold any Notes to, or solicited offers to buy
        any
        Notes from, any person, or otherwise approached or negotiated with any person
        with respect thereto, or taken any other action which would result in a
        violation of Section 5 of the Act, and (h) we will not sell, transfer or
        otherwise dispose of any Notes unless (1) such sale, transfer or other
        disposition is made pursuant to an effective registration statement under
        the
        Act or is exempt from such registration requirements, and if requested, we
        will
        at our expense provide an Opinion of Counsel satisfactory to the addressees
        of
        this certificate that such sale, transfer or other disposition may be made
        pursuant to an exemption from the Act, (2) the purchaser or transferee of
        such
        Note has executed and delivered to you a certificate to substantially the
        same
        effect as this certificate, and (3) the purchaser or transferee has otherwise
        complied with any conditions for transfer set forth in the
        Indenture.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [TRANSFEREE]

              
	 	 
	 
	 	
                Authorized
                  Officer

              
	 	 

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      EXHIBIT
        E

       

      TRANSFEROR
        CERTIFICATE

       

      Wilmington
        Trust Company 

      1100
        North Market Street

      Rodney
        Square North 

      Wilmington,
        Delaware 19890

       

      Citibank,
        N.A.

      388
        Greenwich Street, 

      14th
        Floor,

      New
        York,
        New York 10013

      

      
        	
                Re:

              	
                Proposed
                  Transfer of [Class A] [Class M Notes] Citigroup HELOC Trust
                  2006-NCB1

              

      

      Gentlemen:

       

      This
        certification is being made by ____________________ (the “Transferor”) in
        connection with the proposed Transfer to _____________________ (the
“Transferee”) of the [Class A Notes] [Class M Notes] (the “Notes”) issued
        pursuant to the Indenture, dated May 23, 2006, being referred to herein as
        the
“Indenture”) among Citigroup HELOC Trust 2006-NCB1, as issuer, U.S. Bank
        National Association as indenture trustee and Citibank, N.A., as Securities
        Administrator and authenticating agent (the “Securities Administrator” and
“Authenticating Agent”, as applicable)(the “Indenture”). Initially capitalized
        terms used but not defined herein have the meanings assigned to them in the
        Indenture. The Transferor hereby certifies, represents and warrants to, and
        covenants with, the Owner Trustee and the Indenture Trustee that:

       

      Neither
        the Transferor nor anyone acting on its behalf has (a) offered, pledged,
        sold,
        disposed of or otherwise transferred any Note, any interest in any Note or
        any
        other similar security to any person in any manner, (b) has solicited any
        offer
        to buy or to accept a pledge, disposition or other transfer of any Note,
        any
        interest in any Note or any other similar security from any person in any

        manner, (c) has otherwise approached or negotiated with respect to any Note,
        any
        interest in any Note or any other similar security with any person in any
        manner, (d) has made any general solicitation by means of general advertising
        or
        in any other manner, or (e) has taken any other action, that (as to any of
        (a)
        through (e) above) would constitute a distribution of the Notes under the
        Securities Act of 1933 (the “Act”), that would render the disposition of any
        Note a violation of Section 5 of the Act or any state securities law, or
        that
        would require registration or qualification pursuant thereto. The Transferor
        will not act in any manner set forth in the foregoing sentence with respect
        to
        any Note. The Transferor has not and will not sell or otherwise transfer
        any of
        the Notes, except in compliance with the provisions of the
        Indenture.

       

      

      

      Date:
         ____________________ 

      

      
        	 
	
                Name
                  of Transferor

                 

              
	
                Signature

                 

              
	
                Name

                 

              
	
                Title

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F

       

      FORM
        OF TRANSFEREE CERTIFICATE

       

      

       

      

       

      

       

      Wilmington
        Trust Company 

      1100
        North Market Street

      Rodney
        Square North 

      Wilmington,
        Delaware 19890

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd Floor

      Boston,
        MA 02110

       

      Citibank,
        N.A.

      388
        Greenwich Street, 

      14th
        Floor,

      New
        York,
        New York 10013

      

      
        	
                Re:

              	
                Proposed
                  Transfer of [Class A] [Class M Notes] Citigroup HELOC Trust
                  2006-NCB1

              

      

      Gentlemen:

       

      This
        certification is being made by _________ (the “Transferee”) in connection with
        the proposed transfer (the “Transfer”) by _________ of a [Class A] [Class M]
        Note issued pursuant to the Indenture, dated as of May 23, 2006 (the
“Indenture”), among Citigroup HELOC Trust 2006-NCB1, as issuer, U.S. Bank
        National Association, as indenture trustee (the “Indenture Trustee”) and
        Citibank, N.A., as Securities Administrator and authenticating agent (the
        “Securities Administrator” and “Authenticating Agent”, as applicable). Initially
        capitalized terms used but not defined herein have the meanings assigned
        to them
        in the Indenture. The Transferee hereby certifies, represents and warrants
        to,
        and covenants with, the Owner Trustee, the Securities Administrator and the
        Indenture Trustee that:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Following
        the Transfer, 100% of the Privately Offered Notes and Certificate will be
        owned
        by a single entity.

       

      Date:
         ____________________ 

       

      
        

        
          	 
	
                  Name
                    of Transferor

                   

                
	
                  Signature

                   

                
	
                  Name

                   

                
	
                  Title

                

        

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      

      EXHIBIT
        G

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

       

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section ___. 

       

      Under
        Item 1 of Form 10-D: a) items marked “7.04 statement” are required to be
        included in the periodic Payment Date statement under Section 7.04 of the
        Indenture, provided by the Securities Administrator based on information
        received from the Servicer; and b) items marked “Form 10-D report” are required
        to be in the Form 10-D report but not the 7.04 statement, provided by the
        party
        indicated. Information under all other Items of Form 10-D is to be included
        in
        the Form 10-D report. All such information and any other Items on Form 8-K
        and
        Form 10-D set forth in this Exhibit shall be sent to the Securities
        Administrator and the Depositor.

       

      

      

        
          	
                  Form

                	
                  Item

                	
                  Description

                	
                  Servicer

                	
                  Securities
                    Administrator

                	
                  Custodian

                	
                  Indenture
                    Trustee

                	
                  Depositor

                	
                  Sponsor

                
	
                  10-D

                	 	
                  (nominal)

                
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 	 	 	 	 	 
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 	 	 	 	 	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	 	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	 	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	 	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average remaining term, pool factors and prepayment
                    amounts.

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 
	
                  (9)
                    Delinquency and loss information for the period.

                	
                  X

                	
                  X

                   

                  (7.04
                    Statement)

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

                	
                  X

                	 	 	 	 	 
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  X

                	
                  X

                   

                  (7.04
                    Statement)

                	 	 	 	 
	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  X

                	
                  X

                   

                  (7.04
                    Statement- to the extent the Securities Administrator has actual
                    knowledge
                    of such information or received such information from the
                    servicer)

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

                	
                  X

                	
                  X

                   

                  (if
                    agreed upon by the parties)

                	 	 	
                  X

                	 
	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	 	
                  X

                   

                  (7.04
                    Statement)

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

                	 	 	 	 	
                  X

                	 
	
                  information
                    regarding any pool asset changes (other than in connection with
                    a pool
                    asset converting into cash in accordance with its terms), such
                    as
                    additions or removals in connection with a prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                	
                  X

                	
                	 	 	
                  X

                	 
	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	 	 	 	 	
                  X

                	
                  X

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

                   

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

                	 	 	 	 	
                  X

                	 
	
                  2

                	
                  Legal
                    Proceedings

                	 	 	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	
                  X

                	 	 
	
                  Issuing
                    entity

                	 	 	 	 	
                  X

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

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	
                  X

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

                	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	
                  X

                	 	 	 
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 	 	 	 	 	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	 	 	 	 	
                  X

                	 
	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	 	 	 	 	 	 
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                  X
                    (with respect to servicing agreement)

                	
                	 	 	 	 
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

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

                	 	
                  X
                    (to the extent the securities administrator has actual
                    knowledge)

                	 	 	
                  X
                    (to the extent it has actual knowledge)

                	 
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	 	 	 	 	
                  X

                	 
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 	 	 	 	 	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

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

                	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	
                  X

                	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	
                  X
                    (direction to Securities Administrator to incorporate insurer
                    financials
                    by reference)

                	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 	 	 	 	
                  N/A

                	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	 
	
                  Determining
                    current significance percentage

                	 	 	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	 
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 	 	 	 	 	 
	
                  8

                	
                  Other
                    Information

                	 	 	 	 	 	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                
	
                  9

                	
                  Exhibits

                	 	 	 	 	 	 
	
                  Distribution
                    report

                	 	
                  X

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

                	 	 	 	 	
                  X

                	 
	
                  8-K

                	 	 	 	 
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  X
                    (to the extent of its actual knowledge)

                	
                	
                  X
                    (to the extent of its actual knowledge)

                	 	
                  X 

                	
                  X
                    (to the extent of its actual knowledge)

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                  X
                    (to the extent of its actual knowledge)

                	
                	
                  X
                    (to the extent of its actual knowledge)

                	 	
                  X

                	
                  X
                    (to the extent of its actual knowledge)

                
	
                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                   

                   

                  Examples:
                    servicing agreement, custodial agreement.

                	 	 	 	 	 	 
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

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

                   

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

                	
                  X

                	
                  X 

                	
                  X

                	 	
                  X 

                	
                  X

                
	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	 	 	 	 	 	 
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                   

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 7.04 statement

                	 	
                  X
                    (to the extent of its actual knowledge)

                	 	 	 	 
	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	 	 	 	 	 	 
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Noteholders, including the Indenture

                	 	
                  X

                	 	 	
                  X

                	 
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 	 	 	 	 	 
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	 	 	 	 	
                  X

                	 
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 	 	 	 	 	 
	
                  [Not
                    applicable to ABS issuers]

                	 	 	 	 	
                  X

                	 
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

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

                	 	 	 	 	
                  X

                	 
	
                  6.02

                	
                  Change
                    of Servicer or Trustee

                	 	 	 	 	 	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. 

                	
                  X

                	
                  X

                	 	 	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new servicer is also required.

                	
                  X

                	 	 	 	 	 
	
                  Reg
                    AB disclosure about any new trustee is also required.

                	 	 	 	
                  X
                    (to the extent required by successor trustee)

                	 	 
	
                  Reg
                    AB disclosure about any new securities administrator is also
                    required.

                	 	
                  X

                	 	 	 	 
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	 	 	 	 	 	 
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    

                	 	 	 	 	
                  X

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

                	 	 	 	 	
                  X

                	 
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	 	
                  X

                	 	 	 	 
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	 	 	 	 	 	 
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	 	 	 	 	
                  X

                	
                   

                
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	 	 	 	 	
                  X

                	 
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	 	 	 	 	
                  X

                	 
	
                  8.01

                	
                  Other
                    Events

                	 	 	 	 	 	 
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	 	 	 	 	
                  X

                	 
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                
	
                  10-K

                	 	 	 	 
	
                  9B

                	
                  Other
                    Information

                	 	 	 	 	 	 
	 	 	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                
	 	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	 	 	 	 	
                  X

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

                	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	
                  X

                	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	
                  X
                    (direction to Securities Administrator to incorporate insurer
                    financials
                    by reference)

                	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information

                	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	 
	 	 	
                  Determining
                    current significance percentage

                	 	 	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 
	
                  Issuing
                    entity

                	 	 	 	 	
                  X

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

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	
                  X

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

                	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	
                  X

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

                	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	
                  X

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

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	
                  X

                	 	 	 	 
	
                  Originator

                	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	
                  X

                	 	 	 
	
                  Credit
                    Enhancer/Support Provider

                	 	 	 	 	
                  X

                	 
	
                  Significant
                    Obligor

                	 	 	 	 	
                  X

                	 
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  X

                	
                  X

                	
                  X

                	 	 	 
	
                  Item
                    1123 - Servicer Compliance Statement

                	
                  X

                	 	 	 	 	 

        

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

       

      
        	
                Re:

              	
                Citigroup
                  HELOC Trust 2006-NCB1 Notes, Series
                  2006-NCB1

              

      

      

       

      I,
        [_____], certify that:

       

      l. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        of
        Citigroup Citigroup HELOC Trust 2006-NCB1 Notes, Series 2006-NCB1 (the “Exchange
        Act periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4. Based
        on
        my knowledge and upon the annual compliance statement required in this report
        under Item 1123 of Regulation AB, and except as disclosed in the Exchange
        Act
        periodic reports, each of the Servicers has fulfilled each of its obligations
        under the servicing agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: National City Bank, Wilmington Trust
        Company, U.S. Bank National Association, Ambac Assurance Corporation and
        Citibank, N.A..

       

      Date:
        [__], 2006

       

       

      
        	
                CITIGROUP
                  MORTGAGE LOAN TRUST, INC.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H-2

       

      FORM
        OF
        BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE TO BE PROVIDED TO DEPOSITOR
        BY
        THE SECURITIES ADMINISTRATOR

       

      
        	
                Re:

              	
                Citigroup
                  HELOC Trust 2006-NCB1 Notes, Series
                  2006-NCB1

              

      

      

      The
        Securities Administrator of the Trust, hereby certifies to Citigroup Mortgage
        Loan Trust Inc. (the “Depositor”), and its officers, directors and affiliates,
        and with the knowledge and intent that they will rely upon this certification,
        that:

       

      1. The
        Securities Administrator has reviewed the annual report on Form 10-K for
        the
        fiscal year [___], and all reports on Form 10-D required to be filed in respect
        of the period covered by such Form 10-K of the Depositor relating to the
        above-referenced trust (the “Exchange Act periodic reports”);

       

      2. Based
        on
        the Securities Administrator’s knowledge, the information in the distribution
        reports prepared by the Securities Administrator, taken as a whole, does
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading as of the last day of the period
        covered by that annual report; and

       

      3. The
        information provided by the Securities Administrator pursuant to Sections
        6.16
        and 7.04 of the Indenture (solely with respect to information about or
        calculated by the Securities Administrator) does not contain any untrue
        statement of material fact.

       

      4. Based
        on
        the Securities Administrator’s knowledge, the distribution information required
        to be provided by the Securities Administrator under the Indenture is included
        in the Exchange Act periodic reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Indenture, dated as of May 23, 2006 (the “Indenture”), among Citigroup HELOC
        Trust 2006-NCB1, a Delaware statutory trust, as Issuer, U.S. Bank National
        Association, as Indenture Trustee and Citibank, N.A., as Securities
        Administrator and Authenticating Agent.

       

      
        	
                CITIBANK,
                  N.A., 

                as
                  Securities Administrator

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        I

       

      COPY
        OF
        POLICY

      
        
 

         

        FINANCIAL
          GUARANTY INSURANCE POLICY ENDORSEMENT

         

        
          	
                  Attached
                    to and forming part of

                  Financial
                    Guaranty Insurance

                  Policy
                    No. AB0995BE issued to:

                	
                  Effective
                    Date of Endorsement:

                  May
                    23, 2006

                
	 	 
	
                  U.S.
                    Bank National Association,

                  as
                    Indenture Trustee for the Holders of

                  Citigroup
                    HELOC Trust 2006-NCB1

                   Class
                    A Notes, Series 2006-NCB1 and the 

                  Holders
                    of the Citigroup
                    HELOC Trust 2006-

                  NCB1
                    Class N Certificates, Series 2006-NCB1

                	 

        

        

        For
          all
          purposes of the Policy, the following terms shall have the following
          meanings:

         

        “Agreements”
          shall mean, for purposes of the Policy, the Indenture, the Servicing Agreement
          and the Trust Agreement.

         

        “Available
          Funds” shall have the meaning assigned to such term in the
          Indenture.

         

        “Business
          Day” shall have the meaning assigned to such term in the Indenture.

         

        “Class
          A
          Notes” shall mean the Citigroup HELOC Trust 2006-NCB1 Notes, Series 2006-NCB1,
          Class 1A-1, Class 2A-1, Class 2A-2 and Class 2A-3, substantially in the
          form set
          forth in Exhibit A-1 to the Indenture.

         

        “Class
          N
          Certificates” shall mean the Citigroup HELOC Trust 2006-NCB1 Certificates,
          Series 2006-NCB1, Class N, substantially in the form set forth in Exhibit
          A to
          the Trust Agreement.

         

        “Deficiency
          Amount” means with respect to the Insured Securities and any Payment Date, an
          amount, if any, equal to the sum of (i) the aggregate amount by which the
          Monthly Interest Payable Amount payable to the Insured Securities for such
          Payment Date exceeds the Interest Remittance Amount available on such Payment
          Date to pay the Insured Securities; (ii) with respect to any Payment Date
          that
          is not the Final Insured Payment Date, the aggregate amount, if any, by
          which
          the aggregate Note Principal Balance of the Class A Notes and the Certificate
          Principal Balance of the Class N Certificates following the distribution
          of
          Available Funds and allocation of Realized Losses on that Payment Date
          exceeds
          the aggregate Principal Balance of the Mortgage Loans; and (iii) on the
          Final
          Insured Payment Date, the Note Principal Balance of the Class A Notes and
          the
          Certificate Principal Balance of the Class N Certificates (after giving
          effect
          to all distributions, other than proceeds of the Policy, to be made thereon
          on
          such Payment Date). Notwithstanding anything to the contrary contained
          herein,
          the aggregate Deficiency Amount in respect of principal described above
          which
          may be paid under the Policy shall not exceed the Maximum Insured
          Amount.

         

        “Due
          for
          Payment” shall mean, (i) with respect to an Insured Amount, the Payment Date on
          which Insured Amounts are due and payable pursuant to the terms of the
          Indenture
          and (ii) with respect to a Preference Amount, the Business Day on which
          the
          documentation required by the Insurer has been received by the
          Insurer.

         

        “Final
          Insured Payment Date” shall mean the earlier of (A) the Payment Date occurring
          in May 2036 and (B) the Payment Date on which an optional redemption to
          which
          the Insurer has consented occurs as described in Section 8.07 of the
          Indenture.

         

        “First
          Payment Date” shall mean the Payment Date occurring in June 2006.

         

        “Holder”
          shall mean the registered owner or beneficial owner of an Insured Security,
          but
          shall not include the Depositor, the Indenture Trustee, the Securities
          Administrator, the Seller, the Servicer, or any of their respective Affiliates
          (but not excluding Citigroup Global Markets Inc. or NatCity Investments,
          Inc.,
          in either case as the owner of any of the Class A Notes, or National City
          Bank,
          as the owner of the Class N Certificates).

         

        “Indenture”
          shall mean the Indenture between the Issuing Entity, Citibank, N.A., as
          securities administrator and authenticating agent and the Indenture Trustee,
          dated May 23, 2006, as such agreement may be amended, modified or supplemented
          from time to time.

         

        “Indenture
          Trustee” shall mean U.S. Bank National Association or any successor-in-interest,
          in its capacity as Indenture Trustee under the Indenture, or if any successor
          trustee shall be appointed as provided therein, then “Indenture Trustee” shall
          also mean such successor trustee, subject to the provisions
          thereof.

         

        “Insurance
          Agreement” shall mean the Insurance and Indemnity Agreement, dated as of May 23,
          2006, among Citigroup Mortgage Loan Trust Inc., as Depositor, Citigroup
          Global
          Markets Realty Corp., as Sponsor and Seller, National City Bank, as Originator
          and Servicer, National City Mortgage Company, the Indenture Trustee, the
          Insurer
          and the Issuing Entity, as such agreement may be amended, modified or
          supplemented from time to time.

         

        “Insured
          Amounts” shall mean, with respect to any Payment Date and the Insured
          Securities, the Deficiency Amount for such Payment Date.

         

        “Insured
          Payments” shall mean, with respect to any Payment Date, the aggregate amount
          actually paid by the Insurer to the Indenture Trustee in respect of (i)
          Insured
          Amounts for a Payment Date and (ii) Preference Amounts for any given Business
          Day.

         

        “Insured
          Securities” shall mean the Class A Notes and the Class N
          Certificates.

         

        “Insurer”
          shall mean Ambac Assurance Corporation, or any successor thereto, as issuer
          of
          the Policy.

         

        “Issuing
          Entity” shall mean Citigroup HELOC Trust 2006-NCB1.

         

        “Late
          Payment Rate” shall mean for any Payment Date, the lesser of (i) the greater of
          (a) the rate of interest, as it is publicly announced by Citibank, N.A.
          at its
          principal office in New York, New York as its prime rate (any change in
          such
          prime rate of interest to be effective on the date such change is announced
          by
          Citibank, N.A.) plus
          2% and
          (b) the then applicable highest rate of interest on the Insured Securities
          and
          (ii) the maximum rate permissible under applicable usury or similar laws
          limiting interest rates. The Late Payment Rate shall be computed on the
          basis of
          the actual number of days elapsed over a year of 360 days.

         

        “Maximum
          Insured Amount” shall mean the sum of the following amounts: (i) in respect of
          principal relating to the Class A Notes, $1,022,287,000 and (ii) in respect
          of
          principal relating to the Class N Certificates, $200,000,000.

         

        “Nonpayment”
          shall mean, with respect to any Payment Date, an Insured Amount is Due
          for
          Payment but has not been paid pursuant to the Indenture.

         

        “Notice”
          shall mean the telephonic or telegraphic notice, promptly confirmed in
          writing
          by telecopy substantially in the form of Exhibit A to the Policy, the original
          of which is subsequently delivered by registered or certified mail, executed
          by
          the Indenture Trustee and the Securities Administrator and delivered by
          the
          Indenture Trustee specifying the Insured Amount or Preference Amount which
          shall
          be due and owing on the applicable Payment Date.

         

        “Payment
          Date” shall mean the 15th day of each month, or if such day is not a Business
          Day, then the next succeeding Business Day, beginning with the First Payment
          Date.

         

        “Policy”
          shall mean Financial Guaranty Insurance Policy No. AB0995BE together with
          each
          and every endorsement thereto.

         

        “Preference
          Amount” shall mean any payment of principal or interest previously distributed
          to a Holder on an Insured Obligation, which would have been covered under
          the
          Policy as an Insured Amount, which has been deemed a preferential transfer
          and
          was previously recovered from its owner pursuant to the United States Bankruptcy
          Code in accordance with a final, non-appealable order of a court of competent
          jurisdiction.

         

        “Premium”
          shall mean the amount payable to the Insurer on each Payment Date calculated
          at
          the Premium Percentage.

         

        “Premium
          Percentage” shall have the meaning set forth in the Insurance
          Agreement.

         

        “Reimbursement
          Amount” shall mean, as to any Payment Date, the sum of (x) (i) all Insured
          Payments paid by the Insurer, but for which the Insurer has not been reimbursed
          prior to such Payment Date pursuant to Section 8.09(a) of the Indenture,
          plus
          (ii)
          interest accrued on such Insured Payments not previously repaid, calculated
          at
          the Late Payment Rate from the date the Indenture Trustee received the
          related
          Insured Payments, and (y) without duplication (i) any amounts then due
          and owing
          to the Insurer under the Insurance Agreement, as certified to the Indenture
          Trustee by the Insurer plus
          (ii)
          interest on such amounts at the Late Payment Rate.

         

        “Relief
          Act Shortfalls” shall mean interest shortfalls resulting from the application of
          the Servicemembers Civil Relief Act, as amended, or any similar state
          law.

         

        “Servicing
          Agreement” shall mean the Servicing Agreement, dated
          as
          of March 1, 2006, by and between Citigroup
          Global Markets Realty Corp.,
          as
          initial purchaser, and National City Bank, as seller, as amended pursuant
          to the
Assignment,
          Assumption and Recognition Agreements, substantially in the form attached
          as
          Exhibit C to the Servicing Agreement, whereby the Servicing Agreement was
          assigned to the Indenture Trustee for the benefit of the Holders.

         

        “Trust
          Agreement” shall mean the Amended and Restated Trust Agreement, dated as of May
          23, 2006, among the Owner Trustee, the Depositor and the Securities
          Administrator.

         

        Capitalized
          terms used herein as defined terms and not otherwise defined herein shall
          have
          the meaning assigned to them in the Insurance Agreement and the Agreements,
          without regard to any amendment or modification thereof, unless such amendment
          or modification has been approved in writing by the Insurer.

         

        Notwithstanding
          any other provision of the Policy, the Insurer will pay any Insured Amount
          payable hereunder no later than 12:00 noon, New York City time, on the
          later of
          (i) the Payment Date on which the related Insured Amount is Due for Payment
          and
          (ii) the second Business Day following receipt in New York, New York on
          a
          Business Day by the Insurer of a Notice at the address and in the manner
          provided in Section 6.02 of the Insurance Agreement; provided that,
          if such
          Notice is received after 12:00 noon, New York City time, on such Business
          Day,
          it shall be deemed to be received on the following Business Day. If any
          such
          Notice is not in proper form or is otherwise insufficient for the purpose
          of
          making a claim under the Policy, it shall be deemed not to have been received
          for purposes of this paragraph, and the Insurer shall promptly so advise
          the
          Indenture Trustee and the Indenture Trustee may submit an amended or corrected
          Notice.

         

        The
          Insurer will pay any Preference Amount when due to be paid pursuant to
          the Order
          (as defined below), but in any event no earlier than the third Business
          Day
          following receipt by the Insurer of (i) a certified copy of a final,
          non-appealable order of a court or other body exercising jurisdiction in
          such
          insolvency proceeding to the effect that the Indenture Trustee, or Holder,
          as
          applicable, is required to return such Preference Amount paid during the
          term of
          the Policy because such payments were avoided as a preferential transfer
          or
          otherwise rescinded or required to be restored by the Indenture Trustee
          or
          Holder (the “Order”), (ii) an opinion of counsel satisfactory to the Insurer
          stating that the Order has been entered and is final and is not subject
          to any
          stay, (iii) an assignment, in form and substance satisfactory to the Insurer,
          duly executed and delivered by the Indenture Trustee and Holder, irrevocably
          assigning to the Insurer all rights and claims of the Indenture Trustee
          and
          Holder relating to or arising under the Indenture against the estate of
          the
          Indenture Trustee or otherwise with respect to such Preference Amount,
          (iv)
          appropriate instruments in form satisfactory to the Insurer to effect the
          appointment of the Insurer as agent for the Indenture Trustee and Holder
          in any
          legal proceeding relating to such Preference Amount and (v) a Notice (in
          the
          form attached hereto as Exhibit A) appropriately completed and executed
          by the
          Indenture Trustee; provided, that if such documents are received after
          12:00
          noon, New York City time, on such Business Day, they will be deemed to
          be
          received on the following Business Day; provided, further, that the Insurer
          shall not be obligated to make any payment in respect of any Preference
          Amount
          representing a payment of principal on the Insured Securities prior to
          the time
          the Insurer would have been required to make a payment in respect of such
          principal pursuant to the first paragraph of the face of the Policy; provided,
          further, that any Preference Amount that constitutes interest will be limited
          to
          the amount of interest on the outstanding principal amount of the Insured
          Securities (calculated at the related Note Rate for the Class A Notes and
          the
          related Pass-Through Rate for the Class N Certificates, as applicable)
          accrued
          as of the last day of the applicable interest accrual period and will not,
          in
          any event, include interest on the Insured Securities accrued after such
          date or
          any interest on such interest amount. Such payment shall be disbursed to
          the
          receiver, conservator, debtor-in-possession or trustee in bankruptcy named
          in
          the Order, and not to the Holder or the Indenture Trustee directly, unless
          the
          Holder or the Indenture Trustee has made a payment of the Preference Amount
          to
          the court or such receiver, conservator, debtor-in-possession or trustee
          in
          bankruptcy named in the Order, in which case the Insurer will pay the Securities
          Administrator, on behalf of the Indenture Trustee, subject to the delivery
          of
          (a) the items referred to in clauses (i), (ii), (iii), (iv) and (v) above
          to the
          Insurer and (b) evidence satisfactory to the Insurer that payment has been
          made
          to such court or receiver, conservator, debtor-in-possession or trustee
          in
          bankruptcy named in the Order.

         

        The
          Insurer shall be subrogated to the rights of each Holder to the extent
          of any
          payment by the Insurer under the Policy.

         

        The
          Insurer hereby agrees that if it shall be subrogated to the rights of Holders
          by
          virtue of any payment under the Policy, no recovery of such payment will
          occur
          unless the full amount of the Holders’ allocable distributions for such Payment
          Date can be made. In so doing, the Insurer does not waive its rights to
          seek
          full payment of all Reimbursement Amounts owed to it under the Insurance
          Agreement and Agreements.

         

        The
          Policy does not cover Net WAC Rate Carryover Amounts, Relief Act Shortfalls,
          default interest or interest shortfalls due to the partial or full prepayment
          of
          the Mortgage Loans, nor does the Policy guarantee to the Holders of the
          Insured
          Securities any particular rate of principal payment. In addition, the Policy
          does not cover shortfalls, if any, attributable to the liability of the
          Issuing
          Entity, the Indenture Trustee or any Holder for withholding taxes, if any,
          (including interest and penalties in respect of any liability for withholding
          taxes) or any risk other than Nonpayment, including the failure of the
          Securities Administrator, on behalf of the Indenture Trustee, to apply,
          disburse, transfer direct or make any payment required under the Indenture
          to
          the Holders or to any other party.

         

        The
          terms
          and provisions of the Indenture constitute the instrument of assignment
          referred
          to in the second paragraph of the face of the Policy.

         

        A
          premium
          will be payable on the Policy on each Payment Date as provided in Section
          8.09(a)(I) of the Indenture, beginning with the First Payment Date, in
          an amount
          equal to the Premium. The premium on the policy is not refundable for any
          reason, including the lack of any payment under the policy or any other
          circumstances relating to the Insured Securities, or provision for the
          Insured
          Securities being paid prior to maturity other than in connection with any
          optional redemption as described herein.

         

        THE
          POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND
          SPECIFIED
          IN ARTICLE 76 OF THE NEW YORK INSURANCE LAWS.

         

        The
          Policy to which this endorsement is attached and of which it forms a part
          is
          hereby amended to provide that there shall be no acceleration payment due
          under
          the Policy unless such acceleration is at the sole option of the
          Insurer.

         

        Nothing
          herein contained shall be held to vary, alter, waive or extend any of the
          terms,
          conditions, provisions, agreements or limitations of the above mentioned
          Policy
          other than as above stated.

         

        To
          the
          extent the provisions of this endorsement conflict with the provisions
          in the
          above-mentioned Policy, the provisions of this endorsement shall
          govern.

         

        The
          Policy and the obligations of the Insurer thereunder will terminate without
          any
          action on the part of the Insurer or any other person on the date that
          is one
          year and one day following the earlier to occur of (i) the date on which
          all
          amounts required to be paid on the Insured Securities have been paid in
          full and
          (ii) the Final Insured Payment Date. Upon termination of the Policy, the
          Indenture Trustee shall deliver the original of the Policy to the
          Insurer.

         

        No
          person
          other than the Indenture Trustee shall be entitled to present the
          Notice.

         

        The
          Insurer’s obligation to make payment hereunder with respect to a particular
          Insured Amount or Preference Amount shall be discharged to the extent funds
          equal to the applicable Insured Amount or Preference Amount are received
          by the
          Securities Administrator on behalf of the Indenture Trustee on behalf of
          the
          Holders, whether or not such funds are properly applied by the Securities
          Administrator on behalf of the Indenture Trustee.

         

        No
          waiver
          of any rights or powers of the Insurer, the Holders, the Securities
          Administrator or the Indenture Trustee or consent by any of them shall
          be valid
          unless signed by an authorized officer or agent thereof.

         

        The
          Policy is issued under and pursuant to, and shall be construed in accordance
          with, the laws of the State of New York, without giving effect to the conflict
          of laws principles thereof.

         

        IN
          WITNESS WHEREOF, Ambac Assurance Corporation has caused this endorsement
          to the
          Policy to be signed by its duly authorized officers

         

        
          	 	 	 	 
	 	 	 	 
	
                  

                	 	 	
                  

                
	
                  Assistant
                    Secretary

                	 	 	
                  Jeff
                    Nabi

                  Managing
                    Director

                

        

        EXHIBIT
          A

        TO
          THE
          FINANCIAL GUARANTY INSURANCE POLICY

        Policy
          No. [______]

         

         

        NOTICE
          OF NONPAYMENT AND DEMAND

        FOR
          PAYMENT OF INSURED AMOUNTS

         

        

         

        Date:
          [                   ]

         

         

        Ambac
          Assurance Corporation

        One
          State
          Street Plaza

        New
          York,
          New York 10004

        Attention:
          General Counsel

         

        Reference
          is made to Financial Guaranty Insurance Policy No. [_____] (the “Policy”) issued
          by Ambac Assurance Corporation (“Ambac”). Terms capitalized herein and not
          otherwise defined shall have the meanings specified in the Policy and the
          Indenture, dated as of [____], 2006, between Citigroup HELOC Trust 2006-NCB1,
          as
          Issuing Entity, Citibank, N.A., as securities administrator and authenticating
          agent and U.S. Bank National Association, as Indenture Trustee, as the
          case may
          be, unless the context otherwise requires.

         

        The
          Indenture Trustee hereby certifies as follows:

         

        
          	 	
                  1.

                	
                  The
                    Indenture Trustee is the Indenture Trustee under the Indenture
                    for the
                    Holders.

                

        

         

        
          	 	
                  2.

                	
                  The
                    relevant Payment Date is [date].

                

        

         

        
          	 	
                  3.

                	
                  Payment
                    on the Insured Securities in respect of the Payment Date is due
                    to be
                    received on _________________________ under the Indenture in
                    an amount
                    equal to $_________.

                

        

         

        
          	 	
                  4.

                	
                  There
                    is an [Insured Amount] [Preference Amount] of $______________
                    in respect
                    of the Insured Securities, which amount is Due for Payment pursuant
                    to the
                    terms of the Indenture.

                

        

         

        
          	 	
                  5.

                	
                  The
                    Indenture Trustee has not heretofore made a demand for the Insured
                    Amount
                    in respect of the Payment Date.

                

        

         

        
          	 	
                  6.

                	
                  The
                    Indenture Trustee hereby requests the payment of the [Insured
                    Amount]
                    [Preference Amount] that is Due For Payment be made by Ambac
                    under the
                    Policy and directs that payment under the Policy be made to the
                    following
                    account by bank wire transfer of federal or other immediately
                    available
                    funds in accordance with the terms of the Policy to:
                    ______________________________ (Securities
                    Administrator’s account number)..

                

        

         

        
          	 	
                  7.

                	
                  The
                    Securities Administrator hereby agrees that, following receipt
                    of the
                    [Insured Amount] [Preference Amount] from the Insurer, it shall
                    (a) hold
                    such amounts in trust and apply the same directly to the distribution
                    of
                    payment on the Insured Securities when due; (b) not apply such
                    funds for
                    any other purpose; (c) deposit such funds to the Policy Payment
                    Account
                    and not commingle such funds with other funds held by Securities
                    Administrator and (d) maintain an accurate record of such payments
                    with
                    respect to each Insured Security and the corresponding claim
                    on the Policy
                    and proceeds thereof.

                

        

         

        ANY
          PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR
          OTHER
          PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM CONTAINING
          ANY
          MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING,
          INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT
          INSURANCE
          ACT, WHICH IS A CRIME AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT
          TO EXCEED
          FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH
          VIOLATION.

         

        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	By: 
	 	
                  
                    

                  

                
	 	
                  Indenture
                    Trustee

                

        

        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	Title:  
	 	
                  
                    

                  

                
	 	
                  (Officer)

                

        

        
          
            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	By:
	 	
                    
                      

                    

                  
	 	
                    Securities
                      Administrator

                  

          

          
            
              	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	Title:  
	 	
                      
                        

                      

                    
	 	
                      (Officer)

                    

            

             

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    

      EXHIBIT
        J

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      The
        assessment of compliance to be delivered by the Securities Administrator
        shall
        address, at a minimum, the criteria identified as below as “Applicable Servicing
        Criteria”:

       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements.

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	
                X

              
	 	 	 

      

      

      

      

      [NAME
        OF SECURITIES ADMINISTRATOR]

       

      Date: _________________________

      

      By:

      Name:
         ________________________________
        

      Title:
         ________________________________

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      APPENDIX
        A

       

      DEFINITIONS

       

      Accepted
        Servicing Practices:
        With
        respect to any HELOC, those loan
        servicing practices (including collection procedures)
        which,
        as of any particular date, follow the policies and procedures that Servicer
        applies to substantially similar HELOCs serviced for Servicer’s own account and
        for the accounts of Servicer’s Affiliates and which, in the Servicer’s opinion,
        follow the loan servicing practices
        of
        prudent lending institutions which service HELOCs of the same type as such
        HELOC
        in the jurisdiction where the related Mortgaged Property is located which
        shall
        be in compliance with all applicable laws and regulations and the terms of
        the
        HELOC Documents.

       

      Accrual
        Period:
        With
        respect to the Notes and the Class N Certificates and each Payment Date,
        the
        period commencing on the preceding Payment Date (or in the case of the first
        such Accrual Period, commencing on the Closing Date) and ending on the day
        preceding the current Payment Date. With respect to the Class C Certificates
        and
        each Payment Date, the calendar month prior to the month of such Payment
        Date.

       

      Additional
        Balance:
        With
        respect to the HELOCs and any date of determination, the aggregate amount
        of all
        Draws made following the Cut-off Date.

       

      Additional
        Balance Advance Amount:
        As to
        any Payment Date, the sum of the following for each Collection Period during
        the
        Managed Amortization Period: the aggregate principal amount of all Additional
        Balances in respect of the HELOCs created during such Collection Period over
        the
        Basic Principal Payment Amount in respect of the HELOCs for the immediately
        following Payment Date.

       

      Adjustment
        Date:
        With
        respect to each HELOC, the date set forth in the related Credit Line Agreement
        on which the Mortgage Interest Rate on such HELOC is adjusted in accordance
        with
        the terms of the related Credit Line Agreement.

       

      Administration
        Agreement:
        The
        Administration Agreement, dated as of May 23, 2006 among the Issuer, the
        Securities Administrator and the Depositor.

       

      Adjustment
        Date:
        As to
        each HELOC, each date set forth in the related Mortgage Note on which an
        adjustment to the interest rate on such HELOC becomes effective.

       

      Adverse
        REMIC Event:
        As
        defined in Section 11.04(f) of the Indenture.

       

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

       

      Aggregate
        Class N Covered Note Insurer Principal Reimbursement Amount:
        For any
        Payment Date is an amount equal to the sum of:

      

      (I)
        the
        aggregate, for the current Payment Date and for each prior Payment Date,
        of the
        following amount calculated for each such Payment Date: the excess, if any,
        of
        (A) the amount of Class N Net Monthly Excess Cashflow that would have existed
        for such Payment Date if calculated without regard to any amount paid or
        reimbursed to the note insurer for reimbursement of claims in respect of
        principal paid under the policy, exclusive of any interest thereon owing
        to the
        note insurer, pursuant to clause II(C)(i) of Section 8.09 of the Indenture
        over
        (B) the amount of Class N Net Monthly Excess Cashflow that actually existed
        for
        such Payment Date, and

      

      (II)
        the
        cumulative aggregate of all amounts described in clause (I)(A)(z) of the
        definition of Usable Class N Net Monthly Excess Cashflow paid from Usable
        Class
        N Net Monthly Excess Cashflow on all prior Payment Dates.

       

      Aggregate
        Outstanding Balance:
        As of
        any date of determination, the aggregate
        outstanding principal balance of the Notes and Class N
        Certificates.

       

      Allocated
        Realized Loss Amount:
        With
        respect to any Payment Date and the Class M Notes, the sum of (i) any Realized
        Losses allocated to such Class of Notes or Certificates on the immediately
        preceding Payment Date pursuant to Section 8.10 of the Indenture and (ii)
        the
        amount of any Allocated Realized Loss Amounts remaining unpaid from such
        previous Payment Date and (iii) reduced by the amount of any Subsequent
        Recoveries added to the Note Balance of the Class M Notes.

       

      Amortization
        Period:
        With
        respect to any HELOC, the period of time subsequent to the Draw Period during
        which the borrower is obligated to make Minimum Monthly Payments equal to
        interest accrued on the Unallocated Principal Balance
        plus an amount sufficient to amortize the unpaid Unallocated
        Principal
        Balance
        of the
        HELOC over its remaining term
        as
        provided in the related Credit Line Agreement.

       

      Appraised
        Value:
        The
        value set forth in an appraisal or AVM made in connection with the origination
        of the related HELOC as the value of the related Mortgaged
        Property.

       

      Assessment
        of Compliance:
        With
        respect to the Securities Administrator, as defined in Section 6.17 of the
        Indenture.

       

      Attestation
        Report: With
        respect to the Securities Administrator, as defined in Section 6.17 of the
        Indenture.

       

      Assignment
        of Mortgage:
        With
        respect to each HELOC, an individual assignment of the Mortgage, notice of
        transfer or equivalent instrument in recordable form, sufficient under the
        laws
        of the jurisdiction wherein the related Mortgaged Property is located to
        give
        record notice of the sale of the Mortgage to the Purchaser.

       

      Authenticating
        Agent:
        Citibank, N.A. in its capacity as Authenticating Agent, or any successor
        to
        Citibank, N.A. in such capacity.

       

      Authorized
        Officer:
        With
        respect to the Issuer, any officer of the Owner Trustee, or the Depositor
        who is
        authorized to act on behalf of the Issuer or for the Owner Trustee or the
        Depositor in matters relating to the Issuer, and in the case of the Owner
        Trustee, is identified on the list of Authorized Officers delivered by the
        Owner
        Trustee to the Indenture Trustee and Securities Administrator on the Closing
        Date (as such list may be modified or supplemented from time to time
        thereafter).

       

      Available
        Funds:
        With
        respect to any Payment Date, (A) the sum of the following amounts with respect
        to the HELOCs: (i) the aggregate amount of Monthly Payments on the HELOCs
        received by the Servicer during the related Collection Period and (ii)
        unscheduled collections in respect of the HELOCs received by the Servicer
        during
        the related Collection Period, including Principal Prepayments, Insurance
        Proceeds, Net Liquidation Proceeds, Subsequent Recoveries, proceeds from
        repurchases of and substitutions for HELOCs occurring during the related
        Collection Period and proceeds of any Optional Redemption effected by the
        Servicer as described in the Indenture, minus
        (B) (x)
        in the case of each Collection Period during the Managed Amortization Period,
        that portion of the Principal Remittance Amount collected and used by the
        trust
        to acquire Additional Balances on the HELOCs or (y) in the case of each
        Collection Period after the Managed Amortization Period, any RAP Draw Repayment
        Amount payable to the Servicer or an Affiliate, and minus
        (C) the
        Servicing Fees for the related Collection Period retained by the Servicer.
        

      

      Bankruptcy
        Code:
        The
        United States Bankruptcy Code, as amended, as codified in 11 U.S.C. §§
101-1330.

       

      Bankruptcy
        Loss:
        With
        respect to any HELOC, any Deficient Valuation or Debt Service Reduction related
        to such HELOC as reported by the Servicer.

       

      Base
        Rate:
        For any
        Payment Date and the Class A Notes, the Class M Notes and the Class N
        Certificates and an Accrual Period, the sum of (i) One-Month LIBOR as
        of the
        related Interest Determination Date calculated as described in the Indenture
        plus
        (ii)
        the related Note Margin for such Payment Date.

       

      Basic
        Principal Payment Amount:
        With
        respect to any Payment Date, an amount equal to sum of the Group 1 Basic
        Principal Payment Amount and the Group 2 Basic Principal Payment Amount for
        such
        payment date.

      

      Basic
        Documents:
        The
        Trust Agreement, the Certificate of Trust, the Indenture, the Servicing
        Agreement, the Administration Agreement, the HELOC Purchase Agreement, the
        Custodial Agreement and the other documents and certificates delivered in
        connection with any of the above.

       

      Beneficial
        Owner:
        With
        respect to any Note or Certificate, the Person who is the beneficial owner
        of
        such Note or Certificate as reflected on the books of the Depository or on
        the
        books of a Person maintaining an account with such Depository (directly as
        a
        Depository Participant or indirectly through a Depository Participant, in
        accordance with the rules of such Depository).

       

      Book-Entry
        Notes:
        Beneficial interests in the Notes ownership and transfers of which shall
        be made
        through book entries by the Depository as described in Section 4.06 of the
        Indenture.

       

      Billing
        Cycle:
        With
        respect to any HELOC and Due Date, the billing cycle specified in the related
        Credit Line Agreement. 

       

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

       

      Certificate
        of Trust:
        The
        Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the
        Statutory Trust Statute.

       

      Certificate
        Paying Agent:
        The
        Securities Administrator, in its capacity as certificate paying agent under
        the
        Trust Agreement, or any successor to the Securities Administrator in such
        capacity.

       

      Certificate
        Distribution Account:
        The
        account or accounts created and maintained pursuant to Section 3.10 of the
        Trust
        Agreement. The Certificate Distribution Account shall be an Eligible
        Account.

       

      Certificateholder:
        The
        registered holder of any Certificate as recorded on the books of the Certificate
        Registrar except that, solely for the purposes of taking any action or giving
        any consent pursuant to this Agreement, any Certificate registered in the
        name
        of the Depositor, the Servicer or the Indenture Trustee or any Affiliate
        thereof
        shall be deemed not to be outstanding in determining whether the requisite
        percentage necessary to effect any such consent has been obtained, except
        that,
        in determining whether the Indenture Trustee shall be protected in relying
        upon
        any such consent, only Certificates which a Responsible Officer of the Indenture
        Trustee actually knows to be so held shall be disregarded. The Indenture
        Trustee
        may request and conclusively rely on certifications by the Depositor in
        determining whether any Certificates are registered to an Affiliate of the
        Depositor. 

       

      Certificate
        Percentage Interest:
        With
        respect to a Certificate and any date of determination, the percentage interest
        as stated on the face of such Certificate, which percentage shall as provided
        in
        Section 3.02 of the Trust Agreement at all times equal 100%.

       

      Certificate
        Principal Balance:
        With
        respect to the Class N Certificates and any Payment Date, the Additional
        Balance
        Advance Amount for such Payment Date reduced by the sum of all amounts actually
        distributed in respect of principal of such Class on all previous Payment
        Dates.
        With respect to the Class C Certificates as of any date of determination,
        an
        amount equal to the excess, if any, of (A) the then aggregate Uncertificated
        Principal Balance of the REMIC 2 Regular Interests over (B) the then aggregate
        Note Balance of the Notes then outstanding.

       

      Certificate
        Register:
        The
        register maintained by the Certificate Registrar in which the Certificate
        Registrar shall provide for the registration of the Certificate and of transfers
        and exchanges of the Certificate.

       

      Certificate
        Registrar:
        Initially, the Securities Administrator, in its capacity as Certificate
        Registrar, or any successor to the Securities Administrator in such capacity
        pursuant to the Trust Agreement.

       

      Certificates:
        The
        Class C Certificates, Class N Certificates and Class R Certificates,
        collectively.

       

      Class:
        All
        Notes and Certificates bearing the same class designation.

       

      Class
        C Certificates:
        The
        Class C Certificates, substantially in the form attached as Exhibit A to
        the
        Trust Agreement.

       

      Class
        N Certificates:
        The
        Class N Certificates, substantially in the form attached as Exhibit A to
        the
        Trust Agreement.

       

       

      Class
        N Net Monthly Excess Cashflow:
        With
        respect to any Payment Date, an amount
        equal to the excess, if any, of (1) the
        amount equal to the excess, if any, of the Net WAC Rate for the Class N
        Certificates for such Payment Date over the Pass-Through Rate for the Class
        N
        Certificates on such Payment Date accrued for the related Accrual Period
        on the
        Certificate Principal Balance of the Class N Certificates immediately prior
        to
        such Payment Date 

       

       

      over
        (2)
        an amount equal to the excess, if any, of 

       

       

      (A)
        an
        amount equal to the weighted average of the Expense Adjusted Net Loan Rates
        of
        the HELOCs as of the first day of the related Collection Period accrued for
        30
        days on the Pool Balance as of the first day of the related Collection Period
        over 

       

       

      (B)
        the
        excess, if any, of (x) the Interest Remittance Amount for such Payment Date
        over
        (y) any amounts owing to the Insurer on such Payment Date for reimbursement
        of
        claims paid under the Policy, or otherwise owing to the Insurer under the
        Insurance Agreement, in each case with interest thereon.

       

      

      Class
        R Certificates:
        The
        Class R Certificates, substantially in the form attached as Exhibit A to
        the
        Trust Agreement.

       

      Class
        A Notes:
        The
        Class
        1A-1, Class 2A-1, Class 2A-2 and Class 2A-3 Notes, each substantially in
        the
        form attached as Exhibit A-1 to the Indenture.

       

      Class
        2A Notes:
        The
        Class 2A-1, Class 2A-2 and Class 2A-3 Notes, collectively.

       

      Class
        M Notes:
        The
        Class M Notes, substantially in the form attached as Exhibit A-2 to the
        Indenture.

       

      Closing
        Date:
        May 23,
        2006.

       

      Code:
        The
        Internal Revenue Code of 1986, as amended, and the rules and regulations
        promulgated thereunder.

       

      Collateral:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Custodial
        Account:
        The
        trust account or accounts created and maintained pursuant to Section 11.04
        of
        the Servicing Agreement. The Custodial Account shall be an Eligible
        Account.

       

      Collection
        Period:
        With
        respect to any Payment Date and HELOC, the calendar month immediately preceding
        such Payment Date.

       

      Combined
        Loan-to-Value Ratio
        or
CLTV:
        With
        respect to any second lien HELOC, the sum of the Credit Limit of such HELOC
        and
        the outstanding principal balance of any related First Lien, divided by the
        lesser of the Appraised Value of the Mortgaged Property as of the origination
        date or the purchase price of the Mortgaged Property.

       

      Commission:
        The
        Securities and Exchange Commission.

       

      Corporate
        Trust Office:
        With
        respect to the Indenture Trustee, the principal corporate trust office of
        the
        Indenture Trustee at which at any particular time its corporate trust business
        shall be administered, which office at the date of the execution of the Basic
        Documents is located at U.S. Bank Corporate Trust Services, One Federal Street,
        3rd Floor, Boston, MA 02110. With respect to the Owner Trustee, the principal
        corporate trust office of the Owner Trustee at which at any particular time
        its
        corporate trust business shall be administered, which office at the date
        of the
        execution of the Trust Agreement is located at Wilmington
        Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
        Delaware 19801, Attention: Citigroup HELOC Trust 2006-NCB1. With
        respect to the Securities Administrator and the Authenticating Agent, the
        principal corporate trust office of the Securities Administrator and
        Authenticating Agent, which office at the date of the execution of the Basic
        Documents is located at Citibank, N.A., as Securities Administrator or as
        Authenticating Agent, as the case may be, 388 Greenwich Street, 14th Floor,
        New
        York, New York 10013, or at such other address as Securities Administrator
        and
        the Authenticating Agent may designate from time to time by notice to the
        Noteholders, the Certificateholder, the Depositor, the Issuer, the Servicer
        and
        the Indenture Trustee.

       

      Corresponding
        Note:
        With
        respect to each REMIC 1 Regular Interest set forth below, the corresponding
        Regular Certificate set forth in the table below:

       

      
        	
                REMIC
                  1 Regular Interest

              	
                Regular
                  Note

              
	
                LT1A1

              	
                Class
                  1A-1

              
	
                LT2A1

              	
                Class
                  2A-1

              
	
                LT2A2

              	
                Class
                  2A-2

              
	
                LT2A3

              	
                Class
                  2A-3

              
	
                LTM

              	
                Class
                  M

              

      

      

      Converted
        HELOC:
        Each
        Convertible HELOC, the Loan Rate with respect to all or a portion of which,
        has
        been converted at the election of the Mortgagor from an adjustable Loan Rate
        to
        a fixed Loan Rate. 

       

      Convertible
        HELOC:
        A HELOC
        that by its terms and subject to certain conditions contained in the related
        Mortgage or Credit Line Agreement allows the Mortgagor to convert the adjustable
        Loan Rate on such HELOC to a fixed Loan Rate.

       

      Credit
        Limit:
        With
        respect to any HELOC,
        the
        maximum dollar
        amount of Draws
        permitted under the terms of the related
        Credit Line Agreement.

       

      Credit
        Limit Utilization Rate
        As to
        any HELOC, the percentage equivalent of a fraction the numerator of which
        is the
        Principal Balance of such HELOC as of the Cut-Off Date and the denominator
        of
        which is the related Credit Limit.

       

      Credit
        Line Agreement:
        With
        respect to any HELOC, the related home equity line of credit agreement or
        promissory note executed by the related Mortgagor and any amendment or
        modification thereof.

       

      Credit
        Score:
        The
        credit
        score for each HELOC shall be the credit
        scores
        as
        provided in Originator’s Underwriting Standards
        obtained
        at origination or such other time by the Seller.
        When
        there is more than one applicant, the lowest of the applicants’ Credit Scores
        will be used. There is only one (1) score for any loan regardless of the
        number
        of borrowers and/or applicants. The minimum Credit Score for each HELOC will
        be
        in accordance with the Seller’s Underwriting Standards.

       

      Custodial
        Agreement:
        The
        mortgage document custodial agreement, dated as of May 23, 2006, among the
        Depositor, the Indenture Trustee and the Custodian, relating to the Citigroup
        HELOC Trust 2006-NCB1 Notes, Series 2006-NCB1.

       

      Custodian:
        National City Bank, and its successors and assigns.

       

      Cut-off
        Date:
        With
        respect to the HELOCs, May 1, 2006.

       

      Cut-off
        Date Balance:
        $1,038,910,845.

       

      Debt
        Service Reduction:
        Any
        reduction of the Scheduled Payments which a Mortgagor is obligated to pay
        with
        respect to a HELOC as a result of any proceeding under the Bankruptcy Code
        or
        any other similar state law or other proceeding.

       

      Default:
        Any
        occurrence which is or, with notice or the lapse of time or both, would become
        an Event of Default.

       

      Deficiency
        Amount
        means,
        with respect to the Insured Securities and any Payment Date, an amount, if
        any,
        equal to the sum of: 

       

      (i) the
        aggregate amount by which the Monthly Interest Payable Amount and any Unpaid
        Interest Shortfall Amount payable to the Class A Notes and Class N Certificates
        for such Payment Date exceeds the Interest Remittance Amount available on
        such
        Payment Date to pay the Class A Notes and Class N Certificates;

       

      (ii) with
        respect to any Payment Date that is not the Final Insured Payment Date, the
        aggregate amount, if any, by which the aggregate Note Principal Balance of
        the
        Class A Notes and the Certificate Principal Balance of the Class N Certificates
        for such Payment Date exceeds the aggregate Principal Balance of the Mortgage
        Loans (after giving effect to all distributions, other than proceeds of the
        Policy, to be made thereon on such Payment Date); and 

       

      (iii) on
        the
        Final Insured Payment Date, the Note Principal Balance of Class A Notes and
        the
        Certificate Principal Balance of the Class N Certificates (after giving effect
        to all distributions, other than proceeds of the Policy, to be made thereon
        on
        such Payment Date). 

       

      Deficient
        Valuation:
        With
        respect to any HELOC, a valuation of the Mortgaged Property by a court of
        competent jurisdiction in an amount less than the then outstanding indebtedness
        under the HELOC, which valuation results from a proceeding initiated under
        the
        Bankruptcy Code or any other similar state law or other proceeding.

       

      Definitive
        Notes:
        The
        meaning specified in Section 4.08 of the Indenture.

       

      Deleted
        HELOC:
        A HELOC
        replaced or to be replaced with a Substitute HELOC.

       

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

       

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

       

      Depository:
        The
        Depository Trust Company, the nominee of which is Cede & Co., or any
        successor thereto.

       

      Depository
        Participant:
        A
        Person for whom, from time to time, the Depository effects book-entry transfers
        and pledges of securities deposited with the Depository.

       

      Designated
        Depository Institution:
        A
        depository institution (commercial bank, federal savings bank, mutual savings
        bank or savings and loan association) or trust company (which may include
        the
        Indenture Trustee), the deposits of which are fully insured by the FDIC to
        the
        extent provided by law.

       

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

       

      Draw:
        With
        respect to any HELOC, a borrowing by the Mortgagor as
        permitted
        under
        the related Credit Line Agreement.

       

      Draw
        Period:
        With
        respect to each HELOC, the period commencing after the date of origination
        of
        such HELOC, during which the related Mortgagor is permitted to make Draws.
        A
        Draw Period shall be ten
        (10)
        years; provided that, with respect to any HELOC which is secured by a Mortgaged
        Property which
        is
        located in the State of Connecticut shall be
        9 years
        and 10 months.

       

      Due
        Date:
        With
        respect to each Distribution Date, the day of the calendar month on which
        the
        Minimum Monthly Payment is due on a HELOC, exclusive of any days of
        grace.

       

      DTC
        Letter of Representations:
        As
        defined in the preamble to the Administration Agreement.

       

      Eligible
        Account:
        An
        account that is any of the following: (i) maintained with a depository
        institution the short-term debt obligations of which have been rated by each
        Rating Agency in its highest rating category available, or (ii) an account
        or
        accounts in a depository institution in which such accounts are fully insured
        to
        the limits established by the FDIC, provided that any deposits not so insured
        shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
        be maintained such that (as evidenced by an Opinion of Counsel delivered
        to the
        Indenture Trustee and each Rating Agency) the Indenture Trustee have a claim
        with respect to the funds in such account or a perfected first priority security
        interest against any collateral (which shall be limited to Permitted
        Investments) securing such funds that is superior to claims of any other
        depositors or creditors of the depository institution with which such account
        is
        maintained, or (iii) in the case of a Trust Account, a trust account or accounts
        maintained in the corporate trust division of the Securities Administrator,
        or
        (iv) an account or accounts of a depository institution acceptable to each
        Rating Agency (as evidenced in writing by each Rating Agency that use of
        any
        such account as the Custodial Account or the Payment Account will not reduce
        the
        rating assigned to any of the Notes by such Rating Agency as of the Closing
        Date
        by such Rating Agency).

       

      Equity:
        With
        respect to any second lien HELOC, the Appraised Value, less the unpaid principal
        balance of the related First Lien.

       

      Equity
        Loan-to-Value:
        With
        respect to any second lien HELOC, the original principal balance of such
        HELOC,
        divided by the Equity.

       

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

       

      Escrow
        Payments:
        All
        collections from the Mortgagors (or related advances from Sub-Servicers)
        for the
        payment of ground rents, taxes, assessments, fire and hazard insurance premiums,
        primary mortgage insurance policy premiums, water charges, sewer rents and
        comparable items for the account of the Mortgagors.

       

      Event
        of Default:
        With
        respect to the Indenture, any one of the following events (whatever the reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

       

      (i)  the
        failure by the Issuer to pay, by the Final Stated Maturity Date, all interest
        accrued on the Notes and the Note Balance of the Notes; or

       

      (ii)  there
        occurs a default in the observance or performance of any covenant or agreement
        of the Issuer made in the Indenture, or any representation or warranty of
        the
        Issuer made in the Indenture or in any certificate or other writing delivered
        pursuant hereto or in connection herewith proving to have been incorrect
        in any
        material respect as of the time when the same shall have been made, and such
        default shall continue or not be cured, or the circumstance or condition
        in
        respect of which such representation or warranty was incorrect shall not
        have
        been eliminated or otherwise cured, for a period of 30 days after there shall
        have been given, by registered or certified mail, to the Issuer by the Indenture
        Trustee, the Insurer or to the Issuer and the Indenture Trustee by the Holders
        of at least 25% of the Aggregate Outstanding Balance, a written notice
        specifying such default or incorrect representation or warranty and requiring
        it
        to be remedied and stating that such notice is a notice of default hereunder;
        or

       

      (iii)  any
        representation or warranty made by the Issuer in the Indenture or in any
        offered
        note or other writing delivered pursuant thereto having been incorrect in
        a
        material respect as of the time made, and the circumstance in respect of
        which
        such representation or warranty is incorrect not having been cured within
        thirty
        days after notice thereof is given to the issuer by the Indenture Trustee,
        the
        Insurer (so long as any Insured Securities are outstanding or any amounts
        are
        due and owing to the Insurer and an Insurer Default has not occurred and
        in
        continuing) or by the holders of at least 25% of the aggregate Note Principal
        Balance of the Notes and Certificate Principal Balance of the Certificates,
        as
        applicable;

       

      (iv)  there
        occurs the filing of a decree or order for relief by a court having jurisdiction
        in the premises in respect of the Issuer or any substantial part of the Trust
        Estate in an involuntary case under any applicable federal or state bankruptcy,
        insolvency or other similar law now or hereafter in effect, or appointing
        a
        receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
        official of the Issuer or for any substantial part of the Trust Estate, or
        ordering the winding-up or liquidation of the Issuer’s affairs, and such decree
        or order shall remain unstayed and in effect for a period of 60 consecutive
        days; or

       

      (v)  there
        occurs the commencement by the Issuer of a voluntary case under any applicable
        federal or state bankruptcy, insolvency or other similar law now or hereafter
        in
        effect, or the consent by the Issuer to the entry of an order for relief
        in an
        involuntary case under any such law, or the consent by the Issuer to the
        appointment or taking possession by a receiver, liquidator, assignee, custodian,
        trustee, sequestrator or similar official of the Issuer or for any substantial
        part of the assets of the Trust Estate, or the making by the Issuer of any
        general assignment for the benefit of creditors, or the failure by the Issuer
        generally to pay its debts as such debts become due, or the taking of any
        action
        by the Issuer in furtherance of any of the foregoing.

       

      Event
        of Servicer Termination:
        The
        occurrence of an event, as defined in the Servicing Agreement permitting
        termination or removal of the Servicer thereunder as servicer of the related
        HELOCs.

       

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

       

      Expense
        Adjusted Net Loan Rate:
        For any
        HELOC and any Accrual Period, a per annum rate equal to the applicable Loan
        Rate
        for such HELOC as of the first day of the month preceding the month in which
        the
        related Payment Date occurs minus the Servicing Fee Rate.

       

      Expense
        Adjusted Maximum Net Loan Rate:
        For any
        HELOC and any Accrual Period, a per annum rate equal to the applicable Maximum
        Loan Rate for such HELOC as of the first day of the month preceding the month
        in
        which the related Payment Date occurs minus the Servicing Fee Rate.

       

      Expenses:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Extraordinary
        Trust Expenses:
        With
        respect to any Payment Date, amounts payable or
        reimbursable to the Indenture Trustee, any Custodian, the Securities
        Administrator, the Owner Trustee, the Servicer or the Depositor, pursuant
        to
        Section 8.09 (a) (I) of the Indenture.

       

      Extra
        Principal Payment Amount:
        With
        respect to any Payment Date, the lesser of (x) the General Net Monthly Excess
        Cashflow and Usable Class N Net Monthly Excess Cashflow for such Payment
        Date
        and (y) the sum of (A) the Overcollateralization Deficiency Amount for such
        Payment Date and (B) any amount owing to the Insurer for reimbursement of
        claims
        paid under the Policy, or otherwise owing to the Insurer under the Insurance
        Agreement, in each case with interest thereon at the rate set forth in the
        Insurance Agreement, to the extent not paid or reimbursed as described in
        Section 8.09(a)(II)(ii) of the Indenture.

       

      Fannie
        Mae:
        Fannie
        Mae (formerly, the Federal National Mortgage Association), or any successor
        thereto.

       

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

       

      FEMA:
        The
        Federal Emergency Management Agency or any successor thereto.

       

      Final
        Certification:
        The
        final certification delivered by the Custodian pursuant to Section 3(c) of
        the
        Custodial Agreement in the form attached thereto as Exhibit A-3.

       

      Final
        Insured Payment Date:
        means
        is the earlier of (A) the Payment Date in May 2036 and (B) the Payment Date
        on
        which an Optional Redemption to which the Insurer has consented occurs as
        described in Section 8.07 of the Indenture. 

       

      Final
        Recovery Determination:
        With
        respect to any Defaulted HELOC
        or
        any REO Property (other than a HELOC or REO Property purchased by the Seller
        pursuant to this Agreement), a determination made by the Seller that all
        Insurance Proceeds, Liquidation Proceeds and other payments or recoveries
        which
        the Servicer, in its reasonable good faith judgment, expects to be finally
        recoverable in respect thereof have been so recovered. 

       

      First
        Lien:
        With
        respect to any second lien HELOC, the HELOC relating to the corresponding
        Mortgaged Property having a first priority lien.

       

      Flood
        Zone Service Contract:
        A
        transferable contract maintained for the Mortgaged Property with a nationally
        recognized flood zone service provider for the purpose of obtaining the current
        flood zone status relating to such Mortgaged Property.

       

       Final
        Stated Maturity Date:
        The
        Payment Date in May 2036 whereby the Holders of each Class of Notes shall
        be
        entitled to receive a payment of principal in an amount equal to the Note
        Balance of such Class of Notes and any accrued and unpaid interest thereon.
        

       

      Freddie
        Mac:
        Freddie
        Mac (formerly, the Federal Home Loan Mortgage Corporation), or any successor
        thereto.

       

      Formula
        Rate:
        For the
        Class A Notes, Class N Certificates or Class M Notes and any Accrual Period,
        a
        per annum rate equal to the lesser of (a) the Base Rate for such Class and
        such
        Accrual Period and (b) the related Maximum Cap Rate for such Class for such
        Accrual Period.

       

       GAAP:
        Generally accepted accounting principles as in effect in the United States
        of
        America, consistently applied.

       

      General
        Net Monthly Excess Cashflow:
        With
        respect to any Payment Date, an amount equal to the Net Monthly Excess Cashflow
        for such Payment Date minus the Class N Net Monthly Excess Cashflow for such
        Payment Date. 

       

      Grant:
        Pledge,
        bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
        create, and grant a lien upon and a security interest in and right of set-off
        against, deposit, set over and confirm pursuant to the Indenture. A Grant
        of the
        Collateral or of any other agreement or instrument shall include all rights,
        powers and options (but none of the obligations) of the granting party
        thereunder, including the immediate and continuing right to claim for, collect,
        receive and give receipt for principal and interest payments in respect of
        such
        collateral or other agreement or instrument and all other moneys payable
        thereunder, to give and receive notices and other communications, to make
        waivers or other agreements, to exercise all rights and options, to bring
        proceedings in the name of the granting party or otherwise, and generally
        to do
        and receive anything that the granting party is or may be entitled to do
        or
        receive thereunder or with respect thereto.

       

      Group
        1 Allocation Percentage:
        For any
        Payment Date, the percentage equivalent of a fraction, the numerator of which
        is
        (i) the Group 1 Principal Remittance Amount for such Payment Date, and the
        denominator of which is (ii) the Principal Remittance Amount for such Payment
        Date

       

      Group
        2 Allocation Percentage:
        For any
        Payment Date, the percentage equivalent of a fraction, the numerator of which
        is
        (i) the Group 2 Principal Remittance Amount for such Payment Date, and the
        denominator of which is (ii) the Principal Remittance Amount for such Payment
        Date

       

      Group
        1 Basic Principal Payment Amount:
        With
        respect to any Payment Date, an amount equal to the excess
        of
        (i) the Group 1 Principal Remittance Amount for such payment date over (ii)
        the
        sum of (A) the Group 1 Allocation Percentage of the Overcollateralization
        Release Amount, if any, for such Payment Date and (B) if the related Collection
        Period is during the Managed Amortization Period, the Group 1 Allocation
        Percentage of the Principal Collections on the HELOCs received during the
        related Collection Period that were used to fund additional Draws on the
        HELOCs
        during such Collection Period.

       

      Group
        2 Basic Principal Payment Amount:
        With
        respect to any Payment Date, an amount equal to the excess
        of
        (i) the Group 2 Principal Remittance Amount for such payment date over (ii)
        the
        sum of (A) the Group 2 Allocation Percentage of the Overcollateralization
        Release Amount, if any, for such Payment Date and (B) if the related Collection
        Period is during the Managed Amortization Period, the Group 2 Allocation
        Percentage of the Principal Collections on the HELOCs received during the
        related Collection Period that were used to fund additional Draws on the
        HELOCs
        during such Collection Period.

       

      Group
        1 Interest Remittance Amount:
        For any
        Payment Date, that portion of clause (A) of the definition of Available Funds
        for such Payment Date attributable to interest received on the Group 1 Loans
        during the related Collection Period minus the sum of (A) the
        Insurer Premium payable to the Insurer in respect of the Class 1A-1 Notes
        and
        the Group 1 Allocation Percentage of the Insurer Premium payable to the Insurer
        in respect of the Class N certificates, (B) accrued Servicing Fees related
        to
        the Group 1 Loans and retained by the Servicer, (C) in the case of any Payment
        Date after the Managed Amortization Period, the interest portion of any RAP
        Draw
        Repayment Amount for such Payment Date to the extent attributable to the
        Group 1
        Loans and (D) any Extraordinary Trust Expenses (to
        the
        extent not in excess of $250,000 minus the amount of such Extraordinary Trust
        Expenses allocable to the Group 1 Loans) allocable
        to the Group 1 Loans (or if not attributable to any one group of HELOCs,
        then
        the Group 1 Allocation Percentage of such Extraordinary Trust Fund Expense)
        payable or
        reimbursable to the Indenture Trustee, any Custodian, the Securities
        Administrator, the Owner Trustee, the Servicer or the Depositor, to the extent
        such Extraordinary Trust Expenses exceed the Group 1 Basic Principal Payment
        Amount (assuming for this purpose only that the Group 1 Basic Principal Payment
        Amount is calculated without regard to any extraordinary trust
        expenses).

       

      Group
        2 Interest Remittance Amount:
        For any
        Payment Date, that portion of clause (A) of the definition of Available Funds
        for such Payment Date attributable to interest received on the Group 2 Loans
        during the related Collection Period minus the sum of (A) the
        Insurer Premium payable to the Insurer in respect of the Class 2A Notes and
        the
        Group 2 Allocation Percentage of the Insurer Premium payable to the Insurer
        in
        respect of the Class N certificates, (B) accrued Servicing Fees related to
        the
        Group 2 Loans and retained by the Servicer, (C) in the case of any Payment
        Date
        after the Managed Amortization Period, the interest portion of any RAP Draw
        Repayment Amount for such Payment Date to the extent attributable to the
        Group 2
        Loans and (D) any Extraordinary Trust Expenses (to
        the
        extent not in excess of an annual limit as described herein) allocable
        to the Group 2 Loans (or if not attributable to any one group of HELOCs,
        then
        the Group 2 Allocation Percentage of such Extraordinary Trust Fund Expense)
        payable or
        reimbursable to the Indenture Trustee, any Custodian, the Securities
        Administrator, the Owner Trustee, the Servicer or the Depositor, to the extent
        such Extraordinary Trust Expenses exceed the Group 2 Basic Principal Payment
        Amount (assuming for this purpose only that the Group 2 Basic Principal Payment
        Amount is calculated without regard to any extraordinary trust
        expenses).

       

      Group
        1 Loans:
        A HELOC
        included in the Trust Estate and identified on the Loan Schedule as included
        loan group 1.

      

      Group
        2 Loans:
        A HELOC
        included in the Trust Estate and identified on the Loan Schedule as included
        loan group 2.

      

      Group
        1 Parity Amount:
        With
        respect to any Payment Date, the lesser of (i) the aggregate amount, if any,
        by
        which the sum of the Note Principal Balance of Class 1A-1 Notes and the Group
        1
        Allocation Percentage of the Certificate Principal Balance of the Class N
        Certificates, in each case immediately prior to such Payment Date, exceeds
        the
        aggregate Principal Balance of the Group 1 Loans at the end of the related
        Collection Period and (ii) the aggregate amount, if any, by which the sum
        of the
        aggregate Note Principal Balance of the Class A Notes and the Certificate
        Principal Balance of the Class N Certificates, in each case immediately prior
        to
        such Payment Date, exceeds the aggregate Principal Balance of the HELOCs
        at the
        end of the related Collection Period.

      

      Group
        2 Parity Amount:
        With
        respect to any Payment Date, the lesser of (i) the aggregate amount, if any,
        by
        which the sum of the Note Principal Balance of Class 2A Notes and the Group
        2
        Allocation Percentage of the Certificate Principal Balance of the Class N
        Certificates, in each case immediately prior to such Payment Date, exceeds
        the
        aggregate Principal Balance of the Group 2 Loans at the end of the related
        Collection Period and (ii) the aggregate amount, if any, by which the sum
        of the
        aggregate Note Principal Balance of the Class A Notes and the Certificate
        Principal Balance of the Class N Certificates, in each case immediately prior
        to
        such Payment Date, exceeds the aggregate Principal Balance of the HELOCs
        at the
        end of the related Collection Period.

      

      Group
        1 Principal Payment Amount:
        With
        respect to any Payment Date is the sum of (i) the Group 1 Basic Principal
        Payment Amount for such Payment Date and (ii) the Group 1 Allocation Percentage
        of the Extra Principal Payment Amount for such Payment Date.

      

      Group
        2 Principal Payment Amount:
        With
        respect to any Payment Date is the sum of (i) the Group 2 Basic Principal
        Payment Amount for such Payment Date and (ii) the Group 2 Allocation Percentage
        of the Extra Principal Payment Amount for such Payment Date.

      

      Group
        1 Principal Remittance Amount: With
        respect to any Payment Date, an amount equal to (x) the sum of the following
        with respect to each Outstanding Group 1 Loan: the product of (1) the sum
        of (i)
        the scheduled payment of principal collected on such HELOC by the Servicer
        during the related Collection Period, (ii) the principal portion of all partial
        and full Principal Prepayments of such HELOC received by the Servicer during
        the
        related Collection Period, (iii) the principal portion of all related Net
        Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries received
        during the related Collection Period with respect to such HELOC, (iv) that
        portion of the applicable Loan Repurchase Price representing principal of
        any
        HELOC or portion thereof purchased or repurchased by the Seller or the
        Originator and received during the related Collection Period, (v) the principal
        portion of any Substitution Amounts received during the related Collection
        Period, and (2) 1 minus the Servicer Additional Balance Allocation Fraction
        for
        such HELOC and such Payment Date; plus

       

      (y)
        on
        the payment date on which an Optional Redemption occurs, that portion of
        the
        Optional Redemption Price representing principal on the Group 1 Loans; minus
        

       

      (z)
        any
        Extraordinary Trust Expenses (to
        the
        extent not in excess of $250,000 minus the amount of such Extraordinary Trust
        Expenses allocable to the Group 2 Loans) allocable
        to the Group 1 Loans (or if not attributable to any one group of HELOCs,
        then
        the Group 1 Allocation Percentage of such Extraordinary Trust Fund Expense)
        payable or
        reimbursable to the Indenture Trustee, any Custodian, the Securities
        Administrator, the Owner Trustee, the Servicer or the Depositor. 

       

      Group
        2 Principal Remittance Amount: With
        respect to any Payment Date, an amount equal to (x) the sum of the following
        with respect to each Outstanding Group 2 Loan: the product of (1) the sum
        of (i)
        the scheduled payment of principal collected on such HELOC by the Servicer
        during the related Collection Period, (ii) the principal portion of all partial
        and full Principal Prepayments of such HELOC received by the Servicer during
        the
        related Collection Period, (iii) the principal portion of all related Net
        Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries received
        during the related Collection Period with respect to such HELOC, (iv) that
        portion of the applicable Loan Repurchase Price representing principal of
        any
        HELOC or portion thereof purchased or repurchased by the Seller or the
        Originator and received during the related Collection Period, (v) the principal
        portion of any Substitution Amounts received during the related Collection
        Period, and (2) 1 minus the Servicer Additional Balance Allocation Fraction
        for
        such HELOC and such Payment Date; plus

       

      (y)
        on
        the payment date on which an Optional Redemption occurs, that portion of
        the
        Optional Redemption Price representing principal on the Group 2 Loans; minus
        

       

      (z)
        any
        Extraordinary Trust Expenses (to
        the
        extent not in excess of $250,000 minus the amount of such Extraordinary Trust
        Expenses allocable to the Group 1 Loans) allocable
        to the Group 2 Loans (or if not attributable to any one group of HELOCs,
        then
        the Group 2 Allocation Percentage of such Extraordinary Trust Fund Expense)
        payable or
        reimbursable to the Indenture Trustee, any Custodian, the Securities
        Administrator, the Owner Trustee, the Servicer or the Depositor. 

       

      Gross
        Margin:
        With
        respect to any HELOC, the fixed percentage amount set forth in the related
        Credit Line Agreement and the Loan Schedule that is added to the Index on
        each
        Adjustment Date in accordance with the terms of the related Credit Line
        Agreement to determine the new Loan Rate for such HELOC.

       

       HELOC:
        A HELOC
        transferred and assigned to the Indenture Trustee, as trustee for the benefit
        of
        the Noteholders, pursuant to Section 1.05 of the Servicing Agreement, as
        identified in the Loan Schedule, including any HELOC the property securing
        which
        has become an REO Property.

       

      HELOC
        Purchase Agreement:
        The
        HELOC Purchase Agreement, dated May 23, 2006, among National City Bank, as
        originator, Citigroup Global Markets Realty Corp as seller and Citigroup
        Mortgage Loan Trust Inc., as purchaser, and all amendments thereof and
        supplements thereto.

       

      HELOC
        Purchase Price:
        As
        defined in the HELOC Purchase Agreement.

       

      Holder,
        or
Securityholder:
        The
        registered holder of any Note or Certificate as recorded on the books of
        the
        Securities Administrator or the Certificate Registrar except that, solely
        for
        the purposes of taking any action or giving any consent pursuant to this
        Agreement, any Note or Certificate registered in the name of the Depositor,
        the
        Servicer or the Indenture Trustee or any Affiliate thereof shall be deemed
        not
        to be outstanding in determining whether the requisite percentage necessary
        to
        effect any such consent has been obtained, except that, in determining whether
        the Indenture Trustee shall be protected in relying upon any such consent,
        only
        Notes and Certificates which a Responsible Officer of the Indenture Trustee
        actually knows to be so held shall be disregarded. The Indenture Trustee
        may
        request and conclusively rely on certifications by the Depositor in determining
        whether any Notes or the Certificates are registered to an Affiliate of the
        Depositor. 

       

      Holder:
        Any
        Certificateholder or any Noteholder, as the context requires.

       

      Indemnified
        Party:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Indenture:
        The
        indenture, dated as of May 23, 2006 Issuer,
        the Indenture Trustee, the Securities Administrator and the Authenticating
        Agent, relating to the Citigroup HELOC Trust 2006-NCB1
        Mortgage-Backed Notes.

       

      Indenture
        Trustee:
        U.S.
        Bank National Association, and its successors and assigns or any successor
        indenture trustee appointed pursuant to the terms of the Indenture.

       

      Independent:
        When
        used with respect to any specified Person, the Person (i) is in fact independent
        of the Issuer, any other obligor on the Notes, the Seller, the Servicer,
        the
        Depositor and any Affiliate of any of the foregoing Persons, (ii) does not
        have
        any direct financial interest or any material indirect financial interest
        in the
        Issuer, any such other obligor, the Seller, the Servicer, the Depositor or
        any
        Affiliate of any of the foregoing Persons and (iii) is not connected with
        the
        Issuer, any such other obligor, the Seller, the Servicer, the Depositor or
        any
        Affiliate of any of the foregoing Persons as an officer, employee, promoter,
        underwriter, trustee, partner, director or person performing similar
        functions.

       

      Independent
        Certificate:
        A
        certificate or opinion to be delivered to the Indenture Trustee under the
        circumstances described in, and otherwise complying with, the applicable
        requirements of Section 10.01 of the Indenture, made by an independent appraiser
        or other expert appointed by an Issuer Request and approved by the Indenture
        Trustee in the exercise of reasonable care, and such opinion or certificate
        shall state that the signer has read the definition of “Independent” in this
        Indenture and that the signer is Independent within the meaning
        thereof.

       

      Independent
        Contractor:
        Either
        (i) any Person (other than the Servicer) that would be an “independent
        contractor” within the meaning of Section 856(d)(3) of the Code, so long as the
        Trust does not receive or derive any income from such Person and provided
        that
        the relationship between such Person and the Trust is at arm’s length, all
        within the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii)
        any
        other Person (including the Servicer), if the Securities Administrator has
        received an Opinion of Counsel for the benefit of the Indenture Trustee and
        the
        Securities Administrator, to the effect that the taking of any action in
        respect
        of any REO Property by such Person, subject to any conditions therein specified,
        that is otherwise herein contemplated to be taken by an Independent Contractor
        will not cause such REO Property to cease to qualify as “foreclosure property”
within the meaning of Section 856(e) of the Code, or cause any income realized
        in respect of such REO Property to fail to qualify as Rents from Real
        Property.

       

      Index:
        The
        index specified in the related Credit Line Agreement for calculation of the
        Loan
        Rate thereof.

       

      Initial
        Certificate Principal Balance:
        With
        respect to the Class N Certificates, $0, and with respect to the Class C
        Certificates, $6,753,844.53.

       

      Initial
        Certification:
        The
        initial certification delivered by the Custodian pursuant to Section 1(a)
        of the
        Custodial Agreement in the form attached thereto as Exhibit One.

       

      Initial
        Holder:
        With
        respect to the Class C Certificates, Citigroup, or any successor in interest.
        With respect to the Class N Certificates, National City Bank, or any successor
        in interest. With respect to the Class R Certificates, Citigroup, or any
        successor in interest.

       

      Initial
        Note Principal Balance:
        With
        respect to the Notes as follows:

       

      Class
        1A-1   $237,826,000

      Class
        2A-1    $548,391,000
          

      Class
        2A-2    $106,392,000
         

      Class
        2A-3    $129,678,000 

      Class
        M            $
        9,870,000 

      

      Initial
        Notional Amount:
        With
        respect to the Class C Certificates, $1,038,844.53.

       

      Insurance
        Agreement:
        The
        Insurance and Indemnity Agreement, dated as of May 23, 2006, among the Insurer,
        the Indenture Trustee, the Securities Administrator, the Servicer, the
        Originator, the Seller and the Depositor.

       

      Insurance
        Proceeds:
        Amounts
        paid by the insurer under any standard hazard insurance policy, flood insurance
        policy or title insurance policy covering any HELOC or Mortgaged Property
        other
        than amounts required to be paid over to the Mortgagor pursuant to law or
        the
        related Mortgage Note or Security Instrument and other than amounts used
        to
        repair or restore the Mortgaged Property or to reimburse insured
        expenses.

       

      Insured
        Amount:
        With
        respect to any Payment Date and the Insured Securities, the Deficiency Amount
        for such Payment Date.

       

      Insured
        Payments:
        With
        respect to any Payment Date, the aggregate amount actually paid by the Insurer
        to the Securities Administrator in respect of (1) Insured Amounts for a Payment
        Date and (ii) Preference Amounts for any given Business Day.

       

      Insured
        Securities:
        Each of
        the Class A Notes and the Class N Certificates.

       

      Insurer:
        Ambac
        Assurance Corporation

       

      Insurer
        Default: The
        existence and continuance of any of the following: (a) a failure by the Insurer
        to make a payment required under the Policy in accordance with its terms;
        or (b)
        the Insurer (i) files any petition or commences any case or proceeding under
        any
        provision or chapter of the Bankruptcy Code or any other similar federal
        or
        state law relating to insolvency, bankruptcy, rehabilitation, liquidation
        or
        reorganization, (ii) makes a general assignment for the benefit of its
        creditors, or (iii) has an order for relief entered against it under the
        Bankruptcy Code or any other similar federal or state law relating to
        insolvency, bankruptcy, rehabilitation, liquidation or reorganization which
        is
        final and nonappealable; or (c) a court of competent jurisdiction, the New
        York
        insurance department or other competent regulatory authority enters a final
        and
        nonappealable order, judgment or decree (i) appointing a custodian, trustee,
        agent or receiver for the Insurer or for all or any material portion of its
        property or (ii) authorizing the taking of possession by a custodian, trustee,
        agent or receiver of the Insurer (or the taking of possession of all or any
        material portion of the property of the Insurer).

       

      Insurer
        Premium:
        The
        premium payable to the Insurer under the Policy with respect to the Class
        A
        Notes and the Class N Certificates.

       

      Insurer
        Premium Rate:
        A rate,
        expressed as a per annum rate, at which the Insurer Premium is payable to
        the
        Insurer under the Policy.

       

      Interest
        Determination Date:
        With
        respect to each Accrual Period, the second LIBOR Business Day preceding the
        commencement of such Accrual Period.

       

      Interest
        Remittance Amount:
        With
        respect to any Payment Date, the sum of the Group 1 Interest Remittance Amount
        and the Group 2 Interest Remittance Amount.

      

      Interim
        Certification:
        The
        interim certification delivered by the Custodian pursuant to Section 3(c)
        of the
        Custodial Agreement in the form attached thereto as Exhibit A-2.

       

      Intervening
        Assignments:
        The
        original intervening assignments of the Mortgage, notices of transfer or
        equivalent instrument

       

      Investment
        Company Act:
        The
        Investment Company Act of 1940, as amended, and any amendments
        thereto.

       

      IRS:
        The
        Internal Revenue Service.

       

      Issuer:
        Citigroup HELOC Trust 2006-NCB1, a Delaware statutory trust, or its successor
        in
        interest.

       

      Issuer
        Request:
        A
        written order or request signed in the name of the Issuer by any one of its
        Authorized Officers and delivered to the Indenture Trustee.

       

      Late
        Payment Rate:
        As
        defined in the Insurance Agreement.

       

      LIBOR
        Business Day:
        A day
        on which banks are open for dealing in foreign currency and exchange in London
        and New York City.

       

      Lien:
        Any
        mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the
        foregoing.

       

      Liquidated
        HELOC:
        With
        respect to any Payment Date, a defaulted HELOC that has been liquidated through
        deed-in-lieu of foreclosure, foreclosure sale, indenture trustee’s sale or other
        realization as provided by applicable law governing the real property subject
        to
        the related Mortgage and any security agreements and as to which the Servicer
        has certified in the related Prepayment Period that it has received all amounts
        it expects to receive in connection with such liquidation.

       

      Liquidation
        Date:
        With
        respect to any Liquidated HELOC, the date on which the Servicer has certified
        that such HELOC has become a Liquidated HELOC.

       

       Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted HELOC, whether
        through the sale or assignment of such HELOC, trustee’s sale, foreclosure sale,
        payment in full, discounted payoff or otherwise, or the sale of the related
        Mortgaged Property if such Mortgaged Property is acquired in satisfaction
        of
        such HELOC, including any amounts remaining in the related Escrow
        Account.

       

      Loan
        Repurchase Price:
        With
        respect to any HELOC, a price equal to (i) the
        Unallocated Principal Balance of such HELOC on
        the
        date of repurchase,
        plus
        (ii) interest on such Unallocated Principal Balance at the
        Loan
        Rate from and including the last Due Date through which interest has been
        paid
        by or on behalf of the Mortgagor to the date of repurchase, less amounts
        received in respect of such repurchased HELOC which are being held in the
        Custodial Account for distribution in connection with such HELOC, plus (iii)
        any
        unreimbursed
        servicing
        advances
        and any
        unpaid servicing
        fees
        allocable to such HELOC,
        plus
        (iv) any costs and expenses incurred by the Purchaser, the Servicer, the
        Securities Administrator, the Indenture Trustee or the Owner Trustee in respect
        of the breach or defect giving rise to the repurchase obligation including,
        without limitation, any costs and damages incurred by any such party in
        connection with any violation by any such HELOC of any predatory or abusive
        lending law.

       

      Loan
        Rate:
        With
        respect to any HELOC and as of any day, the per annum rate of interest
        applicable under the related Credit Line Agreement to the calculation of
        interest for such day on the Unallocated Principal Balance of such HELOC.
        

       

      Loan
        Schedule:
        The
        schedule attached to the Indenture as Schedule A, which shall identify each
        HELOC, as such schedule may be amended from time to time to reflect the addition
        of HELOCs (including the addition of any Qualifying Substitute HELOCs) to,
        or
        the deletion of HELOCs from, the Trust Estate. Such schedule shall set forth
        the
        following with respect to each HELOC, among other things:
        

       

      1.  the
        Mortgagor’s name;

       

      2.  the
        street address of the Mortgaged Property including the state and zip
        code;

       

      3.  a
        code
        indicating whether the Mortgaged Property is owner-occupied;

       

      4.  the
        type
        of residential property constituting the Mortgaged Property;

       

      5.  the
        original months to maturity or the remaining months to maturity from the
        Cut-off
        Date, in any case based on the original amortization schedule and, if different,
        the maturity expressed in the same manner but based on the actual amortization
        schedule;

       

      6.  with
        respect to each second lien HELOC, the Combined Loan-to-Value Ratio and the
        Equity Loan-to-Value Ratio, each at origination and as of the Cut-off
        Date;

       

      7.  the
        Loan
        Rate at origination and as of the Cut-off Date;

       

      8.  the
        origination date;

       

      9.  the
        paid
        through date;

       

      10.  the
        stated maturity date of the HELOC and of the First Lien;

       

      11.  the
        amount of the Minimum Monthly Payment as of the Cut-off Date;

       

      12.  the
        original principal amount and, if applicable, the principal balance of the
        related First Lien as of the date of origination of the HELOC;

       

      13.  the
        Principal Balance of the HELOC and, if applicable, the principal balance
        of the
        related First Lien as of the Cut-off Date;

       

      14.  a
        code
        indicating the purpose of the HELOC (i.e., purchase, rate and term refinance,
        equity take-out refinance);

       

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

       

      16.  the
        number of times during the twelve (12) month period preceding the Closing
        Date
        that any Minimum Monthly Payment has been received thirty (30) or more days
        after its Due Date;

       

      17.  the
        date
        on which the first payment is due;

       

      18.  a
        code
        indicating the Credit Score of the Mortgagor at the time of origination of
        the
        HELOC;

       

      19.  a
        code
        indicating the credit grade and specific loan/underwriting program of each
        HELOC
        as assigned by the Originator pursuant to its underwriting
        standards;

       

      20.  the
        first
        Adjustment Date and the Adjustment Date frequency;

       

      21.  the
        Gross
        Margin;

       

      22.  the
        Maximum Loan Rate under the terms of the Credit Line Agreement;

       

      23.  the
        Minimum Loan Rate under the terms of the Credit Line Agreement;

       

      24.  the
        first
        Adjustment Date immediately following the Cut-off Date;

       

      25.  a
        code
        indicating whether the HELOC is a first or second lien HELOC;

       

      26.  the
        Index;

       

      27.  Credit
        Limit;

       

      28.  Draw
        Period;

       

      29.  Amortization
        Period; 

       

      30.  Debt
        to
        Income Ratio; 

       

      31.  the
        Due
        Date; and

       

      32.  a
        code
        indicating whether or not the HELOC is the subject of a Prepayment Charge
        as
        well as the terms of the Prepayment Charge.

       

      With
        respect to the HELOCs in the aggregate, the Loan Schedule shall set forth
        the
        following information, as of the Cut-off Date, unless otherwise
        specified:

       

      (1) the
        number of HELOCs;

       

      (2) the
        aggregate Principal Balance of the HELOCs as of the Cut-off Date and the
        aggregate Credit Limit;

       

      (3) the
        weighted average Loan Rate of the HELOCs;

       

      (4) the
        weighted average original months to maturity of the HELOCs and the weighted
        average remaining months to maturity of the HELOCs.

       

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any first lien HELOC, the Credit Limit of such HELOC, divided
        by the
        lesser of (1) the Appraised Value of the Mortgaged Property as of the date
        of
        origination or (2) the purchase price of the Mortgaged Property.

       

      Majority
        Holders:
        The
        Holder or Holders of in excess of 50% of the Voting Rights.

       

      Managed
        Amortization Period:
        The
        period commencing on the Cut-off Date to and including the earlier of (i)
        the
        10th
        anniversary of the Cut-off Date and (ii) the occurrence of a Rapid Amortization
        Event.

       

      Marker
        Rate:
        With
        respect to the Class C Certificates and any Payment Date, a per annum rate
        equal
        to two (2) times the weighted average of the Uncertificated REMIC 1 Remittance
        Rates for REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT2A1,
        REMIC
        1 Regular Interest LT2A2, REMIC 1 Regular Interest LT2A3, REMIC 1 Regular
        Interest LTM and REMIC 1 Regular Interest LTZZ, with the rate on each such
        REMIC
        1 Regular Interest (other than REMIC 1 Regular Interest LTZZ) subject to
        a cap
        equal to the lesser of (i) ONE-MONTH LIBOR plus the Note Margin for the
        Corresponding Note and (ii) the related Net WAC Rate for the purpose of this
        calculation; and with the rate on REMIC 1 Regular Interest LTZZ subject to
        a cap
        of zero for the purpose of this calculation; provided, however, that for
        this
        purpose, calculations of the Uncertificated REMIC 1 Remittance Rate and the
        related caps with respect to each such REMIC 1 Regular Interest (other than
        REMIC 1 Regular Interest LTZZ) shall be multiplied by a fraction, the numerator
        of which is the actual number of days elapsed in the related Accrual Period
        and
        the denominator of which is 30.

       

      Maximum
        Cap Rate:
        For any
        Accrual Period and

       

      (i)          
         for
        the
        Class A Notes and the Class N Certificates, a per annum rate equal to the
        product of (x) the excess, if any, of (i) the weighted average of the Expense
        Adjusted Net Maximum Loan Rates of HELOCs, weighted on the basis of the
        outstanding Principal Balances of the HELOCs as of the first day of the month
        preceding the month of the related Payment Date over (ii) the Insurer Premium
        Rate and (y) a fraction, the numerator of which is 30 and the denominator
        of
        which is the actual number of days elapsed in such Accrual Period;
        and

       

      (ii)         
         for
        the
        Class M Notes, a per annum rate equal to the product of (x) the weighted
        average
        of the Expense Adjusted Net Maximum Loan Rates of the HELOCs, weighted on
        the
        basis of the outstanding Principal Balances of the HELOCs as of the first
        day of
        the month preceding the month of the related Payment Date and (y) a fraction,
        the numerator of which is 30 and the denominator of which is the actual number
        of days elapsed in such Accrual Period

       

      Maximum
        Insured Amount:
        The
        sum
        of the following amounts: (i) in respect of principal relating to the Class
        A
        Notes, $1,022,287,000 and (ii) in respect of principal relating to the Class
        N
        Certificates, $200,000,000.

       

      Maximum
        Loan Rate:
        With
        respect to each HELOC, a rate that is set forth on the Loan Schedule and
        in the
        related Credit Line Agreement and is the maximum interest rate to which the
        Mortgage Interest Rate on such HELOC may be increased on any Adjustment
        Date.

       

       Maximum
        Uncertificated Accrued Interest Deferral Amount:
        With
        respect to any Payment Date, the excess of (a) accrued interest at the
        Uncertificated REMIC 1 Remittance Rate applicable to REMIC 1 Regular Interest
        LTZZ for such Payment Date on a balance equal to the Uncertificated Principal
        Balance of REMIC 1 Regular Interest LTZZ minus the REMIC 1 Overcollateralization
        Amount, in each case for such Payment Date, over (b) the sum of the
        Uncertificated Accrued Interest on REMIC 1 Regular Interest LT1A1, REMIC
        1
        Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest
        LT2A3 and REMIC 1 Regular Interest LTM with the rate on each such REMIC 1
        Regular Interest subject to a cap equal to the lesser of (i) ONE-MONTH LIBOR
        plus the related Note Margin for the Corresponding Note and (ii) the Net
        WAC
        Rate for the purpose of this calculation; provided, however, that for this
        purpose, calculations of the Uncertificated REMIC 1 Pass-Through Rate and
        the
        related caps with respect to each such REMIC 1 Regular Interest shall be
        multiplied by a fraction, the numerator of which is the actual number of
        days
        elapsed in the related Accrual Period and the denominator of which is
        30.

       

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

       

      MERS
        HELOC:
        Any
        HELOC as to which the related Mortgage, or an Assignment of Mortgage, has
        been
        or will be recorded in the name of MERS, as nominee for the holder from time
        to
        time of the Credit Line Agreement.

       

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

       

      MIN:
        The
        Mortgage Identification Number for HELOCs registered with MERS on the MERS®
System.

       

       Minimum
        Monthly Payment:
        With
        respect to any HELOC and any month, the minimum amount required to be paid
        by
        the related Mortgagor in that month.

       

      Minimum
        Loan Rate:
        With
        respect to each HELOC, a rate that is set forth on the Loan Schedule and
        in the
        related Credit Line Agreement and is the minimum interest rate to which the
        Mortgage Interest Rate on such HELOC may be decreased on any Adjustment
        Date.

       

       MOM
        Loan:
        With
        respect to any HELOC, MERS acting as the mortgagee of such HELOC, solely
        as
        nominee for the originator of such HELOC and its successors and assigns,
        at the
        origination thereof, or as nominee for any subsequent assignee of the originator
        pursuant to an assignment of mortgage to MERS.

       

      Monthly
        Interest Payable Amount:
        With
        respect to any Payment Date and a Class of Notes, Class N Certificates or
        Class
        C Certificates, the amount of interest accrued on such Class during the related
        Accrual Period at the related Note Rate on the Note Principal Balance or
        the
        Pass-Through Rate on the Certificate Principal Balance (or Notional Amount
        in
        the case of the Class C Certificates) of such Class immediately prior to
        such
        Payment Date, in each case, reduced by any Prepayment Interest Shortfalls
        and
        any Relief Act Interest Shortfalls allocated to such Note or Certificate,
        as
        applicable, pursuant to Section 8.10(c) of the Indenture.

       

      Monthly
        Payment:
        With
        respect to any HELOC (including any REO Property) and any Due Date, the
        scheduled payment of principal and interest due thereon in accordance with
        the
        amortization schedule at the time applicable thereto (after adjustment, if
        any,
        for partial Principal Prepayments and for Deficient Valuations occurring
        prior
        to such Due Date but before any adjustment to such amortization schedule
        by
        reason of any bankruptcy, other than a Deficient Valuation, or similar
        proceeding or any moratorium or similar waiver or grace period).

       

      Moody’s:
        Moody’s
        Investors Service, Inc.

       

      Mortgage:
        A
        mortgage, deed of trust or other instrument encumbering a fee simple interest
        in
        real property securing a Credit Line Agreement, together with improvements
        thereto.

       

      Mortgage
        File:
        The
        file containing the Related Documents pertaining to a particular HELOC and
        any
        additional documents required to be added to the Mortgage File pursuant to
        the
        Servicing Agreement.

       

      Mortgage
        Note:
        The
        originally executed note or other evidence of the indebtedness of a Mortgagor
        under the related HELOC.

       

      Mortgaged
        Property:
        Land
        and improvements securing the indebtedness of a Mortgagor under the related
        HELOC or, in the case of REO Property, such REO Property.

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      Net
        Interest Shortfalls:
        With
        respect to any Payment Date, an amount equal to the sum of (i) the aggregate
        amount of Prepayment Interest Shortfalls for such Payment Date and (ii)
        aggregate Relief Act Interest Shortfalls for such Payment Date.

       

      Net
        Liquidation Proceeds:
        With
        respect to a HELOC, Liquidation Proceeds collected with respect to such HELOC
        net of unreimbursed Servicing Advances by the Servicer, expenses incurred
        by the
        related servicer in connection with the liquidation of such HELOC and the
        related Mortgaged Property, and any other amounts payable to the servicer
        under
        the Servicing Agreement with respect to such HELOC.

       

      Net
        Rate
        or
Net
        Mortgage Rate:
        For any
        HELOC, the then applicable Loan Rate thereon less the Servicing Fee
        Rate.

       

      Net
        Monthly Excess Cashflow:
        With
        respect to any Payment Date, an amount equal to the sum of (A) the Interest
        Remittance Amount remaining on such payment after taking into account
the
        payments made pursuant Section 8.09(a)(II) on such Payment Date and
        (B)
        any Overcollateralization Release Amount for such Payment Date. 

       

      Net
        Principal Payment Amount:
        With
        respect to any Payment Date, an amount, not less than zero, equal to the
        Principal Payment Amount for such Payment Date minus, if the Collection Period
        related to such Payment Date is during the
        Managed Amortization Period, the aggregate principal amount of all Additional
        Balances in respect of the HELOCs created during such Collection
        Period.

      

      Net
        WAC Rate: For
        any
        Accrual Period and

       

      
        	 	
                (i)
                  

              	
                for
                  the Class 1A-1 Notes, a per annum rate per
                  annum rate (subject to adjustment based on the actual number of
                  days
                  elapsed in the related Interest Accrual Period) equal to the excess,
                  if
                  any, of (i) the weighted average of the Expense Adjusted Net Loan
                  Rates of
                  the group 1 loans over (ii) the Insurer Premium Rate;
                  for federal income tax purposes, the economic equivalent of such
                  rate
                  shall be expressed as the weighted average of the Uncertificated
                  REMIC 1
                  Pass-Through Rate on REMIC 1 Regular Interest LT1GRP, weighted
                  on the
                  basis of the Uncertificated Principal Balance of such REMIC 1 Regular
                  Interest;

              

      

       

      
        	 	
                (ii)
                  

              	
                for
                  the Class 2A Notes, a per
                  annum rate (subject to adjustment based on the actual number of
                  days
                  elapsed in the related Interest Accrual Period) equal to the excess,
                  if
                  any, of (i) the weighted average of the Expense Adjusted Net Loan
                  Rates of
                  the group 2 loans over (ii) the Insurer Premium Rate;
                  for federal income tax purposes, the economic equivalent of such
                  rate
                  shall be expressed as the weighted average of the Uncertificated
                  REMIC 1
                  Pass-Through Rate on REMIC 1 Regular Interest LT2GRP, weighted
                  on the
                  basis of the Uncertificated Principal Balance of such REMIC 1 Regular
                  Interest;

              

      

       

      
        	 	
                (iii)
                  

              	
                for
                  the Class N Certificates, a per
                  annum rate (subject to adjustment based on the actual number of
                  days
                  elapsed in the related Interest Accrual Period) equal to the excess,
                  if
                  any, of (i) the weighted average of the Expense Adjusted Net Loan
                  Rates of
                  the loans over (ii) the Insurer Premium Rate;
                  and

              

      

       

      
        	 	
                (iv)

              	
                for
                  the Class M Notes, a per annum rate (subject to adjustment based
                  on the
                  actual number of days elapsed in the related Accrual Period) equal
                  to the
                  product (expressed as a percentage) of (x) the excess, if any,
                  of (a) an
                  amount equal to (i) the weighted average of the Expense Adjusted
                  Net Loan
                  Rates of the loans accrued on (ii) the aggregate Principal Balance
                  of the
                  loans minus the certificate principal balance of the Class N Certificates
                  over (b) the sum of (I) an amount equal to the Net WAC Rate for
                  the Class
                  1A-1 Notes accrued on the note principal balance of the Class 1A-1
                  Notes,
                  (II) an amount equal to the Net WAC Rate for the Class 2A Notes
                  accrued on
                  the aggregate note principal balance of the Class 2A Notes and
                  (III) an
                  amount equal to the weighted average of the Expense Adjusted Net
                  Loan
                  Rates of the loans accrued on the certificate principal balance
                  of the
                  Class C Certificates and (y) a fraction, the numerator of which
                  is twelve
                  and the denominator of which is the note principal balance of the
                  Class M
                  Notes; for federal income tax purposes, the economic equivalent
                  of such
                  rate shall be expressed as the weighted average of the Uncertificated
                  REMIC 1 Pass-Through Rates on REMIC 1 Regular Interest LT1SUB and
                  REMIC 1
                  Regular Interest LT2SUB (in each case subject to a cap and a floor
                  equal
                  to the Uncertificated REMIC 1 Pass- Through Rate on REMIC 1 Regular
                  Interest LT1GRP and REMIC 1 Regular Interest LT2GRP, respectively),
                  weighted on the basis of the Uncertificated Principal Balance of
                  each such
                  REMIC 1 Regular Interest. 

              

      

       

      Net
        WAC Rate Carryover Amount:
        With
        respect to the Class A Notes, the Class M Notes and the Class N Certificates
        and
        any Payment Date, the sum of (A) the positive excess of (i) the amount of
        interest accrued on such Class of Notes or Certificates, as applicable, on
        such
        Payment Date calculated at the related Formula Rate, over (ii) the amount
        of
        interest accrued on such Class of Notes or Certificates, as applicable, at
        the
        Net WAC Rate for such Payment Date and (B) the Net WAC Rate Carryover Amount
        for
        the previous Payment Date not previously paid, together with interest thereon
        at
        a rate equal to the related Formula Rate for such Class of Notes or
        Certificates, as applicable, for such Payment Date and for such Accrual
        Period.

       

      Net
        WAC Rate Carryover Reserve Account:
        The
        account established and maintained pursuant to Section 8.08 of the
        Indenture.

       

       New
        York UCC:
        The
        Uniform Commercial Code as in effect in the State of New York.

       

      Non-MERS
        HELOC:
        Any
        HELOC other than a MERS HELOC.

       

      Non-U.S.
        Person:
        Any
        person other than a “United States person” as defined in Section 7701(a)(30) of
        the Code.

       

      Note:
        Any of
        the Class A or Class M Notes.

       

      Noteholder:
        The
        Person in whose name a Note is registered in the Note Register, except that,
        any
        Note registered in the name of the Depositor, the Issuer, the Indenture Trustee,
        the Seller or the Securities Administrator or any Affiliate of any of them
        shall
        be deemed not to be a holder or holders, nor shall any so owned be considered
        outstanding, for purposes of giving any request, demand, authorization,
        direction, notice, consent or waiver under the Indenture or the Trust Agreement;
        provided that, in determining whether the Indenture Trustee or Securities
        Administrator shall be protected in relying upon any such request, demand,
        authorization, direction, notice, consent or waiver, only Notes that a
        Responsible Officer of the Indenture Trustee or the Securities Administrator
        has
        actual knowledge to be so owned shall be so disregarded. Owners of Notes
        that
        have been pledged in good faith may be regarded as Holders if the pledgee
        establishes to the satisfaction of the Securities Administrator or the Owner
        Trustee the pledgee’s right so to act with respect to such Notes and that the
        pledgee is not the Issuer, any other obligor upon the Notes or any Affiliate
        of
        any of the foregoing Persons.

       

      Note
        Margin:
        With
        respect to the Class A Notes, the Class M Notes and the Class N Certificates
        on
        each Payment Date, the following percentage: 

       

      
        	
                Class

              	
                Margin

              
	
                1A-1

              	
                0.17%

              
	
                2A-1

              	
                0.04%

              
	
                2A-2

              	
                0.12%

              
	
                2A-3

              	
                0.19%

              
	
                M

              	
                0.13%

              
	
                N

              	
                2.00%

              

      

      

      Note
        Rate:
        With
        respect to the Class A Notes and the Class M Notes and any Payment Date,
        the
        lesser of (x) the related Formula Rate for such Payment Date and (y) the
        related
        Net WAC Rate for such Payment Date. 

       

      Note
        Owner
        or
Owner:
        With
        respect to a Book Entry Note, the Person that is the beneficial owner of
        such
        Book Entry Note, as reflected on the books of the Clearing Agency or on the
        books of a Person maintaining an account with such Clearing Agency (directly
        as
        a Clearing Agency Participant or as an indirect participant, in each case
        in
        accordance with the rules of such Clearing Agency), and with respect to a
        Definitive Note, the Person that is the registered owner of such Note as
        reflected in the Note Register.

       

      Note
        Principal Balance:
        With
        respect to any Notes as of any Payment Date, such Note’s initial Note Principal
        Balance on the closing date, as reduced by (1) all amounts allocable to
        principal previously paid with respect to such Note and (2) with respect
        to the
        Class M Notes, the Undercollateralized Amount previously allocated to such
        Note;
        provided that, the Note Principal Balance of any Class M Notes remaining
        outstanding to which the Undercollateralized Amount has been allocated will
        be
        increased by the amount of any Subsequent Recoveries on the HELOCs not
        previously allocated, but not by more than the amount of Undercollateralized
        Amount previously allocated to reduce the Note Principal Balance of that
        Note.

       

      Note
        Register:
        The
        register, maintained by the Securities Administrator, in which the Securities
        Administrator shall provide for the registration of Notes and of transfers
        and
        exchanges of Notes.

       

      Notional
        Amount:
        Immediately prior to any Payment Date with respect to the Class C Interest,
        the
        aggregate Uncertificated Principal Balance of the REMIC 2 Regular
        Interests.

       

      Officer’s
        Certificate:
        With
        respect to the Issuer, a certificate signed by any Authorized Officer of
        the
        Issuer, under the circumstances described in, and otherwise complying with,
        the
        applicable requirements of Section 10.01 of the Indenture, and delivered
        to the
        Indenture Trustee. Unless otherwise specified, any reference in the Indenture
        to
        an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized
        Officer of the Issuer.

       

      One-Month
        LIBOR: The
        rate
        determined by the Securities Administrator in accordance with Section 8.12
        of
        the Indenture.

       

      One-Year
        U.S. Treasury Note Index:
        With
        respect to any Interest Accrual Period, the rate determined by the Securities
        Administrator on the related Interest Determination Date on the basis of
        the
        weekly average yield on U.S. Treasury securities adjusted to a constant maturity
        of one year as reported in the Release on the related Interest Determination
        Date or, if not so available, as most recently available immediately prior
        to
        such Interest Determination Date.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel acceptable to the Indenture Trustee in its reasonable
        discretion which counsel may be in-house counsel for the Depositor or the
        Seller
        if acceptable to the Indenture Trustee and the Rating Agencies or outside
        counsel for the Depositor, the Seller, the Issuer or the Servicer, as the
        case
        may be.

       

      Optional
        Redemption Date:
        Any
        Payment Date occurring on or after the end of a Collection Period on which
        the
        outstanding Pool Balance on such Payment Date is less than or equal to five
        percent (5%) of the Original Pool Balance.

       

      Optional
        Redemption Holder:
        The
        Servicer as set forth in Section 8.07 of the Indenture. 

       

      Optional
        Redemption Price:
        An
        amount equal the greater of (i) the Principal Balance of the HELOCs and the
        appraised value of any REO Properties and (ii) the fair market value of the
        HELOCs and the REO Properties, in each case plus accrued and unpaid interest
        plus unreimbursed Servicing Advances, any unpaid Servicing Fees allocable
        to
        such HELOCs and REO Properties and any accrued and unpaid Net WAC Rate Carryover
        Amounts.

       

      Original
        Value:
        The
        lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged
        Property at the time of origination of a HELOC, except in instances where
        either
        clauses (i) or (ii) is unavailable, the other may be used to determine the
        Original Value, or if both clauses (i) and (ii) are unavailable, Original
        Value
        may be determined from other sources reasonably acceptable to the
        Depositor.

       

      Originator:
        National City Bank and its successors or assigns.

       

      Outstanding:
        With
        respect to the Notes, as of the date of determination, all Notes theretofore
        executed, authenticated and delivered under the Indenture except:

       

      (i) Notes
        theretofore canceled by the Securities Administrator or delivered to the
        Securities Administrator for cancellation; and

       

      (ii) Notes
        in
        exchange for or in lieu of which other Notes have been executed, authenticated
        and delivered pursuant to the Indenture unless proof satisfactory to the
        Securities Administrator is presented that any such Notes are held by a holder
        in due course.

       

      With
        respect to the Certificates, as of the date of determination, all Certificates
        theretofore executed, authenticated and delivered under the Indenture
        except:

       

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

       

      (ii) Certificates
        in exchange for or in lieu of which other Certificates have been executed,
        authenticated and delivered pursuant to the Trust Agreement unless proof
        satisfactory to the Securities Administrator is presented that any such
        Certificates are held by a holder in due course.

       

      Outstanding
        HELOC:
        With
        respect to any Due Date, a HELOC which, prior to such Due Date, was not the
        subject of a Principal Prepayment in full, did not become a Liquidated HELOC
        and
        was not purchased or replaced.

       

      Outstanding
        Principal Balance:
        As of
        the time of any determination, the Principal Balance of a HELOC remaining
        to be
        paid by the Mortgagor, or, in the case of an REO Property, the Principal
        Balance
        of the related HELOC remaining to be paid by the Mortgagor at the time such
        property was acquired by the Trust.

       

       Overcollateralization
        Deficiency Amount:
        With
        respect to any Payment Date, the amount, if any, by which the
        Overcollateralization Target Amount exceeds the Overcollateralized Amount
        on
        such Payment Date (calculated for this purpose only assuming that 100% of
        the
        Net Principal Payment Amount is applied as a principal payment on the Class
        A
        Notes, the Class N Certificates and/or the Class M Notes on such Payment
        Date or
        to pay amounts owed to the Insurer).

      

      Overcollateralization
        Release Amount:
        With
        respect to any Payment Date, an amount equal to the lesser of (i) the Net
        Principal Payment Amount on such Payment Date and (ii) the excess, if any,
        of
        (A) the Overcollateralized Amount for such Payment Date (calculated for this
        purpose only assuming that 100% of the Net Principal Payment Amount is applied
        as a principal payment on the Class A Notes, the Class N Certificates and/or
        the
        Class M Notes on such payment date or to pay amounts owed to the note insurer)
        over (B) the Overcollateralization Target Amount for such payment
        date.

      

      Overcollateralization
        Target Amount:
        With
        respect to any Payment Date (i) prior to the Stepdown Date, an amount equal
        to
        approximately 0.65% of the Pool Balance as of the cut-off date, (ii) on or
        after
        the Stepdown Date, provided a Trigger Event is not in effect, the greater
        of (x)
        approximately 1.30% of the Pool Balance of the end of the related collection
        period and (y) approximately 0.50% of the Pool Balance as of the Cut-off
        Date or
        (iii) on or after the Stepdown Date if a Trigger Event is in effect, the
        Overcollateralization Target Amount for the immediately preceding Payment
        Date
        plus 1.30% of the amount, if any, by which the Pool Balance increased during
        the
        collection period for the current payment date. Notwithstanding the foregoing,
        on and after any payment date following the reduction of the aggregate Note
        Principal Balance of the Notes and the Certificate Principal Balance of the
        Class N Certificates to zero, the Overcollateralization Target Amount will
        be
        $0.

      

      Overcollateralized
        Amount:
        With
        respect to any Payment Date, an amount equal to the excess, if any, of (x)
        the
        Pool Balance at the end of the related Collection Period over (y) the aggregate
        Note Principal Balance of the Notes and the Certificate Principal Balance
        of the
        Class N Certificates as of such Payment Date (after giving effect to payments
        to
        be made on such Payment Date).

      

      Owner
        Trustee:
        Wilmington
        Trust Company, not in its individual capacity, but solely as owner trustee
        under
        the trust agreement, and
        its
        successors and assigns or any successor owner trustee appointed pursuant
        to the
        terms of the Trust Agreement.

       

      Pass-Through
        Rate:
        With
        respect to the Class N Certificates and any Payment Date, the lesser of (x)
        the
        related Formula Rate for such Payment Date and (y) the related Net WAC Rate
        for
        such Payment Date. With respect to the Class C Certificates and any Payment
        Date, a per annum rate equal to the percentage equivalent of a fraction,
        the
        numerator of which is (x) the interest on the Uncertificated Principal Balance
        of each REMIC 1 Regular Interest listed in clause (y) below at a rate equal
        to
        the related Uncertificated REMIC 1 Pass-Through Rate minus the Marker Rate
        and
        the denominator of which is (y) the aggregate Uncertificated Principal Balance
        of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LT1A1, REMIC 1
        Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest
        LT2A3, REMIC 1 Regular Interest LTM and REMIC 1 Regular Interest
        LTZZ.

       

      Payment
        Account:
        The
        trust account or accounts created and maintained pursuant to Section 3.01
        of the
        Indenture, which shall be denominated “Citibank,
        N.A., as Paying Agent (on behalf of the Securities Administrator) f/b/o Holders
        of Citigroup
        HELOC Trust 2006-NCB1, Mortgage-Backed Notes, Series 2006-NCB1 - Payment
        Account.” The Payment Account shall be an Eligible Account.

       

      Payment
        Date:
        The
        15th day of each month, or if such day is not a Business Day, then the next
        Business Day, commencing in June 2006.

       

      Percentage
        Interest:
        With
        respect to any Note, the percentage obtained by dividing the Note Principal
        Balance of such Note by the aggregate Note Principal Balance of all Notes
        of
        that Class. With respect to any Certificate, the percentage as stated on
        the
        face thereof.

       

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities held in the name of the
        Indenture Trustee for the benefit of the Noteholders:

       

      (i) direct
        obligations of, and obligations the timely payment of which are fully guaranteed
        by the United States of America or any agency or instrumentality of the United
        States of America, the obligations of which are backed by the full faith
        and
        credit of the United States of America;

       

      (ii) (a)
        demand or time deposits, federal funds or bankers’ acceptances issued by any
        depository institution or trust company incorporated under the laws of the
        United States of America or any state thereof (including the Indenture Trustee
        or the Securities Administrator or its Affiliates acting in its commercial
        banking capacity) and subject to supervision and examination by federal and/or
        state banking authorities, provided that the commercial paper and/or the
        short-term debt rating and/or the long-term unsecured debt obligations of
        such
        depository institution or trust company at the time of such investment or
        contractual commitment providing for such investment have the Applicable
        Credit
        Rating or better from the Rating Agencies and (b) any other demand or time
        deposit or certificate of deposit that is fully insured by the
        FDIC;

       

      (iii) repurchase
        obligations with respect to (a) any security described in clause (i) above
        or
        (b) any other security issued or guaranteed by an agency or instrumentality
        of
        the United States of America, the obligations of which are backed by the
        full
        faith and credit of the United States of America, in either case entered
        into
        with a depository institution or trust company (acting as principal) described
        in clause (ii)(a) above where the Indenture Trustee holds the security
        therefor;

       

      (iv) securities
        bearing interest or sold at a discount issued by any corporation (including
        the
        Indenture Trustee or the Securities Administrator or its Affiliates)
        incorporated under the laws of the United States of America or any state
        thereof
        that have the Applicable Credit Rating or better from the Rating Agencies
        at the
        time of such investment or contractual commitment providing for such investment;
        provided, however, that securities issued by any particular corporation will
        not
        be Permitted Investments to the extent that investments therein will cause
        the
        then outstanding principal amount of securities issued by such corporation
        and
        held as part of the Trust to exceed 10% of the aggregate Outstanding Principal
        Balance of all the HELOCs and Permitted Investments held as part of the
        Trust;

       

      (v) commercial
        paper (including both non-interest-bearing discount obligations and
        interest-bearing obligations payable on demand or on a specified date not
        more
        than one year after the date of issuance thereof) having the Applicable Credit
        Rating or better from the Rating Agencies at the time of such
        investment;

       

      (vi) a
        Reinvestment Agreement issued by any bank, insurance company or other
        corporation or entity;

       

      (vii) any
        other
        demand, money market or time deposit, obligation, security or investment
        as may
        be acceptable to the Rating Agencies as evidenced in writing by the Rating
        Agencies to the Securities Administrator; and

       

      (viii) any
        money
        market or common trust fund having the Applicable Credit Rating or better
        from
        the Rating Agencies, including any such fund for which the Securities
        Administrator or any affiliate of the Securities Administrator acts as a
        manager
        or an advisor; provided, however, that no instrument or security shall be
        a
        Permitted Investment if such instrument or security evidences a right to
        receive
        only interest payments with respect to the obligations underlying such
        instrument or if such security provides for payment of both principal and
        interest with a yield to maturity in excess of 120% of the yield to maturity
        at
        par or if such instrument or security is purchased at a price greater than
        par,
        as determined by the Securities Administrator.

       

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

       

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

       

      Plan
        Assets:
        Assets
        of a Plan within the meaning of Department of Labor regulation 29 C.F.R.
§
2510.3-101.

       

      Policy:
        The
        Financial Guaranty Insurance Policy No. AB0995BE issued by the Insurer in
        respect of the Insured Securities, a copy of which is attached to the Indenture
        as Exhibit I.

       

      Policy
        Payment Account:
        As
        defined in Section 8.12 of the Indenture.

       

      Pool
        Balance:
        With
        respect to any date, the aggregate of the Principal Balances of all of the
        HELOCs as of such date.

       

      Predecessor
        Note:
        With
        respect to any particular Note, every previous Note evidencing all or a portion
        of the same debt as that evidenced by such particular Note; and, for the
        purpose
        of this definition, any Note authenticated and delivered under Section 2.02
        of
        the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall
        be
        deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
        Note.

       

      Preference
        Claim:
        As
        defined in Section 5.18 of the Indenture.

       

      Prepayment
        Interest Shortfall:
        With
        respect to any Payment Date, the excess, if any, of (i) the sum, as to each
        HELOC as to which a Principal Prepayment was applied during the related
        Collection Period, of 30 days interest on the amounts prepaid at the related
        Loan Rate net of the Servicing Fee Rate over (ii) the amount of interest
        collected from the borrower on the amount prepaid, at the related Loan Rate
        net
        of the Servicing Fee Rate. 

       

      Prepayment
        Period:
        With
        respect any HELOC and any Payment Date, the calendar month immediately preceding
        the month in which such payment occurs.

       

      Prime
        Rate:
        As of
        any date, the prime rate of the United States money center commercial banks
        as
        published in the latest edition of The
        Wall Street Journal,
        Northeast Edition.

       

      Principal
        Balance:
        As to
        each HELOC and any date of determination, (i) the principal balance of such
        HELOC at
        its
        origination,
        plus
        (ii) any Additional Balances in respect of such HELOC created
        after its date of origination to but excluding the earlier of (a) such date
        of
        determination or (b) the date on which the Managed Amortization Period
        terminated,
        minus
        (iii)
        the sum of (a) all amounts credited against the principal balance of the
        HELOC
        in accordance with the terms of the Credit Line Agreement prior to the
        termination of the Managed Amortization Period and (b) product of (x) all
        amounts credited
        against the principal balance of the HELOC in accordance with the terms of
        the
        Credit Line Agreement following the close of business on the last day of
        the
        Managed Amortization Period and (y) 1 minus the Servicer Additional Balance
        Allocation Fraction with respect to such HELOC. For
        purposes of this definition, a Liquidated HELOC shall be deemed to have a
        Principal Balance equal to the Principal Balance of the related HELOC
        immediately prior to the final recovery of related Liquidation Proceeds and
        a
        Principal Balance of zero thereafter.

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a HELOC which is received in advance
        of its scheduled Due Date, including any Prepayment Charge, which is not
        accompanied by an amount of interest representing scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of
        prepayment.

       

       Principal
        Payment Amount:
        With
        respect to any Payment Date, the sum of (i) the Basic Principal Payment Amount
        for such Payment Date and (ii) the Extra Principal Payment Amount for such
        Payment Date.

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a HELOC which is received in advance
        of its scheduled Due Date, including any prepayment charge, which is not
        accompanied by an amount of interest representing scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of
        prepayment.

       

      Proceeding:
        Any
        suit in equity, action at law or other judicial or administrative
        proceeding.

       

      Purchaser:
        Citigroup Mortgage Loan Trust Inc., a Delaware corporation, and its successors
        and assigns.

       

      QIB:
        A
“qualified institutional buyer” as defined in Rule 144A.

       

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Property is located, duly authorized and licensed in such states
        to transact the applicable insurance business and to write the insurance
        provided, and approved as an insurer by FHLMC and whose claims paying ability
        is
        rated in the two highest rating categories by Best’s with respect to hazard and
        flood insurance.

       

       Qualifying
        Substitute HELOC:
        In the
        case of a HELOC substituted for a Deleted HELOC pursuant to the terms of
        this
        Agreement, a HELOC that, on the date of such substitution, (i) has an
        outstanding Principal Balance (or in the case of a substitution of more than
        one
        HELOC for a Deleted HELOC, an aggregate Principal Balance), after application
        of
        the Principal Remittance Amount and Interest Remittance Amount due during
        or
        prior to the month of substitution, not in excess of, and not more than 5%
        less
        than, the outstanding Principal Balance of the Deleted HELOC as of the Due
        Date
        in the calendar month during which the substitution occurs, (ii) has a Loan
        Rate
        not less than the Loan Rate on the Deleted HELOC, (iii) has a maximum Loan
        Rate
        not less than the maximum Loan Rate on the Deleted HELOC, (iv) has a minimum
        Loan Rate not less than the minimum Loan Rate of the Deleted HELOC, (v) has
        a
        Margin equal to or greater than the Margin of the Deleted HELOC, (vi) has
        a next
        adjustment date not later than the next adjustment date on the Deleted HELOC,
        (vii) has the same Due Date as the Deleted HELOC, (viii) has a remaining
        stated
        term to maturity not longer than 18 months and not more than 18 months shorter
        than the remaining stated term to maturity of the related Deleted HELOC and
        has
        a remaining stated term to maturity not later than the HELOC with the latest
        stated term to maturity as of the Closing Date, (ix) is current as of the
        date
        of substitution, (x) has an original Combined Loan-to-Value Ratio as of the
        date
        of substitution equal to or lower than the original Combined Loan-to-Value
        Ratio
        of the Deleted HELOC as of such date, (xi) has been underwritten by the
        Originator or in accordance with the same underwriting criteria and guidelines
        as the Deleted HELOC, (xii) has a risk grading determined by the Originator
        at
        least equal to the risk grading assigned on the Deleted HELOC, (xiii) is
        secured by the same property type as the Deleted HELOC, (xiv) conforms to
        each
        representation and warranty applicable to the Deleted HELOC made in the HELOC
        Purchase Agreement, (xv) has the same or higher lien position as the Deleted
        HELOC, (xvi) has a Credit Score greater than or equal to the Credit Score
        of the
        Deleted HELOC at the time such Deleted HELOC was transferred to the Issuer,
        (xvii) the related Mortgaged Property is not an investment property (unless
        the
        Mortgaged Property related to the Deleted HELOC was an investment property),
        (xviii) the related Mortgaged Property is not a second home (unless the
        Mortgaged Property related to the Deleted HELOC was a second home), (xix)
        the
        Combined Loan-to-Value Ratio is not greater than 100%, and (xx) is no longer
        in
        its teaser period. In the event that one or more HELOCs are substituted for
        one
        or more Deleted HELOCs, the amounts described in clause (i) hereof shall
        be
        determined on the basis of aggregate Principal Balances, the Loan Rates
        described in clause (ii) hereof shall be determined on the basis of weighted
        average Loan Rates, the risk gradings described in clause (xi) hereof shall
        be
        satisfied as to each such HELOC, the terms described in clause (viii) hereof
        shall be determined on the basis of weighted average remaining term to maturity,
        the Original Loan-to-Value Ratios described in clause (x) hereof shall be
        satisfied as to each such HELOC and, except to the extent otherwise provided
        in
        this sentence, the representations and warranties described in clause (xiv)
        hereof must be satisfied as to each Qualifying Substitute HELOC or in the
        aggregate, as the case may be.

       

      Rapid
        Amortization Event:
        Any of
        the following events:

      

      (a) there
        occurs a default in the observance or performance in any material respect
        of any
        covenant or agreement of the Issuer made in the Indenture, or any representation
        or warranty of the Issuer made in the Indenture or in any Certificate delivered
        pursuant to or in connection with the Indenture proving to have been incorrect
        in any material respect as of the time when the same shall have been made
        that
        has a material adverse effect on the holders of the Notes, the holders of
        the
        Class N Certificates or the Insurer, and the default shall continue or not
        be
        cured, or the circumstance or condition in respect of which the representation
        or warranty was incorrect shall not have been eliminated or otherwise cured,
        for
        a period of 30 days after there shall have been given, by registered or
        certified mail, to the issuer by the securities administrator or to the Issuing
        Entity and the Securities Administrator by the Holders of at least 25% of
        the
        Aggregate Outstanding Balance or the Insurer, a written notice specifying
        the
        default or incorrect representation or warranty and requiring it to be remedied
        and stating that the notice is a notice of default under the
        Indenture;

      

      (b) failure
        on the part of the Issuer, the Depositor, the Originator, the Seller or the
        Servicer to observe or perform in any material respect any other material
        covenants or agreements set forth in the HELOC Purchase Agreement, the Trust
        Agreement, the Servicing Agreement, the Indenture or the Insurance Agreement,
        as
        applicable, which failure materially and adversely affects the holders of
        the
        Notes, the holders of the Class N Certificates or the Insurer and continues
        unremedied for a period of 60 days after written notice of such failure shall
        have been given to the Issuer, the Depositor, the Originator, the Seller
        or the
        Servicer, as the case may be, by the Securities Administrator or the Insurer
        in
        accordance with the provisions of the Indenture;

      

      (c) the
        occurrence of certain events of bankruptcy, insolvency or receivership relating
        to the Issuer, the Depositor, the Originator, the Seller or the
        Servicer;

      

      (d) the
        Issuer becomes subject to regulation by the SEC as an investment company
        within
        the meaning of the Investment Company Act of 1940, as amended;

      

      (e) cumulative
        draws in respect of interest under the Policy exceed 1% of the Pool Balance
        as
        of the Cut-off Date or there is any draw in respect of principal under the
        Policy;

      

      (f) the
        rights and obligations of the Servicer under the Servicing Agreement are
        terminated under the Servicing Agreement or a Servicer Event of Default has
        occurred;

      

      (g) any
        representation or warranty made by the Seller or the Originator in the HELOC
        Purchase Agreement shall prove to have been incorrect in any material respect
        when made and shall continue to be incorrect in any material respect for
        the
        related cure period specified in the HELOC Purchase Agreement after written
        notice and as a result of which the value of any of the loans or the interests
        of the note insurer or the securityholders therein are materially and adversely
        affected; provided, that a Rapid Amortization Event will not be deemed to
        occur
        if the Seller or the Originator, as applicable, has repurchased or caused
        to be
        repurchased or substituted for the defective HELOCs during that period in
        accordance with the provisions of the HELOC Purchase Agreement; or

      

      (h) any
        REMIC
        elected with respect to the Trust shall fail to qualify as a REMIC for federal
        income tax purposes;

      

      In
        the
        case of any event described in clauses (b), (f) or (g) above, a Rapid
        Amortization Event will be deemed to have occurred only if, after the applicable
        grace period, if any, described in applicable Basic Document, any of the
        Securities Administrator or Securityholders evidencing more than 50% of the
        Aggregate Outstanding Balance in each case with the prior written consent
        of the
        Insurer (so long as no Insurer Default has occurred and is continuing) or
        the
        Insurer (so long as no Insurer Default has occurred and is continuing), by
        written notice to the Issuer, the Depositor and the Servicer (and to the
        Securities Administrator, if given by the Securityholders or the Insurer)
        declare that a Rapid Amortization Event has occurred as of the date of such
        notice.

      

      In
        the
        case of any event described in clauses (a), (c), (d), (e) or (h) above, a
        Rapid
        Amortization Event will automatically occur. 

      

      RAP
        Draw
        Repayment Amount:
        With
        respect to any Payment Date relating to a Collection Period after the Managed
        Amortization Period, the sum of the following with respect to each Outstanding
        HELOC: the product of (i) the sum of (a) the Monthly Payment on such HELOC
        received by the Servicer during the related Collection Period and (b) any
        unscheduled collections in respect of such HELOC received by the Servicer
        during
        the related Collection Period, including Principal Prepayments, Insurance
        Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and proceeds from
        repurchases of and substitutions for HELOCs occurring during the related
        Collection Period and (ii) the Servicer Additional Balance Allocation Fraction
        for such HELOC. 

      

      Rating
        Agency:
        Any
        nationally recognized statistical rating organization, or its successor,
        that
        rated the Notes at the request of the Depositor at the time of the initial
        issuance of the Notes. Initially, Standard & Poor’s and Moody’s. If such
        organization or a successor is no longer in existence, “Rating Agency” with
        respect to the Notes shall be such nationally recognized statistical rating
        organization, or other comparable Person, designated by the Depositor, notice
        of
        which designation shall be given to the Indenture Trustee and Securities
        Administrator. References herein to the highest short term unsecured rating
        category of a Rating Agency shall mean “A-1” or better in the case of Standard
& Poor’s, and in the case of any other Rating Agency shall mean such
        equivalent ratings. References herein to the highest long-term rating category
        of a Rating Agency shall mean “AAA” in the case of Standard & Poor’s and in
        the case of any other Rating Agency, such equivalent rating.

       

      Rating
        Agency Condition:
        With
        respect to any action to which the Rating Agency Condition applies, that
        each
        Rating Agency shall have been given 10 days (or such shorter period as is
        acceptable to such Rating Agency) prior notice thereof and that each Rating
        Agency shall have notified the Depositor, the Issuer and the Indenture Trustee
        in writing that such action will not result in a reduction or withdrawal
        of the
        then current rating of the rated Notes.

       

       Realized
        Losses:
        For any
        Payment Date will equal (a) with respect to HELOCs that were liquidated during
        the related Collection Period, the positive difference between (i) the
        Unallocated Principal Balances of all such HELOCs and (ii) the principal
        portion
        of Net Liquidation Proceeds of such HELOCs, and (b) with respect to Charged-Off
        HELOCs, the amount of the Unallocated Principal Balance that has been written
        down by the Servicer.
        A
        Realized Loss, for purposes of calculations of cumulative Realized Losses,
        will
        be deemed reduced by the amount of any Subsequent Recoveries received in
        respect
        of such Realized Loss.

      

      Recordation
        Event:
        Any of
        (i) the resignation of a Servicer, (ii) the occurrence of an Event of Servicer
        Termination, or (iii) the occurrence of a bankruptcy, insolvency or foreclosure
        relating to a Servicer; provided,
        that
        any Recordation Event may be waived by the Insurer, so long as any Insured
        Securities are outstanding or any amounts are due and owing to the Insurer
        and
        an Insurer Default has not occurred and is continuing, or if the Insured
        Securities are no longer outstanding and all amounts due to the Insurer have
        been paid to it or if an Insurer Default has occurred and is continuing,
        the
        Majority Holders.

       

      Record
        Date:
        With
        respect to any Note, the Business Day immediately preceding the related Payment
        Date; provided,
        however,
        that
        following the date on which Definitive Notes are available, the Record Date
        for
        the Notes shall be the last Business Day of the calendar month preceding
        the
        month in which the related Payment Date occurs. With respect to any Certificate,
        the last Business Day of the calendar month preceding the month in which
        the
        related Payment Date occurs

       

      Registered
        Holder:
        The
        Person in whose name a Note is registered in the Note Register on the applicable
        Record Date.

       

      Reimbursement
        Amount:
        means,
        as of any payment date, the sum of (x)(i) all Insured Payments paid by the
        note
        insurer, but for which the note insurer has not been reimbursed prior to
        such
        payment date, plus (ii) interest accrued on such Insured Payments not previously
        repaid calculated at the Late Payment Rate (as defined in the policy) from
        the
        date the securities administrator, or any other person at its direction,
        received the related Insured Payments or the date such Insured Payments were
        made, and (y) without duplication (i) any amounts then due and owing to the
        note
        insurer under the Agreement or the Insurance Agreement, as certified to the
        trustee by the note insurer plus (ii) interest on such amounts at the Late
        Payment Rate.

       

      Related
        Documents:
        With
        respect to each HELOC, the documents specified in Section 4(b) of the HELOC
        Purchase Agreement and any documents required to be added to such documents
        pursuant to the HELOC Purchase Agreement.

       

      Release:
        The
        Federal Reserve Board’s statistical Release No. H.15(519).

       

      Relief
        Act:
        Servicemembers Civil Relief Act.

       

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

       

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

       

       REMIC
        1:
        The
        segregated pool of assets subject hereto, constituting the primary trust
        created
        hereby and to be administered hereunder, with respect to which a REMIC election
        is to be made consisting of: (i) such HELOCs as from time to time are subject
        to
        this Agreement, together with the Mortgage Files relating thereto, and together
        with all collections thereon and proceeds thereof, (ii) any REO Property,
        together with all collections thereon and proceeds thereof, (iii) the Indenture
        Trustee’s rights with respect to the HELOCs under all insurance policies,
        required to be maintained pursuant to this Agreement and any proceeds thereof
        and (iv) the Custodial Account, the Payment Account (subject to the last
        sentence of this definition) and any REO Account and such assets that are
        deposited therein from time to time and any investments thereof, together
        with
        any and all income, proceeds and payments with respect thereto. Notwithstanding
        the foregoing, however, a REMIC election will not be made with respect to
        the
        Net WAC Rate Carryover Reserve Account.

       

      REMIC
        1 Interest Loss Allocation Amount:
        With
        respect to any Payment Date, an amount equal to (a) the product of (i) the
        aggregate Principal Balance of the HELOCs and related REO Properties then
        outstanding and (ii) the Uncertificated REMIC 1 Remittance Rate for REMIC
        1
        Regular Interest LTAA minus the Marker Rate, divided by (b) 12.

       

      REMIC
        1 Marker Allocation Percentage:
        0.50%
        of any amount payable or loss attributable from the Mortgage Loans, which
        shall
        be allocated to Regular Interest LTAA, REMIC 1 Regular Interest LT1A1, REMIC
        1
        Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest
        LT2A3, REMIC 1 Regular Interest LTM and REMIC 1 Regular Interest
        LTZZ.

       

      REMIC
        1 Overcollateralization Target Amount:
        .50% of
        the Overcollateralization Target Amount.

       

      REMIC
        1 Overcollateralization Amount:
        With
        respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
        Principal Balance of the REMIC 1 Regular Interests minus (ii) the aggregate
        Uncertificated Principal Balance of REMIC 1 Regular Interest LT1A1, REMIC
        1
        Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest
        LT2A3 and REMIC 1 Regular Interest LTM, in each case as of such date of
        determination.

       

      REMIC
        1 Principal Loss Allocation Amount:
        With
        respect to any Payment Date, an amount equal to the product of (i) the aggregate
        Principal Balance of the HELOCs and related REO Properties then outstanding
        and
        the amounts on deposit in the Pre-Funding Account (exclusive of any investment
        income therein) and (ii) 1 minus a fraction, the numerator of which is two
        times
        the aggregate Uncertificated Principal Balance of REMIC 1 Regular Interest
        LT1A1, REMIC 1 Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC
        1
        Regular Interest LT2A3 and REMIC 1 Regular Interest LTM and the denominator
        of
        which is the aggregate REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest
        LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LT2A3, REMIC
        1
        Regular Interest LTM and REMIC 1 Regular Interest LTZZ.

       

      REMIC
        1 Regular Interests:
        One of
        the separate non-certificated beneficial ownership interests in REMIC 1 issued
        hereunder and designated as a Regular Interest in REMIC 1. Each REMIC 1 Regular
        Interest shall accrue interest at the related Uncertificated REMIC 1 Remittance
        Rate in effect from time to time, and shall be entitled to distributions
        of
        principal, subject to the terms and conditions of the Trust Agreement, in
        an
        aggregate amount equal to its initial Uncertificated Principal Balance as
        set
        forth in the Trust Agreement. The following is a list of each of the REMIC
        1
        Regular Interests: REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest
        LT1A1, REMIC 1 Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC
        1
        Regular Interest LT2A3, REMIC 1 Regular Interest LTM, REMIC 1 Regular Interest
        LTZZ, REMIC 1 Regular Interest LT1SUB, REMIC 1 Regular Interest LT1GRP, REMIC
        1
        Regular Interest LT2SUB, REMIC 1 Regular Interest LT2GRP and REMIC 1 Regular
        Interest LTXX.

       

      REMIC
        1 Sub WAC Allocation Percentage:
        0.50%
        of any amount payable or loss attributable from the Mortgage Loans, which
        shall
        be allocated to REMIC 1 Regular Interest LT-1SUB, REMIC 1 Regular Interest
        LT-1GRP, REMIC 1 Regular Interest LT-2SUB, REMIC 1 Regular Interest LT-2GRP
        and
        REMIC 1 Regular Interest LT-XX.

       

      REMIC
        1 Subordinated Balance Ratio:
        The
        ratio among the Uncertificated Principal Balances of each REMIC 1 Regular
        Interest ending with the designation “SUB”, equal to the ratio between, with
        respect to each such REMIC 1 Regular Interest, the excess of (x) the aggregate
        Stated Principal Balance of the Group 1 Mortgage Loans and the Group 2 Mortgage
        Loans, as applicable, over (y) the current Certificate Principal Balance
        of the
        related Senior Certificates.

       

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

       

      REO
        Account:
        The
        separate trust account or accounts created and maintained pursuant to the
        Servicing Agreement which shall be entitled “National City Bank, in trust for
        the Purchaser, as of date of acquisition of title, Adjustable Rate
        HELOCs”.

       

      REO
        Disposition:
        The
        final sale by the Servicer of any REO Property.

       

      REO
        Property:
        A
        Mortgaged Property acquired as a result of the liquidation of a
        HELOC.

       

      Repurchase
        Proceeds:
        the
        Loan
        Repurchase Price in connection with any repurchase of a HELOC by the Seller
        or
        the Originator, as applicable, and any cash deposit in connection with the
        substitution of a HELOC.

       

      Request
        for Release:
        A
        request for release in the form attached to the Custodial Agreement as Exhibit
        Four.

       

      Required
        Insurance Policy:
        With
        respect to any HELOC, any insurance policy which is required to be maintained
        from time to time under the Servicing Agreement with respect to such
        HELOC.

       

      Residual
        Certificate:
        Any of
        the Class N or Class R Certificates.

       

      Residual
        Certificateholder:
        Any
        holder of a Residual Certificate.

       

      Responsible
        Officer:
        With
        respect to the Securities Administrator, any officer of the Securities
        Administrator with direct responsibility for the administration of the Indenture
        and also, with respect to a particular matter, any other officer to whom
        such
        matter is referred because of such officer’s knowledge of and familiarity with
        the particular subject; and with respect to the Indenture Trustee, any officer
        of the Indenture Trustee with direct responsibility for the administration
        of
        the Indenture and also, with respect to a particular matter, such matter
        is
        referred because of such officer’s knowledge of and familiarity with the
        particular subject or who shall have direct responsibility for the
        administration of this Indenture.

       

      Rule
        144A:
        Rule
        144A under the Securities Act.

       

      S&P:
        Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
        Inc., or any successor in interest.

       

      Secretary
        of State:
        The
        Secretary of State of the State of Delaware.

       

      Secured
        Obligations:
        All
        amounts and obligations which the Issuer may at any time owe the Indenture
        Trustee for the benefit of the Noteholders under the indenture or the
        Notes.

       

      Senior
        Credit Enhancement Percentage:
        With
        respect to any Payment Date, the percentage equivalent of the fraction obtained
        by dividing (x) the aggregate Note Principal Balance of the Class M Notes
        and
        the Certificate Principal Balance of the Class C Certificates (calculated
        prior
        to taking into account the payment of the Principal Payment Amount on such
        Payment Date to the classes of securities entitled thereto on such Payment
        Date)
        by (y) the aggregate Principal Balance of the HELOCs (calculated prior to
        taking
        into account collections of principal on the loans during the related Collection
        Period).

       

      Securities
        Act:
        The
        Securities Act of 1933, as amended, and the rules and regulations promulgated
        thereunder.

       

      Securities
        Administrator:
        Citibank, N.A. or its successor in interest, or any successor securities
        administrator.

       

      Security:
        Any of
        the Certificates or Notes.

       

      Securityholder
        or
Holder:
        Any
        Noteholder or Certificateholder.

       

      Security
        Instrument:
        A
        written instrument creating a valid first lien on a Mortgaged Property securing
        a Mortgage Note, which may be any applicable form of mortgage, deed of trust,
        deed to secure debt or security deed, including any riders or addenda
        thereto.

       

      Seller:
        Citigroup Global Markets Realty Corp., or any successor in
        interest.

       

      Servicer:
        National
        City Bank, or any successor in interest.

       

      Servicer
        Additional Balance Allocation Fraction:
        With
        respect to any date of determination and an Outstanding HELOC, a fraction
        the
        numerator of which is the aggregate amount of any Additional Balances funded
        with respect to such HELOC following the Managed Amortization Period and
        the
        denominator of which is the Unallocated Principal Balance of such
        HELOC.

       

      Servicer
        Remittance Date:
        The
        13th
        day of
        the month, commencing in June 2006, or if such 13th
        day is
        not a Business Day, the immediately preceding Business Day.

       

      Servicing
        Agreement:
        The
        Servicing Agreement, dated
        as
        of May 23, 2006, among the Issuer, the Securities Administrator, the Indenture
        Trustee and the Servicer.

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out-of-pocket” costs and expenses incurred
        by the Seller in the performance of its servicing obligations, including,
        but
        not limited to, the cost of (i) preservation, restoration and repair of a
        Mortgaged Property, (ii) any enforcement or judicial proceedings with respect
        to
        a HELOC, including foreclosure actions and (iii) the management and liquidation
        of REO Property.

       

      Servicing
        Criteria:
        The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
        amended from time to time.

       

      Servicing
        Fee:
        With
        respect to each HELOC, the amount of the annual servicing fee payable to
        the
        Servicer, which shall, for each month, be equal to one-twelfth of the product
        of
        (a) the Servicing Fee Rate and (b) the unpaid Principal Balance of the HELOC.
        Such fee shall be payable monthly, computed on the basis of the same principal
        amount and period respectively which any related interest payment on a HELOC
        is
        computed.
        The
        Servicing Fee is limited to, and payable solely from, the interest portion
        (including recoveries with respect to interest from Liquidation Proceeds
        and
        other proceeds, to the extent permitted by Subsection 11.05 of the Servicing
        Agreement) of the Monthly Payments collected by the Servicer, or as otherwise
        provided under Subsection 11.05 of the Servicing Agreement. 

       

      Servicing
        Fee Rate:
        The per
        annum rate at which the Servicing Fee accrues, which rate shall be 0.50%
        per
        annum.

       

      Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its
        successor in interest.

       

      Statutory
        Trust Statute:
        Chapter
        38 of Title 12 of the Delaware Code, 12 Del.
        Code
§§3801 et seq.,
        as the
        same may be amended from time to time.

       

      Stepdown
        Date:
        The
        earlier to occur of (i) the first payment date on which the Note Principal
        Balance of the Class A Notes and the Certificate Principal Balance of the
        Class
        N Certificates have been reduced to zero and (ii) the later to occur of (x)
        the
        payment date occurring in December 2008 and (y) the first Payment Date on
        which
        the Senior Credit Enhancement Percentage (calculated for this purpose only
        after
        taking into account collections of principal on the HELOCs during the related
        Collection Period but prior to the payment of the Principal Payment Amount
        on
        such Payment Date to the Classes of securities entitled thereto on such Payment
        Date) is greater than or equal to 2.25%.

      

       

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

       

      Subservicer:
        Any
        Person that services HELOCs on behalf of the Servicer or any Subservicer
        and is
        responsible for the performance (whether directly or through Subservicers
        or
        Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Servicer under the Servicing Agreement that
        are
        identified in Item 1122(d) of Regulation AB.

       

      Subsequent
        Recoveries:
        Any
        Liquidation Proceeds received by the Servicer after the final liquidation
        of a
        HELOC and remitted by it to the Securities Administrator.
        If
        Subsequent Recoveries are received, they will be included (net of any amounts
        due the servicer or others) as part of the Principal Payment Amount for the
        following payment date and paid in accordance with the priorities described
        herein. In addition, after giving effect to all payments on a payment date,
        if
        the Class M Notes remain outstanding and any Allocated Realized Loss Amount
        for
        such class remains outstanding, then such Allocated Realized Loss Amount
        for
        such class will be decreased by the amount of such Subsequent Recoveries
        until
        reduced to zero, and the Note Principal Balance of such Class will be increased
        by the same amount. Thereafter, such Class will accrue interest on the increased
        Note Principal Balance.

       

       Substitute
        Cut-Off Date:
        With
        respect to any Qualifying Substitute HELOC, the opening of business on the
        first
        day of the calendar month in which such Qualifying Substitute HELOC is conveyed
        to the Trust.

       

       Substitution
        Amount:
        As
        defined in the HELOC Purchase Agreement.

       

      Tax
        Matters Person:
        The tax
        matters person appointed pursuant to Section 11.04(e) of the
        Indenture.

       

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

       

      Telerate
        Screen Page 3750:
        The
        display designated as page 3750 on the Telerate Service (or such other page
        as
        may replace page 3750 on that service for the purpose of displaying London
        interbank offered rates of major banks).

       

      Title
        Insurance Policy:
        A title
        insurance policy maintained with respect to a Mortgage Loan.

       

      Trigger
        Event:
        With
        respect to any Payment Date, is in effect if:

      

      (i) a
        Rapid
        Amortization Event shall have occurred prior to such payment date
        or

      

      (ii) the
        sum
        of the percentages obtained by dividing (x) the aggregate Principal Balance
        of
        HELOCs that are Delinquent 60 days or more (including HELOCs that are REO
        Properties, in foreclosure or bankruptcy and that are also Delinquent 60
        days or
        more) by (y) the aggregate Principal Balance of the HELOCs, in each case,
        as of
        the last day of the previous three calendar months divided by 3 exceeds 3.00%
        or

      

      (iii) the
        aggregate amount of Realized Losses incurred since the Cut-off Date through
        the
        last day of the related Collection Period (reduced by the aggregate amount
        of
        Subsequent Recoveries received since the Cut-off Date through the last day
        of
        the related Collection Period), expressed as a percentage of the aggregate
        Principal Balance of the HELOCs as of the Cut-off Date exceeds the applicable
        percentage set forth below with respect to such Payment Date:

      

      Payment
        Date Occurring In   Percentage

      June
        2006
        through May 2007   0.50%

      June
        2007
        through May 2008   1.00%

      June
        2008
        through May 2010   1.25%

      June
        2010
        and thereafter           1.75%

       

      Treasury
        Regulations:
        Regulations, including proposed or temporary regulations, promulgated under
        the
        Code. References herein to specific provisions of proposed or temporary
        regulations shall include analogous provisions of final Treasury Regulations
        or
        other successor Treasury Regulations.

       

      Trust:
        The
        Citigroup HELOC Trust 2006-NCB1 to be created pursuant to the Trust
        Agreement.

       

      Trust
        Account Property:
        The
        Trust Accounts, all amounts and investments held from time to time in the
        Trust
        Accounts (whether in the form of deposit accounts, physical property, book-entry
        securities, uncertificated securities, securities entitlements, investment
        property or otherwise) and all proceeds of the foregoing.

       

      Trust
        Accounts:
        The
        Custodial Account, the Net WAC Carryover Reserve Account, the Certificate
        Distribution Account, the Policy Payment Account and the Payment
        Account.

       

      Trust
        Agreement:
        The
        Amended and Restated Trust Agreement, dated as of May 23, 2006, among the
        Owner
        Trustee, the Depositor and the Securities Administrator.

       

      Trust
        Estate:
        The
        meaning specified in the Granting Clause of the Indenture. 

       

      Trust
        Indenture Act or TIA:
        The
        Trust Indenture Act of 1939, as amended from time to time, as in effect on
        any
        relevant date.

       

      UCC:
        The
        Uniform Commercial Code, as amended from time to time, as in effect in any
        specified jurisdiction.

       

      Unallocated
        Principal Balance:
        As to
        each HELOC and any date of determination, (i) the principal balance of such
        HELOC at
        its
        origination,
        plus
        (ii) any Additional Balances in respect of such HELOC created after its date
        of
        origination, minus (iii) the sum of all amounts credited against the principal
        balance of the HELOC in accordance with the terms of the Credit Line
        Agreement.

       

       Uncertificated
        Accrued Interest:
        With
        respect to each REMIC Regular Interest on each Payment Date, an amount equal
        to
        one month’s interest at the related Uncertificated REMIC Pass-Through Rate on
        the Uncertificated Principal Balance of such REMIC Regular Interest. In each
        case, Uncertificated Accrued Interest will be reduced by any Relief Act Interest
        Shortfalls (allocated to such REMIC Regular Interests based on their respective
        entitlements to interest irrespective of any Relief Act Interest Shortfalls
        for
        such Payment Date).

       

      Uncertificated
        Principal Balance:
        With
        respect to each REMIC Regular Interest, the amount of such REMIC Regular
        Interest outstanding as of any date of determination. As of the Closing Date,
        the Uncertificated Principal Balance of each REMIC Regular Interest shall
        equal
        the amount set forth in the Trust Agreement as its initial Uncertificated
        Principal Balance. On each Payment Date, the Uncertificated Principal Balance
        of
        each REMIC Regular Interest shall be reduced by all distributions of principal
        made on such REMIC Regular Interest on such Payment Date and, if and to the
        extent necessary and appropriate, shall be further reduced on such Payment
        Date
        by Realized Losses, and the Uncertificated Principal Balance of REMIC 1 Regular
        Interest LTZZ shall be increased by interest deferrals. With respect to the
        Class C Certificates as of any date of determination, an amount equal to
        the
        excess, if any, of (A) the then aggregate Uncertificated Principal Balance
        of
        the REMIC 1 Regular Interests over (B) the then aggregate Note Balance of
        the
        Class A Notes, the Mezzanine Notes and the Class B Notes then outstanding.
        The
        Uncertificated Principal Balance of each REMIC Regular Interest that has
        an
        Uncertificated Principal Balance shall never be less than zero.

       

       Undercollateralized
        Amount:
        As
        defined in Section 8.10 of the Indenture.

       

      Underwriter:
        Citigroup Global Markets, Inc..

       

       United
        States Person
        or
U.S.
        Person:
        A
        citizen or resident of the United States, a corporation, partnership (or
        other
        entity treated as a corporation or partnership for United States federal
        income
        tax purposes) created or organized in, or under the laws of, the United States,
        any state thereof, or the District of Columbia (except in the case of a
        partnership, to the extent provided in Treasury regulations) provided that,
        for
        purposes solely of the restrictions on the transfer of Residual Certificates,
        no
        partnership or other entity treated as a partnership for United States federal
        income tax purposes shall be treated as a United States Person unless all
        persons that own an interest in such partnership either directly or through
        any
        entity that is not a corporation for United States federal income tax purposes
        are required by the applicable operative agreement to be United States Persons,
        or an estate the income of which from sources without the United States is
        includible in gross income for United States federal income tax purposes
        regardless of its connection with the conduct of a trade or business within
        the
        United States, or a trust if a court within the United States is able to
        exercise primary supervision over the administration of the trust and one
        or
        more United States persons have authority to control all substantial decisions
        of the trust. The term “United States” shall have the meaning set forth in
        Section 7701 of the Code or successor provisions.

       

      Unpaid
        Interest Shortfall Amount:
        With
        respect to the Notes and the Class N Certificates and (i) the first Payment
        Date, zero, and (ii) any Payment Date after the first Payment Date, the amount,
        if any, by which (a) the sum of (1) the Monthly Interest Payable Amount for
        such
        Class for the immediately preceding Payment Date and (2) the outstanding
        Unpaid
        Interest Shortfall Amount, if any, for such Class for such preceding Payment
        Date exceeds (b) the aggregate amount distributed on such Class in respect
        of
        interest pursuant to clause (a) of this definition on such preceding Payment
        Date, plus interest on the amount of interest due but not paid on the Notes
        or
        Certificates of such Class on such preceding Payment Date, to the extent
        permitted by law, at the Note Rate or Pass-Through Rate for such Class, as
        applicable, for the related Accrual Period.

       

      Usable
        Class N Net Monthly Excess Cashflow:
        With
        respect to any Payment Date is an amount equal to the lesser of (a) the Class
        N
        Net Monthly Excess Cashflow for such Payment Date and (b) the sum
        of:

      

      (I)
        the
        excess, if any, of:

      

      (A)
        the
        sum of (x) any Overcollateralization Deficiency Amount for such Payment Date,
        (y) any Allocated Realized Loss Amount payable to the Class M Notes for such
        Payment Date and (z) any amount owing to the Insurer for reimbursement of
        claims
        in respect of principal paid under the policy, exclusive of any interest
        thereon
        owing to the note insurer, to the extent not paid or reimbursed as described
        in
        clause II(C)(i) of Section 8.09 of the Indenture over 

      

      (B)
        the
        excess, if any, of (1) the cumulative aggregate Realized Losses incurred
        on the
        HELOCs from the Cut-off Date through the end of the related Collection Period
        over (2) the sum of (i) the cumulative aggregate amount of Usable Class N
        Net
        Monthly Excess Cashflow paid in respect of the amounts described in clauses
        (x)
        and (y) of clause (A) above on prior Payment Dates and (ii) the Aggregate
        Class
        N Covered Note Insurer Principal Reimbursement Amount for such Payment Date,
        

       

      (II)
        any
        amount owing to the Insurer for reimbursement of claims paid under the policy,
        or otherwise owing to the note insurer under the applicable insurance agreement,
        in each case with interest thereon at the rate set forth in the applicable
        insurance agreement, to the extent not paid or reimbursed as described in
        clause
        II(C)(i) of Section 8.09 of the Indenture and to the extent not described
        in
        clause (z) of clause (A) above, and

      

      (III)
        any
        Unpaid Interest Shortfall Amount payable to the Class M Notes for such Payment
        Date.

      

       

      Voting
        Rights:
        The
        portion of the voting rights of all of the Securities which is allocated
        to any
        Security. At all times, the Class A Notes, the Class M Notes, the Class N
        Certificates and the Class C Certificates shall have 99% of the Voting Rights
        (allocated among the Holders of the Notes, the Class N Certificates and the
        Class C Certificates in proportion to the then outstanding Note Principal
        Balances and Certificate Principal Balances of their respective Notes or
        Certificates, as applicable), and the Class R Certificates shall have 1%
        of the
        Voting Rights. The Voting Rights allocated to any Class of Securities (other
        than the Class R Certificates) shall be allocated among all Holders of each
        such
        Class in proportion to the outstanding Note Principal Balance, Certificate
        Principal Balance or Notional Amount of such Securities; provided, that any
        Note
        or Certificate registered in the name of the Seller, the Depositor or its
        Affiliate shall not be eligible to vote or be considered outstanding and
        the
        Percentage Interest evidenced thereby shall not be taken into account in
        determining whether the requisite amount of Percentage Interests necessary
        to
        effect a consent has been obtained unless the Seller, the Depositor or its
        Affiliates own 100% of the related Class of such Certificates. The Voting
        Rights
        allocated to the Class R Certificates shall be allocated among all Holders
        of
        such Class in proportion to such Holders’ respective Percentage Interests in the
        Class R Certificates; provided, however, that when none of the REMIC Regular
        Interests are outstanding, 100% of the Voting Rights shall be allocated among
        Holders of the Class R Certificates in accordance with such Holders’ respective
        Percentage Interests in the Class R Certificates.

       

      Weighted
        Average Expense Adjusted Loan Rate:
        For any
        Payment Date, a fraction, expressed as a percentage, the numerator of which
        is
        the amount of interest which accrued on the HELOCs in the prior calendar
        month
        at the Expense Adjusted Loan Rate for each HELOC and the denominator of which
        is
        the aggregate Principal Balance of the HELOCs as of the first
        day
        of the calendar month preceding the month of such Payment Date (or as of
        the
        Cut-off Date with respect to the first Payment Date).

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